LVMH Shares Drop as Luxury Sales Growth Slows Amid Economic Headwinds
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LVMH shares tumble as French luxury group reports slower Q3 sales growth, missing expectations.
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Slowdown reflects inflation and economic turmoil curbing post-pandemic spending spree, especially in U.S. and Europe.
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Recovery in China has been uneven. LVMH flags slowing trend in Europe.
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Investors questioning appetite for luxury goods stocks as China recovery rocky and U.S. shoppers tighten purse strings.
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Outlook for 2023 "remains muddied," with downward earnings revisions for sector likely to continue.