LVMH Faces Decline: Economic Pressures Curb Luxury Sales

French luxury conglomerate LVMH reported a 3% decrease in third-quarter sales amid economic uncertainties and rising prices, translating to a revenue drop to 19.08 billion euros. This figure fell short of analyst expectations for 2% organic growth, according to estimates from Barclays.

French luxury giant LVMH has announced a 3% decrease in sales for the third quarter of this year. The dip comes as consumers grapple with soaring prices and economic instability, impacting the spending on high-end goods.

This decline saw LVMH's revenue reach 19.08 billion euros, equating to $20.8 billion for the three months ending in September.

The results fell short of analysts' forecasts, as Barclays had anticipated a 2% organic growth, excluding currency, acquisition, and divestiture impacts.

(With inputs from agencies.)