LVMH's Sales Slump as Luxury Sector Falters

Shares of LVMH, the world's largest luxury firm, fell to their lowest level of the year after reporting a slowdown in revenue growth that was below expectations. The company's quarterly revenue growth of 9% year-on-year was a sharp decline from 17% in the previous quarter, and analysts had forecasted growth of around 11%. LVMH attributed the decline to post-Covid-19 normalization, high stock among retailers, and a slowdown in Hennessy cognac sales in the U.S. The disappointing results have also impacted other European luxury stocks, highlighting concerns about the changing dynamics within the luxury goods sector.