Rising inflation and global instability also blamed for fall in revenue growth in third quarter
Rising inflation, growing global instability and falling demand for high-end drinks have been blamed for a slowdown in growth at the luxury goods multinational LVMH, owner of Christian Dior,, Tag Heuer watches and Bulgari and Tiffany jewellery, reported revenue of €20bn between July and September – a 9% rise. That compares with a 17% increase in the previous quarter.
The results released on Tuesday suggest the post-pandemic boom in luxury goods, which helped LVMH become Europe’s first company toPauline Brown, the group’s former chair in North America, argued increasing global instability was a factor in the slowdown. Brown added: “Luxury goods and purchases is a psychological purchase. Nobody needs a glass of champagne, nobody needs a watch or a diamond necklace … In order for you to buy it for yourself or as a gift, you really have to be in the right mood state. When we see atrocities happening … the appetite to spend on what might be perceived as frivolous goes way down.”
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