LVMH's sales in the Asia region, excluding Japan, dropped 16% in its latest quarter after declining by 14% in the previous quarter.
Consumer confidence in mainland China today is back in line with the all-time low reached during Covid," LVMH's chief financial officer Jean-Jacques Guiony told analysts.
Investors were disappointed when Beijing failed to disclose new details about its stimulus plans, leaving luxury brands hoping for demand recovery.
Sales of wines and spirits were down 7%, while sales of its fashion and leather products group fell by 5% compared to the third quarter.
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