LVMH reported a slowdown in US sales as its chief financial officer warned that “aspirational customers are not shopping as much as they used to”.
Revenue in the US slipped by 1% in the second quarter, following competitor and Cartier owner Richemont, which recently reported a 4% decline in US sales.
The owner behind Louis Vuitton and Fendi added that second-quarter sales were up 17% year-on-year, beating analyst expectations of a 16% increase.
For the half year, the French company recorded revenue of €42.2bn, up 15%, with all business groups achieving double-digit organic revenue growth, aside from wines and spirits.
Profit from recurring operations also grew by 13% in the first half to €11.5bn.
“LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty,” said chairman and chief executive Bernard Arnault in a statement.
“Thanks to the desirability of our brands, we approach the second half of the year with confidence and optimism but will remain vigilant within the current environment and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2023,” the world’s second richest man behind Elon Musk added.