LVMH Parent Company Exposed as Sales Slump, European Luxury Giant Sees Stock Wipeout of Over 2 Trillion Yuan

LVMH's latest financial report released on the 12th shows that organic sales growth for the group in the third quarter fell short of expectations. As the world's largest luxury group and the first major player in the industry to disclose its Q3 results, LVMH's report may intensify market concerns. The report indicates that from July to September this year, LVMH's organic sales, excluding currency fluctuations, reached 18.5 billion euros (approximately 138 billion yuan), with an organic year-on-year growth of only 1%, slightly below analysts' expectations of 1.3% and lower than the second quarter's 3% growth. The fashion and leather goods department, which contributes nearly half of the group's revenue, saw a 5% year-on-year decline in organic sales, far exceeding the previously expected drop of 1.8%. It is reported that since the beginning of this year, the combined market value of major European luxury groups' stocks has evaporated by approximately 33 billion euros (about 246 billion yuan).