LVMH's weaker-than-expected quarterly fashion and leather goods sales, hit by a deterioration in Chinese consumer demand for its flagship Louis Vuitton brand, have raised fresh doubts about the luxury industry's recovery prospects.
Four sell-side analysts have cut their target price on LVMH shares by an average 9% following the results, the first quarterly report by a major sector player, expecting the miss to also signal weak performance at some of its competitors.
