Luxury brands suffer as Chinese shoppers hold back

Quick Summary:

LVMH, the world's biggest luxury group, saw sales in Asia fall 14% in the second quarter of 2024.

China's economic slowdown and a crackdown by Beijing on displays of wealth are taking a toll on some of the world's top luxury brands.

Other major luxury goods industry players, including Hermes and Gucci-owner Kering, are due to report their latest financial results this week.

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Article Details

Category: Business

Markets: United KingdomChinaHong KongJapanNorth KoreaMacau

Topics: June First Brands Sales China Luxury Year Lvmh

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-24 @ 05:48:07 (13 hours ago)

News Timezone: GMT +0:00

News Source URL: bbc.com

Language: English

Article Length: 592 words

Reading Time: 4 minutes read

Sentences: 23 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BBC Business

News ID: 21759870

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