The comments come after Bloomberg reported last week that the luxury leader has been warning of softening demand. In the first quarter, LVMH’s revenue in the region that includes China fell 11% on an organic basis. The company recorded a similar drop for all of 2024.
LVMH’s deputy chief executive officer said Chinese customers have been pulling back on travel and consumer spending, indicating that a slump in demand for luxury goods may still have some way to run.
“For the past three months, Chinese tourists have been travelling less and buying less” when out of the country, Stephane Bianchi told French lawmakers in a hearing on Wednesday.
