Investing.com -- Shares in LVMH (EPA:LVMH) slumped on Wednesday after the luxury goods empire unveiled a slowdown in sales in the third quarter.
In a statement late on Tuesday, the Paris-based owner of high-end brands like Marc Jacobs and Christian Dior reported organic revenue growth of 9% during the quarter, down from 17% in the prior three-month period. Cooling growth in Europe and the Asian region excluding Japan offset a slight quarter-on-quarter uptick in the U.S. and Japan.
The pace of sales in its fashion, cosmetics and jewelry units all decelerated, while a second-quarter contraction in revenue at its wines and spirits business deepened. Analysts said the figures reflect an easing in demand from aspirational customers for luxury products.
"[T]his seems a sign of continuing moderation, as consumers sober up after the post-pandemic euphoria," analysts at Bernstein said in a note to clients.
LVMH said it remained confident in the "continuation of its growth" looking ahead, but warned of lingering economic and geopolitical uncertainty.