Luxury goods firm LVMH sales growth loses fizz as post-pandemic splurge wanes

LVMH, which owns labels including Moët champagne, Louis Vuitton and Bulgari, said revenue came to €20bn, up 9% year-on-year, stripping out the effect of currency fluctuations and acquisitions. Total revenue rose 1% year-on-year.

Florence Pugh and Bernard Arnault with his son, LVMH chief executive Antoine Arnault and Bernard's wife Hélène Mercier. (Photo by Cindy Ord/Getty Images for Tiffany & Co.)

Luxury goods bellwether LVMH reported a 9% rise in third quarter revenue on Tuesday, marking slower growth as a strong wave of post-pandemic spending eases due to rising inflation and economic turbulence.

“After three roaring years, and outstanding years, growth is converging toward numbers that are more in line with historical average", LVMH chief financial officer Jean-Jacques Guiony told analysts.