9 Hrs
Source:
الاقتصادية
Iran conflict impacts LVMH sales
LVMH demonstrated 3% organic sales growth in the second quarter of the year, driven by demand from wealthy Americans, which offset a slowdown in the European market caused by the effects of the Iranian war on tourism. Sales in the United States increased by 6%, supported by a rise in wealth resulting from the AI boom, while sales in Europe remained stable due to declining tourism. The Watches and Jewelry sector was the fastest-growing, with an 11% increase in organic sales, whereas the Fashion and Leather Goods sector saw modest growth of only 1%. For the half-year period, organic sales rose by 2%, while reported revenues declined by 3%. Operating profit also fell by 4%. Markets continue to wonder about the company's ability to overcome the ongoing sector slowdown, which has persisted for two years due to economic and geopolitical pressures.
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