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China rebound not enough to save LVMH, Richemont shares from sliding ...Middle East
The tables have turned: The Americas region, which buoyed luxury brands through the pandemic as lockdowns ravaged China, has now become a sore spot amid recession risks. While big spenders are holding up and continuing to purchase statement pieces, aspirational shoppers in the US are spending less on entry-level items, deterred by economic uncertainty. As LVMH’s Chief Financial Officer Jean-Jacques Guiony said on the July earnings call, “Last year, [LVMH] was pulled up by the United States because China was slowing down. And this year, the United States is slowing down, yes, but we are drawn by Asia. This geographical balance is absolutely fundamental.” “Last year, [LVMH] was pulled up by t
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