Business of Luxury | Earnings Update LVMH - Growing in the Wrong Places | LVMH’s Q3 Miss & the Profit-Mix Problem in Luxury’s Stalled Recovery

The group number held. The engine did not. LVMH’s third quarter shows a portfolio that is still growing, but in the divisions that matter least to earnings, while its fashion franchise slips back into decline and both of its demand anchors weaken at once. LVMH opens what is expected to be a difficult reporting season. Even top-end houses such as Hermès are under pressure.

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