Luxury stocks took a hit in early trading on Wednesday after sector bellwether LVMH Moët Hennessy Louis Vuitton delivered second-quarter results in line with expectations and confirmed signs of weakening U.S. demand.
“Management is satisfied with the results even though they did not beat consensus. This hints at the start of an ‘investment style transition’ for the luxury goods sector, from chasing momentum and positive surprises, to ‘steady state,’ as consumer demand starts to normalize,” he said in a research note.
Sales of fashion and leather goods to Chinese consumers were up between 40 percent and 45 percent in the first half of 2023 compared with the same period in 2021, said LVMH chief financial officer Jean-Jacques Guiony, explaining that he did not consider 2022 a reliable basis for comparison because of the widespread disruption caused by COVID-19 lockdowns.
“LVMH remains the best-in-class compounder with balanced risk/reward exposure to luxury and premium staples, in our view,” said Piral Dadhania, analyst at RBC Capital Markets.
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