LVMH Sales Growth Slows, Dragging Down Luxury Stocks

LVMH reported slower than expected revenue growth in Q3, missing analyst forecasts.
LVMH's fashion and leather goods division saw sales growth slow to 9% from 20% in the first half of 2022.
Luxury stocks like Kering, Hermes, and Richemont also declined on the LVMH results.
Normalization of demand after COVID-19 and economic uncertainty contributed to the luxury spending pullback.
Despite the slowdown, analysts still see LVMH as well-positioned in the luxury sector long-term.