LVMH Moët Hennessy Louis Vuitton said Monday that revenues for the first quarter rose 5.5 percent, a steep slowdown from the previous year and perhaps an indication that the slowdown in luxury in China as well as continued economic volatility in Europe are beginning to hit the world’s leading brands.
The French luxury company reported sales totaling 6.95 billion euros, or $9.17 billion, during the quarter versus 6.58 billion euros, or $8.62 billion, in the year-ago period. In the first quarter of 2012, sales leaped 25 percent, momentum that was maintained through the second quarter of last year. But in the second half, sales growth began to slow, falling to 10 percent or less in each of the final two quarters of the year.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"