LVMH’s (LVMUY) second-quarter results, with tepid sales disappointing investors, showed that the 澳洲幸运5官方开奖结果体彩网:pullback by consumers on🐼ꦅ high-end items and cooling Chinese spending is affecting even the world’s largest luxury firm.

The company, whose brands include Dior and Louis Vuitton, reported Q2 year-over-year organic revenue growth of just 1% to 20.98 billion euros. Sales in Asia excluding Japan plunged 14%, although Chinese spending growth in Japan and Europe was "strong."

"In an uncertain geopolitical and economic environment, the group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands," LVMH said.

LVMH Results Drag Luxury Sector Lower

The results took a toll on shares of LVMH, whichꦦ was until recently seen as being upscale enough to escape the hit on luxury 💃spending. Its shares were down 4% in French trading, while those of its rivals also dropped.

Trench coat maker Burberry (BURBY), which last week said it expects to post an operating loss in the first half, Gucci owner Kering (PPRUY), and Cartier owner Richemont (CFRUY) were all lower in European trading. 

A slowing economy in China, which is a large driver of global luxury spending, has hurt most brands. Richemont last week reported a 27% quarterly decline in China, Hong Kong, and Macau sales, while French luxury group Kering reported a 21% Gucci sales drop in the first quarter, which were "particularly impacted by a sharp decline in Asia-Pacific."