PARIS — “The Eastern part of the world is under pressure, while the Western part of the world is doing very well.”
That’s how Jean-Jacques Guiony, chief financial officer of LVMH Moët Hennessy Louis Vuitton, characterized the luxury market on Tuesday, elaborating on first-quarter revenues that reflected weak demand for luxury in Hong Kong and Macau amidst an anti-extravagance crackdown, and a shift in Asian consumption to Europe driven by a weak euro and widening price gaps.
He specified that DFS locations in Hong Kong and Macau are tracking double-digit declines.
Still, Guiony noted that the customer base from mainland China grew in excess of 5 percent in the first three months of the year, a good harbinger for growth.
Addressing analysts after the French group on Monday reported a 16 percent lift in first-quarter revenues to 8.32 billion euros, or $9.39 billion, Guiony also spelled out how much a…
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