www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Companies

Declining demand from China hurts Louis Vuitton in Q2

(China Daily) Updated: 2014-07-26 09:30

Declining demand from China hurts Louis Vuitton in Q2

A trendy woman takes photos of handbags showcased at a fashion store of Louis Vuitton (LV) in Fuzhou city, Southeast China's Fujian province,?April 1,?2014. [Photo / IC]

Louis Vuitton Moet Hennessy has seen a drop in demand from Chinese buyers in its home market and overseas, the French fashion, spirits and cosmetics group said on Thursday after posting below-forecast second-quarter sales and profits.

The world's No 1 luxury group said growth in sales from Louis Vuitton, its main cash cow, had dropped in China in the second quarter from the first, while revenues from Chinese tourists declined in major European markets such as France.

It also said fewer tourists, particularly from the Chinese mainland, were shopping in Hong Kong. Hong Kong is where many leading luxury brands generate more than 10 percent of their global revenue.

Declining demand from China hurts Louis Vuitton in Q2
 Coach profits drive up in China

Declining demand from China hurts Louis Vuitton in Q2
Chinese market offers better times for the rich

"After May, we have seen the level of business there slowing down markedly," LVMH Chief Financial Officer Jean-Jacques Guiony told analysts in a conference call, adding that the group's duty-free unit DFS had suffered particularly.

Guiony's comments echoed watch specialist Swatch Group Ltd which voiced concerns on Tuesday about the outlook in Hong Kong in the near term.

Regarding China, Guiony did not provide an explanation other than pointing to a general difficult business climate affected by the government's efforts to crackdown on corruption and conspicuous spending.

Louis Vuitton, the top luxury brand by revenue which generates more than half of LVMH's operating profit, has also been struggling to counter a growing perception among emerging market customers that it has become too ubiquitous.

The brand's sales growth in the second quarter collapsed to zero from 9 percent the previous three months.

Louis Vuitton has been trying to win back customers and regain exclusivity by strengthening its higher-end offering with leather goods and smart designs but its efforts have been taking time to pay off.

"Louis Vuitton has done a lot to innovate its products, but consumers - especially in China - are still not embracing it in full," Luca Solca, luxury goods analyst at Exane BNP Paribas said.

LVMH's comments contrasted with a more upbeat trading update from rival Burberry Group Plc earlier this month which said it continued to enjoy solid sales growth in China.

UBS AG, which has a buy rating on LVMH shares, said it was going to change its full-year earnings forecasts "given the much-weaker-than-hoped-for start of the year and the fact that a number of adverse factors will likely weigh for some time, including a slowdown in demand in China".

LVMH's sales growth in the second quarter reached 3 percent on a like-for-like basis, below analysts' expectations for 5-6 percent, while the group's operating profit in the first half fell to 18 percent from 19.8 percent last year.

Guiony said part of the profitability drop was due to adverse currency movements and the slower sales growth.

LVMH's operating profit from recurring operations reached 2.576 billion euros ($3.47 billion), down 5 percent from the same period a year earlier.

LVMH said trading in Europe was resilient "despite a still-challenging economic environment" but sales growth stalled in the second quarter, versus a 1 percent increase in the first quarter.

Revenue growth remained solid in North America but fell 11 percent in Japan, against growth of 32 percent in the first quarter, during which sales were boosted by advanced purchases ahead of a VAT increase on April 1.

Declining demand from China hurts Louis Vuitton in Q2 Declining demand from China hurts Louis Vuitton in Q2
 Luxury cars make Asia premiere at Auto China

Top 10 brands that win rich women's hearts 

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 日本不卡不码高清免费观看 | 国产精品黄在线观看免费 | 久久久久久久国产精品视频 | 国内精自品线一区91 | 久久久久国产精品免费 | 欧美一级毛片俄罗斯 | 亚洲美色综合天天久久综合精品 | 亚洲天堂视频在线 | 成人欧美精品久久久久影院 | 香港三澳门三日本三级 | 亚洲mm8成为人影院 亚洲m男在线中文字幕 | 一级毛片免费观看久 | 久久久国产一区二区三区丝袜 | 香港一级特黄高清免费 | 国产成人精品一区二区秒拍 | 九九视频免费在线观看 | 成人自拍在线 | 国产老鸭窝毛片一区二区 | 一级做a爰片久久毛片人呢 一级做a爰片久久毛片唾 | 欧美精品亚洲人成在线观看 | 亚洲精品一区二区三区四区手机版 | 亚州综合| 精品国产综合成人亚洲区 | 国产手机精品a | 国产成人免费观看在线视频 | va欧美| 天堂8在线天堂资源bt | 97午夜影院 | 国产精品毛片天天看片 | 2022国产精品手机在线观看 | 国产精品久久久久久久9999 | 国产在线日韩 | 日韩欧美视频在线一区二区 | 暖暖视频日韩欧美在线观看 | 亚州一级毛片 | 亚洲欧美日韩天堂 | 美女被爆免费视频软件 | 韩国毛片一级 | 欧美日韩在线观看精品 | 亚州精品一区二区三区 | 精品一区二区三区18 |