The luxury sector had shown some signs of a long-awaited recovery after a years-long slump prompted by soft demand from Chinese consumers.
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Luxury conglomerate and industry bellwether LVMH
reported quarterly sales that missed expectations on Monday as the sector begins to decipher the fallout from the war in the Middle East and its impact on stocks.
Organic sales grew 1% in the first quarter, but analysts surveyed by FactSet had expected 1.5% growth in the March quarter.
The Middle East conflict had a 1% negative impact on organic growth in the quarter, LVMH said in a statement.
Middle East war weakens luxury industry
LVMH sales hit as Middle East conflict delays luxury recovery
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Wenn der Irankrieg die Luxuserholung stoppt
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Hermès, primo trimestre inferiore alle attese a causa dalla guerra in Medio Oriente
The Middle East has been one of the few bright spots in a sector that is struggling to get sales back on track.
