LVMH gives back its pandemic-era market gains

LVMH’s share-price surge from the pandemic luxury boom has now been erased, a sharp reversal for the group behind Louis Vuitton, Dior, and Tiffany. The move reflects more than one weak trading update: investors are no longer willing to assume that luxury spending will quickly return to its old growth rate. LVMH has shown signs of stabilization, including a return to modest sales growth, but its crucial fashion and leather-goods business has been slower to revive than stronger areas such as jewelry. That matters because LVMH is the sector’s biggest bellwether: when its recovery looks gradual rather than decisive, the market reassesses how much future growth luxury companies can realistically command.