French luxury goods maker LVMH After its record year, it is seeing weaker demand from its wealthy clients. In the first quarter, comparable and exchange rate-adjusted sales increased by only three percent to 20.7 billion euros, as the group with brands such as Louis Vuitton, Christian Dior and Loewe announced on Tuesday afternoon in Paris.

Calculated in euros, revenue fell two percent compared to the previous year and missed average analyst expectations.

The liquor business, in particular, is weakening.

LVMH suffered losses especially in the business of alcoholic beverages such as Hennessy Cognac. But even the largest division of fashion and leather goods, such as Louis Vuitton bags, only managed a two percent increase in comparison. In the Tiffany-branded jewelry division, sales fell two percent organically. However, this did not hurt the share price.

In 2023, the group experienced the best year in its history thanks to strong demand for fashion, jewelry and perfumery.

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