LVMH shares slump and hit fashion sector as luxury giant’s sales growth moderates

PARIS (Reuters) -LVMH's shares slumped on Wednesday, knocking back other shares in the fashion sector, as the French luxury giant's third quarter revenues showed signs of a slowdown in growth. LVMH's shares were down by around 6% in early session trading, dragging down the share prices of rivals such as Kering, Hermes, Swatch and Richemont. LVMH, whose labels include Louis Vuitton, Dior and Tiffany, had reported late on Tuesday a 9% rise in third quarter revenue, marking slower growth as a strong wave of post-pandemic spending eases due to inflation and economic turbulence.