London CNN —
The value of some of the world’s best-known luxury companies is plunging as Chinese consumers pull back on spending, with even the most exclusive brands feeling the pain.
First-half sales at Bernard Arnault’s luxury powerhouse LVMH, the owner of Louis Vuitton and Christian Dior, dropped 10% year over year in Asia excluding Japan, a region dominated by China. The rout seems to be accelerating, with those sales tumbling 14% in the second quarter, according to results published late Tuesday.
Shares in LVMH, whose offerings also include high-end jewelry and luxury hotel stays, dropped
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