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LVMH shows the luxury sector is in pain

The owner of Louis Vuitton and Dior on Tuesday reported a 1% increase in sales excluding currency movements and mergers and acquisitions in the fiscal second quarter, below analysts’ expectations of a 2.89% gain, and the lowest level of growth since 2009, excluding the pandemic dip. Sales of fashion and leather goods, the engine of the group, also rose 1% in the three months to June 30, about half of what analysts had been expecting.