The Middle East war causes sales decline in LVMH's largest division
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LVMH stated in a press release on Monday that its core Fashion & Leather Goods division saw a 2% drop in organic revenue in the first quarter, worse than the 0.05% decline analysts had expected. At the beginning of this year, the market had hoped that the luxury goods industry would emerge from its prolonged downturn, but with the outbreak of war in the Middle East, demand in shopping hubs such as Dubai and other parts of the region declined.
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