LVMH Disappoints as War Disrupts Middle East Luxury Sales

Sales at LVMH’s biggest division fell at the start of the year as the Iran war curbed purchases of high-end goods in Middle East shopping hubs like Dubai, outweighing signs of improvement in China and the US.

Organic revenue at the key fashion and leather goods unit dropped 2% in the first quarter, LVMH Moët Hennessy Louis Vuitton SE said Monday, worse than analysts had expected. Overall, group organic sales rose 1%, also trailing estimates.