Global Markets
LVMH (MC FP) says Asian clientele spent less in Q2 in Asia and more in Europe; Dior and vuitton both in positive territory in Q2, accelerating in Americas and Japan
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LVMH saw Q2 growth driven by Americas and Japan, while Asian spending shifted to Europe. Fashion brands Vuitton and Dior improved, but Watches remained weak. H1 operating margin hit 22.5%.
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Watches still a bit negative in Q2. Chinese local and tourist demand flattish; we have seen an improvement in offshore demand in Q2. Chinese demand increasingly clustered around shopping events. Very encouraged by short-term results at Dior, all key clients are up in H1, strong performance in Bags.
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