Kaya 959 Kaya Biz

The luxury industry has been hit by a slowdown as a pandemic-era shopping boom comes to an end.

Loading player...
LVMH reported its weakest quarterly sales growth since the pandemic recovery supercharged luxury revenues at the start of 2021, as Chinese demand subsided and champagne sales fell. The world’s largest luxury group said like-for-like sales in Asia excluding Japan — which is dominated by the Chinese market — declined 6 per cent in the first three months of the year.

Revenues in the US and Europe grew 2 per cent, while sales in Japan increased 32 per cent, buoyed by the weak yen and an increase in Chinese tourist shopping. LVMH has kicked off the luxury earnings season “with a softer start to the year, as widely expected by the market, due to the multiyear tough comparable basis and weak trends globally”, said Zuzanna Pusz, analyst at UBS.
18 Apr 2024 11AM English South Africa Business News · Investing

Other recent episodes

One Year Into The Two-Pot System: How Much Have South African’s Withdrawn?

Guest - Nzwa Shoniwa, Managing Executive: Sanlam Umbrella Solutions From 1 September 2024 to 31 August 2025, Sanlam Corporate paid out approximately R4 billion across 223 000 emergency-pot claims with R1 billion in tax flowing to SARS. On average, we are paying out about R150 million a month, but when…
11 Sep 10AM 14 min

Discovery Group Delivers 30% Rise In Profits

Guest - Hylton Kallner, CEO of Discovery South Africa and Discovery Bank Discovery has delivered record results, posting a 30% surge in profit and entering a new phase of scaled growth with its two main composites, Discovery South Africa and Vitality. We’re joined by Hylton Kallner, CEO of Discovery South…
11 Sep 9AM 18 min

FirstRand Post 10% Rise In Earnings And An Impressive 20% Return On Equity

Guest – Mary Vilakazi – CEO of FirstRand South Africa’s largest banking group, FirstRand, has posted a 10% rise in earnings and an impressive 20% return on equity – well above peers – despite economic headwinds. In this episode, we speak to Mary Vilakazi, the Group CEO, about what drove…
11 Sep 9AM 16 min

What Tractor Sales Tell Us About The State Of Agriculture In South Africa?

Guest – Thabile Nkunjana, Agricultural Economist Agricultural Machinery Sales indicate that August tractor sales of 700 units were 22% more than the 572 units sold in August last year. There have been welcome reactions from agricultural associations about the increase in machinery sales.
10 Sep 10AM 20 min
All episodes