LVMH luxury sales slow

The fallout from the war in Iran has deepened the challenges for an industry that was already grappling with high interest rates and changing consumer habits.

European sales have also contracted as fewer high-spending tourists from the Gulf visit the continent.

While the U.S. remains a relatively bright spot, fashion and leather goods sales have declined globally.

Analysts warn that the window for steep corporate profits in the luxury sector is rapidly shrinking as economic uncertainty persists.