LVMH sales hit by war

The world's largest luxury group is feeling the pinch as conflict disrupts its fastest-growing markets in Dubai and Abu Dhabi.

LVMH's disappointing performance comes after years of soft demand from Chinese consumers, which had already put the $400 billion industry under pressure.

Analysts noted that the energy crisis and rising inflation are further dampening the appetite for high-end goods among global consumers.

The group's report has sent ripples through the fashion industry, with competitors like Kering also facing downgrades.