The decline rippled across the sector, pulling down shares in Gucci owner Kering, Moncler, and Hermès by between 2 and 5 percent. It’s a reminder of LVMH’s status as a bellwether for global luxury, fashion, and the broader cultural economy the group helps shape. Chief financial officer Cécile Cabanis acknowledged that further sales growth would be necessary for margins to recover, emphasizing a dual focus on reviving demand while maintaining discipline on costs. Sotheby’s consolidated luxury sales topped $2 billion in 2024, roughly a third of the house’s $6 billiomn total that year. That result is triple its 2019 luxury total and remains the highest such figure in the industry.