LVMH Shares Drop 3.6% to €455.70, Erasing Early May Rebound

Luxury Sector Drags LVMH to the Bottom of the Index

LVMH is the biggest loser in the CAC 40 at midday, with a decline of 3.6% to €455.70. The luxury compartment is under pressure overall: Hermès is down 2.41%, Kering 1.53%, in a Parisian index that is down 0.97%. The sector's situation remains mixed. Swiss watch exports to China are up 4.2% year-on-year and sales of jewelry/gold in China show an increase of 11.7% in March according to official statistics. However, French exports of wines and spirits fell by 4% in value in the 2024 report, and the OECD leading indicator for China remains at 98.8, below trend. The stock now shows a decline of 15.25% over three months and 8.08% over a year. As a reminder, the group had posted a revenue of 19.1 billion euros in Q1 2026 in mid-April, down 6% in reported data but up 1% organically. Based on the consensus of 19 analysts (updated May 8), the stock is trading at about 20.3 times the expected earnings for the current fiscal year, compared to 14.5 times on average in the discretionary consumer sector.

Below Moving Averages, Support at €444.95 in Sight

At €455.70, the price is below its three moving averages: €472.72 for the MM20 (a gap of -3.6%), €481.42 for the MM50, and €542.73 for the MM200 (a gap of -16%). The rebound observed at the beginning of May, which had brought the stock above €475, thus fades in a single session. In the Bollinger bands, the price is lodged in the lower part, at 22% of the lower boundary set at €442.24. The RSI at 49 remains neutral and does not indicate any extreme configuration. The technical support identified at €444.95 remains the key downward threshold, about 2.4% from the current price; the resistance at €499.40 is significantly distancing itself. The next calendar appointment for the stock remains the publication of the semi-annual revenue expected in July, in accordance with the group's usual schedule.