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LVMH: Stifel still a buyer after roadshow

( - Stifel maintains its Buy rating on LVMH shares, with an unchanged target price of E925.

The analyst reports that last week he organised an LVMH roadshow in New York and Boston, with Jean-Jacques Guiony, CFO, and Rodolphe Ozun, Head of Investor Relations.

Following this meeting, Stifel reports that Louis Vuitton's (LV) sales momentum in the US has been declining since mid-2022, mainly due to inflation and consumer debt.

According to Stifel's note, aspirational customers (i.e. those who buy at least one luxury product, spending on average between E3,000 and E10,000 p.a.) represent around 30%-40% of Louis Vuitton's clientele (for 20%-30% of Louis Vuitton's sales), compared with around 20% of Dior's clientele (for 10% of Dior's sales) in the US.

LV and Dior are thus seeking to retain aspirational consumers. The houses have also developed a pricing strategy to ensure that price adjustments are communicated effectively to emphasize value and exclusivity.

In Europe, there is a 'weakened' demand from low-level aspirational consumers, while affluent and high-end consumers continue to show resilient demand.

Finally, Stifel reports that LVMH expects medium-term growth of 10% in China, driven by the expansion of the middle class.

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