Shares of LVMH, the world's largest luxury firm, fell to their lowest level of the year after reporting a slowdown in revenue growth. The stock was down 6% and trading at €689.4 ($730.96) on Wednesday morning. LVMH posted quarterly revenue growth of 9%, a significant drop from 17% in the previous quarter, and below analysts' expectations of around 11%. The company attributed the decline in revenue to post-Covid-19 normalization, high stock among retailers, and a slowdown in Hennessy cognac sales in the U.S. The disappointing results also dragged down other European luxury stocks.

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