LVMH Moët Hennessy Louis Vuitton shares settled at $501.09 on September 4 after touching a six-year low of about $494 the previous day, leaving the stock down approximately 33% in 2026 from about $750. The decline has brought the group’s market capitalization to roughly €213 billion, or about $247.4 billion, less than half its 2023 peak and near January 2020 levels. Chinese consumers have historically accounted for an estimated 30% of LVMH revenue, but Bernstein said the modest recovery in Chinese luxury consumption may be pausing again and cut its third-quarter sector organic-growth forecast to 4.9% from 6.3%, with its full-year 2026 estimate at 5.1%. Mainland China luxury-mall revenue fell 12% in July, while Bank of America said sector demand decelerated by about three percentage points in the third quarter from the second. Bain estimates that 60 million aspirational consumers, about 15% of the luxury customer base, have stopped buying luxury goods over the past three years as inflation weakened purchasing power and prices rose 50% to 70% since 2019. Jewelry has proved more resilient than handbags, with LVMH brands Tiffany & Co. and Bulgari benefiting as some shoppers favor €10,000 jewelry over a €7,000 handbag. Richemont shares have gained 28% over six months, pushing its market value above €100 billion, but geopolitical concerns involving the continuing U.S.-Iran conflict are adding pressure to demand and tourism in the Middle East. LVMH’s technical indicators, including an RSI of 37.25 and a negative MACD histogram of 8.38, point to continued bearish momentum.