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Polish Fashion Group LPP Says it Won't Return to Russia

FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
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Polish Fashion Group LPP Says it Won't Return to Russia

FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo

Polish fashion group LPP will not return to Russia, its CEO said on Monday and repeated that the company had exited the country, seeking to reassure investors after a Hindenburg Research report questioned the sale of its business there.
In a call on Monday, Marek Piechocki also said the company would consider a share buyback, though shareholders would have the final say.
The company's shares were 24% higher by 1025 GMT, partially recovering from a 36% fall on Friday after Hindenburg Research's report.
LPP again denied the allegations in the report and said it has no operating or trading activities in Russia.

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LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
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LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)

LVMH, the world's biggest luxury company, posted a 1% rise in organic sales in the second quarter on Tuesday, missing analyst estimates, and likely adding to investor jitters about slowing growth in the sector.

Sales at the French group, owner of labels Louis Vuitton, Tiffany & Co. and Hennessy, grew to 20.98 billion euros ($22.8 billion), a 1% rise on an organic basis, which strips out currency effects and acquisitions.

The figure fell below analyst expectations for revenues of 21.6 billion euros, according to an LSEG poll based on six analysts.

The report from luxury sector bellwether LVMH, which is Europe's second-largest listed company, worth around 340 billion euros, comes amid concerns about weak sales of designer fashions in the sector's key market, China.

The group's fashion and leather goods division, which includes the Louis Vuitton and Christian Dior brands and accounts for nearly half of group sales and the bulk of operating profit, grew 1%, slowing slightly from the previous quarter's 2% rise.

"While remaining vigilant in the current context, the group approaches the second half of the year with confidence," said LVMH Chairman and Chief Executive Officer Bernard Arnault in a statement.