Shares in LVMH fell in early Frankfurt trading on Wednesday, as sales growth posted by the luxury goods group failed to impress investors, following a string of strong results from rivals and recent price gains.

The e-commerce giant said it is cutting a small number of roles after a routine evaluation of its team structures and ability to “move fast.”

LVMH has announced its results for fiscal 2024. The French luxury conglomerate said that reported sales dipped 2 percent to €84.7 billion (+1 percent in organic terms), due to a ‘challenging economic and geopolitical environment’.

Shares in LVMH were on track for their largest drop in 14 months on Wednesday after the luxury goods group's latest sales figures disappointed investors hoping for stronger signs of a rebound at the sector bellwether.

Luxury giant LVMH eked a small gain in 2024 sales, underwhelming investors following buoyant results from rivals that signalled a turnaround for the sector

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The "Magnificent 7" are set to dominate earnings focus in the coming week, as five of these tech giants are due to report, though there are still a number of other big names releasing results. Tesla (TSLA),

Bernard Arnault, the mastermind behind the LVMH conglomerate, which includes luxury brands such as Louis Vuitton and Sephora, graduated with a Bachelor of Arts and Science degree from École Polytechnique in Paris.

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Britain's biggest supermarket group Tesco plans to cut about 400 jobs from stores and its head office, seeking efficiency savings so it can invest in the business, it said on Wednesday.

The "Magnificent 7" are set to dominate earnings focus in the coming week, as five of these tech giants are due to report, though there are still a number of other big names releasing results. Tesla (TSLA),