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- Luxury sales in Japan are growing despite a downturn across Asia.
- Japan's currency downturn has attracted foreign tourists to take advantage of lower prices.
- Many of these tourists are coming from China, buying their luxury items in Japan instead of back home.
LVMH is the latest luxury retailer to report growth in sales in Japan, as Chinese consumers travel abroad to take advantage of cheaper luxury prices.
On Tuesday, LVMH group reported a drop in profit and revenues in the first half of 2024 compared to the year before. However, sales in Japan stood out, with double-digit revenue growth.