Luxury retail giant LVMH's (MC.PA) second-quarter earnings fell short of revenue expectations as a sell-off persists across other luxury brands. Former Chairman of LVMH North America Pauline Brown joins Market Domination to discuss the slowdown in luxury growth, with a particular focus on China's consumer markets.

Brown emphasizes the role of Chinese consumers, noting they account for "a lion's share of the growth" in the luxury sector. She highlights China's rapid economic expansion, its position as the second-largest producer of billionaires after the US, and the population's "great appetite for luxury goods."

"When the Chinese sneeze, I guess the rest of the world has a bad cold, and that's what we're seeing now," Brown states.

However, the slowdown isn't limited to China. Brown notes a deceleration in luxury shopping among the ultra-wealthy and upper-middle-class globally. She attributes this trend to price inflation, stating that "even ultra-rich people don't want to spend that much more than they were a few years ago for the same products."

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This post was written by Angel Smith