French luxury conglomerate LVMH saw its stock slide by more than 6% following the Tuesday evening reveal of its 2024 annual results.

Following Meta’s layoffs earlier this month, Arnault, the head of the luxury goods conglomerate that controls brands like Louis Vuitton, Fendi, and Sephora, likened Meta CEO Mark Zuckerberg’s move to let go of low-performing workers to layoffs at Tiffany’s.

I’m not going to report record revenue, but it was nonetheless a robust year," CEO Bernard Arnault said during the earnings call.

Shares in luxury conglomerate LVMH were down in early trade on Wednesday, after the company's end-of-year report disappointed investors hoping for stronger signs of rebound from the sector bellwether.