Joan Solotar, global head of Blackstone Private Wealth, said the capital flight from private credit isn't justified by the likely returns and potential losses.

There was a deterioration of demand in March as a result of the Middle East conflict, said LVMH CFO Cécile Cabanis.

The luxury sector had shown some signs of a long-awaited recovery after a years-long slump prompted by soft demand from Chinese consumers.

Private jet companies are competing for high-spending customers with lavish on-the-ground experiences near the golf course.

Dubai in the UAE has been the biggest driver of growth in recent years, and the Middle East tensions come at a critical time in the luxury industry.