Sales have slowed at fashion retail group LVMH, it announced in its latest financial data.
It was revealed by the firm that growth in sales of fashion and leather goods including handbags was just four per cent for the nine months to the end of September, which is compared to five per cent for the first half of the year.
The company's top brand Louis Vuitton, which is perhaps most famous for its monogrammed handbags, accounted for over half of the group's operating profits, while its overall turnover rose eight per cent to 7.02 billion euros (£5.93 billion), which was below expectations.
LVMH recently announced that its top designer Marc Jacobs, who has been working with the Louis Vuitton brand for many years, is to leave to focus on his own company.
Demand in the Far East – in particular in the growing Chinese luxury market – helped to support sales at LVMH over the course of the nine-month period.
In early trading this morning (October 16th), the share price of LVMH has dropped by more than six per cent. At 10:36 BST, its stocks were trading 6.56 per cent down on the start of the session.
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