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Louis Vuitton owner LVMH reports surprise sales drop amid China slowdown

Shares in LVMH, which also owns Dior, Tiffany and Moët & Chandon, fell by as much as 7%, briefly hitting two-year low

Shares in LVMH, which also owns Dior, Tiffany and Moët & Chandon, fell by as much as 7% in early trading, briefly hitting a two-year low, before regaining slightly, after it warned of an “uncertain economic and geopolitical environment”,with falling sales in Asia. It came after weaker spending by Chinese consumers on cognac, designer handbags and clothing hit group revenues, which fell to €19.1bn (£16bn) in the three months to the end of September, 3% lower than the same period a year earlier. The slump in Chinese demand for designer handbags and clothing in China has put the brakes on rising sales of luxury goods brands over the past decade and prompted analysts to lower their forecasts for the sector.

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