Economic woes in China have hit sales at the owner of Louis Vuitton and Tiffany and Co.
LVMH, the luxury goods giant owned by the world’s richest man Bernard Arnault, recorded revenue of €20billion (£17.25billion) in the three months to September – up 9 per cent.
But sales at the firm – whose brand ambassadors include actress Zendaya – had slowed from a 17 per cent rise in the preceding quarter.
Sales at the LVMH – whose brand ambassadors include actress Zendaya (pictured) – had slowed from a 17% rise in the preceding quarter
The pace of sales growth has slowed due to inflation and a tough economic situation in China dampening shoppers’ enthusiasm for luxury goods.
Luxury sales have hit the brakes after economic struggles in China, which has been the bedrock for the sector’s success over the past few years.
Problems facing the Chinese economy include slow growth, high youth unemployment and turmoil in the property market.
A spokesman for LVMH said: ‘LVMH is counting on the dynamism of its brands and the talent of its teams to further strengthen its lead in the global luxury market in 2023.’
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