LVMH Moët Hennessy Louis Vuitton posted a solid performance in the third quarter, led by its key fashion and leather goods division, which saw organic growth slightly accelerate during the period, while most other sectors grew at a slower pace.
The parent of brands including Louis Vuitton, Dior, Guerlain and Bulgari said revenues rose 10 percent to 11.38 billion euros ($13.06 billion) in the third quarter. This represented organic growth of 10 percent, versus the 11 percent progression recorded in the second quarter.
Sales of fashion and leather goods advanced 14 percent in organic terms in the third quarter. This compared with 13 percent organic revenue growth in the second quarter of this year and with a 14 percent increase in the third quarter of 2017.
Watches and jewelry recorded organic growth of 10 percent in the third quarter, while perfumes and cosmetics were up 11 percent. Selective retailing rose 5 percent, while revenues for wines and spirits grew by 7 percent.
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The luxury goods sector is on alert for signs of a slowdown in demand from Chinese shoppers, who account for roughly one-third of its sales.
Shares of high-end brands fell sharply in Europe and Asia last week as Chinese officials stepped up efforts to crack down on daigou shoppers during the Golden Week holiday, seen as a prime time for those intent on bringing home goods from abroad for resale. LVMH’s stock price ended the week down 6 percent.
Rival group Kering is scheduled to publish third-quarter results after the market closes on Oct. 23, with Hermès International to follow on Nov. 7.
This story was reported by WWD and originally appeared on WWD.com.