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LVmH has became the first major luxury goods provider to say the stock market collapse in China over the summer has affected sales, particularly at its flagship Louis Vuitton brand.The world’s biggest luxury group, which owns more than 70 brands including the jeweller Bulgari and christian louboutin sale the fashion labels Fendi and Celine, said on Tuesday that it had seen spending growth rates by Chinese buyers slow down more abroad than at home.Jean-Jacques Guiony, the chief financial officer, told an investor conference call on third-quarter sales. The Chinese stock market collapse has taken its toll and we expect this to have an impact only for a few months.
Louis Vuitton accounts for the bulk of the division’s sales and profits, and Guiony said the brand’s growth was "not very far away" from that of the division as a whole during the period.Chinese consumers, the world’s biggest luxury buyers, have been increasingly shopping abroad to wedding dresses uk save money. But retailers surveyed by Reuters last month said the stock market collapse had not yet affected revenue.Guiony said jewellery sales, which represented about a third of the group’s watch and jewellery unit, benefited from strong demand at Bulgari in all regions, and from local consumers as well as tourists.
He forecast that it would take a few seasons to turn around the fashion brands marc Jacobs and DKNY, which are in the middle of a thorough reorganisation.more positively, Guiony said cognac and spirits sales to Chinese consumers had rebounded in the third quarter and remained strong in the US, generating a 23% rise in like-for-like sales during the period. We are reasonably optimistic that the rest of cheap wedding dresses the year will be better than what we have seen in the first half. LVmH reported a 16% increase in total revenues to €8.58bn for the third quarter on monday, as the weak euro and strong sales in its wines and spirits division nhome to brands including moet and Hennessy – more than made up for slower growth in the fashion business.
