Amidst forecasts that worldwide luxury-goods sales could increase this year at the slowest pace since 2009 as spending falls for the first time in China and turmoil in Hong Kong and Russia curbs tourist consumption, LVMH Moet Hennessy Louis Vuitton has reported a 4 percent growth in revenue for the first nine months of 2014. According to a statement from the brand, "With organic revenue growth of 4% in the third quarter, the trend remains comparable to that recorded in the first half of the year. An improved growth rate in Europe and the United States during the quarter compensated for the slowdown observed in Asia."
Bloomberg noted some reports that were in line with lower growth forecasts, writing: "Britain’s Burberry Group Plc, the maker of $1,600 trench coats, said today that wholesale revenue will fall in the second half, while handbag maker Mulberry Group Plc said full-year earnings would be significantly below estimates." According to Burberry’s statement, its total underlying sales in the quarter ended on September 30th, increased by 14% and reached £1.1 billion ($1.8 million) in comparison with the results generated during the same period a year ago. The company’s retail revenue increased by 8% and reached £748 million in the six months to September 30th. And you may recall that Prada announced last month that hit by sluggish consumer demand amid an uncertain economic outlook and unfavourable exchange rates, it experienced no growth in 2014.