The fashion and leather division of luxury industry leader LVMH Moet Hennessy Louis Vuitton posted like-for-like third-quarter sales growth of 3 percent on Monday, marking a slowdown broadly anticipated by investors. The unit, the biggest profit and revenue contributor at LVMH, had surprised the market with forecast-beating 10 percent sales growth in the second quarter to June.
Overall, the Paris-based luxury conglomerate, which is headed up by Bernard Arnault and owns fashion brands that include Louis Vuitton, Givenchy, Céline, Loewe, Marc Jacobs, and others, generated third-quarter like-for-like revenue growth of 7 percent, slightly higher than some analysts expected.
According to a release from the company:
The Fashion & Leather Goods business group recorded organic revenue growth of 5% for the first nine months of 2015. Louis Vuitton continued its growth and displayed strong creative momentum in all of its collections. Leather goods in particular saw great success with the creativity around Monogram and the craftsmanship on leather. The store evolution, the opening of the house at Asnières on the same site as Louis Vuitton’s historic workshop, marked the third quarter. Fendi generated strong revenue growth thanks to the excellent performance of all its products. Loro Piana continued the qualitative development of its store network. Céline, Givenchy and Kenzo experienced sustained revenue growth. Marc Jacobs and Donna Karan continued the repositioning of their collections.
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