LVMH's Paris-listed shares were down 1.5% by 0850 GMT, trading near their lowest price in more than six years. (AFP pic)PARIS: LVMH's quarterly fashion and leather goods sales miss, driven by weak demand in China for its flagship Louis Vuitton brand, has raised fresh doubts that the US$350 billion luxury industry may emerge from a three-year slowdown anytime soon.
A year ago LVMH, the world's biggest luxury firm, reported signs of slightly better Chinese demand, triggering a sharp rally across the entire luxury sector — but today there are signs of a longer, deeper decline.
Its Paris-listed shares were down 1.5% by 0850 GMT, trading near their lowest price in more than six years.
Europe's leading luxury groups have lost around €330 billion (US$369.1 billion) in market value since the start of the year, with LVMH alone shedding roughly 40%.
