LVMH, the world's leading luxury group, said Monday its sales edged higher in the third quarter despite a slowdown in China hitting its fashion and leather goods segment.
The group, whose brands include Louis Vuitton, Dior, Celine and drinks maker Hennessy, took in 18.5 billion euros ($20.6 billion) in the three months to the end of September, beating the consensus of analysts polled by Factset financial data firm.
The 1.2 percent sales gain beat the marginal 0.1 percent increase registered in the second quarter. The group's sales slumped six percent in the first three months of the year.
"Backed by its diverse range of businesses, LVMH remained very solid in an uncertain geopolitical and economic environment," AFP quoted the company as saying in a statement.
But the fashion and leather goods segment saw sales drop five percent excluding currency effects and changes to the business as it was "affected in the third quarter by the slowdown in demand in China."
Louis Vuitton saw its public image take a hit in China after pursuing a local tea company for copying its logo. While it won the case, it provoked a wave of indignation on social media and a call to boycott the brand.
The drop for fashion and leather goods follows the segment posting its first sales gain in two years in the second quarter.
But LVMH's selective retailing division, which includes the Sephora perfume and cosmetics retail chain, posted an eight percent sales increase, while the watches and jewelry and wines and spirits segments both managed six percent gains.
LVMH's share price has dropped 40 percent since the start of the year, with the group losing its place as the leading company on the Paris CAC 40 index in terms of capitalization to L'Oreal.
