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(Sharecast News) - Shares in luxury goods giant LVMH fell on Wednesday, after weaker global demand caused sales growth to slow.
The French owner of Louis Vuitton, Moet & Chandon, Tiffany & Co and TAG Heuer, among others, saw sales improve 9% in the three months to September end, to €19.96bn.
It was, however, down notably on the 17% sales growth recorded in both the first and second quarter.
The wines and spirits division saw revenues fall 14%, compounding an 8% decline in the second quarter. Demand for Hennessy cognac had been affected in the US by the weaker economic climate, LVMH noted.
Fashion and leather goods - LVMH's largest division - saw revenues rise 9%, missing analyst expectations for a 10% improvement and down on the 21% jump seen in the second quarter.
Watches and jewellery rose 3%, against a 14% improvement three months previously.
Globally, sales in Asia excluding Japan grew by 11%, a significant slowdown on the 34% seen in the second quarter.
LVMH said: "In an uncertain economic and geopolitical environment, the group is confident in the continuation of its growth and will maintain a strategy focused on continuously enhancing the desirability of its brands."
As at 1015 BST shares in the company, which is controlled by chief executive Bernard Arnault, were off 6%.
Other luxury goods companies were caught up in the sell-off, with fellow French group Hermes International down 2%, Switzerland's Richemont off 4% and London-listed Burberry Group falling 3% to 1,771.5p.
Victoria Scholar, head of investment at Interactive Investor, said: "While luxury has been a strong sector lately, given that customers with high disposable incomes are relatively sheltered from cost of living pressures, results from LVMH, the first in the sector, appear to suggest that the blockbuster period for luxury is starting to fade.
"Luxury brands are dealing with slower demand from the US and Europe as well as China's bumpy post-Covid recovery. The strength of the euro is also weighing on US sales when converted from US dollars back to euros."
