The fashion and leather divisions, which represent LVMH’s key business with high-end brands such as Louis Vuitton, Céline and Marc Jacobs, have reported a revenue growth of 3%, down from 10% in the previous quarter.

The group, which also owns brands such as Tag Heuer, Bulgari, Dior perfumes and Hennessy cognac, posted overall revenue growth of 7% for the third quarter, slightly higher than expected by some market experts.

At the announcement of its results, LVMH’s shares in the French capital fell 2.9% to €161.75 yesterday morning (October 12).

“In an uncertain economic and financial environment, LVMH will continue its strategy focused on innovation and targeted geographic expansion in the most promising markets,” the company said in an official statement.

The leather and fashion division account for more than a third of LVMH’s total sales.

Sources: Reuters, Bloomberg