Third quarter sales reached €19.08 billion ($AUD30.89 billion), a drop of around 3 per cent on a year-on-year comparison.
Revenue from the watches and jewellery division was recorded at €2.39 billion ($AUD3.87 billion), a 4 per cent decline by the same comparison.
A company statement noted the popularity of Tiffany & Co’s new collection, Tiffany Titan by Pharrell Williams, and added that Chaumet’s involvement with the Olympic Games in Paris was well received.
Bulgari also celebrated its 140th anniversary with the release of the Eternally Reborn campaign. Since the report was published, specific attention has been drawn to declining luxury spending among Chinese consumers.
“LVMH, whose majority owner is the billionaire Bernard Arnault, and its rivals have been suffering for several months as Chinese consumers, spooked by a slowing economy, have reined in their spending,” writes Joanna Partridge for The Guardian.
“The slump in Chinese demand for designer handbags and clothing in China has put the brakes on rising sales of luxury goods brands over the past decade and prompted analysts to lower their forecasts for the sector.”
She continued: “China’s economic stimulus measures, announced in September, were aimed at restoring consumer confidence, and briefly fuelled hope of a recovery in demand for the luxury sector. However, analysts believe the measures have not yet had an impact on consumer spending.”
Earlier this month, LVMH announced a 10-year sponsorship deal with Formula 1, replacing Rolex as the official timekeeper.
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