LVMH's fashion and leather goods division saw organic sales fall 5% in the third quarter, steeper than the 1.8% decline analysts expected, as Chinese consumers rein in spending. The division, which includes Louis Vuitton, Dior and Celine, generated €8.25 billion versus €8.5 billion a year earlier and accounts for nearly half of group revenue. Total third-quarter revenue reached €18.5 billion, up 1% organically and slightly above expectations, yet shares fell more than 1% after the results. Elsewhere, Selective Retailing, including Sephora, grew 8%, watches and jewellery and wines and spirits each rose 6%, and perfumes and cosmetics gained 1%, while Asia excluding Japan fell 5% and the US grew 5%. For the first nine months, revenue reached €57.1 billion, down 2% as reported but up 2% organically.
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