High-End Watches Help LVMH To 6% Rise in Q3 Revenue

(IDEX Online News) – The world’s biggest luxury-goods firm, LVMH Moet Hennessy Louis Vuitton SA, reported revenue for the third quarter rose 5.7 percent to 7.4 billion euros ($9.4 billion).

The company said that there had been lower demand in the quarter in Asia as Chinese shoppers cut back on spending on some items.

However, LVMH said the decline had been offset by better growth in Europe and the United States.

A Chinese government crackdown on spending on high-end items in a bid to curb corruption has hit luxury sales in China.

Sales in the watches divisions were better than expected while fashion and leather goods were below estimates.