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Fashion sales growth slows at LVMH

Fashion sales at French luxury goods group LVMH rose slightly during the first quarter although at a slower rate than the business’ previous performance.

Total sales at the group, which is the parent company of brands including Bulgari, Louis Vuitton and Celine, rose by 6% in the three months to the end of March, as like-for-like sales increased by 7% to €6.9bn (£5.9bn).

LVMH delivered strong growth in Asia and the US and said that Europe had demonstrated “good resistance despite a challenging economic environment”.

Like-for-like sales across LVMH’s fashion and leather goods arm rose 3% as total sales rose by just 0.4% to €2.4bn (£2bn).

This was a slow-down in the growth the group reported for last year when sales across LVMH rose by 19% and fashion sales increased 7%.

In a statement the company said luxury label Louis Vuitton had “continued its progress” by offering customers the “highest quality and best service”.

LVMH added: “Fendi benefited from continued developments in fur and leather and pursues its program of enlarging its store network. Céline made excellent progress in its own stores.”

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