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French luxury giant LVMH reported a 3% fall in third-quarter sales on Tuesday, undershooting estimates in its first decline in quarterly sales since the pandemic as demand in China and Japan weakened,

LVMH's commentary on demand in China was a warning for luxury brands, which have relied on Chinese consumers to drive growth in recent years.

The world’s largest luxury group saw its shares tumble as much as 7.5% Wednesday morning to a two-year low before ticking back up by the afternoon.

Shares in LVMH fell due to a slowdown in China. The luxury conglomerate saw fashion and leather-goods sales dip for the first time in years.

Eighteen months ago, LVMH shares were trading at a record high and the group’s controlling shareholder, Bernard Arnault, was the world’s wealthiest person.

LVMH shares, listed on the Euronext Paris stock exchange, fell 4% on Wednesday having lost 19% of their value in the year-to-date. The French conglomerate’s warning comes as an

LVMH shares plunged after sales of fashion and leather goods fell for the first time since the pandemic, revealing the scale of the slump in demand from once insatiable Chinese consumers.