Sluggish Chinese demand weighs on LVMH, as Louis Vuitton’s Molly Tea case casts a shadow

The world’s largest luxury group LVMH said Asia, excluding Japan, was the only region to suffer falling sales in the third quarter ending September and the biggest drag was a mid-teens slowdown in Chinese demand, amid a less buoyant macroeconomic environment. The Louis Vuitton, Dior, Bvlgari and Fendi’s parent group said Asia took a hit from a sharp macro-led deterioration in Chinese consumer sentiment, with tangible impact on discretionary expenses, the group said during an earnings call...