UPDATE 1-LVMH fashion and leather sales growth slows in Q3 | Agricultural Commodities | Reuters
* LVMH total like-for-like Q3 sales rise 7 pct
* Fashion and leather like-for-like sales growth slows to 3pct
* Moet Hennessy sales jump 16 pct (Adds details, analyst comment)
By Astrid Wendlandt
PARIS, Oct 12 (Reuters) - Luxury goods industry leader LVMH posted a mixed set of third-quarter revenue figures onMonday that revealed a strong rebound in cognac sales,particularly in China, but a slowdown at its key fashion andleather business.
The division, LVMH's biggest profit and revenue contributorwith brands such as Louis Vuitton and Celine, saw underlyingrevenue growth slow to 3 percent from 10 percent the previousquarter.
LVMH's Moet Hennessy spirits division, which suffered from aslump in China amid efforts to ban gifts such as cognac bottlesgiven in return for favours, said trading there had improved anddemand from the United States remained strong.
In the three months to Aug. 31, the unit's comparable salesjumped 16 percent, marking its best quarter in many years.
LVMH said Hennessy cognac, whose volumes increased 12percent, "benefited in the third quarter from a strong reboundin shipments to China and continued excellent momentum in theUnited States". Continued...