Louis Vuitton’s China sales slump drags Asia revenue down 5%: Why the luxury industry is worried

Louis Vuitton sales' slump in China showed pull back from traditional high spenders, deepening worry across the broader for luxury segment, according to reports. Demand weakened, especially in fashion and leather goods, the company said in Q3 results.LVMH Moët Hennessy Louis Vuitton SE saw Q3 sales drop in the double digits in China, contributing to a 5% drop in organic revenue in Asia, according to a Bloomberg report. It added that overseas purchases by Chinese shoppers also declined by a…