For two years, China has been the biggest obstacle for luxury stocks. On Oct. 12, LVMH Moet Hennessy Louis Vuitton (OTCMKTS: LVMUY) made it clear that the obstacle was still in place.
The world's largest luxury group said sales in mainland China fell by double digits in the third quarter. Chinese shoppers also pulled back when traveling abroad. Organic sales in Asia excluding Japan fell 5%, making it the only major geographic region to report a decline, while sales grew in the United States, Europe and Japan.
