The world's biggest luxury goods group, LVMH, has reported slowing sales at its most important division.
The Paris based company said growth in sales of fashion and leather goods including handbags was 4% for the nine months to 30 September, compared to 5% for the first half of the year.
Louis Vuitton, known for its monogrammed handbags, accounts for over half of the group's operating profits.
Overall turnover rose 8% to 7.02bn euros (£5.93bn), below expectations.
The luxury goods market has often been regarded as recession proof as revenues continued to grow through Europe's recession.
Demand from the Chinese consumer and elsewhere in the far east has been robust.
However, LVMH surprised many recently when it announced that its well-known Louis Vuitton designer Marc Jacobs is to leave.
Some analysts expressed concern that the departure have an impact on sales.