PARIS, Oct 11 Reuters LVMH39;s shares slumped on Wednesday, to their lowest level since December, knocking other shares in the fashion sector, after the French luxury giant posted slower thirdquarter revenue growth.

LVMH39;s shares were down by around 6 in early trading, dragging down the share prices of rivals such as Kering, Hermes, Swatch, Richemont and Burberry.

LVMH, whose labels include Louis Vuitton, Dior and Tiffany, had reported late on Tuesday a 9 rise in thirdquarter revenue, marking slower growth as a strong wave of postpandemic spending eases due to inflation and economic turbulence.

LVMH in our view remains … among the names that should navigate this ongoing volatility relatively better; but with currently negative earnings momentum and uncertain outlook, we see limited scope for absolute rerating in the shortterm, wrote JP Morgan in a research note.

LVMH is facing slowing demand for high end goods in the United States and Europe, where rising prices have prompted shoppers especially younger generations to pull back from a postpandemic spending spree, while the recovery in China has been uneven.

The trend in Europe would impact the wider industry, JP Morgan forecast.

Shares in Gucciowner Kering fell 3.2 at the market open while Hermes also shed more than 3.

An end to the roaring 20s, Berenberg analysts wrote in a briefing note as they cut their target price for LVMH.

Our lowered forecasts reflect softer H2 momentum and normalised growth in…