PARIS, April 16 Reuters LVMH reported a 3 rise in first quarter sales on Tuesday, marking a slowdown as rising prices prompted more shoppers who aspire to own its handbags and other luxury goods to hold back on splashing out thousands of dollars.

The slower quarterly sales growth reflected comparisons with the same period in 2023, when sales were boosted by the lifting of COVID19 curbs in LVMH39;s key market of mainland China and comes amid worries about a prolonged global slowdown which has knocked luxury companies39; shares over the past year.

The world39;s largest luxury group, owner of Louis Vuitton, Tiffany Co. and Bulgari, said sales for the quarter ending in March were up 3 yearonyear on an organic basis to 20.69 billion euros 22 billion, matching analyst expectations.

LVMH, which is Europe39;s secondlargest listed company and worth nearly 400 billion euros, is the first luxury goods maker to report quarterly earnings, setting the tone as worries grow about demand in China, the world39;s No. 2 economy.

Gucciowner Kering last month issued a surprise warning that first quarter sales would slump 10, with sharp declines in Asia, casting uncertainty for the sector39;s outlook.

Sales at LVMH39;s fashion and leather goods division, which includes Louis Vuitton and Dior, climbed 2, also matching expectations.

Sales in the division, which sells small Lady Dior handbags priced at 5,400 euros and roomy Louis Vuitton Speedy bags for 10,000 euros, had risen by 9…