Other sectors such as perfumes (30% drop due to exchange rates), watches and tableware dropped, where wholesale turnover was affected by distributors cutting down their inventory, reflecting the benefit of brands that sell through actual stores rather than concessions.

LVMH’s fashion and leather goods sales rose by 4%, with watches and jewellery dropping by 41%.

Gucci saw growth in leather goods by 2%, however overall they saw a drop by 3.4%.