Western luxury brands’ China slowdown contrasts with growth at some local labels

Caixin reports that Hermès, LVMH and Kering faced weaker third-quarter sales momentum in China amid a sluggish economy and new offshore-trust tax liabilities. LVMH’s Asia sales excluding Japan fell 5%, while Kering’s Asia-Pacific sales excluding Japan fell 8%. An FT opinion column notes that some homegrown luxury brands are growing despite falling overall luxury spending in China, though investors question whether their appeal will last.