Luxury goods group LVMH reported organic sales growth of 10% in the fourth quarter on Thursday, driven by resilient demand for its high-end fashion brands.

The world's number one luxury goods group, which owns brands such as Louis Vuitton and Dior, as well as Hennessy cognac and Tiffany jewelry, posted sales of almost 24 billion euros in the last three months of the year.

Analysts were expecting organic growth of 9%, according to a consensus quoted by HSBC, the same level recorded in the third quarter, which marked a clear slowdown compared to the first half.

After a post-pandemic boom that fuelled spectacular sales growth in the luxury fashion sector for more than two years, consumers have scaled back their purchases, particularly younger, less affluent customers who are more sensitive to rising inflation.

Sales in the fashion and leather goods division, which includes the major Vuitton and Dior brands, rose by 9% on an organic basis, below analysts' expectations of 10% growth.

Considered a barometer of the luxury goods sector, LVMH does not provide detailed results for its brands.

(Reported by Mimosa Spencer; Stéphanie Hamel, edited by Blandine Hénault)