1645 GMT - Chinese consumers are subdued amid a tough macro backdrop, says Cecile Cabanis, chief financial officer at French luxury titan LVMH. The owner of Louis Vuitton and Dior booked a slowdown in group organic revenue growth to just 1% over the most recent quarter, with sales in the mainstay fashion division losing 5% on year. "Newsflow has not been particularly good in China this summer," Cabanis tells analysts in a call. This has created a subdued mood among Chinese luxury consumers, she says. "We hope it will subside, but we don't know when it will," Cabanis says.
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