[caption id="attachment_97958" align="aligncenter" width="700"] Source: Company reports/Coresight Research[/caption]   3Q19 Trading Update LVMH reported 3Q19 revenues of €13.3 billion, up 17.0% year over year and above the €12.71 consensus estimate. Organic sales growth was 11%. By Maison, Fashion & Leather Goods set the pace with 22.2% growth, to €5.4 billion (19% organically), followed by the Wines & Spirits, where sales rose 10.7% (8% organically) to €1.4 billion and Perfumes & Cosmetics, which grew 9.3% (7% organically) to €1.7 billion. The growth of Selective Retailing (which comprises Sephora, Le Bon Marché and travel retailers DFS and Starboard Cruise Services) trailed the group, with a 7.4% sales gain (4% organically) to €3.5 billion. Japan was the best-performing region, growing 20%, partly related to the anticipated rise in sales tax. Sales rose 12% in Asia (excl. Japan), 8% in the US (excl. Hawaii) and 11% in Europe. LVMH experienced a noticeable improvement among Chinese customers. The growth of sales in Wines & Spirits was strong in China due to growing demand, and the expansion of Selective Retailing’s distribution network continued with the opening of its first stores in Hong Kong and Auckland. Among other countries, LVMH continued its momentum: The "Louis Vuitton X" exhibition in Los Angeles—which explores the brand’s 160-year history and takes visitors on an immersive journey through the house’s creative exchanges and artistic collaborations—has been a great success; Louis Vuitton continued to strengthen its production capacity with the inauguration in September of a new workshop in France; and Christian Dior launched its first haute parfumerie collection, for which a dedicated boutique will soon open in Paris. Loro Piana, Loewe and Rimowa enjoyed good progress as well. Outlook The company did not provide quantitative guidance for 2019.