By Mimosa Spencer and Dominique Patton PARIS (Reuters) -French luxury giant LVMH reported a 3% fall in third-quarter sales, undershooting estimates in its first decline in quarterly sales since the pandemic and offering little reassurance to investors worried about the sector's outlook.

Faced with a depressed luxury goods market, the sector's global leader has published a fall in revenue for the first time since 2020. Cost-cutting measures are already underway.

LVMH shares, listed on the Euronext Paris stock exchange, fell 4% on Wednesday having lost 19% of their value in the year-to-date. The French conglomerate’s warning comes as an

KEY TAKEAWAYS LVMH posted a year-over-year sales decline in the third quarter, showing the continuing pressure on the luxury sector from weak Chinese spending.Organic revenue at the company behind the Dior and Louis Vuitton brands fell 3% to 19.

LVMH’s sales of fashion and leather goods fell for the first time since the pandemic as the industry’s biggest player was hammered by a slump in demand from Chinese consumers whose appetite for high-end purchases once seemed insatiable.

Bernard Arnault’s luxury fashion group LVMH on Wednesday led its rivals’ shares downward after it reported disappointing sales on weak China demand. LVMH’s fashion and leather goods unit – including iconic brands like Louis Vuitton and Dior – posted a 5% decline in sales,