French luxury retailer LVMH saw a fall in shares after it posted first quarter sales below forecasts.
LVMH owns more than 60 luxury brands including Dior and Louis Vuitton.
The company says the US market is strong and Europe is holding its own except for France which has seen a fall in tourism as a result of the terrorist murders.
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Hong Kong also under performed.
LVMH’s watches and jewellery division, which has been through some turbulent times due to weak demand in China,received a boost Its like-for-like sales grew 7 percent, against 3 percent the previous quarter.
Global sales hit €8.62bn for the three months to March.