Richemont said its profit after tax reached €1.7 billion in the six-month period ending in September, lower than expected by analysts polled by Swiss news agency AWP.

Global sales fell 1% to €10.1 billion.

Sales from the Asia-Pacific region were down by almost a fifth while all other regions in the world posted “solid growth”, Richemont said in a results statement.

Citing “reduced consumer spending” in China, Richemont said growth in other Asian countries was “more than offset” by a double-digit drop in sales in the world’s second biggest economy.

Last month, French group LVMH, the world’s biggest luxury company whose brands include Louis Vuitton, Dior and Bulgari, reported a 4.4% drop in third-quarter sales.

Gucci owner Kering said its sales sank 15% in the same quarter due to slowing consumer spending in China.