CEO of LVMH visits China for 3rd consecutive year

(ECNS) -- Bernard Arnault, chairman and CEO of LVMH Group, was spotted in Shanghai, according to photos posted on Chinese social media platforms Tuesday.

This visit marks his third consecutive year traveling to China.

Witnesses said Arnault also visited stores of the Chinese luxury jewelry brand Laopu Gold in Shanghai.

Citing anonymous insiders, Chinese media outlet Yicai reported that another LVMH senior executive also visited Laopu Gold in Beijing for research back in July.

Previously, the French luxury brand Louis Vuitton (LV), under the LVMH Group, unveiled its new Shanghai landmark, "The Louis," at the end of June. The opening attracted large crowds of visitors.

Standing over 30 meters tall, "The Louis" resembles a giant ship and is LV's first luggage-shaped store in China.

Since the beginning of this year, luxury sales in China have continued to soften. Financial reports show that in the first quarter, LVMH Group's sales in the Asia-Pacific market fell by 11% on a comparable basis.

(By Zhang Dongfang)