Sales rises are in the bag for Gucci owner PPR

Delicately woven leather Bottega Veneta bags and finely made Yves Saint Laurent fashions helped their owner prove there is not a luxury goods sales slowdown.

PPR, which also owns Gucci, Alexander McQueen and Stella McCartney, revealed a 16 per cent jump in third-quarter sales – with a 12 per cent rise for its luxury division.

François-Henri Pinault, chairman and chief executive, said: "The luxury division continues to report outstanding growth propelled by the momentum of our brands across all of the group's regions."

Unlike British rivals Burberry and Mulberry who reported a slowdown in sales, PPR revealed growth of more than 20 per cent at brands including the leather specialist Bottega Veneta and Yves Saint Laurent.

However, PPR's sports and lifestyle business, which includes Puma, recorded a 1.2 per cent decline in comparable sales.