French luxury retailer reels from austerity measures, slow sales

Louis Vuitton has pulled the plug on one of its two flagship stores in Guangzhou, Guangdong province, as the French fashion house continues to grapple with slow sales in China.

Separately, the Financial Times said that the company has already closed three outlets in China - Guangzhou, Harbin and Urumqi - and was drawing up plans to close several others, citing people familiar with the matter. The store closures will leave LV with about 50 stores across the mainland.