By  on July 29, 2013

PARIS — LVMH Moët Hennessy Louis Vuitton is paying the price for future growth.

The luxury conglomerate said margins in its fashion and leather goods division came under pressure in the first half as a slight improvement in the profitability of its cash-cow Louis Vuitton brand was outweighed by ongoing investments in smaller brands such as Céline, Fendi and Berluti.

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