Gucci, the fashion brand that is part of France’s PPR group, on Thursday provided the first sign that an economic downturn is hitting the luxury goods sector after it recorded weaker-than-forecast sales in the first three months of 2008.

While its rivals LVMH and Richemont have said in recent days they have seen no significant slowdown in luxury markets, PPR revealed that sales of Gucci products, particularly its less expensive ranges, had suffered in the US.