Shares in heavyweight LVMH fell on Wednesday, dragging down its rivals, as an in-line increase in sales at the world's top luxury goods group indicated the overall sector was moving towards more moderate growth.

"The beat is only a small positive but likely to provide some relief given investor concerns about the luxury sector's fading EPS momentum and implied 2H23 normalisation," analysts at Citi said in note on Moncler's first-half results.

Sales at the Italian group, known for its puffer jackets, rose 24% at constant exchange rates in the first half of the year, thanks to a strong rebound in Asia and solid growth in the EMEA region.

"With reporters (companies) so far missing buyside expectations, Moncler bucked the trend, delivering ahead and confirming its high growth status in our view," analysts at JP Morgan said.

Analysts noted that Moncler's business remained more weighted towards the second half of the year when customers renew their winter wardrobes.

During a conference call, Chief Business Strategy officer Roberto Eggs said he was fully committed to Moncler, as investors speculate on who will be Gucci's new CEO.

Owner Kering said this month that Marco Bizzarri, who had led Gucci since 2015, would leave the company in September, and named managing director Jean-Francois Palus as Gucci's new CEO and president for a transitional period.

Moncler's first half operating profit totalled 217.8 million euros, with a 19.2% margin on revenues, according to a statement published after market close on Wednesday.

In the conference call, the group's executives confirmed the expectation to achieve a 30% operating profit margin this year. They added they did not aim to go higher this target since the group was focused in investing in the company.

(Reporting by Elisa Anzolin)