Richemont, the world's second largest luxury goods company, said that underlying growth slowed to 10% in December, against 14% for the full quarter.
It narrowly missed forecasts with an 8% rise in third-quarter sales.
Shares in the maker of Cartier watches and Mont Blanc pens fell by 6.7% following the news.
Coach, the largest US maker of designer handbags, said underlying sales in its US retail stores had fallen during its second quarter and were down 1.1%, as consumers cut back on visits to the stores and when they did make a purchase were choosing lower-priced items.
The drop in same-store sales in 2007 compares with a 25.7% increase in the Christmas period in 2006.
US jewellery company Tiffany also lowered its quarterly earnings forecast this month after disappointing Christmas sales.
Lew Frankfort, chief executive of Coach, told Reuters: "My own view is that we're already in a consumer recession. We do need a tax stimulus package."