UPDATE 1-Louis Vuitton sales good in US -LVMH executive

TOKYO, May 29 (Reuters) - Sales of the Louis Vuitton brand along with watches and jewellery are doing well in the United States despite an economic slowdown and a weak dollar, said Toni Belloni, group managing director at LVMH Moet Hennessy Louis Vuitton (LVMH.PA), the world's largest luxury group.

Investors have been looking at luxury goods makers for signs of cooling demand for the likes of watches, designer clothes and jewellery amid fears of a global economic downturn.

Belloni told delegates at a luxury goods conference in Tokyo that the Louis Vuitton brand was doing "extremely well" in the United States.

"Jewellery, watches continue to do very well," he said, adding, "We haven't seen a significant slowdown in the United States."

The maker of Dior perfumes, Moet & Chandon champagne and Fendi clothes has said in the past that it expects a sharp rise in 2008 earnings despite a difficult economic climate and the impact of a strong euro against the dollar and the yen. It reported an 8 percent rise in net profit for 2007.

Belloni said Japan, one of the world's biggest markets for luxury goods, was more challenging. Sales in Japan have been tepid due to a sluggish economy and an ageing society.

"We still have hopes of getting growth this year in that market," he said in a presentation at the Financial Times Business of Luxury summit.

He said the changing demographic also presented new opportunities for luxury goods groups as affluent, middle-aged consumers were willing to spend on learning experiences, well-being and products for the home.

While the very rich have resisted the broader slowdown in consumer spending, luxury goods makers presented mixed results for the first quarter of 2008.

Some have felt the impact of weaker sales but expect results to hold up as long as the economic climate does not worsen. Demand from emerging markets such as India, China and Russia has to some extent protected fashion houses and jewellery makers from the impact of the credit crisis.

LVMH and Swiss luxury goods maker Richemont (CFR.VX), the maker of Cartier watches, reported solid first-quarter revenues. But Gucci, the fashion brand owned by French retailer PPR (PRTP.PA) suffered a steeper-than-forecast fall in sales. (Reporting by Sophie Hardach; Editing by Brent Kininmont)