12. Oct 2026
Description
(AWP Alliance News) - LVMH Moet Hennessy Louis Vuitton SE on Monday reported slower organic revenue growth in the third quarter, as weaker demand in China weighed on its flagship fashion and leather goods division, offsetting stronger performances elsewhere.
The Paris-based luxury goods group reported revenue of EUR18.50 billion for the three months ended September 30, up from EUR18.28 billion a year earlier, representing organic growth of 1%.
This marked a slowdown from the 3% organic growth recorded in the second quarter.
For the first nine months of 2026, revenue fell 2% on a reported basis to EUR57.15 billion from EUR58.09 billion a year earlier, although organic revenue rose 2%.
LVMH said third-quarter performance reflected "the impact on business activity of a less buoyant environment in China", while the US, Europe and Japan recorded good growth.
Fashion & Leather Goods, the group's largest division, recorded third-quarter revenue of EUR8.25 billion, down from EUR8.50 billion a year earlier, with organic sales declining 5%.
The division's performance deteriorated from the second quarter, when organic revenue had risen 1%, as weaker Chinese demand offset continued strength in the US.
For the first nine months, Fashion & Leather Goods revenue declined 4% on a reported basis to EUR26.39 billion, with organic sales down 2%.
LVMH highlighted strong demand for Christian Dior's ready-to-wear and leather goods collections, along with solid momentum at Louis Vuitton and Loro Piana.
Meanwhile, Watches & Jewellery posted 6% organic growth in the third quarter, supported by jewellery demand, with revenue rising to EUR2.50 billion from EUR2.32 billion.
Selective Retailing posted 8% organic growth during the quarter, driven by Sephora, which continued to gain market share in several countries. Revenue increased to EUR4.07 billion from EUR3.99 billion.
Wines & Spirits posted 6% organic growth, with revenue rising to EUR1.43 billion from EUR1.33 billion, supported by improving champagne sales and demand for Hennessy cognac in Asia.
Perfumes & Cosmetics posted 1% organic growth, with revenue rising to EUR2.01 billion from EUR1.96 billion.
For the first nine months, Watches & Jewellery delivered the strongest organic growth at 8%, followed by Selective Retailing at 6% and Wines & Spirits at 5%. Perfumes & Cosmetics revenue was flat on an organic basis.
Looking ahead, LVMH said it remained confident despite the uncertain economic and geopolitical environment.
LVMH shares closed up 1.2% at EUR384.50 on Monday in Paris.
By Eva Castanedo, Alliance News senior economics reporter
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