Despite softer demand in China, French conglomerate LVMH Moët Hennessy Louis Vuitton posted slight revenue growth in the third quarter, supported by the United States, Europe and Japan.

Globally, the group recorded a 1 percent organic year-over-year increase during the quarter, with revenues totaling 18.5 billion euros, or about $20.7 billion. Watches and jewelry saw the steepest growth, with revenues rising 8 percent over the third quarter of 2025, while fashion and leather goods declined 3 percent.

Quarter in review

LVMH’s fashion houses felt the slowdown in China most acutely, with the division’s quarterly revenues dipping to 8.2 billion euros.

Still, the group pointed to strong demand for creative director Jonathan Anderson’s ready-to-wear and leather goods at Dior and for Celine creative director Michael Rider’s collections. Loro Piana also posted an excellent performance.

Louis Vuitton celebrated the 130th anniversary of its Monogram, while Dior opened a House of Dior flagship on Milan’s Via Monte Napoleone in September. LVMH completed the sale of Marc Jacobs to WHP Global on Sept. 1.

In September 2026, Dior announced a two-year creative partnership with independent film studio A24. Image credit: Dior

Watches and jewelry, led by jewelry, brought in 2.5 billion euros for the quarter. Bvlgari’s Eclettica line generated record-breaking revenue, and Tiffany & Co. continued to refresh its stores and core collections.

Selective retailing, which includes Le Bon Marché and Sephora, was up 2 percent to 4.1 billion euros. Sephora gained market share in several countries and entered Belgium and Croatia. Most of travel retailer DFS’ businesses were sold.

Wines and spirits revenues rose 7 percent to 1.4 billion euros. Champagne sales continued the recovery seen since the start of the year, particularly in Europe, while Hennessy saw momentum in Asia and debuted ready-to-serve cocktails in the U.S.

The perfumes and cosmetics division grew 3 percent to 2 billion euros, propelled by fragrance launches from Parfums Christian Dior and Guerlain.

In the first nine months, LVMH’s reported revenues fell 2 percent to 57.1 billion euros, or about $63.9 billion. On an organic basis, revenues increased 2 percent.

Fashion and leather goods dipped 4 percent over that span, while watches and jewelry gained 4 percent.

Despite an uncertain economic and geopolitical climate, LVMH says it remains confident and expects to reinforce its global leadership position in luxury this year.

In the first half of the year, LVMH’s revenues fell 3 percent on a reported basis to 38.6 billion euros, with watches and jewelry leading the group’s performance (see story).