LVMH: Continued growth in the third quarter of 2026

Fashion & Leather Goods fell 5% organically in the third quarter, while Selective Retailing grew 8%.

Rhea-AI Summary

LVMH (LVMUY) recorded €57.1 billion in revenue for the first nine months of 2026, with growth on an organic basis. Reported revenue fell 2%, while organic revenue, measured at constant business scope and exchange rates, rose 2%. Third-quarter revenue was €18.504 billion, with organic growth of 1%.

Fashion & Leather Goods revenue fell 2% organically over nine months and 5% in the third quarter, when weaker demand in China affected activity. Nine-month organic growth reached 5% in Wines & Spirits, 8% in Watches & Jewelry and 6% in Selective Retailing. Perfumes & Cosmetics was unchanged organically. Sephora grew revenue and gained market share in several countries. Marc Jacobs was sold to WHP Global on September 1, and most DFS businesses were sold. LVMH remains confident despite economic and geopolitical uncertainty and plans to continue its brand-focused strategy.

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Positive

• Moderate pointNine-month group revenue reached €57.1 billion, up 2% organically but down 2% reported versus 2025.
• Minor pointThird-quarter group revenue reached €18.504 billion, with 1% organic growth versus 2025.
• Minor pointWatches & Jewelry nine-month revenue rose to €7.725 billion, up 4% reported and 8% organically.
• Minor pointWatches & Jewelry third-quarter organic revenue grew 6% versus 2025.
• Minor pointSelective Retailing nine-month revenue was €12.476 billion, up 6% organically but down 1% reported.

6 minor points

• Minor pointSelective Retailing third-quarter organic revenue grew 8% versus 2025.
• Minor pointWines & Spirits nine-month revenue reached €4.027 billion, up 3% reported and 5% organically.
• Minor pointWines & Spirits third-quarter organic revenue grew 6% versus 2025.
• Minor pointPerfumes & Cosmetics third-quarter organic revenue grew 1% versus 2025.
• Minor pointSephora delivered revenue growth and market-share gains in several countries.
• Minor pointLe Bon Marché posted revenue growth.

Negative

• Minor pointFashion & Leather Goods nine-month revenue fell to €26.391 billion, down 4% reported and 2% organically.
• Minor pointFashion & Leather Goods third-quarter organic revenue fell 5%, with activity affected by slower demand in China.
• Minor pointPerfumes & Cosmetics nine-month revenue fell 2% reported to €5.922 billion, remaining unchanged organically.
• Minor pointExchange-rate fluctuations reduced nine-month revenue growth by 3% versus 2025.
• Minor pointChanges in business scope reduced revenue growth by 1% over nine months and 2% in the third quarter.

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Paris, October 12, 2026

LVMH Moët Hennessy Louis Vuitton, the world’s leading high-quality products group, recorded revenue of €57.1 billion in the first nine months of 2026. Organic revenue growth came to 2%. Backed by its diverse range of businesses, LVMH remained very solid in an uncertain geopolitical and economic environment, and maintained its innovative momentum.
In the third quarter, organic revenue growth reflected the impact on business activity of a less buoyant environment in China, while the United States, Europe and Japan saw good growth.

Revenue by business group changed as follows:

In millions of euros	First 9 months 2025	First 9 months 2026	Change First 9 months 2026/2025 Reported             Organic*		Change Q3 2026/ Q3 2025 Organic*
Wines & Spirits	3 917	4 027	+3%	+5%	+6%
Fashion & Leather Goods	27 611	26 391	-4%	-2%	-5%
Perfumes & Cosmetics	6 040	5 922	-2%	0%	+1%
Watches & Jewelry	7 409	7 725	+4%	+8%	+6%
Selective Retailing	12 613	12 476	-1%	+6%	+8%
Other activities and eliminations	500	607	-	-	-
Total LVMH	58 090	57 148	-2%	+2%	+1%

* On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope with respect to the first nine months of 2025
was -1% and the impact of exchange rate fluctuations was -3%. For the third quarter of 2026, the impact of changes in scope was -2% and the exchange rate impact was +2%. 

The Wines & Spirits business group recorded organic revenue growth of 5% in the first nine months of 2026. The champagne business saw further signs of the recovery observed since the beginning of the year, particularly in Europe. Moët & Chandon continued to enjoy a high-profile presence during its second season as the Official Champagne of Formula 1 Grand Prix races. Hennessy cognac saw good momentum in Asia, while the US market benefited from the launch of the new VS range of ready-to-serve cocktails. Provence rosé wines continued to make good progress.

The Fashion & Leather Goods business group continued to benefit from the buoyant US market but was affected in the third quarter by the slowdown in demand in China. The creative renewal of our Maisons bore fruit. Louis Vuitton paid tribute to its iconic bags for the 130th anniversary of the Monogram, revisiting the original canvas used for the Maison’s first trunks with the new Monogram Emblème jacquard weave. Ready-to-wear collections designed by Nicolas Ghesquière saw good momentum, as did the Men’s collections designed by Pharrell Williams. The Maison continued to offer its customers a range of unique in-store experiences, exemplified by LV The Place Seoul and immersive new travel-inspired locations around the world. Christian Dior benefited from the major success of Jonathan Anderson’s designs. Demand was especially strong for its ready-to-wear and leather goods lines. After Osaka in May, a new House of Dior flagship store was opened in September, on Via Monte Napoleone in Milan. Loro Piana, which achieved an excellent performance, presented Solutions For, its latest ready-to-wear collection of functional, creative pieces, and opened a new center for knitwear excellence in Ghemme, Italy. At Celine, collections designed by Michael Rider were a major success, as was Fendi’s new Baguette bag, revisited by Maria Grazia Chiuri. Loewe, with Jack McCollough and Lazaro Hernandez, and Givenchy, with Sarah Burton, continued the creative renewal of their collections. Rimowa and Berluti confirmed their good momentum. On September 1, Marc Jacobs was sold to WHP Global.

The Perfumes & Cosmetics business group, for which revenue remained stable on an organic basis in the first nine months of 2026, maintained its highly selective retail approach. LVMH’s historic brands performed well. Parfums Christian Dior benefited from the launches of J’adore Intense, Sauvage Extrait and eau de parfum versions of Dior Addict. In high perfumery, new signature scents were unveiled within La Collection Privée. Good momentum in makeup – driven by Forever and Backstage in particular – also contributed to the Maison’s performance. Guerlain saw substantial growth, driven by the launch of its L’Heure Bleue scent, the success of its L’Art & La Matière and Aqua Allegoria fragrance collections, as well as accelerating growth in its iconic Rouge G lipstick. Parfums Givenchy focused on the development of L’Interdit. Maison Francis Kurkdjian expanded its Oud collection and Acqua di Parma celebrated its 110th anniversary.

The Watches & Jewelry business group recorded organic revenue growth of 8% in the first nine months of 2026, driven by the very good performance in jewelry. Tiffany & Co. continued to successfully strengthen its iconic product lines – HardWear, Knot and Sixteen Stone in particular – and to renovate its store network. Following its launch in New York, the Blue Book 2026: Hidden Garden high jewelry collection presented its fall expression in Venice, illustrating the Maison’s powerful creativity. Bvlgari unveiled its new Eclettica line of high jewelry and prestige watches, which generated record-breaking revenue. Its Kaleidos exhibition stopped over in Shanghai, while a monumental installation unveiled in New York celebrated its iconic Serpenti design. Chaumet continued to develop its Bee de Chaumet collection. In watches, TAG Heuer enjoyed a high-profile presence at the Grand Prix races of Formula 1, in particular as Title Partner in Madrid.

In Selective Retailing, organic revenue growth came to 6% in the first nine months of 2026. Sephora saw strong growth in its revenue, with further market share gains in several countries, consolidating its global leadership position. Its performance was driven by its solid brand portfolio, with sustained growth in its many historic brands and the ongoing ramp-up of exclusive launches, including Rhode and several C-Beauty brands. The retail network continued to expand, including new market entries in Belgium and Croatia. Le Bon Marché posted revenue growth, driven by its ever-unique slate of events. Most of DFS’ businesses were sold.

OUTLOOK

Despite an economic and geopolitical environment that remains uncertain, the Group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the authenticity and quality of its products, its excellence in retail and its agile organization. LVMH will draw on its powerful brands and the talent of its teams to reinforce its global leadership position in luxury goods once again in 2026.

Apart from the information mentioned in this press release, during the quarter and to date, no events or changes have occurred that could significantly modify the Group’s financial structure.
Regulated information related to this press release and presentation available at www.lvmh.com.

Details from the webcast on the publication of revenue for the third quarter of 2026 available at www.lvmh.com.

APPENDIX

LVMH – Revenue by business group and by quarter

Revenue for 2026 (in millions of euros)
Full-year 2026	Wines & Spirits	Fashion & Leather Goods	Perfumes & Cosmetics	Watches & Jewelry	Selective Retailing	Other activities and eliminations	Total
First quarter	1 273	9 247	2 038	2 443	4 048	72	19 121
Second quarter	1 324	8 899	1 876	2 782	4 358	284	19 524
First half	2 598	18 146	3 914	5 225	8 406	356	38 644
Third quarter	1 429	8 245	2 008	2 500	4 070	251	18 504
First nine months	4 027	26 391	5 922	7 725	12 476	607	57 148
Revenue for 2026 (organic growth versus same period in 2025)
Full-year 2026	Wines & Spirits	Fashion & Leather Goods	Perfumes & Cosmetics	Watches & Jewelry	Selective Retailing	Other activities and eliminations	Total
First quarter	+5%	-2%	0%	+7%	+4%	-	+1%
Second quarter	+5%	+1%	-1%	+11%	+6%	-	+3%
First half	+5%	-1%	0%	+9%	+5%	-	+2%
Third quarter	+6%	-5%	+1%	+6%	+8%	-	+1%
First nine months	+5%	-2%	0%	+8%	+6%	-	+2%
Revenue for 2025 (in millions of euros)
Full-year 2025	Wines & Spirits	Fashion & Leather Goods	Perfumes & Cosmetics	Watches & Jewelry	Selective Retailing	Other activities and eliminations	Total
First quarter	1 305	10 108	2 178	2 482	4 189	49	20 311
Second quarter	1 283	9 006	1 904	2 608	4 431	267	19 499
First half	2 588	19 115	4 082	5 090	8 620	315	39 810
Third quarter	1 330	8 497	1 958	2 319	3 992	185	18 280
First nine months	3 917	27 611	6 040	7 409	12 613	500	58 090

As table totals are calculated based on unrounded figures, there may be slight discrepancies between these totals and the sum of their component figures.

LVMH

LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot, Krug, Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere, Woodinville, Volcán de mi Tierra, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Bodega Numanthia, Ao Yun, Château d’Esclans, Château Galoupet, Joseph Phelps and Château Minuty. Its Fashion and Leather Goods division includes Louis Vuitton, Christian Dior, Celine, Loewe, Kenzo, Givenchy, Fendi, Emilio Pucci, Berluti, Loro Piana, RIMOWA, Barton Perreira and Vuarnet. LVMH is present in the Perfumes and Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums Givenchy, Kenzo Parfums, Perfumes Loewe, Benefit Cosmetics, Make Up For Ever, Acqua di Parma, Fresh, Fenty Beauty by Rihanna, Maison Francis Kurkdjian and Officine Universelle Buly. LVMH's Watches and Jewelry division comprises Bulgari, TAG Heuer, Tiffany & Co, Chaumet, Zenith, Fred, Hublot and l’Epée. LVMH is also active in Selective Retailing as well as in other activities through DFS, Sephora, Le Bon Marché, La Samaritaine, Groupe Les Echos-Le Parisien, Paris Match, Cova, Le Jardin d’Acclimatation, Royal Van Lent, Belmond and Cheval Blanc hotels.

“This document may contain certain forward-looking statements which are based on estimations and forecasts. By their nature, these forward-looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in LVMH’s Universal Registration Document which is available on the website (www.lvmh.com). These forward-looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by them. The forward-looking statements only reflect LVMH’s views as of the date of this document, and LVMH does not undertake to revise or update these forward-looking statements. The forward-looking statements should be used with caution and circumspection and in no event can LVMH and its Management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in LVMH or an invitation or inducement to engage in any other investment activities.”

LVMH CONTACTS

Analysts and investors Rodolphe Ozun LVMH + 33 1 44 13 27 21	Media Jean-Charles Tréhan LVMH + 33 1 44 13 26 20
MEDIA CONTACTS
France Axelle Gadala / +33 6 89 01 07 60 Publicis Consultants + 33 1 44 82 46 05	France Michel Calzaroni / + 33 6 07 34 20 14 Olivier Labesse / Hugues Schmitt / Thomas Roborel de Climens / + 33 6 79 11 49 71
Italy Michele Calcaterra / Matteo Steinbach SEC and Partners + 39 02 6249991	UK Hugh Morrison / Charlotte McMullen Montfort Communications + 44 7921 881 800
US Nik Deogun / Eleanor French Brunswick Group + 1 212 333 3810	China Daniel Jeffreys Deluxewords + 44 772 212 6562 + 86 21 80 36 04 48

Attachment

• LVMH 2026 Third Quarter Revenue

FAQ

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What were LVMH's revenue and organic growth for the first nine months of 2026?

LVMH recorded €57.1 billion in revenue, with 2% organic growth versus the first nine months of 2025. Reported revenue declined 2%. Organic growth measures revenue changes at constant business scope and exchange rates.

How did LVMH's Fashion & Leather Goods business perform in the third quarter of 2026?

Fashion & Leather Goods revenue declined 5% organically versus the third quarter of 2025. The business continued to benefit from the US market but was affected by slower demand in China.

How did exchange rates and business scope affect LVMH's third-quarter 2026 revenue growth?

Exchange-rate fluctuations had a +2% impact, while changes in business scope had a -2% impact on third-quarter revenue growth. These adjustments distinguish reported revenue growth from growth measured on an organic basis.