Overview

• LVMH recorded 1% organic revenue growth in the third quarter to about €18.3 billion, its first increase of 2025 after two declining quarters.
• Fashion and leather goods revenue fell 2% to €8.5 billion, improving from a 9% drop in Q2, with Louis Vuitton slightly outperforming the division.
• Management said Mainland China turned positive and Asia excluding Japan improved, while the U.S. rose 3%, Europe slipped 2% and Japan fell 13% year over year.
• Selective retailing led with 7% organic growth as Sephora performed strongly, while wines and spirits grew 1% and perfumes, cosmetics, watches and jewelry each rose 2%.
• LVMH shares jumped roughly 13–14% and lifted European luxury names, though executives flagged currency headwinds for Q4 and analysts say a durable sector recovery still needs validation, with some not expecting a real acceleration before early 2026.