LVMH Q3 organic revenue growth slows amid China downturn

French luxury conglomerate LVMH recorded revenue of 57.15 billion euros (63.85 billion dollars) in the first nine months of 2026, marking organic revenue growth of 2 percent year-over-year (YoY) despite an uncertain geopolitical and economic climate. Reported revenue changed by minus 2 percent for the period.

In the third quarter of 2026, organic revenue growth stood at 1 percent YoY. The performance reflected a less buoyant market in China, which affected overall business activity, though the US, Europe and Japan continued to post growth.

Fashion and leather goods impacted by Chinese slowdown

The Fashion and Leather Goods business group, LVMH's largest division, saw organic revenue decrease 2 percent YoY over the first nine months to 26.39 billion euros. Reported revenue declined 4 percent YoY. Third-quarter organic revenue for the segment fell 5 percent YoY, as strong demand in the US market was offset by reduced demand in China.

French fashion house Louis Vuitton celebrated the 130th anniversary of its Monogram with the Monogram Emblème jacquard weave and continued expanding store experiences, such as LV The Place Seoul. French fashion label Christian Dior noted strong demand for ready-to-wear and leather goods lines, opening a new flagship store on Via Monte Napoleone in Milan. Italian luxury brand Loro Piana opened a new knitwear center in Ghemme, Italy, while French brand Celine and Italian fashion house Fendi introduced new collections.

On September 1, 2026, US fashion brand Marc Jacobs was sold to US brand management company WHP Global.

Selective retailing and watches drive nine-month growth

The group’s Watches and Jewelry division led organic revenue growth over the first nine months, rising 8 percent YoY to 7.73 billion euros. Third-quarter organic growth for the segment reached 6 percent YoY. French jeweler Chaumet expanded its Bee de Chaumet line, while Italian luxury brand Bvlgari recorded high sales for its new Eclettica high jewelry line. US brand Tiffany & Co. continued updating its retail store network and showcased its Blue Book 2026 collection in Venice.

Selective Retailing recorded a 6 percent organic revenue increase YoY for the first nine months, reaching 12.48 billion euros, and posted an 8 percent organic rise in the third quarter. French beauty retailer Sephora delivered strong revenue growth and expanded its retail presence into Croatia and Belgium. French department store Le Bon Marché also achieved revenue growth, whereas most businesses under Hong Kong-based travel retailer DFS were sold.

The Perfumes and Cosmetics division maintained stable organic revenue YoY at 5.92 billion euros for the first nine months, with a 1 percent organic growth in the third quarter. French brand Parfums Christian Dior benefited from fragrance launches like J'adore Intense and Sauvage Extrait, while French beauty brand Guerlain saw substantial growth driven by its fragrance collections and Rouge G lipsticks.