LVMH Q3 revenues reach €18.28bn as luxury demand stabilises

LVMH Moët Hennessy Louis Vuitton reported revenue of €18.28bn (£15.9bn) for the third quarter of 2025, marking 1% organic growth as improving demand in Asia and the United States offset softer sales in Europe.

The world’s largest luxury goods group said currency effects reduced quarterly revenue by about 5%, while changes in consolidation scope had little impact. The figures bring total revenue for the first nine months of the year to €58.1bn (£50.5bn), down 4% on a reported basis from 2024.

LVMH said sales improved across most business divisions, with the exception of Europe, where a slowdown in tourist spending and currency fluctuations weighed on results. The group noted a “noticeable improvement” in Asia outside Japan, which saw a decline after strong tourism-driven growth last year.

The Wines and Spirits division grew 1% organically, helped by stronger demand for champagne, wines and Provence rosés, though cognac remained affected by trade tensions in the United States and China.

Fashion and Leather Goods, LVMH’s largest segment, fell 2%, reflecting weaker tourist spending compared with 2024. Louis Vuitton and Christian Dior continued to perform well with new product launches and retail openings, including Louis Vuitton’s “The Louis” concept in Shanghai.

Perfumes and Cosmetics rose 2%, supported by new releases such as Miss Dior Essence and Dior Homme Parfum, while Guerlain and Givenchy both contributed with additions to their signature fragrance lines. Watches and Jewellery also increased 2%, led by Tiffany and Co, Bvlgari and TAG Heuer.

Selective Retailing recorded the strongest growth at 7%, driven by Sephora’s continued expansion and higher sales at DFS in Macao and Hong Kong.

LVMH said it remains “confident” despite a challenging economic and geopolitical backdrop, and will continue to focus on the desirability and quality of its brands to reinforce its global leadership in luxury goods.