LVMH Eases Decline, Sales Reach €58.09 Billion Through September

The French luxury giant is holding its own. LVMH closed the first nine months of 2025 with sales of €58.09 billion, down 4% year-on-year and down 2% organically. The French luxury group noted a “generalized improvement in trends” in the third quarter, when its sales grew 1% in organic terms, reflecting a progressive recovery in luxury consumption despite an unstable geopolitical and economic context.

The company has highlighted the strength of local demand in Europe and the United States, while the rest of Asia has shown a “significant improvement” compared to the previous year. Japan, on the other hand, has suffered a normalization after the momentum of 2024, when the sharp depreciation of the yen had boosted tourist purchases.

In the third quarter, foreign exchange had a negative impact of 5%, compared with 2% for the first nine months as a whole. LVMH has assured that, despite currency fluctuations and tensions in some key markets, it is maintaining a dynamic of innovation and investment in its brands.

The fashion and leather goods division, its main business driver, has reduced the decline to 2% organic in the quarter, compared to a 6% decline in the accumulated, reaching €27.611 billion through September. The group also highlighted the performance of Louis Vuitton, which has maintained its creative strength with the latest fashion shows by Nicolas Ghesquière and Pharrell Williams and the opening of The Louis, its new museum space in Shanghai.

LVMH has moderated the decline of its fashion and leather goods divisions

The wines and spirits division , penalized by the weakness of the cognac market in the United States and China, closed the period with €3.917 billion, down 4%, although it resumed growth in the third quarter, up 1%, thanks to the improvement of champagnes and rosés.

The perfumes and cosmetics segment, meanwhile, posted sales of €6.040 billion in the first nine months of 2025, stable in organic terms compared to the previous year, and up 2% between July and September. Dior boosted business with the launch of Miss Dior Essence and Dior Homme Parfum, while Sauvage remains the world’s best-selling fragrance. Guerlain, Givenchy and Dior have contributed to the area’s evolution with new lines of makeup and selective perfumery.

In watches and jewelry, sales amounted to €7.409 billion, with organic growth of 1% in the first nine months and 2% in the third quarter. Tiffany&Co. continues to expand its new concept store inspired by The Landmark in New York, with recent openings in Milan and Tokyo. Bvlgari strengthened its Serpenti collection and its Polychroma fine jewelry line, while TAG Heuer presented technical innovations such as the Carbonspring hairspring during Geneva Watch Days.

The group also highlighted the launch of La Beauté Louis Vuitton, a new category under the direction of Pat McGrath, and the “good reception” of Jonathan Anderson’s first collections at Dior, both for women and men. At the same time, Loro Piana reinforced its position as Master of Fibres with its fashion show in Milan, while Celine, Loewe and Givenchy have all launched new creative directors: Michael Rider, Jack McCollough and Lazaro Hernandez, and Sarah Burton, respectively. At Fendi, Maria Grazia Chiuri has been named creative director and Silvia Venturini Fendi, honorary president.

Sephora boosts selective distribution

The selective distribution division has become one of the group’s main drivers, with growth of 3% in the first nine months to €12.613 billion. Sephora has recorded “a remarkable performance,“ gaining market share in most countries and expanding its offering with brands such as Hailey Bieber’s Rhode, whose launch has had a “record start.“

The DFS business improved its sales trend in Asia, especially in Macau and Hong Kong, while Le Bon Marché continued to grow thanks to its differentiation strategy and strengthened cultural programming.

The group reiterated its confidence for the remainder of the financial year and said it will continue to focus on strengthening the desirability of its brands and the excellence of its distribution. “LVMH is counting on the dynamism of its brands and the talent of its teams to consolidate its global leadership in luxury,“ the statement concluded.