LVMH Sales Edge Up in the Third Quarter as Louis Vuitton and Dior Feel China's Slowdown

The world's largest luxury group has delivered its latest report card, and it reads like a portrait of an industry in transition. On October 12, 2026, LVMH Moët Hennessy Louis Vuitton reported third quarter revenue of €18.5 billion, up 1% on an organic basis, a measure that strips out currency swings and changes in the group's portfolio.

For the first nine months of the year, the group recorded €57.1 billion in revenue, up 2% organically but down 2% on a reported basis once currency effects and disposals are counted. Beneath those headline figures sits a clear split between the parts of the house that are thriving and the part that carries the most weight.

Fashion and Leather Goods Slip

The Fashion and Leather Goods division, home to Louis Vuitton, Christian Dior, Celine, Loewe, Fendi and Loro Piana, saw organic revenue fall 5% in the third quarter to €8.2 billion. CNBC reported that analysts had expected a decline of about 1.8%, according to a Visible Alpha consensus, and noted that the division generates nearly half of group revenue.

LVMH said the division continued to benefit from a buoyant American market but was affected by slowing demand in China. Speaking to analysts, chief financial officer Cécile Cabanis said that "Asia was penalised by a sharp macro-led deterioration in Chinese consumer sentiment, with a tangible impact on discretionary expenses," as quoted by CNBC.

Where the Growth Came From

Other parts of the group carried the quarter. Selective Retailing, led by Sephora, posted the strongest result, with organic growth of 8%. LVMH said Sephora continued to gain market share in several countries and entered new markets in Belgium and Croatia.

Watches and Jewelry grew 6% organically in the quarter and 8% over nine months, which the group attributed to a very good performance in jewelry. Tiffany & Co. kept strengthening signature lines such as HardWear and Knot, and Bvlgari said its new Eclettica line of high jewelry and prestige watches generated record revenue.

Wines and Spirits also rose 6% organically, helped by a continuing recovery in champagne, particularly in Europe, and good momentum for Hennessy cognac in Asia. Perfumes and Cosmetics grew 1%, with launches including J'adore Intense and Sauvage Extrait at Parfums Christian Dior.

A Map of Where Luxury Is Selling

Geography tells the rest of the story. LVMH said the United States, Europe and Japan all saw good growth in the quarter. CNBC reported that sales in the US rose 5%, while Asia, dominated by China, fell 5% from a year earlier.

CNBC described LVMH as the first major luxury player to report third quarter results, which makes its numbers a bellwether for the sector. The network noted that the luxury industry has been in a three year slowdown and that Europe's leading luxury groups have lost around €330 billion in market value since the start of the year. LVMH's US listed shares fell nearly 3% after the update, CNBC reported.

Creative Renewal Under Way

The quarter also showed how heavily the group is leaning on new design talent. The release credited Jonathan Anderson's designs with major success at Christian Dior, with especially strong demand for ready to wear and leather goods. It also highlighted Michael Rider's collections at Celine, Fendi's revisited Baguette bag by Maria Grazia Chiuri, and the continuing renewal of Loewe and Givenchy.

Louis Vuitton marked the 130th anniversary of its Monogram with a new jacquard weave, Monogram Emblème, and a new House of Dior flagship opened on Via Monte Napoleone in Milan in September. On September 1, LVMH completed the sale of Marc Jacobs to WHP Global.

What It Means for the Discerning Buyer

For those who follow luxury closely, the message is nuanced. The most famous leather goods houses are working through a softer period in what was their biggest growth market of the past decade, while jewelry, beauty retail and champagne are showing more resilience. The creative changes at Dior, Celine and elsewhere will be watched closely as the industry looks for its next chapter.

LVMH said it remains confident despite an uncertain economic and geopolitical environment, and that it will keep its focus on the desirability of its brands, the authenticity and quality of its products and excellence in retail. As is customary for a quarterly update, the group reported revenue only, with profit figures to follow at full year results.

Sources: LVMH, "Continued growth in the third quarter of 2026" (October 12, 2026); CNBC, "LVMH fashion and leather sales slide in Q3, dashing sector hopes" (October 12, 2026).