Editor’s Note
LVMH reported modest organic revenue growth of 1% for Q3 2025, reaching €18.28 billion. The following analysis breaks down the performance across its key business divisions.
LVMH has announced revenue of 18.28 billion euros for the third quarter of 2025, representing organic growth of 1% compared to the third quarter of 2024.
The Selective Retailing division showed the strongest organic advance (+7%), thanks to the solid performance of Sephora and an improvement in DFS activity in Asia, particularly in Macao and Hong Kong.
The Watches and Jewelry division (+2%) benefited from the dynamism of Tiffany & Co. and Bvlgari, as well as the success of new watch creations presented at the Geneva Watch Days.
Perfumes and Cosmetics also progressed by 2%, driven by launches from Dior, Guerlain, and Givenchy.
Wines and Spirits recorded organic growth of 1%, supported by an improvement in champagnes and Provençal rosés.
Only the Fashion and Leather Goods division declined by 2% in organic terms, due to an unfavorable comparison base linked to the strong rebound of tourism in Japan in 2024. However, Louis Vuitton has continued to demonstrate its creative vitality, particularly with the launch of ‘La Beauté Louis Vuitton’.
In its outlook, LVMH states it maintains confidence despite an uncertain economic and geopolitical environment, betting on “the dynamism of its brands and the talent of its teams” to continue its advance in the global luxury market. No change in financial guidance has been announced.
Furthermore, during the first nine months of the year, the group recorded revenue of 58.1 billion euros, representing an organic decline of 2% compared to the same period last year (and -4% on a reported basis).
