Editor’s Note
LVMH’s first quarterly sales growth in over a year offers a tentative signal of recovery for the global luxury sector. While modest, this upturn will be closely watched as a potential bellwether for the industry’s trajectory.
LVMH recently delivered its first sales growth since the second quarter of 2024, signalling what many hope is the return of the luxury market. The world’s biggest luxury conglomerate delivered a 1% increase in sales across its business in the third quarter to September 30.
Under LVMH’s broad umbrella sits fashion houses Dior, Givenchy and Loewe, among others, and drinks brands such as Moët & Chandon, Hennessy and Dom Pérignon. The luxury giant also owns the likes of Tiffany & Co and Tag Heuer in its watches and jewellery division, but it was retail that led the way, with sales up 7% versus the same period in 2024.
Sephora in particular was noted for its “remarkable” performance, as was the record-breaking launch of Rhode at the beauty retailer’s US stores and online. Retail is the only LVMH division that has avoided a sales decline in the first nine months of the 2025 financial year, remaining flat on a reported basis and up 3% organically. Perfumes and cosmetics sales also grew 2% in the third quarter, and over the nine months were down 2% on a reported basis, or flat organically.
On the portfolio side, the group should continue defending price integrity in slower segments (like Fashion & Leather Goods), while letting beauty and selective retail carry higher growth.