Editor’s Note
This article highlights LVMH’s mixed financial results for 2025, showing an overall revenue decline for the first nine months but a return to growth in the third quarter, indicating a potential positive shift in a challenging market.
The French luxury giant recorded revenues of 58.09 billion euros in the first nine months of 2025, a 4% year-on-year decrease, but returned to growth in the third quarter.
LVMH (Louis Vuitton Moët Hennessy), the world leader in luxury products, recorded revenues of 58.09 billion euros in the first nine months of 2025, a 4% decrease compared to the same period in 2024, but with good news. Its sales show an improvement in trends during the third quarter, despite a complex geopolitical and economic context due to tariffs.
The holding company led by Bernard Arnault has released its sales figures, emphasizing its resilience and its ability to maintain a strong innovative drive amidst the trade and tariff war affecting its main markets, albeit to a lesser extent than other consumption levels.
Europe and the United States remained stable compared to the same period in 2024, thanks to solid local demand. In contrast, Japan recorded a decline, as the previous year had been boosted by a tourism boom due to the weak yen. The rest of Asia showed a notable recovery, according to the results report released by LVMH this afternoon.
On an organic basis, excluding the effects of exchange rates and other adjustments, the third quarter recorded 1% growth in LVMH’s sales, with improvements in all business segments and regions, except in Europe, where the decline in tourist spending and currency fluctuations affected the results.
In the breakdown by divisions, the Wines and Spirits activity recorded organic growth of 1% in the third quarter, driven by champagne and Provencal wines, although cognac demand remained limited by trade tensions in the United States and China.
Fashion and Leather Goods, despite a cumulative 6% organic decline in the first nine months, showed improvement in the quarter thanks to the strength of the local clientele. Louis Vuitton highlighted the launches of makeup under La Beauté Louis Vuitton and collections by Nicolas Ghesquière and Pharrell Williams.
For its part, Dior debuted the creative direction of Jonathan Anderson with great reception for its new collections. Perfumes and Cosmetics maintained its stability, supported by successful launches such as Miss Dior Essence, Dior Homme Parfum, and Rouge Dior On Stage.
In Watches and Jewelry, organic growth reached 2% in the third quarter, thanks to the momentum of Tiffany & Co., Bvlgari, and TAG Heuer, which stood out with new collections and international events.
The Selective Retailing division was the best-performing area, with a 7% growth in its sales in the quarter. Sephora led the expansion thanks to the record launch of the Rhode brand and market share gains in numerous countries, while DFS showed signs of recovery in Macao and Hong Kong.
Despite economic and geopolitical uncertainty, LVMH maintains its “confidence” and will continue to focus its strategy on reinforcing the appeal of its brands, “relying on authenticity, product quality, and retail excellence,” it states in its report. The group plans to continue leveraging the strength of its maisons and the talent of its teams to consolidate its global leadership in the luxury sector.