LVMH Moët Hennessy Louis Vuitton reported revenue of €58.1 billion for the first nine months of 2025, underscoring resilience despite a tumultuous macro backdrop. Europe and the U.S. were broadly stable versus the same period in 2024 on the back of solid local demand, while Japan softened against a prior year buoyed by tourism on a weaker yen. The rest of Asia improved meaningfully year over year, per LVMH. Third-quarter organic growth ticked up 1%, an improvement that touched every business group and most regions. Europe was the outlier, as tourist spending eased and currencies became a bigger headwind than earlier in the year.
On the earnings call, LVMH Finance Chief Cécile Cabanis framed the quarter as an exercise in protecting gross margin via pricing and mix, calibrating opex, and leaning into proven growth engines in Asia – tempered by a pragmatic view on FX and tourism normalization in Europe.
Category Check-In
Overall revenue for the group were even; the nuances are in Fashion & Leather Goods, Beauty, Wines & Spirits, and beyond. Here is the category by category snapshot of where momentum is building and where management is focusing …
> Fashion & Leather Goods: Revenue fell for the group’s largest category over the nine month period but improved in Q3, with growth led by giants like Louis Vuitton and Christian Dior, as local demand translated into higher store traffic and healthy full-price performance. Asked about the Louis Vuitton and Dior, in particular, Cabanis said that both brands improved in line with the average. “Vuitton is a bit above average,” she said, while Dior “a bit below,” though both are “very close to average.”
Cabanis also noted an emphasis on the Lady Dior handbag range – which is front and center in LVMH’s Q3 materials. She confirmed that Dior recently released a Lady Dior campaign with the aim to “rejuvenate” the handbag collection and “reignite growth.”
In terms of Louis Vuitton, Cabanis reflected on the brand’s Visionary Journeys Shanghai, a cruise ship-shaped landmark and flagship store by Louis Vuitton in Shanghai’s West Nanjing Road, which opened in June 2025. While the store inside the ship is “very small,” she said that the “a lot of productivity,” including sales of “gifts and luggage” is making up for the lack of square feet. Cabanis said that the brand is “not going to do 400 ships” in markets across the globe, but there will be opportunities more in cities where heavy foot traffic and a brand halo can be achieved.
> Perfumes & Cosmetics: Organic revenue was stable. Parfums Christian Dior leaned on fragrance (Miss Dior Essence, Dior Homme Parfum; Sauvage still No. 1) and makeup (Rouge Dior On Stage, Forever, Dior Addict). Guerlain expanded Aqua Allegoria and L’Art & La Matière; Parfums Givenchy refreshed L’Interdit.
> Wines & Spirits: Slight organic growth in Q3 helped narrow a nine-month decline. Champagne and wines improved sequentially, and Provence rosés performed well. Cognac trends echoed 2024, pressured by U.S.-China trade tensions. Cabanis noted a “real” acceleration in growth in Champagne in the U.S., for example, noting that such sales may have been in anticipation of tariffs, but she is unsure “tariffs are the main explanation for the progress we have seen in the U.S.”
> Watches & Jewelry: Organic growth for the period. Tiffany & Co. advanced icon lines and its Landmark-inspired store concept, with new Milan and Tokyo sites, and introduced a new Bird on a Rock. Bvlgari’s Serpenti and Polychroma high jewelry outperformed, supported by exhibitions in Tokyo and Mumbai. TAG Heuer highlighted F1 activations and unveiled a Carbonspring oscillator at Geneva Watch Days.
> Selective Retailing: Growth led by Sephora’s continued market-share gains and a record launch for Rhode; DFS trends improved in Macao and Hong Kong; Le Bon Marché grew on curated assortments and cultural programming. Cabanis highlighted Sephora, which is “growing twice the market,” as an example of the group’s confidence in its operations.
THE BOTTOM LINE: Taken together, the results reads less like a re-acceleration than a controlled hand on the tiller: LVMH is trading modest headline growth for quality of earnings, leaning on pricing, mix, and retail productivity while FX and tourist normalization muddy the optics in Europe. With Vuitton and Dior calibrated around the average, Sephora compounding share, Tiffany/Bvlgari delivering brand heat, and Wines & Spirits stabilizing into year-end, the group’s playbook looks intact.
The near-term watch-items are familiar – currency, China/Japan cadence, and any tariff overhang on U.S. demand – yet management’s message is that these are cyclical, not structural. If anything, the Shanghai “Visionary Journeys” halo, Dior’s Lady Dior refresh, and Sephora’s launch engine illustrate how LVMH can manufacture its own demand irrespective of macro noise. On balance, the group’s 9 month performance supports the core thesis: defend desirability, protect margin, invest where returns are provable. That is the version of “resilience” LVMH is taking into the close of 2025.
Share
