LVMH: Sales Up 1% in Third Quarter, Fashion and Leather Goods Down 5%
LVMH published on October 12, 2026 revenue of €18,504 million for the third quarter, compared to €18,280 million a year earlier, representing organic growth of 1%. Over the first nine months, sales stood at €57.1 billion, down 2% on a reported basis but up 2% at constant scope and exchange rates.
The quarter presented a mixed picture. Fashion and leather goods, the group's leading business, declined 5% on an organic basis, affected according to LVMH by slowing demand in China. Selective distribution (+8%), watches and jewelry (+6%) and wines and spirits (+6%) advanced during the same period.
This publication comes after a period of decline for the stock: on October 2, 2026, LVMH shares touched a six-year low of €376, and on October 6 showed a decline of 30.5% over twelve months.
Fashion and Leather Goods Decline, Jewelry and Sephora Rise
Over the first nine months, fashion and leather goods generated €26,391 million in sales, compared to €27,611 million a year earlier, representing a decline of 4% on a reported basis and 2% on an organic basis. The third quarter in isolation shows a more pronounced decline of 5% on an organic basis, with €8,245 million in revenue compared to €8,497 million. The division had nevertheless returned to organic growth of 1% in the second quarter, following a decline of 2% in the first.
Watches and jewelry advanced 8% on an organic basis over nine months, to €7,725 million, driven according to the group by jewelry, with Tiffany & Co. and Bvlgari, whose Eclettica line achieved record sales. Selective distribution showed organic growth of 6% over nine months and 8% in the third quarter alone. Its reported revenue nonetheless declined 1%, to €12,476 million.
Wines and spirits advanced 5% on an organic basis, to €4,027 million, with a recovery in champagne observed since the beginning of the year, particularly in Europe. Fragrances and cosmetics were flat on an organic basis over nine months (€5,922 million), with growth of 1% in the third quarter.
China Slowing, United States, Europe and Japan Dynamic
LVMH attributes the slowdown in organic growth in the third quarter to a less favorable environment in China, while the United States, Europe and Japan recorded strong growth. The group's quarterly profile demonstrates this: +1% in the first quarter, +3% in the second, then +1% in the third.
The gap between reported and organic figures is explained by two effects. Over nine months, the scope effect was -1% and the exchange rate effect was -3%. In the third quarter alone, the scope effect reached -2%, but the exchange rate effect became positive, at +2%.
This turnaround contrasts with the situation described when the group published half-year results on July 27, 2026, when it reported an exchange rate effect of -5% on its sales. The scope effect reflects disposals: Marc Jacobs was sold to WHP Global on September 1, and most DFS activities were sold.
Confidence Maintained for End of 2026 Fiscal Year
In its outlook, LVMH states it remains confident despite an economic and geopolitical environment that remains uncertain. The group intends to pursue a strategy focused on the desirability of its brands and to further strengthen its global position in luxury in 2026. This tone is consistent with that displayed when the group published 2025 annual results on January 27, 2026.
On the fashion side, the group highlights the creative renewal of its houses, including Jonathan Anderson's collections at Christian Dior, already cited as a growth driver when half-year results were published. A new flagship House of Dior store opened in September in Milan, following the one in Osaka in May. Sephora, according to the group, has gained market share in several countries and expanded into Belgium and Croatia.
In total, over nine months, selective distribution and watches and jewelry posted organic growth of 6% and 8% respectively, while fashion and leather goods, with €26,391 million in sales, declined 2%.
