LVMH Moët Hennessy Louis Vuitton reported slower third-quarter 2026 growth, with organic revenue rising 1% year over year to €18.5 billion.
The result fell short of analysts' expectation of 1.3% growth, as weaker demand in China weighed on the group's fashion and leather business.
For the first nine months of 2026, LVMH revenue reached €57.1 billion, reflecting organic growth of 2%.
Fashion Division Declines as China Sentiment Weakens
The Fashion & Leather Goods division, which includes Louis Vuitton and Dior, recorded a 5% organic sales decline in the third quarter.
The segment generated €26.4 billion in revenue during the first nine months of 2026.
LVMH said the division benefited from the US market but faced a slowdown in China.
Asia sales fell 5% year over year, while US sales rose 5%.
Chief financial officer Cecile Cabanis said Asia was penalised by a sharp macro-led deterioration in Chinese consumer sentiment, with a tangible impact on discretionary expenses.
LVMH said its Watches & Jewelry business was among the strongest performers, with organic revenue growth of 8% in the first nine months of 2026.
Tiffany & Co. and Bvlgari contributed through product launches and store developments.
The Wines & Spirits division posted 5% organic growth in the first nine months, supported by recovery signs in champagne and momentum for Hennessy cognac in Asia.
Perfumes & Cosmetics revenue remained stable on an organic basis, while Selective Retailing grew 6% in the first nine months, led by Sephora's continued expansion and market share gains.
The company also said Louis Vuitton marked the 130th anniversary of its Monogram through new creative projects.
Christian Dior, Loro Piana, Celine, Fendi, Loewe and Givenchy continued introducing new collections.
