LVMH (EPA: MC, LVMUY): Q3 up 1% organic; China and US revive as shares surge in Paris

LVMH ‘image libre, Wikimedia Commons’.

Credits: Arthur Weidmann / Wikimedia Commons — CC BY-SA 2.0.

On October 14, 2025, LVMH Moët Hennessy Louis Vuitton delivered a Q3 with slight organic growth (+1%) despite –5% currency impact. On October 15, the LVMH share price ignited in Paris, boosted by the China recovery. In addition, the momentum from Sephora (the engine of LVMH’s selective retailing segment) contributed to the rise. Furthermore, the United States showed growth around +3%, according to comments to analysts. Fashion & Leather Goods improved sequentially, a signal that revived the sector for French and European luxury brands.

Highlights

LVMH Moët Hennessy Louis Vuitton published third-quarter sales of €18.28 billion. This occurred on October 14, 2025. In addition, organic growth was 1% despite a –5% currency effect. Over nine months, revenue reached €58.09 billion. $1

Nine months at €58.09 billion despite a changing environment. Selective openings, staggered innovations, increased traffic in Asia, solid fundamentals. The multi-brand portfolio protects desirability from entry-level to exceptional pieces. Disciplined execution that reassures investors and clients.
Nine months at €58.09 billion despite a changing environment. Selective openings, staggered innovations, increased traffic in Asia, solid fundamentals. The multi-brand portfolio protects desirability from entry-level to exceptional pieces. Disciplined execution that reassures investors and clients.

Box – Q3 2025 Figures (organic)

• Fashion & Leather Goods: –2% (after –9% in Q2).
• Perfumes & Cosmetics: +2%.
• Watches & Jewelry: +2%.
• Selective Retailing: +7% (with Sephora as the driver).
• Wines & Spirits: +1%.

In her remarks, Cécile Cabanis, chief financial officer, stresses a recovery primarily linked to volumes and in-store traffic, more than to price/mix alone, with mainland China back to growth and the United States up 3% according to comments to analysts and the financial press, a figure not specified in the official release. Europe cooled, penalized by normalization of tourism and currency effects.

Reference document: official page lvmh investor relations – Third-Quarter 2025 Sales (press release, presentation, webcast): https://www.lvmh.com/fr/le-calendrier-des-evenements-financiers/ventes-du-3e-trimestre-2025

LVMH Share: Spectacular Rebound in Paris and Europe

On October 15, 2025, the LVMH share price jumped between +12% and +13% intraday, the best performance on the CAC 40 for LVMH (CAC 40 LVMH) that day and the spark for a sector rally in luxury (Stoxx 600 Luxury sharply up). At the close, the stock finished close to +13% according to the financial press, one of the strongest levels since 2001. Additional note for international investors: ADR LVMUY (OTCMKTS).

Box – Market: LVMH Stock, Price Rise (15/10)

• LVMH: +12% to +13% intraday; close near +13% according to the financial press.
• CAC 40: marked rise, led by luxury (CAC 40 leader, ticker EPA: MC).

Sephora drives selective distribution to +7% and cushions the cycle in omnichannel. In Fashion and Leather Goods, the decline is reduced to -2% after -9% in Q2, a sign of resilience. Volumes and traffic regain control beyond the sole price mix effect. As a sector barometer, LVMH leads the luxury index in a clear rebound.
Sephora drives selective distribution to +7% and cushions the cycle in omnichannel. In Fashion and Leather Goods, the decline is reduced to -2% after -9% in Q2, a sign of resilience. Volumes and traffic regain control beyond the sole price mix effect. As a sector barometer, LVMH leads the luxury index in a clear rebound.

In the background, the competitive landscape remains demanding: Hermès benefits from a base of ultra-loyal customers, Kering continues the relaunch of Gucci, and Richemont is still supported by its jewelry business.

The rally extends to European peers, with Hermès, Kering, and Richemont rising by about 5 to 7%. The post-Covid normalization makes the industry sensitive to currencies and tourism. The Chinese signal, combined with the United States, indicates a stabilization of the cycle. A cyclical but asymmetrical sector, attracted by its leaders.
The rally extends to European peers, with Hermès, Kering, and Richemont rising by about 5 to 7%. The post-Covid normalization makes the industry sensitive to currencies and tourism. The Chinese signal, combined with the United States, indicates a stabilization of the cycle. A cyclical but asymmetrical sector, attracted by its leaders.

The Voice of Finance: Volumes First, Cost Discipline

To analysts, Cécile Cabanis describes a path of sequential re-acceleration: Fashion & Leather Goods moved from –9% in Q2 to –2% in Q3, a sign of less constrained demand, improved in-store traffic, and a more evenly spaced innovation calendar. Perfumes & Cosmetics and Selective Retailing reinforce their role as shock absorbers. Moreover, Sephora acts as the engine of LVMH’s selective retailing segment. The policy of selectivity on openings and discipline on Opex is reconfirmed, as is the priority given to very restrained pricing and local customers.

China, United States, Europe: The Regional Balance

In mainland China, signals returned to the green in Q3. This is driven by flagship houses and by the traffic they generate. Louis Vuitton’s new Shanghai flagship, ‘The Louis’, attracts local and tourist customers. Its sculptural architecture is the reason. In the United States, the +3% performance confirms solid domestic demand, even if international tourist purchases remain below the 2023 peaks. In Europe, the high comparison base and the currency effect weigh; footfall in major capitals remains solid, but less spectacular than at the post-reopening peak.

Contextual References (non-financial official sources)

• LVMH (group profile): https://fr.wikipedia.org/wiki/LVMH
• Louis Vuitton (house): https://fr.wikipedia.org/wiki/Louis_Vuitton
• Fendi (house): https://en.wikipedia.org/wiki/Fendi
(encyclopedic references useful for context; they are not official financial sources).

Governance: The Arnault family stays the course under Bernard Arnault. Maria Grazia Chiuri joins Fendi, with her first collection expected in February 2026. Priority is given to local clients and disciplined allocation, with controlled innovation. A global platform that absorbs shocks and prepares for the future.
Governance: The Arnault family stays the course under Bernard Arnault. Maria Grazia Chiuri joins Fendi, with her first collection expected in February 2026. Priority is given to local clients and disciplined allocation, with controlled innovation. A global platform that absorbs shocks and prepares for the future.
Her first collection at Fendi is expected in February 2026. For Bernard Arnault, chairman and CEO, this appointment illustrates the group’s continuity. It also highlights the demand for talent. The house’s Roman heritage is also emphasized.

Notes on Maria Grazia Chiuri

• First career at Fendi (leather goods).
• Valentino: co-creative director with Pierpaolo Piccioli (2008–2016).
• Dior: artistic director (2016–2024), international recognition.
• Fendi: return to Rome, start of mandate announced, first collection in 02/2026.

Why Now?

The return to slightly positive growth in Q3 is explained by a friendlier 2024 base. In addition, the normalization of buying behaviors also contributes to this trend. The price/mix driver is waning, while volume and traffic are taking over, particularly in Asia. Fall launches and capsules, the rise of Sephora (the engine of LVMH’s selective retailing segment) in omnichannel, and the renewal of artistic directions help re-engage customers. In the longer term, exiting the post-Covid exception makes the sector more sensitive to currency swings and tourist flows, which increases the appeal of multi-house models able to absorb these shocks.

The Fashion & Leather Goods Signal

Fashion & Leather Goods remains the sector’s compass. Although activity still falls 2% organically, the sequential dynamic (–9% → –2%) is the main early signal observed by the market. Louis Vuitton and Dior maintain their pull, including on rationed entry-level lines. They also exert strong attraction on exceptional pieces. Fine volume management preserves desirability while supporting the recovery.

Sephora, Shock Absorber and Accelerator

Selective Retailing posts +7% organic growth in Q3, driven by Sephora (the engine of LVMH’s selective retailing segment). The omnichannel format progresses, with improved profitability thanks to assortment quality and a services policy (diagnostics, personalization) that broadens average basket size. In a more price-sensitive environment, the chain remains an acquisition vector. It also serves as a trend laboratory for the group’s ecosystem.

Timeline and Method

• 10/14/2025: publication of Q3 (press release, presentation and webcast).
• 10/15/2025: stock rally in Paris and Europe, LVMH leader of the CAC 40 (ticker EPA: MC).
• 02/2026: first Fendi collection signed by Maria Grazia Chiuri.

The dissemination of financial elements was done via the group’s official channels. The figures aggregated in this article come from those documents and publicly available market data.

Points of Attention and Risks

• Rounding: some media mention €18.28bn (Q3) while others round to €18.3bn; over nine months, the release shows €58,090m (€58.09bn). Differences arise from rounding methods.
• Intraday ranges: the +12% to +13% reflects readings at different times; only the close counts for one-day performance.
• Currencies: the FX effect (–5%) could increase if the euro strengthens.
• 2026 visibility: demand volatility and ongoing procedures in some jurisdictions call for caution. Outlooks remain conditioned on the China curve, imported inflation, and tourism.
• Image rights: caution on use of third-party images not credited.

What It Says About The Sector

European luxury remains cyclical but asymmetric: a pivot group like LVMH guides expectations for the whole segment. The combination of a diverse house mix, a global retail network, and allocation discipline allows absorbing downturns better than single-category players. The Q3 sequence indicates a stabilization is underway, without presuming a strong rebound. In the short term, the flow of creative news (including Fendi in 2026) and the Sephora lever should continue to feed market confidence.

Method Note

Figures and dates come from official LVMH documents and commonly accepted market data. Management’s remarks are paraphrased from financial materials (presentation and analyst exchanges) published during Q3 2025.

This article was written by Christian Pierre.