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

Q3 2025 at €18.28 billion, +1% organic growth despite a -5% currency impact. On October 15th, the stock soared, with an intraday variation between +12% and +13%, closing near +13%. China is back in the green, the United States around +3% according to discussions with analysts. The market interprets this as a signal of normalization for European luxury.

On October 14, 2025, LVMH Moët Hennessy Louis Vuitton reports a slight organic increase in Q3 (+1%) despite a –5% currency impact. On October 15, LVMH’s stock price surges in Paris, boosted by China’s recovery. Additionally, the momentum of Sephora (the driving force of LVMH’s selective distribution segment) contributes to this rise. Moreover, the United States shows growth around +3%, according to comments to analysts. The Fashion & Leather Goods segment is recovering sequentially, a signal that revives the sector of French and European luxury brands.

Highlights

LVMH Moët Hennessy Louis Vuitton reported third-quarter sales of 18.28 billion euros. This occurred on October 14, 2025. Additionally, organic growth is 1% despite a currency effect of –5%. Over nine months, revenue reaches 58.09 billion euros. $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 Distribution: +7% (with Sephora as a driver). • Wines & Spirits: +1%.

In her comments, Cécile Cabanis, Chief Financial Officer, emphasizes a recovery primarily linked to volumes and in-store traffic, rather than just the price/mix effect, with mainland China returning to growth and the United States increasing by 3% according to comments to analysts and the economic press, data not specified in the official release. Europe is slowing down, penalized by the 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 Stock: Spectacular Rebound in Paris and Europe

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

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

• LVMH: +12% to +13% intraday; close near +13% according to the financial press. • CAC 40: significant increase, driven 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 climate remains demanding: Hermès capitalizes on an ultra-loyal customer base, Kering continues the revival of Gucci, and Richemont remains buoyed by its jewelry.

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 in the Lead, Cost Discipline

To analysts, Cécile Cabanis describes a trajectory of sequential re-acceleration: the Fashion & Leather Goods activity moves from –9% in Q2 to –2% in Q3, signaling less constrained demand, improved in-store traffic, and a better-spaced innovation calendar. Perfumes & Cosmetics and Selective Distribution confirm their role as buffers. Furthermore, Sephora acts as the driving force of LVMH’s selective distribution segment. The policy of selectivity in openings and discipline on Opex is reaffirmed, as is the priority given to sober pricing and local customers.

China, United States, Europe: The Regional Pendulum

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

Contextual References (Non-Official Financial References)

• LVMH (group profile): https://fr.wikipedia.org/wiki/LVMH
• Louis Vuitton (house): https://fr.wikipedia.org/wiki/Louis_Vuitton
• Fendi (house): https://fr.wikipedia.org/wiki/Fendi
(useful encyclopedic references for context; they do not constitute 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.
His first collection at Fendi is expected in February 2026. For Bernard Arnault, Chairman and CEO, this appointment illustrates the continuity of the group. It also shows the demand for talent. The Roman heritage of the house is also highlighted.

Maria Grazia Chiuri Milestones

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

Why Now?

The return to slightly positive growth in Q3 is explained by a more favorable 2024 base. Additionally, the normalization of purchasing behaviors also contributes to this trend. The price/mix engine is losing steam, while volume and traffic take the lead, particularly in Asia. The launches and capsules of the season, the rise of Sephora (the driving force of LVMH’s selective distribution segment) in omnichannel, and the renewal of artistic directions contribute to re-engaging customers. In the longer term, the exit from the post-Covid exception makes the sector more sensitive to currency variations and tourist flows, which enhances the appeal of multi-house models capable of absorbing these shocks.

The Fashion & Leather Goods Signal

Fashion & Leather Goods remains the compass of the sector. While the activity still declines by 2% organically, the sequential dynamic (–9% → –2%) is the main weak signal observed by the market. The houses Louis Vuitton and Dior maintain their attraction power, including on rationed ‘entry-level’ lines. Moreover, they exert a strong attraction on exceptional pieces. The fine management of volumes protects desirability while supporting the recovery.

Sephora, Buffer and Accelerator

Selective Distribution shows +7% organically in Q3, driven by Sephora (the driving force of LVMH’s selective distribution segment). The omni-channel format progresses, with profitability improved by the quality of the assortment and by a policy of services (diagnostics, personalization) that broadens the average basket. In a more sensitive price environment, the brand remains an acquisition vector. Furthermore, it 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 market rally in Paris and Europe, LVMH leader of the CAC 40 (ticker EPA: MC).
• 02/2026: first Fendi collection by Maria Grazia Chiuri.

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

Points of Attention and Risks

• Rounding: some media mention 18.28 billion euros (Q3) while others round to 18.3 billion euros; over nine months, the press release shows 58,090 million euros (58.09 billion euros). The discrepancies arise from rounding methods.
• Intraday Amplitudes: the +12% to +13% reflects readings at different times; only the close is valid for daily performance.
• Currencies: the FX effect (–5%) may intensify if the euro strengthens.
• 2026 Visibility: the volatility of demand and ongoing procedures in certain jurisdictions call for caution. The outlook remains conditioned by the Chinese curve, imported inflation, and tourism.
• Iconographic Rights: caution on the use of uncredited third-party images.

What This Says About the Sector

European luxury remains cyclical, but asymmetric: a pivot group like LVMH guides the expectations of the entire sector. The combination of a diversified house mix, a global retail network, and an allocation discipline allows for better absorption of troughs than mono-category players. The Q3 sequence indicates that 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 fuel market confidence.

Method Mention

The numerical elements and dates come from official LVMH documents and commonly accepted market data. The management’s remarks are paraphrased from the financial materials (presentation and exchanges with analysts) published during Q3 2025.

This article was written by Christian Pierre.