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LVMH reported an “improvement in trends” for the 2025 third quarter and first nine months. Calling it “good resilience” in a “disrupted geopolitical and economic environment,” Q3 showed a positive organic growth of one percent. It’s an improvement on the prior quarter’s four percent decline that left the industry wondering about the future of luxury.
While still navigating headwinds and facing tough 2024 comps, LVMH says it remains confident. Better is better.
Results for the first nine months of 2025, as compared to the same period in 2024, show a two percent revenue decline on an organic basis. Yet again, it is better than the three percent drop recorded for the first half of the year.
LMVH Chief Financial Officer Cécile Cabinis says she is encouraged by pockets of improvement in all business lines. However, she cautions that fourth-quarter results will face high comparison rates and growth is unlikely until next year.
Looking at LVMH’s largest group, Fashion & Leather Goods (FLG)—the corporate home to our favorite accessories and brands such as Louis Vuitton, Dior, Celine, and Fendi—LVMH was encouraged by positive momentum. The division, which had revenues plummet 9% in Q2 compared to 2024, rebounded to a decline of only 2% on an organic basis in the third quarter. LVMH attributes the improvement to local clients’ purchases, rather than tourist shopping.
LVMH points to successes with fashion shows by Pharrell and Nicolas Ghesquière for Louis Vuitton, as well as its ‘Louis’ traveling museum ship exhibits for building excitement for the brand. Dior’s new House of Dior boutiques in New York City and Beverly Hills were also cited for creating enthusiasm.
LVMH is in the midst of a creative transition across multiple brands, with results unlikely to materialize until next year. The first products are arriving in stores now: Michael Rider’s new handbag styles for Celine. His fashion debut is expected around November.
Dior’s new direction – consolidating the men’s and women’s lines under Jonathan Anderson – has generated strong press and fashion interest. His recent Paris Fashion Week women’s debut show for Spring-Summer 2026 included several new handbags, like the Bow Bag. Cabinis, however, pointed out styles doing well now. According to her, the campaign for the Lady Dior (with a bow) has reignited current interest, and the newer Dior Toujours line is a strong sellelr.
Read:
Jonathan Anderson’s Dior Women’s Spring-Summer 2026: All Eyes on the Bow Bag
Image courtesy: Vogue Runway
And, hours before reporting financial results, LVMH announced the appointment of Maria Grazia Chiuri as Creative Director of Fendi. Chiuri had helmed the women’s side of sister brand Dior until last May. She, however, is no stranger to Fendi. Chiuri worked there in the 1990s, helping to develop the iconic Fendi Baguette handbag.
The Watches & Jewelry line saw improvement, up 2% for the third quarter, with suggestions that jewelry is outpacing watches. For Tiffany, Cabinis said there was improvement in the sales volume in the US, Japan, and China, and that price changes were less of a factor. On the other hand, Tiffany’s US price increases hit on the same day as the financial presentation. It remains to be seen how these price hikes will affect future sales.
Read: Tiffany & Co Rolls Out U.S. Price Increase – October 2025
LVMH’s Selective Retailing division, which includes Sephora, DFS, and Le Bon Marché saw positive growth this quarter, up 7%. Sales are slightly up for the year to date.
Perfumes & Cosmetics revenues rose 2% organically for Q3 and were flat for the first nine months. Wine & Spirits, the smallest line, which has struggled in recent quarters, showed a 1% improvement this period. LVMH reported sequential improvement in champagne and wines.
Image courtesy: @louisvuitton
As for geographic trends in Q3, revenues in the US and Asia revenue (excluding Japan) increased slightly, 2% and 3%, respectively. Sales in Japan declined by double digits, attributed to a high comparison rate. Last year, when the yen was devalued, Chinese shoppers (and others) flocked to Japan to take advantage of lower prices.
Do you see a brighter future ahead for luxury goods? Are you excited for the new creative directors under LVMH? Let us know.
Updated: October 15th, 2025
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