LVMH reports sharper fashion sales fall as China slows
The luxury group recorded one per cent organic growth in the third quarter.
LVMH has reported weaker-than-expected third-quarter sales after demand for its fashion and leather goods fell sharply. The French luxury group said China was less buoyant, while the United States, Europe and Japan continued to grow.
LVMH said group revenue reached €18.5bn in the three months to the end of September, representing organic growth of one per cent compared with the same quarter a year earlier. Organic figures exclude the effects of currency movements and changes to the group’s businesses.
The fashion and leather goods division, which includes Louis Vuitton and Dior, was the weakest major business. Its organic revenue fell five per cent in the quarter, while revenue for the first nine months was €26.4bn, down two per cent organically from the same period in 2025.
The result was below market expectations. Reuters, in a report carried by Channel News Asia, said analysts had expected group organic growth of 1.3 per cent and a 1.8 per cent fall in fashion and leather goods. LVMH’s figures therefore pointed to a sharper setback in its largest division than investors had anticipated.
LVMH attributed the quarterly pattern partly to slowing demand in China. The company said the United States, Europe and Japan recorded growth during the quarter, but it did not provide a country-by-country revenue breakdown in the announcement.
Other parts of the group performed better. Organic revenue rose six per cent in wines and spirits, six per cent in watches and jewellery, and eight per cent in selective retailing. Perfumes and cosmetics recorded one per cent organic growth.
For the first nine months of 2026, total LVMH revenue was €57.1bn, up two per cent organically but two per cent lower on a reported basis. The difference reflects currency and business-scope effects, according to the company’s release.
LVMH said it remained confident in its strategy and continued to invest in brands, products and retail. The update will nevertheless be watched by luxury retailers, suppliers and investors in the UK, where the group’s brands operate alongside other businesses exposed to the same international spending patterns.
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The article’s financial figures and geographic comments match LVMH’s official release. The comparison with analyst expectations is supported by the Reuters report carried by Channel News Asia.
- confirmed LVMH reported €18.5bn in third-quarter revenue and one per cent organic growth. — The company’s release reports third-quarter revenue of €18.504bn and one per cent organic growth. source
- confirmed Fashion and leather goods organic revenue fell five per cent in the third quarter. — The LVMH revenue table records a five per cent organic decline for Q3 2026. source
- confirmed Analysts expected 1.3 per cent group organic growth and a 1.8 per cent decline in fashion and leather goods. — Reuters reported those expectations through Channel News Asia. source
- confirmed LVMH said China was less buoyant while the United States, Europe and Japan saw growth. — This appears in the company’s description of third-quarter performance. source
- confirmed First-nine-month revenue was €57.1bn, with two per cent organic growth. — The official release reports €57.148bn and two per cent organic growth. source
Editor's note
The revenue figures come from LVMH’s 12 October trading release. Analyst expectations and the description of the result as below expectations come from Reuters; the causes of the wider luxury-market slowdown remain an interpretation rather than a company forecast.Sources
- Continued growth in the third quarter of 2026 — LVMH
- LVMH third-quarter sales below expectations as fashion and leather division shrinks — Channel News Asia, reporting Reuters
More on this in other media
- BBC News — „lvmh luxury goods”
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