LVMH (酊悦·轩尼诗-路易·威登集团) reported nine-month 2026 revenue of EUR 57.1 billion on 12 October 2026. Organic revenue rose 1 percent in Q3, and the group cited a less buoyant environment in China. In this article, we look at revenue by business group and what the release says about China.
LVMH’s organic revenue rose 1% in Q3 and 2% over nine months
According to LVMH’s release, Q3 2026 revenue was EUR 18,504 million, compared with EUR 18,280 million in Q3 2025. Organic growth, which excludes currency and scope effects, was 1 percent.
Nine-month revenue was EUR 57,148 million, down 2 percent on a reported basis but up 2 percent organically. Exchange rates reduced nine-month revenue by 3 percent and scope changes by 1 percent.
| Business group | 9M 2025 | 9M 2026 | Reported change | Organic change, 9M | Organic change, Q3 |
|---|---|---|---|---|---|
| Wines & Spirits | 3,917 | 4,027 | +3% | +5% | +6% |
| Fashion & Leather Goods | 27,611 | 26,391 | -4% | -2% | -5% |
| Perfumes & Cosmetics | 6,040 | 5,922 | -2% | 0% | +1% |
| Watches & Jewelry | 7,409 | 7,725 | +4% | +8% | +6% |
| Selective Retailing | 12,613 | 12,476 | -1% | +6% | +8% |
| Other activities and eliminations | 500 | 607 | n/a | n/a | n/a |
| Total LVMH | 58,090 | 57,148 | -2% | +2% | +1% |
LVMH cites a less buoyant environment in China
The release says Q3 organic growth “reflected the impact on business activity of a less buoyant environment in China”. It adds that the United States, Europe and Japan “saw good growth”.
LVMH does not publish organic growth figures for China or for Asia excluding Japan in the release. All China references are descriptive.
Fashion & Leather Goods fell 5% organically in Q3
Fashion & Leather Goods, the largest business group, recorded Q3 2026 revenue of EUR 8,245 million. LVMH says the group “was affected in the third quarter by the slowdown in demand in China”.
Its organic revenue fell 5 percent in Q3 and 2 percent over nine months. It was the only business group with an organic decline in Q3.
Unit: %
Q3 2026 vs Q3 2025, organic change · Source: LVMH, 12 October 2026
View as table
| Item | Value |
|---|---|
| Wines & Spirits | 6% |
| Fashion & Leather Goods | -5% |
| Perfumes & Cosmetics | 1% |
| Watches & Jewelry | 6% |
| Selective Retailing | 8% |
Selective Retailing grew 8% organically in Q3
Selective Retailing, which includes Sephora (丝芙兰), posted organic growth of 8 percent in Q3 and 6 percent over nine months. LVMH says Sephora gained market share in several countries and that most of DFS’s businesses were sold.
Perfumes & Cosmetics revenue was stable organically over nine months and up 1 percent in Q3. Wines & Spirits grew 5 percent organically over nine months, with Hennessy (轩尼诗) cognac seeing “good momentum in Asia”, according to the release.
Unit: %
First nine months of 2026 vs 2025, organic change · Source: LVMH, 12 October 2026
View as table
| Item | Value |
|---|---|
| Wines & Spirits | 5% |
| Fashion & Leather Goods | -2% |
| Perfumes & Cosmetics | 0% |
| Watches & Jewelry | 8% |
| Selective Retailing | 6% |
Reporting scope
- Revenue release only; no profit figures are reported for the period.
- Organic change excludes exchange-rate effects (-3 percent over nine months, +2 percent in Q3) and scope effects (-1 percent over nine months, -2 percent in Q3).
- Figures cover the whole LVMH group worldwide, not China alone.
