LVMH: THIRD-QUARTER REVENUE ROSE 1.2% TO €18,504M; FASHION & LEATHER GOODS FELL 5% ORGANICALLY WHILE THE REST OF THE GROUP GREW 4.9% REPORTED
By Pau Almar · Published
Q3 2026 · 12 OCTOBER 2026
LVMH reported third-quarter 2026 revenue of €18,504m against €18,280m, up 1.2%, with organic growth of 1% against 3% in the second quarter. Currency added two points and changes in scope took two away; Marc Jacobs was sold on 1 September and most of DFS' businesses have been sold. Nine-month revenue was €57,148m, down 1.6%, with organic growth of 2%. The release carries no profit, margin or cash figure.
Fashion & Leather Goods, 44.6% of the quarter's revenue, fell 5% on an organic basis after growing 1% in the second quarter; reported revenue was €8,245m, down 3.0%. The company attributes the quarter to weaker demand in China. Its presentation also cites a one-off logistics problem at Louis Vuitton that the press release does not mention, with no figure attached, so the share of the 5% decline owed to each cause is not calculable from the disclosure.
// KEY NUMBERS
Q3 2026 · three months to 30 September 2026
| Revenue | EUR 18,504m |
|---|---|
| Reported growth | +1.2% |
| Constant-currency growth | +1% |
The other four business groups grew. Selective Retailing grew 8% organically, its highest rate of 2026, but 2.0% reported, as DFS has largely left the perimeter. Watches & Jewelry grew 6% organically and 7.8% reported to €2,500m. Wines & Spirits grew 6% organically, with Cognac & Spirits up 10.0% reported, and Perfumes & Cosmetics 1%. Group revenue excluding Fashion & Leather Goods rose 4.9% reported, from €9,783m to €10,259m.
By region, Asia excluding Japan fell 5% organically against growth of 4% in the second quarter. The United States grew 5%, Japan 6% and Europe 4%, against 0% in the second quarter. China is not disclosed separately, and organic growth for other markets is not given.
The full-year 2026 release, whose date this release does not give, will show Fashion & Leather Goods organic growth in the fourth quarter against the third quarter's 5% decline, and Asia excluding Japan against its 5% decline. It will also carry the first margins since the half year, the first test of the cost of the Louis Vuitton logistics problem and of the DFS and Marc Jacobs disposals.
Source: LVMH press release "Continued growth in the third quarter of 2026", Paris, 12 October 2026, with the Q3 2026 revenue presentation ↗
Analysis by Pau Almar, VGR.
VGR analysis is an independent commercial reading of publicly disclosed company information, written from the perspective of a fashion retail sector operator. It is not investment research and it is not advice to buy, sell or hold any security. VGR is not a regulated financial adviser. Figures are taken from official company materials; figures derived by VGR are labelled as such. Readers should reach their own conclusions and take professional advice where appropriate.