On October 14, French luxury conglomerate LVMH (Moët Hennessy Louis Vuitton) released its financial report for the first nine months of fiscal year 2025, ending September 30: total revenue fell 4% year on year to €58.09 billion (on an organic basis: -2%). In the third quarter, total revenue reached €18.28 billion, showing a 1% organic increase compared with the same period last year. All business divisions and regions recorded a rebound, with the exception of Europe (European revenue was flat year on year for the first nine months, and declined 2% in the third quarter).
During a conference call, Chief Financial Officer Cécile Cabanis revealed that over the first three quarters, Chinese consumer spending worldwide “has now become very close to stable.” Although it still showed a slight single-digit decline, the improvement was described as very significant.
Cécile Cabanis explained that this recovery stemmed from two key factors: “First, the domestic market in mainland China returned to positive growth, achieving mid- to high-single-digit growth. Second, Chinese tourists’ purchasing power abroad is clearly recovering—while still down by double digits, the decline has narrowed considerably. Taken together, this summarizes the current situation in the Chinese market.”
Over the first nine months of 2025, LVMH’s regional sales mix remained balanced. Despite ongoing geopolitical and economic uncertainties, the group continued to demonstrate strong resilience and innovation. Europe and the United States remained stable, roughly flat compared with the same period in 2024, supported by steady local demand. The Japanese market declined compared with 2024, as the previous year’s boost from the yen’s sharp depreciation and tourist spending gradually faded.
In contrast, Asia (excluding Japan) showed a clear improvement compared with 2024. In the third quarter, management noted during the conference call that nearly all major regions improved. The U.S. and Asia (excluding Japan) returned to positive growth during the quarter, and China also achieved positive growth. Japan saw a marked improvement, though still facing a high comparison base, while challenges eased compared with the first half. Europe remained broadly stable, with revenue under pressure from weaker tourist spending and more pronounced currency fluctuations.
In the Perfumes and Cosmetics division, revenue for the first nine months reached €6.04 billion, down 2% year on year, continuing to pursue a strong innovation strategy and a high-end, selective retail approach. In perfumes, Parfums Christian Dior performed strongly with the successful launches of Miss Dior Essence and Dior Homme Parfum; Sauvage maintained its position as the world’s best-selling fragrance. In makeup, the new Rouge Dior On Stage lipstick and the upgraded Forever and Dior Addict lines made significant contributions. Guerlain’s Aqua Allegoria and L’Art & La Matière fragrance collections performed strongly. Parfums Givenchy launched a new floral version of its signature fragrance L’Interdit.
Meanwhile, the Selective Retailing division recorded revenue of €12.613 billion for the first nine months of 2025, unchanged from last year. Sephora stood out with steady revenue growth, continuing to expand its market share in multiple countries and consolidating its global leadership. Its exclusive portfolio of beauty brands continued to expand, with the launch of Rhode setting new sales records. DFS saw an improved revenue trend in the third quarter, particularly due to strong performance in Macau and Hong Kong. The operational optimization measures implemented earlier this year have started to produce positive results. Le Bon Marché also achieved growth, benefiting from its differentiated strategy, which attracts customers through continuously refreshed product selections and unique cultural events.
