LVMH returns to sales growth in the third quarter

LVMH is breathing a sigh of relief. After months of Sales slump and a slump in operating profit of 15 percent in the first half of 2025, the French luxury goods group, which includes brands such as TAG Heuer, Hublot, Zenith, Bulgari and Chaumet, is now reporting a possible turnaround.

In the first nine months, LVMH generated sales of €58.1 billion. This represents a decline (organic) of 2 percent compared to the same period last year. However, in the third quarter, the company generated a slight increase of 1 percent.

Watches & Jewelry perform above average

The Watches & Jewelry division even performed slightly better than the overall result in Q3, with sales up 2 percent year-on-year (+1 percent in the first nine months).

China is developing positively

Europe and the US, which remained stable compared to the first nine months of 2024, benefited from solid local demand, the annual report states. Japan, on the other hand, recorded a decline compared to the same period last year, boosted by growth in tourist spending due to the significantly weaker yen.

In the rest of Asia, LVMH sees a turnaround, including in the Chinese market, which has been weakening for some time and is the problem child of the international luxury industry.

LVMH CFO Cecile Cabanis reported positive developments in mainland China in the third quarter. However, she expects continued headwinds in the fourth quarter. These include US tariffs, the real estate crisis in China, and rising gold and silver prices. Therefore, a sustainable financial recovery will only be gradual, Cabanis said.

lvmh.com