连续多季度收入下滑后，LVMH集团终于在今年三季度缓了口气。LVMH集团近日发布的财报显示，今 年三季度收入有机增长1%，终结连续两个季度下滑的局面。LVMH集团管理层对此给予肯定的同时也 坦言未来将面临不小的挑战。业界也同样表示担忧，随着LVMH集团旗下多品牌客户信息泄露引发的信 任危机不断扩大以及奢侈品降温等影响，LVMH集团能否维系增长存在一定的不确定性。 业绩回暖 根据财报数据，今年前三季度，LVMH集团营收约580亿欧元，有机增长同比下降2%，若计入2%的汇 率折算影响则环比下降4%。今年三季度，营收182亿欧元，实现1%的有机增长，但若计入5%的汇率折 算影响则环比下降4%。 LVMH集团相关人士向北京商报记者透露，LVMH集团管理层对于此季度的表现给予肯定。根据该人士 提供的信息，LVMH集团首席财务官塞西尔·卡巴尼斯在财报电话会议上表示："LVMH集团在今年前三 季度表现出良好的韧性，三季度所有业务部门的趋势都有所改善。" 从各业务来看，今年三季度，LVMH集团葡萄酒与烈酒业务实现有机收入1%的增长，时尚皮革制品业 务有机收入下滑2%，香水化妆品业务实现2%的有机增长，选择性零售实现7%的有机 ...

Core Insights - LVMH Group has reported a slight recovery in revenue with a 1% organic growth in Q3 2025, ending a two-quarter decline [1][3][4] - The management acknowledges future challenges, including a trust crisis due to brand information leaks and a cooling luxury goods market [1][9] Financial Performance - For the first nine months of 2025, LVMH generated approximately €58 billion in revenue, with a 2% year-over-year organic decline, and a 4% decline when accounting for currency effects [3][5] - Q3 revenue reached €18.2 billion, marking a 1% organic growth, but a 4% decline when considering a 5% currency impact [3][4] - In Q2 2025, LVMH's revenue was €19.5 billion, reflecting a 7% organic decline, while Q1 saw a 3% decline [4] Business Segment Performance - In Q3, the wine and spirits segment saw a 1% organic revenue growth, while fashion and leather goods declined by 2% [3][4] - The perfume and cosmetics segment achieved a 2% organic growth, and selective retailing grew by 7% [3] - The Asian market, excluding Japan, showed significant recovery compared to 2024, with a notable mention of growth in the Chinese market [3][4] Marketing Strategies - LVMH has intensified marketing efforts, particularly in China, with the launch of the "Louis Ship" in Shanghai, which is expected to generate significant sales [6][8] - The flagship store in Shanghai has attracted considerable attention and customer traffic, becoming one of the best-selling locations for bags [8] - The company is also focusing on enhancing brand appeal and product authenticity while optimizing retail execution [9] Industry Challenges - The luxury goods market is experiencing a downturn, with LVMH's revenue and profits declining in the first half of 2025 [5][9] - Consumer spending on luxury items has decreased, particularly among Gen Z, with a reported 7% drop in luxury spending [9] - The competitive landscape is shifting, with high-end niche brands and customized services gaining traction, leading to a more fragmented market [10]