Core Insights - LVMH reported Q3 2025 revenue of €18.28bn ($21.15bn), marking a 1% organic increase from Q3 2024, following a 4% decline in the previous quarter [1] - For the first nine months of 2025, LVMH generated €58.1bn in revenue, a 4% decrease compared to €60.75bn in the same period of 2024 [1] Revenue Performance - The company experienced noticeable improvement in Asia (excluding Japan) over the nine-month period, while Europe and the US remained stable year-over-year [2] - Japan's performance weakened due to reduced tourist activity linked to a stronger yen [2] - European revenue in Q3 was affected by reduced tourist spending and currency movements [2] Segment Analysis - Organic revenue growth in Q3 by segment: - Wines and spirits: 1% increase - Perfumes and cosmetics: 2% increase - Watches and jewellery: 2% increase - Selective retailing: 7% increase - Fashion and leather goods: 2% decline [3] - The wines and spirits division saw slight organic growth, supported by champagne and Provence rosé wines, while cognac sales were impacted by US-China trade tensions [3] Year-to-Date Performance - Fashion and leather goods revenue fell 6% organically over the first nine months but showed sequential improvement in Q3 [4] - Perfumes and cosmetics remained stable, supported by new product launches from Dior and Guerlain [4] - Watches and jewellery recorded 1% organic growth driven by Tiffany & Co and Bvlgari [5] - Selective retailing posted 3% organic growth, aided by gains at Sephora and recovery at DFS in Macao and Hong Kong [5] Strategic Outlook - LVMH demonstrated resilience and maintained innovative momentum despite geopolitical and economic disruptions [5] - The company remains committed to enhancing brand desirability through authenticity, quality, retail excellence, and an agile organization [5]

Core Insights - LVMH's wine and spirits division experienced a 1% increase in organic revenue in Q3, reaching €1.33 billion ($1.55 billion) due to improvements in Champagne and wines [1] - Champagne and wines saw a 7% organic revenue growth in Q3, while Cognac and spirits faced a 6% decline [2] - For the first nine months of 2025, organic revenues for the wine and spirits division decreased by 4% to €3.9 billion, with reported revenues down 7% due to negative currency impacts [2] Group Performance - Total group revenues in Q3 increased by 1% on an organic basis but decreased by 4% on a reported basis to €18.3 billion [4] - For the first nine months of the fiscal year, revenues dropped 2% organically and 4% reported to €58 billion [4] - The company noted sequential improvement in Champagne and wines, alongside strong performance in Provence rosé wines [4] Segment Analysis - Champagne and wines achieved a 3% organic revenue growth in the first nine months of 2025, totaling €2.16 billion, while reported revenues increased by 1% due to positive currency effects [3] - Cognac and spirits revenues declined 12% organically and 4% in reported terms to €1.76 billion, influenced by trade tensions affecting demand in the US and China [3] - The Chinese market showed some recovery with restocking of VSOP in Q3, although overall Cognac demand remained soft [5] Demand Factors - The demand for Champagne remained resilient, particularly in the US, contributing to solid depletions year-to-date [5] - Cognac faced challenges from trade tensions and weak demand in key markets, particularly the US and China [5] - In Q1 of 2025, the wine and spirits business reported a 17% organic sales drop in the Cognac segment, attributed to ongoing soft demand and uncertainties related to US tariffs [6]