LVMH: improvement in trends in the third quarter

Europe and the United States, which remained stable with respect to the first nine months of 2024, benefited from solid local demand. Japan was down with respect to the same period in 2024, which had been boosted by growth in tourist spending due to the much weaker yen. The rest of Asia saw a noticeable improvement in trends with respect to 2024. With 1% organic growth, the third quarter saw an improvement across all business groups and all regions, with the exception of Europe, where revenue from tourist spending declined, affected by currency fluctuations, which weighed more on the quarter than earlier in the year.

The Watches & Jewellery business group saw organic growth in the first nine months of 2025. Tiffany & Co. continued the successful enhancement of its iconic lines and the global rollout of its store concept inspired by The Landmark in New York. Recently opened locations in Milan and Tokyo enjoyed a high level of in-store traffic and revenue. Paying tribute to the Maison’s most famous brooch, designed by Jean Schlumberger, the new Bird on a Rock had a particularly promising debut. Bulgari was buoyed by the ongoing development of Serpenti and the excellent results achieved by its Polychroma high jewellery collection. The Kaleidos exhibition in Tokyo and the Serpenti Infinito exhibition in Mumbai showcased the Maison’s expert craftsmanship. Chaumet continued to develop its emblematic Bee de Chaumet jewelry line. In watches, TAG Heuer enjoyed a high-profile presence at the Grand Prix races of Formula 1
as part of the 10-year partnership entered into in 2024. A number of innovations from LVMH’s watchmaking Maisons were unveiled at Geneva Watch Days, including TAG Heuer’s revolutionary Carbonspring oscillator.

The Wines & Spirits business group posted slight growth (+1% organic) in the third quarter, despite a decline in its revenue in the first nine months of 2025. The Fashion & Leather Goods business group saw a 2% organic drop in revenue, with an improvement in the third quarter, reflecting good resilience among local customers, whereas 2024 had been boosted by strong growth in tourist spending, particularly in Japan. The Perfumes & Cosmetics business group, for which revenue remained stable on an organic basis, maintained its robust innovation policy. In Selective Retailing, organic revenue growth was 7% in the first nine months of 2025.

In an uncertain economic and geopolitical environment, the group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the authenticity and quality of its products, retailing excellence and agile organisation.

October 23, 2025