LVMH Returns to Growth Driven by Sephora, Though Luxury Momentum Remains Fragile

LVMH closed the third quarter of 2025 with revenues of €18.28 billion, reflecting a modest +1% year-on-year increase after several months of contraction.

The group — owner of Louis Vuitton, Dior, Tiffany & Co., and Bulgari — saw its Selective Retailing division, led by Sephora, boost results with 7% organic growth, offsetting a 2% decline in Fashion & Leather Goods.

Although the flagship segment remains soft, this marks a notable improvement from the previous quarter’s –9%, largely thanks to a gradual recovery in China.

Industry analysts highlight LVMH’s diversified portfolio — particularly beauty and experiential retail — as key to preserving margins in a market where global luxury consumers are turning cautious.
The fourth quarter will be critical to consolidate this fragile momentum and navigate currency headwinds.