LVMH Q3 2025 Results: Beauty and Retail Carry the Group While Fashion Declines

LVMH’s latest quarterly results tell a story of contrasts. After months of global softness in luxury spending, the world’s largest luxury conglomerate—home to Louis Vuitton, Dior, Fendi, Loewe, and more—returned to modest growth in Q3 2025. Organic sales rose around 1%, buoyed by strong performances in beauty, watches, jewelry, and retail. But one upsetting key trend stood out: fashion and leather goods remain the only division still in decline. And considering this is half of LVMH's business, means that this is impactful on the bottom-line results.

For those who follow luxury closely, whether as collectors, investors, resale enthusiasts, or general shoppers curious about where the market is heading, this quarter offers real insight into what’s driving growth, where demand is cooling, and how creative shake-ups across LVMH’s maisons could reshape the next season of luxury.

The Numbers: Where Growth Is Coming From

The group reported approximately €18.3 billion in revenue for the quarter, marking its first return to positive growth this year. China and the US led the recovery, while Europe lagged due to softer tourism and a weaker euro.

Fashion and leather goods—still half of LVMH’s total business—remain the swing factor (in the negative direction). But with contraction narrowing sharply from earlier this year, the worst may be behind.

Why Fashion Is Struggling

Consumers are recalibrating shopping habits

Luxury clients aren’t abandoning fashion; they’re being more selective. After years of steep price hikes, shoppers are now gravitating toward classic, timeless pieces and smaller-ticket items, instead of seasonal novelties.

European tourism slump

Flagship sales in Paris and Milan remain slower than usual. Local demand in the US and Asia is compensating somewhat, but the loss of high-spending tourists has left a visible dent in LVMH's financial statements.

Creative turnover and delayed product cycles

Many of LVMH’s major fashion houses are mid-transition, creatively, with new designers only beginning to release their first collections. Those early reactions—both in media and on sales floors—will shape the next few quarters. Initial reactions to debut shows have been overwhemingly positive, but will that buzz translate into sales?

The Leadership Shuffle: Who’s Steering the Next Chapter

Luxury thrives on personalities as much as product. And this year, LVMH has undergone one of its most significant leadership overhauls in years—both in the boardroom and the ateliers.

Executive appointments

• Pierre-Emmanuel Angeloglou became CEO of Dior Couture, following his success at Fendi.

• Damien Bertrand was appointed deputy CEO of Louis Vuitton, overseeing both product and communications.

• Frédéric Arnault (one of Bernard Arnault’s sons) now leads Loro Piana.

• Michael Burke took on the role of CEO of LVMH Americas, strengthening the group’s U.S. focus.

• Jean-Christophe Babin assumed leadership of LVMH Watches, signaling renewed investment in the category.

Creative appointments

• Jonathan Anderson left Loewe to take over Dior’s full creative direction—womenswear, menswear, and couture.

• Maria Grazia Chiuri (formerly Dior's womenswear creative director) was named creative director at Fendi, succeeding Silvia Venturini Fendi, who has now become Honorary President.

• Michael Rider succeeded Hedi Slimane at Celine, bringing a more youthful, preppy, and relaxed vision to the label.

• Sarah Burton joined Givenchy, ushering in a return to refined tailoring and craftsmanship.

• Loewe has yet to announce Anderson’s successor, leaving speculation about its next era of identity. Will it be an LVMH insider, or a talent from an outside fashion house?

These moves reflect a strategic reset. LVMH is refreshing its creative bench after several years of rapid expansion and aesthetic fatigue, signaling a focus on long-term brand building over short-term hype.

What This Means for Luxury Shoppers and Collectors

The rise of attainable luxury

Beauty, fragrance, and accessories continue to lead growth, reflecting a shift toward “entry luxury.” For many, a Dior perfume or lower-priced Bulgari bracelet offers a way to participate in luxury without the commitment of a five-figure handbag or six-figure piece of high jewelry.

Investment potential in classics

When new collections are in flux, classic pieces often outperform. Collectors are focusing on perennial icons—think Louis Vuitton trunks and speedys, Dior Saddles, and Fendi Peekaboos—as safer investments with more reliable resale value.

Retail’s new power play

Sephora’s +7% growth underscores the importance of omni-channel strategy. In a climate of slower fashion demand, LVMH’s retail footprint provides stability, and a direct line to customers that many competitors still lack.

The Key Takeaways

LVMH’s Q3 results show that luxury’s slowdown is softening, but is not completely over. Beauty, jewelry, and retail are carrying the weight as fashion regroups. The next 12 months will reveal whether new creative leadership at Dior, Celine, Fendi, and beyond can restore momentum at the group’s core.

For The Luxe Loop community, the lesson is clear: watch the transitions closely. Early collections from new creative directors often become collector favorites, while classic pieces from prior eras can quietly appreciate as demand surges due to newfound scarcity of a particular designer.

Fashion may be cooling, but for discerning buyers, that can be the perfect time to shop strategically—and invest in the next chapter of luxury. Shop our current selection of LVMH pieces and add a piece of history to your closet.