LVMH Moet Hennessy Louis Vuitton SE

Group performance (9M 2026): resilient but slightly down reported; FX/perimeter drag - Revenue: EUR 57.1bn, +2% organic, -2% reported. - Reported impacts: -3% currency, -1% perimeter (additional DFS asset disposal + Marc Jacobs sale closed 1 Sept). - Geographic mix stable: US 25%, Asia 27%, Europe 26% (balanced footprint helps resilience).

Q3 2026 highlights: positive organic growth, but Asia (China) weak - Organic growth in Q3 positive; currency impact turned positive in Q3 after 5 straight negative quarters. - Key headwind: macro-led deterioration in Chinese consumer sentiment → mid-single-digit decline in Asia in Q3. - Europe / US / Japan stronger: Europe accelerated; US +5% and Japan +6% in Q3 (overcompensating Asia decline). - Management view: expects continued volatility quarter-to-quarter; emphasizes self-help to offset pressured demand.

Business group momentum (good news buckets + weak area) - Wines & Spirits: EUR 4.0bn (9M); +5% organic / +3% reported (FX -2%). - Champagne +6% organic, supported by Dom Pérignon & Krug; low-single volume growth + price impact. - Cognac +4% organic with Hennessy improving (China, travel retail, Europe); spirits growing (Belvedere, Glenmorangie). - Watches & Jewelry: EUR 7.7bn (9M); +8% organic / +4% reported (FX -4%). - Jewelry excellent ytd (Tiffany icons like HardWear & Knot; high jewelry collections such as Hidden Garden). - Selective Retailing (Sephora/others): EUR 12.5bn (9M); +6% organic but -1% reported due to -3% currency and -4% perimeter (DFS disposals). - Main weak spot: Fashion & Leather Goods - EUR 26.4bn (9M); -2% organic / -4% reported (FX -2%). - Q3 affected by challenging Chinese discretionary demand (largest regional impact).