LVMH Moët Hennessy - Louis Vuitton, Société Européenne

Group performance (9M 2026 + Q3 2026): resilient but pressured by Asia - 9M revenue: €57.1bn, +2% organic, -2% reported (reported impacted by -3% FX and -1% perimeter from additional DFS asset disposal and Marc Jacobs sale closed Sep 1). - Q3: positive organic growth; FX impact turned positive in Q3 after 5 consecutive negative quarters. - Key headwind: more macro-led challenging consumer backdrop in China → Asia mid-single-digit decline in Q3, with the impact tangible in Fashion & Leather Goods (China the most exposed region). - Geo in Q3: Europe, U.S., Japan up mid-single digit; more than offset Asia decline.

Division winners and laggards (what’s driving results) - Wines & Spirits (9M): €4.0bn revenue, +5% organic (+3% reported, after -2% FX). - Champagne/wines: €2.2bn, +6% organic; Cognac & spirits: €1.8bn, +4% organic. - Q3: +6% organic for Wines & Spirits (third consecutive quarter of mid-single-digit growth). - Watches & Jewelry (9M): €7.7bn, +8% organic (FX headwind -4%), strong icons (Tiffany line strength; Bvlgari momentum). - Selective Retailing (9M): €12.5bn, +6% organic, -1% reported (FX -3%, perimeter DFS disposals -4%). - Fashion & Leather Goods (9M): €26.4bn, -2% organic (-4% reported after -2% FX)—primarily tied to Chinese demand weakness. - Perfumes & Cosmetics (9M): €5.9bn, flat organic, -2% reported (FX -2%).

Brand-level signals (good news + where pressure is concentrated) - Louis Vuitton: close to division average, slightly below Q3 average; also hit by an unfortunate one-off logistics/freight disruption from a freight forwarder (reported as ~>1 percentage point impact on Vuitton organic growth). - Self-help / product initiatives for LV continuing to work: focus on evergreens (Alma, Speedy), recent bags (Multipass, Squire), and materials/innovation (Monogram Emblème, Silktech); high-end P9 on waiting lists. - Christian Dior: outperforming—described as positive year-to-date and double-digit with American clientele; in Q3 it was flat but still performing better than peers given China softness. - Celine improving: gaining traction on new bags (U.S. momentum) and expected to be a growth driver. - Risk concentration: deterioration is described as broad-based China macro demand down ~mid-teens; other clienteles were more stable (U.S. mid-single digit up in Q3; Europe modest up; Japan slightly down).