LVMH's fashion and leather sales slide 5% as China weighs
The move
LVMH reported third-quarter revenue of €18.5 billion, up 1% organically, a slowdown from 3% growth in the second quarter. Its largest division, Fashion & Leather Goods, posted revenue of €8.2 billion, down 5% organically as weaker Chinese demand offset gains in the US. Analysts had expected a decline of only 2% to 2.5%. Watches & Jewelry grew 6% and Selective Retailing grew 8%, led by Sephora.
Why it matters
It confirms that a cautious Chinese consumer is hitting the world's largest luxury group harder than expected, adding to pressure on the broader luxury sector this year.
The bear case
US sales kept growing, and three of LVMH's other four divisions posted solid organic growth, so this isn't a group-wide collapse.
What to watch
LVMH's full-year 2026 results, expected late January 2027.