LVMH and Hermès Q3 2026: luxury sales split two ways

Two of the biggest names in luxury reported sales for the third quarter of 2026 this month. LVMH reported on October 12. Hermès followed on October 22. Both grew, but at very different speeds.

This is a summary of what the companies reported. It is not advice about any share or fund.

LVMH: slow growth, mixed by business

LVMH owns Louis Vuitton, Dior, Moët Hennessy, Tiffany, Sephora and many other brands. It reported revenue of €57.1 billion for the first nine months of 2026.

On an organic basis, which removes currency moves and changes in the group, nine-month revenue grew 2 percent. On a reported basis, it fell 2 percent. In the third quarter alone, organic growth was 1 percent.

The results differed a lot by business group. These are organic changes:

• Fashion and leather goods: down 2 percent over nine months, and down 5 percent in the third quarter
• Watches and jewelry: up 8 percent over nine months, and up 6 percent in the quarter
• Selective retailing, which includes Sephora: up 6 percent, and up 8 percent in the quarter
• Wines and spirits: up 5 percent, and up 6 percent in the quarter

LVMH said softer conditions in China weighed on the quarter. It reported good growth in the United States, Europe and Japan.

Hermès: steady, led by leather

Hermès reported third-quarter sales of €4.1 billion. That was up 4 percent at constant exchange rates and 6 percent at current rates. For the first nine months, sales were €12.3 billion, up 6 percent at constant exchange rates.

Leather goods and saddlery, the home of its best-known bags, grew 10 percent over nine months. Hermès said growth sped up slightly in the third quarter. Over nine months, silk and textiles grew 7 percent and perfume and beauty slipped 1 percent.

In the third quarter, every region grew except the Middle East. Over nine months, the Americas rose 13 percent and Japan 11 percent.

“Hermès continues its profitable growth and maintains its course.”

Axel Dumas, Executive Chairman, Hermès

Dumas also pointed to January, when Grace Wales Bonner’s first men’s ready-to-wear collection and a new Couture line by Nadège Vanhée are due.

Why the gap matters

Our read: both reports point to the same pattern. Demand for the most exclusive goods has held up. Wider fashion lines, which depend more on aspiring buyers, have been softer. Watches and jewelry were the strongest LVMH business over nine months.

Terms used here

• Organic growth: sales change without currency effects or brands bought or sold.
• Constant exchange rates: results recalculated as if currency rates had not moved.
• Reported: the actual figure in euros, with all effects included.

Top photo: Basile Morin via Wikimedia Commons, CC BY-SA 4.0. Cropped.