LVMH Moët Hennessy - Louis Vuitton (LVMHF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, good afternoon. I hope you are well. I'm here with Rodolphe Ozin, who is our head of investor relations, and together we are very pleased to welcome you on our third quarter sales call. As usual, I will start with the highlights of the quarter, then Rodolphe will take you through the details of the division. I will conclude and then will be happy to answer your questions. Before we start, I kindly ask you to read the safe harbour statement on page 2 of your presentation, before I move to page 3 and start the presentation. LVMH showed good resilience in the first nine months of 2025 with improved trends in Q3 across all business groups. Fashion and leather goods in particular benefited from solid local demand in its key nationalities, with mainland China turning positive in Q3, solid growth in the US, which improved sequentially compared to Q2, and positive growth with Europeans in line with previous quarter. The Euro strength against key currencies generated a highly negative minus 5% impact in Q3, and currencies also remained a strong headwind to offshore demand in Europe and in Japan. Finally, all divisions continue to innovate and move forward with their strategies. Q3 has been a notable quarter for the fashion and leather goods division in particular, with pockets of excitement, including new retail concepts, successful shows, and looking ahead to several new creative designers. Next on slide four, with the sales bridge for the nine months, which shows the group recorded around 58 billion euros in revenue, down 2% on an organic basis and down 4% on a reported basis after taking into account a negative 2% currency impact. For the third quarter, the LVMH group returned to growth, up 1% organic and down 4% reported after taking into account the...