Luxury groups reported sharply different third-quarter results, with LVMH’s fashion business and Gucci revenue down as China weighed on demand, while Hermès expanded overall despite uneven regional and product-line performance.
LVMH’s Fashion & Leather Goods division recorded €8.245 billion in revenue, down 5% organically from a year earlier. Group revenue rose 1% organically to €18.504 billion. LVMH Chief Financial Officer Cécile Cabanis said on an earnings call that demand from Chinese clients was down by a mid-teens percentage year over year.
Kering reported revenue of €3.345 billion, flat as reported and down 1% on a comparable basis. Gucci revenue fell 6% on a comparable basis to €1.291 billion. Kering said lower traffic weighed on Gucci in Asia-Pacific, particularly in Mainland China. Its jewelry revenue rose 11% on a comparable basis to €239 million.
Hermès’ third-quarter revenue increased 4.3% at constant exchange rates to €4.096 billion. The company described Greater China sales as stable over the first nine months of 2026, while Asia-Pacific sales excluding Japan were flat for the quarter. Leather Goods and Saddlery revenue rose 10.8% at constant exchange rates to €1.912 billion. Ready-to-wear and Accessories revenue declined 2% at constant exchange rates to €1.141 billion.
China’s National Bureau of Statistics (NBS) reported that retail sales of consumer goods rose 1.1% year over year in September. Sales at brand-exclusive stores among retail businesses above designated size fell 10.3% in January-September. The figures cover broad retail activity and do not isolate luxury purchases.
A Financial Times report republished by CNA linked the luxury slowdown partly to China’s property slump and weaker stock-market performance. It also noted that Chinese demand had supported luxury-sector growth for more than a decade.
Hermès’ financial calendar lists its full-year 2026 results for Feb. 12, 2027.
