LVMH beauty sales hold steady in Q3 as Sephora drives retail growth

LVMH (Moët Hennessy Louis Vuitton) has reported organic growth in its Perfumes & Cosmetics business and Selective Retailing, led by Sephora, in Q3 2026. 

Perfumes & Cosmetics was stable on an organic basis in the first nine months of 2026. The company says it maintains a highly selective distribution and that its historic brands performed well. 

In Selective Retailing, organic sales growth was 6% in the first nine months of 2026. Sephora was reported to be increasing its market share gains in several countries, consolidating its global leadership, with strong sales growth.

Overall, the luxury conglomerate generated sales of €57.1 billion (US$63.87 billion) in the first nine months of 2026, up 2% organically compared with the same period in 2025. 

However, on a reported basis, sales fell 2% from €58.1 billion (US$64.99 billion). Currency headwinds shaved 3% off the total, while divestments, including Marc Jacobs and most of travel retailer DFS (Duty Free Shoppers), took away another 1%.

Third-quarter revenue reached €18.5 billion (US$20.69 billion), up 1% organically year-on-year. Softer demand in China weighed on growth during the quarter, while the US, Europe, and Japan posted solid gains.

Perfumes & Cosmetics

LVMH’s Perfumes & Cosmetics division generated sales of €5.92 billion (US$6.62 billion) in the first nine months of 2026. This was down 2% on a reported basis from €6.04 billion (US$6.76 billion) a year earlier and flat organically. Third-quarter sales reached €2.01 billion (US$2.25 billion), up 1% organically year-on-year.

LVMH’s Parfums Christian Dior benefited from the launches of J’adore Intense, Sauvage Extrait, and the Dior Addict eau de parfum. Meanwhile, its makeup lines, notably Forever and Backstage, also lifted sales. The brand expanded its high-end La Collection Privée range with new fragrances.LVMH reports Q3 organic growth in beauty and Selective Retailing. 

Guerlain posted a strong financial performance, according to LVMH. The launch of L’Heure Bleue, its L’Art & La Matière and Aqua Allegoria fragrance collections, and accelerating sales of its Rouge G lipstick all drove growth.

Elsewhere in the portfolio, Parfums Givenchy focused on developing its L’Interdit line, Maison Francis Kurkdjian extended its Oud collection, and Acqua di Parma marked its 110th anniversary.

Selective Retailing

LVMH’s Selective Retailing division, which includes Sephora and Le Bon Marché, posted sales of €12.48 billion (US$13.96 billion) in the first nine months of 2026. That was down 1% on a reported basis from €12.61 billion (US$14.1 billion) a year earlier, but up 6% organically. Third-quarter sales reached €4.07 billion (US$4.55 billion), up 8% organically year-on-year.

Sephora is increasing its market share gains in several countries, consolidating its global leadership. The group says the retailer’s performance is driven by the strength of its brand portfolio. 

It also says sustained growth of many historical brands and the continued enrichment of exclusive launches led to the growth, detailing Rhode and several C-Beauty brands. 

LVMH continues to expand Sephora’s distribution network, entering Belgium and Croatia.

Reshaping beauty portfolio 

LVMH says in its Q3 2026 results that its diversity of businesses leaves it “very solid in an uncertain geopolitical and economic context.” It adds that it is continuing its dynamic innovation.

“Despite a still uncertain economic and geopolitical context, the group remains confident and will maintain a strategy focused on continuously strengthening the desirability of its brands, based on the authenticity and quality of its products, the excellence of its distribution, and the responsiveness of its organization,” says the company. 

Earlier this year, Personal Care Insights dove into the reshuffle of LVMH’s beauty portfolio as the group sought growth in a cooling luxury market. Sephora gains market share in several countries. 

Investment firm MarcyPen Capital Partners was reportedly pursuing LVMH’s 50% stake in Fenty Beauty, while the group was also said to be exploring options for Make Up For Ever and Fresh. Meanwhile, LVMH-affiliated private equity firm L Catterton led a US$20 million Series A round for dermatologist-developed skin care brand Remedy. 

The moves came after LVMH’s perfumes and cosmetics sales fell 3% to €8.17 billion (US$9.48 billion) in 2025, with the Middle East conflict adding pressure in early 2026. 

Even as LVMH reviews its existing beauty holdings, the group is in the running for one of luxury’s most-watched deals. Last month, we reported on Armani preparing to open talks with LVMH, L’Oréal, and EssilorLuxottica over the sale of an initial 15% stake, as set out in founder Giorgio Armani’s will. 

Armani CEO Giuseppe Marsocci said the stake could be split among more than one investor. L’Oréal holds the Armani Beauty license until 2050.