Business · Companies · 22 hrs ago
China slowdown divides results at France’s biggest luxury groups
LVMH and Kering recorded lower sales, while Hermès increased sales in the first nine months of 2026.
The results cover three major French luxury groups: LVMH, which owns Louis Vuitton, Kering, which owns Gucci, and Hermès International.
Weaker high-end spending in China has challenged a market that had been a major source of growth for luxury brands.
LVMH sales fell 2% from a year earlier to 57.148 billion euros.
The companies’ strategies produced different results, with Hermès gaining sales as its rivals declined.
The figures show how a slowdown in China is affecting luxury companies differently.
France’s largest luxury groups reported mixed results for the first nine months of 2026.
LVMH and Kering had lower sales than in the same period a year earlier, while Hermès increased sales.
Cooling high-end spending in China, once the sector’s biggest growth engine, was a key factor.
The companies’ differing target strategies helped separate their results.
- Who
- LVMH, Kering and Hermès International, three major French luxury groups.
- What
- Their sales results diverged: LVMH and Kering reported declines, while Hermès reported growth.
- When
- The first nine months of 2026.
- Where
- France; the article links the results to cooling high-end spending in China.
- Why
- High-end spending in China cooled, and the groups’ different target strategies contributed to differing results.
This story does not have two clearly opposing sides.
LVMH and Kering recorded lower sales than a year earlier, while Hermès increased sales.
Nikkei reported that the three French luxury groups’ results for the first nine months were available.
- LVMH sales
- 57.148 billion euros, down 2% year on year
- Reporting period
- January–September 2026
- Groups with lower sales
- LVMH and Kering
- Group with higher sales
- Hermès International
- Market factor
- Cooling high-end spending in China