Sephora Growth Drives LVMH Beauty Performance in Q3 2026
LVMH's Selective Retailing division, led by Sephora, grew 8% organically in Q3 2026 through expansion into Belgium and Croatia and exclusive launches like Hailey Bieber's Rhode. While key beauty houses like Dior and Guerlain saw strong momentum, the group's overall Perfumes & Cosmetics revenue was flat over nine months amid softer demand in China.
Sephora's expansion and exclusive brand launches drove an 8% organic growth for LVMH's Selective Retailing division in the third quarter of 2026. The division's sales reached €4.07 billion, powered by Sephora's market share gains in several countries and its entry into new European markets like Belgium and Croatia.
Sephora's performance was fueled by a solid brand portfolio. Growth came from historic brands, exclusive launches, and the contribution of C-beauty brands. A key exclusive was the European store launch of Hailey Bieber's Rhode line. The retailer also announced a new partnership with Marks & Spencer in the UK, further expanding its distribution network. Over the first nine months of the year, LVMH's Selective Retailing business grew 6% organically to €12.5 billion.
Brand momentum across Dior, Guerlain and Givenchy
Key LVMH beauty houses reported substantial growth from flagship products and new collections. Parfums Christian Dior benefited from several fragrance successes. These included J’adore Intense, Sauvage Extrait, and new eau de parfum versions of Dior Addict. The house also launched new signature scents within its La Collection Privée line. In make-up, good momentum was driven by the Forever and Backstage lines.
Guerlain's growth was driven by multiple pillars. The launch of L’Heure Bleue, along with the L’Art & La Matière and Aqua Allegoria fragrance collections, contributed significantly. A major driver was accelerating growth in its iconic Rouge G lipstick. Parfums Givenchy focused on developing its L'Interdit fragrance line. Meanwhile, Maison Francis Kurkdjian extended its Oud collection. Acqua di Parma marked its 110th anniversary.
Mixed signals in LVMH’s broader beauty performance
Despite Sephora's strength, LVMH's Perfumes & Cosmetics division showed a more muted performance. Organic revenue in the division grew just 1% in Q3 2026, with sales reaching €2.01 billion. Over the first nine months of the year, organic revenue remained flat. Reported sales for the nine-month period were €5.92 billion, down 2% from €6.04 billion a year earlier.
The softer growth was attributed to uneven global demand. LVMH cited "the impact on business activity of a less buoyant environment in China" as a weight on performance. In contrast, the US, Europe, and Japan posted solid gains for the group during the quarter. LVMH's total revenue across all its businesses grew 1% in Q3 and 2% over the nine-month period.
LVMH affirms luxury resilience amid uncertainty
Group leadership emphasized core strengths to navigate volatility. LVMH stated it remained confident despite uncertainty around the economic and geopolitical environment. The company said it will maintain a strategy focused on continuously enhancing the desirability of its brands.
It plans to draw on the authenticity and quality of its products, its excellence in retail, an agile organisation, and the talent of its teams. "Backed by its diverse range of businesses, LVMH remained very solid in an uncertain geopolitical and economic environment, and maintained its innovative momentum," the group said. LVMH will continue to draw on its excellence in retail and powerful brands to reinforce its global leadership position in luxury goods in 2026.
