Key takeaways
- LVMH returns to growth with €58.1bn revenue in the first nine months of 2025.
- Perfumes & Cosmetics division sees 2% organic growth, led by Dior and Guerlain.
- Sephora continues to gain market share and launches Hailey Bieber’s Rhode brand.
- SEPHORiA global beauty event expands to Shanghai, Paris, Dubai and soon the US.
- LVMH executives say Sephora’s destination model sets it apart from Amazon Beauty.
French luxury multinational LVMH has returned to growth following a period of declining sales. As a group, LVMH recorded revenue of €58.1bn for the first nine months of 2025, up 1% year-on-year, bringing the business back on track after several consecutive quarters of losses.
Its Perfumes & Cosmetics division delivered 2% organic growth in Q3 2025, maintaining stable revenue overall for the first nine months of the year, despite losing footing in the previous quarter.
Speaking on a financial results conference call, LVMH’s Chief Financial Officer Cecile Cabanis noted that the Perfumes & Cosmetics division has seen some acceleration in Q3 and had “quite a good performance.” She added that while performance was consistent across categories, there were differences between brands. “Dior outperformed in makeup and skincare thanks to numerous innovations,” she said. “We also saw strong fragrance performance from other Maisons such as Guerlain, Maison Francis Kurkdjian and Givenchy. Overall, the division performed comparably across categories.”
During the financial results conference call, Head of Investor Relations Rodolphe Ozun also highlighted the balanced growth across product categories in the Perfumes & Cosmetics division and said this was driven by strong performance from Guerlain, Givenchy, Acqua di Parma and Maison Francis Kurkdjian.
Is Amazon Beauty a threat to Sephora?
LVMH’s Selective Retailing division – which includes its ‘golden goose’ global cosmetics retailer Sephora – saw revenue growth in the first nine months of 2025, with the retailer continuing to gain market share across multiple countries. In this period, Sephora has expanded its brand portfolio, including launching Hailey Bieber’s beauty brand Rhode into stores, which has marked a record-breaking debut for the business.
Ozun reported solid organic and like-for-like growth for Sephora across all key regions – the Americas, Europe and the Middle East – in Q3. He also shared more on the launch of Sephora’s global beauty event, SEPHORiA, which will allow consumers to explore new products and trends and attend masterclasses in store. This year, the event took place in Shanghai, Paris and Dubai and a US launch is planned for early next year.
When asked whether the rise of Amazon Beauty poses a threat to Sephora, Cabanis responded with a clear no. “Sephora is everything Amazon is not. Sephora is a destination – a place where you find exclusive brands, beauty consultants and a curated experience. People don’t say, ‘I’ll buy some Amazon,’ but they do say, ‘I’m going to Sephora.’ It’s a very different model,” she said.
She also added that both footfall and average basket size have increased for Sephora in Q3 and reasserted that the Rhode launch was a record breaking success.
“For us, it’s overly simplistic to compare Sephora to Amazon. We are very different, and we are outperforming across all our stores. It’s all about the physical experience and being a destination,” she said.
