LVMH’s fashion and leather goods business is closing the YTD decrease with third-quarter revenues falling 2%.

AOC rejects the decision of a prominent fashion industry media to describe these results as part of a “long-running decline” in the LVMH fashion and leather goods business results in 2025.

When a huge business like the LVMH fashion and leather goods division beats analysts estimates — including the aforementioned media’s own estimates with half the decline projected — this is good news.

Does the division have a YTD decline? Yes. Examining the 3rd quarter results, few media reports note that the 2025 comps are up against the Paris 2024 Olympics. The projected 4% decrease, not the 2% decrease reported today by LVMH, affirms the reality that flying into strong headwinds, the fashion and leather sector delivered news to applaud, not critique as an extension of a “long-running decline” now entering its 4th quarter.

Based on LVMH's financial reports, revenue for its Fashion & Leather Goods division was €41.060 billion in 2024, representing a 3% increase in 2024 over 2023.

No responsible business analyst is writing that the LVMH fashion and leather goods division is “out of the woods” in this very difficult year for the luxury sector. And AOC avoids that suggestion as well.

The “Long-running Decline” Label Belongs to Gucci

Speaking factually, it’s Gucci who wears this crown reported for LVMH.

For the full year 2024, Gucci revenue fell 23% on a comparable basis. In the first half of 2025, revenue was down 25% on a comparable basis.

There is great confidence in the business leadership and financial acumen being shown by new Kering CEO Luca de Meo leading the parent company Kering and the Gucci turnaround, in particular.

We are wildly impressed with de Meo’s weekend Kering business conference in which he stipulated that runway fashion show designs only be budgeted as 20% of Kering brands revenues. More insights will follow.

Reckless and Financially-Inaccurate Business Analysis and Media

AOC’s issue all year is that the business reporting on LVMH has bordered on reckless and just plain wrong at times. As a result the LVMH stock price has taken needless hits in valuation that could put a smaller, less-well run business in deep financial distress.

For the first time in 2025, the finance and banking sector in both Europe and America are largely rowing in sync with regard to LVMH. AOC noted this concensus yesterday in reporting on a new Louis Vuitton campaign.

There’s major agreement that the stock became undervalued with this endless stream of both select financial analysts and corresponding fashion business media pushing the panic button way beyond the actual reality of a challenging LVMH situation.

To read today about the “long-running decline” to describe the good news at LVMH — in the face of Gucci results or Burberry or Michael Kors — makes one question the motivations of the media source, now that LVMH stock targets are again derived from sound thinking and not idle speculation or worse.

Brunello Cucinelli stock still hasn’t fully recovered from what appears to be a deliberate case of short-selling created by false financial reporting.

And on the subject of Maria Grazia Chiuri at Fendi, of course AOC has died and gone to heaven to see her devoted Dior clients have a choice to stay with LVMH at Fendi, rather than bolting for Chanel. More coming on the topic. ~ Anne