In an uncertain economic climate, LVMH’s Wines & Spirits division is one of the group’s steadier performers.
The Group’s third-quarter 2026 revenue release shows a business that is growing in a year when luxury demand is uneven.
The numbers
Wines & Spirits generated €4,027 million in revenue over the first nine months of 2026, up from €3,917 million a year earlier. That is a 3% increase on a reported basis and 5% organically, meaning at constant scope and exchange rates. The gap between the two figures comes from currency effects, which weighed on the Group as a whole.
The division’s quarterly trend is steady:
- Q1 2026: €1,273 million, +5% organic
- Q2 2026: €1,324 million, +5% organic
- Q3 2026: €1,429 million, +6% organic
Growth was 5% in each of the first two quarters and accelerated to 6% in the third. Third-quarter revenue rose from €1,330 million in 2025 to €1,429 million.
How it compares to the rest of LVMH
Across the Group, organic growth was 2% for the nine months, at €57.1 billion in revenue. Wines & Spirits ranked well above that average. In the third quarter, the division grew 6% organically while Fashion & Leather Goods declined 5%, hit by weaker demand in China. Only Selective Retailing (+8%) and Watches & Jewelry (+6%) matched or exceeded Wines & Spirits in that quarter. That makes it a useful counterweight in a Group portfolio that depends heavily on a few large businesses.
What is driving growth
Champagne is recovering. LVMH reports further signs of the recovery seen since the start of the year, particularly in Europe. Moët & Chandon helped by staying visible through its second season as the Official Champagne of Formula 1 Grand Prix races. The partnership puts the brand in front of a global audience at celebratory moments.
Hennessy is gaining in Asia. The cognac house saw good momentum in Asia, a region that has weighed on the category in recent years. In the United States, Hennessy benefited from the launch of its new VS range of ready-to-serve cocktails. The product extends the brand into the growing ready-to-drink segment and gives it a more casual way to reach consumers.
Provence rosé keeps progressing. The release says Provence rosé wines continued to make good progress. The category adds to the division’s growth beyond champagne and brandy.
Why it matters
Wines & Spirits is the smallest of LVMH’s business groups by revenue, but its recent performance is notable. It has grown at a steady 5–6% organic pace through 2026 while the Group’s largest division contracted. The drivers are varied: a European champagne recovery, renewed traction for cognac in Asia, product innovation in the US, and growing rosé sales. Spreading growth across regions and products reduces dependence on any single market.
Outlook
LVMH acknowledges that the economic and geopolitical environment remains uncertain, but says it stays confident. Its strategy is to keep strengthening brand desirability, drawing on product authenticity and quality, retail excellence and an agile organization. For Wines & Spirits, the Maisons’ visibility, innovation and growth across regions will be the factors to watch as 2026 closes.
Source: LVMH