Cecile Cabanis
Chief Financial Officer
Ladies and gentlemen, good afternoon. I hope you are well. I’m here with Rodolphe Ozun, who is our Head of Investor Relations. And together, we are very pleased to welcome you on our third quarter sales call. As usual, I will start with the highlights of the quarter, then Rodolphe will take you through the details of the division. I will conclude, and then we’ll be happy to answer your questions. Before we start, I kindly ask you to read the safe harbor statement on Page 2 of your presentation before I move to Page 3 and start the presentation.
LVMH showed good resilience in the first 9 months of 2025 with improved trends in Q3 across all business groups. Fashion and Leather Goods, in particular, benefited from solid local demand in its key nationalities with Mainland China turning positive in Q3, solid growth in the U.S., which improved sequentially compared to Q2 and positive growth with Europeans in line with previous quarter.
The euro strength against key currencies generated a highly negative minus 5% impact in Q3 and currencies also remained a strong headwind to offshore demand in Europe and in Japan. Finally, all divisions continue to innovate and
