Luxury market follow-up: from LVMH shares at €439 to the Q3 2026 results, what changes for UHNWI clients

This article follows our first analysis, Luxury slows, ultra luxury accelerates, which focused on the divide between luxury and ultra luxury. Here we return to the September share-price sequence, the breakdown by business and the practical consequences, category by category.

The figures, without hasty conclusions

On 2 September 2026 LVMH shares closed at €439, their lowest since November 2020, before an intraday low of €427 the following day. The backdrop combined US–Iran geopolitical tension and softer demand in China. The same day, the sale of Marc Jacobs, for around €731m, was completed.

On 12 October the group reported third-quarter revenue of €18.5bn, up 1% organically. Over nine months revenue reached €57.1bn, up 2% organically.

• Selective Retailing: +8% organic in Q3.
• Watches & Jewelry: +6%, driven by Tiffany and Bvlgari.
• Wines & Spirits: +6%.
• Perfumes & Cosmetics: +1%.
• Fashion & Leather Goods: −5%.

By region, Asia excluding Japan fell 5%, with China described as less buoyant, while the United States, Europe and Japan were stable or growing.

The wider market

The Bain-Altagamma study published on 25 June 2026 sized the personal luxury goods market at €358bn in 2025, down 2%, and forecast €365–373bn for 2026, or +2% to +4% at constant exchange rates. It notes that experiences are growing faster than goods, that around half of luxury consumers use artificial intelligence for discovery and that a similar share consult the resale market.

What it changes for a UHNWI client

1. More attentive maisons

When growth slows, the great maisons take even more care of their best clients: private appointments, previews of pieces before release, invitations to shows and workshops. A single point of contact who knows your taste and purchase history lets you benefit without multiplying requests. That is the role of our personal shopping service.

2. Watches and jewellery remain tight

The fashion decline does not apply to every category. Watches and jewellery are still growing at LVMH: the most sought-after pieces keep their waiting lists. A well-prepared search across boutiques and a trusted secondary market, with paperwork checked, remains the safest method.

3. Resale becomes essential

Resale, highlighted by Bain, is now a route to sold-out pieces. It demands strict discipline: invoices, certificates and inspection by an independent expert. Without documents, we do not buy.

4. Experience takes the lead

A private table, a tailor-made journey, a mountain stay, the major events of the season: demand is moving towards what cannot be stored. This is where a private concierge adds most value: access, logistics and discretion.

5. A wealth perspective

A share price says nothing about the place of a watch or an artwork in a family’s assets. For allocation, succession or tax questions we work alongside your advisers, notaries and private bankers, within a family office structure. We give no advice on buying or selling securities.

Further reading

• Luxury slows, ultra luxury accelerates: the market divide
• Before 31 December 2026: gifts, art, wine and family office
• 2026 through the eyes of AC PRIVATE - A List concierge
• Planning the 2027 season, from Lunar New Year to the Grands Prix

Frequently asked questions

Why did LVMH shares fall to €439 in September 2026?

On 2 September 2026 the share closed at €439, its lowest since November 2020, amid US–Iran tension and softer demand in China. We do not comment on the future direction of the stock.

What were LVMH’s Q3 2026 results?

Revenue of €18.5bn, up 1% organically, and €57.1bn over nine months (+2%). Fashion & Leather Goods fell 5%, Watches & Jewelry grew 6%.

Does the luxury slowdown make rare pieces easier to get?

Sometimes in fashion, rarely for the most sought-after watch and jewellery references, which are still growing. Access depends above all on relationships with the maisons and a rigorous search.

Should I use the secondary market?

It helps find sold-out pieces, provided you insist on invoices, certificates and inspection by an independent expert.

Does AC PRIVATE - A List concierge give investment advice?

No. We organise access, sourcing and logistics, and work with your financial and tax advisers. Write to us via the contact page or at [email protected], reply within 24 hours.