LVMH Reaffirms Commitment to China as Luxury Giant Bets on Market Recovery
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The LVHM booth at the China International Import Expo in Shanghai on Nov. 5, 2025.
LVMH Moët Hennessy Louis Vuitton SE remains committed to investing in China, a senior executive said, expressing confidence in a market that has shown “resilience and adaptability” despite a broader slowdown in global luxury sales.
“We will unswervingly continue to invest in the Chinese market,” said Marc-Antoine Jamet, LVMH Group’s secretary general, on Wednesday at the China International Import Expo in Shanghai. He told Caixin and other media that he expects China’s economy to soon rebound from its current trough and enter a new phase of recovery.
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- LVMH remains committed to investment in China despite a luxury sales slowdown, citing market resilience and adaptability.
- In the first three quarters of 2025, LVMH's Asia-Pacific revenue excluding Japan improved from losses to a 2% gain; overall revenue rose 1%.
- Chinese luxury consumers are increasingly discerning, prompting LVMH to innovate with cultural and experiential offerings such as Maison Louis in Shanghai.
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Who’s Who
- LVMH Moët Hennessy Louis Vuitton SE
- LVMH Moët Hennessy Louis Vuitton SE, a luxury conglomerate, is committed to investing in China, viewing it as a resilient market despite recent slowdowns. The company sees potential in discerning Chinese consumers who seek cultural resonance and immersive experiences. LVMH is innovating to meet these demands, with examples like Louis Vuitton's "Maison Louis" in Shanghai and Bulgari's emphasis on heritage.
- Kering SA
- Kering SA is a luxury group that owns brands such as Gucci, Saint Laurent, and Bottega Veneta. The company experienced regional declines across its three flagship brands in Asia-Pacific. This indicates a struggle in the luxury market, mirroring the broader slowdown in global luxury sales.
- Gucci
- Gucci is a luxury brand owned by Kering SA. The brand has faced challenges in the Chinese market, experiencing regional declines. This downturn reflects a broader shift in consumer behavior, where discerning Chinese buyers now prioritize cultural resonance and immersive experiences over status-driven logos.
- Saint Laurent
- Saint Laurent, known as 圣罗兰 in Chinese, is a luxury brand owned by Kering SA. The article mentions that Saint Laurent, alongside other Kering brands like Gucci and Bottega Veneta, experienced regional declines in sales in Asia-Pacific, excluding Japan, during a period when the luxury market in China was slowing down in 2024.
- Bottega Veneta
- Bottega Veneta is a luxury brand owned by Kering SA. The brand, along with Gucci and Saint Laurent, experienced regional declines in Asia-Pacific sales. This indicates a challenging period for Bottega Veneta in the Chinese market amidst a broader slowdown in global luxury sales.
- Hermès International SCA
- Hermès International SCA, a high-performing luxury brand, experienced a notable slowdown in its Asia-Pacific growth, dropping to 7% from 19% the previous year. This indicates a challenging period for luxury brands in the region due to softening demand in China and a sluggish recovery in international travel.
- Louis Vuitton
- Louis Vuitton (路易威登) opened a 1,600-square-meter, ship-shaped flagship store called "Maison Louis" in Shanghai in June. This venue combines exhibitions, retail, and a café, and its success has exceeded expectations, according to LVMH's secretary general. It represents a "completely new business model" for the brand.
- Bulgari
- Bulgari's CEO, Jean-Christophe Babin, who also heads LVMH's watches and jewelry division, sees a significant opportunity in the rising pride Chinese consumers have in their own heritage. He notes that Bulgari's design philosophy, deeply rooted in 2,000 years of Roman history, resonates well with emerging Chinese jewelers such as Laopu Gold Co. Ltd.
- Laopu Gold Co. Ltd.
- Laopu Gold Co. Ltd. is mentioned as an emerging Chinese jeweler. Its design philosophy, which embraces Chinese heritage, resonates with luxury brands such as Bulgari, which also draws on a rich historical background for its designs. This suggests Laopu Gold is successfully blending luxury with cultural storytelling.
- Hennessy
- Hennessy has been operating in China for 166 years. Its President and CEO, Charles Delapalme, views China as a core growth market, especially for high-end products. Hennessy plans to expand its distribution network beyond its traditional southern base to include eastern, western, and northern regions of China.
- Guerlain
- Gabrielle Saint-Genis, President and CEO of Guerlain, highlighted the changing dynamics of China's beauty market. She noted that success for brands like Guerlain will come from balancing innovation with their heritage. Saint-Genis emphasized the increasing demand for in-person experiences, the growing interest in fragrances, and the necessity for brands to communicate cultural value to consumers who are now more deliberate in their purchasing decisions after the pandemic.
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What Happened When
- 2022：
- The global luxury market posted exceptional growth, following a surge of post-pandemic 'revenge spending.'
- From 2023 onward：
- Luxury consumption in Asia-Pacific began to slow due to softening demand in China and a sluggish recovery in international travel.
- 2023：
- Hermès International SCA saw its Asia-Pacific growth at 19%.
- 2024：
- The slowdown in China became pronounced; LVMH's overall revenue rose just 1%; sales in Asia-Pacific excluding Japan fell 11%; Hermès International SCA's Asia-Pacific growth slowed to 7%.
- First three quarters of 2025：
- LVMH's Asia-Pacific revenue (excluding Japan) improved, with quarterly performance narrowing from losses of -11% and -6% to a 2% gain in the third quarter.
- From January to September 2025：
- LVMH's overall revenue growth reached 1%.
- By 2025：
- LVMH operated nearly 1,800 retail stores in over 100 cities across Greater China, employing over 27,000 people.
- June 2025：
- Louis Vuitton opened the 1,600-square-meter flagship 'Maison Louis' in Shanghai.
- As of 2025：
- Hennessy has operated in China for 166 years.
- 2025-11-05：
- Marc-Antoine Jamet, LVMH Group’s secretary general, spoke at the China International Import Expo in Shanghai and reiterated LVMH's commitment to investment in China.
- 2025-11-05：
- At the China International Import Expo opening ceremony, Premier Li Qiang highlighted the 'certainty of development' and 'certainty of opening up' in China's economy.
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