Luxury's Q3 Scorecard: Jewellery Shines, Gucci Slips, China Cools

Luxury's third-quarter reporting season is almost over, and the message is consistent: jewellery is carrying the industry while fashion and leather goods struggle, above all in China. Here is what the big numbers, published between 12 and 22 October 2026, actually say.

The scoreboard

• LVMH (12 October): third-quarter revenue of €18.5 billion, up 1% organically. Watches & Jewelry grew 6% in the quarter; Fashion & Leather Goods fell 5%.
• Hermès (22 October): revenue of €4.1 billion, up 4.3% at constant exchange rates, slower than the 6.1% of the first half. Leather goods rose 10.8%; watches fell 6.0%.
• Kering (22 October): revenue of €3.35 billion, flat as reported and down 1% on a comparable basis. Gucci fell 6%; Kering Jewelry rose 11%.
• Swiss watch exports (20 October): CHF 2.23 billion in September, up 11.7% year on year, according to the Federation of the Swiss Watch Industry (FH).

Jewellery is the common thread. LVMH says Bvlgari's new Eclettica line of high jewellery and watches generated record revenue, and Tiffany & Co. launched its Blue Book 2026 "Hidden Garden" high jewellery collection. At Kering, Boucheron and Pomellato drove 18% growth in the jewellery houses' own stores. Over nine months, LVMH's Watches & Jewelry division reached €7.7 billion, up 8% organically.

China cools, America holds

Every group pointed to the same map. LVMH said weaker demand in China weighed on the quarter, while the United States, Europe and Japan grew. Hermès reported flat sales in Asia-Pacific excluding Japan at constant rates, against 8.8% growth in the Americas and 9.5% in Europe excluding France. At Gucci, North America was the most resilient region, while mainland China and Japan suffered from lower store traffic.

The Swiss export figures rhyme. According to the FH, shipments to China fell 14.2% in September, while the United States jumped 86%, a comparison with a weak September 2025, when shipments to the US slumped after Washington raised tariffs on Swiss goods. Over the first nine months, exports totalled CHF 19.5 billion, up 2.7%.

In a slow year, the things people buy to keep are outselling the things people buy to be seen.

At Kering, chief executive Luca de Meo called Gucci's turnaround the group's absolute priority. The group expects at least 125 net store closures this year and still aims to improve its operating margin in 2026. Hermès confirmed its medium-term growth target and will publish full-year results on 12 February 2027.

What comes next: Phillips opens the autumn watch auction season in Geneva on 7 and 8 November, a live test of collector appetite at the top end. This is market news, not investment advice; before buying shares or collectibles, talk to a qualified financial adviser.