LVMH: Highlights from the 3Q26 conference call

LVMH reported 3Q26 results. This report contains key points from its investor conference call. Results Quick Take: LVMH misses 3Q26 expectations on all-important F&LG. Louis Vuitton has started to drag on F&LG as macroeconomic conditions in China grow tougher. A creative renewal at Dior continues to bear fruit. Louis Vuitton, in contrast, has remained relatively static. One-offs in 3Q26A offer a slight reprieve: management flagged a one-off logistical problem for Louis Vuitton of negative ~0.5% to 1% for the F&LG division, implying an underlying -3.5% to -4% decline. Remedial action at Louis Vuitton will take time to implement, with a two- to three-quarter lead-time before sustained consumer traction. We now forecast FY26E and FY27E F&LG OSG of -1.7% and +1.5%, with 4Q26E F&LG OSG at -1%;