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Improvement in trends in the third quarter of 2025
Paris, October 14, 2025

The Christian Dior Group recorded revenue of €58.1 billion in the first nine months of 2025. The
Group showed good resilience and maintained its powerful innovative momentum despite a disrupted
geopolitical and economic environment. Europe and the United States, which remained stable with
respect to the first nine months of 2024, benefited from solid local demand. Japan was down with
respect to the same period in 2024, which had been boosted by growth in tourist spending due to the
much weaker yen. The rest of Asia saw a noticeable improvement in trends with respect to 2024.
With 1% organic growth, the third quarter saw an improvement across all business groups and all
regions, with the exception of Europe, where revenue from tourist spending declined, affected by
currency fluctuations, which weighed more on the quarter than earlier in the year.

Revenue by business group changed as follows:
Change: Change:
First First First 9 months Q3
In millions of euros 9 months 9 months 2025/2024 2025/2024
2024 2025 Reported Organic* Organic*

Wines & Spirits 4 193 3 917 -7% -4% +1%
Fashion & Leather
29 922 27 611 -8% -6% -2%
Goods
Perfumes & Cosmetics 6 148 6 040 -2% 0% +2%

Watches & Jewelry 7 536 7 409 -2% +1% +2%

Selective Retailing 12 559 12 613 0% +3% +7%
Other activities and
395 500 - - -
eliminations
Total 60 753 58 090 -4% -2% +1%
* On a constant consolidation scope and currency basis. For the Group, the impact of exchange rate fluctuations in the first
nine months of 2025 was -2% and the impact of changes in scope was negligible. For the third quarter of 2025, the exchange
rate impact was -5% and the impact of changes in scope was negligible.

The Wines & Spirits business group posted slight organic growth in the third quarter, despite a
decline in its revenue in the first nine months of 2025, with a sequential improvement in champagne
and wines, and a good performance in Provence rosé wines. The trends seen in cognac since the
beginning of the year were similar to those observed in 2024, due in particular to the impact of trade
tensions weighing on demand in the key markets of the United States and China.

The Fashion & Leather Goods business group saw revenue decline in the first nine months of 2025,
with an improvement in the third quarter, reflecting good resilience with local customers, whereas
2024 had been boosted by strong growth in tourist spending, particularly in Japan. Louis Vuitton
continued to demonstrate exceptionally powerful creativity through its iconic products and unique in-

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store experiences. This was reflected in the latest fashion shows by Nicolas Ghesquière and Pharrell
Williams, as well as the exceptional architecture of “The Louis”, a museum-like space in the form of
a cruise ship in Shanghai, reimagining the Maison’s spirit of travel and drawing a very high number
of visitors. Another highlight of the quarter was the launch of La Beauté Louis Vuitton, a new
creative universe led by Dame Pat McGrath, with an exacting focus on the composition, innovation
and sustainability of Louis Vuitton makeup, which was a major success. At Christian Dior Couture,
the Maison’s new Creative Director Jonathan Anderson introduced a contemporary “new look”. His
first Women’s and Men’s collections were tremendously well received. Embodying French elegance,
two “House of Dior” locations were inaugurated in New York and Beverly Hills. For the Maison’s
latest jewelry designs, Victoire de Castellane revisited the ancient art of origami, drawing inspiration
from haute couture. Loro Piana continued its pursuit of excellence, partnering once again with Team
Europe, the winner of the 2025 Ryder Cup, the world’s most prestigious team golf tournament. The
Maison also confirmed its status as “Master of Fibers” at the presentation of its latest collection at the
Palazzo Citterio in Milan. The first fashion shows by new creative directors Michael Rider at Celine,
Jack McCollough and Lazaro Hernandez at Loewe, and Sarah Burton at Givenchy received an
excellent response. At Fendi, Silvia Venturini Fendi was appointed Honorary President and Maria
Grazia Chiuri was appointed Chief Creative Officer of the Roman Maison.

The Perfumes & Cosmetics business group, for which revenue remained stable on an organic basis
in the first nine months of 2025, maintained its robust innovation policy and highly selective retail
approach. In fragrances, Parfums Christian Dior benefited from the successful launches of Miss Dior
Essence and Dior Homme Parfum. Sauvage remained the world’s best-selling fragrance. In makeup,
the new Rouge Dior On Stage lipstick as well as innovations within Forever and Dior Addict also
contributed to the Maison’s performance. Guerlain was buoyed by the latest additions to its Aqua
Allegoria and L’Art & La Matière fragrance lines. Parfums Givenchy unveiled a new floral version of
its iconic scent with L’Interdit Parfum.

The Watches & Jewelry business group saw organic growth in the first nine months of 2025.
Tiffany & Co. continued the successful enhancement of its iconic lines and the global rollout of its
store concept inspired by The Landmark in New York. Recently opened locations in Milan and Tokyo
enjoyed a high level of in-store traffic and revenue. Paying tribute to the Maison’s most famous
brooch, designed by Jean Schlumberger, the new Bird on a Rock had a particularly promising debut.
Bvlgari was buoyed by the ongoing development of Serpenti and the excellent results achieved by its
Polychroma high jewelry collection. The Kaleidos exhibition in Tokyo and the Serpenti Infinito
exhibition in Mumbai showcased the Maison’s expert craftsmanship. Chaumet continued to develop
its emblematic Bee de Chaumet jewelry line. In watches, TAG Heuer enjoyed a high-profile presence
at the Grand Prix races of Formula 1 as part of the 10-year partnership entered into in 2024. A number
of innovations from the Group’s watchmaking Maisons were unveiled at Geneva Watch Days,
including TAG Heuer’s revolutionary Carbonspring oscillator.

In Selective Retailing, revenue grew in the first nine months of 2025. Sephora achieved a remarkable
performance, once again delivering sustained growth in revenue. The Maison saw further market
share gains in many countries, consolidating its global leadership position. Sephora continued to
enrich its unique selection of brands, with Rhode in particular achieving a record-breaking launch.
DFS saw revenue trends improve in the third quarter, in particular in Macao and Hong Kong, while
the operational streamlining measures taken since the beginning of the year are bearing fruit. Le Bon
Marché posted growth, driven by the department store’s differentiation strategy focused on its
continuously renewed selection of products and unique array of cultural events.




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OUTLOOK

In an uncertain economic and geopolitical environment, the Christian Dior group remains confident and
will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the
authenticity and quality of its products, excellence in retail and agile organization.

The Group will draw on its powerful brands and the talent of its teams to reinforce its global leadership
position in luxury goods once again in 2025.

Apart from the information mentioned in this press release, during the quarter and to date, no events
or changes have occurred that could significantly modify the Group’s financial structure.


This press release is available at www.dior-finance.com

“This document may contain certain forward looking statements which are based on estimations and forecasts. By their nature, these forward
looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those
described in Christian Dior’s Annual report which is available on the website (www.dior-finance.com). These forward looking statements
should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by
them. The forward looking statements only reflect Company’s views as of the date of this document, and Christian Dior does not undertake to
revise or update these forward looking statements. The forward looking statements should be used with caution and circumspection and in no
event can the Company and its Management be held responsible for any investment or other decision based upon such statements. The
information in this document does not constitute an offer to sell or an invitation to buy shares in Christian Dior or an invitation or inducement
to engage in any other investment activities.”


This document is a free translation into English of the original French financial release dated October 14th, 2025.
It is not a binding document.
In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.




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APPENDIX

Christian Dior – Revenue by business group and by quarter

Revenue for 2025 (in millions of euros)
Full-year 2025 Wines & Fashion & Perfumes & Watches & Selective Other activities Total
Spirits Leather Goods Cosmetics Jewelry Retailing and eliminations

First quarter 1 305 10 108 2 178 2 482 4 189 49 20 311
Second quarter 1 283 9 006 1 904 2 608 4 431 267 19 499

First half 2 588 19 115 4 082 5 090 8 620 315 39 810

Third quarter 1 330 8 497 1 958 2 319 3 992 185 18 280

First nine months 3 917 27 611 6 040 7 409 12 613 500 58 090


Revenue for 2025 (organic growth versus same period in 2024)
Full-year 2025 Wines & Fashion & Perfumes & Watches & Selective Other activities Total
Spirits Leather Goods Cosmetics Jewelry Retailing and eliminations

First quarter -9% -5% -1% 0% -1% - -3%
Second quarter -4% -9% +1% 0% +4% - -4%

First half -7% -7% 0% 0% +2% - -3%

Third quarter +1% -2% +2% +2% +7% - +1%

First nine months -4% -6% 0% +1% +3% - -2%


Revenue for 2024 (in millions of euros)
Full-year 2024 Wines & Fashion & Perfumes & Watches & Selective Other activities Total
Spirits Leather Goods Cosmetics Jewelry Retailing and eliminations

First quarter 1 417 10 490 2 182 2 466 4 175 (36) 20 694
Second quarter 1 391 10 281 1 953 2 685 4 457 216 20 983

First half 2 807 20 771 4 136 5 150 8 632 181 41 677

Third quarter 1 386 9 151 2 012 2 386 3 927 214 19 076

First nine months 4 193 29 922 6 148 7 536 12 559 395 60 753


As table totals are calculated based on unrounded figures, there may be slight discrepancies between these
totals and the sum of their component figures.




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