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Ladies and gentlemen, good afternoon. I hope you are well. I'm here with Rodolphe Ozin, who is our head of investor relations, and together we are very pleased to welcome you on our third quarter sales call. As usual, I will start with the highlights of the quarter, then Rodolphe will take you through the details of the division. I will conclude and then will be happy to answer your questions. Before we start, I kindly ask you to read the safe harbour statement on page 2 of your presentation, before I move to page 3 and start the presentation. LVMH showed good resilience in the first nine months of 2025 with improved trends in Q3 across all business groups. Fashion and leather goods in particular benefited from solid local demand in its key nationalities, with mainland China turning positive in Q3, solid growth in the US, which improved sequentially compared to Q2, and positive growth with Europeans in line with previous quarter. The Euro strength against key currencies generated a highly negative minus 5% impact in Q3, and currencies also remained a strong headwind to offshore demand in Europe and in Japan. Finally, all divisions continue to innovate and move forward with their strategies. Q3 has been a notable quarter for the fashion and leather goods division in particular, with pockets of excitement, including new retail concepts, successful shows, and looking ahead to several new creative designers. Next on slide four, with the sales bridge for the nine months, which shows the group recorded around 58 billion euros in revenue, down 2% on an organic basis and down 4% on a reported basis after taking into account a negative 2% currency impact. For the third quarter, the LVMH group returned to growth, up 1% organic and down 4% reported after taking into account the negative 5% currency impact. Slide 5 outlines the geographic breakdown of revenues in euros. Our regional mix remains well balanced over the first nine months of the year, with Europe, including France, at 26%, up one point. U.S. is stable at 25%. Asia is down 2.0 to 27%. And Japan down 1.0 to 8%. And finally, other markets increasing 2 points to 14%. Moving on slide 6, which highlights the improvement in trend in Q3 in our key regions. And as you see, improvement is visible across most of geographies. Both the United States and Asia, excluding Japan regions, turned positive in Q3. Japan also improved significantly sequentially, reflective of a basis of comparison which remains high but less challenging than in the first half of the year. Europe remained broadly stable, albeit slightly impacted by tourism in Q3. Slide 7 outlines the organic improvement of our businesses in Q3. Fashion and leather goods saw the greatest sequential improvement versus Q2, with improved performance in nearly all the key regions, and notably Japan, Asia, and the US. This reflects the recovery of the basis of comparison as well as pockets of improvement, and it reflects continued progresses made by the brands in terms of desirability, innovation, and execution. All other divisions recorded positive growth in Q3. Selective retailing up 7%, continues to perform well, with very strong performance by Sephora and continued improvement in DFS. Watches & Jewellery, up 2%, continues to see a good performance on iconic lines and renovated stores. Perfumes & Cosmetics, up 2%, also improved slightly. And Wine & Spirits, up 1%, returned to growth in Q3, with improvement in champagne, good growth in rosé wines, and still soft demand in cognac. Rodolphe will now share further information by business group before I conclude and we open for Q&A.

Thank you, Cecile, and good afternoon, everyone. And we'll start as usual with wines and spirits. Turning to slide 10, the wines and spirits business group recorded 3.9 billion euros in revenue in the first nine months of 2025. This represents a 4% decrease on an organic basis versus the first nine months of 2024 and a 7% decrease on a reported basis after taking into account a negative 2% currency impact. The numbers don't fully add up due to rounding, but they are correct, just to be clear. Broken down, Champagne and wines generated 2.2 billion euros in revenue in the first nine months, a 3% increase on an organic basis, and revenue was up 1% on a reported basis after taking into account a negative 3% currency impact. Cognac & Spirits recorded 1.8 billion euros in revenue, a 12% decrease on an organic basis, and a 14% decrease on a reported basis after taking into account a negative 2% currency impact. For the third quarter specifically, the Wines & Spirits division rose 1% organic, with Champagne & Wines up 7%, while Cognac & Spirits declined 6%. On slide 11, Champagne & Wines continue to benefit from resilient demand in Champagne, driven notably by solid depletions in the U.S. year-to-date and by good performance of Rosé wines. Beyond these positive elements, Q3 also benefited from Champagne restocking in the U.S. and as a result, year-to-date growth is probably more indicative of underlying performance for this business group. Moving on to brand initiatives, Moët & Chandon was the title sponsor of the Belgian Grand Prix, as well as Monza, and also celebrated its return as the official champagne of the US Open. Veuve Clicquot continued to deliver solid volume growth and to gain market share. contributing to the good performance of the US market I was referring to and unveiled a new limited edition for its 2018 La Grande Dame Vintage in collaboration with Simon Porte Jacquemus. Maison Ruinart, which also gained tangible market share, appointed Caroline Fiou as its new seller and master. Frédéric Panagiotis, who held the role since 2007, sadly passed away earlier this year. And Caroline, who has worked alongside Frédéric for nearly a decade, will continue to build on Ruinart's commitment to innovation. In cognac and spirits, cognac performance continued to be impacted by trade tensions and soft depletions in the US and China, although China did benefit from restocking in VSOP in the third quarter, hence the sequential improvement in trends. Elsewhere, the division saw promising innovation from Belvedere and Eminente, Glenmorangie's partnership with Formula One, and the new hospitality and whisky experience at Ardbeg. Next to fashion and leather goods on slide 13, revenue for the division reached 27.6 billion euros for the first nine months, down 6% on an organic basis and down 8% on a reported basis after taking into account a negative 2% currency impact. For the third quarter, fashion and leather goods was down 2% on an organic basis. And now on slide 14, we share some highlights by brand. Louis Vuitton continued to display its creativity across a wide range of initiatives, starting with highly desirable fashion shows by Nicolas Ghesquière, set within the summer apartment of Anne of Austria at the Musée du Louvre, while Pharrell Williams drew inspiration from India, with the Centre Pompidou as backdrop. The Maison continued to innovate in its core leather goods line and benefited from the enduring appeal of its monogram and monogram emprunt lines. In retail, the opening of the Louis in Shanghai, which is pictured on slide 12, has attracted incredible attention and traffic, whilst highlighting the depth of the museum's heritage, craftsmanship and creativity. And anecdotally, I would add it's quickly become one of Revital's best-selling locations for suitcases. And finally, true to its tradition of innovation, at the end of August, Louis Vuitton officially unveiled La Beauté Louis Vuitton, which has been very well received and includes 55 rouge lipsticks in a nod to the Roman numeral LV. Christian Dior saw the inspiring first men's and women's shows designed by Jonathan Anderson, unfolding a contemporary expression of Christian Dior's new look. The Maison also inaugurated House of Dior New York, just steps from the location where Christian Dior established his US subsidiary in 1948. and inaugurated the House of Dior Beverly Hills on Rodeo Drive, celebrating Dior's history and its connections to Hollywood. Christian Dior also saw the launch of the new Diorgami jewelry collection, designed by Victoire de Castellane and inspired by the Japanese art of folding. Two key highlights on other brands, firstly the success debut collection or runway shows of several designers, Cecile was referring to it, Michael Ryder at Celine, Jack McCullough and Lazaro Hernandez at Loewe, Sarah Burton at Givenchy and we're pleased to have announced the appointment of Maria Grazia Chiuri as Chief Creative Officer of Fendi. Also worth highlighting this quarter is the excellent performance of Loro Piana despite challenging combs and the continued growth of Rimovar and Berluti. Moving on to perfumes and cosmetics, on slide 16, revenue reached 6 billion euros, stable on an organic basis and down 2% on a reported basis after taking into account a negative 2% currency impact. For the third quarter specifically, perfumes and cosmetics was up 2% on an organic basis. Slide 17 shares some specific highlights by brand, starting with Parfums Christian Dior, which unveiled a new campaign for Sauvage, as well as its new fragrance for women, Miss Dior Essence. The Maison also celebrated the history of Miss Dior with an exhibition in Shanghai. Makeup outperformed in Q3 for Christian Dior, supported by successful innovation, including Rouge Dior on stage and backstage, while growth in skincare was driven by the Prestige line. For the perfume and cosmetics business group as a whole, the third quarter was marked by balanced growth across product categories, driven by the good performance of Guerlain, which performed well in all segments, as well as Givenchy, Acqua di Parfum, and Maison Francis-Curie-Jean in fragrances. In makeup, Benefit successfully launched a new foundation capitalizing on the reputation of its iconic professional franchise. And Makeup Forever rolled out novelties in crayon and foundation in its HD skin line. Moving on to watches and jewelry on slide 19, where revenue for the first nine months of 25 reached 7.4 billion euros, up 1% on an organic basis and down 2% on a reported basis after taking into account a negative 3% currency impact. For the third quarter, watches and jewelry was up 2% organic. Next, on to slide 20, we outlined some of the initiatives of our watch and jewelry maison, starting with Tiffany, which enjoyed double-digit growth from its iconic lines, with a particularly encouraging momentum from hardware and not. Renovated stores continued to increase in the mix and to outperform, and now account for a bit more than 30% of the total, in line with our plan. And this quarter saw the reopening of two stunning flagships, one in Ginza, pictured on slide 18, and another one in Milan. Finally, Tiffany also enjoyed record sales in high jewellery, which continued to outperform in Q3 and YTD. Moving on to Bourguery, which also enjoyed great success in high jewellery in the third quarter with its Polychroma collection. In core jewellery, the Serpenti line continued to perform well and the brand expanded its historic Tubergas line. Also worth highlighting is the very good performance of Bourguery's jewellery watch in Q3 and year-to-date. Finally, Bogri also presented its largest ever exhibition in Japan, called Cadeidos, and took its Serpenti Infinito exhibition to Mumbai in October. Likewise, Chaumet unveiled an exhibition at Osaka Kansai World Expo, and FRED continued to grow thanks to the strength of its core Forstis line. In watches, Tagoyer enjoyed a high-profile presence at the Grand Prix races and saw strong outperformance in its Formula 1 range, while Hublot continued to innovate on materials with Titanium Watch and then they celebrated its 160th anniversary. Now to discuss our last business group, Selective Retailing on slide 22, which shows revenue reached 12.6 billion euros, up 3% on an organic basis and flat on a reported basis after taking into account a negative 3% currency impact. For the third quarter, Selective Distribution was up 7% on an organic basis. Moving on to slide 23, Sephora delivered solid organic and like-for-like growth across all key regions, Americas, Europe, and the Middle East, and successfully launched RODE, which debuted in-store and online at Sephora early September in the US and Canada, and is a new record brand launch for Sephora. Finally, Sephora also announced its global beauty event, Sephoria, which enables consumers to discover the newest products and trends, attend masterclass, and experience Sephora's playful and socially driven approach through a local lens with three destinations this year, Shanghai, Paris, and Dubai, as well as the US early next year. Elsewhere, DFS benefited from strong traffic in Hong Kong and Macao in Q3, while Le Bon Marché continued to deliver excellent growth and distinctive cultural events such as the Rock and Roll exhibition, which is on until the end of this week. This concludes the Business Group presentation and I'll now pass back to Ceci.

Thank you, Rodolphe. And a few words to conclude the presentation on page 25. Q3 shows quite a few positives beyond the comp base and we are happy with the decision made. We are encouraged by the pocket of improvement that we see in all businesses. Q4 is going to be tougher when it comes to comp base and we need to keep that in mind. When we turn to next year, we will have easier comps and we are solidly building self-help. So all in all, we are confident while we remain conscious of the macro environment, which is still challenging and continues to be pretty volatile. Thank you very much for your attention. And we are now ready to take your questions.

Thank you. This is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. The first question is from Susanna Poos, UBS. Please go ahead.

Good evening. Thank you for taking my questions. I have three. So first of all, maybe to follow up on the performance by consumer nationality and specifically the Chinese, Europeans, and Americans, just to get an idea what's driven most of the improvement sequentially. If I'm not wrong, I think the prior quarter, Chinese were down mid-teens, and I think Europeans and Americans were up low single digits. So please correct me if I'm wrong, just so we know what we are comparing it to. Secondly, very quick question on pricing and the U.S. tariffs. Can you remind us, please, if you've taken any incremental pricing in the last quarter, just so that we understand if there's been a bit of a pricing benefit sequentially for fashion leather boots? And then finally, sorry, I know this is probably your least favorite question, but on the exit rate, especially as you mentioned that the comparables are getting tougher, just, you know, so we get an idea of, you know, how we should think about the next quarter. I mean, I guess maybe if I can put it differently, if, you know, every month this quarter was sequentially better. Thank you.

Thank you, Susanna. So on your first question regarding the performance by nationalities, maybe as an introduction, let me step back for the quarter. If we look at it broadly, there are two things. First, we have totally recovered the COMS base, which is in itself good news. And in addition to that, we've been seeing a pocket of improvements beyond the COMS base. The improvement was most tangible with Southeast Aegean that improved materially, still negative, but that improved materially without any effect of combates. The Chinese, that accelerated a bit slightly beyond the combat base. And there were some improvements here and there. Americans locally is one. There were also an acceleration from middle and stern. So we've been seeing this sequential improvement in quite a few nationalities. Then on your question regarding the US and price, if we look at fashion and leather goods overall, the improvement, the sequential improvement was mostly made through improvement of traffic and volume. Price was not very different from Q2 and mix was around neutral. So you can consider that the bulk of the improvement is really around traffic and volume. On Q4, we know, and you know as well, that we will have tougher comps, so it will be easier for Japan, but it will be tougher for Asia, Europe, and US. If we want to simplify, it will be a four-point tougher. But at the same time, if we go beyond Q4, we know that the first half of next year will, on the contrary, have easier comps. And we know that all the decisions and the actions that we are taking, especially when it comes to creative renewal, we start to hit the stores next year and gradually impact H1. So that's where we stand when we look ahead.

The next question is from Antoine Berge, BNP Exxon. Please go ahead.

Yes, good evening to all of you. Three questions. So first of all, coming back on China, on the Chinese, so if you did better than just the comms, and you had mentioned that mainland China was positive, but what was the Chinese cluster flat or slightly negative and beyond that? Can you comment maybe a bit in terms of, like, new behaviors that, you know, I wouldn't say changes, but maybe, you know, things that make you particularly confident? Second question regards this time the sequential acceleration, but more by brand. Was it more heavy, sort of like catching up more, or any color on that would be extremely helpful? And certainly with this sort of, I would say, good news, what's your attitude towards costs? I mean, sometime in the past, LVMH proved a bit counter-cyclical, so happy to reinvest a bit ahead. Or are you still in the same mindset as end of July and looking at a lot of areas? And in other words or so, would you expect the margin in H2 25% and to be able to be above h2 of last year i remember there were quite a few one off or with you know transit being negative and maybe the some of the counter cyclical elements that i've mentioned you would still guide towards the second half margin being lower than second half last year and finally if you comment maybe on the fx impact from hedging on next year because we saw quite a big sort of negative impact, especially in Q3 at the top line, but probably protected for this year margin-wise. Thank you.

Thank you, Antoine. On your question regarding the Chinese cluster, what we are seeing is that we're getting very close from stabilization. So we are low single digit negative, but improving a lot on the old cluster. And this is done through two things. First, Chinese locally are now growing mid to high single digit. And second, the Chinese tourist part of the purchases is improving a lot, but still a double-digit decline. So that's around where we get in terms of Chinese. You asked about what makes you confident when it comes to clients and signs. I think it's... It will be different between the businesses, but overall what we see is whenever we are bringing an initiative or an innovation or a new retail disruption initiative, it creates immediately a bond, an interest, an excitement, and consumers respond very quickly. So this is very interesting. We could also comment on the feedbacks of the shows, but that is still to be materialized next year. But there are many things. I mean, Sephora is growing twice the market. So there are many things that put us in confidence with what we're doing and the decision we've been taking. On LV versus Dior, both have improved significantly. in line with the average, a bit more, I would say. We still have Vuitton that is a bit above average and Dior a bit below, but both are very close to the average. And we've been seeing improvement in Dior in all key nationalities and really great progress. The attitude towards cost, maybe I need to remind everyone that the priority for us is to invest behind desirability of our brands, behind retail, behind execution, behind quality, because this is what matters. And often in downward cycles, some people tend to cut investments so that they can protect margin. It can work on the short term. It's probably not the right goal for the long term and sustainable performance. So for us, it's very clear. in the cycle ups or downs we need to continue to make sure that we invest the right amount of focus and money behind the brands now it's not exclusive from being efficient meaning that in everything we do we need to make sure that whatever we spend goes to the customer and the clients that there are no hidden costs that we always find a way to be more efficient to do it But that's the overall philosophy, and there's no reason that this is changing. So if I go straight to and bridge with your question on the margin H2, obviously margin H2 we will discuss in detail in January when we have closed the books. Bear in mind that even if we've seen a gradual improvement, we still have pressure from top line because top line remains negative versus previous year. So this is continuing to have some pressure and deleverage on gross margin. We are very much disciplined on the cost. We discussed in H1 the overall OPEX development, and we continue to be very mindful on the cost. But it will not be to an extent that it fully compensates the deleverage of gross margin as long as gross is negative. So in order to stabilize and grow the margin, there will need to be a back-to-growth cycle. On the impact of FX, next year seems very far. Maybe a comment on H2? However, on the top line, what we see is that Q4 will be probably stronger in terms of negative FX impact than Q3. When it comes to margin, given the way the evolution of the exchange rates are going, we will have a higher impact both in translation and in transactional markets. However, we will also benefit from edging gain that we didn't have in H1. So if we look at it net-net, we probably will have a slightly higher impact from FX for H2.

The next question is from Erwan Aramburg, HSBC. Please go ahead.

Yeah, hi, good evening, Cécile and Rodolphe. Congratulations to the team on such a visible improvement. Three questions as well, please. Can you qualify the Chinese psychology right now at the consumer level? You talked about an underlying improvement beyond the base effect. I'm a bit biased because I happen to be in China this week. I'm wondering if beyond LV, which everyone is talking about here, what other assets are picking up meaningfully in this market? Secondly, can you talk about the performance of Tiffany in Q3 and maybe give us an update on where you are in terms of the store revamp, the percentage of stores that have gone to the new concept and any comment on potential pricing that you might take into consideration for both Tiffany and Bulgari given the price of gold right now. And then thirdly, maybe help us understand the path for Dior I understand men's collection is coming in December, women's probably late, mid or late January. What are the big rendezvous to expect over the next few quarters to accompany the pickup of that brand? Thank you.

Thank you, Erwan. On Chinese psychology, I'm not sure I'm fully competent and qualified to look at, to discuss and analyze Chinese psychology. What I can say is that, and you probably notice, is that overall the macro has not changed fundamentally in China. We still have the real estate market, which is complex. We still have a high unemployment. So we consider it's still going to take time until we have a rebound on China as a whole. However, in terms of performance, you mentioned Vuitton, and it's true that we have been having very steep improvement for Vuitton. De Louis is one very noticeable action that we've been taking and that has encountered success because if you look at Louis, it's really a mix of different things. First, you come from the external and then you see these big ships, there's a lot of fun, a lot of excitement, a lot of traffic, people wants to get their picture. And even all our neighbors are very happy that it's driving so much traffic. Then if you enter into the ship, you change totally the world. And then you're thrown into a travel within Vuitton's brand, very sophisticated, very authentic around travel and DNA of the brand. And then you exit through a store. which has quite a small surface, but is compensating with a lot productivity and especially when it comes to gifts, but also luggages. So it's a very interesting place. The thing is, it's not about, we are not going to do 400 ships, but there will be here and there in cities and where there is a halo that we can get also on the brand and on traffic, there will be some opportunities. Next will be Korea-Seoul. Very different, but probably a very interesting one to wait for and to get a ticket to. Other than that, all the other businesses have progressed in China. So it's not only Vuitton. Dior has made a significant improvement also with China locally. We have also a better performance from Sephora. There was some also selling, probably it's more a phasing topic, but in China for VSOP because we were also stocking for the Mid-Autumn Festival. So there are a lot of things that were happening that make us think that we are having weak signals that whenever we are able to connect, we are creating excitement and people are responding. So it's very encouraging, once again, even if the macro environment has not changed in Q3. On the performance of Tiffany, there was a good quarter with an acceleration in the US, which is very nice because it's a big mix of Tiffany activity. In term of the transformation agenda, we continue to progress on icons and now around 60% of fine jewelry growing double digits, so we continue to push on that. There was also the launch of a collection, Wings and Birds, inspired from Schlumberger, that is starting very well. So it's really around craftsmanship and with an average price that is higher than the rest of the collections. Then we still have the Legacy, a bit less than 30%, but down high single to low double digit. So that's for the product. So we are very happy with the progress and the continuation. On the store network, we have now, as Rodolphe mentioned it, we have now renovated around 30% of the network. All the new stores are doing much better than the legacy stores. So again, it's a tribute to the fact that we've made the right decision. We continue to do it progressively because it's also very costly. But on top line, we are very confident that the agenda is really embarking acceleration of growth. And Ginza that started just last time we talked is also having a very good start. On your calendar and big rendezvous, I think we had a few important rendezvous with the show, both men and women. So as you mentioned, the men collection will start to hit the stores in January. Then it will be gradual with some capsules for women, but probably more towards the women collection will be more installed towards the Q2 than the Q1. Then, if you've seen, we have not waited for that. There is a very nice Lady Dior campaign that just started to rejuvenate the Lady Dior. And that was a commercial effort that we did. has led Lady Dior to find its natural floor and we are very optimistic about the re-igniting of the growth of the Lady Dior. And in addition, Dior Toujours continues to perform very well. We've launched different formats. So it's also now a material part of the line when it comes to bags for Dior. So overall, we are pretty happy and both on the signals, but also on actions. And we've opened House of New York and House of Beverly, as Rodolphe mentioned. And the start is very good.

The next question is from Thomas Chauvet, City.

Please go ahead. Thanks for taking my questions. I have three, please. The first one on Asia X Japan turning positive at plus two. I assume China was also positive. Can you comment perhaps on the Golden Week holiday, which ended the middle of last week? We saw some very strong government data in categories like jewelry or beauty. Did you see an acceleration during Golden Week relative to your China performance in Q3 that encourages you? japan which was the the region if i'm not mistaken seeing the biggest sequential improvement on the year on your basis but also on the two-year stack basis i think more importantly uh what was the the magnitude of decline you saw in q3 in local japanese spend versus the uh tourist spending uh decline from from chinese and and koreans notably and finally on on the us Can you comment on the division that drove the bulk of the improvement and more generally your assessments of the health of the U.S. consumer given wealth effects but also weakening labor markets? Did you see some pull forward of demand over the summer I had also a retail in anticipation of tariffs and price increase. I think Rodolphe mentioned during his presentation that Champagne had a bit of a tailwind, if I understood correctly. Was it advanced shipments? Was there any other division where you saw that phenomenon that perhaps a bit of an improvement in the U.S.? Thank you.

Thank you, Thomas. So if we look versus last year in terms of performance, if we take fashion and leather goods, minus 2%, and we break it down, minus 3% negative comes from Asia. It's overall one point from South and Asia that improved materially but still declining. Another point is from greater Chinese data, much smaller than Southeast Asia, but declining more. And then mainlanders, obviously one point, a bit less actually. And this is what I mentioned, meaning it's now, the cluster is now single digit negative with mainland China mid to high single positive, sorry. And offshore, still double-digit negative. Then you have one point positive, mainly coming from Americans that are slightly up. Europeans are not moving so much, and it's natural. And then on the rest, you have Japanese slightly down that is offset by the rest of the world that is slightly up. but Japanese are improving quarter on quarter. So that's the overall year-on-year performance when it comes to nationalities. U.S., we saw an acceleration. Is there an anticipation of tariffs or not? There might be, as you said, in some case in the stocking of the distribution of champagne, but we also saw some real improvement in champagne, which is not what we see in cognac. So overall, I'm not sure tariff is the main explanation of the progress that we've been seeing in the U.S.

The next question is from Eduard Oben, Morgan Stanley. Please go ahead.

Yeah, good afternoon, good evening, guys. So congratulations for the the strong performance in a difficult environment. So just to follow up on, you know, fashion leather goods. So you have three important brands, Dior, CELINE and FENDI, which have appointed a new creative director this year. And as Rod just mentioned, FENDI was announced today. So all three are very well regarded by fashion experts in terms of the new creative directors. So I'm not going to ask you to give any figures, but how much of a commercial impact Could it have on the fashion and leather goods division next year? And would it be fair to say that you would be really significantly disappointed if this brand turnover didn't increase versus a decrease we are expecting for 2025? So that's question number one. Question number two on the watch and jewelry division. So you reported a plus two at constant effects. I guess it's fair to say that the watch brands remain negative. And therefore, should we understand that both Tiffany and Bulgari are both in line to slightly above the 2%? Would it be fair to say that? And more specifically, if you can comment on regarding jewelry brands, Bulgari and Tiffany, on the performance in Greater China in Q3 versus Q2. And then last question is on the group scope. So you have over 80 brands today, last time I counted, versus about 2025 when the group was initially founded. I know you don't have a crystal ball, and it's going to depend, obviously, on opportunities you might or you might not have, you know, next year. But, Cecile, is your best guess that the group will have likely more or less brands next year? Thank you.

Thank you, Edouard. For your question on fashion and leather goods and the impact that we will have and the confidence that we have in terms of impact when it comes to the renewal of creativity for Dior, Celine and Fendi, first you have to understand that the timing of each one is very different. The first one in terms of products hitting the store are going to be with Celine, where we now having the first bags coming to the stores. And then we will continue with the collection that will be in stores in November. Second, for Dior, we already discussed that. So you have the timings in mind. And then Fendi, as you said, we just announced today. Maria Grazia gave the date of her first collection. So it will take time. So overall, the way you need to look at it is really around... gradual and sequential improvement rather than a big, giant difference. But we are very confident with the decision that we made. We are very confident because we had great feedback from the different shows. So we are now making sure that all this will be executed and we'll see when they will materialize in terms of top line. On Y-Change, yes, you're right. The plus 2% is a mix of what she's improving but remaining slightly negative. So yes, Tiffany and Bulgari are outpacing the average of the growth watches and jewelry for Q3. In terms of the performance in China, it's been a bit different. It's been quite an improvement for Tiffany. Bulgaria is having soft trend. And at the same time, Bulgaria has accelerated in the U.S. where it still has a good opportunity for growth because from a low base. So we are happy with that. And then on your question regarding the group scope, 80 brands, more or less, I will not comment on that. Again, more seriously, we are looking at the portfolio on a continuous basis. If there is something or an asset or a brand that makes sense for the group to have in terms of talent, in terms of brand, and would be a good add-on, we will look at it. If, on the other hand, there is a brand or an asset that we believe for the next cycle will be better with someone else, then we will look at it. So there is no dogma on the portfolio. It's a process that is continuous and I have nothing more to report on this call.

The next question is from Carola Maggio, Barclays. Please go ahead.

Hi, yes, good evening. A couple of questions for me, please. The first one to come back on the margin of the division FLG. I think you talk about for 26 needing to see a growth cycle to attend to a margin improvement. So is the view of a growth of 3% to 4% top line still enough in your view to, I guess, have a flattish margin thinking about next year in a, let's say, normal environment? That's the first question. And second question, can you talk about the health of the more entry-price aspirational consumer, and mostly in the U.S.? Do you feel like they are also getting a bit stronger at your brand? And again, back on the U.S. market, there could be also a bit more inflation coming up in the fourth quarter on the back of the tariff adaptation mitigation. So how do you feel the consumer can be resilient on the back of all of that new flow? Thank you.

Thank you. On your question regarding margin, I think it's fair to say that in order to stop to have deleveraging in gross margin, we will need some growth. And I think we've been very consistent in saying that. So on your question on fashion and leather goods, at some point in order to stabilize the margin, yes, we will need growth to come back. On U.S. market prices... As far as our brands are concerned, we've always said that we would only use very moderate price increase if we had to look at inflation, tariffs, but that wouldn't be a big driver of the price because at the end what counts for us is really around the mix and the value. And that the... Our foremost priority is really to ensure that whenever we increase price, we have increased the value, so we have increased the quality, we have increased the functionality, so that's really how we work. Now, probably, in the U.S., there will be moderate price increase in order to compensate for TAIFs.

The next question is from Oliver Chen, TD Cowen. Please go ahead.

Hi, thanks. Congrats, Lucille and Rudolf. Nice to be with you here. As we think about U.S. and the fourth quarter comparison, what should we note in terms of it getting a bit tougher? And then as you look at the U.S. ahead, any color on regions or the nature, because the consumer confidence has been volatile and obviously it's very dynamic. here as well. And then, Cecile, on your earlier comment on negative double-digit declines in tourism as it applied to the China cluster, what do you see ahead for that in terms of are there a lot of aspects out of your control or what are you monitoring? And then third, I think you mentioned this theme a few times, but self-help for next year. Would love your context and what you mean by self-help. I think it's related to the creative changes and different timings. of different stories at different creative initiatives. Thanks a lot.

Thank you, Oliver. In terms of basis of comparison, I don't know if you recall, but last year, so we said, if we simplify, it's around 4 points for the group, 4 points tougher than it was in Q3, if you want to do a very simple exercise. It's going to be easier in Japan because we continue to have a basis of comb versus last year when the yen was weak and there were so many tourists purchasing and making the growth in Japan is going to subside. So we are going to have an easier comb space here. But it's true that U.S. last year with the election, there was a kind of rebound with the election that created a kind of surge of consumption. And it was quite big. And as well, you have to remember that dollar last year, end of the year, was 104%. which created quite a lot of tourism in Europe for the festive period. And that situation is not exactly the same this year, given the strength of Europe this year. Then on the Chinese offshore, this is the part where it's mostly linked to the basis of comparison. And if you want to look at it in a simple way, you can make the assumption that last year growth in Japan was mainly tourist. It was mainly Chinese, so you can reverse engineer it like that. to look at the Chinese performance of offshore double-digit negative. So it's really a reversal and an effect of a base of comparison from Japan last year. Self-help is many things. So yes, it's around the creative renewal, but it's also around retail initiatives. If you look at the retail initiative and the retail store, and I don't talk about the Louis, but all the flagships that we've been opening. So for Vuitton, it would be New York, Monte Napoleone, Macau Four Seasons, and some others. For Dior, you have the two new houses in the US. For Tiffany, you have Ginza that opened recently. You will have a flagship of Loewe in Ginza as well opening at the end of the year. So we continue to really invest and give priority to reinvent and recreate excitement with the retail as well. And that's an ongoing part. And then on products, you've seen that we had the launch of the beauty at Louis Vuitton. Again, it created excitement, traffic. It also was very selective, so it's not something that is supposed to be core at any point in time, but it gets quite a good traction and a good start. And then I mentioned the Lady Dior a bit earlier with the campaign of GWA with commercial focus and effort and it has improved a lot. It's not only, we shouldn't only, even if it's an important one because it's in many brands and it's a big step, we shouldn't only look at creative renewal. There are also plenty innovation, retail initiative, Sephora performance deserve also quite a big applaud and it's everywhere in its both traffic and average basket. So I think it's really a lot more versatile that only focusing on when the creative designer will be ready in stores.

The next question is from Ashley Wallace, Bank of America, Merrill Lynch. Please go ahead.

Thank you very much, Cécile and Rodolphe. I have three questions, please. The first one is just on soft luxury versus hard luxury. When you look at the consumer trends, I was wondering if you see any relative shift in appetite for soft luxury versus hard luxury. You mentioned that fashion and leather seven-point improvement is mainly coming from traffic or volumes. Do you also see a volume uplift in watches and jewelry, or is this acceleration driven by something else, maybe some more pricing, considering what gold is? The second question is just on perfume and cosmetics. if you could talk about what drove the small sequential acceleration in this division, maybe by region or product category, especially in light of some of the pure play fragrance companies bagging a softening outlook in the second half. And then my last question is, just on the kind of self-help and easier comps that you've bagged on your outlook for next year. For fashion and leather specifically, I was wondering if you could help us think about which drivers of growth you're most excited about for the year overall, if it's price mix or volumes. And then actually, sorry, if I can sneak one clarification in. I think there were two questions on Golden Week, and maybe I missed the answer. So if you could maybe just repeat what you said on Golden Week. Thank you.

Yeah, so maybe I start with Golden Week. Overall, it's very fresh, so we don't have the full feedback, but it seems that it went according to expectation. So that's for Golden Week. On the Mid-Autumn Festival regarding wine and speak, given the structure of the business, it's too early to say, so we can comment on that next time. On the trajectory, on soft luxury, the average basket hasn't changed so much. So we are really looking at traffic and volume when it comes to improvement. And soft versus hard luxury, for me, it's always a complex question because it's different categories altogether with different comparable basis and dynamics. What we are seeing in watch and jewelry is, as I said, you have an improvement in the U.S., you have improvement in Japan and in China, and overall it's a mix of... volume but it's also a mix effect because as you know we are in the middle of the transformation of Tiffany and so the idea is really to push the icons that are more priced and that's why it also creates a mix effect at the same time and price is very moderate. On P&C, we had some acceleration in the Q3 and quite a good performance. It was very similar in the different categories, so whether you take fragrance, makeup, or skincare. But difference between the brands, so Dior outperformed on makeup and skincare, given many innovations. I mean, Rodolphe named a few, so I will not come back on that. And then we had a very strong performance on fragrance from some other Maisons, like Guerlain, Maison Francis-Curdillon, and LVMH fragrance brand with Givenchy. But overall, as a division, it was quite comparable between the different categories. Easier comp next year. So first we are going to do the Q4 that we will discuss in January. And I think the macro being still very challenging and volatile, I prefer not to talk at this stage about next year, but we'll have ample time to discuss it, what we know. is that the base of comps will be easier. And I mean, you've seen the performance of this year, so it's quite natural to have that in mind and quite mechanical. But rather than that, because it's not what interests us the most, what interests us is really to capitalize on the fact that Within the improvement, local clientele are strong. And for us, it's very important because it's where the quality of the growth lies and it's where we can really capitalize on our assets in order to build brand desirability and continue to make sure that the local consumer is bonding with the brands. So we'll continue to do that and we'll do that consistently for next year.

I think we have another two questions on the list, so I suggest we take these last two questions and then we can wrap up. Thank you.

The next question is from Apir Adedania, RBC. Please go ahead.

Thank you. Good evening, everybody. So three quick ones from me, please. On Sephora, I believe earlier in the year, there was comments around the competitive environment, particularly online, and the pricing competition from Amazon Beauty in particular. Could you provide an update as to how that's evolving and perhaps what Sephora has done to counter that, given the positive commentary you've made in relation to traffic and volumes in that business? The second is on the Louis in Shanghai. I'm not sure if you can share this, but could you perhaps help us quantify what the contribution to the minus two FNLG number in Q3 was, or perhaps to the mid to high single digit positive mainland Chinese organic for FNLG was from the Louis, given the high traffic and the better than expected performance of that initiative? And finally, just following up on the M&A question, I just wondered if you're able to provide any comment on Giorgio Armani and whether, you know, anything you could say on that in relation to the provisions that were put in his will and LVMH being specifically mentioned. Thank you.

Thank you, Pierre. On Sephora US, Sephora US performance was very strong. You have to keep in mind that Sephora is everything Amazon is not. Because Sephora, the model of Sephora is really, it's a destination. It's where you can find brands, one over two, only at Sephora. And it's where you have beauty consultants, where you have a brand. People that don't say, I will buy some Amazon, but they will say, I go to Sephora. So it's a very different model. And again, we have a Q3 where, and also in the US, both the traffic and the average market have increased. And we've been launching Rod in the U.S., in the U.K., and in Canada, and it's been a record-breaking launch. So today, for us, it's very simplistic to compare us to Amazon because we are very different. We are very different and we are over performing in all our stores. It's all about stores and destination for us. On the Louis, so the Louis contribution, I think if you look at the numbers, it's not the biggest part of the number. What is interesting and what is very important in the Louis is that you have so many visitors, it creates a halo, but also it's a space where with a very small store, much smaller than the one that you can have, especially the one that we recently opened, you compensate with productivity. And what is quite, I don't know if it's anecdotical, but it's very interesting, is that it's now one of the first stores when it comes to luggages. I'm looking at Rodolphe so that I don't say something wrong. And so when you think about... They came out from the museum looking at the travel relationship with the brand and then you buy a luggage. I think it tells you something very interesting about the way you want to activate beyond transaction and bond with the consumer. Then on Armani... We were very honored, obviously, to have been named as partners. Other than that, I have no comment to make.

And the last question is from Chris Gao, CLSA. Please go ahead.

Okay, hi, good day. Cecilia Rudolph, congrats on the resilient results and thanks for taking my questions. I have two. So firstly, it's regarding the Chinese demand pickup. I have one quick question. Is it mainly coming from existing consumers coming back or is it more contributed by the new high-quality spenders are coming in? So this is a breakdown by consumer profile. And the second question is regarding Tiffany's improvement in China. So could you please share more with us about which press segmentation has been seen more outstanding versus others, if there's any specific signals on that? And maybe one quick follow-up is regarding Tiffany versus Bulgari. Tiffany has been showing stronger trends versus Bulgari. So basically, what matrix is comparing the two labels, do you see on Tiffany as stronger? Is the traffic conversion or the ticket size on Tiffany has been growing stronger than Bulgari? Thank you.

Thank you. On the Chinese acceleration, overall, when we say it's volume and traffic, there's no distortion of the pyramid. So what we are seeing is not changing the pyramid and it's fairly consistent. Again, the average basket has not changed from one quarter to the other and it's fairly consistent. On Tiffany versus Bulgari, I think it's very difficult to compare brands that have a very different story and maturity. For example, if you look at the brands, whether it's in China or whether it's in the U.S., They don't have the same history. They didn't start at the same time. Tiffany is very much a big part of the mix is U.S. Bulgari was bigger in China and is now going quite heavily with a lot of progress abroad. in the US from a smaller base. So your paradigm between where you are in terms of maturity portfolio is a bit different. So I'm always not very at ease to compare things that are not fully comparable. What we can say is that the brands are improving. It's true that Bulgaria has a bit softer trend in China. with Chinese, but overall, Bulgaria is improving in Japan, it's improving in the US, so there's not really something to conclude of that. It's just a game of basis of comparison and impact from tourist Japan last year.

Thank you.

Thank you.

Thank you very much. Talk to you soon.

Have a great evening. And as usual, we are fully at your disposal to have follow-ups and go into more detail if need be. Have a great evening. Thank you very much.