The influence of shape transformation of large unilamellar vesicles (LUV) on their size measurement by photon correlation spectroscopy (PCS) has been investigated. The experimental size of vesicles after hyperosmotic contractions of increasing intensities have been compared to the theoretical volume decrease determined by applying Boyle Van't Hoff's law. The main observation is that PCS size measurement gives overestimated values when LUV have been subjected to a volume decrease of more than 20% of their initial volume. The PCS size overestimation is related to the influence of the shape transformation of the vesicles on their diffusion coefficient (D) as shown by modelling the evolution of D of a sphere which is transformed into an ellipsoid by internal volume reduction under constant area.