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LVMH

Six groups of Maisons, Long-term growth

LVMH strives to ensure the long-term development of each of its Maisons in keeping with their identity, their heritage and their expertise
How LVMH describes its aim

Six groups of Maisons

LVMH sold €80.8 billion in 2025 and earned €17.8 billion of profit from recurring operations, a margin of 22%. It publishes no numbered plan, and is organised in six business groups that differ widely in size and margin. Fashion and Leather Goods makes under half of the sales and nearly three quarters of the profit.

I

Develop each Maison for the long term

  1. A family-run groupStay a family-run group that ensures the long-term development of each Maison.
  2. Creative renewalRenew creation at the Maisons: a new creative direction at Dior in 2025, and La Beauté Louis Vuitton, a beauty universe launched the same year.
  3. Flagship storesRenew the flagship stores: three House of Dior flagships in New York, Los Angeles, and Beijing, and Tiffany & Co. stores in Milan and Tokyo, all opened in 2025.

LVMH says Jonathan Anderson’s first collection for Dior is speeding up growth at the Maison, and that the Cigale bag was very well received.

LVMH reports strong sales of Tiffany & Co.’s Knot and HardWear lines, and at Louis Vuitton’s new flagships in Beijing and Seoul.

Bvlgari’s new Eclettica high jewellery collection brought record revenue.

Fashion and Leather Goods makes most of the profit

In 2025 Fashion and Leather Goods was 47% of the five business groups’ revenue and 72% of their profit from recurring operations.

RevenueProfit from recurring operations
Fashion and Leather Goods€37,770m€13,209m35.0% of salesSelective Retailing€18,348m€1,780m9.7% of salesWatches and Jewelry€10,486m€1,514m14.4% of salesPerfumes and Cosmetics€8,174m€727m8.9% of salesWines and Spirits€5,358m€1,016m19.0% of sales

Each group’s share is worked out from the five groups’ figures. Other activities and eliminations are left out: revenue of €671m and profit of −€491m, both worked out from the group totals.

Two business groups returned to growth in 2026

Wines and Spirits and Watches and Jewelry moved from a fall to a rise in the first half of 2026. Fashion and Leather Goods, the largest group, was still slightly down on last year, at −1% organically.

Organic revenue growth

Change in profit

2025

H1 2026

2025

H1 2026

Fashion and Leather Goods

−5%
−1%
−13%
−7%

Selective Retailing

+4%
+5%
+28%
+2%

Watches and Jewelry

+3%
+9%
−2%
+9%

Perfumes and Cosmetics

0%
0%
+8%
−2%

Wines and Spirits

−5%
+5%
−25%
+11%

Revenue growth is organic, and the 2025 profit changes are as LVMH reports them. The first-half 2026 profit changes are worked out from each half-year’s profit and rounded to whole percentages. Hatching marks a fall.

The US, Europe, and Asia each make 26% of revenue

The United States, Europe, and Asia outside Japan each made 26% of LVMH’s revenue in 2025, with Japan at 8% and the other markets at 14%.

26%26%26%8%14%2025revenue by region
  • United StatesGrowth accelerated in the first half of 2026.26%
  • EuropeShowed good resilience.26%
  • Asia excluding JapanStrong growth, confirming the improvement in trends.26%
  • JapanPosted growth for the half-year.8%
  • Other markets14%

  1. Say which part earns the profit.

    Fashion and Leather Goods was 47% of the five business groups’ revenue in 2025 and 72% of their profit, and LVMH publishes both for every group. We recommend showing each part’s share of revenue beside its share of profit, so that a plan can name the part that carries the rest and say what it will do if that part dips.

  2. Spread the risk across places as well as products.

    The United States, Europe, and Asia outside Japan were each 26% of LVMH’s revenue in 2025, with Japan at 8% and other markets 14%. We recommend a plan that states how evenly it is spread, so that one market’s bad year is a quarter of the story and not all of it.

  3. Name the bets inside a hard year.

    Fashion and Leather Goods’ organic revenue fell 5% in 2025, and in the same year LVMH renewed Dior’s creative direction and opened new flagships; in the first half of 2026 it credits Dior’s first new collection with accelerating growth. We recommend writing down the bets a business is making during a down year, so that a recovery can be traced to a decision.

Sources

  1. 1. LVMH (2026). Investors. lvmh.com, Accessed 29 September 2026. lvmh.com
  2. 2. LVMH (2026). Solid performance in a disrupted global economic and geopolitical environment. 2025 annual results, 27 January 2026. lvmh.com
  3. 3. LVMH (2026). Accelerating growth in the second quarter; solid first-half results. First-half 2026 results, 27 July 2026. lvmh.com
  4. 4. Investing.com (2026). LVMH 2025 Annual Results slides: Revenue stabilizes in H2 despite yearly decline. Investing.com, 27 January 2026, reporting LVMH’s results presentation. investing.com

Headwater is not connected with LVMH Moët Hennessy – Louis Vuitton SE. LVMH, Louis Vuitton, Dior, Tiffany & Co., Bvlgari, Sephora, and DFS are trade marks of their owners. Updated 29 September 2026.

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