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LVMH REVENUES DOWN in a challenging environment

7/30/2025

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LVMH Moët Hennessy Louis Vuitton, the world’s leading high-quality products group, recorded revenue of €39.8 billion in the first half of 2025. LVMH showed good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment.

Local demand was solid in Europe, which achieved growth on a constant consolidation scope and currency basis over the half-year period, and in the United States, which remained stable. Japan was down with respect to the first half of 2024, which had been boosted by abnormal growth in tourist spending due to the much weaker yen. The rest of Asia saw trends comparable to 2024, although there was an improvement in sales to local customers in the second quarter.
Profit from recurring operations for the first half of 2025 came to €9 billion, equating to an operating margin of 22.6%. The Group share of net profit amounted to €5.7 billion.

Bernard Arnault, Chairman and CEO of LVMH, commented: “LVMH showed solidity in the current context. We owe this to the power of our iconic brands and their boundless capacity for innovation while remaining true to their culture of incomparable artisanal craftsmanship. Beyond the prevailing uncertainties, we remain focused thanks to the long-term vision that has always guided our family group. We are driven by our steadfast pursuit of quality and desirability in everything we create, combined with the modernity of our historic brands. We head into the second half of the year with great vigilance, and I am confident in LVMH’s tremendous long-term potential and the commitment of our teams to further reinforce the Group’s leadership position in luxury goods. Our main shared priority is about offering our customers the most exceptional products.”
Highlights of the first half of 2025 included the following:
- Japan down with respect to a very strong first half in 2024 driven by tourist spending
- Improved trends for champagne in the second quarter and ongoing weak demand for cognac
- Resilient local demand for Fashion & Leather Goods, which maintained a very high operating margin
- Remarkable innovation and ongoing selective retail approach for Perfumes & Cosmetics
- Success of the Watches & Jewelry Maisons’ iconic lines and Tiffany & Co.’s renovated stores
- Good performance by Sephora, which continued to achieve growth in both revenue and profit
- Significant increase in operating free cash flow to €4 billion
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RICHEMONT POSTS SOLID START TO THE YEAR Group sales at € 5.4 billion, up by 6%

7/18/2025

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RICHEMONT POSTS SOLID START TO THE YEAR FOR ITS FIRST QUARTER ENDED 30 JUNE 2025


Highlights for the quarter ended 30 June 2025
  • Group sales at € 5.4 billion, up by 6% at constant exchange rates and by 3% at actual exchange rates in a volatile macroeconomic and geopolitical context

  • Continued strength at Jewellery Maisons, up by 11% at constant exchange rates; softer sequential rate of decline at Specialist Watchmakers, down by 7%; ‘Other’, including Fashion & Accessories Maisons, at -1%

  • Double-digit growth in Europe, the Americas and Middle East & Africa; stable sales in Asia Pacific at constant exchange rates; Japan down on high comparatives in prior-year period
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  • Consistent growth across all distribution channels, led by Jewellery Maisons
  • Robust net cash position at € 7.4 billion, after cash transferred to YNAP upon closing of the sales transaction with LuxExperience ​
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A voyage to the ends of the earth Van Cleef & Arpels www.vancleefarpels.com. For its new High Jewelry collection, Van Cleef & Arpels has drawn inspiration from the novel Treasure Island, written by Robert Louis Stevenson.

At constant exchange rates, Group sales in the quarter ended 30 June 2025 rose by 6% in a volatile global macroeconomic and geopolitical context.

The growth was led by double digit increases in Europe, the Americas and Middle East & Africa, more than offsetting Japan’s sales decline against high prior-year comparatives; sales in the Asia Pacific region remained stable. In Europe, sales grew by 11%, driven by robust demand from local clients and overall positive tourist spend, supported by successful high jewellery events. Almost all main markets in the region saw an increase in sales this quarter, with notable performances in Italy and Germany. In the Americas, sales growth remained strong at +17%, driven by supportive local demand across all business areas and markets.

Sales in t
he Middle East & Africa region rose by 17%, led by the United Arab Emirates market as well as higher tourist spend. In Japan, sales declined by 15% against a demanding +59% comparative in the prior-year period, with a strengthening Yen strongly reducing tourist spend, most notably from Chinese clientele, whilst local demand remained positive. Asia Pacific sales were stable overall versus the prior-year period, as a 7% decline in China, Hong Kong and Macau combined was fully compensated by robust growth in almost all other Asian markets. Of note, sales in Australia and South Korea were up double digits.

Growth was consistent across all distribution channels, each up by 6%, led by Jewellery Maisons. Retail sales accounted for 69% of Group sales, with growth across all regions excluding Japan. Wholesale sales growth was driven by solid increases in the Americas, Europe and Middle East & Africa. Online retail sales showed robust growth across almost all regions.
​

The Group’s four Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier – recorded an 11% rise in sales, marking a third consecutive quarter of double-digit growth, supported by both jewellery and watch product lines. All regions posted growth, except Japan that faced a very high comparative in the prior-year period. Specialist Watchmakers sales were 7% lower than the prior-year period, largely reflecting declines in sales in China, Hong Kong and Macau combined as well as in Japan, partly offset by double-digit growth in the Americas. The Group’s Other business area, which includes Fashion & Accessories Maisons, declined by 1% compared to the prior-year period. Notable highlights included continued solid momentum at Peter Millar and Alaïa, an encouraging performance at Chloé and robust growth at Watchfinder & Co.
The Group’s net cash position at 30 June 2025 stood at € 7.4 billion (2024: € 7.3 billion) after accounting for the € 426 million cash-out upon completion of the sale of YNAP to Mytheresa on 23 April 2025.

Corporate calendar
The annual general meeting will be held on Wednesday 10 September 2025 in Geneva. The interim results for the current financial year will be announced on Friday 14 November 2025. The Group’s corporate calendar is available on https://www.richemont.com/investors/corporate-calendar/.

About Richemont
At Richemont unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.
Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as Watchfinder & Co. Find out more at https://www.richemont.com/ .
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Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange, Richemont’s secondary listing.


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CHANEL bets on the us market with reopened boutique in Las Vegas

7/14/2025

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CHANEL has reopened its boutique within the Bellagio Resort and Casino in Las Vegas on Friday following a major redesign. Designed in partnership with Peter Marino the 4,778-square-foot, single-level boutique draws inspiration from the city of Las Vegas, combined with the refined atmosphere of Gabrielle Chanel’s own apartment at 31 rue Cambon in Paris, which was the centerpiece in the Maison's lates haute couture collection showcased to Kirsten DUNST, and other American actresses earlier the same week in Paris.

Chanel first opened its boutique at the Bellagio in 1998. Rebekah McCabe, Chanel’s general manager of fashion described Vegas as a global destination for business and leisure and hub for top clients, both local and domestic. Last year, Las Vegas attracted 41.7 million visitors overall, according to the Las Vegas Convention and Visitors Authority Research Center. Chanel has three boutiques in Las Vegas at The Shops at Crystals, The Wynn Las Vegas, and the Bellagio Resort, which has the largest Chanel store in Vegas in terms of front-of-house square footage.

“What is unique to the Las Vegas market is that we have these three distinct boutiques that service their own unique client base and have a different experience within the Las Vegas market,” said McCabe. “To be able to create these unique environments within the city that enable our clients — both new and existing — to experience Chanel and continue in elevated ways is always a key strategy for us.” Turning to Chanel’s current business in the U.S., McCabe said, “Business is good in America. We’ve seen that the American shopper has been quite resilient.” She said they are drawn to new shapes, novelties and leatherwear.

The renovated space at the Bellagio features three ready-to-wear try-on rooms compared to the prior two, a ready-to-wear room that can be privatized for clients, a dedicated area for textiles including two walls for eyeglasses (compared to one eyewear wall previously), an expanded shoe salon, and dedicated areas for watches and fine jewelry, and fragrance and beauty.

In describing Chanel’s Vegas customer, McCabe said, “They [the customers] have a large propensity to travel — they have multiple homes within the U.S., and we are seeing an increased rise in clients who are making Las Vegas their primary residence.” She added that they previously saw Vegas as having a smaller local and largely tourist customer. “Now we’re seeing this beautiful local client develop there, that we’re really excited to build a relationship with within the city,” she said.

The contrasting display echoes the qualities of the fashion textiles used by the house. The layout encompasses a total of seven individual salons. Marino designed custom hand-woven carpets and textured upholstery fabrics for the space.
Upon entering, clients are first welcomed into two areas for leather goods and accessories, followed by two distinct spaces for fragrance and beauty and watches and fine jewelry. There is a dedicated shoe salon featuring a pair of Liane Chandeliers made of 24-karat gold and decorated with hand-cut rock crystals by goldsmith Goossens.
In the back of the boutique, two connecting ready-to-wear salons are decorated with custom furniture. The first contains an Ingrid Donat coffee table with a pair of Venini crystal vases designed by Marino, decoratively placed on top. Two Rene Cresson Louis XV Style armchairs are positioned around the table with a Goossens “Zen” table lamp placed on the console behind the custom upholstered sofa.
With an ivory textured plaster wall finish, the second and final salon showcases a custom André Dubreuil coffee table as well as a round Thierry Leproust side table between two armchairs. Marino selected a mix of artwork to display inside the boutique, with most placed within the three exclusive fitting rooms.
The first fitting room features an oil and enamel canvas by Robert Donatelli, an Italian postwar and contemporary artist. In the vestibule outside the second fitting room, there is a Robert Mapplethorpe frame gelatin silver print. Inside, guests will find a black oil on white linen abstract painting by German artist Chris Succo. Next door, in the third fitting room, is a gold resin and acrylic canvas by Gianfranco Zappettini, an Italian abstract painter.
In the watches and fine jewelry salon, a gold modeling paste canvas by Florian and Michael Quistrebert is mounted in a prominent spot behind a desk and three custom upholstered chairs with gold hand embroidery to match.
Within the watches and fine jewelry salon, a custom crackle lacquer wall mirrors the Coromandel screens in Gabrielle Chanel’s apartment. Featured are a selection of the Coco Crush, No. 5 and Camelia fine jewelry collections. The salon also offers pieces from the Ruban and Comète collections, as well as a range of timepieces including the J12 in black and white high-resistance ceramic, and designs from the Premiere collection.
In addition, there is a dedicated area that features the full range of Chanel fragrance, makeup and skin care products. Last month Chanel was the first luxury fragrance brand to take to Sphere, the Las Vegas landmark that opened in 2023, as reported. The week-long activation was comprised of a 90-second spot, which aired multiple times daily, for a limited-edition incarnation of No.5 L’Eau.

“The benefit of Vegas is you’re always inspired by the energy of the city. I think that generally it’s a really nice time to purchase something that reminds you of that visit, or encapsulates the energy of the city,” said McCabe. McCabe expects a “high penetration in ultra-luxe items” to be bestsellers. “There’s also a strong emphasis on novelty. We see novelty being a growing category in our leather goods, and in neutral colors, balanced with a few icon investments to provide options for every client,” said McCabe.
She acknowledged that business in Vegas never slows down. “With so many great performances and Sphere, there are so many cultural opportunities. And there’s all the energy that came to Vegas around Formula 1. They’re doing such an exceptional job bringing so much energy to Vegas,” she said. She added that they’re very happy with the performance of all their boutiques in Vegas.

Chanel currently has 23 freestanding boutiques in the U.S. Last month, the brand unveiled a salon at The Hedges Inn in East Hampton, N.Y., that will be open for private appointments until July 28. Chanel will also be opening a new seasonal boutique in Montecito, Calif., this fall.
McCabe said they always try to create local client engagement moments with their VICs (Very Important Clients) in the market, and Vegas is no exception. “We think that continues to reinforce our relationship with our top clients. We look to expanding that and learning about new locals through this boutique,” she said.
(first published on cpp-luxury)
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