LVMH REVENUES DOWN in a challenging environment

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