. Revenue: €40 billion
. Profit from recurring operations: €9 billion
. Free cash flow: €4 billion
Paris, July 24, 2025
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:
- Solidity for LVMH in a challenging environment
- Solid local demand in Europe and the United States
- 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
Financial highlights
| In millions of euros | First-half 2024 | First-half 2025 | % Change |
| Revenue | 41 677 | 39 810 | -4% |
| Profit from recurring operations | 10 653 | 9 012 | -15% |
| Net profit, Group share | 7 267 | 5 698 | -22% |
| Operating free cash flow | 3 130 | 4 032 | +29% |
| Net financial debt | 12 158 | 10 176 | -16% |
| Equity | 66 480 | 66 875 | +1% |
Revenue by business group changed as follows:
| In millions of euros | First-half 2024 | First-half 2025 | % Change Reported Organic* | |
| Wines & Spirits | 2 807 | 2 588 | -8% | -7% |
| Fashion & Leather Goods | 20 771 | 19 115 | -8% | -7% |
| Perfumes & Cosmetics | 4 136 | 4 082 | -1% | 0% |
| Watches & Jewelry | 5 150 | 5 090 | -1% | 0% |
| Selective Retailing | 8 632 | 8 620 | 0% | +2% |
| Other activities and eliminations | 181 | 315 | - | - |
| Total LVMH | 41 677 | 39 810 | -4% | -3% |
* On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope with respect to the first half of 2024 was negligible and the impact of exchange rate fluctuations was -1%.
Profit from recurring operations by business group changed as follows:
| In millions of euros | First-half 2024 | First-half 2025 | % Change |
| Wines & Spirits | 777 | 524 | -33% |
| Fashion & Leather Goods | 8 058 | 6 636 | -18% |
| Perfumes & Cosmetics | 445 | 425 | -4% |
| Watches & Jewelry | 877 | 762 | -13% |
| Selective Retailing | 785 | 876 | +12% |
| Other activities and eliminations | (289) | (211) | - |
| Total LVMH | 10 653 | 9 012 | -15% |
Wines & Spirits: Improved trends for champagne; weak demand for cognac
The Wines & Spirits business group saw its revenue and operating profit decline in the first half of 2025. The first half of 2025 saw trends similar to those observed in 2024, largely due to the impact on customers of trade tensions weighing on the key markets of the United States and China. In this context, the Wines & Spirits business group was down during the period, with a sequential improvement in champagne and a good performance in Provence rosé wines. To sustain demand and strengthen their desirability, the Maisons launched large-scale initiatives in the first half of the year while working to keep their costs under control.
Fashion & Leather Goods: Good resilience with local customers
The Fashion & Leather Goods business group saw its revenue and profit decline in the first half of 2025, nevertheless showing good resilience with local customers, whereas the first half of 2024 had been boosted by strong growth in tourist spending, particularly in Japan. The operating margin remained at a very high level. Louis Vuitton continued to demonstrate powerful creativity through its continuously reinvented iconic products and unique experiences offered by its "Maisons". A prime example was "The Louis", a museum-like space in the form of a cruise ship located in the heart of Shanghai, epitomizing the "spirit of travel" that has driven the Maison since its founding in 1854 by Louis Vuitton himself. It was also reflected by Nicolas Ghesquière's latest show at the Palais des Papes in Avignon, and Pharrell Williams' show held in Paris. Christian Dior appointed Jonathan Anderson as the new Creative Director of Haute Couture, Men's and Women's collections of clothing and accessories. His first Men's collection, unveiled in June at the Hôtel des Invalides in Paris, was an immense success. Victoire de Castellane presented her Diorexquis high jewelry collection, an ode to Monsieur Dior's love of nature. Loro Piana celebrated its 100th anniversary with its first-ever exhibition at the Museum of Art in Shanghai. The Resort 2025 line and the Maison's Icons delivered a remarkable performance. Fendi kicked off its centennial celebration in Milan with a coed runway show led by Silvia Fendi at the Maison's new "Solari" location. Celine presented Michael Rider's first collection, while Givenchy unveiled the first collection designed by Sarah Burton. Both collections were particularly well received. At Loewe, Jack McCollough and Lazaro Hernandez were announced as the Maison's new Creative Directors.
Perfumes & Cosmetics: Remarkable innovation and selective retail approach
The Perfumes & Cosmetics business group remained stable in the first half of 2025, maintaining its robust innovation policy and highly selective retail approach. Christian Dior developed its iconic fragrances, with Sauvage, which remained the world's best-selling fragrance, J'adore Eau de Parfum and the launch of Dior Homme, as well as the addition in high perfumery of the new Bois Talisman scent to La Collection Privée. Successful innovations in makeup (within Forever and Dior Addict) and skincare contributed to the Maison's solid performance. Guerlain was buoyed by the latest additions to its Aqua Allegoria and L'Art & La Matière fragrance lines, as well as the global relaunch of its Abeille Royale skincare serum. Parfums Givenchy benefited from the development of L'Interdit and the success of Prisme Libre in makeup. Maison Francis Kurkdjian unveiled Kurky, a new fragrance.
Watches & Jewelry: Sustained innovation in jewelry and watches; ongoing renovation of Tiffany & Co. stores
The Watches & Jewelry business group remained stable in the first half of 2025. The decline in profit from recurring operations arose from ongoing investments in store renovations and communications. Tiffany & Co. continued the successful expansion of its iconic lines and the global rollout of its new store concept inspired by The Landmark in New York. Bvlgari showcased the emblematic Serpenti through immersive art exhibitions in Shanghai and Seoul, kicking off celebrations of the Year of the Snake. The new Polychroma high jewelry collection was unveiled in Taormina. Chaumet continued to actively develop its emblematic Bee de Chaumet jewelry line. In watches, TAG Heuer implemented the partnership signed in 2024 with Formula 1, particularly at the Monaco Grand Prix, where the Maison became the event's first partner. Hublot celebrated the 20th anniversary of its Big Bang collection and Zenith celebrated its 160th anniversary.
Selective Retailing: Further growth achieved by Sephora; improved profitability for DFS
The Selective Retailing business group saw growth in its revenue and profit. Against a particularly high basis of comparison, Sephora continued to achieve revenue growth, drawing on its robust strategy and consolidating its global leadership position. The Maison saw further market share gains in many countries and continued to grow its community of loyal customers through its product differentiation strategy and innovation to enhance the omnichannel experience. At DFS, measures to reduce costs and streamline operations - including the closure of the Galleria in Venice - helped improve profitability, despite business activity still being held back by prevailing international conditions. Le Bon Marché once again posted revenue growth, driven by the department store's differentiation strategy focused on a continuously renewed selection of products and a unique array of cultural events. The Group strengthened the organization of its department stores by implementing a shared governance structure for La Samaritaine and Le Bon Marché.
Outlook for 2025
In an uncertain geopolitical and economic environment, the Group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the exceptional quality of its products and excellence in retail.
Our strategy of focusing on the highest quality across all of our activities, combined with the energy and unparalleled creativity of our teams, will enable us to reinforce the LVMH Group's global leadership position in luxury goods once again in 2025.
An interim dividend of €5.50 per share will be paid on Thursday, December 4, 2025.
Regulated information related to this press release, the presentation on first-half results and the Interim Financial Report are available at www.lvmh.com.
Limited review procedures have been carried out and the related report will be issued following the Board of Directors' meeting.
Details from the webcast on the publication of 2025 first-half results are available at www.lvmh.com.
APPENDIX
The condensed consolidated financial statements for the first half of 2025 are included in the PDF version of the press release.
LVMH - Revenue by business group and by quarter
Revenue for 2025 (in millions of euros)
| Full-year 2025 | Wines & Spirits | Fashion & Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Retailing | Other activities and eliminations | Total |
| First quarter | 1 305 | 10 108 | 2 178 | 2 482 | 4 189 | 49 | 20 311 |
| Second quarter | 1 283 | 9 006 | 1 904 | 2 608 | 4 431 | 267 | 19 499 |
| First half | 2 588 | 19 115 | 4 082 | 5 090 | 8 620 | 315 | 39 810 |
Revenue for 2025 (organic growth versus same period in 2024)
| Full-year 2025 | Wines & Spirits | Fashion & Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Retailing | Other activities and eliminations | Total |
| First quarter | -9% | -5% | -1% | 0% | -1% | - | -3% |
| Second quarter | -4% | -9% | +1% | 0% | +4% | - | -4% |
| First half | -7% | -7% | 0% | 0% | +2% | - | -3% |
Revenue for 2024 (in millions of euros)
| Full-year 2024 | Wines & Spirits | Fashion & Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Retailing | Other activities and eliminations | Total |
| First quarter | 1 417 | 10 490 | 2 182 | 2 466 | 4 175 | (36) | 20 694 |
| Second quarter | 1 391 | 10 281 | 1 953 | 2 685 | 4 457 | 216 | 20 983 |
| First half | 2 807 | 20 771 | 4 136 | 5 150 | 8 632 | 181 | 41 677 |
Alternative performance measures
For the purposes of its financial communications, in addition to the accounting aggregates defined by IAS/IFRS, LVMH uses alternative performance measures established in accordance with AMF position DOC-2015-12.
The table below lists these performance measures and the reference to their definition and their reconciliation with the aggregates defined by IAS/IFRS in the published documents.
| Performance measures | Reference to published documents |
| Operating free cash flow | URD (consolidated financial statements, consolidated cash flow statement) |
| Net financial debt | URD (Notes 1.22 and 19 to the consolidated financial statements) |
| Gearing | URD ("Comments on the consolidated balance sheet", page 318) |
| Organic growth | URD ("Comments on the consolidated income statement", page 317) |
URD: Universal Registration Document - December 31, 2024
LVMH
LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot, Krug, Ruinart, Mercier, Château d'Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere, Woodinville, Volcán de mi Tierra, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Newton, Bodega Numanthia, Ao Yun, Château d'Esclans, Château Galoupet, Joseph Phelps and Château Minuty. Its Fashion and Leather Goods division includes Louis Vuitton, Christian Dior, Celine, Loewe, Kenzo, Givenchy, Fendi, Emilio Pucci, Marc Jacobs, Berluti, Loro Piana, RIMOWA, Patou, Barton Perreira and Vuarnet. LVMH is present in the Perfumes and Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums Givenchy, Kenzo Parfums, Perfumes Loewe, Benefit Cosmetics, Make Up For Ever, Acqua di Parma, Fresh, Fenty Beauty by Rihanna, Maison Francis Kurkdjian and Officine Universelle Buly. LVMH's Watches and Jewelry division comprises Bulgari, TAG Heuer, Tiffany & Co, Chaumet, Zenith, Fred and Hublot. LVMH is also active in Selective Retailing as well as in other activities through DFS, Sephora, Le Bon Marché, La Samaritaine, Groupe Les Echos-Le Parisien, Paris Match, Cova, Le Jardin d'Acclimatation, Royal Van Lent, Belmond and Cheval Blanc hotels.
"This document may contain certain forward-looking statements which are based on estimations and forecasts. By their nature, these forward-looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in LVMH's Universal Registration Document which is available on the website (www.lvmh.com). These forward-looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by them. The forward-looking statements only reflect LVMH's views as of the date of this document, and LVMH does not undertake to revise or update these forward-looking statements. The forward-looking statements should be used with caution and circumspection and in no event can LVMH and its Management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in LVMH or an invitation or inducement to engage in any other investment activities."
LVMH CONTACTS
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