Christian Dior continues to achieve organic growth in the first quarter, in a global environment impacted by the conflict in the Middle East
Paris, April 13, 2026
The Christian Dior group recorded revenue of €19.1 billion in the first quarter of 2026. The Group maintained its powerful innovative momentum and showed good resilience in a geopolitical and economic environment that remained disrupted, amplified by the conflict in the Middle East. The United States experienced a good start to the year. In Europe and Japan, resilient local demand helped to partly offset lower tourist spending. Asia (excluding Japan) saw strong growth, confirming the improvement in trends observed starting in the second half of 2025. The Middle East was impacted by the conflict in March, following a very positive start to the year. The conflict had a negative impact of around 1% on organic growth for the quarter.
Revenue by business group changed as follows:
| In millions of euros | Q1 2026 | Q1 2025 | Change Q1 2026/2025 Reported Organic* | |
| Wines & Spirits | 1 273 | 1 305 | -2% | +5% |
| Fashion & Leather Goods | 9 247 | 10 108 | -9% | -2% |
| Perfumes & Cosmetics | 2 038 | 2 178 | -6% | 0% |
| Watches & Jewelry | 2 443 | 2 482 | -2% | +7% |
| Selective Retailing | 4 048 | 4 189 | -3% | +4% |
| Other activities and eliminations | 72 | 49 | - | - |
| Total | 19 121 | 20 311 | -6% | +1% |
* On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope was nil; the impact of exchange rate fluctuations was -7%.
The Wines & Spirits business group recorded organic revenue growth of 5% in the first quarter of 2026. The champagne business had a good start to the year, particularly in Europe. Moët & Chandon began its second season as the Official Champagne of Formula 1 Grand Prix races. Cognac was boosted by a favorable calendar effect for Chinese New Year with respect to 2025. Provence rosé wines maintained their positive momentum.
The Fashion & Leather Goods business group was down 2% on an organic basis in the first quarter of 2026, impacted by the conflict in the Middle East. Louis Vuitton celebrated the 130th anniversary of its legendary Monogram canvas and paid tribute to its iconic bags. The Maison continued to express its cultural vision through its stores, offering customers unique experiences, such as the new flagship in Beijing and LV The Place Seoul, which achieved an excellent performance. At Christian Dior Couture, the first products designed by Jonathan Anderson gradually arrived in stores and were immensely popular. In leather goods, new designs as well as the reinterpreted version of the iconic Lady Dior had an excellent start. Inspired by the façade of its 30 Montaigne hôtel particulier in Paris, the Dior Bamboo Pavilion was inaugurated in Tokyo, celebrating the Maison's enduring ties with Japan and its tradition of exceptional craftsmanship. Loro Piana confirmed its excellent performance in the first quarter. Its new Nomadic Reverie collection, unveiled in Milan, fully expressed the rich sensory experience and expert craftsmanship of the Maison's textile creations. Michael Rider at Celine, Jack McCollough and Lazaro Hernandez at Loewe and Sarah Burton at Givenchy continued the creative refresh of collections at their respective Maisons. At Fendi, Maria Grazia Chiuri presented her first Women's collection in Milan, inspired by the five Fendi sisters. Rimowa continued to achieve solid growth.
The Perfumes & Cosmetics business group, for which revenue remained stable on an organic basis in the first quarter of 2026, maintained its robust innovation policy and highly selective retail approach. The Group's flagship brands had a good start to the year. Parfums Christian Dior in particular performed well, buoyed by the launches of J'adore Intense and eau de parfum versions of Dior Addict. In high perfumery, La Collection Privée was enriched with a new signature scent, Cuir Saddle. Innovations in makeup - within Forever and Backstage - also contributed to the Maison's performance. Guerlain saw strong growth driven by its L'Art & La Matière and Aqua Allegoria fragrance collections, as well as the confirmed success of its iconic Rouge G lipstick. At Parfums Givenchy, L'Interdit continued its development. Maison Francis Kurkdjian expanded its Oud collection and Acqua di Parma celebrated its 110th anniversary.
The Watches & Jewelry business group recorded organic revenue growth of 7% in the first quarter of 2026. Tiffany achieved an excellent performance. The Maison continued to successfully renovate its store network and strengthen its iconic product lines, with HardWear in particular posting very strong growth. Highlights of the quarter for Tiffany included the launch of a marketing campaign featuring its new global brand ambassador, Natalie Portman, and its latest high jewelry collections being showcased in Gstaad and Beijing. Bvlgari achieved strong growth and unveiled Eclettica, a new artistic vision of high jewelry and prestige watches. The iconic Serpenti and Tubogas lines performed very well. Chaumet was boosted by the expansion of its Bee de Chaumet collection. At LVMH Watch Week 2026, held in Milan, a number of the Group's Maisons - including TAG Heuer, Hublot and Zenith - presented their latest innovations in watchmaking.
In Selective Retailing, organic revenue growth came to 4% in the first quarter of 2026. Sephora continued to achieve solid revenue growth in all its regions and to gain market share, consolidating its global leadership position. The retail network continued to expand, particularly in the United Kingdom, where the brand met with great success. DFS signed an agreement with China Tourism Group Duty Free to sell businesses in Greater China, in particular the Gallerias in Hong Kong and Macao; DFS also signed an agreement to sell the Los Angeles and San Francisco airport concessions to Duty Free Americas. Le Bon Marché continued to pursue its differentiation strategy with a unique slate of events.
Amid a geopolitical and economic environment particularly disrupted by the conflict in the Middle East, Christian Dior remains vigilant yet confident at the start of the year. The Group remains focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its designs, their desirability and their selective distribution.
The Christian Dior group will rely on the talent and motivation of its teams, the diversity of its businesses and the good geographic balance of its revenue to further strengthen its global leadership position in high-quality products in 2026.
This press release is available at www.dior-finance.com
"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 Christian Dior's Annual report which is available on the website (www.dior-finance.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 Company's views as of the date of this document, and Christian Dior 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 the Company 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 Christian Dior or an invitation or inducement to engage in any other investment activities."
This document is a free translation into English of the original French financial release dated April 13th, 2026.
It is not a binding document.
In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.
