LVMH Resists in 2025 With Revenue of €80.8 Billion, Down 1%

The year was marked by modest organic growth, with sales up 1% in the fourth quarter, confirming a slight rebound after several periods of decline during the financial year. This quarterly momentum exceeded market expectations and reassured investors about the group's ability to navigate a difficult environment.

LVMH's geographical performance was very mixed in 2025, reflecting very different dynamics across territories. Europe saw a decline of around -2% in sales, penalised by a smaller tourist clientele and a strong euro that reduced the attractiveness of cross-border shopping.

Conversely, the United States (26% of sales) posted positive growth of around +3%, driven by continued strong local demand despite an uncertain economic context. This relative rebound in the US market illustrates the resilience of high-end consumers in the face of macroeconomic headwinds.

Asia excluding Japan (26% of sales, down 2% compared to 2024), after several difficult quarters, is beginning to show signs of recovery with sales growth of around +1% to +2%, driven in particular by an improvement in activity in China, where local demand is gradually picking up.

Fashion and leather goods, the core business and main driver of the group, continue to suffer from weak global demand: for the full year 2025, this segment posted an organic sales decline of around -5%, reflecting demand that is slow to normalise after years of spectacular growth.

Wines and spirits, another historic pillar of LVMH's portfolio, are also facing headwinds, with sales down by around 5% for the year, affected by weaker demand for cognac and customs duties weighing on exports, particularly to the United States.

This figure contrasts with certain other segments of the group, such as Watches and Jewellery, which saw organic growth of +3% over the whole of 2025, driven by brands with a strong identity such as Bulgari and Tiffany.

For 2026, the group is cautiously optimistic, banking on a ‘creative renewal’ of its houses, innovative marketing initiatives and continuous adaptation of its product portfolio to appeal to both local customers and international tourists. The combination of highly desirable brands with increased cost control and strategic investments should enable LVMH to maintain its leading position in the luxury sector.