LVMH Reports 5 Per Cent Decline in 2025 Sales

On 28 January 2026, LVMH published its financial results for 2025, marking the first decline in revenue after several years of record performance. Group revenue totalled €80.807 billion, compared with €84.6 billion in 2024, representing a decrease of 5 per cent. Organic growth slowed by 1 per cent.

Operating profit reached €17.8 billion, down 9 per cent year on year, corresponding to an operating margin of 22 per cent.

Regional Performance

Trading conditions varied considerably across regions during the second half of the year. Europe experienced softer demand for luxury goods, while the United States recorded growth supported by resilient domestic consumption.

Japan, which had delivered particularly strong results in 2024 amid a weaker yen, saw sales decline in 2025. In the rest of Asia, the second half of the year brought a return to growth.

Segment Breakdown

The most significant drag on overall performance came from the Fashion and Leather Goods division, where sales declined by 8 per cent, and from Wines and Spirits, which fell by 9 per cent.

By contrast, the Watches and Jewellery division demonstrated relative resilience. Organic growth in this segment reached 3 per cent, while reported revenue edged down by just 1 per cent to €10.486 billion, compared with €10.577 billion the previous year.

A notable factor influencing 2025 results was the substantial volume of watch exports shipped ahead of the introduction of US tariffs. This dynamic may create a more favourable comparative base for 2026, potentially supporting improved performance in the year ahead.

Although the group faced a more challenging trading environment in 2025, the performance of its Watches and Jewellery activities underlines the continued strategic importance of this segment within the broader portfolio.