LVMH Group: first half 2025 results

LVMH Group reports olid results in the first half of 2025

LVMH Moët Hennessy Louis Vuitton, the global luxury group, reported revenue of €39.8 billion in the first half of 2025, down 4% compared with the same period in 2024.

The group demonstrated resilience and maintained strong innovative momentum despite a challenging 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, as well as in the United States, which remained stable.

Japan declined compared to the first half of 2024, which had been boosted by unusually strong tourist spending due to the 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, representing an operating margin of 22.6%. The Group share of net profit amounted to €5.7 billion, while operating free cash flow rose to €4 billion.

The Watches & Jewellery business group remained stable in the first half of 2025, with the decline in profit from recurring operations linked to ongoing investments in store renovations and communications.

Bulgari showcased the emblematic Serpenti through immersive art exhibitions in Shanghai and Seoul, marking the start of the Year of the Snake celebrations. The creations comprising the new Polychroma high jewellery collection were unveiled in Taormina.

TAG Heuer activated its 2024 partnership with Formula 1, most notably at the Monaco Grand Prix, where the Maison became the event’s first partner.

Hublot celebrated the 20th anniversary of its Big Bang collection, while Zenith marked its 160th anniversary.

Bernard Arnault, Chairman and CEO of LVMH, commented: “LVMH showed solidity in the current context. We owe this to the strength 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 head into the second half of the year with great vigilance, and I am confident in LVMH’s long-term potential and the commitment of our teams to further reinforce the Group’s leadership position in luxury goods.” lvmh.com