Editor’s Note
This article reports on LVMH’s financial results for the fiscal year ending December 2025, detailing declines in revenue, operating profit, and net profit. All figures have been converted from euros to yen for our readers.
LVMH Moët Hennessy Louis Vuitton (LVMH) reported a decline in both revenue and profit for the fiscal year ending December 2025. Revenue fell 4.6% year-on-year to 80.807 billion euros (approximately 147.876 trillion yen), operating profit decreased 9.6% to 17.099 billion euros (approximately 31.291 trillion yen), and net profit dropped 13.3% to 10.878 billion euros (approximately 19.906 trillion yen).
By business segment, revenue in the core Fashion & Leather Goods division fell 8.0% to 37.77 billion euros (approximately 69.119 trillion yen). While star brands Louis Vuitton and Dior continued to see solid demand from local customers, the overall segment was impacted by a deteriorating macroeconomic environment and geopolitical uncertainties. LVMH does not disclose sales by individual brand, but Loro Piana, which is believed to be the third-largest brand in the division following the aforementioned two, performed well. The company announced during an analyst earnings briefing that it had increased its stake in Loro Piana from 85% to 94% in 2025, acquiring the additional 9% stake from the founding family for 1 billion euros (approximately 183 billion yen).
The Watches & Jewelry division, which includes Tiffany & Co., Bvlgari, and TAG Heuer, saw a 0.9% decline to 10.486 billion euros (approximately 19.189 trillion yen). The Perfumes & Cosmetics division fell 2.9% to 8.174 billion euros (approximately 14.958 trillion yen). The Wines & Spirits division declined 8.6% to 5.358 billion euros (approximately 9.805 trillion yen), negatively impacted in its key markets of China and the United States by tariff policies under the Donald Trump administration. The Selective Retailing division, which operates DFS duty-free stores, recorded a slight increase of 0.5% to 18.348 billion euros (approximately 33.576 trillion yen), supported by contributions from the cosmetics select shop, Sephora.
By region, sales in France fell 4.0% to 6.732 billion euros (approximately 12.319 trillion yen), while Europe (excluding France) saw a marginal 0.1% decline to 14.53 billion euros (approximately 26.589 trillion yen). The United States, which showed signs of recovery in the second half (July-December), decreased 4.0% to 20.686 billion euros (approximately 37.855 trillion yen). The Asia-Pacific region (excluding Japan) fell 8.0% to 21.389 billion euros (approximately 39.141 trillion yen). Meanwhile, Japan, where inbound demand is waning, slowed sharply with a double-digit decline of 14.7% to 6.378 billion euros (approximately 11.671 trillion yen).
Bernard Arnault, Chairman and CEO of LVMH, noted that the group’s revenue has more than doubled over the past decade.
He also mentioned attending the Dior Spring-Summer 2026 Haute Couture show by Artistic Director Jonathan Anderson.
He added that Anderson’s first ready-to-wear collection for Dior hit stores on January 2nd.
Chairman and CEO Arnault cited jewelry as a key area for future growth. Given the steady performance of Bvlgari and Tiffany, Louis Vuitton is also seriously strengthening its focus on jewelry. He clarified that while the brand has recently been opening entertainment-focused stores with cafes and restaurants in the Asian market, it has no plans to venture into hotels or accommodations.
On January 19, LVMH announced the sale of its DFS travel retail business in China to China Tourism Group Duty Free, the country’s largest operator. Regarding this, Arnault stated,
