Editor’s Note
LVMH’s full-year 2025 results show a nuanced picture: a slight quarterly uptick contrasts with an annual revenue decline, highlighting ongoing market challenges despite regional recoveries.
On January 28, LVMH Group announced its fourth-quarter and full-year revenue. In the three months ended December 31, the group’s revenue reached 22.7 billion euros, representing a slight increase of 1% year-on-year at constant exchange rates. For the full year 2025, LVMH Group’s total revenue was 80.8 billion euros, a decrease of 5% compared to the previous year. Despite signs of recovery in the US and Asia-Pacific markets, this was insufficient to offset the impact of sluggish performance in Europe and Japan.
Bernard Arnault, Chairman and CEO of LVMH Group, pointed out the decade of growth but expressed continued caution for the coming year. On an organic basis, revenue for the Fashion & Leather Goods division fell by 3% year-on-year; the Wines & Spirits division revenue declined by 9%; the Perfumes & Cosmetics division showed weak performance during the year-end holiday season, with revenue down slightly by 1%; the Watches & Jewelry division saw organic sales grow by 8%; and the Selective Retailing division maintained its growth momentum, with revenue increasing by 7%.
On January 27, Anta Group announced that it had reached a share purchase agreement with Groupe Artémis, the investment company of the Pinault family, to acquire a 29.06% stake in Puma SE, the company behind the iconic global sports brand Puma. The cash consideration is 1.5 billion euros. The group stated that this move is a significant step in advancing its globalization strategy, aiming to enhance its influence, visibility, and competitiveness in the global sporting goods market. The transaction is expected to be completed by the end of 2026, subject to approval from relevant regulatory authorities and customary closing conditions. The funding for this equity acquisition comes entirely from Anta Group’s internal cash reserves.
Ding Shizhong, Chairman of the Board of Anta Group, commented on the strategic acquisition.
Arc’teryx Equipment recently announced an expansion of its executive team to support the brand’s global growth strategy. Former Tommy Hilfiger President and Chief Brand Officer Avery Baker has joined Arc’teryx in the newly created role of Chief Brand Officer, responsible for global brand strategy, marketing, and consumer experience. She will report to CEO Stuart Haselden, driving growth in North America, Europe, the Middle East, Africa, Asia-Pacific, and Greater China. Additionally, former Celine executive Tobia Prevedello has joined Arc’teryx as Head of EMEA. Prior to this, Avery Baker left Tommy Hilfiger in 2023 after 24 years, during which she successfully revitalized the global women’s business. Tobia Prevedello previously served as General Manager for the EMEA region at LVMH-owned brand Celine, overseeing business strategy and operations. Other executive appointments at Arc’teryx include Matt Bolte as Chief Merchandising Officer, Marissa Pardini as General Manager of Veilance, and Ben Stubbington as Creative Director of Verilance.
As part of the LVMH Group’s full-year results, the Watches & Jewelry division reported organic sales growth of 8% year-on-year, standing out as a strong performer amidst mixed results across other business segments.