INTERNATIONAL. LVMH Moët Hennessy Louis Vuitton posted revenue of €39.8 billion in the first half of 2025, down -4% year-on-year. The company said it had shown “good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment”.
Profit from recurring operations came to €9 billion, a fall of -15%, with an operating margin of 22.6%. Group share of net profit amounted to €5.7 billion, a slide of -22% year-on-year.
The Selective Retailing business group, which includes luxury travel retailer DFS Group (co-owned by DFS Co-Founder Robert Miller), posted €8,620 million in revenues, flat on a reported basis but up +2% in organic terms. Profit from recurring operations climbed +12% in the half, with Sephora a key contributor.
LVMH said in a statement: “At DFS, measures to reduce costs and streamline operations – including the closure of the Galleria in Venice – helped improve profitability, despite business activity still being held back by prevailing international conditions.”
The company also noted weak demand in Hong Kong and its Macau heartland, but a good performance in Japan, especially in Okinawa, where the business marked its 20th anniversary.
As reported this month, DFS is to close its operations in Sydney, Auckland and Queenstown, marking the travel retailer’s exit from the Oceania market. The company said the move is aligned with its broader strategy to optimise global operations.
It forms part of an ongoing review of the company’s global store network revealed by Chairman & CEO Ed Brennan in an interview with The Moodie Davitt Report last November.
The Wines & Spirits division posted an -8% decline in reported revenue (-7% organic) with profit down -33%.
LVMH said, “The first half of 2025 saw trends similar to those observed in 2024, largely due to the impact on customers of trade tensions weighing on the key markets of the United States and China. In this context, the Wines & Spirits business group was down during the period, with a sequential improvement in Champagne and a good performance in Provence rosé wines.”
The Fashion & Leather Goods business group saw revenue decline -8% (-7% organic) with profit falling -18%. The business showed “good resilience with local customers, whereas the first half of 2024 had been boosted by strong growth in tourist spending, particularly in Japan”, said LVMH.
The Perfumes & Cosmetics business group remained stable in the first half of 2025, with reported revenue down -1% and sales flat in organic terms. Profits fell -4%.
Watches & Jewelry posted a -1% decline in revenue and was flat in organic terms, with profitability down -13%. ✈
