LVMH: solid results in the first half of 2025

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 was down with respect to the first half of 2024, which had been boosted by abnormal growth in tourist spending due to the much 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, equating to an operating margin of 22.6%. The Group share of net profit amounted to €5.7 billion.

The Watches & Jewellery business group remained stable in the first half of 2025. The decline in profit from recurring operations arose from ongoing investments in store renovations and communications. Tiffany & Co. continued the successful expansion of its iconic lines and the global rollout of its new store concept inspired by The Landmark in New York. Bulgari showcased the emblematic Serpenti through immersive art exhibitions in Shanghai and Seoul, kicking off celebrations of the Year of the Snake. The creations composing the new Polychroma high jewellery collection were unveiled in Taormina. Chaumet continued to actively develop its emblematic Bee de Chaumet jewelry line.

In watches, the brand TAG Heuer implemented the partnership signed in 2024 with Formula 1, particularly at the Monaco Grand Prix event, where the Maison became the event’s first partner. Hublot toasted its Big Bang collection’s 20th anniversary and Zenith celebrated its 160^th anniversary.

Within an uncertain geopolitical and economic environment, the LVMH Group remains confident and will maintain a strategy focused on continuously enhancing the desirability of all its different brands, drawing on the exceptional quality of its products and excellence in retail.

August 21, 2025