After several months marked by a slowdown in global luxury consumption, LVMH appears to be gradually regaining momentum. Bernard Arnault’s group posted first-half results marked by improved sales momentum, driven by an acceleration in the second quarter and a strong comeback by several of its major Houses.
LVMH posted revenue of 38.7 billion euros in the first half of 2026, compared with 39.8 billion euros a year earlier. On a reported basis, sales thus declined by 3%, primarily due to currency fluctuations, while on a constant-currency basis, the group posted organic growth of 2%.
Momentum improved significantly in the second quarter, during which LVMH recorded 3% organic sales growth. Excluding the impact of the conflict in the Middle East, this growth reached 4%.
The recovery is also supported by renewed strength in the United States and in Asia excluding Japan. Europe, for its part, continues to show resilience.
Weaknesses in Fashion and Leather Goods
The group’s main division, Fashion and Leather Goods, remained under pressure throughout the first half of the year, with sales of 18.1 billion euros, compared with 19.1 billion euros a year earlier—a 5% decline on a reported basis. On an organic basis, the decline was limited to 1%, while the business returned to growth in the second quarter, with organic growth of 1%.
“The acceleration in growth during the second quarter was driven in particular by the great success of Jonathan Anderson’s first designs for Christian Dior and the remarkable performance of Louis Vuitton’s new flagship stores in Beijing and Seoul,” said Bernard Arnault, the group’s CEO.
He also highlighted the strong momentum at Loro Piana, Rimowa, and Berluti, while several Houses continued their creative renewal with new artistic directors at Céline, Loewe, Givenchy, and Fendi.
Tiffany and Bvlgari Drive the Group’s Momentum
The Watches and Jewelry segment was among the top performers of the half-year: sales reached 5.3 billion euros, compared with 5.1 billion euros a year earlier, representing a 3% increase on a reported basis and 9% on an organic basis. In the second quarter, organic growth accelerated sharply to 11%.
This performance was driven by Tiffany & Co. and Bvlgari, both of which posted sustained growth thanks to the success of their iconic collections. In particular, Tiffany continues to expand its Knot and HardWear lines and renovate its store network, while Bvlgari is benefiting from the success of its high jewelry creations and watch collections.
Signs of Recovery for Wines & Spirits, Stability for Fragrances & Cosmetics
After several challenging quarters, the Wines & Spirits segment is showing initial signs of improvement. Sales reached 2.6 billion euros, stable on a reported basis but up 5% on an organic basis. Recurring operating profit rose 11% to 582 million euros.
LVMH highlights an improvement in Champagne, particularly in prestige cuvées, as well as a gradual recovery for Hennessy in China.
Finally, the Fragrances and Cosmetics segment posted stable organic growth with 3.9 billion euros in sales for the half-year, while recurring operating profit reached 417 million euros, down by a modest 2%. Long-standing brands such as Parfums Christian Dior and Guerlain posted strong results thanks to new launches and the momentum of certain product lines.
Read also > LVMH turns to an internal candidate: Yann Musquin takes the reins of the fragrance division
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