Meanwhile, the revenue of the 'Watches and Jewelry' division decreased by only 1%.
The luxury conglomerate LVMH has published its sales report for 2025. According to the released data, for the first time after several years of record sales, the group's revenue decreased by 5%, amounting to €80.807 billion compared to €84.6 billion in 2024. Organic growth slowed down by 1%. Operating profit amounted to €17.8 billion (-9%), corresponding to an operating margin of 22%.
In the second half of the year, different regions showed varying trends. While Europe registered a decline in demand for luxury goods, the USA saw growth due to stable local demand. Japan, which had shown excellent results in 2024 due to a weak yen, experienced a decline in sales in 2025.
In the rest of Asia, the second half of the year saw a return to growth. The most significant impact on results was from a decrease in demand for fashion and leather goods (-8%), as well as wines and spirits (-9%).
The 'Watches and Jewelry' division showed some resilience. Organic growth in this sector was 3%. Revenue decreased by only 1%, reaching €10.486 billion compared to €10.577 billion in 2024. An important factor to consider in 2025 is the large-scale export of watches carried out by manufacturers before the introduction of tariffs in the USA. In this regard, 2026 might show better results.