How does LVMH make money?
Louis Vuitton, Dior, Tiffany, Bvlgari, Sephora and Hennessy have the same owner.
It made €80.8 billion in revenue in 2025. Here’s how it works.
Figures · Financial year 2025
Quick answers
- How does LVMH make money?
- €80.8 billion, five businesses: Fashion & leather goods €37.8bn (47%); Selective retailing €18.3bn (23%); Watches & jewellery €10.5bn (13%); Perfumes & cosmetics €8.2bn (10%); Wines & spirits €5.4bn (7%).
- What makes LVMH hard to copy?
- History can’t be bought quickly, pricing power and it owns the shop too.
- What are the main risks for LVMH?
- From its own reports: one engine, luxury demand cooling, cognac and Champagne and currencies.
It isn’t a luxury brand. It’s a collection of them.
Data & context
LVMH: the full breakdown
02
Where the money comes from
€80.8 billion, five businesses
| Segment | Value | Share |
|---|---|---|
| Fashion & leather goodsLouis Vuitton, Dior, Loro Piana, Celine, Fendi | €37.8bn | 47% |
| Selective retailingSephora, DFS, Le Bon Marché | €18.3bn | 23% |
| Watches & jewelleryTiffany & Co., Bvlgari, TAG Heuer, Hublot | €10.5bn | 13% |
| Perfumes & cosmeticsDior, Guerlain, Givenchy | €8.2bn | 10% |
| Wines & spiritsHennessy and its Champagne houses | €5.4bn | 7% |
Source: LVMH 2025 results (Jan 2026) · other activities (~1%) not shown5 figures traced to source ↓
03
2025 in four numbers
A tough year. Still enormous.
- Revenue
- €80.8bn
- –5% reported, –1% organic
- Operating margin
- 22.0%
- 23.1% in 2024
- Net profit
- €10.9bn
- –13% vs 2024 (group share)
- Operating FCF
- €11.3bn
- +8% vs 2024
Source: LVMH 2025 results · operating margin = profit from recurring operations ÷ revenue4 figures traced to source ↓
04
The strategy
Collect icons. Let each one shine.
LVMH isn’t one brand. It’s a group of luxury houses (“Maisons”) across fashion, jewellery, beauty, drinks and retail.
Source: LVMH 2025 results · lvmh.com1 figure traced to source ↓
05
The moat
Why nobody can just copy it
- 01
History can’t be bought quickly
Louis Vuitton was founded in 1854. You can copy a bag, not 170 years of history.
- 02
Pricing power
Fashion & leather goods earned a 35% operating margin, even in a weak year.
- 03
It owns the shop too
Sephora, DFS and Le Bon Marché brought in €18.3bn, so LVMH also controls where luxury is sold.
Source: LVMH 2025 results2 figures traced to source ↓
06
The risks
What could go wrong
- 01
One engine
Fashion & leather goods delivers about three-quarters of profit. If it slows, the group feels it.
- 02
Luxury demand cooling
Fashion & leather goods revenue fell 8% in 2025 (reported).
- 03
Cognac and Champagne
Wines & spirits profit dropped 25%, from €1.36bn to €1.02bn.
- 04
Currencies
Revenue fell 5% in euros but only 1% organically, a measure that strips out currency and acquisition effects.
Source: LVMH 2025 results2 figures traced to source ↓
07
The surprising part
Fashion & leather goods: half the sales, three-quarters of the profit
Sephora & co. bring in almost a quarter of revenue, but at a far lower margin (~10%).
2025: revenue €37,770m of €80,807m · profit from recurring operations €13,209m of €17,755m · Selective retailing margin €1,780m ÷ €18,348m.2 figures traced to source ↓
Fact check
Where every number comes from
All 18 figures and claims on the slides, each with its value in the source, the page it’s on and a link to the document. Calculated figures show their formula, so you can redo the maths.
Slide 01Louis Vuitton, Dior, Tiffany, Bvlgari, Sephora and Hennessy have the same owner.
Brands: LV, Dior, Tiffany, Bvlgari, Sephora, Hennessy
Wording
[1] LVMH 2025 results press release · Business group section
Revenue €80.8bn
Reported€80,807m
[1] LVMH 2025 results press release · Business group table
Slide 02Where the money comes from
Fashion & leather goods €37.8bn (47%)
Calculated46.7%
Selective retailing €18.3bn (23%)
Calculated22.7%
Watches & jewellery €10.5bn (13%)
Calculated13.0%
Perfumes & cosmetics €8.2bn (10%)
Calculated10.1%
Wines & spirits €5.4bn (7%)
Calculated6.6%
Slide 032025 in four numbers
Revenue –5% reported, –1% organic
Reported-5.0%
[1] LVMH 2025 results press release · Key figures
Operating margin 22.0% (23.1% in 2024)
Calculated22.0%
[1] LVMH 2025 results press release · Profit from recurring ops ÷ revenue
Net profit €10.9bn, –13% (group share)
Reported€10.9bn
[1] LVMH 2025 results press release · Key figures
Operating FCF €11.3bn, +8%
Reported€11.3bn
[1] LVMH 2025 results press release · Key figures
Slide 04The strategy
Tiffany & Co. joined in 2021
Wording
[2] LVMH completes the acquisition of Tiffany & Co. (regulated filing, AMF) · p.1: “completed the acquisition of Tiffany & Co.” (7 Jan 2021)
Slide 05The moat
Louis Vuitton founded 1854
Wording
[3] LVMH: Louis Vuitton maison page · Identity: “Founded in Paris in 1854”
F&LG 35% operating margin
Calculated35.0%
[1] LVMH 2025 results press release · 13,209 ÷ 37,770
Slide 06The risks
F&LG revenue –8% (reported)
Reported-8.0%
[1] LVMH 2025 results press release · 41,060 → 37,770
W&S profit –25% (€1.36bn → €1.02bn)
Calculated-25.1%
Slide 07The surprising part
F&LG = 74% of profit
Calculated74.4%
[1] LVMH 2025 results press release · 13,209 ÷ 17,755
Selective retailing margin ~10%
Calculated9.7%
[1] LVMH 2025 results press release · 1,780 ÷ 18,348
Source documents
- [1]LVMH 2025 results press release ↗
LVMH · 27 Jan 2026
- [2]LVMH completes the acquisition of Tiffany & Co. (regulated filing, AMF) ↗
LVMH Moët Hennessy Louis Vuitton SE · 7 Jan 2021
- [3]LVMH: Louis Vuitton maison page ↗
LVMH · accessed 7 Oct 2026
For education only. Nothing on this site is investment advice or a recommendation to buy, sell or hold any security. Figures come from official company reports, filings and regulator documents plus our own calculations; sources are named on each breakdown. At the time of publication we hold no individual shares in the companies we cover; broad index funds (ETFs) may hold them indirectly.
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