Luxury slump also hits LVMH

While Richemont in the first quarter of the current financial year, the jewellery segment recorded an increase in sales (the watch sector suffered a significant loss) and the watch-specialised Swatch Group had to announce a massive loss in sales and especially profit in the first half of 2025, the French luxury goods group LVMH is also not doing well.

In the first half of the current year, sales amounted to €39.8 billion, down 3 percent (at constant exchange rates) from the previous year's figure (€41.6 billion).

Compared to the first quarter (€20.3 billion), sales in the second quarter (€19.5 billion) fell by 4 percent.

Significant drop in profits

Operating profit in the first half of 2025 was €9 billion, 15 percent below the previous year's figure. However, analysts had expected an even more significant decline.

Regionally very different sales developments

Sales remained stable in the US and Europe, while Asia (excluding Japan) recorded an organic decline of 6 percent. Both regions performed better than expected. Sales in Japan, however, fell sharply by 28 percent. LVMH attributes this to declining tourist numbers and exchange rate distortions.

Stable development in watches and jewelry

While the Wine & Spirits and Fashion & Leather Goods divisions both lost 7 percent of their sales, sales in the Perfume & Cosmetics and Watches & Jewelry segments remained at the same level as the first half of 2024 in the first six months of 2025.