LVMH: Mixed business figures for 2025, rumors about a new TAG Heuer CEO and Zenith denial

The French luxury goods group LVMH looks back on a mixed year with sales of just under €81 billion. This represents a decline of five percent in 2025 compared to the previous year. Profit for the past year amounted to €17.8 billion, nine percent lower than the result in 2024. 

LVMH was hampered by global trade conflicts and the resulting weak consumer sentiment. The company reported a decline in sales for the first two quarters, followed by slight growth in the third and fourth quarters.

In Europe, sales declined in the second half of the year, while the US saw growth thanks to strong domestic demand. Japan fell short of the 2024 figure, which had been boosted by increased tourist spending due to the significantly weaker yen. In the rest of Asia, the trend improved noticeably compared to 2024, with growth returning in the second half of the year.

Watches & Jewellery

In its Watches & Jewelry division, LVMH recorded a decline of one percent in 2025, with sales of just over €10.5 billion. However, a positive trend emerged over the course of the year. Sales remained at the previous year's level in the first two quarters, while the segment generated growth of two percent in the third quarter and eight percent in the fourth.

Difficult economic environment

This year will therefore be challenging even for Bernard Arnault, the LVMH CEO who was at one time the world's richest man. Adding to the uncertain global economic environment is the recent, unexpected resignation – or dismissal – of the TAG Heuer CEO and experienced watch executive. Antoine Pin. LVMH has so far failed to provide a reason or announce a successor.

Will TAG Heuer get a female CEO?

But how could it be otherwise? The rumor mill is churning. The French online portal Business Montres & Joaillerie reports that a top female manager from within the company will lead TAG Heuer in the future – after eight male CEOs had come and gone in the previous 13 years.

Her name: Béatrice Goasglas. She currently holds the position of President of TAG Heuer America and is reportedly already packing her bags to relocate from New York to Geneva. "Given her leadership style, her political acumen, and her openly displayed ambitions, this is a very logical decision," writes Business Montres & Joaillerie, adding that it won't be easy for Goasglas – if she does indeed become the new CEO.

In terms of timing, she would be entering the market shortly before Watches & Wonders and with a planned budget for the current fiscal year. "And she's doing it with three people behind her: two official partners (Stéphane Bianchi and Jean-Christophe Babin) and a stowaway (Frédéric Arnault, more present than ever and very active behind the scenes)."„

LVMH denies plans to sell Zenith

LVMH has since denied another rumor. "We formally deny any plans to sell the Zenith brand," an LVMH spokesperson told the AWP news agency.

The Swiss newspaper La Côte reports that an industry source had previously told AWP that the sale process for Zenith was underway and the sales documents were complete. "LVMH has certainly been exploring the market for some time," La Côte quotes an analyst specializing in the watch industry.

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