LVMH reported revenue of €38.6 billion for the first half of 2026, with growth accelerating in the second quarter as its Fashion & Leather Goods division returned to organic growth despite continued geopolitical and economic uncertainty.
The luxury group posted revenue of €38.6 billion for the six months to 30 June, down 3% year-on-year on a reported basis, while organic revenue increased 2%.
Profit from recurring operations declined 4% to €8.7 billion, with an operating margin remaining high at 22.5%. Net profit was broadly flat at €5.7 billion.
LVMH said organic revenue growth accelerated to 3% in the second quarter, or 4% excluding the impact of the conflict in the Middle East, supported by stronger performances in the US and Asia excluding Japan.
Fashion & Leather Goods, the group’s largest division, generated revenue of €18.1 billion, down 5% on a reported basis and 1% organically over the half year. However, the business returned to 1% organic growth in the second quarter, marking an improvement on the first quarter when the division reported a 2% organic decline as disruption linked to the conflict in the Middle East weighed on performance.
The group credited the recovery to the strong debut of Jonathan Anderson’s first collections for Christian Dior, alongside the performance of Louis Vuitton’s new flagship stores in Beijing and Seoul.
Bernard Arnault, Chairman and CEO of LVMH, said: “LVMH demonstrated its solidity and effective strategy. Our Maisons, which remained focused on ensuring the utmost quality in our products, and several of which are pursuing their creative renewal, continued to inspire dreams and enhance their desirability.”
He added that second-quarter growth was driven by “the success of Jonathan Anderson’s first designs for Christian Dior, the remarkable performance of Louis Vuitton’s exceptional new stores in Beijing and Seoul, and Tiffany and Bvlgari’s iconic lines”.
Christian Dior reported accelerating growth following the launch of Anderson’s first designs, with the new Cigale bag receiving a strong customer response. Elsewhere, Loro Piana delivered another strong performance, while Rimowa and Berluti also recorded growth during the period.
Across the wider group, Watches & Jewelry was among the strongest-performing divisions, with organic revenue increasing 9%, supported by Tiffany & Co. and Bvlgari. Selective Retailing, which includes Sephora, recorded 5% organic growth, while Wines & Spirits also returned to growth, with organic revenue up 5%.
Looking ahead, LVMH said it remains confident despite an uncertain geopolitical and economic environment, maintaining its strategy of investing in creativity, product quality, and retail experiences to strengthen the desirability of its brands.