French luxury group LVMH Moët Hennessy Louis Vuitton has reported first-half (H1) 2026 revenue of €38.6 billion (~$43 billion), profit from recurring operations of €8.7 billion (~$10.2 billion) and free cash flow of €4.1 billion (~$4.8 billion). Group share of net profit remained stable year on year (YoY) at €5.7 billion (~$6.5 billion), while the operating margin stood at 22.5 per cent.
Bernard Arnault, chairman and chief executive officer of LVMH, said the group had demonstrated its resilience and the effectiveness of its strategy. “LVMH demonstrated its solidity and effective strategy,” he said, adding that the Maisons remained focused on ensuring “the utmost quality” in their products while several continued their creative renewal, helping to strengthen desirability.
He said the second-quarter (Q2) acceleration was driven by “the success of Jonathan Anderson’s first designs for Christian Dior”, the strong performance of Louis Vuitton’s new stores in Beijing and Seoul, and the continued appeal of Tiffany and Bvlgari’s iconic lines.
Q2 growth accelerates across markets
In Q2, the company recorded 3 per cent organic revenue growth, rising to 4 per cent excluding the impact of the conflict in the Middle East, reflecting stronger momentum than in the previous quarter. Growth accelerated in the United States, Asia excluding Japan delivered strong growth, Japan remained positive over the half-year period, and Europe showed resilience.
Fashion & Leather goods return to growth
Fashion & Leather goods returned to organic revenue growth in Q2, with rapid acceleration in the United States despite the impact of the conflict in the Middle East. The operating margin remained very high, although operating profit was negatively affected by currency fluctuations.
Louis Vuitton marked the 130th anniversary of its Monogram, introducing the Monogram Emblème and reviving the historic jacquard canvas used for its first trunks. Its new flagship stores in Beijing and Seoul delivered excellent performances. Christian Dior recorded accelerating growth, supported by the launch of Jonathan Anderson’s first designs, while the Cigale bag received a strong market response. The period also saw the opening of the Bamboo Pavilion in Tokyo and a new House of Dior store in Osaka.
Loro Piana delivered another strong performance with its Nomadic Reverie collection and expanded its leather goods range with the Extra Softy Bag. Creative renewal continued at Celine under Michael Rider, Loewe under Jack McCollough and Lazaro Hernandez, Givenchy under Sarah Burton and Fendi under Maria Grazia Chiuri. Rimowa posted strong growth, Berluti made a good start to the year, and the company entered into an agreement with WHP Global for the sale of Marc Jacobs, LVMH said in a press release.
Selective retailing maintains momentum
Selective Retailing posted 5 per cent organic revenue growth in H1 2026, with margins continuing to improve. Sephora gained market share across multiple countries and expanded its assortment through exclusive launches, including Rhode, which performed exceptionally well in North America and the United Kingdom. The retailer also expanded into Belgium and Croatia, added the release.
Le Bon Marché recorded revenue growth, while DFS completed the sale of its China businesses to China Tourism Group Duty Free and agreed to divest its Los Angeles and San Francisco airport concessions to Duty Free Americas and DFS Okinawa to Avolta.
Outlook
LVMH said the geopolitical and economic environment remains uncertain but expressed confidence in the remainder of 2026. The group said it would continue focusing on enhancing the desirability of its brands through product quality, creativity and retail excellence while maintaining close attention to profitability.
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