French luxury conglomerate LVMH Moët Hennessy Louis Vuitton delivered a solid financial performance during the first half of 2026, reporting H1 2026 revenue of €38.6 billion (approximately $43 billion). The group also posted recurring operating profit of €8.7 billion ($10.2 billion) and generated free cash flow of €4.1 billion ($4.8 billion).
The company’s H1 2026 financial results showed that net profit attributable to the group remained steady at €5.7 billion ($6.5 billion) compared with the previous year, while the operating margin reached 22.5%, demonstrating the resilience of its luxury portfolio despite ongoing global economic uncertainties.
Commenting on the performance, Bernard Arnault, Chairman and Chief Executive Officer of LVMH, said; “LVMH demonstrated its solidity and effective strategy.”
He added that the group’s maisons remain committed to delivering products of the highest quality while continuing creative renewal across several brands to reinforce their global desirability.
According to Arnault, the stronger second-quarter performance was driven by Jonathan Anderson’s debut collections for Christian Dior, impressive customer response to Louis Vuitton’s newly opened flagship stores in Beijing and Seoul, and sustained demand for signature collections from Tiffany & Co. and Bvlgari.
Second-Quarter Momentum Strengthens
LVMH recorded 3% organic revenue growth during the second quarter of 2026. Excluding the impact of geopolitical tensions in the Middle East, organic growth improved to 4%, indicating stronger business momentum than in the opening quarter of the year.
Regional performance also strengthened across key markets. Revenue growth accelerated in the United States, Asia excluding Japan delivered robust results, Japan maintained positive performance throughout the first half, and Europe continued to demonstrate resilience despite challenging market conditions.
Fashion and Leather Goods Return to Growth
The Fashion & Leather Goods division returned to positive organic growth during the second quarter, supported by stronger sales in the United States, even as geopolitical developments continued to weigh on parts of the business. Although foreign exchange movements affected operating profit, the division maintained a high operating margin.
Louis Vuitton celebrated the 130th anniversary of its iconic Monogram, unveiling the Monogram Emblème while reintroducing the historic jacquard canvas originally used in the brand’s first travel trunks. Newly launched flagship stores in Beijing and Seoul also delivered strong commercial performance.
Christian Dior recorded faster sales growth following the launch of Jonathan Anderson’s first creations for the fashion house, while the Cigale handbag received a positive response from consumers. Dior also expanded its retail presence with the opening of the Bamboo Pavilion in Tokyo and a new House of Dior boutique in Osaka.
Among other luxury brands within the group, Loro Piana continued its strong momentum with the Nomadic Reverie collection and expanded its leather accessories portfolio through the Extra Softy Bag. Creative transitions also progressed across several maisons, including Celine under Michael Rider, Loewe under Jack McCollough and Lazaro Hernandez, Givenchy under Sarah Burton, and Fendi under Maria Grazia Chiuri.
Meanwhile, Rimowa maintained robust growth, Berluti delivered a promising start to the year, and LVMH announced an agreement with WHP Global for the sale of Marc Jacobs.
Selective Retailing Continues Expansion
The group’s Selective Retailing business reported 5% organic revenue growth during the first half of 2026, accompanied by continued improvement in profitability.
Sephora strengthened its market position across multiple countries by expanding its product portfolio with exclusive launches, including Rhode, which performed particularly well in North America and the United Kingdom. The beauty retailer also entered the Belgian and Croatian markets during the period.
Within the retail division, Le Bon Marché achieved revenue growth, while DFS completed the divestment of its China operations to China Tourism Group Duty Free. The company also agreed to sell its airport concession businesses in Los Angeles and San Francisco to Duty Free Americas, along with DFS Okinawa to Avolta.
Positive Outlook Despite Global Challenges
Looking ahead, LVMH acknowledged that geopolitical tensions and broader economic uncertainty continue to create a challenging operating environment. Nevertheless, the company remains optimistic about its prospects for the remainder of 2026.
The group stated that it will continue strengthening the appeal of its luxury brands by focusing on product excellence, innovation, creative development, and premium retail experiences while maintaining disciplined profitability across its global operations.
