Overview
- LVMH reported revenue of €80.8 billion, down 5% year over year, and net profit of €10.9 billion, down 13%.
- Sales improved in the back half of 2025, with fourth‑quarter growth of 1% at constant currency helped by the return of customers in Asia and the United States.
- The wines and spirits division fell 9% to €20.36 billion and fashion and leather goods declined 8% to €37.8 billion, while the group operating margin eased to 22% from 23%.
- LVMH said an exceptional surtax raised its effective tax rate by four percentage points, previously estimated to cost €700–800 million, and Arnault criticized French policy as hostile to businesses.
- The group increased its stake in Loro Piana to 94% for €1 billion, and Arnault said the family’s holding will cross 50% early this year as management maintains a cautious but long‑term confident outlook.