LVMH reported revenue of €80.8 billion for 2025, with profit from recurring operations of €17.8 billion and an operating margin of 22 percent, per the group’s results statement. Organic growth in the fourth quarter was 1 percent. Both of those numbers are true and they describe different companies.
One percent growth, twenty-two percent margin
A 1 percent organic growth rate at the largest luxury group in the world would be an alarming number in most industries. Paired with a 22 percent operating margin and €10.9 billion of net profit, it describes something else: a business that has stopped growing quickly and has not stopped earning.
| Measure | 2025 |
|---|---|
| Revenue | €80.8 billion |
| Profit from recurring operations | €17.8 billion |
| Operating margin | 22 percent |
| Net profit, group share | €10.9 billion |
| Q4 organic revenue growth | 1 percent |
That combination is what a mature category looks like after an exceptional run. The post-pandemic years pulled demand forward and set comparatives that were never going to be repeated. Growth returning to low single digits is normalisation.
A business that has stopped growing quickly and has not stopped earning.
Rich & Richer
The regional split is the real information
The United States grew on local demand. Europe declined in the second half. Japan fell against a 2024 inflated by tourists exploiting a weak yen, which was always a currency effect rather than a demand one. The rest of Asia improved and returned to growth in the second half.
Read together, that is a market where the buyer has changed nationality more than it has changed size. Tourist arbitrage receded and domestic demand carried the weight, which is a healthier composition even when the headline number is smaller.
The same pattern across the category
Luxury’s constituent markets moved in step through 2025 and told the same story. Swiss watch exports fell 1.7 percent by value while volume fell 4.8 percent. The art market grew 4 percent from a base reduced by two down years. LVMH grew 1 percent at a 22 percent margin.
None of those is a collapse and none is a boom. All three show the same internal shape: the top holding, the middle thinning, and volume falling faster than value. Groups have been responding by programming presence rather than chasing footfall, visible in the way houses now stage exhibitions in Chinese cities instead of opening more doors.
What it means for a buyer
Slower growth at high margin means less discounting, not more. A category that is still earning 22 cents on the euro has no reason to cut prices to move stock, and the houses with genuine scarcity have less reason still. Anyone waiting for a soft market to deliver a bargain on a hard-to-get piece is waiting for something these numbers do not predict.
Frequently asked questions
What was LVMH’s revenue in 2025?
€80.8 billion, with profit from recurring operations of €17.8 billion and a 22 percent operating margin. Group share of net profit was €10.9 billion.
How fast did LVMH grow?
Organic revenue growth was 1 percent in the fourth quarter, in line with the third.
Which regions performed best?
The United States grew on solid local demand. Europe declined in the second half, Japan fell against a 2024 boosted by a weak yen, and the rest of Asia improved with a return to growth in the second half.
Is luxury in decline?
Not in decline. Growing slowly, with a 22 percent operating margin intact. The story is normalisation after an exceptional post-pandemic run, not collapse.