LVMH’s CFO Cécile Cabanis and Rodolphe Ozun, LVMH’s Director of Financial Comms.

Luxury conglomerate LVMH Moët Hennessy Louis Vuitton generated revenue of €38.6bn ($43.9bn*) in the first half of 2026, up +2% on an organic basis but down -3% on a reported basis as a negative currency impact of -5% hurt the company. Within the Selective Retailing division, the sale of DFS travel retail businesses also had a scope effect.

The currency impact was clearly visible in profit from recurring operations, which fell by 4% from €9.01bn in H1 FY2025 to €8.69bn in H1 2026, with €686m of that decline due to currency. Despite the reported sales and profit contractions, organic growth accelerated from +2% in Q1 to +3% in Q2. This would have been +4% if the impact of the conflict in the Middle East was excluded, according to LVMH’s CFO Cécile Cabanis in an investor call on Monday evening.

Mixed results by division

Particularly notable among the H1 performances of LVMH’s five maisons was a +9% surge from Watches & Jewellery, and +5% from both Wines & Spirits and Selective Retailing. Offsetting this was a -1% organic contraction in Fashion & Leather Goods to €18.15bn (almost half of all revenue in the period), and flat sales for Perfumes & Cosmetics, with travel retail cited as a headwind during the call.

Revenue bridge H1 2025 to H1 2026.

Within Selective Retailing, the luxury group noted the completion of the sale of DFS’s business in Greater China to CTG Duty Free during the first half. Speaking to analysts, Rodolphe Ozun, LVMH’s Director of Financial Communications, said the DFS disposals resulted in “a negative 3% perimeter impact” within the maison.

In the same period, DFS agreed to sell its Los Angeles Airport (LAX) and San Francisco Airport (SFO) concessions to Duty Free Americas, thus exiting the US market, and also secured a deal for the sale of DFS Okinawa to the world’s biggest travel retailer Avolta.

Europe at a standstill

Regional and country organic growth generally accelerated between Q1 and Q2, globally. In the US, sales stepped up from +3% to +6%, while Japan soared from -3% to +14%. Asia (excluding Japan) was the only region to decelerate as Q1 revenue growth of +7% slipped to +4% in Q2. However, Europe remains the biggest concern with Q1’s -3% reaching a flat 0% in Q2, which LVMH described as “showing good resilience”.

Regional quarterly trends mainly showed acceleration.

In a statement, Bernard Arnault, Chairman and CEO of LVMH, said: “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.

“Accelerating growth in the second quarter arose, in particular, from the success of Jonathan Anderson’s first designs for Christian Dior, the performance of Louis Vuitton’s new stores in Beijing and Seoul, and Tiffany and Bvlgari’s iconic lines. Strong growth at Sephora and the recovery in champagne and cognac also contributed to this excellent momentum. We are entering the second half with renewed confidence.”

For the H1 2026 results in full, click here.

* FX conversion at today’s rate.

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