Louis Vuitton owner LVMH reported first-half 2026 revenue of €38.64bn ($43.93bn), down 3% on a reported basis, though organic revenue rose 2% year-on-year.
Growth accelerated to 3% organically in the second quarter, or 4% excluding the impact of the Middle East conflict.
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Profit from recurring operations stood at €8.69bn, down 4%, while the group share of net profit held steady at €5.69bn.
Second-quarter revenue alone reached €19.52bn, up 3% organically.
Regionally, the US saw growth pick up pace across the half, while Asia excluding Japan continued the improving trend that started in the second half of 2025.
Japan posted half-year growth, and Europe held up well.
Among divisions, wines and spirits delivered 5% organic revenue growth, with recurring operating profit climbing 11% to €582m.
Fashion and leather goods revenue slipped 5% on a reported basis to €18.14bn but returned to 1% organic growth in the second quarter, reversing a 2% organic decline in the first.
Segment profit fell 7% to €6.19bn, partly attributed to currency movements.
LVMH also agreed to sell Marc Jacobs to WHP Global.
Perfumes and cosmetics revenue held flat organically at €3.91bn, with profit down 2% to €417m.
Watches and jewellery outperformed other divisions, with organic growth reaching 9% for the half and 11% in the second quarter, lifting revenue to €5.22bn and profit 9% higher to €831m.
Selective retailing posted 5% organic growth to €8.40bn, with profit up 2% to €893m.
Sephora expanded into Belgium and Croatia, while DFS agreed separate sales of its Greater China operations, Los Angeles and San Francisco airport concessions, and Okinawa business.
LVMH said it remains confident in its outlook for 2026 despite a geopolitical and economic environment it described as uncertain, and will maintain its focus on enhancing brand desirability, product quality and retail excellence.
LVMH chairman and CEO Bernard Arnault said: “LVMH demonstrated its solidity and effective strategy. 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.”
