Image courtesy: LVMH
LVMH’s First-Half 2026 Results suggest trading conditions improved gradually as the year progressed, though the world’s largest luxury group has yet to return to full strength. Organic revenue increased to 3% in the second quarter (or 4% excluding disruption caused by the conflict in the Middle East). While Fashion & Leather Goods returned to growth in the second quarter, Watches & Jewelry once again emerged as the group’s strongest-performing division, driven by Tiffany & Co. and Bvlgari.
The group’s performance was supported by stronger demand in the United States, continued improvement across Asia excluding Japan, and accelerating growth in both Japan and South Korea. Europe also remained resilient, although the conflict in the Middle East continued to weigh on results, while unfavorable exchange rate fluctuations significantly impacted reported revenue and profitability.
Bernard Arnault, Chairman and CEO of LVMH, commented:
“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.”
Image courtesy: @alexandralapp
Fashion & Leather Goods, home to Louis Vuitton, Dior, Celine, Loewe, Loro Piana and Rimowa, reported a 1% organic revenue decline during the first half of 2026. However, the division returned to 1% organic growth in the second quarter.
A key focus during the earnings call was Dior, where executives expressed confidence that Jonathan Anderson’s debut collections will support further growth over the coming quarters. Cécile Cabanis said the House is focused on building lasting momentum rather than delivering short-term gains, with double-digit growth among clients in the United States and Japan during the second quarter. Ready-to-wear performed particularly strongly, while bags also gained momentum across both Anderson’s new designs and established icons such as the Lady Dior.
Addressing recent questions around Dior’s supply chain, Cabanis acknowledged that some disruption is inevitable during a major creative transition, but said these challenges should settle as the new collections become established. She added that LVMH has been encouraged by the early response, with further creative renewal still to come.
Image courtesy: @albert_dior
At Louis Vuitton, the 130th anniversary of the Monogram canvas remained a central focus, supporting demand for icons including the Alma and Speedy, as well as newer silhouettes. Cabanis also pointed to positive momentum across ready-to-wear, jewelry and fragrance, alongside the continued rollout of experiential flagships and stores.
The House is continuing to appeal across different levels of its client base. At the top end, demand remains strong for highly exclusive pieces such as the Speedy P9, which continues to attract a growing waiting list. At the same time, newer designs including the Squire are helping Vuitton connect with a broader aspirational clientele.
Elsewhere, LVMH highlighted the positive reception to Michael Rider’s first collections and runway show for Celine, alongside the launch of Loro Piana’s new Extra Softy Bag.
Image courtesy: @annethong
Watches & Jewelry remained LVMH’s strongest-performing division reporting organic revenue growth of 11% in the second quarter. Tiffany & Co. continued to lead the way with its signature Knot and HardWear collections while progressing with its global store renovation strategy. At Bvlgari, the launch of the Eclettica High Jewelry and prestige watch collection generated record-breaking revenue, while its signature Serpenti collection remained in the spotlight through a new global campaign.
Image courtesy: @jess_pecoraro
Regionally, the United States remained a key growth driver, with organic revenue accelerating from 3% in the first quarter to 6% in the second, resulting in 4% growth for the half-year. Cécile Cabanis attributed the improvement to strength from both local clients and international tourists. Japan also rebounded sharply, moving from a 3% decline in the first quarter to 14% growth in the second, while Asia excluding Japan remained resilient, posting 6% organic growth during the first half.
While challenges remain, LVMH’s first-half results point to slow but steady progress. As creative renewals continue to unfold and demand strengthens across several key markets, the second half of 2026 will reveal whether that momentum can be sustained.
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