Europe · Business news · Corporate · 27 Jul 2026
EU Consumer Discretionary Consumer Staples
LVMH reported first-half 2026 revenue of €38.6bn, down 3% as reported and up 2% organically, with second-quarter organic growth of 3% (4% excluding the effect of the Middle East conflict). Profit from recurring operations was €8.7bn, 4% lower, for a 22.5% operating margin; net profit was flat at €5.7bn. Fashion & Leather Goods revenue fell 1% organically over the half but returned to growth of 1% in the second quarter. Watches & Jewelry grew 9%, Wines & Spirits 5% and Selective Retailing 5%. The group said US growth accelerated, Asia excluding Japan grew strongly and Europe was resilient. Currency moves cut reported revenue by 5%.
LVMH is the largest listed luxury group, and its regional and category split is used as a reference for Kering, Hermès, Richemont, Burberry, Moncler and Swatch. The exposure is through the same demand pools: Chinese and wider Asian shoppers, US consumers and tourists in Europe, with the euro's strength reducing reported sales. Jewellery outgrowing leather goods is relevant to Richemont's product mix, and the cognac and champagne recovery to Pernod Ricard and Rémy Cointreau. The report gives no numerical outlook for the second half.
Reported by LVMH — “Accelerating growth in the second quarter - Solid first-half results” ↗ on 27 Jul 2026.
Official series on 27 Jul 2026 or the last day before it, and the latest observation.
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