LVMH shares dip as it announces 2025 results

January 28, 2026 Daniel Malins

Luxury powerhouse LVMH’s shares tanked 8.2% earlier today, amidst a disappointing performance for the wider group in 2025 and a better but flat performance by the watch & jewellery division.

The share price fell mainly due to the group reporting a 3% dip in organic sales at its core fashion and leather goods unit.

CEO Bernard Arnault sounded caution for the year, warning that 2026 “is unlikely to be straightforward” and confirming that the conglomerate will pull back on spending.

There was a significant discrepancy in the performance of different regions, with organic sales rising 1% in the fourth quarter in both the US and the region that includes China, while negative growth of 2% in Europe and 5% in Japan were greater than forecasted.

For the whole group, full-year profit from recurring operations was €17.8 billion ($21.3 billion), LVMH said, representing a drop of 9.3% year-on-year. Reported revenue was down 5% to €80.8 billion, which LVMH say was a reduction of just 1% in organic terms (i.e. looking at like-for-like numbers with a constant currency exchange rate).

For watches and jewellery specifically, reported sales of €10.5 billion represented a 1% dip year-on-year, but a 3% increase in like-for-like terms. Profits from recurring operations for watches and jewellery was down 2% to €1.5 billion.

Bernard Arnault, chairman and CEO of LVMH, said: “Once again in 2025, LVMH demonstrated its solidity and effective strategy upheld by its highly engaged teams. 2025 was the first year of our ten-year partnership with Formula 1 – an exciting opening into a world that shares our passion for excellence and innovation.”

Looking ahead to this year, he said: “We will remain true to our entrepreneurial tradition as a forward-looking family group focused on sustainable creativity in high-quality products, exceptional spaces and the long-term future of our outstanding craftsmanship.”

After recent high-profile C-suite moves at the key brands, LVMH will be hoping for a more stable 2026.