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LVMH Reports €19.1 Billion Revenue for Q1 2026 with 1% Organic Growth

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LVMH Reports First-Quarter 2026 Revenue

First-quarter revenue was €19.1 billion, representing a 1% increase on an organic basis. On a reported basis, revenue declined 6% from the prior year, primarily due to significant negative currency effects.

LVMH Moët Hennessy Louis Vuitton reported total revenue of €19.121 billion for the first quarter of 2026. This figure represents a 6% decrease on a reported basis compared to the €20.3 billion reported in the first quarter of 2025. The company noted that exchange rate fluctuations had a negative impact of 7% on the reported revenue.

On an organic basis, which adjusts for constant consolidation scope and currency, revenue grew by 1%. The impact of changes in consolidation scope was nil for the quarter. The company also stated that a conflict in the Middle East had a negative impact of approximately 1% on organic growth.

Performance by Business Group

Revenue performance varied across the company's divisions, with the following organic growth rates compared to Q1 2025:

  • Wines & Spirits: €1.273 billion (+5% organic, -2% reported)
  • Fashion & Leather Goods: €9.247 billion (-2% organic, -9% reported)
  • Perfumes & Cosmetics: €2.038 billion (0% organic, -6% reported)
  • Watches & Jewelry: €2.443 billion (+7% organic, -2% reported)
  • Selective Retailing: €4.048 billion (+4% organic, -3% reported)

Business Group Highlights

Wines & Spirits achieved 5% organic growth, with a good start for champagne in Europe and cognac sales boosted by the timing of Chinese New Year.

Fashion & Leather Goods reported a 2% organic decline, which the company stated was impacted by the conflict in the Middle East. The quarter saw Louis Vuitton celebrate its Monogram's 130th anniversary and Christian Dior introduce its first products by Jonathan Anderson.

Perfumes & Cosmetics remained stable with 0% organic growth, continuing its innovation policy with new launches from Parfums Christian Dior and Guerlain.

Watches & Jewelry was the standout performer with 7% organic growth. Tiffany renovated its store network and launched a campaign with Natalie Portman, while Bvlgari unveiled a new artistic vision called Eclettica.

Selective Retailing grew 4% organically, with Sephora reporting solid growth across all regions. DFS signed agreements to sell its Greater China businesses and certain U.S. airport concessions.

Geographic Performance

The company reported the following regional trends:

  • United States: Had a good start to the year.
  • Europe and Japan: Resilient local demand partly offset lower tourist spending.
  • Asia (excluding Japan): Saw strong growth, confirming an improvement in trends observed starting in the second half of 2025.
  • Middle East: Was impacted by conflict in March, following a positive start to the year.

Company Outlook

LVMH stated it remains vigilant yet confident amid what it described as a disrupted geopolitical and economic environment. The company said it will focus on brand development through innovation, investment, and a focus on quality. LVMH stated it will rely on the talent of its teams, its business diversity, and its geographic revenue balance to strengthen its position in 2026.

Regulated information related to this announcement is available at www.lvmh.com.