LVMH generated €38.6 billion in revenue in H1 2026, up 2% organically but down 3% on a reported basis. Growth accelerated to 3% organically in Q2, supported by improving trends in the US and Asia excluding Japan. However, profit from recurring operations fell 4% to €8.7 billion. The operating margin remained high at 22.5%, while net profit was stable at €5.7 billion.
Perfumes & Cosmetics delivered €3.9 billion in revenue. Sales were flat organically in H1 and declined 1% in Q2. Profit from recurring operations fell 2% to €417 million, although the division’s operating margin improved slightly. Parfums Christian Dior benefited from J’adore Intense, new Dior Addict eaux de parfum, La Collection Privée and continued momentum from Forever and Backstage. Guerlain grew through L’Art & La Matière, Aqua Allegoria and Rouge G.
The stronger beauty momentum came from retail. Selective Retailing grew 5% organically in H1 and 6% in Q2, with profit up 2%. LVMH reported continued organic growth and market-share gains at Sephora, supported by exclusive launches such as Rhode in North America and the UK, as well as expansion into Belgium and Croatia.
There is a clear divergence in Q2 result at LVMH. Fashion & Leather Goods returned to 1% organic growth driven by Dior, while Perfumes & Cosmetics declined 1%. Beauty is lagging the early recovery in LVMH’s core fashion business, even as Sephora continues to grow. My question for H2 is whether new launches can revive growth at the beauty Maisons.
