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LVMH Revenue by Division, 2019–2025

Market data

LVMH Revenue by Division, 2019–2025.

How LVMH’s revenue splits across its five operating divisions — plus the reconciling line that makes them add up — from 2019 to 2025.

Data as of 27 Jul 2026·last reviewed 11 Aug 2026

Read the analysisSell the Beauty, Buy the JewelRead the insight Read the case studyN°20 — LVMH: When the Empire RecalibratesRead the case

LVMH revenue by division, 2019–2025

Revenue by division, EUR billion

  • Fashion & Leather Goods
  • Selective Retailing
  • Watches & Jewelry
  • Perfumes & Cosmetics
  • Wines & Spirits
  • Other activities & eliminations

Watches & Jewelry steps up in 2021 (€3.4bn → €9.0bn, up 167%) on the first consolidation of Tiffany & Co., completed on 7 January 2021 — not organic growth. Other activities & eliminations is the small reconciling line (−€174m in 2019 to +€671m in 2025; negative in the early years, when intra-group eliminations exceed other income). Latest: H1 2026 (published 27 July 2026) — €38.6bn revenue, +2% organic, 22.5% recurring operating margin.

Source: LVMH annual results, 2019–2025. The six reporting lines — five operating divisions plus Other activities & eliminations — reconcile to the reported group total.

Reading the data

01 What's shown

LVMH revenue by reporting line, 2019–2025, in euros or as each line's share of the group.

02 What it shows

Fashion & Leather Goods drives the group — near half of revenue — while Wines & Spirits shrinks; the 2021 jump in Watches & Jewelry is the Tiffany consolidation, not organic growth. Latest reported: H1 2026 revenue €38.6bn, +2% organic.

03 How to read it

  • The EUR view stacks all six reporting lines, so the total reconciles to LVMH's reported group revenue; Other activities & eliminations is the small reconciling line (−€174m to +€671m, negative in the early years).
  • The 2021 step in Watches & Jewelry (€3.4bn → €9.0bn, up 167%) is the first consolidation of Tiffany & Co., completed on 7 January 2021.
  • The % view normalises the five operating divisions to 100%; the reconciling line is left out there. Shares in that view are therefore shares of the five divisions, not of reported group revenue — the two views have different denominators and should not be read against each other.

04 Sources

Primary
  • LVMH annual results, 2019–2025.

05 Method

  • The percentage-share view is derived by us; the euro figures are as reported.

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