LVMH reported Q1 2026 revenue of €19.12 billion, down 5.9 percent, as currency pressure and Middle East disruption weighed on sales.
Key Takeaways
- Fashion & Leather Goods remained under pressure. The division declined 2 percent organically, while Watches & Jewelry, Wines & Spirits, and Selective Retailing all posted growth.
- Revenue fell 5.9 percent to €19.12 billion. Reported sales were pulled lower by foreign exchange movements, even as the group continued to post positive organic growth.
- Organic growth came in at 1 percent. LVMH said the quarter reflected resilience across its portfolio despite continued geopolitical and economic disruption.
- The Middle East conflict weighed on the quarter. The company estimated the war reduced organic growth by around 1 percentage point, a notable drag in a region that represents roughly 6 percent of group business.
LVMH reported first-quarter 2026 revenue of €19.12 billion, down 5.9 percent from a year earlier. On an organic basis, revenue rose 1 percent, with the group pointing to resilience in key markets despite currency headwinds and disruption tied to the conflict in the Middle East.
The company said exchange-rate fluctuations had a negative 7 percent impact on reported revenue in the quarter. It also estimated that the conflict in the Middle East reduced organic growth by around 1 percentage point. The region accounts for roughly 6 percent of LVMH’s business and, according to the company, interrupted what had been a positive start to the year.
Regionally, LVMH said the United States began the year well. In Europe and Japan, resilient local demand partly offset lower tourist spending. Asia excluding Japan posted strong growth, extending the improvement trend seen in the second half of 2025.
Performance across divisions remained mixed. Fashion & Leather Goods, the group’s largest business, declined 2 percent organically. LVMH cited the Middle East conflict as a factor, while also highlighting demand for Dior products by Jonathan Anderson, continued strength at Loro Piana, and solid growth at Rimowa. The company also pointed to strong performances from Louis Vuitton’s new locations in Beijing and Seoul.
Perfumes & Cosmetics was stable on an organic basis. LVMH said Parfums Christian Dior performed well, supported by launches including J’adore Intense and new eau de parfum versions of Dior Addict. The group also highlighted growth at Guerlain and continued momentum at Givenchy, Maison Francis Kurkdjian, and Acqua di Parma.
Watches & Jewelry rose 7 percent organically, led by what the company described as an excellent performance at Tiffany & Co., where the HardWear line posted strong growth. Bvlgari and Chaumet also contributed to the division’s gains.
In Wines & Spirits, revenue increased 5 percent organically. Champagne started the year well, especially in Europe, while Cognac benefited from a favorable Chinese New Year comparison. Provence rosé wines also maintained momentum.
Selective Retailing grew 4 percent organically. Sephora continued to expand and gain market share across regions, with the UK standing out as a strong market. LVMH also said DFS signed agreements to sell businesses in Greater China and airport concessions in Los Angeles and San Francisco.
LVMH said it remains vigilant but confident at the start of the year, and continues to focus on innovation, investment, product quality, and selective distribution.
