Who Owns Zenith?

LVMH operates through five distinct business segments that together create the world's most comprehensive luxury goods portfolio. In the first half of 2025, the company recorded revenue of €39.8 billion with profit from recurring operations of €9 billion, demonstrating solid performance despite challenging global economic and geopolitical conditions. LVMH employs approximately 186,000 people globally and maintains a portfolio of over 75 prestigious luxury brands serving affluent consumers worldwide.

Fashion & Leather Goods represents LVMH's largest business segment, generating €19.1 billion in H1 2025 revenue. This segment includes iconic brands such as Louis Vuitton, Christian Dior, Fendi, Celine, Givenchy, and Loewe. Despite a 7% decline in organic revenue, the segment maintained very high operating margins, reflecting the enduring strength and pricing power of LVMH's core fashion and leather goods brands. Louis Vuitton continued to demonstrate powerful creativity through continuously reinvented iconic products and unique customer experiences, including "The Louis," a museum-like space in Shanghai designed as a cruise ship that epitomizes the brand's innovative spirit.

Wines & Spirits generated €2.6 billion in H1 2025 revenue, experiencing an 8% decline in organic growth. This segment includes prestigious champagne and spirits brands such as Moët & Chandon, Dom Pérignon, Veuve Clicquot, Krug, and Hennessy. The segment faced ongoing weak demand for cognac, though champagne showed improvement in trends during the second quarter of 2025. Despite revenue pressure, the wines and spirits brands maintained their premium positioning and continued to invest in product innovation and heritage preservation.

Perfumes & Cosmetics achieved €4.1 billion in H1 2025 revenue, remaining stable on an organic basis. This segment demonstrated remarkable innovation and ongoing selective retail approaches, with successful launches including La Beauté Louis Vuitton, a new creative universe led by Dame Pat McGrath. The cosmetics and perfumes segment benefited from strong brand recognition and continued investment in product development, sustainability initiatives, and digital marketing capabilities.

Watches & Jewelry recorded €5.1 billion in H1 2025 revenue, remaining stable organically. This segment includes prestigious brands such as Tiffany & Co., Bulgari, TAG Heuer, Hublot, and Zenith. The segment benefited from the success of iconic lines and Tiffany & Co.'s renovated stores, which enhanced customer experience and brand presentation. The watches and jewelry brands maintained their focus on craftsmanship excellence, heritage preservation, and innovation in design and technology.

Selective Retailing generated €8.6 billion in H1 2025 revenue, achieving 2% organic growth. This segment includes Sephora, DFS (duty-free retail), and Le Bon Marché department store. Sephora continued to achieve growth in both revenue and profit, demonstrating strong performance in the competitive beauty retail market. The selective retailing segment benefited from improved local customer demand and effective digital transformation initiatives.

LVMH's corporate structure emphasizes brand-level management maintaining independent identities while benefiting from group resources and expertise. Each brand operates with significant autonomy, preserving its unique heritage and creative direction while accessing LVMH's shared resources in manufacturing, distribution, marketing, and technology. This structure enables brands to maintain authenticity and craftsmanship excellence while leveraging group-level scale and efficiency.

The company invests significantly in brand positioning, digital channels, and customer experience enhancement across all segments. LVMH has embraced digital transformation while maintaining the exclusivity and personal service that define luxury retail. The company's e-commerce platforms, digital marketing initiatives, and customer relationship management systems complement physical retail experiences and enhance brand engagement.

LVMH's supply chain emphasizes craftsmanship quality and heritage production supporting luxury positioning. The company maintains significant manufacturing facilities in France and Italy, preserving traditional artisanal skills and production techniques while investing in modern technology and sustainability practices. This commitment to quality and authenticity underpins LVMH's brand equity and customer trust.

Financial highlights from H1 2025 demonstrate LVMH's resilience and strategic discipline. The company achieved an operating margin of 22.6% and generated operating free cash flow of €4 billion, representing a 29% increase compared to the previous year. Net financial debt decreased by 16% to €10.2 billion, reflecting strong cash generation and prudent financial management.