LVMH publishes 2025 annual report

  • LVMH published its 2025 annual report, flagging resilient performance in a disrupted environment.
  • Free cash flow rose to over EUR 11 billion, supporting investment capacity.
  • Creative leadership changes accelerated across key fashion houses, including Jonathan Anderson at Dior.
  • Perfumes and cosmetics gained market share, led by Dior with Sauvage ranked top fragrance worldwide.
  • Wines and spirits faced weaker conditions, prompting a strategy reset under new management.


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