LVMH Half-Year 2025: Fragrance Holds Steady as Luxury Softens
LVMH has released its half-year results for 2025, reporting group revenue of €39.8 billion, a slight decline of 3% on an organic basis. In a climate of “persistent geopolitical and economic uncertainty”. The world’s largest luxury group delivered what it called “solid” results, anchored by iconic brands and a long-term vision.
For those of us tracking the fragrance world from both creative and commercial angles, it’s the Perfumes & Cosmetics division that offers some of the most interesting signals.
Perfume Performance: Flat but Focused
LVMH’s Perfumes & Cosmetics business recorded €4.08 billion in revenue, unchanged in organic terms from the same period last year, with operating profit dipping slightly to €425 million (down 4%).
In context, that’s a resilient showing, especially when compared to steeper declines in LVMH’s fashion and wines & spirits divisions (both down 7%). Fragrance held its ground, supported by high-performing hero products and a selective distribution strategy that continues to prize long-term brand equity over short-term volume.
Dior Leads the Pack
Parfums Christian Dior continues to lead the portfolio:
Sauvage remains the global best-seller, holding onto its crown as the most widely sold fragrance in the world.
The launch of Dior Homme and Bois Talisman (a new entry in the La Collection Privée) bolstered the house’s position in both mainstream and luxury perfumery.
In makeup and skincare, Dior’s Forever and Addict ranges helped balance the division’s performance.
Other Bright Spots
Guerlain continued to invest in its olfactive storytelling, with new additions to Aqua Allegoria and L’Art & La Matière, while also relaunching its Abeille Royale skincare range globally.
Maison Francis Kurkdjian introduced a new fragrance, Kurky, building on the house’s growing luxury cachet.
Parfums Givenchy showed steady strength, with L’Interdit and the Prisme Libre line helping to round out a more modern identity.
While new launches didn’t radically shift the growth dial, they underlined a commitment to innovation over saturation, with houses focusing on enriching their existing universes rather than flooding the market.
Selective Retail Boosts the Ecosystem
Importantly, Sephora, part of LVMH’s Selective Retailing division, continued to grow in both revenue and profit. This contributes to the broader fragrance ecosystem by:
Expanding access to brands
Offering discovery platforms for emerging and niche scents
Enhancing omnichannel engagement and loyalty
In contrast to the flat growth in perfumes & cosmetics, Sephora saw a +2% organic sales increase and +12% profit rise, confirming its role as a major growth engine.
The Bigger Picture: Fragrance as a Strategic Constant
In a year marked by softness in luxury fashion, flat fragrance performance may seem unremarkable but it’s actually a vote of confidence in the enduring pull of scent.
LVMH is staying the course with a deliberate, value-first approach to perfumery:
Hero brands remain central to revenue
Luxury lines continue to evolve slowly and purposefully
Distribution remains selective and brand-protective
As Bernard Arnault put it: “We are driven by our steadfast pursuit of quality and desirability in everything we create.”
Fragrance Takeaway for 2025
The numbers may not shout, but they indicate that perfume is stable, and still strategic. While some categories face headwinds, fragrance’s ability to merge artistry, accessibility, and emotional resonance makes it a vital pillar for luxury groups like LVMH.
