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€495.10
Market Capi
€250B
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
2.0x
P/S 26Ei
3.1x
P/S 28Ei
2.8x
EV/EBIT 26Ei
16x
EV/EBIT 28Ei
13x
P/E 26Ei
23x
P/E 28Ei
18x
P/S 26Ei
3.1x
EV/EBIT 26Ei
16x
P/E 26Ei
23x
P/S 28Ei
2.8x
EV/EBIT 28Ei
13x
P/E 28Ei
18x
Revenue
2026E
€81B
Gross Margini
66%
Hist. CAGRi
0.7%
Proj. CAGRi
3.8%
EBIT
2026E
€18B
Op. Margini
22%
Hist. CAGRi
-5.6%
Proj. CAGRi
5.4%
Net profit
2026E
€11B
Net Margini
13%
Hist. CAGRi
-8.2%
Proj. CAGRi
8.8%
Business Model
Recent Developments
Average Targeti
€576.54+16%
Consensusi
Outperform
26 analysts covering
Net debti
€24B
Div. Yieldi
2.5%
Buyback Yldi
0.9%
Market Capi
€250B
P/E 26Ei
23x
Adj. P/E (fwd.)i
2.0x
Revenue 26E
€81B
Proj. CAGRi
3.8%
Gross Margini
66%
EBIT 26E
€18B
Proj. CAGRi
5.4%
Op. Margini
22%
Net Profit 26E
€11B
Proj. CAGRi
8.8%
Net Margini
13%
Average Targeti
€576.54+16%
Consensusi
Outperform
26 analysts covering
Profile
LVMH Moët Hennessy Louis Vuitton is the world's largest luxury goods conglomerate, operating 75 Maisons across five product divisions through a network of 6,283 owned stores.
Industry
LVMH sells to high-net-worth and aspirational luxury consumers globally. Geographically, Asia (ex-Japan) and the U.S. each represent roughly a quarter of revenue, with Europe at ~18%, Japan at ~8%, and France at ~8%. The luxury goods market is characterized by low volume, high price points, and strong brand loyalty — making it resilient to moderate economic softness but exposed to sharp corrections in consumer confidence among aspirational segments. Competition is concentrated among a handful of large conglomerates (Kering, Richemont) alongside independent houses.
Key metrics
Economic moat
LVMH's moat is built on irreplaceable brand heritage — Louis Vuitton, Dior, and Hennessy carry decades to centuries of provenance that cannot be replicated. Controlled distribution through owned stores preserves pricing power and prevents channel dilution that has undermined competitors. The group's scale enables exclusive sourcing of rare materials, artisan talent, and prime retail real estate globally. The Arnault family's majority control insulates management from short-term shareholder pressure, enabling decade-long brand investment cycles that independent houses or PE-owned labels cannot match.
Bernard Arnault
Arnault has controlled LVMH since 1988, when he orchestrated a takeover of the then-struggling conglomerate through his family holding company Groupe Arnault. An engineer by training with an early career in real estate, he pivoted to luxury through the acquisition of Christian Dior in 1984. Over nearly four decades he built LVMH into the world's largest luxury group through relentless brand acquisition and a distinctive decentralised management model that preserves each Maison's creative autonomy. The Arnault family holds majority voting control, making him effectively unremovable and enabling long investment horizons uncommon in public companies.
Delphine Arnault
Delphine Arnault is the eldest child of Bernard Arnault and has held senior operational roles at LVMH since 2001, including a long tenure at Louis Vuitton where she oversaw product and creative direction. She joined the Board in 2011 and was named to the executive committee in 2013. Her elevation through the organisation is widely read as preparation for a larger leadership role, and she represents a key pillar of the family's succession planning.
Cécile Cabanis
Cabanis joined LVMH as CFO in January 2025, bringing finance leadership experience from Danone, where she served as CFO from 2017 to 2022. Her appointment signalled a shift toward tighter financial discipline as LVMH faces margin pressure and a more complex portfolio rationalisation agenda, including the ongoing DFS travel retail restructuring and potential divestments of underperforming assets.
Antoine Arnault
Antoine Arnault, Bernard's son, has served on the LVMH board since 2006 and previously led Berluti and LVMH's communications function. He is closely associated with strategic brand positioning and sustainability initiatives across the group, and like his sister Delphine is considered central to the Arnault family's long-term control of the company.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of EUR.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of EUR.
Margins
Rentability
Balance sheet
Values in billions of EUR.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
LVMH reported Q1 2026 revenue of €19.1 billion, a 6% decline on a reported basis but a positive 1% gain in organic terms — the gap driven by a severe currency headwind. The result missed analyst consensus, which had expected closer to 1.5% organic growth.
Fashion & Leather Goods, the group's largest division, contracted 2% organically as Louis Vuitton and Christian Dior faced softening demand from aspirational shoppers and Middle East disruption. Watches & Jewelry was the standout outperformer, growing 7% organically on strong Tiffany momentum.
Management cited a 1% drag on organic growth from the ongoing Middle East conflict, while flagging robust demand in Asia ex-Japan (+7% organic) as a partial offset. No full-year guidance was provided; tone was cautious given the macro backdrop.
Recent developments
LVMH is executing a significant portfolio rationalisation: the group is completing its withdrawal from U.S. travel retail, transferring DFS airport concessions in Los Angeles and San Francisco to Duty Free Americas by June 2026, following earlier exits from Hong Kong, Macau, and Hawaii.
In May 2026, TAG Heuer named Béatrice Goasglas as its incoming CEO — the first woman to lead the 166-year-old watchmaker — bringing digital and Asia-Pacific expertise to a brand that recently became the official F1 timekeeper.
The group also closed an acquisition of French publishing house Les Editions Croque Futur (owner of business magazine *Challenges*), extending its media footprint. Reports suggest LVMH is evaluating further asset sales, potentially including Marc Jacobs and its Fenty Beauty stake.
Debate & sentiment
Bulls argue that LVMH's valuation has compressed to historically attractive levels relative to earnings power, and that the Fashion & Leather division's softness is cyclical rather than structural — with Asian demand resilience and Watches & Jewelry momentum providing near-term support.
Bears point to the continued drag on aspirational luxury demand, currency headwinds that are likely to persist through mid-2026, and rising geopolitical exposure across the Middle East and U.S. trade policy uncertainty. Fashion & Leather margin pressure is the key watch item.
The portfolio simplification narrative is a genuine swing factor: if LVMH successfully exits underperforming assets and redeploys capital toward core megabrands, consensus estimates could move materially higher — but execution risk on divestitures at fair prices remains a concern.
Consensusi
Outperform
Average targeti
€576.54+16%
Highest targeti
€660.00+33%
Lowest targeti
€420.00-16%
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