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€380.00
Market Capi
€188B
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
1.6x
P/S 26Ei
2.3x
P/S 28Ei
2.1x
EV/EBIT 26Ei
12x
EV/EBIT 28Ei
10x
P/E 26Ei
17x
P/E 28Ei
14x
P/S 26Ei
2.3x
EV/EBIT 26Ei
12x
P/E 26Ei
17x
P/S 28Ei
2.1x
EV/EBIT 28Ei
10x
P/E 28Ei
14x
Revenue
2026E
€81B
Gross Margini
66%
Hist. CAGRi
0.7%
Proj. CAGRi
3.7%
EBIT
2026E
€18B
Op. Margini
22%
Hist. CAGRi
-5.6%
Proj. CAGRi
5.3%
Net profit
2026E
€11B
Net Margini
13%
Hist. CAGRi
-8.2%
Proj. CAGRi
8.6%
Business Model
Recent Developments
Average Targeti
€538.34+42%
Consensusi
Outperform
27 analysts covering
Net debti
€22B
Div. Yieldi
3.4%
Buyback Yldi
0.9%
Market Capi
€188B
P/E 26Ei
17x
Adj. P/E (fwd.)i
1.6x
Revenue 26E
€81B
Proj. CAGRi
3.7%
Gross Margini
66%
EBIT 26E
€18B
Proj. CAGRi
5.3%
Op. Margini
22%
Net Profit 26E
€11B
Proj. CAGRi
8.6%
Net Margini
13%
Average Targeti
€538.34+42%
Consensusi
Outperform
27 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. Shareholders renewed his mandate for a further ten years at the April 2026 annual meeting, and the Arnault family's majority voting control keeps management insulated from short-term shareholder pressure.
Delphine Arnault
Delphine Arnault has been Chairman and CEO of Christian Dior Couture since February 2023, the culmination of two decades inside the group: she joined Christian Dior Couture in 2001, served as its deputy managing director from 2008 to 2013, then spent a decade as Executive Vice President of Louis Vuitton overseeing product and creative direction. She has sat on the LVMH board since 2011 and the executive committee since 2013. As Bernard Arnault's eldest child running one of the group's flagship Maisons, she remains a central figure in the family's long-term stewardship of the company.
Cécile Cabanis
Cabanis became LVMH's Chief Financial Officer on February 1, 2025, succeeding Jean-Jacques Guiony, who moved to lead the Wines & Spirits division at Moët Hennessy. She joined LVMH as deputy finance director in mid-2024 for a transition period, bringing 17 years at Danone, where she was appointed CFO in 2015, plus a subsequent stint as deputy CEO of Tikehau Capital. Her appointment signalled a shift toward tighter financial discipline as LVMH manages margin pressure and an ongoing portfolio rationalisation, including the DFS travel-retail exit.
Antoine Arnault
Antoine Arnault, Bernard's son, has overseen LVMH's image, communications and environmental strategy as Director of Image & Environment since 2020 and joined the LVMH Executive Committee in February 2026. He has served on the LVMH board since 2006, chairs Berluti's supervisory board, and is CEO and vice-chairman of Christian Dior SE. Like his sister Delphine, he 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
Revenue reached €38.6 billion in the first half of 2026, up 2% organically as growth accelerated to 3% in the second quarter; reported revenue fell 3% on currency effects.
Fashion & Leather Goods, the largest division, returned to organic growth in Q2 (+1%) after seven straight quarters of decline, while Watches & Jewelry led all divisions at 9% organic growth on strength at Tiffany and Bulgari.
Operating margin held at 22.5%, and net profit was stable at €5.7 billion, despite a roughly €700 million currency drag on first-half earnings.
Management cited continued sequential improvement entering the second half, even as a roughly €1 billion full-year currency headwind is expected to persist.
Recent developments
Chairman Bernard Arnault publicly rejected reports of a family succession rift on July 26, 2026, following a newspaper investigation into his children's roles.
A prominent long-term shareholder exited its entire stake in the first half, citing succession planning and China's uneven recovery.
Louis Vuitton won a trademark infringement ruling against a Chinese imitator of its monogram, part of a wider intellectual-property campaign that also stirred domestic debate.
Debate & sentiment
Bulls read the Fashion & Leather Goods turnaround as confirmation the luxury slowdown has bottomed, reinforced by Christian Dior's reception under its new designer and new flagship stores in Asia.
Optimists also cite broadening momentum across regions, with the US and Asia both accelerating and margins holding up despite currency pressure.
Skeptics note Fashion & Leather Goods' profitability still contracted even as volumes stabilized, and that group revenue remains negative on a reported basis.
The unresolved succession question at the family-controlled group continues to be flagged by some investors as a governance risk, despite the chairman's denials.
Consensusi
Outperform
Average targeti
€538.34+42%
Highest targeti
€645.00+70%
Lowest targeti
€420.00+11%
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