Key Takeaways:Beauty and fragrance held steady for LVMH in H1 2025, cushioning weakness in fashion and leather goods.Sephora outperformed within selective retailing, delivering both revenue and profit growth through global expansion and omnichannel strategy.Christian Dior, Guerlain, and Maison Francis Kurkdjian drove fragrance momentum, proving beauty’s resilience in a cautious luxury market.Luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) reported a solid performance in the first half of 2025 (H1), delivering revenue of €39.8 billion ($45.96 billion) and recurring operating profit of €9 billion ($10.39 billion), though organic revenue declined 3% year-over-year. Beauty and selective retail proved resilient, even as demand cooled in key segments.1H Snapshot: Resilience Amid Slowing MomentumRevenue fell 4% to €39.8 billion ($45.96 billion)Recurring profit dropped 15% to €9 billion ($10.39 billion)Operating margin remained robust at 22.6%, a striking 150 basis points above H1 2019 levelsFree cash flow surged €4 billion ($4.62 billion), while net financial debt eased by 16%In the earnings call, LVMH Chairman and CEO Bernard Arnault offered reassurance, “LVMH showed solidity in the current context. We owe this to the power of our iconic brands and their boundless capacity for innovation while remaining true to their culture of incomparable artisanal craftsmanship.” He continued, “We head into the second half of the year with great vigilance, and I am confident in LVMH’s tremendous long‑term potential.