Luxury group LVMH has reported total revenues of €39.8 billion for the first six months of 2025. This figure represents a fall of 4% compared to the same period last year.

Its leathergoods and fashion division contributed €19.1 billion to the total, down by 8% year on year. LVMH said one of the reasons for this decline was that the 2024 figure had been boosted by high levels of tourist-driven purchases, particularly in Japan, a popular shopping destination in this months among visiting high-end Chinese consumers.

In the first half of this year, the group said there are had been “good resilience among local (non-tourist) customers” in key markets. It also said operating margins remained “at a very high level”.

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