Amid a tough landscape for luxury, LVMH’s beauty category is no longer immune to the broader global slowdown.
Organic revenue in the conglomerate’s perfumes and cosmetics division fell by 1 percent to 2.2 billion euros in the first quarter of 2025, down from 2 percent growth in last year’s fourth quarter. Reported revenue was flat.
This was despite fact that fragrances “continued to outperform,” said LVMH director of financial communications Rodolphe Ozun on the earnings call. The company cited the strength of its Christian Dior beauty franchises, including fragrances J’adore and Dior Homme and cosmetics within the Forever and Dior Addict collections. Guerlain and Givenchy also expanded with new fragrances and relaunched makeup formulas, like Guerlain’s Rouge G lipstick and Givenchy’s Prisme Libre complexion products.
Sephora also prevailed against LVMH’s broader beauty downturn. The specialty retailer maintained growth as it continued its North America expansion, but the company’s overall Selective Retailing organic revenue declined 1 percent due to continued pressures on duty-free retailer DFS.
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While nowhere near as dire as luxury fashion, beauty is seeing consumer momentum wane globally.
