Dior

The Fashion & Leather Goods business group saw revenue decline in 2025, with an improvement in the second half of the year, reflecting good resilience with local customers, whereas 2024 had been boosted by strong growth in tourist spending, particularly in Japan. Profit from recurring operations was down 13%, mainly affected by unfavorable currency fluctuations.

The operating margin remained very high, at 35%. Louis Vuitton continued to demonstrate its exceptionally powerful creativity through its iconic products and unique in-store experiences. This was reflected in the latest fashion shows by Nicolas Ghesquière and Pharrell Williams, as well as the exceptional architecture of The Louis, a museum-like space in the form of a cruise ship in Shanghai, reimagining the Maison’s spirit of travel and drawing a very high number of visitors. Other highlights of the year included the launch of La Beauté Louis Vuitton, a new creative universe led by Dame Pat McGrath, and the Maison’s first season as an Official Partner of Formula 1®, with 24 Trophy Trunks crafted – one for each Grand Prix race – showcasing the expert skills of Louis Vuitton’s trunk-makers and leatherworkers. Christian Dior welcomed Jonathan Anderson as Creative Director of its Haute Couture, Men’s and Women’s collections, embarking on a defining new chapter in the Maison’s history. His first shows attracted a record audience and garnered highly enthusiastic reviews. Embodying French elegance, three House of Dior locations were inaugurated in New York, in the heart of Beverly Hills in Los Angeles, and in Beijing. Jewelry, designed by Victoire de Castellane, was buoyed by the new Diorexquis collection and innovations in the Rose des Vents line, which celebrated its 10th anniversary. Loro Piana turned in a remarkable performance, once again driven by its highest-quality products. The Maison celebrated its 100th anniversary with its first-ever exhibition at the Museum of Art Pudong in Shanghai. The first fashion shows by new creative directors Michael Rider at Celine, Jack McCollough and Lazaro Hernandez at Loewe, and Sarah Burton at Givenchy received an excellent response. Fendi welcomed Maria Grazia Chiuri as its Chief Creative Officer.

Perfumes & Cosmetics