Sephora

The Selective Retailing business group posted organic revenue growth of 4% in 2025. Profit from recurring operations was up 28%. The operating margin increased by 2 percentage points to 9.7%.

Sephora continued to achieve solid growth in both revenue and profit. The Maison saw further market share gains in many countries, consolidating its global leadership position. It continued to enrich its unique selection of brands, with Rhode in particular achieving a record-breaking launch. Sephora continued to invest in its omnichannel strategy and expand its retail network, opening around a hundred stores in 2025. At DFS, initiatives to streamline operations helped achieve a major improvement in profitability, despite business activity still being held back by prevailing international conditions. An agreement was signed in January 2026 with China Tourism Group Duty Free to acquire DFS’ business in Greater China, in particular the Gallerias in Hong Kong and Macao. Le Bon Marché posted growth, driven by the department store’s differentiation strategy focused on its continuously renewed selection of products and unique array of cultural events.

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