LVMH – sees its largest fashion and leather goods segment down 8% in 1H2025, it is warning of a wider industry downturn.

Indeed, LVMH’s fashion and leather goods segment—its biggest segment by sales—saw revenue and profit decline in the first half of 2025, pointing to soft demand among core luxury shoppers. The company also noted that the first half of 2024 was boosted by strong growth in tourist spending, particularly in Japan, which weakened in 2025.

LVMH sales fell as shoppers reined in purchases of costly Louis Vuitton bags and Dior jackets, a sign the luxury titan remains stuck in its post-pandemic slump.