Sephora growth counters weaker fashion sales at LVMH

LVMH reported first quarter 2026 revenue of €19.1 billion (£16.6 billion), indicating stable overall performance despite ongoing geopolitical and economic uncertainty, including disruption linked to the conflict in the Middle East.

While the Fashion & Leather Goods division saw a 2% organic decline, the group’s beauty-related activities proved more stable.

The Perfumes & Cosmetics division remained flat, supported by new product launches, particularly within Parfums Christian Dior, as well as developments in its Forever and Backstage makeup lines.

Selective Retailing recorded 4% organic growth, driven primarily by Sephora, which continued to expand internationally and increase market share, including in the UK.

It comes as the global beauty retailer prepares to open its first Scottish stores this summer, located at Glasgow’s Silverburn Shopping Centre and Edinburgh’s St James Quarter.

The Watches & Jewellery division delivered growth of 7%, with brands such as Tiffany & Co and Bvlgari performing well.

Regionally, the United States delivered a solid start to the year. Europe and Japan were supported by domestic demand, which helped offset weaker tourism flows. Asia (excluding Japan) returned to growth, continuing the improvement seen in the second half of 2025.

The Middle East experienced disruption in March due to the conflict, which reduced overall organic growth for the quarter by approximately 1%.

Looking ahead, LVMH stated that it remains attentive to the evolving environment while continuing to focus on brand development through investment, product innovation, and controlled distribution.