LVMH wine and spirits revenue falls 5% in 2025 as Champagne shows resilience 

FRANCE – LVMH, the owner of Moët & Chandon and Hennessy, has reported a decline in its wine and spirits performance in 2025, with organic revenue falling 9% in the fourth quarter and contributing to a 5% decrease for the full year. 

The luxury group said its wine-and-spirits division, which also includes brands such as Glenmorangie whisky and Belvedere vodka, continued to face growth challenges. In the third quarter of 2025, the division had recorded a modest 1% increase in organic sales, but momentum weakened later in the year. 

The wine-and-spirits unit, LVMH’s smallest division by sales, saw both revenue and profit decline over the year. Reported revenue fell 9% to €5.36bn (US$6.41bn). Profit from recurring operations generated by the division slid 25% to €1.02bn, reflecting pressure across several categories. 

LVMH said there had been “good resilience” in its Champagne business, which includes brands such as Krug and Veuve Clicquot. The group added that its Champagne houses “maintained their market share” of Champagne-appellation shipments at 22%. 

The update followed data released last week by trade body Comité Champagne, which showed that global Champagne sales volumes declined in 2025, marking the third consecutive annual fall. 

By contrast, performance at Hennessy cognac was weaker. LVMH said revenue from the brand was “held back by weaker local demand”, which it attributed mainly to “issues with customs duties” in both China and the US. The company added that its Provence rosé wines “continued to outperform” the broader category. 

At a group level, LVMH reported revenue of €80.81bn for 2025, down 5% year-on-year and 1% on an organic basis. In the fourth quarter, organic growth came in at 1%, in line with the third quarter. The group also said Asia, excluding Japan, returned to growth during the second half of the year. 

Operating free cash flow increased 8% to €11.33bn, while net financial debt fell 26% to €6.85bn. Operating income declined 9% to €17.75bn, with an operating margin of 22%. Net attributable profit came in at €10.87bn, down 13% compared with 2024. 

Commenting on the results, chairman and chief executive Bernard Arnault said: “Once again, in 2025, LVMH demonstrated its solidity and the effectiveness of its strategy.” 

He added that “the group was driven by the loyalty and growing demand of local customers, a momentum that was again supported by the strong desirability of the group’s brands.” 

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