In a market where trust is measured by prestige and profit by quality, LVMH finds itself at a point where it has to balance between tradition and changing reality. The first half of 2025 has shown that even the world's largest luxury player is not immune to macroeconomic turbulence, slowing consumption in Asia or a strong comparative base. Revenues were down 4% year-on-year and operating profit down 15%, but it is in this challenging phase that the philosophy that defines the DNA of the entire group is coming into full effect: to patiently build value, invest in iconic brands and not trade long-term capital for short-term comfort.

While some divisions have faced declining demand or changing buying patterns - particularly in wine, cognac or tourist-exposed destinations - other parts of the empire have shown surprising resilience. Sephora continues to grow, both Dior and Louis Vuitton are rewriting the luxury aesthetic, and new creative directions at Loewe, Givenchy and Celine prove that…