LVMH's beauty businesses continued to demonstrate resilience in the first half of 2026, with Selective Retailing—led by Sephora—remaining one of the luxury group's strongest growth engines, even as macroeconomic uncertainty continued to weigh on parts of the broader luxury market. Group first-half revenue reached €38.6 billion, with recurring operating profit totaling €8.7 billion and free cash flow of €4.1 billion, as the company reported accelerating momentum in the second quarter.
First half Perfumes & Cosmetics results totaled €3.9 billion, a year-over-year drop of 4% in reported terms and flat in organic terms. Selective Retailing results totaled €8.4 billion, a drop of 2% in reported terms and a gain of 5% in organic terms.
For beauty industry watchers, the standout story remains Sephora. The retailer continued to gain market share globally, reinforcing its position as one of LVMH's most reliable growth drivers. Earlier momentum in the year was supported by network expansion—including continued success in the U.K. market—and the retailer's ability to attract consumers through a steady pipeline of prestige launches and premium brand partnerships.
Within Perfumes & Cosmetics, LVMH highlighted continued innovation across flagship maisons. Parfums Christian Dior maintained strong momentum with fragrance pillars including Sauvage, J'adore and Miss Dior, while makeup and skin care continued to benefit from premium positioning. Guerlain advanced its fragrance and skin care portfolio, and Maison Francis Kurkdjian continued to strengthen its position in high-end niche perfumery, reflecting ongoing consumer appetite for elevated fragrance experiences.
Strategically, the results reinforce two important themes shaping prestige beauty. First, selective retail continues to outperform many traditional luxury categories, with Sephora serving as a critical gateway for premium beauty brands and increasingly acting as a stabilizing force within LVMH's portfolio. Second, fragrance and science-led skin care remain among the most resilient areas of prestige beauty, supported by innovation, hero franchises and consumers' willingness to invest in high-efficacy products despite broader economic pressures.
Geographically, LVMH pointed to continued consumer demand across key international markets despite a volatile global environment, underscoring the importance of diversified regional exposure and omnichannel retail execution. Looking ahead, the company said it remains confident in its long-term strategy, supported by sustained product innovation, selective retail expansion and continued investment in its maisons.
