Glossy

LVMH Doubles Down on Tiffany and Loro Piana as It Plays the Long Game Through Luxury’s Slowdown

LVMH closed 2025 with revenue just over €80 billion and free cash flow of €11.3 billion, an 8% year‑over‑year rise despite modest organic decline and currency headwinds. The group highlighted a long‑term brand strategy, centering on Tiffany & Co.’s shift to gold and high‑jewelry and a revamped store network, and on Loro Piana’s restrained growth that lifted its valuation to roughly €10 billion. Operating margins stayed strong at 35% while expenses fell 4%, underscoring disciplined cost management. CEO Bernard Arnault framed these moves as a “house‑in‑order” play amid a challenging luxury environment.