LVMH’s Fashion & Leather Goods revenue fell 8% in 2025 to €37.8 billion. Kering closed the year down 13%. The United States grew 3% organically in Q3, and luxury is now staging its biggest shows of the year on American soil.
On May 13, 2026, Jonathan Anderson staged his first-ever Dior cruise show in Los Angeles, the inaugural resort outing of his tenure as the only designer since Christian Dior himself to oversee the house’s men’s, women’s and haute couture lines. Four days later, on May 20, Nicolas Ghesquière revealed Louis Vuitton’s Cruise 2027 collection inside The Frick Collection on Manhattan’s Upper East Side, the first fashion show ever staged in the Gilded Age mansion’s first-floor galleries and the opening act of a three-year cultural sponsorship between LVMH and the museum. Two of the world’s largest luxury maisons, both owned by the same group, are landing in the United States…
within the same week. That is not a coincidence. It is a coordinated American reset. The choreography reads as a recovery play, and the financial backdrop explains why.
LVMH closed FY2025 with revenue of €80.8 billion, down 5% reported, while its Fashion & Leather Goods division, the home of Louis Vuitton, Dior, Fendi, Celine and Loewe — fell 8% to €37.8 billion with operating profit down 13%.
Kering closed 13% lower at €14.7 billion, with Gucci alone down 22% and the group shuttering 133 stores. Inside that contraction, one geography held: the United States grew 3% organically at LVMH in Q3 2025, even as Europe slid 2% and Japan dropped 13%, per the company’s Q3 release.
The US already accounts for 26% of LVMH group revenue, tied with all of Asia ex-Japan, and Dior derives roughly 28% of its sales from the American market, its single largest geography…
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