Hermès vs Louis Vuitton: Revenue, Profit and Business Model
Hermès reported ~$18.1B of revenue in FY2025 and ~$5.1B of net income. Louis Vuitton does not publish annual revenue.
Latest financial snapshot
Hermès
- Latest revenue
- ~$18.1B (FY2025)
- Net income
- ~$5.1B
- Net margin
- 28.3%
- Revenue growth
- +15.5% a year, FY2021–FY2025
Louis Vuitton
Louis Vuitton does not publish annual revenue or profit.
Financial summary
Hermès
Hermès grew revenue from ~$10.1B (€8.98B) in 2021 to ~$18.1B (€16.0B) in 2025. In 2025 sales rose 5.5% reported and 8.9% at constant currency, recurring operating income reached ~$7.42B (€6.57B) (41.0% of sales) and net profit was ~$5.11B (€4.52B), held back by France's exceptional surtax on large companies (~$5.49B (€4.86B) adjusted). The balance sheet carries a restated net cash position of ~$14.5B (€12.8B) at end-2025 and no meaningful debt. In H1 2026 revenue was ~$9.22B (€8.16B) (+6.1% constant currency, +1.6% reported) with a 41.0% margin, but Q2 growth slightly missed forecasts and the shares fell roughly 37% in 2026 amid weak Chinese demand.
Louis Vuitton
LVMH does not disclose Louis Vuitton's revenue or margin, so any precise standalone figure is an estimate. The reported proxy is the Fashion & Leather Goods business group, which also contains Dior, Celine, Loewe, Fendi, Givenchy, Loro Piana and others: ~$47.7 billion (€42.169 billion) of revenue in 2023, ~$46.4 billion (€41.060 billion) in 2024 and ~$42.7 billion (€37.770 billion) in 2025, with recurring operating profit falling from ~$19 billion (€16.836 billion) to ~$14.9 billion (€13.209 billion). In H1 2026 the group posted ~$20.5 billion (€18.146 billion) of revenue (versus ~$21.6 billion (€19.115 billion) a year earlier) and ~$7 billion (€6.195 billion) of recurring operating profit, a margin of about 34%. LVMH said the segment returned to organic growth of 1% in Q2 2026, helped by a fast acceleration in the United States.
Revenue and profit by year
Hermès
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$18.1B | ~$5.1B | 28.3% | +5.5% | Source |
| FY2024 | ~$17.1B | ~$5.2B | 30.3% | +13.0% | Source |
| FY2023 | ~$15.2B | ~$4.9B | 32.1% | +15.7% | Source |
| FY2022 | ~$13.1B | ~$3.8B | 29.0% | +29.2% | Source |
| FY2021 | ~$10.1B | ~$2.8B | 27.2% | — | Source |
Louis Vuitton
Louis Vuitton does not publish annual revenue. What is known about its finances is in the summary above.
Full Louis Vuitton financialsWhere the revenue comes from
Hermès
- Leather Goods and Saddlery44%
Bags, travel items, small leather goods and equestrian products; ~$7.99B (€7.07B) in 2025, up 13.1% at constant currency.
- Ready-to-Wear and Accessories28%
Men's and women's ready-to-wear, belts, costume jewelry, gloves, hats and shoes; ~$5.12B (€4.53B) in 2025.
- Silk and Textiles6%
Carré scarves, ties and textiles; ~$1.08B (€0.96B) in 2025.
- Other Hermès Sectors~13%
Jewelry, home, tableware, and other categories that extend the house into broader luxury living.
- Perfume and Beauty3%
Fragrance and Hermès Beauty; ~$554M (€0.49B) in 2025, down 7.6% at constant currency against the 2024 Barénia launch.
- Watches3%
Watches including the H08 line; ~$622M (€0.55B) in 2025, down 1.5% at constant currency.
- Other Products2%
John Lobb, Saint-Louis, Puiforcat and production for non-group brands (textile printing, tanning); ~$395M (€0.35B) in 2025.
Louis Vuitton
- Leather goods~45%
Leather goods
- Fashion and shoes~25%
Fashion and shoes
- Accessories~15%
Accessories
- Fragrance and licensing~10%
Fragrance and licensing
Business model and strategy
Hermès
How it makes money
Hermès sells its own products through roughly 300 exclusive stores (mostly directly operated) and hermes.com, with very little wholesale. About 55% of objects are made in in-house and exclusive workshops and 75% are made in France (2025). Leather Goods and Saddlery is the engine: ~$7.99B (€7.07B) of 2025 revenue (44%), with output capped by the number of trained artisans, so demand runs ahead of supply.
Growth strategy
Hermès grows mainly through price increases, gradual leather capacity additions of roughly one new French workshop per year, store renovations and selective openings (Scottsdale and Nashville in 2025), and categories beyond bags such as jewelry, home and ready-to-wear. It avoids acquisitions of other brands and buybacks, and returns cash through dividends (€18.00 per share proposed for 2025).
Competitive advantage
Hermès's moat is artisan capacity that competitors cannot buy quickly. Its leather bags are hand-made by craftspeople trained in its own schools (12 Hermès École des savoir-faire sites by end-2025), and the group opened its 24th leather goods workshop in L'Isle-d'Espagnac in 2025, with Loupes (2026), Charleville-Mézières (2027), Colombelles (2028) and Les Andelys (by 2030) planned.
Louis Vuitton
How it makes money
Louis Vuitton makes money by selling its own products at full price through channels it controls: a global network of directly operated boutiques, flagship 'maisons' such as the new Beijing and Seoul stores, and its e-commerce site. It does not rely on department-store wholesale, so it keeps the retail margin and controls presentation, pricing and client data.
Growth strategy
Beccari's playbook is to keep LV's scale while making the experience feel more exclusive. Practical levers include larger 'cultural' flagships (Beijing and Seoul were singled out by LVMH for excellent performance in H1 2026), category extension into high jewelry, watches and beauty, celebrity-led menswear under Pharrell Williams since 2023, Nicolas Ghesquière's women's collections, and heritage moments such as the Mo…
Competitive advantage
Louis Vuitton's edge comes from 170 years of trunk-making heritage, one of the most recognised trademarks in fashion, and near-total control of its distribution and pricing. Because it sells through its own stores and avoids markdowns, customers see consistent prices worldwide, which supports resale values and brand trust.
Questions about Hermès vs Louis Vuitton
Which company has higher revenue — Hermès International or Louis Vuitton Malletier SAS?
Hermès International reported ~$18.1B (FY2025). A verified revenue figure for Louis Vuitton Malletier SAS was not available at the time of this comparison.
What is the market cap of Hermès International vs Louis Vuitton Malletier SAS?
Hermès International has a market capitalisation of $162.0B. A public market cap figure for Louis Vuitton Malletier SAS was not available (it may be privately held).
Which is more financially efficient — Hermès International or Louis Vuitton Malletier SAS?
Hermès International generates $667k / employee in revenue per employee. A comparable figure for Louis Vuitton Malletier SAS requires matching employee and revenue data from the same reporting period.
How do Hermès International and Louis Vuitton Malletier SAS make money?
Hermès International and Louis Vuitton Malletier SAS generate revenue in fundamentally different ways. Hermès International: Hermès sells its own products through roughly 300 exclusive stores (mostly directly operated) and hermes. Louis Vuitton Malletier SAS: Louis Vuitton makes money by selling its own products at full price through channels it controls: a global network of directly operated boutiques, flagship 'maisons' such as the new Beijing and Seoul stores, and its e-commerce site.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Hermès vs Louis Vuitton overview