Kering vs LVMH: Revenue, Profit and Business Model
Kering reported ~$16.6B of revenue in FY2025 and ~$81.4M of net income. LVMH reported ~$91.3B of revenue in FY2025 and ~$12.3B of net income.
Latest financial snapshot
Financial summary
Kering
Kering's numbers tell a story of rapid growth followed by a sharp correction. Revenue rose to ~$23 billion (EUR 20.351 billion) in 2022, then fell to ~$22.1 billion (EUR 19.566 billion) in 2023, ~$19.1 billion (EUR 16.874 billion) in 2024 and ~$16.6 billion (EUR 14.675 billion) in 2025. Net income attributable to the group dropped from ~$4.08 billion (EUR 3.614 billion) in 2022 to ~$81.4 million (EUR 72 million) in 2025. Gucci drove most of the decline: its 2025 revenue was ~$6.77 billion (EUR 5.992 billion), down 22% as reported. The balance sheet was repaired in 2026. The ~$4.52 billion (EUR 4 billion) cash sale of Kering Beaute to L'Oreal closed on March 31, 2026, and the Milan property transaction brought ~$824 million (EUR 729 million) at closing, so net debt fell from ~$9.04 billion (EUR 8.0 billion) at end-2025 to ~$3.73 billion (EUR 3.3 billion) on June 30, 2026. H1 2026 revenue was ~$8.16 billion (EUR 7.22 billion) (down 3% reported, up 1% comparable), recurring operating income was ~$1.04 billion (EUR 921 million) (12.8% margin, up 40 basis points), and net income attributable to the group was ~$214 million (EUR 189 million). Gucci's H1 2026 revenue was ~$3.12 billion (EUR 2.757 billion), down 5% on a comparable basis, with Q2 improving to down 2%.
LVMH
LVMH's revenue roughly doubled over the decade to 2025 but has eased since the 2023 peak of ~$97.4 billion (EUR 86.2 billion). 2025 revenue was ~$91.3 billion (EUR 80.8 billion) (down 5% reported, 1% organically), profit from recurring operations fell 9% to ~$20.1 billion (EUR 17.8 billion) for a 22% margin, and group-share net profit was ~$12.3 billion (EUR 10.9 billion). In the first half of 2026 revenue was ~$43.6 billion (EUR 38.6 billion) (down 3% reported but up 2% organically), recurring operating profit was ~$9.83 billion (EUR 8.7 billion) (22.5% margin), net profit was flat at ~$6.44 billion (EUR 5.7 billion), and net financial debt fell to ~$9.27 billion (EUR 8.2 billion).
Revenue and profit by year
Where the revenue comes from
Kering
- Gucci~41%
Gucci generated ~$6.77 billion (EUR 5.992 billion) of FY2025 revenue and remained Kering's largest house despite a 22% reported decline.
- Yves Saint Laurent~18%
Yves Saint Laurent generated ~$2.99 billion (EUR 2.643 billion) of FY2025 revenue, supported by direct retail and ongoing brand investment.
- Bottega Veneta~12%
Bottega Veneta generated ~$1.93 billion (EUR 1.706 billion) in FY2025 revenue and was comparatively resilient, up 3% on a comparable basis.
- Other Houses, Jewelry and Eyewear~30%
Balenciaga, McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ginori 1735 and Kering Eyewear supplied the rest of FY2025 revenue; Kering Eyewear alone generated ~$1.09 billion (EUR 965 million) in H1 2026.
LVMH
- Fashion and Leather Goods
Louis Vuitton, Christian Dior, Fendi, Celine, Loewe, Givenchy, and other fashion maisons.
- Selective Retailing
Sephora, DFS, and other selective retail operations.
- Watches and Jewelry
Tiffany & Co., Bulgari, TAG Heuer, Hublot, Zenith, Chaumet, and Fred.
- Perfumes and Cosmetics
Dior, Guerlain, Givenchy, Benefit, Fresh, Fenty Beauty, and other beauty brands.
- Wines and Spirits
Moet & Chandon, Hennessy, Veuve Clicquot, Dom Perignon, Krug, and other wine and spirits brands.
Business model and strategy
Kering
How it makes money
Kering makes money by selling high-priced fashion, leather goods, shoes, jewelry and eyewear under brands it owns outright. Most revenue comes through its own directly operated stores and e-commerce, which lets the houses control pricing and keep the full retail margin; wholesale, licensing and royalties make up the rest.
Growth strategy
Kering's growth plan is called ReconKering, presented at a Capital Markets Day in Florence on April 16, 2026. It focuses on restoring each house's desirability, simplifying the organization, sharing technology and operating platforms across houses, and pruning retail: Kering made 75 net store closures in 2025 and 84 in H1 2026 against a full-year 2026 target of 100.
Competitive advantage
Kering's advantages are brand equity that took decades to build, a direct retail network in the world's main luxury streets, shared group platforms for sourcing, logistics, real estate and technology, and the patience of a controlling family shareholder.
LVMH
How it makes money
LVMH is a holding company for more than 75 maisons grouped into Fashion & Leather Goods, Selective Retailing, Watches & Jewelry, Perfumes & Cosmetics and Wines & Spirits. Each maison keeps its own creative director and brand identity, while the group pools capital, store leases and real estate, media buying, talent and supply-chain resources.
Growth strategy
LVMH grows by renewing creative leadership at its largest maisons, opening large flagship stores, expanding jewelry through Tiffany and Bvlgari, scaling Sephora, and buying heritage brands. Major deals include Bulgari (2011), Loro Piana (2013), Belmond (2019) and Tiffany & Co. for $15.8 billion (2021).
Competitive advantage
LVMH's edge comes from owning heritage brands that cannot be recreated quickly, combined with scale no peer matches. With ~$91.3 billion (EUR 80.8 billion) in 2025 revenue, it is several times larger than Kering or Richemont, which gives it leverage with landlords and media owners, the cash to buy flagship buildings, and the ability to absorb weak years at one maison with strength at another.
Questions about Kering vs LVMH
Which company has higher revenue — Kering SA or LVMH Moet Hennessy Louis Vuitton SE?
Kering SA reported ~$16.6B (FY2025), while LVMH Moet Hennessy Louis Vuitton SE reported ~$91.3B (FY2025). By last reported revenue, LVMH Moet Hennessy Louis Vuitton SE is the larger business, with Kering SA reporting a smaller revenue base.
What is the market cap of Kering SA vs LVMH Moet Hennessy Louis Vuitton SE?
Kering SA's market capitalisation stands at $27.4B, while LVMH Moet Hennessy Louis Vuitton SE's is $199.0B. LVMH Moet Hennessy Louis Vuitton SE carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Kering SA.
Which is more financially efficient — Kering SA or LVMH Moet Hennessy Louis Vuitton SE?
Kering SA generates $379k / employee in revenue per employee, while LVMH Moet Hennessy Louis Vuitton SE generates $433k / employee. LVMH Moet Hennessy Louis Vuitton SE shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Kering SA and LVMH Moet Hennessy Louis Vuitton SE make money?
Kering SA and LVMH Moet Hennessy Louis Vuitton SE generate revenue in fundamentally different ways. Kering SA: Kering makes money by selling high-priced fashion, leather goods, shoes, jewelry and eyewear under brands it owns outright. LVMH Moet Hennessy Louis Vuitton SE: LVMH is a holding company for more than 75 maisons grouped into Fashion & Leather Goods, Selective Retailing, Watches & Jewelry, Perfumes & Cosmetics and Wines & Spirits.
Which company is valued higher relative to revenue — Kering SA or LVMH Moet Hennessy Louis Vuitton SE?
On a price-to-sales (P/S) basis, Kering SA trades at 1.7x P/S and LVMH Moet Hennessy Louis Vuitton SE at 2.2x P/S. LVMH Moet Hennessy Louis Vuitton SE commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Kering SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Kering SA bigger than LVMH Moet Hennessy Louis Vuitton SE?
By last reported revenue, LVMH Moet Hennessy Louis Vuitton SE (~$91.3B (FY2025)) is the larger company compared to Kering SA (~$16.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
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 Kering vs LVMH overview