LVMH vs Malabar Gold and Diamonds: Revenue, Profit and Business Model
LVMH reported ~$91.3B of revenue in FY2025 and ~$12.3B of net income. Malabar Gold and Diamonds reported ~$7.8B of revenue in FY2025 and — of net income.
Latest financial snapshot
LVMH
- Latest revenue
- ~$91.3B (FY2025)
- Net income
- ~$12.3B
- Net margin
- 13.5%
- Revenue growth
- +5.9% a year, FY2021–FY2025
Malabar Gold and Diamonds
- Latest revenue
- ~$7.8B (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +30.6% a year, FY2024–FY2025
Financial summary
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).
Malabar Gold and Diamonds
Malabar does not publish audited group accounts, so figures come from company releases and regulatory-filing summaries. The group reported global retail turnover of ~$5.94 billion (₹51,218 crore) for FY2023-24 and about $7.31 billion (₹63,000 crore) for FY2024-25, when it set a FY2025-26 target of ~$9.05 billion (₹78,000 crore) and committed over $580 million (₹5,000 crore) to expansion. The Hurun India–JM Financial Unlisted Gems 2026 list put the Indian company's revenue at ~$7.76 billion (₹66,872 crore), up 38% year on year. In March 2026 the company described its annual turnover as about $7.36 billion.
Revenue and profit by year
LVMH
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$91.3B | ~$12.3B | 13.5% | -4.6% | Source |
| FY2024 | ~$95.7B | ~$14.2B | 14.8% | -1.7% | Source |
| FY2023 | ~$97.4B | ~$17.1B | 17.6% | +8.8% | Source |
| FY2022 | ~$89.5B | ~$15.9B | 17.8% | +23.3% | Source |
| FY2021 | ~$72.6B | ~$13.6B | 18.7% | — | Source |
Malabar Gold and Diamonds
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$7.8B | — | 0.0% | +30.6% | Source |
| FY2024 | ~$5.9B | — | 0.0% | — | Source |
Where the revenue comes from
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.
Malabar Gold and Diamonds
No segment breakdown is published.
Business model and strategy
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.
Malabar Gold and Diamonds
How it makes money
Malabar earns money by retailing gold, diamond, gemstone and platinum jewellery, charging the prevailing metal rate plus a making charge, with diamond and studded pieces carrying higher margins than plain gold. It runs its own design and manufacturing units, sells through owned showrooms and online, and takes advance-purchase deposits through gold savings schemes.
Growth strategy
Malabar's plan centres on store openings in northern, western and eastern India, especially Tier 2 and Tier 3 cities, and new overseas markets. In June 2025 it announced 60 new showrooms and over $580 million (₹5,000 crore) of investment for FY2025-26, with entries into New Zealand and Ireland; in March 2026 it added 20 Indian stores for ~$183 million (₹1,580 crore).
Competitive advantage
Malabar's edge is scale across both India and the Gulf: few Indian rivals match its 150+ overseas stores serving diaspora shoppers. Its early adoption of hallmarked gold, itemised price tags, buyback guarantees and a single national gold rate built trust against unorganised jewellers, and in-house manufacturing gives it control over designs and making charges.
Questions about LVMH vs Malabar Gold and Diamonds
Which company has higher revenue — LVMH Moet Hennessy Louis Vuitton SE or Malabar Gold and Diamonds?
LVMH Moet Hennessy Louis Vuitton SE reported ~$91.3B (FY2025), while Malabar Gold and Diamonds reported ~$7.8B (FY2025). By last reported revenue, LVMH Moet Hennessy Louis Vuitton SE is the larger business, with Malabar Gold and Diamonds reporting a smaller revenue base.
What is the market cap of LVMH Moet Hennessy Louis Vuitton SE vs Malabar Gold and Diamonds?
LVMH Moet Hennessy Louis Vuitton SE has a market capitalisation of $199.0B. A public market cap figure for Malabar Gold and Diamonds was not available (it may be privately held).
Which is more financially efficient — LVMH Moet Hennessy Louis Vuitton SE or Malabar Gold and Diamonds?
LVMH Moet Hennessy Louis Vuitton SE generates $433k / employee in revenue per employee, while Malabar Gold and Diamonds generates $369k / 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 LVMH Moet Hennessy Louis Vuitton SE and Malabar Gold and Diamonds make money?
LVMH Moet Hennessy Louis Vuitton SE and Malabar Gold and Diamonds generate revenue in fundamentally different ways. 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. Malabar Gold and Diamonds: Malabar earns money by retailing gold, diamond, gemstone and platinum jewellery, charging the prevailing metal rate plus a making charge, with diamond and studded pieces carrying higher margins than plain gold.
Is LVMH Moet Hennessy Louis Vuitton SE bigger than Malabar Gold and Diamonds?
By last reported revenue, LVMH Moet Hennessy Louis Vuitton SE (~$91.3B (FY2025)) is the larger company compared to Malabar Gold and Diamonds (~$7.8B (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 LVMH vs Malabar Gold and Diamonds overview