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We Need to Talk About LVMH

Despite being the largest company in Europe (depending on the oscillations of Ozempic), the chatter this week around LVMH, from the okay earnings to the Tiffany triumph, has been muted of late. It’s going to take a new creative direction—and return to an entrepreneurial attitude—for industry insiders (and investors) to get pumped once again.

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Delphine Arnault Bernard Arnault Maria Grazia Chiuri
The threat of irrelevance is the real problem for LVMH, despite its $375 billion market cap, and one that the Arnaults are going to have to address during the next year if they want their other problems to go away. Photo: Bertrand Rindoff Petroff/Getty Images
Lauren Sherman
January 30, 2025

This past week was all about LVMH, and yet not at all about LVMH. Yes, there were earnings—better than expected, but far from spectacular, which signaled to the market that luxury’s road to recovery may be longer than expected. (Shares were down 5 percent the day after the report was released.) Then there was the Bloomberg story about the new-guard-old-guard culture clash at Tiffany’s U.S. headquarters, and the brand’s star-studded dinner in Paris celebrating Pharrell Williams’s capsule collection. (I seemed to care more about these two events than anyone else.) And then, of course, came the announcement that the group was selling its stake in Stella McCartney back to the founder, who will exit her agreement from LVMH to run the business, which caused merely a blip in the news cycle.

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