LVMH: Mixed financial results for 2025, rumors about new TAG Heuer CEO and Zenith denial
French luxury goods group LVMH looks back on a mixed year with sales of just under €81 billion. This represents a decline of five percent in 2025 compared to the same period last year. Profits for the past year amounted to €17.8 billion, nine percent below the 2024 figure.
LVMH was affected by global trade conflicts and the resulting weak consumer sentiment. The company reported a decline in sales for the first two quarters and slight growth for the third and fourth quarters.
In Europe, sales declined in the second half of the year, while the US recorded growth thanks to strong domestic demand. Japan fell short of the 2024 figure, which had been boosted by increased tourist spending due to the significantly weaker yen. In the rest of Asia, the trend improved noticeably compared to 2024, and growth returned in the second half of the year.
Watches & Jewelry
In the Watches & Jewelry division, LVMH recorded a decline of one percent in 2025, with sales of just over €10.5 billion. A positive trend emerged here over the course of the year. Sales in the first two quarters were on par with the previous year, while in the third quarter the segment generated growth of two percent and in the fourth quarter of eight percent.
Difficult economic environment
The current year will therefore also be challenging for Bernard Arnault, CEO of LVMH and at times the richest man in the world. This is because the uncertain global economic environment is compounded by the recent unexpected resignation – or dismissal – of TAG Heuer CEO and experienced watch manager Antoine Pin. LVMH has yet to provide an explanation or announce a successor.
Will TAG Heuer get a female CEO?
But how could it be otherwise? The rumor mill is in full swing. The French online portal Business Montres & Joaillerie reports that a top manager from within the company’s own ranks will head TAG Heuer in the future—after eight male CEOs had come and gone in the previous 13 years.
Her name is Béatrice Goasglas. She currently holds the position of President of TAG Heuer America and is reportedly already packing her bags to move from New York to Geneva. “Given her leadership style, political savvy, and openly stated ambitions, this is a very logical decision,” writes Business Montres & Joaillerie, adding that it will not be easy for Goasglas—if she does indeed become the new CEO.
In terms of timing, she would be joining shortly before Watches & Wonders and with the budget for the current fiscal year already planned. “And she would be doing so with three people behind her: two official allies (Stéphane Bianchi and Jean-Christophe Babin) and a stowaway (Frédéric Arnault, more present than ever and very active behind the scenes).”
LVMH denies plans to sell Zenith
LVMH has since denied another rumor. “We formally deny any plans to sell the Zenith brand,” a spokesperson for LVMH told the AWP news agency.
The Swiss newspaper La Côte reports that an industry source had previously told AWP that the sale process for Zenith was underway and the sales documents were ready. “LVMH has certainly been testing the market for some time,” La Côte quotes an analyst specializing in the watch industry as saying.
