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The Chinese luxury goods market is estimated at between RMB 400 billion and RMB 500 billion, a segment that has been almost entirely dominated by European companies. The market size highlights the potential for local brands, though the status of jeweler Laopu Gold as a luxury brand remains unclear.
LVMH reported second-quarter organic revenue growth of 3% in 2026, with the US market accelerating and jewelry and leather goods proving resilient. First-half revenue reached 38.644 billion euros, down 3% year-on-year, while net profit was flat at 5.697 billion euros. The Middle East conflict dampened tourism spending, but classic products and high-end jewelry maintained strength.
On July 28, 2026, Dewu App launched a rental service covering over 100 product categories, including digital goods, luxury bags, and watches, with deposit-free and credit-based options. Meanwhile, LVMH reported first-half 2026 revenue of 38.644 billion euros, down 3% year-on-year, with its fashion and leather goods division falling 5%. Kering's 2025 revenue was 14.675 billion euros, down 13%. Dewu, valued at 71 billion yuan in 2024, saw its user base exceed 600 million, with 50% penetration among under-30s. The company reported double-digit business growth and a 184% increase in online authentication users.
Bernard Arnault, Europe's richest man and chairman of LVMH, made his first post on social media platform X on July 28, denying reports of a family feud over succession. He stated that shareholders have approved raising the CEO age limit to 85. Arnault, whose personal wealth exceeds 140 billion dollars, dismissed claims of internal strife among his five children, all of whom work at LVMH. His post gained 60,000 followers within 12 hours, with X owner Elon Musk also following.
LVMH held its first-half results meeting on July 28, 2026. An analyst noted the group's continued weak performance in China and asked whether a lawsuit with Molin Milk Tea was a factor. CFO Cécile Cabanis responded that intellectual property is a core asset and the team actively protects brands globally. She declined further comment on the case, citing ongoing judicial proceedings.
LVMH reported a 3% decline in first-half 2026 revenue to 38.6 billion euros, while net profit held steady at 5.7 billion euros. The group is streamlining its portfolio, considering the sale of non-core brands such as Marc Jacobs, and has already transferred its DFS Greater China interests to China Tourism Group Duty Free for $395 million. Asian sales (ex-Japan) grew 6% in the half, with slower second-quarter growth of 4%.
LVMH reported second-quarter 2026 revenue of 19.52 billion euros, up 3% year-on-year, and first-half revenue of 38.64 billion euros, up 2%. Growth was driven by the United States, Japan, and other Asian markets. The Middle East conflict continued to weigh on luxury companies, with both LVMH and Kering noting persistent negative effects. In Asia excluding Japan, LVMH sales rose 4% year-on-year but sequential growth slowed, which the CFO attributed to tourism recovery as Asian tourists shifted spending to Europe and Japan.
Hermès reported 2026 first-half net profit of €2.238 billion, down 0.36% year-on-year. Revenue reached €8.163 billion, up 1.61% (6% at constant exchange rates). Operating profit rose 0.72% to €3.351 billion, with a gross margin of 41%. By region, Europe grew 4.9%, Asia fell 1.3%, and the US rose 8.9%. The group added over 600 employees, bringing the total to 27,100. Second-quarter revenue rose 4.8% (6.7% at constant rates). Hermès confirmed its constant-currency revenue growth target despite uncertainties.
LVMH Group has made its first public response to ongoing litigation disputes, declaring that intellectual property is an absolute core asset. The French luxury conglomerate underscored the strategic importance of protecting its brands and innovations, emphasizing that IP is central to its competitive advantage. The statement comes as the company faces legal challenges, though it did not provide details on the specific disputes.