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On 14 April 2025, LVMH Moët Hennessy Louis Vuitton, the world’s largest luxury conglomerate, reported consolidated revenue of €20,31 billion for the first quarter, reflecting a -1,8% decline year-on-year (-3% organically). These figures span the full breadth of LVMH’s operations, including Wines & Spirits, Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewellery, and Selective Retailing.
While LVMH does not report Christian Dior’s standalone financial results, Dior remains one of the Group’s most critical strategic pillars. As a flagship Maison operating across Fashion, Beauty, Couture, and Retail, Dior is featured prominently in LVMH’s official communications and plays a central role in the Group’s long-term brand-building strategy.
This article presents a dual-layered analysis: financial data reflects LVMH Group performance by segment, while brand activities, launches, and campaigns refer specifically to Dior, unless otherwise indicated. In doing so, we aim to provide a holistic view of Dior’s market position, cultural momentum, and strategic direction within the broader context of LVMH’s Q1 2025 results.
Q1 2025 Financial Performance
LVMH Revenue by Business Group (€ million)
| Business Group | Q1 2021 | Q1 2022 | Q1 2023 | Q1 2024 | Q1 2025 |
|---|---|---|---|---|---|
| Wines & Spirits | 1.510 (+28,5 %) | 1.638 (+8,5 %) | 1.694 (+3,4 %) | 1.417 (–16,3 %) | 1.305 (–7,9 %) |
| Fashion & Leather Goods | 6.738 (+45,1 %) | 9.123 (+35,4 %) | 10.728 (+17,6 %) | 10.490 (–2,2 %) | 10.108 (–3,6 %) |
| Perfumes & Cosmetics | 1.550 (+12,2 %) | 1.905 (+22,9 %) | 2.115 (+11,0 %) | 2.182 (+3,2 %) | 2.178 (–0,2 %) |
| Watches & Jewellery | 1.883 (+137,8 %) | 2.338 (+24,2 %) | 2.589 (+10,7 %) | 2.466 (–4,7 %) | 2.482 (+0,6 %) |
| Selective Retailing | 2.337 (–11,0 %) | 3.040 (+30,0 %) | 3.961 (+30,3 %) | 4.175 (+5,4 %) | 4.189 (+0,3 %) |
| Other / Eliminations | –59 | –41 | –52 | –36 | +49 |
| Total | 13.959 (+31,7 %) | 18.003 (+29,0 %) | 21.035 (+16,9 %) | 20.694 (–1,6 %) | 20.311 (–1,8 %) |
Segment Analysis
Dior Financial Trajectory (2020–2024)
While Dior’s Q1 2025 financials are not disclosed independently, full-year results for Christian Dior SA offer insight into the brand’s broader trajectory. Between 2020 and 2024, revenues grew from €64,21 billion to €84,68 billion, with operating income reaching €19,56 billion in 2024, equivalent to an operating margin of 23,1%.
The income statement trend also shows consistent strength in gross profit and net profitability, despite a slight year-on-year dip in total revenue from 2023 to 2024. This signals Dior’s continued pricing power and strategic control of margins. Notably, the brand’s profit ratio and operational leverage place it among the most efficient luxury houses globally, supporting its ongoing role as a growth and equity engine for the LVMH Moët Hennessy Louis Vuitton Group.
Fashion & Leather Goods
Over the past five years, LVMH Moët Hennessy Louis Vuitton’s Fashion & Leather Goods division, which includes Dior, Louis Vuitton, Fendi, and others, has been the primary engine of growth, more than doubling from €4,64 billion in Q1 2020 to €10,11 billion in Q1 2025. After three consecutive years of double-digit increases, including a staggering +45% in 2021 and +35% in 2022, growth slowed and eventually reversed, falling -2,2% in 2024 and -3,6% in 2025. These declines are largely attributable to exceptional base effects, a maturing post-pandemic cycle, and weaker Japanese demand in Q1 2025. Still, product momentum around collections like Dior Toujours and D-Journey demonstrates enduring consumer appetite for the brand’s iconic craftsmanship.
Wines & Spirits
Once a consistent performer, the Wines & Spirits division has entered a period of correction. After climbing from €1,18 billion in 2020 to a peak of €1,69 billion in 2023, revenues dropped -16,3% in 2024 and a further -7,9% in Q1 2025, settling at €1,31 billion. Slower recovery in China and the U.S. and continued normalisation in Champagne contributed to this contraction. However, branding efforts like the Moët & Chandon x Formula 1 partnership reinforce its premium positioning. Dior maintained its leadership with the launch of Dior Homme, Bois Talisman (La Collection Privée), and expanded makeup ranges such as Dior Addict and Forever. These innovations contributed to the Group’s overall performance.
Perfumes & Cosmetics
This segment has shown remarkable resilience. From €1,38 billion in 2020, it expanded steadily to €2,18 billion in 2025, with innovation in makeup (Forever, Dior Addict) and fragrance (J’adore, Dior Homme) driving performance. Growth plateaued in the latest quarter (-0,2%), but the segment’s diversification and prestige positioning continue to support stability even in softening retail environments.
Watches & Jewellery
Watches & Jewellery posted the strongest recovery of all segments between 2020 and 2023, rising +138% in 2021 alone. This was driven by Tiffany & Co.’s integration and TAG Heuer’s visibility push. While the segment shrank slightly in 2024 (-4,7%), it stabilised in Q1 2025 with +0,6% growth. Immersive experiences and global rollouts of flagship formats contributed to this rebound. While Dior does not operate a dedicated watch line within LVMH Moët Hennessy Louis Vuitton, its activities in high-end jewellery and selective retail continue to elevate its brand. The Designer of Dreams exhibition and continued in-store storytelling support Dior’s luxury positioning alongside LVMH Maisons like Tiffany & Co. and Bvlgari.
Regional Commentary
Christian Dior’s regional performance in Q1 2025 reflects diverging consumption dynamics:
Europe remained a stronghold for Dior, showing positive organic growth despite inflationary headwinds. Experiential retail strategies, including flagship activations and cultural exhibitions, sustained local engagement and tourist spend alike.
North America faced modest contraction, particularly in Wines & Spirits, but performed respectably across Fashion and Beauty, aided by Sephora’s retail expansion and leather goods appeal.
Japan was the most affected market, declining year-on-year due to exceptional comparables from Q1 2024, when inbound Chinese tourism spiked. The absence of that temporary uplift led to an artificially low comparison base in 2025.
Rest of Asia remained stable, with Korea and Southeast Asia supporting the region, while China displayed cautious spending trends.
Competitor Benchmarking
Dior’s parent group LVMH Moët Hennessy Louis Vuitton reported a 2% decline in revenue within its Fashion & Leather Goods division in Q1 2025. This segment includes powerhouse Maisons such as Louis Vuitton, Fendi, Celine, and Dior. While Dior’s standalone financials are not disclosed, its trajectory can be partially inferred from these figures.
Within the competitive landscape of top-tier fashion and luxury houses, this modest decline positions Dior’s parent company relatively favourably, especially when compared to more significant contractions among key peers.
Hermes once again outpaced the industry, posting a +17% increase in revenue in Q1 2025. Its success was driven by sustained demand in Asia and continued strength in leather goods and equestrian heritage collections. The Maison’s long-term commitment to craftsmanship and timeless design provided insulation from broader market volatility.
Kering Group, by contrast, is still navigating headwinds. The group experienced double-digit revenue declines, led by persistent challenges at Gucci, which has yet to regain momentum amid creative leadership changes and consumer fatigue. Compared to Dior’s consistent creative output and brand engagement, Kering Group is undergoing a strategic reset to restore appeal and accelerate product innovation.
Richemont, anchored by jewellery maisons such as Cartier and Van Cleef & Arpels, reported modest growth of around 1%. While jewellery demand remained solid, performance in fashion and watch categories varied by region, weighing on group-wide momentum.
Chanel, which does not release quarterly results, revealed in its full-year 2024 statement a slight profit decline. This was attributed to elevated investments in retail infrastructure, creative talent, and marketing. Like Dior, Chanel has maintained high brand equity and continues to favour long-term brand-building over short-term gains.
In summary, Dior’s Q1 2025 performance, interpreted through its contribution to LVMH’s segment results and its brand-level initiatives, demonstrates greater resilience than many of its peers. While broader market dynamics are shifting, Dior remains one of the most stable and strategically agile players in global luxury.
Brand Developments and Creative Momentum
Christian Dior entered 2025 with continued focus on cultural resonance, product storytelling, and immersive brand experiences, reinforcing its leadership in narrative-led luxury. From high-profile exhibitions and fashion launches to new creative appointments, Q1 2025 showcased Dior’s commitment to blending heritage with innovation.
1. Dior Couture: Artistic Craftsmanship and Cultural Expansion
In Q1 2025, Dior Couture reaffirmed its creative vitality through an ongoing celebration of craftsmanship. The Maison’s leather goods, particularly the Dior Toujours and D-Journey handbags, were spotlighted as the season’s standout pieces, receiving a “promising start” in terms of consumer response. The brand also deepened its cultural footprint with the continuation of its acclaimed travelling exhibition “Christian Dior: Designer of Dreams”, which opened in Seoul in April 2025. The show, housed at the Dongdaemun Design Plaza, featured archival pieces, sketches, and reinterpretations by current creative director Maria Grazia Chiuri, connecting Dior’s Parisian legacy with Korean audiences.
2. Cross-Maison Collaborations and Anniversary Milestones
In a broader Group context, several sister Maisons under LVMH leveraged milestone moments to reinforce identity. Notably, Loro Piana celebrated its 100th anniversary with a debut exhibition in Shanghai (March 2025) at the Museum of Art Pudong, underlining the Maison’s ties with China. Similarly, Fendi honoured its centennial with a paired Men’s and Women’s presentation in Milan, focusing on heritage materials and Roman tailoring. These Maison-wide narratives serve to reinforce the halo effect of Dior within the Group’s storytelling ecosystem.
3. Artistic Collaborations and Luxury Collectibles
Within the broader fashion division, Louis Vuitton reactivated one of its most celebrated artistic collaborations, partnering again with Takashi Murakami, twenty years after their first joint venture. The capsule, launched in March 2025, included updated editions of the Monogram Multicolore canvas across bags and ready-to-wear, receiving strong consumer engagement in Asia and Europe. Dior itself did not have a collaboration on that scale in Q1, but continues to build anticipation around its artisanal shows and boutique exclusives.
4. Beauty Innovation and Product Expansion
Dior’s fragrance and beauty lines remained a core growth engine in Q1. The brand expanded its high-end La Collection Privée line with a new scent titled Bois Talisman, and launched a refreshed Dior Homme fragrance in February 2025, both of which reinforced its position in prestige perfumery. On the makeup front, continued enhancements to Dior Addict and Forever foundations maintained momentum across online and physical counters. These launches were supported by brand ambassador activations on digital platforms, though specific names were not cited in the Q1 release.
5. Leadership Transitions Across the Group
While the Q1 2025 report confirmed that multiple creative directors joined LVMH Moët Hennessy Louis Vuitton Group Maisons, with debut collections expected in the upcoming seasons. Notably, Maria Grazia Chiuri and Kim Jones both stepped down from their roles at Dior. Their successor, Jonathan Anderson (JW Anderson), was appointed in March 2025 and will become the first designer to oversee all three Dior lines - Women's, Men's, and Couture. This marks a pivotal shift in Dior's creative direction and could signal a bold new phase for the Maison's unified design identity.
6. Experiential Retail and Global Exhibitions
Experiential storytelling remains central to Dior’s strategy. Crafted World, Loewe’s immersive exhibition, arrived in Tokyo in March 2025, bridging art and fashion through playful installations. These initiatives, although not Dior-led, contribute to the Group’s overall positioning as the leader in cultural curation within luxury, setting standards Dior itself has historically pioneered and continues to reflect through in-store activations and exclusive formats.
7. Brand Ambassador Highlights
In Q1 2025, Dior continued to activate its global network of ambassadors through product campaigns and high-visibility appearances:
Jisoo (BLACKPINK) fronted the Dior Addict and Dior Forever beauty campaigns launched in January 2025, with strong digital rollouts across Korea, Japan, and Southeast Asia.
Anya Taylor-Joy starred in the global J’adore Eau de Parfum campaign released in February 2025, also attending Dior’s Fall 2025 show in Paris on 26 February.
Robert Pattinson led the relaunch of Dior Homme fragrance, with a new campaign shot by Nan Goldin debuting in early February 2025 across Europe and the U.S.
Cha Eun-woo appeared in regional fashion and fragrance promotions throughout Q1 2025, supporting Dior’s presence in South Korea and Japan.
Anushka Sharma was featured in Dior Forever Skin Glow ads targeting the Indian market in March 2025, aligning with increased Dior Beauty retail expansion in the region.
These activations reflect Dior’s consistent strategy of pairing marquee product drops with ambassadors who drive cultural engagement across key markets.
Conclusion and Outlook
Dior’s Q1 2025 performance marks a transitional moment for the Maison, shifting from a cycle of extraordinary post-pandemic growth to a phase of strategic stabilisation. While parent company LVMH reported Group revenues of €20,31 billion, down -1,8 % year-on-year, Dior maintained cultural and commercial momentum across its core segments. Amid high comparables, macroeconomic headwinds, and regional recalibrations, the brand’s initiatives in Fashion, Beauty, and Retail underscored its long-term strength.
The quarter also marked a pivotal leadership transition: Jonathan Anderson (JW Anderson) was appointed as the new artistic director for all three Dior collections, Women’s, Men’s, and Couture, following the departures of Maria Grazia Chiuri and Kim Jones. His upcoming debut signifies a bold creative consolidation, with potential to redefine Dior’s design language for the next decade.
Looking forward, Dior’s strategic focus is clear:
Creative Renewal: With Anderson’s multi-line oversight and a fresh design cycle, the Maison is entering a new chapter of creative reinvention.
Retail and Experiential Growth: Flagship activations, curated exhibitions, and expansion in high-opportunity markets like North America and Korea will reinforce the brand’s luxury positioning.
Selective Premiumisation: Tightened distribution in beauty, focus on high-margin SKUs, and elevated brand storytelling are sharpening Dior’s long-term equity.
While growth may be moderating across the sector, Dior’s ability to balance cultural capital with operational discipline keeps it well-placed to lead luxury’s next evolution. In a climate of cautious optimism, Dior’s depth, heritage, and strategic clarity position it as one of the industry’s most resilient and forward-looking brands.
Sources: Christian Dior - Q1 2025 Financial Report, Bain & Company – Luxury Goods Worldwide Market Study, Spring 2025 Update, McKinsey & Company – The State of Fashion 2025, WWD, Business of Fashion, and Vogue Business.
Cover Image Courtesy: Fortune.
Read the full Dior brand report Here.
For a deeper dive into the financial performance of other top luxury brands, explore the
Chanel 2024 Financial Report here
Hermes 2024 Financial Report here
Valentino 2024 Financial Report here
Check out other financial analysis article here