par CHRISTIAN DIOR (EPA:CDI)
Christian Dior: Solid results in the first half of 2025 despite the prevailing environment
30 AVENUE MONTAIGNE
75008 PARIS
Solid results in the first half of 2025 despite the prevailing environment
. Revenue: €40 billion
. Profit from recurring operations: €9 billion
. Free cash flow: €4 billion
Paris, July 24, 2025
The Christian Dior Group recorded revenue of €39.8 billion in the first half of 2025. The Group showed good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment.
Local demand was solid in Europe, which achieved growth on a constant consolidation scope and currency basis over the half-year period, and in the United States, which remained stable. Japan was down with respect to the first half of 2024, which had been boosted by abnormal growth in tourist spending due to the much weaker yen. The rest of Asia saw trends comparable to 2024, although there was an improvement in sales to local customers in the second quarter.
Profit from recurring operations for the first half of 2025 came to €9 billion, equating to an operating margin of 22.6%. Net profit amounted to €5.9 billion and the Group share of net profit amounted to €2.4 billion.
Highlights of the first half of 2025 included the following:
• Solidity for Christian Dior in a challenging environment
• Solid local demand in Europe and the United States
• Japan down with respect to a very strong first half in 2024 driven by tourist spending
• Improved trends for champagne in the second quarter and ongoing weak demand for cognac
• Resilient local demand for Fashion & Leather Goods, which maintained a very high operating margin
• Remarkable innovation and ongoing selective retail approach for Perfumes & Cosmetics
• Success of the Watches & Jewelry Maisons’ iconic lines and Tiffany & Co.’s renovated stores
• Good performance by Sephora, which continued to achieve growth in both revenue and profit
• Significant increase in operating free cash flow to €4 billion
1/10
Financial highlights
In millions of euros | First-half 2024 | First-half 2025 | % Change |
Revenue | 41 677 | 39 810 | -4% |
Profit from recurring operations | 10 649 | 9 008 | -15% |
Net profit, Group share | 3 023 | 2 371 | -22% |
Operating free cash flow | 3 128 | 4 029 | +29% |
Net financial debt | 12 076 | 10 018 | -17% |
Equity | 63 957 | 64 418 | +1% |
Revenue by business group changed as follows:
In millions of euros | First-half 2024 | First-half 2025 | % Change Reported Organic* | |
Wines & Spirits | 2 807 | 2 588 | -8% | -7% |
Fashion & Leather Goods | 20 771 | 19 115 | -8% | -7% |
Perfumes & Cosmetics | 4 136 | 4 082 | -1% | 0% |
Watches & Jewelry | 5 150 | 5 090 | -1% | 0% |
Selective Retailing | 8 632 | 8 620 | 0% | +2% |
Other activities and eliminations | 181 | 315 | - | - |
Total | 41 677 | 39 810 | -4% | -3% |
* On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope with respect to the first half of 2024 was negligible and the impact of exchange rate fluctuations was -1%.
Profit from recurring operations by business group changed as follows:
In millions of euros | First-half 2024 | First-half 2025 | % Change |
Wines & Spirits | 777 | 524 | -33% |
Fashion & Leather Goods | 8 058 | 6 636 | -18% |
Perfumes & Cosmetics | 445 | 425 | -4% |
Watches & Jewelry | 877 | 762 | -13% |
Selective Retailing | 785 | 876 | +12% |
Other activities and eliminations | (293) | (215) | - |
Total | 10 649 | 9 008 | -15% |
Wines & Spirits: Improved trends for champagne; weak demand for cognac
The Wines & Spirits business group saw its revenue and operating profit decline in the first half of 2025. The first half of 2025 saw trends similar to those observed in 2024, largely due to the impact on customers of trade tensions weighing on the key markets of the United States and China. In this context, the Wines & Spirits business group was down during the period, with a sequential improvement in champagne and a good performance in Provence rosé wines. To sustain demand and strengthen their desirability, the Maisons launched large-scale initiatives in the first half of the year while working to keep their costs under control.
Fashion & Leather Goods: Good resilience with local customers
The Fashion & Leather Goods business group saw its revenue and profit decline in the first half of 2025, nevertheless showing good resilience with local customers, whereas the first half of 2024 had been boosted by strong growth in tourist spending, particularly in Japan. The operating margin remained at a very high level. Louis Vuitton continued to demonstrate powerful creativity through its continuously reinvented iconic products and unique experiences offered by its “Maisons”. A prime example was “The Louis”, a museum-like space in the form of a cruise ship located in the heart of
Shanghai, epitomizing the “spirit of travel” that has driven the Maison since its founding in 1854 by
Louis Vuitton himself. It was also reflected by Nicolas Ghesquière’s latest show at the Palais des
Papes in Avignon, and Pharrell Williams’ show held in Paris. Christian Dior Couture appointed Jonathan Anderson as the new Creative Director of Haute Couture, Men’s and Women’s collections of clothing and accessories. His first Men’s collection, unveiled in June at the Hôtel des Invalides in Paris, was an immense success. Victoire de Castellane presented her Diorexquis high jewelry collection, an ode to Monsieur Dior’s love of nature. Loro Piana celebrated its 100th anniversary with its first-ever exhibition at the Museum of Art in Shanghai. The Resort 2025 line and the Maison’s Icons delivered a remarkable performance. Fendi kicked off its centennial celebration in Milan with a coed runway show led by Silvia Fendi at the Maison’s new “Solari” location. Celine presented Michael Rider’s first collection, while Givenchy unveiled the first collection designed by Sarah Burton. Both collections were particularly well received. At Loewe, Jack McCollough and Lazaro Hernandez were announced as the Maison’s new Creative Directors.
Perfumes & Cosmetics: Remarkable innovation and selective retail approach
The Perfumes & Cosmetics business group remained stable in the first half of 2025, maintaining its robust innovation policy and highly selective retail approach. Parfums Christian Dior developed its iconic fragrances, with Sauvage, which remained the world’s best-selling fragrance, J’adore Eau de Parfum and the launch of Dior Homme, as well as the addition in high perfumery of the new Bois Talisman scent to La Collection Privée. Successful innovations in makeup (within Forever and Dior Addict) and skincare contributed to the Maison’s solid performance. Guerlain was buoyed by the latest additions to its Aqua Allegoria and L’Art & La Matière fragrance lines, as well as the global relaunch of its Abeille Royale skincare serum. Parfums Givenchy benefited from the development of L’Interdit and the success of Prisme Libre in makeup. Maison Francis Kurkdjian unveiled Kurky, a new fragrance.
Watches & Jewelry: Sustained innovation in jewelry and watches; ongoing renovation of Tiffany & Co. stores
The Watches & Jewelry business group remained stable in the first half of 2025. The decline in profit from recurring operations arose from ongoing investments in store renovations and communications. Tiffany & Co. continued the successful expansion of its iconic lines and the global rollout of its new store concept inspired by The Landmark in New York. Bvlgari showcased the emblematic Serpenti through immersive art exhibitions in Shanghai and Seoul, kicking off celebrations of the Year of the Snake. The new Polychroma high jewelry collection was unveiled in Taormina. Chaumet continued to actively develop its emblematic Bee de Chaumet jewelry line. In watches, TAG Heuer implemented the partnership signed in 2024 with Formula 1, particularly at the Monaco Grand Prix, where the
Maison became the event’s first partner. Hublot celebrated the 20th anniversary of its Big Bang collection and Zenith celebrated its 160th anniversary.
Selective Retailing: Further growth achieved by Sephora; improved profitability for DFS
The Selective Retailing business group saw growth in its revenue and profit. Against a particularly high basis of comparison, Sephora continued to achieve revenue growth, drawing on its robust strategy and consolidating its global leadership position. The Maison saw further market share gains in many countries and continued to grow its community of loyal customers through its product differentiation strategy and innovation to enhance the omnichannel experience. At DFS, measures to reduce costs and streamline operations – including the closure of the Galleria in Venice – helped improve profitability, despite business activity still being held back by prevailing international conditions. Le Bon Marché once again posted revenue growth, driven by the department store’s differentiation strategy focused on a continuously renewed selection of products and a unique array of cultural events. The Group strengthened the organization of its department stores by implementing a shared governance structure for La Samaritaine and Le Bon Marché.
Outlook for 2025
In an uncertain geopolitical and economic environment, the Group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the exceptional quality of its products and excellence in retail.
Our strategy of focusing on the highest quality across all of our activities, combined with the energy and unparalleled creativity of our teams, will enable us to reinforce the Christian Dior group’s global leadership position in luxury goods once again in 2025.
An interim dividend of €6.05 will be paid on Thursday, December 4, 2025, enabling Christian Dior to distribute a larger portion of the dividend received from LVMH.
This press release is available at www.dior-finance.com.
Limited review procedures have been carried out and the related report is in the process of being issued.
“This document may contain certain forward looking statements which are based on estimations and forecasts. By their nature, these forward looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in Christian Dior’s Annual report which is available on the website (www.diorfinance.com). These forward looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by them. The forward looking statements only reflect Company’s views as of the date of this document, and Christian Dior does not undertake to revise or update these forward looking statements. The forward looking statements should be used with caution and circumspection and in no event can the Company and its Management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in Christian Dior or an invitation or inducement to engage in any other investment activities.”
APPENDIX
The condensed consolidated financial statements for the first half of 2025 are included in the PDF version of the press release.
Christian Dior - Revenue by business group and by quarter
Revenue for 2025 (in millions of euros)
Full-year 2025 | Wines & Fashion & Spirits Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Other activities Retailing and eliminations | Total | |||
First quarter | 1 305 10 108 | 2 178 | 2 482 | 4 189 | 49 | 20 311 | ||
Second quarter | 1 283 9 006 | 1 904 | 2 608 | 4 431 | 267 | 19 499 | ||
First half | 2 588 19 115 | 4 082 | 5 090 | 8 620 | 315 | 39 810 | ||
Revenue for 2025 (org | anic growth versus same | period in 202 | 4) | |||||
Full-year 2025 | Wines & Fashion & Spirits Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Other activities Retailing and eliminations | Total | |||
First quarter | -9% | -5% | -1% | 0% | -1% - | -3% | ||
Second quarter | -4% | -9% | +1% | 0% | +4% - | -4% | ||
First half | - 7% | -7% | 0% | 0% | +2% - | -3% | ||
Revenue for 2024 (in | millions of euros) | |||||||
Full-year 2024 | Wines & Fashion & Spirits Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Other activities Retailing and eliminations | Total | |||
First quarter | 1 417 10 490 | 2 182 | 2 466 | 4 175 | (36) | 20 694 | ||
Second quarter | 1 391 10 281 | 1 953 | 2 685 | 4 457 | 216 | 20 983 | ||
First half | 2 807 20 771 | 4 136 | 5 150 | 8 632 | 181 | 41 677 | ||
Alternative performance measures
For the purposes of its financial communications, in addition to the accounting aggregates defined by IAS/IFRS, the Christian Dior group uses alternative performance measures established in accordance with AMF position DOC-2015-12.
The table below lists these performance measures and the reference to their definition and their reconciliation with the aggregates defined by IAS/IFRS in the published documents.
Performance measures | Reference to published documents |
Operating free cash flow | AR (consolidated financial statements, consolidated cash flow statement) |
Net financial debt | AR (Notes 1.22 and 19 to the consolidated financial statements) |
Gearing | AR (“Comments on the consolidated balance sheet”, page 297) |
Organic growth | AR (“Comments on the consolidated income statement”, page 295) |
AR: Annual Report - December 31, 2024
Consolidated income statement
(EUR millions, except for earnings per share) | June 30, 2025 | Dec. 31, 2024 | June 30, 2024 |
Revenue | 39,810 | 84,683 | 41,677 |
Cost of sales | (13,200) | (27,918) | (12,984) |
Gross margin | 26,611 | 56,765 | 28,693 |
Marketing and selling expenses | (14,732) | (31,000) | (14,998) |
General and administrative expenses | (2,893) | (6,228) | (3,039) |
Income/(loss) from joint ventures and associates | 23 | 28 | (6) |
Profit from recurring operations | 9,008 | 19,565 | 10,649 |
Other operating income and expenses | (14) | (664) | (29) |
Operating profit | 8,994 | 18,901 | 10,620 |
Cost of net financial debt | (209) | (439) | (231) |
Interest on lease liabilities | (278) | (510) | (241) |
Other financial income and expenses | 60 | 149 | 221 |
Net financial income/(expense) | (428) | (800) | (252) |
Income taxes | (2,682) | (5,193) | (2,826) |
Net profit before minority interests | 5,884 | 12,908 | 7,543 |
Minority interests | 3,513 | 7,700 | 4,520 |
Net profit, Group share | 2,371 | 5,208 | 3,023 |
Basic Group share of net earnings per share (EUR) | 13.14 | 28.87 | 16.76 |
Number of shares on which the calculation is based | 180,410,580 | 180,410,580 | 180,410,580 |
Diluted Group share of net earnings per share (EUR) | 13.13 | 28.86 | 16.74 |
Number of shares on which the calculation is based | 180,410,580 | 180,410,580 | 180,410,580 |
6
Consolidated statement of comprehensive gains and losses
(EUR millions) | June 30, 2025 | Dec. 31, 2024 | June 30, 2024 |
Net profit before minority interests | 5,884 | 12,908 | 7,543 |
Translation adjustments | (3,213) | 1,470 | 502 |
Amounts transferred to income statement | 1 | (25) | (20) |
Tax impact | - | - | - |
(3,212) | 1,445 | 482 | |
Change in value of hedges of future foreign currency cash flows | 611 | 11 | 15 |
Amounts transferred to income statement | (41) | (230) | (139) |
Tax impact | (139) | 50 | 28 |
431 | (169) | (97) | |
Change in value of the ineffective portion of hedging instruments (including cost of hedging) | 66 | (357) | (348) |
Amounts transferred to income statement | 107 | 253 | 283 |
Tax impact | (42) | 26 | 16 |
131 | (78) | (50) | |
Gains and losses recognized in equity, transferable to income statement | (2,650) | 1,198 | 336 |
Change in value of vineyard land | (1) | 23 | - |
Amounts transferred to consolidated reserves | - | - | - |
Tax impact | - | (2) | - |
(1) | 21 | - | |
Employee benefit obligations: change in value resulting from actuarial gains and losses | (2) | 73 | 36 |
Tax impact | - | (22) | (9) |
(2) | 51 | 26 | |
Change in value of non-current available for sale financial assets | (67) | - | - |
Tax impact | - | - | - |
| (67) | - | - |
Gains and losses recognized in equity, not transferable to income statement | (69) | 72 | 26 |
Gains and losses recognized in equity | (2,719) | 1,270 | 361 |
Comprehensive income | 3,165 | 14,178 | 7,904 |
Minority interests | 1,893 | 8,469 | 4,741 |
Comprehensive income, Group share | 1,272 | 5,709 | 3,163 |
7
Consolidated balance sheet
Assets
(EUR millions) | June 30, 2025 | Dec. 31, 2024 | June 30, 2024 |
Brands and other intangible assets | 24,180 | 25,417 | 25,031 |
Goodwill | 16,835 | 18,776 | 19,848 |
Property, plant and equipment | 28,774 | 29,253 | 27,902 |
Right-of-use assets | 15,718 | 16,613 | 16,054 |
Investments in joint ventures and associates | 1,259 | 1,343 | 1,388 |
Non-current available for sale financial assets | 1,640 | 1,632 | 1,146 |
Other non-current assets | 1,150 | 1,106 | 1,032 |
Deferred tax | 4,092 | 4,545 | 4,094 |
Non-current assets | 93,648 | 98,686 | 96,494 |
Inventories and work in progress | 23,090 | 23,669 | 24,295 |
Trade accounts receivable | 4,257 | 4,730 | 4,448 |
Income taxes | 583 | 986 | 733 |
Other current assets | 8,856 | 8,512 | 8,361 |
Cash and cash equivalents | 8,287 | 9,760 | 7,184 |
Current assets | 45,072 | 47,657 | 45,021 |
Total assets | 138,720 | 146,343 | 141,515 |
Liabilities and equity
(EUR millions) | June 30, 2025 | Dec. 31, 2024 | June 30, 2024 |
Equity, Group share | 23,583 | 24,294 | 23,049 |
Minority interests | 40,835 | 42,558 | 40,908 |
Equity | 64,418 | 66,852 | 63,957 |
Long-term borrowings | 12,454 | 12,091 | 11,555 |
Non-current lease liabilities | 14,128 | 14,860 | 14,226 |
Non-current provisions and other liabilities | 3,473 | 3,820 | 3,653 |
Deferred tax | 6,778 | 6,948 | 6,806 |
Purchase commitments for minority interests’ shares | 7,015 | 8,056 | 8,789 |
Non-current liabilities | 43,848 | 45,775 | 45,029 |
Short-term borrowings | 9,942 | 10,866 | 11,770 |
Current lease liabilities | 2,784 | 2,972 | 2,819 |
Trade accounts payable | 7,736 | 8,630 | 8,211 |
Income taxes | 1,196 | 1,234 | 1,466 |
Current provisions and other liabilities | 8,797 | 10,014 | 8,263 |
Current liabilities | 30,454 | 33,716 | 32,529 |
Total liabilities and equity | 138,720 | 146,343 | 141,515 |
8
Consolidated statement of changes in equity
(EUR millions) | Number of shares | Share capital | Share premium account | Christian Dior treasury shares | Cumulative translation adjustment |
Available for sale financial assets |
Hedges of future foreign currency cash flows and cost of hedging | Revaluation reserves
Vineyard land |
Employee benefit commitments | Net profit and other reserves | Total equity | ||
Group share | Minority interests | Total | |||||||||||
As of Dec. 31, 2023 Gains and losses recognized in equity | 180,507,516 | 361
| 194 | (17) | 652 | - | 28 | 483 | 83 | 19,743 | 21,527 | 38,766 | 60,293 |
|
| 569
569
2
| - | (95) | 7 | 20 | - | 501 | 769 | 1,270 | |||
Net profit |
| 5,208 | 5,208 | 7,700 | 12,908 | ||||||||
Comprehensive income |
|
| - | (95) | 7 | 20 | 5,208 | 5,709 | 8,469 | 14,178 | |||
Bonus share plan-related expenses |
| 78 | 78 | 113 | 191 | ||||||||
(Acquisition)/disposal of Christian Dior shares |
| - | - | - | - | ||||||||
Capital increase in subsidiaries |
| - | - | 33 | 33 | ||||||||
Interim and final dividends paid |
| (2,345) | (2,345) | (4,327) | (6,672) | ||||||||
Changes in control of consolidated entities |
| - | - | 111 | 111 | ||||||||
(Acquisition)/ disposal of minority interests’ shares |
| - | - | 1 | - | (483) | (480) | (217) | (697) | ||||
Purchase commitments for minority interests’ shares |
| (195) | (195) | (390) | (585) | ||||||||
recognized in equity
Net profit
Comprehensive
income
9
Consolidated cash flow statement
(EUR millions) | June 30, 2025 | Dec. 31, 2024 | June 30, 2024 |
I. OPERATING ACTIVITIES Operating profit |
8,994 |
18,901 | 10,620 |
(Income)/loss and dividends received from joint ventures and associates | (9) | 29 | 9 |
Net increase in depreciation, amortization and provisions | 1,865 | 4,567 | 1,691 |
Depreciation of right-of-use assets | 1,595 | 3,228 | 1,549 |
Other adjustments and computed expenses | (163) | 488 | (79) |
Cash from operations before changes in working capital | 12,283 | 27,212 | 13,790 |
Cost of net financial debt: interest paid | (103) | (354) | (186) |
Lease liabilities: interest paid | (269) | (483) | (230) |
Tax paid | (2,044) | (5,531) | (2,581) |
Change in working capital | (1,989) | (1,925) | (3,511) |
Net cash from/(used in) operating activities | 7,878 | 18,919 | 7,282 |
II. INVESTING ACTIVITIES Operating investments |
(2,360) |
(5,531) | (2,728) |
Purchase and proceeds from sale of consolidated investments | 21 | (438) | (400) |
Dividends received | 1 | 9 | 2 |
Tax paid related to non-current available for sale financial assets and consolidated investments | - | - | - |
Purchase and proceeds from sale of non-current available for sale financial assets | (114) | (579) | (38) |
Net cash from/(used in) investing activities | (2,452) | (6,539) | (3,164) |
III. FINANCING ACTIVITIES Interim and final dividends paid |
(3,860) |
(6,982) | (4,018) |
Purchase and proceeds from sale of minority interests | (1,522) | (784) | (421) |
Other equity-related transactions | 2 | 35 | 2 |
Proceeds from borrowings | 2,319 | 3,595 | 3,587 |
Repayment of borrowings | (2,290) | (3,676) | (2,784) |
Repayment of lease liabilities | (1,489) | (2,915) | (1,426) |
Purchase and proceeds from sale of current available for sale financial assets | 59 | (1) | - |
Net cash from/(used in) financing activities | (6,781) | (10,728) | (5,061) |
IV. EFFECT OF EXCHANGE RATE CHANGES | (117) | 80 | 18 |
Net increase (decrease) in cash and cash equivalents (I+II+III+IV) | (1,473) | 1,734 | (924) |
Cash and cash equivalents at beginning of period | 9,399 | 7,666 | 7,666 |
Cash and cash equivalents at end of period | 7,926 | 9,399 | 6,742 |
Total tax paid | (2,177) | (5,825) | (2,720) |
Alternative performance measure
The following table presents the reconciliation between “Net cash from operating activities” and “Operating free cash flow” for the periods presented:
(EUR millions) | June 30, 2025 | Dec. 31, 2024 | June 30, 2024 |
Net cash from operating activities | 7,878 | 18,919 | 7,282 |
Operating investments | (2,360) | (5,531) | (2,728) |
Repayment of lease liabilities | (1,489) | (2,915) | (1,426) |
Operating free cash flow (a) | 4,029 | 10,473 | 3,128 |
(a) Under IFRS 16, fixed lease payments are treated partly as interest payments and partly as principal repayments. For its own operational management purposes, the Group treats all lease payments as components of its “Operating free cash flow”, whether the lease payments made are fixed or variable. In addition, for its own operational management purposes, the Group treats operating investments as components of its “Operating free cash flow”.
10