{"slug":"lvmh","name":"LVMH","name_en":"LVMH Moet Hennessy Louis Vuitton","ticker":"MC.PA","updated_at":"2026-07-10T09:37:23.635265+00:00","canonical":"https://valuechain.wiki/lvmh","same_as":["https://finance.yahoo.com/quote/MC.PA"],"citable":"밸류체인 그래프 기준 LVMH의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 18곳에 닿는다. 링크의 근거 출처는 11건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-10 기준).","citable_en":"Per the valuechain.wiki graph, LVMH Moet Hennessy Louis Vuitton is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 18 companies within two hops; the links are backed by 11 dated sources, 1 of them primary filings (as of 2026-07-10).","kicker":"세계 최대 럭셔리 그룹, AI 무관 재량소비 극단 대조군","kicker_en":"World's largest luxury group, an AI-uncorrelated extreme discretionary-consumption control","lead":"LVMH는 루이비통·디올을 앞세워 패션&가죽·와인&스피릿·향수&화장품·시계&주얼리·셀렉티브리테일 5개 사업부를 거느린 세계 최대 럭셔리 그룹으로, 이 지도에서 AI 사슬과 접점이 없는 재량소비 극단 대조군이다. FY2025 매출은 808억 유로(유기 -1%)로, 실적은 AI 사이클이 아니라 중국 소비·관광·유로 환율 시계로 돈다. AI 노출은 사실상 없고, 경기·명품 수요에 민감한 재량소비의 반대 극에서 밸류체인 리레이팅과 무관하게 움직인다.","lead_en":"LVMH is the world's largest luxury group, led by Louis Vuitton and Dior across five business groups (Fashion & Leather Goods, Wines & Spirits, Perfumes & Cosmetics, Watches & Jewelry, Selective Retailing); on this map it is an extreme discretionary-consumption control with no touchpoint to the AI chain. FY2025 revenue was EUR 80.8 billion (organic -1%), and its results run on Chinese consumption, tourism and the euro FX clock rather than the AI cycle. Its AI exposure is effectively nil, and it sits at the opposite pole from defensives, sensitive to the cycle and luxury demand and unrelated to value-chain re-ratings.","segments":{"fy":2025,"parts":[{"desc":"루이비통·디올 등 최대 부문. 2025 유기 -5%","name":"패션·가죽 (Fashion & Leather Goods)"},{"desc":"세포라·DFS. 2025 유기 +4%","name":"셀렉티브 리테일 (Selective Retailing)"},{"desc":"디올·겔랑 등. 2025 유기 대체로 보합","name":"향수·화장품 (Perfumes & Cosmetics)"},{"desc":"모엣·헤네시. 2025 유기 약 -5%(코냑 부진·미국 관세)","name":"와인·스피릿 (Wines & Spirits)"},{"desc":"불가리·티파니. 2025 유기 +3%","name":"시계·주얼리 (Watches & Jewelry)"}],"total":"FY2025 매출 €80.8B(유기 -1%, 보고 -5%는 환율 영향). 경상 영업이익 €17.8B, 영업이익률 약 22%","source":"https://assets.main.pro2.maf.media-server.com/f15303e827064985854daed473cb0628/LVMH_-_2025_Full_Year_results.pdf","concentration":"지역별 미국 26%·아시아(일본 제외) 26%로, 중국 소비 회복과 관광·유로 환율이 핵심 변수. 최대 부문 패션·가죽이 그룹 실적을 좌우"},"segments_en":{"fy":2025,"parts":[{"desc":"Louis Vuitton, Dior; the largest group. 2025 organic -5%","name":"Fashion & Leather Goods"},{"desc":"Sephora, DFS. 2025 organic +4%","name":"Selective Retailing"},{"desc":"Dior, Guerlain. 2025 organic roughly flat","name":"Perfumes & Cosmetics"},{"desc":"Moet, Hennessy. 2025 organic about -5% (weak cognac, US tariffs)","name":"Wines & Spirits"},{"desc":"Bulgari, Tiffany. 2025 organic +3%","name":"Watches & Jewelry"}],"total":"FY2025 revenue of EUR 80.8B (organic -1%; reported -5% on FX). 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(KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"itochu","name":"이토추상사","name_en":"Itochu","tier":3,"returns_yearly":{"2021":25.6,"2022":17.9,"2023":66.6,"2024":9.1,"2025":40.8,"2026":-3.4}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":3,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-23.2}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-25.3}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null}],"analysis":"세계 최대 럭셔리 그룹, AI 무관 재량소비 극단 대조군 기업. 2025년 -20.4%, 2026년 -8.7%로 약세가 이어진다. 본주(-8.7%)와 공급단(평균 -4.3%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 알파벳 (구글)(+14.8%), 가장 처진 곳은 알리바바(-23.5%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. 지역별 미국 26%·아시아(일본 제외) 26%로, 중국 소비 회복과 관광·유로 환율이 핵심 변수. 최대 부문 패션·가죽이 그룹 실적을 좌우.","analysis_en":"LVMH Moet Hennessy Louis Vuitton is the World's largest luxury group, an AI-uncorrelated extreme discretionary-consumption control. It remained weak at -20.4% in 2025 and -8.7% in 2026. The stock (-8.7%) and its supply side (avg -4.3%) are moving in step. Among connected nodes the furthest ahead is Alphabet (Google) (+14.8%) and the furthest behind is Alibaba Group (-23.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Its AI exposure is effectively nil, and it sits at the opposite pole from defensives, sensitive to the cycle and luxury demand and unrelated to value-chain re-ratings.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"중국국영면세품그룹 (CTG면세)","counterparty_slug":null,"confidence":"high","metric":{"type":"transaction_value","unit":"USD M","as_of":"2026-01-19","value":395,"period":"2026-01"},"note":"2026년 1월 DFS의 홍콩·마카오 리테일과 중화권 무형자산을 CTG면세에 3억9500만달러에 매각, 대금 대부분을 CTG 신주에 재투자하고 브랜드 공급 협력 MOU 체결.","note_en":"In Jan 2026 LVMH sold DFS's Hong Kong/Macau retail and Greater China intangibles to CTG Duty Free for USD 395m, reinvesting most proceeds into CTG shares with a brand-supply MOU.","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"The Korea Economic Daily","kind":"news","lang":"ko","published_at":"2026-01-20","url":"https://www.hankyung.com/article/2026012020771","title":"中 최대 면세점 CDFG와 손잡은 명품 1위 LVMH","title_en":"LVMH joins hands with CDFG, China's largest duty-free operator","excerpt":"DFS의 홍콩·마카오 리테일 사업 부문을 CDFG에 매각한다. 거래액은 3억9500만달러다.","excerpt_en":"LVMH sells DFS's Hong Kong and Macau retail business to CDFG for USD 395 million."},{"stance":"confirms","publisher":"포브스","publisher_en":"Forbes","kind":"news","lang":"en","published_at":"2026-01-19","url":"https://www.forbes.com/sites/kevinrozario/2026/01/19/lvmhs-dfs-group-sells-hong-kong-macau-stores-and-scraps-key-hainan-project/","title":"LVMH의 DFS그룹, 홍콩·마카오 매장 매각","title_en":"LVMH's DFS Group Sells Hong Kong, Macau Stores","excerpt":"DFS는 홍콩·마카오 매장과 중화권 무형자산을 CTG면세에 매각하고 전략 협력 MOU를 유지한다.","excerpt_en":"DFS sells its HK/Macau stores plus Greater China intangibles to CTG Duty Free, with a strategic MOU across fashion, drinks, hard luxury and beauty."}]},{"direction":"revenue","counterparty":"소비자 (럭셔리 5개 부문 브랜드)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"EUR10억","as_of":"2025-12-31","basis":"그룹 매출","value":80.8,"period":"FY2025","basis_en":"group revenue"},"note":"최종 수요는 패션·가죽부터 와인·향수·시계·리테일까지 5개 부문의 럭셔리 브랜드를 사는 전 세계 재량소비자다. FY2025 매출 808억 유로로 유기 -1%, 재량소비 특성상 경기·명품 수요에 민감하다.","note_en":"End demand is discretionary consumers worldwide buying luxury brands across five groups from fashion and leather to wines, perfumes, watches and retail. FY2025 revenue was EUR 80.8bn (organic -1%), and as discretionary spending it is sensitive to the cycle and luxury demand.","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"The Korea Economic Daily","kind":"news","lang":"ko","published_at":"2026-02-18","url":"https://www.hankyung.com/article/202602107455i","title":"비쌀수록 더 잘 팔린다더니…\"이젠 명품 안 살래요\" 돌변","title_en":"Luxury slump hits LVMH as shoppers turn away","excerpt":"루이뷔통모에헤네시(LVMH)의 작년 매출은 808억 유로로 전년 대비 5% 감소했다.","excerpt_en":"LVMH posted 2025 revenue of EUR 80.8bn, down 5% year on year."},{"stance":"confirms","publisher":"럭셔리트리뷴","publisher_en":"Luxury Tribune","kind":"news","lang":"en","published_at":"2026-01-27","url":"https://www.luxurytribune.com/en/lvmh-resists-in-2025-with-revenue-of-e80-8-billion-down-1","title":"LVMH Resists in 2025 With Revenue of EUR 80.8 Billion, Down 1%","title_en":"LVMH Resists in 2025 With Revenue of EUR 80.8 Billion, Down 1%","excerpt":"LVMH의 2025년 매출은 808억 유로로 전년 대비 1% 줄었고, 경상 영업이익은 178억 유로다. 패션·가죽 유기 -5%, 미국 매출(26%) +3%, 일본 제외 아시아(26%)는 중국 회복으로 +1~2%다.","excerpt_en":"LVMH 2025 revenue was EUR 80.8bn, down 1%, with recurring operating profit of EUR 17.8bn; Fashion & Leather organic -5%, the US (26% of sales) +3%, and Asia ex-Japan (26%) +1-2% as China recovers."},{"stance":"confirms","publisher":"LVMH","publisher_en":"LVMH","kind":"filing","lang":"en","published_at":"2026-01-27","url":"https://assets.main.pro2.maf.media-server.com/f15303e827064985854daed473cb0628/LVMH_-_2025_Full_Year_results.pdf","title":"LVMH 2025 Full Year Results (연차 실적)","title_en":"LVMH 2025 Full Year Results","excerpt":"LVMH FY2025 연차 실적은 매출 €80.8B(유기 -1%)를 패션·가죽제품, 와인·스피릿, 향수·화장품, 시계·주얼리, 셀렉티브 리테일 5개 사업군으로 보고하며 패션·가죽제품이 최대 부문이다.","excerpt_en":"LVMH's FY2025 full-year results report revenue of EUR 80.8B (organic -1%) across five business groups (Fashion & Leather Goods, Wines & Spirits, Perfumes & Cosmetics, Watches & Jewelry, Selective Retailing), with Fashion & Leather Goods the largest."},{"stance":"confirms","publisher":"LVMH IR","publisher_en":"LVMH Investor Relations","kind":"ir","lang":"en","published_at":"2026-01-27","url":"https://www.lvmh.com/en/publications/solid-performance-in-a-disrupted-global-economic-and-geopolitical-environment","title":"2025년 연간 실적 발표","title_en":"Solid performance in a disrupted global economic and geopolitical environment","excerpt":"FY2025 매출 808억 유로. 지역별 미국 26%·유럽 26%·아시아(일본 제외) 26%·일본 8%.","excerpt_en":"FY2025 revenue EUR 80.8bn; regional mix US 26%, Europe 26%, Asia ex-Japan 26%, Japan 8%."}]},{"direction":"revenue","counterparty":"셀렉티브 리테일·직영 유통 (세포라·DFS·부티크)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-12-31","basis":"셀렉티브 리테일 유기 매출 성장","value":4,"period":"FY2025 유기 성장","basis_en":"Selective Retailing organic growth"},"note":"직영 부티크와 셀렉티브 리테일(세포라·DFS)이 유통 축이다. 셀렉티브 리테일은 2025년 유기 +4%, 경상 영업이익 +28%로 그룹에서 상대적으로 견조했다.","note_en":"Directly operated boutiques and Selective Retailing (Sephora, DFS) are the distribution axis; Selective Retailing grew organic +4% with recurring operating profit up 28% in 2025, relatively resilient within the group.","sources":[{"stance":"confirms","publisher":"럭셔리트리뷴","publisher_en":"Luxury Tribune","kind":"news","lang":"en","published_at":"2026-01-27","url":"https://www.luxurytribune.com/en/lvmh-resists-in-2025-with-revenue-of-e80-8-billion-down-1","title":"LVMH Resists in 2025 With Revenue of EUR 80.8 Billion, Down 1%","title_en":"LVMH Resists in 2025 With Revenue of EUR 80.8 Billion, Down 1%","excerpt":"셀렉티브 리테일(세포라·DFS)은 2025년 유기 +4%, 경상 영업이익 +28%를 기록하며 그룹 내에서 상대적 강세를 보였다.","excerpt_en":"Selective Retailing (Sephora, DFS) posted organic +4% and recurring operating profit up 28% in 2025, relatively strong within the group."}]},{"direction":"revenue","counterparty":"콜스 (세포라 앳 콜스)","counterparty_slug":null,"confidence":"high","metric":{"type":"channel_sales","unit":"USD B","as_of":"2024-03-14","value":1.4,"period":"FY2023"},"note":"세포라가 콜스와 숍인숍으로 미국 1,000개+ 매장 입점, 2023년 매출 14억달러 돌파·2025년 20억달러 목표 상회 전망.","note_en":"Sephora at Kohl's shop-in-shops span 1,000+ US stores; sales topped USD 1.4bn in 2023, on track past the USD 2bn 2025 goal.","sources":[{"stance":"confirms","publisher":"콜스","publisher_en":"Kohl's Corporate Newsroom","kind":"ir","lang":"en","published_at":"2024-03-14","url":"https://corporate.kohls.com/news/nqqydduj4u2cv2xihf05p6s1udu4y5","title":"세포라 앳 콜스, 매출 14억달러 돌파","title_en":"Sephora at Kohl's Surpasses $1.4 Billion in Sales","excerpt":"세포라 앳 콜스 2023년 매출 14억달러 돌파, 2025년 20억달러 목표 상회 전망.","excerpt_en":"Sephora at Kohl's surpassed $1.4 billion in 2023 sales, on track to exceed the $2 billion goal by 2025."}]},{"direction":"cost","counterparty":"원자재 (가죽·금·다이아몬드 등, 비공개)","counterparty_slug":null,"confidence":"high","metric":null,"note":"제품 원가는 가죽·금·다이아몬드·코냑 원액 등 럭셔리 원자재에서 나온다. 브랜드 가격결정력으로 마진(약 22%)을 지키지만, 원자재·환율이 원가 변수다. 개별 공급사·금액은 비공개.","note_en":"Product costs come from luxury raw materials such as leather, gold, diamonds and cognac stocks. Brand pricing power protects the margin (about 22%), but raw materials and FX are cost variables. Individual suppliers and amounts are not disclosed.","sources":[{"stance":"mentions","publisher":"패션비즈","publisher_en":"Fashionbiz","kind":"news","lang":"ko","published_at":"2025-07-30","url":"https://fashionbiz.co.kr/article/218232","title":"LVMH 패션·가죽 부문, 2025 상반기 -9%","title_en":"LVMH Fashion & Leather down 9% in H1 2025","excerpt":"LVMH 패션·가죽 부문은 2025년 상반기 매출이 9% 줄었고, 지속적 가격 인상에 따른 소비자 반감과 일본 등 관광 수요 위축이 부진 요인으로 지목됐다.","excerpt_en":"LVMH's Fashion & Leather Goods fell 9% in H1 2025, with consumer pushback against repeated price hikes and weaker tourism demand (e.g. Japan) cited as drivers."}]},{"direction":"cost","counterparty":"매장 임대·마케팅·리테일 인건비 (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"핵심 상권 매장 임대료, 대규모 마케팅·광고, 리테일 인건비가 주요 판관비다. AI 노출은 사실상 없고, 있더라도 재고·CRM 등 운영 효율화 수준이라 밸류체인 리레이팅과 무관하다. 세부 내역은 공시 재무제표 기준.","note_en":"Prime-location store rents, heavy marketing and advertising, and retail staff are the main operating costs. AI exposure is effectively nil and, where present, is operational efficiency (inventory, CRM), unrelated to value-chain re-ratings. Details are per disclosed financials.","sources":[{"stance":"mentions","publisher":"패션비즈","publisher_en":"Fashionbiz","kind":"news","lang":"ko","published_at":"2025-07-30","url":"https://fashionbiz.co.kr/article/218232","title":"LVMH 패션·가죽 부문, 2025 상반기 -9%","title_en":"LVMH Fashion & Leather down 9% in H1 2025","excerpt":"명품 브랜드는 매장·마케팅에 대규모로 지출하며, LVMH도 실적 부진 속에서 브랜드 투자와 비용 관리를 병행하고 있다.","excerpt_en":"Luxury brands spend heavily on stores and marketing; LVMH balances brand investment with cost management amid the slowdown."}]},{"direction":"cost","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"mid","metric":{"as_of":"2021-06-16","qualifier":"cloud_ai_partnership"},"note":"Google Cloud와 전략적 파트너십(2021)으로 AI·머신러닝(수요예측·재고최적화·개인화)과 IT 인프라 현대화를 추진 — LVMH 메종들의 클라우드 공급사.","note_en":"Strategic partnership with Google Cloud (2021) for AI/ML (demand forecasting, inventory optimization, personalization) and IT modernization; Google Cloud is the cloud provider for LVMH's Maisons.","sources":[{"stance":"confirms","publisher":"구글클라우드","publisher_en":"Google Cloud Press Corner","kind":"ir","lang":"en","published_at":"2021-06-16","url":"https://www.googlecloudpresscorner.com/2021-06-16-LVMH-and-Google-Cloud-Create-Strategic-Partnership-for-AI-and-Cloud-Based-Innovation","title":"LVMH-구글클라우드 5년 전략 파트너십","title_en":"LVMH and Google Cloud Create Strategic Partnership","excerpt":"LVMH plans to use Google Cloud to modernize components of its IT infrastructure.","excerpt_en":"LVMH plans to use Google Cloud to modernize components of its IT infrastructure."}]},{"direction":"cost","counterparty":"알리바바 (클라우드·티몰)","counterparty_slug":"alibaba","confidence":"mid","metric":{"type":"contract","unit":null,"as_of":"2024-05-22","value":null,"period":"2024-05","qualifier":"confirmed_no_disclosed_value"},"note":"2024년 5월 알리바바 파트너십 연장: 알리바바클라우드 생성형 AI(Qwen)·인프라를 중국/동남아 30여개 메종에 적용, 약 30개 메종이 티몰 럭셔리 파빌리온 판매(금액 비공개).","note_en":"Extended Alibaba partnership (May 2024): Alibaba Cloud gen-AI (Qwen) and infrastructure across 30+ Maisons in China/SEA; ~30 Maisons sell via Tmall Luxury Pavilion (undisclosed).","sources":[{"stance":"confirms","publisher":"알리바바그룹","publisher_en":"Alibaba Group","kind":"ir","lang":"en","published_at":"2024-05-22","url":"https://www.alibabagroup.com/en-US/document-1730004928354582528","title":"LVMH, 알리바바와 확장 파트너십","title_en":"LVMH Redefines Luxury Retail Experience in China with Alibaba","excerpt":"LVMH has begun integrating Alibaba Cloud's generative AI capabilities, including Qwen.","excerpt_en":"LVMH has begun integrating Alibaba Cloud's generative AI capabilities, including Qwen."},{"stance":"confirms","publisher":"WWD","publisher_en":"WWD","kind":"news","lang":"en","published_at":"2024-05-22","url":"https://wwd.com/business-news/technology/lvmh-alibaba-group-ai-partnership-1236393763/","title":"LVMH, 알리바바와 중국 AI 파트너십 확장","title_en":"LVMH Extends Partnership With Alibaba Group to Deploy AI in China","excerpt":"세포라 APAC·DFS 포함 중국 본토·동남아 30개 이상 브랜드를 포괄.","excerpt_en":"Covers 30+ brands in mainland China and SEA, including Sephora APAC and DFS."}]}]}