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Goodbye DFS, hello Sephora: LVMH's major strategic shift — an analysis of the 2025 financial year

LVMH closes the 2025 financial year with a clear-sighted assessment. Following the post-pandemic euphoria, Bernard Arnault's group reported revenue of 80.8 billion euros, a 5 percent decline on a reported basis. While this headline decline is largely exacerbated by currency volatility, particularly the weakness of the dollar and yen against the...

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