# LVMH Moat

Status: published. Policy: company-analysis-1.

LVMH has an evidenced but uneven intangible-asset moat. Champagne sustained market share through weaker demand, while established fragrance and fashion lines demonstrate brand appeal. Champagne's firm pricing policy alongside high volumes supports limited pricing power, but group-wide pricing outcomes are not isolated. Falling revenue and profitability through 2025 constrain evidence of erosion resilience and do not support a wide moat.

## intangible_assets

Established brands and accumulated product expertise support differentiated demand. Champagne achieved record shipment share under a firm pricing policy in 2023 and retained 22% volume share in 2025; fragrance leadership and fashion market-share gains provide additional, uneven evidence.

Durability: Heritage, production expertise and sustained champagne share support persistence across multiple years. Evidence is insufficient to establish exceptional durability across the portfolio.

Risks: Brand appeal requires continued product and marketing investment. Wines and Spirits demand weakened, Fashion and Leather Goods contracted organically in 2025, and group profitability declined. These outcomes show that differentiation does not insulate demand or earnings.

Invalidation: Sustained champagne share losses from the disclosed 22% baseline, loss of fragrance leadership, and persistent fashion underperformance accompanied by discounting or weaker repeat demand would undermine the brand advantage. The supplied passages do not establish that these conditions have occurred.

Competitors: Not established
- [https://lvmh-com.cdn.prismic.io/lvmh-com/ZmMq-pm069VX1j0w_financial-documents-lvmh-december-31-2023.pdf](https://lvmh-com.cdn.prismic.io/lvmh-com/ZmMq-pm069VX1j0w_financial-documents-lvmh-december-31-2023.pdf) · 2026-10-19
- [https://lvmh-com.cdn.prismic.io/lvmh-com/aXjqHgIvOtkhB_8I_Financialdocuments-December31%2C2025.pdf](https://lvmh-com.cdn.prismic.io/lvmh-com/aXjqHgIvOtkhB_8I_Financialdocuments-December31%2C2025.pdf) · 2026-09-28
- [https://www.lvmh.com/en/investors/investors-and-analysts](https://www.lvmh.com/en/investors/investors-and-analysts) · 2026-09-28
- [https://lvmh-com.cdn.prismic.io/lvmh-com/aczo-pGXnQHGZKQ5_UniversalRegistrationDocument2025.pdf](https://lvmh-com.cdn.prismic.io/lvmh-com/aczo-pGXnQHGZKQ5_UniversalRegistrationDocument2025.pdf) · 2026-10-19
- [https://uk.louisvuitton.com/eng-gb/legal-privacy](https://uk.louisvuitton.com/eng-gb/legal-privacy) · 2026-10-19

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