# LVMH Moat

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

LVMH has an evidenced but uneven intangible-asset moat: champagne maintained market share, while Sephora gained share and benefited from successful exclusive launches. Recovery in fashion and jewelry in 2026 strengthens evidence of continuing brand appeal. However, declining revenue and profitability in 2023–2025 demonstrate vulnerability, and the passages do not isolate realized pricing power or establish exceptional durability. A wide moat is not supported.

## intangible_assets

Established brands and differentiated product selections support current competitive advantages. Champagne maintained 22% volume share in 2025, and Sephora reported further market-share gains and successful exclusive launches in 2026. Fashion's return to organic growth provides additional, indirect evidence of continuing brand appeal.

Durability: Brand heritage, maintained champagne share and renewed demand support persistence, conditional on continued product relevance and investment. Evidence is strongest for selected businesses; it does not establish comparable protection across the entire group or a guaranteed duration.

Risks: The 2023–2025 demand slowdown and falling group profitability show that brand strength does not prevent substantial earnings erosion. Creative renewal and exclusive launches must continue attracting customers. Tariffs, currency movements and sourcing costs add pressure, although disclosed prospective risks are not evidence of realized competitive losses.

Invalidation: The thesis would weaken materially if champagne repeatedly lost volume share from its reported 22% position, Sephora's reported share gains reversed and exclusives ceased supporting growth, or fashion's recovery failed to persist while revenue and profitability continued deteriorating. Broad evidence that demand required sustained discounting would also undermine the brand advantage.

Competitors: Not established
- [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://www.lvmh.com/en/investors/investors-and-analysts](https://www.lvmh.com/en/investors/investors-and-analysts) · 2026-09-28
- [https://www.lvmh.com/en/publications/accelerating-growth-in-the-second-quarter---solid-first-half-results](https://www.lvmh.com/en/publications/accelerating-growth-in-the-second-quarter---solid-first-half-results) · 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) · 2026-10-18

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