The Powerhouses Behind Global Luxury: LVMH, Kering, Richemont, Chanel, and Swatch Group in 2025

Setting the Stage: Luxury in Mid-2025

The luxury market in mid-2025 finds itself at an inflection point. After the roaring post-pandemic recovery, the sector has slowed significantly. Growth has plateaued, with reports of contraction in certain segments. China, long considered the growth engine of the luxury industry, remains weak, affecting all five groups deeply exposed to the region. Meanwhile, inflation and geopolitical tensions are weighing on aspirational consumers in Europe and the United States, though the ultra-wealthy remain resilient.

The cultural shift between “quiet luxury” and “loud luxury” has also redefined consumer expectations. Minimalist, timeless pieces are increasingly preferred over logo-heavy maximalism, forcing creative recalibrations across houses. Gen Z and millennials, now core luxury buyers, demand sustainability, authenticity, and personalisation. Their embrace of second-hand and rental models has further complicated the growth equation for traditional houses. At the same time, artificial intelligence and digital innovations are transforming design, customer experience, and supply chains. Data security, transparency, and ethical sourcing are becoming as central to brand reputation as iconic products.

Against this backdrop, each conglomerate approaches Fashion Week with both challenges and opportunities. For LVMH and Kering, creative reinvention is critical. Richemont leans on its jewelry maisons for stability, Chanel leverages its independence to double down on craftsmanship, while the Swatch Group continues to demonstrate resilience through vertical integration and accessible innovation. Together, their narratives define the luxury landscape in 2025.

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LVMH: The Empire of Luxury

LVMH (Moët Hennessy Louis Vuitton) is not just the world’s largest luxury conglomerate, it is the industry’s benchmark. Formed in 1987 through the merger of Louis Vuitton and Moët Hennessy, orchestrated by Bernard Arnault, the group epitomises the art of diversification and dominance. Its empire now spans over 75 prestigious brands across fashion, leather goods, jewelry, perfumes, wines, and hospitality.

Historically, LVMH’s growth strategy has hinged on aggressive acquisitions. The 1980s and 1990s brought Dior, Givenchy, Berluti, Guerlain, and Kenzo into its fold. The 1990s also saw its first ventures into watchmaking with TAG Heuer and Zenith, followed by Bulgari and Hublot in later years. The acquisition of Sephora in 1999 revolutionised beauty retail, while the $15.8 billion takeover of Tiffany & Co. in 2021 remains the largest luxury deal in history. With Belmond hotels and Cheval Blanc resorts, the group expanded into hospitality, reinforcing its position in experiential luxury.

Louis Vuitton and Christian Dior remain its crown jewels, driving nearly half of profits. The group’s philosophy of “star brands” enables it to fund niche ventures while maintaining enviable margins. Vertical integration across vineyards, tanneries, and artisanal workshops ensures quality control and supply chain resilience.

Yet even giants feel headwinds. In 2025, LVMH’s Fashion & Leather Goods division faces significant slowdowns, particularly in Greater China and Japan, with Q2 2025 showing a nine percent organic sales decline. But where some see risk, LVMH sees reinvention. New creative appointments, such as Jonathan Anderson at Dior menswear, signal bold artistic gambles designed to reconnect with shifting tastes. The company’s strong cost discipline has preserved margins around 35 percent, an extraordinary figure given current headwinds.

For Fashion Week, LVMH’s strategy is clear: lean into creativity, storytelling, and brand narrative. Expect Louis Vuitton and Dior to push boundaries not just with products but with immersive experiences, blending physical shows with digital channels that engage a younger audience. At a time when “quiet luxury” defines taste, LVMH’s ability to balance timeless craftsmanship with forward-thinking innovation cements its role as luxury’s empire.

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Kering: Reinventing Gucci and Beyond

Kering’s story is one of transformation. Founded in 1963 as Pinault SA, a timber company, it pivoted under François Pinault in the 1980s toward retail and later luxury. Its turning point came in 1999 with the acquisition of Gucci after a fierce battle with LVMH, followed by Saint Laurent, Balenciaga, and Bottega Veneta in the early 2000s. Today, under François-Henri Pinault’s leadership, Kering commands a portfolio centered on fashion, jewelry, and eyewear.

Gucci has long been its flagship, driving up to half of revenue at its peak. Alessandro Michele’s tenure (2015–2022) turned Gucci into a maximalist powerhouse, tripling revenue and captivating millennials. Yet, by 2025, Gucci’s shine has dimmed. Sales plunged 24 percent in Q1 2025, reflecting both post-Michele uncertainty and the rise of quieter luxury tastes. With Gucci vulnerable, Kering as a whole reported a 14 percent revenue decline, making it the hardest-hit of the major groups.

Kering’s response has been radical. In July 2025, Demna, known for his disruptive work at Balenciaga, was appointed artistic director of Gucci. His challenge is immense: balance Gucci’s heritage with minimalist sophistication to realign with market tastes. Meanwhile, Kering announced a major governance shift, Luca de Meo, formerly of Renault, will take over as CEO in September 2025, separating roles long held by Pinault. This signals a sharper focus on operational discipline and efficiency.

Beyond Gucci, Bottega Veneta has emerged as Kering’s quiet luxury success story, growing even as peers faltered. Balenciaga, despite controversies, remains culturally influential, while Saint Laurent continues to build steady revenue. On the jewelry side, brands like Boucheron and Pomellato, along with Ulysse Nardin and Girard-Perregaux in watches, provide diversification. The 2023 acquisition of Creed brought Kering into luxury fragrance, complemented by its new Kering Beauté division to internalise beauty revenues.

The group has also pursued cost-cutting aggressively, closing 80 stores in 2025 and selling off prime real estate to rebalance its balance sheet. It positions itself as not just a fashion house but a disciplined, agile player in an era of uncertainty.

For Fashion Week, the spotlight is squarely on Gucci. The industry will scrutinise Demna’s debut, asking whether he can revitalise Gucci while aligning with the quiet luxury wave. Kering’s survival hinges on it, but its willingness to make bold changes reflects both risk and resilience.

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Richemont: Jewelry at the Core

Richemont, founded in 1988 by South African entrepreneur Johann Rupert, has always distinguished itself from peers through its focus on jewelry and watches. Born as a spin-off of the Rembrandt Group, Richemont acquired Cartier and Alfred Dunhill as its foundations, building over decades a portfolio that today includes Van Cleef & Arpels, Buccellati, Jaeger-LeCoultre, Vacheron Constantin, IWC, and Montblanc.

While other conglomerates lean heavily on fashion, Richemont’s jewelry maisons are its anchors. Cartier and Van Cleef & Arpels alone generate around 60 percent of operating profits. Their strength lies in jewelry’s positioning as both adornment and investment, a quality that has insulated Richemont from cyclical downturns more effectively than fashion or watches.

In 2025, Richemont’s jewelry division continued to grow, posting 11 percent gains in Q1 FY26, while its Specialist Watchmakers struggled with a seven percent sales decline. The broader Swiss watch industry’s slump, particularly in China, has weighed heavily on Richemont’s timepiece houses. Yet Richemont’s philosophy has always been long-term: heritage, craftsmanship, and selective distribution over short-term volume. Investments in high watchmaking and bespoke commissions emphasise exclusivity.

E-commerce is another evolving chapter. Richemont was once deeply invested in Yoox Net-a-Porter, but by 2025, it has sold its majority stake, retaining a minority interest in LuxExperience BV alongside Mytheresa and other digital platforms. This shift reflects a recognition that partnerships and flexibility, rather than outright ownership, better position Richemont for a digital future.

At Fashion Week, Richemont’s role is subtler but influential. Chloé represents its strongest ready-to-wear presence, while Cartier’s jewelry, Montblanc’s leather goods, and Alaïa’s couture establish cross-category relevance. Its contribution lies less in theatrical runway dominance and more in reinforcing timeless luxury ideals. In an era when consumers seek investment value and artisanal quality, Richemont’s jewelry-first model provides rare stability.

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Chanel: Independence and Integrity

Chanel stands apart as the largest privately-owned luxury house. Founded in 1910 by Gabrielle “Coco” Chanel, the maison redefined modern fashion with innovations like the little black dress and Chanel No. 5 perfume. Ownership by the Wertheimer family since the 1920s has ensured long-term vision, independence, and an unwavering commitment to exclusivity.

Unlike conglomerates, Chanel has eschewed acquisitions, preferring organic growth. It invests deeply in vertical integration, owning artisan workshops through its Métiers d’Art division, including Lesage embroidery, Massaro shoemaking, and Lemarié featherwork. This not only safeguards craftsmanship but also embeds authenticity into every creation. Its vineyards in Bordeaux, such as Château Rauzan-Ségla and Château Canon, demonstrate the same philosophy applied to wine.

Karl Lagerfeld’s era from 1983 to 2019 rejuvenated Chanel, transforming it into a global powerhouse while preserving Coco Chanel’s DNA. Today, under Virginie Viard, the maison continues its legacy of theatrical runway shows and timeless elegance. Chanel disclosed its financials for the first time in 2018, revealing revenues surpassing $11 billion, underscoring its scale even without the diversification of peers.

Yet challenges remain. In 2024, Chanel reported its first sales decline since the pandemic, with a 4.3 percent revenue dip and sharper contractions in Asia. Its strategy of steep price increases to reinforce exclusivity has generated debate, as aspirational buyers grow more price-sensitive in a fragile global economy. However, independence grants Chanel the freedom to privilege long-term brand equity over short-term gains, an approach that remains rare in today’s market.

Chanel’s resilience also rests on its unwavering commitment to craftsmanship and sustainability. The Métiers d’Art ateliers continue to symbolise both heritage and innovation, ensuring artisanal skills survive in a digital age. Meanwhile, Chanel is investing more visibly in environmental initiatives, aligning with Gen Z’s expectations for transparency and responsibility.

During Fashion Week, Chanel’s shows embody spectacle and artistry, reinforcing its mythos as more than just a brand but a cultural icon. Virginie Viard’s collections highlight Parisian elegance while honoring craftsmanship, ensuring Chanel remains synonymous with timeless chic. Its independence and exclusivity guarantee that even amid economic shifts, Chanel holds a singular place in luxury, setting standards rather than chasing them.

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Swatch Group: Resilience Through Innovation

The Swatch Group represents a different kind of luxury giant, born not from centuries-old houses but from crisis-driven innovation. Established in 1983 by Nicolas Hayek, the Swatch Group emerged from the ashes of the Quartz Crisis, when cheap Japanese quartz watches decimated the Swiss mechanical watch industry. Hayek’s idea was revolutionary: create affordable, colourful quartz watches (the Swatch) that captured popular culture, while using profits to revive and consolidate traditional Swiss brands.

The strategy saved Swiss watchmaking. Swatch’s fun, accessible designs became a global phenomenon, financing the revival of Omega, Longines, Tissot, and high-end names like Breguet and Blancpain. Over time, the Swatch Group became the largest Swiss watch manufacturer, controlling everything from entry-level watches to haute horlogerie.

A cornerstone of its power is vertical integration. Through ETA movements, Nivarox springs, and component makers, Swatch controls the mechanics not just of its brands but for much of the industry, although it has gradually reduced third-party supply. Its two-tier model balances prestige houses like Omega, Harry Winston, and Breguet with accessible icons like Swatch, Hamilton, and Tissot.

In 2025, the group faces its own challenges. Sales fell seven percent in H1 2025, with Greater China collapsing by more than 30 percent. Yet Swatch maintains production capacity and workforce, underscoring its commitment to Swiss Made resilience. Its luxury brands like Omega, buoyed by Olympic partnerships, and Harry Winston, nearing CHF 1 billion in turnover, remain strong. Meanwhile, the “MoonSwatch” and “Blancpain’s Fifty Fathoms” collaboration between Omega and Swatch, and Blancpain and Swatch continues to capture cultural buzz.

Swatch also embraces digital innovation. Its AI-DADA platform, launching in 2025, enables customers to co-create personalised watches through AI, targeting Gen Z and millennial buyers seeking individuality. This blend of heritage, vertical control, and accessible innovation differentiates Swatch from peers who rely more on fashion dominance.

During Fashion Week, Swatch’s role is quieter yet influential. While it does not present couture, its watches accessorise runways and reinforce its cross-market appeal, from Omega’s prestige to Swatch’s playful affordability. Its story reminds the industry that resilience and creativity can grow even from crisis, making it a unique pillar of global luxury.

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LLC: Chauffeured Luxury for Fashion Week Europe & London

In the whirlwind of Fashion Week, where creativity commands the spotlight, the unseen engine of impeccable orchestration powers the spectacle. LLC is a trusted partner behind the curtain, providing meticulously tailored transport for the architects of style: revered fashion houses, VIP patrons, press corps, fashionistas and industry elite.

We understand that every arrival is a statement. Our discreet, impeccably timed chauffeur service ensures designers, executives, and models glide to shows, fittings, and exclusive soirées with an air of effortless sophistication. Meanwhile, our reliable transfers for media teams and influencers are engineered to conquer the most demanding itineraries, guaranteeing they capture every pivotal moment.

Our curated fleet is chosen for performance and presence. From the majestic silence of a Rolls-Royce Phantom for a singular entrance to the spacious capability of a Mercedes V-Class for entourages or delicate cargo, we provide the perfect stage on wheels.

Our mastery extends beyond the cityscape to the continent’s gateways. With bespoke meet-and-greet services at hubs like London Heathrow, Paris Charles de Gaulle, and Milan Malpensa, we facilitate elegant, stress-free transitions for international arrivals and departures via air or Eurostar.

For the ultimate in connectivity and prestige, LLC offers access to private jet charters for swift passage between European capitals, and a portfolio of supercars for hire, delivering exclusivity that matches the events’ elevated spirit. A dedicated concierge acts as a central command, harmonising itineraries, arranging on-demand transport, and providing lifestyle support to ensure flawless flexibility.

Aligning with the industry’s evolving values, we provide a selection of hybrid and electric vehicles for the eco-conscious traveller, merging luxury with responsibility.

LLC is the silent rhythm beneath the chaos. By fusing absolute discretion with unwavering reliability, we ensure the focus remains on the collections, while we masterfully orchestrate the movement that makes the magic possible.

Conclusion: Luxury’s Future in a Shifting Market

As Fashion Week 2025 unfolds, the narratives of LVMH, Kering, Richemont, Chanel, and Swatch Group demonstrate the industry’s complex balance of heritage and adaptation. LVMH and Kering battle the slowdown with bold creative and organisational overhauls. Richemont’s jewelry strength provides stability against market turbulence. Chanel, fiercely independent, relies on craftsmanship and exclusivity to weather shifting demand. Swatch Group, the outsider-turned-savior, leverages vertical integration and digital innovation to remain resilient.

Together, these five entities dominate the luxury landscape, defining what Fashion Week audiences see, desire, and aspire to. Their stories are not only about products but about navigating global economics, cultural change, and the evolving meaning of luxury itself. As consumers increasingly demand authenticity, sustainability, and innovation, the capacity of these groups to adapt while honoring their heritage will determine who continues to shine brightest on and off the runway.