How to Compare Luxury Goods Companies Using Revenue Growth and Profit Margins

Compare luxury companies on a common fiscal period, currency basis and margin definition before deciding who is performing best. On the figures available here, Hermès has the strongest recent reported growth and rising gross margin, but its operating margin is not stated in the same disclosures. Richemont combines growth with a high operating margin that declined, while LVMH and Kering both show falling revenue and lower operating margins. A defensible ranking therefore requires a two- or three-year, like-for-like scorecard rather than a single headline percentage.

What a useful luxury-company comparison must show

A luxury group can look attractive on one measure and weak on another. Revenue growth shows whether reported sales are expanding, but it can be distorted by acquisitions, currency translation, fiscal-year timing or price increases. Profit margin shows how much revenue remains after costs, yet the answer changes depending on whether the company reports gross margin, operating margin or recurring operating margin.

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The comparison should answer four separate questions:

• How quickly did reported revenue change over the same length of time?
• How much of that change remained after removing currency effects or other comparability issues?
• What operating margin did the company earn, and did that margin rise or fall?
• Which categories, regions, channels and cost pressures explain the result?

Use reported growth for the number shareholders actually received, then add organic, comparable or constant-currency growth to assess underlying demand. Keep gross margin in its own column. Do not rank a gross margin beside an operating margin as though they measure the same layer of profitability.

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Normalize the periods, currencies and growth measures

Put fiscal years on one timeline

LVMH, Kering and Hermès use calendar-year disclosures in the cited releases. Richemont’s cited fiscal year ended on 31 March 2025. A Richemont FY2025 figure therefore covers a different seasonal window from a calendar-year 2025 figure. Label the period beside every number instead of placing all “2025” results in one undifferentiated column.

For a clean annual comparison, either use each company’s latest completed fiscal year and state the timing difference, or align all companies to a common trailing-12-month period from detailed filings. Never combine a March year-end with a December year-end and imply that the companies experienced exactly the same trading conditions.

Separate reported, organic, comparable and constant-currency growth

Reported growth is calculated from the published currency figures:

Reported growth = (current-period revenue ÷ prior-period revenue) − 1

Organic, comparable and constant-currency measures attempt to remove specific distortions, but the definitions are not interchangeable. “Constant exchange rates” removes translation effects; “comparable” may also adjust for disposals, acquisitions or changes in the consolidation perimeter; “organic” follows the issuer’s own definition. Keep the label exactly as the company presents it.

For example, Hermès reports both current-exchange-rate and constant-exchange-rate growth. The gap between those rates is information about currency translation, not a second estimate of sales demand. Kering’s group release gives a reported decline and provides comparable figures for individual Houses, so do not substitute a House-level comparable rate for the group rate.

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Use comparable margin definitions

Operating margin and recurring-operating margin

Operating margin is operating profit divided by revenue. Recurring-operating margin uses recurring operating profit and excludes items the company classifies as non-recurring. These measures can be close, but they are not automatically identical. Compare operating margin with operating margin, or recurring-operating margin with recurring-operating margin, and disclose the definition in the table heading.

Gross margin is a different layer

Gross margin subtracts the cost of goods sold but not the full selling, administrative, marketing, research, property and other operating costs. A high gross margin can coexist with a much lower operating margin when a group is investing heavily in stores, staff or brand communication. Hermès’ disclosed gross-margin rate should therefore be analyzed separately from the operating margins reported by LVMH, Kering and Richemont.

Measure direction as well as level

Record the change in percentage points:

Margin change (percentage points) = current margin − prior margin

A company with a 25% margin falling to 22% has lost three percentage points even though its margin remains higher than a rival’s 15%. Conversely, a 12% margin rising to 14% may signal improving cost absorption or healthier pricing. Always show the level and the direction together.

Current benchmark figures

The following snapshot uses the periods and definitions stated in the companies’ cited releases. “Not stated” means the cited figures do not establish a comparable value; it is not an estimate.

The approximately −4.6% LVMH change is calculated from the two reported revenue figures and is rounded. Hermès’ current-exchange-rate growth was +13% in 2024 and +5.5% in 2025; its constant-currency rates are shown separately because they answer a different question.

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What each company’s figures indicate

LVMH: scale and resilience, followed by contraction

LVMH’s 2024 results release described the group as showing “strong resilience” in an uncertain environment. The key-figure series nevertheless shows lower 2025 revenue and a 1.1-point reduction in operating margin. The combination means the group did not preserve its prior operating profitability while sales contracted.

The 2024 organic-growth figure of 1% is useful context: it indicates modest underlying expansion in that year even though the later reported comparison is negative. Do not treat that 2024 organic rate as a 2025 forecast or combine it with the 2025 reported decline into one blended growth number. To explain the movement, obtain the group’s category and regional tables and test whether changes came from mix, Asia exposure, currency translation, pricing or fixed-cost absorption.

Kering: a sharp group reset with large House-level differences

Kering’s 2024 revenue fell 12%, while recurring operating margin dropped from 24.3% to 14.9%. The 9.4-point compression is too large to explain with a single group-wide demand statement. The House split is essential: Gucci revenue fell 23% and its recurring operating margin was 21.0%, whereas Bottega Veneta revenue rose 6% on a comparable basis and its margin was 14.9%.

Those figures show why a portfolio average can hide contrasting operating stories. A smaller House can grow while carrying a lower margin, and a larger House can retain a higher margin while shrinking. Kering Chairman and CEO François-Henri Pinault said, “In a difficult year, we accelerated the transformation of several of our Houses and moved determinedly to strengthen the health and desirability of our brands for the long term.” Treat that statement as management’s strategic explanation, then verify the financial effect through several years of revenue, investment and margin data.

Richemont: positive sales growth, but margin pressure and a split portfolio

Richemont’s fiscal year ended 31 March 2025, so its +4% sales growth is not directly synchronized with calendar-year results. Its 20.9% operating margin remained high in absolute terms but declined from 23.3%, while gross margin was 66.9%. That is a classic case where a strong margin level does not mean margins are being protected.

The segment split explains much of the direction. Jewellery Maisons grew 8% with a 31.9% operating margin, while Specialist Watchmakers fell 13% with a 5.3% margin. A change in the relative contribution of those businesses can move the group margin even if pricing and costs inside each segment remain stable. Use segment-weighted analysis before attributing the group decline to discounting or weak execution.

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Hermès: fastest disclosed growth, with a gross-margin increase

Hermès reported the highest recent growth rates in this set: 15% at constant exchange rates in 2024 and 9% in 2025. Current-exchange-rate growth was lower in both years, at 13% and 5.5%, showing that currency translation materially changed the reported view. Its gross-margin rate increased from 70% to 71%, and 2025 recurring operating income was €6.6bn.

This is strong evidence of growth accompanied by gross-margin protection, but it is not a like-for-like operating-margin comparison. The cited figures do not state Hermès’ recurring-operating margin, so you cannot prove that it led all four groups on operating profitability from this table alone. Dividing the rounded €6.6bn recurring operating income by €16.0bn revenue would produce an approximate 41.3% ratio, but that is an arithmetic indication from rounded numbers, not a company-reported margin and should not replace the issuer’s definition.

Build a two- or three-year scorecard

A single year is especially risky in luxury, where product launches, store openings, exchange rates and unusually strong or weak regional demand can shift the result. Use the following procedure in a spreadsheet.

1. Choose the observation window. Use at least two year-over-year intervals, and preferably three fiscal years. Write the end date for every period; flag Richemont’s 31 March year-end separately from December year-ends.
2. Collect reported revenue in the company’s reporting currency. Do not convert euros into dollars before calculating each company’s own growth. A later presentation currency can obscure the issuer’s reported movement.
3. Calculate reported growth for every interval. Apply (current ÷ prior) − 1 and retain the unrounded result in the spreadsheet. Display one decimal place in the article.
4. Add the issuer’s underlying-demand measure. Place organic, comparable and constant-currency rates in separate columns. Never average them together or replace a missing group figure with a subsidiary’s rate.
5. Record the exact profit measure. Keep operating profit, recurring operating profit and gross profit in separate rows. Derive a margin only when numerator and denominator refer to the same period and definition.
6. Calculate margin change in percentage points. A move from 23.3% to 20.9% is −2.4 points, not “−10.3% margin growth.” The percentage-point expression is easier to compare across companies.
7. Calculate revenue CAGR separately. Use (ending revenue ÷ starting revenue)^(1 ÷ number of years) − 1. Label it as reported-revenue CAGR and do not mix it with the latest organic rate.
8. Add explanatory fields. Capture category contribution, regional exposure, direct retail versus wholesale, currency, pricing, raw-material costs, store and staff investment, and fixed-cost absorption. Mark a field “not stated” when the filing does not provide it.

Example scorecard columns

Interpret growth and margin together

Plot the latest underlying growth rate on one axis and the comparable operating margin on the other when both are available. Then classify the result:

Do not call the second pattern a failure automatically. A brand may deliberately spend on stores or communications to rebuild desirability. Conversely, a rising margin during weak sales can result from underinvestment that harms future growth. The next year’s revenue, margin and capital spending help distinguish those cases.

Investigate the drivers before ranking companies

Category and House mix

Luxury groups often combine jewellery, watches, fashion, leather goods, wines and spirits or other categories with different demand cycles and gross economics. Richemont’s jewellery and watch figures demonstrate how a high-margin segment can grow while a lower-margin segment contracts. For a group with several Houses, calculate each segment’s revenue share and contribution to operating profit before drawing a group conclusion.

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Geography and China or wider Asia exposure

Regional demand can move faster than the global total. China and the wider Asia region may affect traffic, local purchases, tourism and currency translation at the same time. Compare regional growth on the same basis, distinguish local-currency demand from translated revenue, and state when a company does not disclose a directly comparable regional percentage.

Direct retail versus wholesale

Direct-to-client sales can change the timing of revenue, control over presentation and the cost base. Wholesale can reach more doors but may carry different margins and inventory risks. The cited benchmark figures do not state comparable direct-to-client shares for these groups, so do not infer a channel advantage from margin alone. Use disclosed channel percentages when building a deeper model.

Pricing, volume and currency

Price increases can lift reported revenue while unit volume is flat or falling. Constant-currency growth helps isolate translation, but it does not by itself separate price from volume. Ask whether the company discloses price, volume and mix effects, then compare those effects with gross-margin movement.

Raw materials and manufacturing costs

Leather, precious metals, gemstones, watches and packaging expose companies to different input cycles. A raw-material increase can compress gross margin even when demand is healthy; hedging or price increases can offset part of the effect. Keep these costs distinct from selling and administrative expenses when explaining operating-margin change.

Fixed-cost absorption

Stores, workshops, distribution centers and corporate teams create costs that do not fall immediately when revenue weakens. Falling sales can therefore reduce operating margin faster than gross margin. A recovery in sales can produce the reverse effect as the existing cost base is spread over more revenue.

Common comparison mistakes and how to fix them

• Mixing fiscal calendars: label Richemont’s March year-end and avoid pretending it matches a December year.
• Combining growth bases: keep reported, organic, comparable and constant-currency rates in separate columns.
• Comparing gross with operating margin: show the definitions beside the percentages.
• Using a subsidiary’s rate as a group rate: Kering’s Gucci and Bottega Veneta figures explain House divergence but do not replace Kering’s group growth.
• Ignoring rounding: state when a percentage is calculated from rounded billions, as with the approximately −4.6% LVMH change.
• Ranking on one year: calculate CAGR and inspect at least one additional year of margin direction.
• Attributing every margin move to demand: test mix, currency, pricing, input costs and fixed-cost absorption first.
• Assuming a high margin is automatically improving: Richemont’s margin remained high while declining, so level and direction must be read together.

How to answer “who is growing fastest while protecting margins?”

Using the disclosed figures, Hermès is the clearest recent growth leader: its constant-currency rate was 15% in 2024 and 9% in 2025, and its gross-margin rate increased by one percentage point. That supports a conclusion of strong growth with gross-margin protection, not a definitive lead on operating margin.

Richemont delivered positive sales growth and a 20.9% operating margin, but the margin fell from the prior year. LVMH’s latest reported revenue and operating margin both declined. Kering experienced the steepest group margin contraction in the table alongside a double-digit revenue decline, although its Houses performed very differently.

Therefore, the most accurate verdict is conditional: choose Hermès when the question is fastest disclosed constant-currency growth plus improving gross margin; choose no single company as the proven operating-margin leader until Hermès’ comparable operating-margin series is added and all companies are aligned to the same fiscal window. Investors needing a ranking should extend the scorecard across two or three years and include the category, regional and channel details that explain the headline numbers.

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financial analysisHermèsKeringluxury goodsLVMHprofit marginsrevenue growthRichemont