Christian Dior: Solid results in the first half of 2025 despite the prevailing environment
Solid results in the first half of 2025despite the prevailing environment. Revenue: €40 billion. Profit from recurring operations: €9 billion. Free cash flow: €4 billion
Paris, July 24, 2025
The Christian Dior Group recorded revenue of €39.8 billion in the first half of 2025. The Group showed good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment.Local demand was solid in Europe, which achieved growth on a constant consolidation scope and currency basis over the half-year period, and in the United States, which remained stable. Japan was down with respect to the first half of 2024, which had been boosted by abnormal growth in tourist spending due to the much weaker yen. The rest of Asia saw trends comparable to 2024, although there was an improvement in sales to local customers in the second quarter.
Profit from recurring operations for the first half of 2025 came to €9 billion, equating to an operating margin of 22.6%. Net profit amounted to €5.9 billion and the Group share of net profit amounted to €2.4 billion.
Highlights of the first half of 2025 included the following:
Solidity for Christian Dior in a challenging environment
Solid local demand in Europe and the United States
Japan down with respect to a very strong first half in 2024 driven by tourist spending
Improved trends for champagne in the second quarter and ongoing weak demand for cognac
Resilient local demand for Fashion & Leather Goods, which maintained a very high operating margin
Remarkable innovation and ongoing selective retail approach for Perfumes & Cosmetics
Success of the Watches & Jewelry Maisons' iconic lines and Tiffany & Co.'s renovated stores
Good performance by Sephora, which continued to achieve growth in both revenue and profit
Significant increase in operating free cash flow to €4 billion
Financial highlights
In millions of euros
First-half2024
First-half2025
% Change
Revenue
41 677
39 810
-4%
Profit from recurring operations
10 649
9 008
-15%
Net profit, Group share
3 023
2 371
-22%
Operating free cash flow
3 128
4 029
+29%
Net financial debt
12 076
10 018
-17%
Equity
63 957
64 418
+1%
Revenue by business group changed as follows:
In millions of euros
First-half2024
First-half 2025
% Change Reported Organic*
Wines & Spirits
2 807
2 588
-8%
-7%
Fashion & Leather Goods
20 771
19 115
-8%
-7%
Perfumes & Cosmetics
4 136
4 082
-1%
0%
Watches & Jewelry
5 150
5 090
-1%
0%
Selective Retailing
8 632
8 620
0%
