Resilient Segment Growth

Segment performance underscored the group’s resilience. Fashion & Leather Goods, the largest division, generated €18.1 bn in revenue and €6.2 bn of recurring profit, rebounding to organic growth in Q2 after a full‑year decline. Watches & Jewelry posted 11 % organic revenue growth in Q2, with the Watches segment recording significant gains. Wines & Spirits achieved 5 % organic growth, driven by Hennessy cognac’s momentum in China and Sephora’s market‑share gains across multiple countries. Selective Retailing, particularly Sephora, maintained steady growth, while Bvlgari launched a high‑end jewelry collection that generated record revenue.