The Louis Vuitton brand is carried in LVMH's 2025 accounts at 2,060 million euros against Tiffany's 6,213 million, and LVMH's 2002 accounts said the Vuitton brand, developed by the group
The Louis Vuitton brand is carried at 2,060 million euros in LVMH's 2025 Universal Registration Document, filed with the AMF on 31 March 2026 under reference D.26-0195. It was 2,060 million in the 2024 accounts too. The house is scheduled to close Paris Fashion Week on 6 October.
Under the policy LVMH sets out in note 1.11, an acquired brand is recognised at its market value on the date it joined the group, and the cost of developing a brand it already owns is expensed as it goes. Louis Vuitton came into the group through the 1987 merger with Moët Hennessy, which LVMH restated under IFRS 3 when it adopted international accounting standards. Tiffany completed on 7 January 2021 and is carried at 6,213 million.
No significant impairment was booked in 2025, but the accounts say Tiffany and TAG Heuer have intangible assets carried close to their recoverable amount, 15,131 million between them, with a one-point rise in the post-tax discount rate costing 1,667 million. Interbrand's Best Global Brands ranking, published in October 2025, put the Louis Vuitton brand at 48.4 billion dollars, twelfth on its list.
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01THE LOUIS VUITTON BRAND ENDED 2025 ON LVMH'S OWN BOOKS
AT 2,060 MILLION EUROS.
02SAME TABLE, SAME ACCOUNTS: TIFFANY 6,213 MILLION.
BULGARI 2,100 MILLION. THE SEPHORA NAME, 265 MILLION.
03THE RULE SITS IN THE NOTES. AN ACQUIRED BRAND IS BOOKED
AT ITS VALUE ON THE DAY IT JOINED THE GROUP, NOT AT
WHAT IT IS WORTH NOW.
04LOUIS VUITTON CAME IN THROUGH THE 1987 MERGER WITH MOËT
HENNESSY, WHICH LVMH RESTATED WHEN IT MOVED TO INTERNATIONAL
ACCOUNTING STANDARDS. TIFFANY COMPLETED IN JANUARY 2021.
05WHATEVER THE GROUP SPENDS DEVELOPING A BRAND IT ALREADY
OWNS IS EXPENSED IN THE YEAR. IT NEVER LANDS ON THE BRAND LINE.
06THE NOTES SAY THAT FIGURE MAY BE MUCH LESS THAN A BRAND'S
VALUE IN USE OR MARKET VALUE, AND THEY NAME LOUIS VUITTON
AMONG THE EXAMPLES.
07INTERBRAND PUT THE LOUIS VUITTON BRAND AT 48.4 BILLION DOLLARS
IN OCTOBER 2025, TWELFTH IN ITS BEST GLOBAL BRANDS RANKING.
08TIFFANY IS A DIFFERENT CASE. THE 2025 ACCOUNTS SAY TIFFANY
AND TAG HEUER HAVE INTANGIBLE ASSETS CARRIED CLOSE TO THEIR
RECOVERABLE AMOUNT.
09BETWEEN THEM, 15,131 MILLION OF INTANGIBLES. A ONE-POINT
RISE IN THE POST-TAX DISCOUNT RATE WOULD MEAN AN IMPAIRMENT
OF 1,667 MILLION.
10BACK IN 2002, LVMH'S ACCOUNTS SAID THE GROUP HAD DEVELOPED
VUITTON AND DID NOT CAPITALIZE IT. THE 2025 NOTES FILE IT
UNDER ACQUIRED BRANDS.