LVMH

LVMH is the heavyweight of luxury retail, and people meet it through handbags, perfume, cosmetics, watches, champagne, and fashion houses under one umbrella. By our assessment, it is strongest when it turns brand power into pricing power: the labels stay recognisable, the products feel distinct, and the whole group covers a lot of the luxury ladder. The downside is built into the category itself, because luxury depends on status, scarce supply, and constant image management. In practice LVMH feels less like one company than a stack of very different brands, each with its own clientele and polish. That makes it broader than a single fashion house and more varied than most rivals, but also harder to read as one simple story. The French base fits the heritage side of the business, and the group sits at the top end of the market.