The $12 Billion Merch Moment
Promotional apparel is no longer simply a freebie – it’s
Earnings
LVMH (France) reported Q4 revenue rose 1% to €23.9 billion. Full revenue fell 2% to €84.7 billion ($88 billion), with net profit down 17% to €15.2 billion. Revenue for the fashion and leather goods group was down 3%, with profits falling 10%.
Levi’s (USA) reported Q4 net revenue rose 12% to $1.8 billion. Revenue increased in all markets with the Americas +12%, Europe +15% and Asia +9. Revenue for other brands grew 10%. Net income rose 44% to $183 million.
VF Corp (USA) reported Q3 2025 revenue grew 2% to $2.8 billion. Revenue in the Americas and Europe rose 1%, while APAC was up 5%. Operating income was $225.8 million compared with a loss of $91.4 million a year ago.
H&M (Sweden) reported Q4 revenue rose 3% to $5.5 billion (SEK 62,193 million), with operating profit up 7%. Full year sales rose 1%, with operating profit up 19%. In both Q4 and the full year, sales saw low single-digit growth in Europe, while inching down in the Americas (-7%), APAC, Oceania and Africa (-5%).
Markets
Promotional apparel is no longer simply a freebie – it’s
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