Published on: 2025-11-06
Sephora does not trade publicly because LVMH Moët Hennessy Louis Vuitton SE owns it.
To invest in Sephora's growth, buy LVMH shares (MC.PA) or its U.S. ADR (LVMUY).
LVMH's Selective Retailing division, which includes Sephora, contributes ~20% of total group revenue.
As of November 2025, no Sephora IPO has been announced.
Sephora enjoys global renown as an iconic beauty and cosmetics retailer with a powerful presence in physical stores and e-commerce. However, many investors wonder whether Sephora is publicly traded or how to gain exposure to its growth amid the booming beauty industry.
The straightforward answer is that Sephora is not independently listed; instead, the practical way to invest in Sephora's success is by purchasing shares of LVMH Moët Hennessy Louis Vuitton SE, which wholly owns Sephora as part of its Selective Retailing division.
This article explains Sephora's ownership structure, the path for investing in the company via LVMH Stock, insights on its stock performance in 2025, and factors influencing the beauty and luxury sectors.
As mentioned above, Sephora is not a publicly traded company. For context, LVMH Moët Hennessy Louis Vuitton SE acquired Sephora in 1997 and has since managed it within its extensive portfolio, which spans fashion, cosmetics, wines, spirits, watches, and jewellery.
LVMH strategically consolidates many leading brands under a single, publicly listed holding company, allowing investors to gain diversified exposure to luxury goods while management retains strategic control over each brand.
Spinning off a major retail brand like Sephora into an independent public company would represent a significant corporate move; while not impossible, no such public listing has occurred as of November 2025.
LVMH shares were trading in the ~€610–€620 range per share in the first week of November 2025.
Market-cap estimates put LVMH among the world's largest luxury groups (roughly ~$350B as of Nov 2025).
The primary listing is on Euronext Paris (ticker MC.PA).
American investors can access LVMH through the ADR ticker LVMUY, which is traded on the U.S. over-the-counter (OTC) market and features broader spreads and distinct liquidity traits compared to the Paris listing (MC.PA).
As of early November 2025, LVMUY is trading at approximately $140.9 per ADR.
LVMH continued to show resilience across its portfolio in 2025. Analysts highlight the steady sales in the U.S. and China, along with management's capacity to redistribute investments among brands.
With a market capitalisation of around $350B as of November 2025, LVMH stands as one of the largest luxury brands worldwide, bolstering both liquidity and institutional interest.
As for Sephora, it remains a powerhouse in North America and parts of Europe, but it has faced competitive pressure and softer demand in parts of Asia.
Sephora carried out restructuring in China (announced 2024–2025), including leadership changes and staff reductions, as the retailer adjusted to a more challenging market. [1]
These dynamics mean you're investing in a large, global luxury exposure where Sephora is an influential, but not sole, growth driver.
This is the most straightforward option as you invest in the parent company that fully controls Sephora and benefits from its revenue and profit contribution.
LVMH is diversified across fashion & leather, wines & spirits, watches & jewellery, perfumes & cosmetics and selective retailing (the bucket that houses Sephora). Thus, by buying MC.PA, it gives you direct ownership of the whole group.
LVMH ADRs trade OTC under tickers like LVMUY. ADRs are convenient for U.S. dollar investors but have wider spreads and different liquidity than the primary listing.
Confirm ADR availability and the custodian fee structure with your broker.
Numerous global luxury or European equity ETFs hold LVMH in a top position. For investors seeking diversified access to luxury (and avoiding single-stock risk), ETFs are effective.
Examples include broad luxury ETFs, European large-cap funds, and FTSE/Euro Stoxx trackers that include LVMH.
VMH is organised as a multi-brand conglomerate. Sephora is part of LVMH's Selective Retailing segment, which contributes significantly to the group's revenue and profitability.
This segment is managed as an integral part of LVMH's broader portfolio of luxury Maisons, focusing on curated retail experiences and personalised customer engagement.
Buying LVMH means you share in Sephora's growth, but with caveats:
Your investment also buys Louis Vuitton, Dior, Bulgari, Hennessy, Tiffany, and more. That's great for diversification. However, if your objective is pure exposure to Sephora's returns, investing in LVMH dilutes that focus.
LVMH's management allocates capital across its diverse divisions, meaning heavy investments, such as store expansions or increased costs in one brand, will impact the group's overall financial performance.
You own the consolidated results, not a direct slice of Sephora's P&L.
LVMH occasionally buys, sells, or reorganises brands (for example, in 2025, the group explored a transaction for its Fenty Beauty stake). [2]
These strategic shifts can alter the group's brand mix and influence Sephora's relative contribution to the company's growth trajectory.
Owning LVMH to get Sephora exposure comes with risks you should explicitly weigh:
Beauty retail performance depends on discretionary spending; economic slowdowns or inflation squeezes can reduce sales.
Sephora faces strong competition from Ulta (in the U.S.), DTC beauty brands, and regional heavyweights and e-commerce platforms, particularly in Asia.
Sephora's performance in China has faced challenges, prompting strategic restructuring efforts. The company's growth in China has been sluggish, with repeated losses as it struggles to adapt to local consumer preferences and competitive pressures.
The outlook remains sensitive; a recovery or further softness in the Chinese market will significantly influence the overall performance of LVMH's Selective Retailing segment, which includes Sephora.
LVMH actively manages its brand portfolio, making strategic acquisitions, divestitures, or investments, such as its potential sale of the 50% stake in Fenty Beauty in 2025, that can alter the group's brand mix and subsequently impact Sephora's relative contribution to the company's share price.
As of early November 2025, no IPO filing or timetable had been announced publicly. However, a Sephora IPO would represent a significant corporate event requiring approval from LVMH's board, comprehensive regulatory filings, and favourable market timing that aligns with the interests of both the parent company and the Sephora brand.
Reasons management might consider an IPO:
Unlock value,
Raise capital for Sephora expansion,
Crystallise a portion of Sephora's value for investors.
Reasons to keep Sephora private inside LVMH:
Preserve strategic control,
Capture synergies across Maisons
Maintain a unified brand portfolio.
If an IPO were announced, it would likely be a multi-month process involving detailed prospectus disclosures on Sephora's revenue, margins, store economics, and valuation.
This transparent information would be crucial for investors in deciding whether to buy the new Sephora stock or continue holding LVMH shares.
No. Sephora is a private subsidiary of LVMH and does not have a separate public listing.
LVMH consolidates Sephora's financial performance, so your returns from LVMH reflect Sephora's growth as part of the conglomerate.
Indirectly, yes. Many luxury goods mutual funds, and sector ETFs hold LVMH as a core position.
While Sephora itself is not publicly traded, investors seeking to capitalise on its growing dominance in beauty and cosmetics can do so by purchasing shares of LVMH Moët Hennessy Louis Vuitton SE.
With a solid 2025 performance and dominant position in premium beauty segments, LVMH offers a gateway into one of the most exciting facets of luxury retail.
Careful consideration of market dynamics, sector competition, and global risks will equip investors to make informed decisions for long-term wealth creation through LVMH.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
