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Revenue rose strongly in the last reported year and momentum held into 2024-2025 despite an industry slowdown
Financials
26 September, 2025
Table of contents
Jacquemus SAS closed 2023 with revenues rising by more than 30% year-on-year, bringing the brand close to the €300 million threshold, according to the latest figures released in early 2024. While official financial data for 2024 and 2025 have not yet been published, recent business moves and industry coverage point to continued momentum, supported by ready-to-wear growth, selective retail expansion, and high-impact collaborations.
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The performance is notable against the backdrop of a luxury market facing headwinds. Bain & Company projects global personal luxury goods to contract in 2024 and remain subdued in 2025, while McKinsey highlights cautious consumer spending and slowing growth across Europe and Asia. Within this context, Jacquemus’ ability to maintain brand desirability, launch a new beauty category in partnership with L'Oreal SA, and formalise its corporate structure demonstrates resilience and positions the house for long-term profitability.
This section stitches together what Jacquemus has done, and what the wider luxury industry has been facing and forecasting, over 2024-2025.
Following the launch of childrenswear in 2023, Jacquemus expanded into accessories and home décor during 2024, with beauty becoming the flagship diversification in 2025. Geographic expansion accelerated too, with deeper entry into the Middle East, U.S., and UK.
Research from Affluent Research (2025) highlights a shift towards sustainability, ethical sourcing, and experiential rather than ostentatious luxury. Jacquemus SAS has responded by refining supply chain messaging, investing in immersive experiences, and tailoring product positioning to younger, socially-conscious consumers.
During Fall 2024, Jacquemus innovated by capturing its runway show entirely on iPhone, underlining a digital-first, cost-efficient yet high-impact approach. In January 2025, the Spring 2025 Ready-to-Wear show in Paris marked a more intimate presentation, with couture-inspired references and pared-back aesthetics. These were complemented by pop-up installations and collaborations, including Paris retail design statements that became social media content hubs.
For its September 2024 Paris show and Fall 2025 collections, Jacquemus used the iPhone 16 Pro Max to capture runway visuals. This resourceful approach demonstrates the brand’s fluency in digital storytelling and its ability to generate high-engagement, content-native material.
A new Paris flagship installation, designed with a “glitching-website” theme, doubled as both retail and digital content, reinforcing Jacquemus’ ability to merge architecture, storytelling, and social media virality.
In October 2024, Jacquemus opened a store in Dubai through its Chalhoub partnership, followed by new flagships in New York’s SoHo (November 2024) and London’s New Bond Street (December 2024). In early 2025, the brand refreshed its Paris retail footprint, including Avenue Montaigne, designed as immersive, experiential spaces.
Public reports in late 2024 noted that Jacquemus anticipated a moderation in growth and even the possibility of a revenue decline for fiscal 2024, reflecting industry-wide softness and the costs of accelerated investment.
Jacquemus formalised its move into beauty by partnering with L’Oréal Luxe, which acquired a minority stake in the brand. The agreement provides access to beauty licence and royalty revenues as well as L’Oréal’s R&D, distribution, and marketing infrastructure. This move aligns with Jacquemus’ long-standing vision of entering beauty and opens a new, high-margin profit pool.
The L'Oreal SA minority stake, announced in February 2025, represents the brand’s most significant external investment to date. It validates Jacquemus’ brand equity and provides capital to fuel category and retail expansion.
In March 2025, Jacquemus SAS appointed Sarah Benady (formerly President of Celine North America) as CEO to drive operational leadership and international scaling. In May 2025, the brand established a new holding company, Jacquemus - La Maison Mère, to organise multi-category growth across fashion, accessories, home, and beauty.
The luxury sector entered 2024-2025 in a slowdown. Bain-Altagamma’s June 2025 update projected a 2-5% contraction in personal luxury goods, pointing to macroeconomic headwinds and market disruptions. Industry experts have similarly highlighted fading aspirational demand, weaker growth in China, and limited room for further price increases.
Regional performance has been uneven. Analysts note weak or flat growth in China despite stimulus efforts, while European demand remains soft with only a partial recovery in tourism-related spending. In the U.S., performance continues to depend heavily on consumer sentiment, inflation, and interest rates.
Shifts in consumer behaviour add to these pressures. Many observers describe a growing sense of “luxury fatigue” after years of steep price hikes, with younger buyers now demanding authenticity, sustainability, and stronger value for money. This has polarised performance: large diversified groups with strong beauty and digital arms continue to grow, while smaller, fashion-only houses risk stagnation.
Still, opportunities remain. Beauty is repeatedly cited as a resilient growth engine, offering high margins and recurring purchases - making Jacquemus’ partnership with L'Oreal Paris particularly timely. Likewise, experiential retail, digital storytelling, and cultural collaborations are expected to remain crucial levers of brand relevance, while sustainability and transparency are gaining weight in consumer decision-making, particularly among younger generations.
Jacquemus has demonstrated one of the most dynamic growth trajectories among independent luxury brands in recent years. Revenues rose from approximately €100 million in 2021 to €213 million in 2022 (+113%) and further to around €280 million in 2023 (+31,5% year-on-year). This pace of expansion placed the brand in the category of “almost €300 million” turnover by the time 2023 results were released in early 2024 - a scale that positions Jacquemus alongside fast-growing challengers rather than the still-dominant multi-billion-euro conglomerates.
This momentum was achieved against a shifting backdrop. While the broader luxury market grew at a mid-single-digit rate in 2023, Jacquemus outperformed significantly, expanding at more than five times the industry average. In effect, the brand captured share in a context where larger groups such as Kering Group and Burberry reported single-digit growth, while even high-performing labels like Miu Miu (+83% retail sales in 2024, Prada Group) were only beginning to replicate this level of acceleration.
The revenue base, however, remains modest compared to conglomerates. At ~€280 million, Jacquemus is a fraction of peers such as Prada SPA (€4,7 billion FY2023) or Valentino (€1,4 billion FY2023). Yet its growth profile resembles the early scaling phases of today’s global powerhouses, suggesting that the combination of creative energy, digital visibility, and selective category expansion can continue to propel its trajectory. Crucially, Jacquemus has expanded without the wholesale overexposure that has constrained some competitors, relying instead on direct channels and tightly managed brand heat.
Taken together, Jacquemus’ financials reveal both opportunity and risk. The brand has grown far faster than the market average, supported by its unique creative positioning and digital-first engagement, but now faces the challenge of sustaining momentum as industry growth cools and scale makes further doubling less feasible. Strategic diversification into beauty with L'Oreal SA and a greater emphasis on global retail infrastructure may provide the next lever of growth - aligning Jacquemus more closely with the multi-category models that underpin resilience across the luxury sector.
As of mid-2025, no audited financial statements for Jacquemus covering 2024 or 2025 have been made publicly available. The last confirmed revenue figure remains the approximately €280 million achieved in 2023, as per industry reports in early 2024. Beyond this point, only estimates and commentary from industry experts and financial observers exist, often pointing to continued growth supported by ready-to-wear, selective retail expansion, and collaborations.
The L'Oréal Paris partnership introduces beauty licensing revenues, typically structured as high-margin royalties. With L'Oreal also holding a minority equity stake, the agreement reduces execution risk and ensures long-term alignment. Even if fashion revenues slow, royalties can structurally lift operating margins.
Growth in direct retail and ready-to-wear (with higher average unit prices and less wholesale dilution) should support gross margin expansion. However, softer demand in Europe and China could temper topline momentum.
Whereas 2021-2023 was defined by rapid revenue scaling, 2025-2026 will be about margin optimisation and diversification, bringing Jacquemus closer to the resilient models of larger peers who balance fashion cycles with beauty, jewellery, and lifestyle categories.
“Mythes” Exhibition in Paris (October-December 2025).
Jacquemus is curating Mythes, an art exhibition at Collège des Bernardins (Galerie Chenel and Galerie Dina Vierny), running 20-24 October, and then 30 October-20 December 2025. The exhibition draws connections between ancient art and the works of sculptor Aristide Maillol. This deepens the brand’s engagement with art and culture, reinforcing its narrative that straddles fashion, art, and experiential aesthetics.
Air France “Le Pyjama” Collaboration (March 2025).
On 18 March 2025, Jacquemus partnered with Air France to design an exclusive loungewear set for La Première guests: “Le Pyjama”. The set is delivered in a keepsake pouch, combining craftsmanship, branded identity, and a luxury travel experience. This signals a move into service/experiential collaboration beyond fashion itself, which may help with brand awareness, prestige, and positioning in luxury lifestyle.
Bowling-Inspired Installation at Neiman Marcus, Dallas (March 2025).
The brand opened a pop-up/installation at Neiman Marcus’ Dallas NorthPark store, with a “bowling” theme based around its ‘Le Petit Turismo’ bag. It blends retail, social content, and experiential interaction. These kinds of activations help Jacquemus sustain brand visibility - especially in the U.S. - and create limited-edition, content-friendly moments.
Spring 2025 Show Shot Exclusively on iPhones (January 2025).
For the Spring 2025 Ready-to-Wear show (Paris), Jacquemus staged an intimate presentation (in an Auguste Perret apartment, small guest number) and filmed the show exclusively via iPhones placed strategically around the location. Creates immersive visual storytelling, gives followers “closer in”, and aligns with the digital-first brand identity.
LES 15 ANS Campaign (2024-2025).
A campaign celebrating 15 years of Jacquemus, revisiting and reimagining signature silhouettes (La Grande Motte, La Bomba, Les Santons, etc.). Minimal yet nostalgic visuals, offering both retrospection and refinement. This kind of campaign helps reinforce brand heritage while avoiding staleness.
Veuve Clicquot Collaboration (September 2025).
Jacquemus collaborated with champagne house Veuve Clicquot to reinterpret La Grande Dame 2018, via a limited-edition presentation: packaging, cooler design, etc., with craftsmanship and heritage motifs. This type of “luxury lifestyle” project broadens the brand beyond fashion into culture, luxury objects and gifting.
Jacquemus exits 2025 with brand equity intact, a more formalised corporate structure, and a diversified revenue model that now includes beauty royalties. Despite the absence of audited figures for 2024-2025, the company has maintained momentum since its near €300 million turnover in 2023 through retail expansion, creative innovation, and tightly controlled brand positioning. In an industry where experts projected continued selectivity and stressed consumer caution, Jacquemus has stood out by leaning into its strengths: digital-first storytelling, cultural resonance, and disciplined distribution.
Looking into 2026, the strategic levers are clear. First, the L'Oréal Paris beauty partnership is expected to begin delivering royalty income, structurally enhancing margins even if fashion revenues moderate. Second, continued investment in direct-to-consumer retail and ready-to-wear should further improve gross margins, particularly as wholesale exposure remains limited. Third, Jacquemus’ ability to extend its cultural footprint - from art exhibitions and lifestyle collaborations to digital-native show formats - will help sustain brand heat in an environment where younger consumers demand both authenticity and value.
Risks remain. The broader luxury sector is forecast to remain subdued, with potential contractions in China and uneven demand in Europe. Scaling from €300 million towards the €500 million threshold will require careful balancing of growth and exclusivity, avoiding the overextension that has challenged other fast-rising labels. Yet Jacquemus’ governance upgrades - with Sarah Benady as CEO and the creation of La Maison Mère - provide the operational backbone to support this next stage.
Outlook for 2026: Jacquemus is positioned for stable top-line growth with margin expansion, driven by beauty royalties, retail mix, and RTW scaling. The brand is unlikely to replicate the triple-digit surges of 2021-2022, but its trajectory now resembles the early scaling phases of established houses like Prada or Valentino. If execution aligns with strategy, 2026 could mark the transition from “cult independent” to a structurally resilient multi-category luxury brand - one capable of sustaining growth even in a slower market cycle.
Note: Official company filings are only available up to 2018. All subsequent financial data referenced here is drawn from Fashionbi’s proprietary database, which compiles estimates and insights from industry experts and financial observers.
Read the full Jacquemus brand report Here.
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