2 01 8 A N N UA L R E P ORT

Passionate
about
creativity
 Passionate
about creativity
 WHO
WE ARE

A creative universe of men and women passionate about their

profession and driven by the desire to innovate and achieve.
A globally unrivalled group of powerfully evocative brands
and great names that are synonymous with the history of luxury.
A natural alliance between art and craftsmanship, dominated
by creativity, virtuosity and quality.
A remarkable economic success story with more than
156,000 employees worldwide and global leadership in the
manufacture and distribution of high-quality products. A global
vision dedicated to serving the needs of every customer. The
successful marriage of cultures grounded in tradition and elegance
with the most advanced product presentation, industrial
organization and management techniques.
A singular mix of talent, daring and thoroughness in the quest
for excellence. A unique enterprise that stands out in its sector.

Our philosophy: passionate about creativity

 LV M H
VA L U E S

I N N O VA T I O N A N D C R E A T I V I T Y
Because our future success will come
from the desire that our new products elicit while
respecting the roots of our Maisons.

E XC E L L E N C E OF PRODUC T S
A N D SERV IC E
Because we embody what is most noble and
quality-endowed in the artisan world.

ENTREPRENEURSHIP
Because this is the key to our ability to react and
our motivation to manage our businesses as startups.

2 • 3
Fondation Louis Vuitton. #MyFLV architecture photography competition.
 T H E LV M H G R O U P
06 Chairman’s message
12 Interview with the Group Managing Director
14 Governance and organization
16 Our Maisons and business groups
18 Performance and responsibility
20 Key figures and strategy
22 Commitments in 2018
30 Talent
34 Environment
38 Corporate philanthropy
42 Ethics and responsible partnerships

BUSINESS GROUP INSIGHTS

46 Wines & Spirits
56 Fashion & Leather Goods
66 Perfumes & Cosmetics
76 Watches & Jewelry
86 Selective Retailing

96 LV M H S T O R I E S

PERFORMANCE MEASURES
130 Stock market performance measures
132 Financial performance measures
134 Non-financial performance measures

4 • 5
 INSPIR ING DR EA MS
T O U N D E R S T A N D LV M H , Y O U H AV E
T O LO O K B E YO N D T H E F IG U R E S . O U R G R O U P ’ S
PE R FOR M A N C E I S A B OV E A L L T H E C ON S EQU E N C E
O F O U R L O N G -T E R M V I S I O N .
 LVMH 2018 . C h a i r m a n’s m e s s a g e

A shared passion to achieve and inspire drives all our Maisons, and thrives within each of
them. It is reflected in the myriad ways they blend tradition with modernity, and excellence
with responsibility. They all have a single ambition: to evoke emotion and imagination with
artisanal products that are ever more beautiful, exquisitely crafted, and unique.

ANOTHER RECORD
YEAR FOR LVMH

LVMH scaled new heights in 2018: our revenue exceeded €46 billion, up 10%, while profit
from recurring operations crossed the €10 billion mark, up 21%. This excellent perfor-
mance, to which all our business lines contributed, was buoyed by momentum in each of
the regions where we operate. In particular, Asia and the United States saw strong growth,
because the creativity and quality of our products, along with the unique in-store and
online shopping experience we offer our customers, resonate especially well in those
markets. The year’s many successes are testament to the tremendous vitality of our
Maisons: the remarkable performance of our champagne Maisons’ cuvées de prestige,
exceptional grape harvests in terms of both quality and quantity, Hennessy’s strong
growth, Louis Vuitton’s continued series of triumphs, Christian Dior’s very strong first year
as part of LVMH, creative renewal at Celine and in Menswear for Louis Vuitton, Dior and
Berluti, the enthusiastic reception for Parfums Christian Dior’s innovations, Bvlgari’s new
market share gains, Sephora’s enriched offering and innovative services, Rimowa’s bold
collaborations with designers… These are the successes that reinforced our leadership
position in the global luxury market in 2018.

DESIRABLE BRANDS,
TRUE TO THEIR HERITAGE

This leadership position has been achieved thanks to LVMH’s roots and heritage. Our
Group is essentially a collection of family brands with remarkable histories and identities
that provide endless sources of inspiration. In 2018, for example, Louis Vuitton continued
to successfully revisit its iconic handbags, while Christian Dior reinterpreted the Toile de
Jouy patterns that have been a feature of the Maison since its beginnings. Every season,
Guerlain, Loro Piana, Bvlgari and Fendi develop original creations inspired by their rich
heritage. There is something eternal about all our Maisons. They draw on their impressive

6 • 7
legacy to continue to build their place in history. The terroirs and wines of Dom Pérignon,
Château d’Yquem and Château Cheval Blanc are made to stand the test of time. Belmond,
the prestige hotel group with which we signed an acquisition agreement in 2018, also
boasts fantastic properties, names and places that dreams are made of, including Venice
Simplon-Orient-Express, Cipriani, and Copacabana. But the dreams that LVMH inspires
do not only pay tribute to the past. We also know how to invent the future, starting afresh
with entirely new projects like the hugely successful cosmetics brand Fenty Beauty by
Rihanna, which burst onto the scene just two years ago.

ENTREPRENEURIAL SPIRIT

Another factor behind the power and performance of our Group is the talent and passion
of our teams: around the world, employees at our Maisons are all driven by the same
commitment. Designers, artisans, executives, store managers, researchers… These are the
Group’s lifeblood. Our decentralized organization means that we can attract and retain
the best talent, encouraging our employees to give free rein to their entrepreneurial spirit.
In 2018 we also stepped up our collaborations with startups, which are sources of inspiration
for us. As well as taking part in Viva Technology and organizing the LVMH Innovation
Award, we launched La Maison des Startups LVMH at Station F, the world’s biggest
startup incubator. Working alongside startups helps keep us up to date with the latest
innovations. In-house development programs allow our most inventive employees to turn
their new ideas into concrete projects. It is in this richly diverse entrepreneurial environ-
ment, bringing together different generations, backgrounds and perspectives, that our
people are giving shape to the LVMH of tomorrow.

LVMH’S DEEP ROOTS IN FRANCE

Another reason why LVMH can continue to expand, allowing its Maisons to carry on
inspiring dreams, is that we have always prepared for the future: year after year we
consolidate our foundations, laying the groundwork for new developments. In 2018 our
Group ramped up its production capacity to meet ever-growing demand. The bulk of our
investment was in France. After opening production workshops in Allier in 2017 and in
Vendée in 2018, Louis Vuitton inaugurated a new facility in Maine-et-Loire in early 2019 –
the Maison’s 16th in France – and will open two more in the coming months. Construction
also continues at Veuve Clicquot’s new production site near Reims. The renovation project
for La Samaritaine is well underway and its beautifully refurbished or newly created
façades are gradually being revealed ahead of its opening, planned for 2020. Maintaining
the desirability of our products therefore goes hand in hand with constant improvements
in our production methods and our expert craftsmanship. Mastering this expertise is
something we cherish: it ensures that our professions endure and that jobs can be
created everywhere we operate. Naturally, we are pleased with and take pride in our
results. But, most of all, we are proud of our Group’s deep roots in the French economy
and in regions across France – through the investments it makes, the jobs it creates year
after year, and its contribution to cultural life in Paris. In 2018, LVMH hired more than
13,000 people in France. We also crossed a symbolic threshold in 2018, investing over
€1 billion in France. In addition, the Fondation Louis Vuitton has welcomed over 5 million
visitors since it opened, and the Jardin d’Acclimatation reopened in 2018, after an extensive
makeover. We are therefore proud of LVMH’s significant contribution to France’s economic
development and cultural influence. Most of our products are made in France, carrying
names beyond its borders, each one evoking the French art de vivre in the dreams of
billions of women and men around the world.
 LVMH 2018 . C h a i r m a n’s m e s s a g e

A SENSE OF RESPONSIBILITY

As ambassadors of excellence, inspired by the continued success of our Maisons, we are

also aware of the responsibility we have. The sustainability of our model is built on our
exemplary approach to ethics and respect for our partners. Where the environment is
concerned, we have already spent over 25 years working to preserve the shared heritage
of rare and precious raw materials used to craft our products. Back in 1992, we took the
lead by setting up an environment department. Today, more than ever, we are engaged
in the protection of the environment, especially in the fight against climate change. For
example, we have set ambitious 2020 goals for all our Maisons that concern their products,
workshops and stores. It is also our responsibility to increase transparency in our supply
chain and ensure that our practices reflect the highest standards of integrity and respect
for our partners. Sharing our expertise is another key commitment. For example, we hand
down expertise to younger generations through the Institut des Métiers d’Excellence
LVMH, which by the end of 2018 had already trained 500 apprentices. And we support
up-and-coming creative talent with the LVMH Prize for Young Fashion Designers, which
has been showcasing the work of new and emerging designers every year since 2014.
Lastly, we also promote and celebrate our artisanal expertise with a multitude of people
during the Journées Particulières; the fourth edition of this event in 2018 was an unprec-
edented success, with our artisans welcoming 180,000 visitors.

CAUTIOUSLY OPTIMISTIC FOR 2019

In 2019, LVMH will again demonstrate its strong focus on innovation. Further progress will
be made on many existing projects as well as a number of new launches. Powered by
their creative momentum, our Maisons will further refresh and enrich their iconic lines
while maintaining the exquisite quality of their products. Retail is another growth driver
for our products, which will be boosted by our increasingly customer-centric approach as
we develop our brands. The growing use of digital technologies in our business activities will
also enrich the customer experience that we offer, both online and in our physical stores.
Over the last 20 years, in addition to its Maisons’ excellence, the Group has benefited from
the general increase in living standards worldwide. This trend is set to continue in the
years to come. Therefore, while I am watchful, I remain optimistic about the Group’s
medium- and long-term outlook.
For the short term, conditions at the beginning of this year are buoyant, but we will keep
a close eye on developments in light of persistent geopolitical uncertainties. We are
therefore cautiously optimistic for 2019 and have set ourselves the ambition of further
strengthening our global leadership in high-quality products.

Bernard Arnault
Chairman and Chief Executive Officer

8 • 9
Château Cheval Blanc
 A W E A LT H
OF OPPORTUNITIES
FOR THE GROUP’S
TA L E N T A N D B R A N D S

ANTONIO BELLONI,
GROUP MANAGING DIRECTOR

2018 was another record year The Group’s workforce has grown considerably, now total-
for LVMH, which continues ing more than 150,000 people: designers, winemakers,
on its exceptional growth trajectory. leather artisans, watchmakers, managers, salespeople and
What’s driving this ongoing success? more. Their diverse range of talent, culture and experience
is an exceptional asset for LVMH.
Beyond its business performance, a company is best
defined by its achievements and the talent in its organi- Success brings responsibility,
zation. We are proud of our innovative, top-quality prod- which is also important to LVMH.
ucts; our magnificent stores all over the globe; our Why is there a stronger focus
workshops, where unique craftsmanship is combined on making progress in this area, today?
with new technologies. Each of these achievements is a
human adventure that requires ambition, creativity and Like all companies, we have an important role to play in
perseverance. Each represents an opportunity for our society, and a major responsibility as well. Our Group
teams to hone their talent, broaden their skills and add directly drives economic growth, innovation and job
their signature to unique projects. This engagement is the creation. But our impact goes further than that. Our rela-
key force driving the development of our Maisons and tions with the communities we work in and our suppliers;
the desirability of our brands into the future. We cultivate our partnerships with schools for the Institut des Métiers
a highly entrepreneurial mindset, which draws its vital d’Excellence; our cultural initiatives, starting with the
energy from creativity, openness to the world and a Fondation Louis Vuitton; our LIFE program, which promotes
desire for excellence – and our people make the difference. environmental best practices; our EllesVMH initiative,
 LVMH 2018 . Interview with the Group Managing Director

which supports women’s career development at every

level of the organization; our work to promote social
responsibility and inclusion… All these contributions are
just as important. This wide-ranging social impact is
important to our employees, who want to be proud to be
part of LVMH. For our customers, a top-quality product is
no longer enough: they also want to know about our
Maisons’ values, and care about our corporate behavior. We
know there is room for improvement, and we are deeply
committed to moving forward and communicating trans-
parently about our objectives and progress.

What can digital technologies

bring to luxury brands, rooted in tradition?

Over the last few years our market has become highly
fragmented. Customer journeys and purchasing habits
have become more complex. Now, in addition to magazines
and other traditional media, our customers – especially
young people – use a range of digital options to stay
informed, communicate with friends and shop. Brand
awareness and customer engagement are built on these
many different touchpoints. Each one is an opportunity for
our talented employees to express our Maisons’ unique
values by accentuating our creativity and awakening
more emotion. Sephora’s smart mirrors let customers try
on makeup using augmented reality. Moët Hennessy uses
artificial intelligence to help customers create bespoke tast-
ing experiences with their friends. At Guerlain Parfumeur
stores customers can explore a vast universe of fragrances
and emotions, using a digital perfume organ to craft their
own signature scent… The possibilities are endless. Digital
technology and innovation will continue to be harnessed
for the benefit of our ideas and brands, creating value
and enriching the customer experience.
Maison Louis Vuitton Vendôme.

12 • 13
 G OV E R NA N C E
A N D O RG A N I Z AT IO N

THE RIGHTS OF LVMH SHAREHOLDERS ARE PROTECTED

BY LAW AND THE PRINCIPLES OF CORPORATE GOVERNANCE
WHICH GOVERN THE WAY THE GROUP OPERATES.

LVMH’s Board of Directors is the strategic body of the There are three committees within the LVMH Board of
Company which is primarily responsible for enhancing Directors:
the Company’s value and protecting its corporate inter- – In 2018, the Performance Audit Committee reviewed
ests. It endeavors to promote long-term value creation by the annual and interim parent company and consolidated
the Company, while notably accounting for the social and financial statements in conjunction with a detailed analysis
environmental issues pertaining to its activities. Its principle of changes in the Group’s activities and scope. The Com-
assignments are to approve the Company’s and the mittee also worked on the following issues: internal audit;
Group’s major strategies and supervise their implemen- the Group’s internal audit policy and how the financial
tation; to verify the fair and accurate presentation of markets view the Group; the Group’s tax situation; and
information about the Company and the Group; to pro- the transition to the new accounting standard, IFRS 16,
tect its corporate assets; and to ensure that core business from January 1, 2019.
risks are fully accounted for in the management of the – In 2018, the Nominations and Compensation Commit-
Company. It also makes sure that systems are in place to tee issued proposals on: the fixed and variable compen-
prevent corruption and influence peddling, and policies are sation and benefits in kind of the Chairman and Chief
implemented to ensure non-discrimination and diversity Executive Officer, and the Group Managing Director;
– notably gender equality within the executive bodies. the performance criteria pertaining to their variable com-
Lastly, it acts as guarantor with respect to the rights of pensation and of the respective weightings of these
each of its shareholders and ensures that shareholders criteria; the allocation of performance bonus shares to
fulfill all of their duties. these two people and the requirement to retain a portion
In 2018, the Board of Directors approved the annual and of the shares that may be definitively allocated to them.
interim parent company and consolidated financial state- It also provided opinions on the compensation, perfor-
ments, monitored quarterly business activity, and gave mance bonus shares, and benefits in kind attributed to
its opinion on: the Group’s key strategic directions and certain members of the Board of Directors by the Com-
decisions, its budget, compensation of company officers, pany or its subsidiaries. It delivered a favorable opinion on
the implementation of bonus share and performance the appointment of a new female director to replace
bonus share allocation plans, and the implementation of another female director who has resigned.
the share buyback plan. Lastly, it approved the plan to – The Ethics and Sustainable Development Committee
acquire Belmond Group. ensures compliance with the individual and shared values
on which the Group bases its actions, which are detailed
in the Code of Conduct as well as the other codes and
charters resulting from this code. In 2018, the committee’s
work included monitoring the compliance program imple-
mented by the Group in connection with the Sapin 2 Act
and the law on the duty of care for parent companies, in
conjunction with the Ethics & Compliance Director.

Further information can be found in the 2018 Reference Document.

 LVMH 2018 . Governance and organization

EXECU TIVE COMMITTEE BOARD

OF DIRECTORS  (1)

Bernard Arnault
Chairman and Chief Executive Officer

Antonio Belloni
Group Managing Director

Antoine Arnault(4)
Delphine Arnault(6)
Nicolas Bazire
Sophie Chassat(2)(3) 
Bernadette Chirac(2)
Charles de Croisset(2)(4)(5)
Bernard Arnault Antonio Belloni Delphine Arnault
Chairman and Chief Executive Officer Group Managing Director Louis Vuitton Products Diego Della Valle(2)
Clara Gaymard(2)
Marie-Josée Kravis(2)(5)
Lord Powell of Bayswater
Marie-Laure
Sauty de Chalon(2)(6)
Yves-Thibault
de Silguy(2)(4)(5)(6)
Hubert Védrine(2)(6)

Advisory
Board Member(1)
Nicolas Bazire Pietro Beccari Michael Burke Paolo Bulgari
Development and Acquisitions Christian Dior Couture Louis Vuitton

General Secretary
Marc-Antoine Jamet

Statutory Auditors
Ernst & Young Audit
represented by Jeanne Boillet
and Patrick Vincent-Genod

Mazars
represented by Simon Beillevaire
and Loïc Wallaert

Chantal Gaemperle Jean-Jacques Guiony Christopher de Lapuente

Human Resources and Synergies Finance Sephora and Beauty (1) As of December 31, 2018.
(2) Independent Director.
(3) Co-opted by the Board of Directors
at its meeting on October 25, 2018.
(4) Member of the Performance
Audit Committee.
(5) Member of the Nominations
and Compensation Committee.
(6) Member of the Ethics and
Sustainable Development Committee.

Philippe Schaus Sidney Toledano Jean-Baptiste Voisin

Wines and Spirits Fashion Group Strategy

14 • 15
LVMH comprises 70 prestigious Maisons 20T H C EN T U RY
organized into six business groups. 1908 Les Échos
1916 Acqua di Parma
Each Maison steadfastly preserves 1923 La Grande Épicerie de Paris
1924 Loro Piana
and perfects a long tradition of expertise
1925 Fendi
and offers exceptional products.
1936 Dom Pérignon
1936 Fred
1944 Le Parisien-Aujourd’hui en France
1945 Celine
1946 Christian Dior Couture
1947 Parfums Christian Dior
1947 Emilio Pucci
1952 Givenchy
1952 Connaissance des Arts
14T H C EN T U RY 1957 Parfums Givenchy
1365 Le Clos des Lambrays 1958 Starboard Cruise Services
1959 Chandon
16T H C EN T U RY 1960 DFS
1593 Château d’Yquem 1969 Sephora
1970 Kenzo
18T H C EN T U RY 1970 Cape Mentelle
1729 Ruinart 1972 Parfums Loewe
1743 Moët & Chandon 1974 Investir-Le Journal des Finances
1765 Hennessy 1976 Benefit Cosmetics
1772 Veuve Clicquot 1977 Newton
1780 Chaumet 1980 Hublot
1983 Radio Classique
19T H C EN T U RY 1984 Thomas Pink
1815 Ardbeg 1984 Marc Jacobs
1817 Cova 1984 Make Up For Ever
1828 Guerlain 1985 Cloudy Bay
1832 Château Cheval Blanc 1988 Kenzo Parfums
1843 Krug 1991 Fresh
1843 Glenmorangie 1992 Colgin Cellars
1846 Loewe 1993 Belvedere
1849 Royal Van Lent 1998 Bodega Numanthia
1852 Le Bon Marché 1999 Terrazas de los Andes
1854 Louis Vuitton 1999 Cheval des Andes
1858 Mercier
1860 TAG Heuer 2 1 ST C EN T U RY
1860 Jardin d’Acclimatation 2004 Nicholas Kirkwood
1865 Zenith 2008 Kat Von D
1870 La Samaritaine 2009 Maison Francis Kurkdjian
1884 Bvlgari 2010 Woodinville
1895 Berluti 2013 Ao Yun
1898 Rimowa 2017 Fenty Beauty by Rihanna
 LVMH 2018 . Our Maisons and business groups

OUR BUSINESS GROUPS

W IN ES FA SH ION PER FU M ES
& SPIR ITS & LEAT H ER GOODS & COSM ET IC S

Moët & Chandon, Krug, Veuve Clicquot, The Fashion & Leather Goods business LVMH is a key player in the perfume,
Hennessy, Château d’Yquem… group comprises Louis Vuitton, makeup and skincare sector, with
the origins of all these world-famous Christian Dior Couture, Celine, Loewe, a portfolio of world-famous French
estates are inextricably linked to the Kenzo, Givenchy, Pink Shirtmaker, brands: Christian Dior, Guerlain,
appellations and terroirs of the world’s Fendi, Emilio Pucci, Marc Jacobs, Givenchy and Kenzo. The Group
most prestigious wines and spirits. Berluti, Nicholas Kirkwood, Loro also owns other beauty brands:
Whether they are in Champagne, Piana and Rimowa. While respecting Benefit, Fresh, Acqua di Parma,
Bordeaux, or other famed wine regions, the identity and autonomous Parfums Loewe, Make Up For Ever,
these Maisons, many of which date management of these brands, Maison Francis Kurkdjian, Fenty
back more than a century, all share LVMH supports their growth by Beauty by Rihanna, Kat Von D
a powerful culture of excellence. providing them with shared resources. and Marc Jacobs Beauty.

WATC H ES SELEC T I V E OT H ER
& J EW ELRY R ETA ILING AC T I V IT IES

The LVMH Watches & Jewelry Maisons The Selective Retailing business Other activities include Groupe
are some of the most emblematic group comprises Sephora, the world’s Les Echos, which comprises leading
brands in the industry. They operate leading selective beauty retailer, French business and cultural news
in jewelry and watches with Bvlgari, Le Bon Marché, a Paris department publications; Royal Van Lent, the
Chaumet, Fred, TAG Heuer, Hublot, store with a unique atmosphere, builder of high-end yachts marketed
Zenith and Dior Montres. These and travel retailers DFS and Starboard under the brand name Feadship;
Maisons are guided by a daily Cruise Services. and Cheval Blanc, the collection
quest for excellence, creativity of exceptional hotels.
and innovation.

16 • 17
 LVMH 2018 . Pe r f o r m a n c e a n d r e s p o n s i b i l i t y

A R ESPONSIBLE MODEL
DE DIC AT E D T O E XC E L L E N C E

FORGED OVER GENERATIONS BY ALLIANCES BETWEEN MAISONS

– WEAVING TOGETHER THEIR TRADITIONS OF EXCELLENCE
AND CREATIVE PASSION – LVMH HAS BUILT ITS LEADING POSITION
ON A UNIQUE PORTFOLIO OF ICONIC BRANDS.

These Maisons draw their energy from their exceptional Nurturing talent
heritage, innovative mindset and receptive outlook. The
Group supports their development in a spirit of entrepre- Encouraging all our employees to reach their full career
neurship, long-term vision and respect for the source of potential and achieve their aspirations. Developing diversity
their strength and stature. and the wealth of human resources at our companies in
As ambassadors of an authentic art de vivre, it is our all the countries where we operate, and encouraging
responsibility to set the right example in every aspect of initiatives in these areas. Contributing to the knowledge and
our business, from product design to the experience that preservation of our crafts outside the Group in addition to
customers have throughout their relationships with our our own expertise as artisans and designers.
brands; from investment choices to social and environ-
mental initiatives. Because what we do requires a diverse Environment
range of talent, we are committed to training teams that
embody excellence. Because passing on skills is an inte- Working together to preserve the planet’s resources,
gral part of our culture, we want to use that opportunity to design and develop products that are compatible
to promote social inclusion and employment. Because with environmental concerns, reporting on our policies
our crafts make the most of nature at its purest and and projects and the progress achieved in meeting our
most beautiful, we see preserving the environment as object­ives. Contributing to environmental protection above
a strategic imperative. and beyond factors directly related to our operations
The values and actions encompassed by our sustainable by entering into active partnerships with cooperating
development attitude emerge from a tradition that dates businesses, local authorities and associations.
back to the origins of our Maisons and forms an integral
part of our heritage. Our long-term success depends not Partnerships and support
only on the Group’s solid business model and profitable
growth strategy, but also on our unwavering commitment Maintaining and strengthening responsible relationships
to creativity, excellence, and our environmental impact with our partners, suppliers and subcontractors. Imple-
and corporate citizenship. menting a patronage program for the widest possible
public benefit which reflects and transmits our funda-
Business performance mental values. Providing active support for major causes,
humanitarian projects and public health programs, and
Combining profitable growth and sustainability with developing initiatives in support of art and young people.
commitments to creativity and excellence. Applying our
creative passion to the art de vivre to which our customers
aspire. Strengthening our position as a global leader, and
being the benchmark for managing and developing
high-quality brands.

18 • 19
 T H E WOR LD’ S LEA DING
LU X U RY GO ODS GROU P

Profit from Net profit

Revenue recur ring operations Group share

€4 6 . 8 bn € 10.0 bn € 6 .4 bn
+10% +21% +18%

70 4,592 156,088 70
countries stores employees brands

A U N IQU E OPER AT ING MODEL

A NC HOR ED BY SIX PILLA R S

DECENTRALIZED VERTICAL SUSTAINING

ORGANIZATION INTEGRATION SAVOIR-FAIRE
Our structure and operating principles Vertical integration fosters excellence Our Maisons pursue a long-term
ensure that our Maisons are both both upstream and downstream, vision. To preserve their distinctive
autonomous and responsive. allowing control over every link identities and excellence, LVMH
This allows us to be extremely close in the value chain – from sourcing and its Maisons have developed
to our customers, to ensure that and production facilities to selective forward-thinking initiatives to transmit
rapid, effective and appropriate retailing – which in turn means that savoir-faire and ensure that
decisions can be made. This approach the image of our Maisons is carefully craftsmanship and creative skills are
also sustains the motivation of controlled. valued by younger generations.
our employees, encouraging them
to show true entrepreneurial spirit. CREATING BALANCE ACROSS
SYN ERGIES BUSIN ESS SEGMENTS
ORGANIC GROWTH Sharing of resources on a Group AND GEO GRAPHIES
The LVMH Group places priority scale creates intelligent synergies Our Group has the resources
on organic growth and commits while respecting the individual to sustain regular growth thanks
significant resources to develop identities and autonomy of our to the balance across its business
its Maisons, as well as to encourage Maisons. The combined strength activities and a well-distributed
and protect creativity. Our employees of the LVMH Group is leveraged geographic footprint. This balance
are key to this approach, making to benefit each of its Maisons. means that we are well-positioned
it essential to support their career to withstand the impact of shifting
growth and encourage them to excel. economic factors.
 LVMH 2018 . Key figures and strategy

201 8 R EV EN U E 201 8 R EV EN U E
BY R EGION BY BUSIN ESS GROU P
(in %) (in %)

Other markets France Selective

11% 10% Retailing and
Other activities Wines &
Spirits
28%
11%
Asia Europe
(excl. Japan) (excl. France) Watches &
Jewelr y
29% 19% 9%
United States Perfumes & Fashion &
Japan 24% Cosmetics Leather Goods
7% 13% 39%

GEOGR A PH IC FOOT PR IN T
(as of December 31, 2018)

UNITED STATES FRANCE EUROPE (excl. France)

Revenue: €11,207 m Revenue: €4,491 m Revenue: €8,731 m
783 stores 514 stores 1,153 stores
32,724 employees 31,156 employees 38,645 employees

JAPAN
Revenue: €3,351 m
422 stores
6,905 employees

OTHER MARKETS
Revenue: €5,32 3 m ASIA (excl. Japan)
431 stores Revenue: €13,72 3 m
11,856 employees 1,289 stores
34,802 employees

20 • 21
Chaumet, 2018 edition of the LVMH Journées Particulières.
 LVMH 2018 . Commitments in 2018

COMMIT MENTS IN 2018

IN 2018, LVMH GROUP STEPPED UP INITIATIVES

FOR INNOVATION, THE ENVIRONMENT, ENTREPRENEURSHIP,
AND YOUNG TALENT.

T R A DIT ION & OCTOBER 2018

EX PERT ISE LVMH’S INSTITUT DES MÉTIERS D’EXCELLENCE

IN FRANCE AND SWITZERLAND WELCOMES ITS
LVMH and its Maisons are the heirs and custodians FIFTH CLASS OF STUDENTS AND EXPANDS IN ITALY

of a long tradition of artisanal and creative skills,

In October 2018, LVMH’s Institut des Métiers d’Excellence
some of which date back centuries. They scrupulously (IME) welcomed its fifth class of students, hitting a major
safeguard and develop this cultural heritage. Perpet- milestone with over 500 apprentices trained this year.
uating these professions and their traditions is vital In 2018, IME expanded significantly in France and
for LVMH’s long-term future, since only very highly Switzerland, increasing the number of training courses it
offers and developing others in partnership with schools.
skilled artisans can make our beautifully crafted
At the end of November, IME in Italy celebrated its
products. And this unique legacy, this expertise, is also second class of apprentices with the announcement of
what we are known and respected for worldwide. three new partnerships for training courses in artisanal
professions and sales – women’s footwear at Politecnico
— Calzaturiero in Capriccio di Vigonza, men’s footwear at
OCTOBER 2018 the Berluti Academy in Ferrara and sales training the
THE 2018 LVMH JOURNÉES PARTICULIÈRES Ca’ Foscari University of Venice.

In 2018, LVMH’s Journées Particulières enjoyed unpre­ —

cedented success with a record 180,000 visitors. The JUNE 2018

fourth edition of this one-of-a-kind event was even bigger THE FIFTH ANNUAL LVMH PRIZE
and more international than the previous ones, with 56 of FOR YOUNG FASHION DESIGNERS
the LVMH Group’s Maisons opening 77 exceptional venues
to the public – 40 of them for the first time – in 14 countries The LVMH Group always strives to support emerging
on five continents. For three days (from October 12 to 14), talent, and in 2018 it awarded the LVMH Prize for Young
perfumers, watchmakers, jewelers, shoemakers, trunk- Fashion Designers, which each year honors the work of a
makers, wine experts, barrel-makers, makeup artists and talented stylist, selected by a jury made up of the creative
more, welcomed visitors from all backgrounds to showcase directors of the Group’s Maisons. With 1,300 candidates
their expertise and share the many facets of their work from more than 90 different countries, the LVMH Prize
with them. It was an exceptional event, full of memorable saw record participation levels in 2018. The nine finalists
moments that will stay with participants as they await the presented their designs at a ceremony held at the
next edition… Fondation Louis Vuitton on June 6. At the close of this
exceptional day, the jury named Tokyo-based Japanese
designer Masayuki Ino as the grand prize winner of the
fifth annual LVMH Prize, for his fashion label, Doublet.

22 • 23
—

FEBRUARY 2018

LAUNCH OF THE INSIDE LVMH PROGRAM

In February 2018, the LVMH Group launched the Inside

LVMH program, a unique digital experience for students
from Europe’s top 50 schools and universities and for
Group interns. The program allows talented young people
to deepen their understanding of the strategic challenges
in the luxury industry and “Imagine the Luxury Experience
of Tomorrow”. In all, more than 4,400 talented young
participants joined the program. Of the 200 short-listed
students, three winning teams had the opportunity to
present their ideas at the LVMH Group’s headquarters in
Paris, with LVMH Chairman and CEO Bernard Arnault in
attendance, along with 50 members of the Group’s top
management, including Maison Presidents and members
of the LVMH Executive Committee. This initiative reflects
the Group’s ambition to identify the next generation of
international talent and bridge the gap between the
academic and professional worlds.

SOC IET Y &

T H E EN V IRON M EN T
Since its inception, the Group has made sustainable
development one of its strategic priorities. This policy
provides a powerful response to the issues of corporate
ethical responsibility in general, as well as the role a
group like LVMH should play within French society
and internationally.
—

DECEMBER 2018

SIXTH ANNUAL LVMH ENGAGED

MAISONS DINNER

On December 5, 2018, LVMH’s sixth annual Engaged

Maisons Dinner was held at the Palais Brongniart. This
annual event celebrates the Group and its Maisons’ com-
mitment to humanitarian causes and partnership with
nonprofits such as UNICEF, Belle & Bien, Cancer@Work,
ELA, Epic Foundation, ESAT de L’Arche, Force Femmes,
Kelina, Les Restos du Cœur, Les Virades de l’Espoir, Save
the Children and Toutes à l’École. The Group supports
these organizations all year round and raises funds for the
fight against sickle-cell anemia at this event. Alongside
the staff of Robert-Debré Hospital in Paris, LVMH and its
Maisons help battle this disease by funding research and
patient treatment.
 LVMH 2018 . Commitments in 2018

JULY 2018

LVMH, A SIGNATORY OF ACT4NATURE

LVMH took its long-standing commitment to preserving

biodiversity to a new level by supporting “act4nature”,
which was launched in 2018 by the Association Française
des Entreprises pour l’Environnement (Association of
French Companies for the Environment). Together with
around sixty other companies, the Group signed a charter
of commitments. Ten of them are collective commitments
to include biodiversity issues in all areas of business, from
governance and strategy to the most concrete operations.
The aim is to ensure that each company makes a “net
positive contribution to nature”. In addition, each signatory
pledges to implement new initiatives that are relevant to
its businesses. By taking part in this forward-looking
movement, LVMH will help prepare two key events in 2020:
the World Conservation Congress of the International
Union for Conservation of Nature, which will be held in
Marseille, and the COP15 Convention on Biological
Diversity in Beijing.

JUNE 2018

LVMH’S COMMITMENT TO DISABILITY

LVMH encourages its Maisons to develop their relations

with companies that employ people with permanent or
temporary severe disabilities, and provide them with
special facilities and support (sometimes known as “shel-
tered” employment). To raise its profile in this area, the
Group holds the Disability, Employment and Responsible
Purchasing trade fair in France, which is open to the
general public. The third annual trade fair, which was held
on May 28 in Paris, drew 3,500 visitors, confirming the
event’s success. The Maisons also organize a range of
different initiatives outside France. For example, in 2018,
Sephora recruited 100 people with disabilities at its Olive
Branch distribution center in the United States. In Italy,
LVMH actively supported two nonprofits that help people
with Down syndrome integrate society and the workplace.
In Poland, Parfums Christian Dior held a day of job coaching
for people with disabilities.

24 • 25
—

MAY 2018

LIFE 2020 GOES TO TOKYO

LVMH wants all its employees to embrace its environ-

mentally friendly approach. In September 2017, to mark
the 25th anniversary of its Environment Department, the
Group officially presented its aims for 2020 to the teams
at an event in Paris entitled “Future LIFE”. In 2018, the Group
hosted a second edition of this event in Japan on May 30.
Like the first, it explained to the 250 participants how LVMH
intends to continue its long-standing commitment to pre-
serving natural resources and fighting climate change.

MAY 2018

A NEW EDITION OF THE LIFE IN STORES AWARDS

LVMH launched LIFE in Stores to encourage environmen-

tal excellence at its Maisons and recognize the stores with
the best energy performance. The latest innovations
in this field were presented at the second edition on
May 16 and 17, 2018. At the event’s closing ceremony,
seven Maisons – Celine, Louis Vuitton, Loro Piana, Guerlain,
DFS, Loewe and Sephora – were recognized for their
efforts. More than just a prize, the LIFE in Stores Awards are
a source of inspiration for others within the Group, since
they open up new avenues in areas as diverse as building
insulation, discreet lighting, consumption management
and air purity.

FEBRUARY 2018

LAUNCH OF WECAREFORMODELS.COM

After drawing up the Charter on Working Relations

with Fashion Models and Their Well-Being in consultation
with Kering, and having it signed by magazines Elle
and Version Fémina, in February 2018, the LVMH Group
launched wecareformodels.com. This website is an inte-
gral part of the drive for empowerment, transparency
and emancipation initiated by the Charter. It reminds
models of the commitments made by both groups to
ensure their well-being and the quality of their working
relations during runway shows and fashion shoots.
Wecareformodels.com also provides models with useful
information, good practices and advice from experts.
 LVMH 2018 . Commitments in 2018

LEA DER SH IP &

EN T R EPR EN EU R SH IP
At LVMH, leadership drives performance. Thanks
to the leadership of all our employees with vision –
and the ability to instill this vision in their staff –
we are able to achieve highly ambitious goals. Our
decentralized organization lets us build close rela-
tionships with our customers; make fast, effective
decisions; and motivate our employees for the long
term by encouraging them to take an entrepreneurial
approach. It promotes risk-taking and perseverance,
and requires pragmatism and the ability to rally staff
to give their very best. We foster collective intelligence
and run in-house innovation development programs
so that our boldest employees can transform their
innovative ideas into business plans.

MARCH, JUNE, OCTOBER 2018

NEW EDITIONS OF THE DARE PROGRAM

The DARE (Disrupt, Act, Risk – to be an Entrepreneur)

program stimulates innovation by providing 12 teams of
employees with a unique experience inspired by the new
economy and the world of startups. Each team – with the
help of mentors, senior managers from the Maisons and
external entrepreneurs – works on transforming its inno-
vative ideas into concrete projects. At each session,
three winning projects are selected by the jury to be
implemented at LVMH.
Following two successful initial programs in 2017, which
were held in France and focused on global innovation
and sustainable development, DARE took center stage
again in 2018, with a much larger, more international scope,
first in Italy in March 2018, with an event focusing on gender
diversity, then in Shanghai in June 2018, and finally in
New York in October 2018, with events looking at the
future of luxury. Since its launch, more than 1,500 talented
participants have dared to share their innovative ideas. Of
these, 36 projects have been developed further through
DARE events, and around fifteen winning projects have
moved from the drawing board to reality.

26 • 27
—

MAY 2018
A RT & C U LT U R E
THIRD EDITION OF VIVA TECHNOLOGY
Art has always inspired the creation of exceptional
With over 100,000 visitors keen to discover the latest products, and at LVMH highly skilled craftsmanship
innovations presented by 9,000 startups and hundreds of and rare professions are a precious cultural resource.
large companies – including LVMH and 22 of its Maisons It is therefore only natural that the Group should
– the third Viva Technology trade fair was a resounding
take action to foster art and culture. Our support
success. Throughout this key three-day event devoted to
digital transformation, the LVMH Luxury Lab was a major
spans several areas, in France and further afield: we
attraction, welcoming French President Emmanuel Macron help restore historical monuments, enrich the collec-
and hosting conferences to present its Maisons’ latest tions of major museums, contribute to key national
innovations and pitches by the 30 startups shortlisted for exhibitions and support contemporary artists.
the LVMH Innovation Award, which went to French
startup Oyst. Thanks to the huge efforts of its employees, —

the LVMH Group was the twelfth-most frequently men- JUNE 2018

tioned company name at Viva Technology this year, RECTO/VERSO AT THE FONDATION LOUIS VUITTON
climbing to fifth place in the event’s ranking of its most
influential partners. In June 2018, the Fondation Louis Vuitton hosted its
second recto/verso (front/back) exhibition, organized by
— the Secours Populaire Français nonprofit in collaboration
APRIL 2018 with more than 100 contemporary artists from around
LA MAISON DES STARTUPS LVMH the world. Their works, which were exhibited for the first
IS LAUNCHED AT STATION F time, were then sold in an auction and the proceeds were
donated to Secours Populaire Français to help facilitate
LVMH constantly seeks excellence and in 2018 the Group access to art and culture for people in need.
reasserted its intention to remain at the cutting-edge
of innovation by launching an accelerator program at —

Station F, the world’s biggest startup campus. The project, 2017 - 2018

named La Maison des Startups LVMH, aims to ramp up SUCCESSFUL EXHIBITIONS

collaboration between entrepreneurs and the Group’s AT THE FONDATION LOUIS VUITTON
Maisons, so that together they can invent the future of
luxury in a range of sectors. La Maison des Startups The exhibition Being Modern: MoMA in Paris, which was
LVMH boasts 220 square meters and 89 work stations. held from October 2017 to March 2018, featured an excep-
Every year, it welcomes 50 international startups working tional selection of 200 artworks from New York. Shown
in areas relevant to the challenges faced by the Group for the first time in France, they retraced the history and
and its Maisons. Most of the startups that have already mission of the Museum of Modern Art. In the spring,
joined the program were spotted at Viva Technology, another exhibition entitled In Tune with the World brought
especially if they participated in the second edition of the together modern and contemporary works by nearly
LVMH Innovation Award. 30 artists, including Alberto Giacometti, Henri Matisse,
Gerhard Richter, Pierre Huyghe, Yves Klein and Takashi
Murakami. Lastly, two exhibitions were held in the fall of
2018: Egon Schiele and Jean-Michel Basquiat. A selection
of 250 artworks taken from their exceptional body of
work presented the itineraries of these two artists whose
intense and meteoric lives still fascinate us today.
 LVMH 2018 . Commitments in 2018

Egon Schiele – Self-portrait with peacok waistcoat, standing, 1911.

28 • 29
Paris edition of the DARE program.
 LVMH 2018 . Ta l e n t

C U L T I VA T I N G
OUR ENTR EPR ENEUR IAL
SPIRIT!

BEING ENTERPRISING MEANS PREPARING FOR THE FUTURE,

ANTICIPATING TOMORROW’S WORLD AND CONTINUING TO SURPRISE
MARKETS IN PERPETUAL FLUX. IT MEANS COMBINING INNOVATION
AND TRADITION, DARING AND THE QUEST FOR PERFECTION,
BUT ALSO GIVING FREE REIN TO OUR IMAGINATIONS AND EXPLORING
THE OPPORTUNITIES CREATED BY NEW TECHNOLOGIES.

Our Group, which operates in a fast-moving business In order to identify future employees as early on as
environment with an increasingly international organi­ possible, LVMH has forged strong ties with schools and
zation – 156,000 employees worldwide, 52% of whom universities. This year, we organized or took part in over
are millennials – has rolled out an ambitious talent recruit- 250 events and initiatives where students could find out
ment and development policy. It aims to meet future more about the Group and our Maisons. For example,
challenges by encouraging employees to be bolder we launched the Inside LVMH program (see page 24) in
and embrace the Group’s founding values: be creative January 2018, a first-of-its-kind omnichannel event, which
and innovative, deliver excellence and cultivate an plunged over 4,400 students from 50 partner schools
entrepreneurial spirit. and universities in six European countries into the world
of LVMH and its Maisons.
Enriching our talent pool To hire more experienced employees, LVMH has a network
of 800 internal recruiters. It uses forums and committees
In 2018, LVMH recruited 40,000 employees on permanent to maximize their knowledge of the market and guarantee
contracts and over 7,300 interns with either Bachelor’s or effective recruiting. External hiring is a source of enrichment
Master’s degrees. We seek to attract the most promising for the Group and its Maisons, so, as well as encouraging
candidates to support the Group’s development so that internal mobility, we recruit people from different back-
we can continue to deliver excellent performance in a grounds outside the Group who can provide us with
highly competitive environment. fresh perspectives.
Through our staff development policy and by champion-
ing diversity within our ecosystem – in all our different Committed to our talented employees
Maisons, business lines, activities and geographic areas –
we endeavor to offer everyone unique career opportunities, LVMH’s 156,000 employees are central to the Group and
making LVMH a very attractive employer for top talent. its Maisons’ success, both individually and collectively.
Attracting the best is fundamental for LVMH. The Group Creating a work environment that ensures they are both
and its Maisons seek people with skills and experience, fulfilled and committed is a priority for the Group’s and
but who are also sensitive to and aware of their environ- the Maisons’ senior executives, managers and HR teams.
ment; people who can understand the duality of LVMH’s We believe in our people and know our success depends
world: the enduring, lasting nature of our Maisons, but the on their talent. Our mobility policy offers them career
need for us to be responsive, agile entrepreneurs. opportunities that grow their skills and help them establish
We seek people who will blossom in a business environ- a robust professional network. The annual career reviews
ment where proactive entrepreneurship and innovation conducted by our managers and Human Resources
are highly valued, and there are plenty of opportunities to teams enable us to build up a keen understanding of our
build a career commensurate with their ambitions. employees and their professional aspirations. Employees

30 • 31
share and exchange with their managers during these the most talented young applicants, whatever their back-
interviews and together they build their career plan. Our ground. By doing this, IME promotes equal opportunities
people also have access to all the Group’s vacancies via a without compromising on its strict selection criteria.
dedicated website. In 2018, it featured almost 9,000 job Since its inception, it has trained a total of 500 appren-
offers at Maisons around the world. Employees apply for tices in France, Switzerland and Italy, enhancing their
the positions directly and are proactively involved in their employability. IME is yet another example of LVMH’s
own career development. In 2018, for example, 3,600 Group efforts as a responsible employer to foster diversity of
managers found new positions and 56% of managerial origin and culture in its Maisons.
vacancies were filled internally.
Our key talent detection tool, the annual Organizational Being people-focused
Management Review, is further proof of how vital we
believe our people are. In 2018, 67% of executive positions LVMH’s approach to corporate social responsibility is
were filled by in-house talent, half of whom were identified based on a long-term vision for our employees and the
in succession plans. This system also allows us to monitor communities around us.
our progress in meeting the Group’s objective to increase Both in-house and outside the Group, our managers and
gender diversity in senior executive teams – women now staff are committed to meeting four corporate social
hold 42% of the positions (compared with 23% in 2007). responsibility (CSR) goals: developing employee expertise
and talent; promoting their physical and psychological
Promoting a culture of learning well-being; preventing discrimination; and supporting
local communities and regional development.
In a sector as dynamic as the luxury industry, if we want Our employees receive regular information about our
to learn every day, we have to call things into question CSR initiatives in integration seminars, training courses
and be open to the world around us. Change and trans- (e.g. anti-discrimination training), specific communications
formation are critical issues for the Group’s Maisons. They (for example about opportunities for engagement –
must therefore embrace this mindset and function as sponsorship of nonprofits, ambassador positions for the
learning organizations. We constantly encourage our causes supported by a Maison), and at events like the
staff to learn from each other by sharing their experi- Engaged Maisons Dinner (see page 25).
ences – both their successes and their failures. The Group is involved in a range of programs and
Our employee skills development initiatives focus on four partnerships with organizations working at the grass-
main topics: understanding the culture and values that roots level. For example, it helps young people find a pro-
make our Group what it is and are the very essence of our fession; vulnerable, isolated women reclaim their rights;
organization; developing management and leadership the inhabitants of stigmatized neighborhoods, etc. LVMH
among LVMH managers; promoting business excellence also pays special attention to the employment of people
by exploring issues like brand desirability; and pursuing with disabilities.
open innovation initiatives (like DARE – see page 27), The Group and its Maisons are responsible for several
which are designed to interest everyone in new, more initiatives in this field in France and internationally. For
agile methods of working. example, in 2018, LVMH actively supported two nonprofits
The Group founded the Institut des Métiers d’Excellence in Italy that help people with Down syndrome integrate
LVMH in 2014 to ensure that its craftsmanship, design society and the workplace. Sephora’s Olive Branch distri-
and sales expertise is passed on to the next generation. bution center in the United States also hired 100 people
IME offers free, practical vocational training programs for with disabilities.
 LVMH 2018 . Ta l e n t

Indicators
a s of De c e m be r 31, 2018

33 156,088 73%
median age employees worldwide women

40,614 € 131  m
joiners ( 1) invested
including 4,946 in France in training

EMPLOYEES BY REGION EMPLOYEES BY BUSINESS GROUP

(in %) (in %)

France Fashion &

Other markets Wines & Spirits Leather Goods
20%
8% 5% 31%
Other activities
3%
Europe Perfumes &
Asia (excl. France)
(excl. Japan) Cosmetics
25% 18%
22%
Selective
Japan United States Retailing Watches &
4% 21% 37% Jewelr y
6%

WORKFORCE BY AGE(1) BREAKDOWN OF MEN/WOMEN

(in %) BY BUSINESS GROUP(1)

62% 38%
Wines &
55+ Under 25 Spirits
31% 69%
7% 12% Fashion &
Leather Goods
17% 83%
Perfumes &
45-54 25-34 Cosmetics
15% 40% 41% 59%
Watches &
Jewelr y
17% 83%
35-44 Selective
Retailing
26% 65% 35%
Other
activities

(1) Total permanent headcount.

32 • 33
Guerlain. Ouessant Island.
 LVMH 2018 . Environment

E N V I R O N M E N T:
LV M H I S O N T R A C K
T O M E E T I T S TA R G E T S
FOR 2020

BY ENGAGING ITS 156,000 EMPLOYEES AROUND THE LIFE 2020

SUSTAINABILITY GOALS SHARED BY ALL ITS MAISONS,
LVMH IS CONTINUING TO ROLL OUT ITS MEASURES TO HELP
PROTECT THE ENVIRONMENT. NEW ACHIEVEMENTS IN 2018 HIGHLIGHT
THE PROGRESS MADE IN THIS AREA.

Focusing on shared goals to achieve standards and ensuring that its Maisons’ products are
environmental excellence truly timeless. Staff are trained by the Environment Acad-
emy, set up in 2016, and the Group has introduced various
Since very early on, LVMH has been committed to setting decision-making tools such as Edibox, which calculates
the benchmark for environmental stewardship. Using the Environmental Performance Index (EPI) of packaging.
sustainability to drive innovation and propel its growth The Group’s Wines & Spirits and Perfumes & Cosmetics
strategy, the Group has often led the field in this area, such companies, for example, calculate the EPI of all their prod-
as in 1992, when it set up an Environment Department ucts and are aiming to improve their results by 10% by 2020.
reporting directly to the Group’s Executive Management. In 2018, Hennessy had already achieved a 12% improvement,
The launch of LIFE (LVMH Initiatives for the Environment) while the champagne houses improved their results by 5%,
in 2012 was another pivotal step. This global program and Perfumes & Cosmetics by 4%. The progress made by
unites the Group’s staff and structures its initiatives LVMH is also rooted in education and innovation. By part-
around a shared vision and nine key priorities for its envi- nering with the prestigious Central Saint Martins art and
ronmental performance. In 2016, LVMH reached a new design school, LVMH is promoting the development of new
milestone with LIFE 2020. Its Maisons now include LIFE design methods and materials that are aligned with its
in their strategic planning processes, and the updated environmental performance goals. In 2018, one of the
program has set several highly ambitious shared goals for initiatives that grew out of this partnership was Green Trail,
2020 – relating to products, supply chains, sites and which recognized the most sustainable student projects.
stores – and is also aimed at helping to combat climate
change. The Group’s environmental approach is organized
around the four goals presented below:
SUPPLY

Achieving the highest environmental

standards in 70% – and soon 100% –
PRODUCTS of the Group’s supply chains
Improving the environmental The sustainable procurement policy pursued by LVMH
performance of all products aims to protect an essential resource: the often rare and
With LIFE 2020, LVMH will be expanding the use of precious natural raw materials from which its products
sustainable design techniques, which aim to reduce a originate. It has now been given fresh impetus with two new
product’s environmental footprint over its entire life cycle. targets: achieving the highest environmental standards in
For the Group, this approach is a catalyst for innovation 70% of supply chains by 2020, and in 100% of them by 2025.
and creativity, reinforcing its extremely high quality LVMH is focusing in particular on the certification of raw

34 • 35
materials and suppliers, which ensures the environmental against climate change. With LIFE 2020, the Group has
excellence of practices. One of the initiatives in this committed to reducing its energy-related CO2 emissions
area involves securing Leather Working Group (LWG) by 25% compared with 2013 levels. In 2018, this goal was
certification for the tanneries that provide the Maisons’ already more than halfway met, with such emissions
leather supplies. The Fashion & Leather Goods companies down 16%. To continue making progress in this area, the
are committed to ensuring the well-being of the animals Maisons have access to an unprecedented resource in the
that provide raw materials such as leather, wool and fur. world of luxury goods: an internal carbon fund. Set up in late
LVMH shares this commitment with civil society, and the 2015, the price per metric ton of CO2 emitted by Maisons
Group has been the driving force behind many real-world was doubled in 2018 to €30. The amounts collected finance
improvements made in this area. It is working to coordinate their initiatives to increase energy efficiency, improve
efforts with the business sectors concerned in order to monitoring and reporting, and expand the use of renewa-
lead the way when it comes to improving breeding prac- ble energies. In 2018, the fund raised a total of €11.4 million,
tices. This represents a long-term investment to promote enabling the launch of 112 pivotal projects led by 28 Maisons.
ethical and sustainable social development, one that Some of these projects are particularly innovative, such
protects farmers and guarantees the use of best prac- as the one launched by Belvedere to produce steam and
tices to promote animal welfare. For example, LVMH has generate electricity from biomass. To reduce its carbon
launched a certification program for all the crocodile footprint, LVMH also enters into framework agreements
farms that supply the Heng Long exotic leather tannery. with green energy suppliers to increase the number of
It also aims to offer customers who wish to wear fur, sites powered by renewable energy. In addition, a number
products that are made as responsibly and ethically as of Maisons are making the move to more environmentally
possible. LVMH prohibits the use of fur from endangered friendly modes of transport. In 2018, Sephora introduced
species and works hand in hand with its suppliers to give electric vehicle delivery to its downtown retail locations in
preference to certified pelts from farms that meet very San Francisco, a solution it already offers in France, Spain,
high standards. Italy and China.
With regard to sustainable winegrowing, while all French
vineyards owned by the Group have been certified along
these lines since 2017, the Maisons encourage their grape
suppliers to take their own measures. For their part, all of SITES

the Group’s Watches & Jewelry companies have received Improving key environmental performance
certification under the Responsible Jewellery Council indicators by at least 10% at all manufacturing,
(RJC) system. While maintaining this drive for progress, administrative and retail sites
LVMH is working to increase the accountability of its Year after year, LVMH works to reduce the environmental
suppliers. They must all agree to comply with a specific impact of its sites and stores. The Group’s actions are
Code of Conduct first issued in 2008 and updated in underpinned by a sustainable building policy and by pro-
2017. The Group carries out frequent audits to evaluate grams that aim to expand the use of low-energy lighting
their performance and help them make improvements systems, or process and prepare for reuse several thou-
where necessary. Some Maisons have set up their own sand tons of waste each year, particularly via a dedicated
sustainable supply chains, such as Loro Piana for vicuña recycling platform. Under the LIFE 2020 program, LVMH
wool and Guerlain for Australian sandalwood. Several of Maisons are required to implement an environmental
them, like Parfums Christian Dior, are working to protect management system at each of their production sites
plant species by carrying out ethnobotanical studies. and must reduce at least one of the following by 10%
LVMH lays the groundwork for future progress by taking relative to 2013: water consumption, energy consumption,
part in numerous workgroups and discussions aimed at or waste production. LVMH has also set two specific
sharing best practices and developing new standards. targets to make the Group’s stores more sustainable. One
of these was met in 2017: an average improvement of 15%
in the energy efficiency of existing retail locations. The
second relates to new stores, which must achieve an
CO2 environmental performance score of at least 50 out of
Cutting energy consumption-related CO2 100 on the LVMH Store Guidelines assessment scale,
emissions by 25% developed on the basis of international standards. The
LVMH began monitoring its greenhouse gas emissions in Group supports its Maisons through initiatives such as
2002 – the year that the Bilan Carbone® assessment was the LVMH LIFE in Stores award program, which was held
introduced in France – and is fully engaged in the fight for the second time in the spring of 2018 in Paris.
 LVMH 2018 . Environment

The dynamics of the LIFE program

In 2015, all of our Maisons incorporated the LIFE program into their strategic plans.
LIFE is a source of innovation and creativity, and also a common language that allows
our upper-level management to get deeply involved. The Group oversees
all of these activities, in cooperation with the LVMH Environment Depar tment.

Goal s for 2020

Four key goals, defined in 2016 by a group of 80 people from 27 Maisons,

now form the backbone of the Group’s Environmental approach:

PRODUCTS SUPPLY CO2 SITES

Improve Best practice applied 25% reduction All manufacturing,

the environmental in 70% of our supply in CO2 emissions administrative and retail
performance chains, to reach 100% attributable sites to achieve at least
of all products. in 2025. to energy consumption. a 10% improvement
in key environmental
performance measures.

48% € 11.4 m
of leather purchased for projects financed
by the Maisons comes from by the c arbon fund
LWG-cer tified tanneries

36 • 37
Fondation Louis Vuitton. #MyFLV architecture photography competition.
 LVMH 2018 . Corporate philanthropy

S U P P O R T I N G C U LT U R E,
YO U N G P E O P L E
A N D H U M A N I TA R I A N
PROJECTS

FOR OVER 20 YEARS, LVMH’S GROUNDBREAKING CORPORATE PHILANTHROPY

HAS EXPRESSED THE CULTURAL, ARTISTIC AND HUMANITARIAN VALUES THAT UNITE
ALL ITS MAISONS, AND UPON WHICH THEY HAVE BUILT THEIR SUCCESS.

Culture, heritage and contemporary design open to fashion designers from all over the world. In 2018,
actress Emma Stone and multidisciplinary young artist
In 2018, LVMH maintained its commitment to supporting Jaden Smith presented Masayuki Ino with the Grand
art, culture, heritage and contemporary design. LVMH has Prize, together with a grant of €300,000 and a year-long
been a loyal patron of the “Nuit Blanche” night-time arts mentorship provided by a dedicated team, in a ceremony
festival for more than eleven years, and once again provided held at the Fondation Louis Vuitton. The panel of judges
support alongside the City of Paris this year to the French also decided to award a special prize to Rok Hwang
and international arts scene, giving center stage to contem- for Rokh. He will receive €150,000 as well as a year of
porary artists at an event open to all in the heart of Paris. mentoring by LVMH.
In the spring of 2018, LVMH took part in the reopening of
the Queen’s Hamlet at the Palace of Versailles, renovated Opportunities for young people
thanks to Dior’s patronage. Then, in the fall, it sponsored
Cubism, the major retrospective at the Centre Pompidou In 2018, LVMH’s patronage of programs for young people
in Paris. focused on music. It notably renewed its support for
LVMH also launched several initiatives to preserve and “Orchestre à l’école”, enabling some 200 children all over
enrich France’s cultural and artistic heritage. With its nearly France to learn a musical instrument as part of a special
€8 million donation, LVMH spearheaded the “Become a educational program. The Group also supported the
Patron!” crowdfunding campaign launched by the Louvre Opéra Comique’s promotion of cultural activities by gifting
museum to acquire King François I’s Book of Hours. This 500 season tickets for 2018-2019 to young people.
acquisition was finalized in 2018. The Group thus made a LVMH also once again loaned out the Stradivariuses in
crucial contribution towards returning this masterpiece of its collection.
French Renaissance jewelry and metalwork to France’s
national collections. In addition, LVMH made it possible Backing medical research
to acquire another national treasure for Versailles: the and certain social causes
silver pitcher given to Louis XIV by the King of Siam. These
acquisitions are testimony to the bonds of friendship and Lastly, the Group supported numerous institutions well-
trust that have united the Palace of Versailles, the Louvre, known for their work with children, the elderly and people
and LVMH since the restoration of the Africa, Crimea and with disabilities, and for their efforts to combat major causes
Italy rooms in 1992 and the acquisition of David’s Portrait of suffering and exclusion, in particular by supporting
of Juliette de Villeneuve in 1998. LVMH also provided Secours Populaire, a French nonprofit, and Fraternité
support for the opening of the Giacometti Institute in Universelle, a foundation in Haiti. In 2018, LVMH also
Paris last spring. In 2018, LVMH held the fifth edition of supported a number of scientific teams and foundations
the LVMH Prize for Young Fashion Designers, which is involved in cutting-edge public health research.

38 • 39
Jean-Michel Basquiat, Napoleonic Stereotype Circa 44, 1983.
 LVMH 2018 . Corporate philanthropy

Fond at ion Lou i s Vu it ton con sol id ates

its pos it ion a s a lead i n g i n s t it ut ion
on t he glob a l a r ts scene

The Fondation Louis Vuitton had a record- exhibition, held by the Fondation’s reflecting
breaking year, with nearly 1.2 million visitors pool, retraced the artist’s meteoric rise, from
in 2018. This success reflected its excep- when he turned eighteen in 1908 to his
tional programming, which enthralled visitors death in 1918, with more than 100 of his
throughout the entire year. works. When they ended in January 2019,
Until March 2018, the Being Modern: MoMA these two exhibitions totaled more than
in Paris exhibition made it possible, for the 676,000 visitors.
first time in France, to host an exceptional From February 20 to June 17, 2019, the
selection of 200 works brought to Paris Fondation, in partnership with the Courtauld
from New York to recount the history of the Gallery in London, will hold an exhibition
Museum of Modern Art and its vocation as entitled The Courtauld Collection: A Vision
a collector. for Impressionism. For the first time in more
In the spring and throughout the summer, the than sixty years, it will bring together in
In Tune with the World exhibition featured Paris the collection of Impressionist and
a selection of modern and contemporary Post-Impressionist works of the English
works from the Fondation’s collection, by industrialist and art patron Samuel Courtauld,
around thirty artists including Alberto featuring an exceptional selection of around
Giacometti, Henri Matisse, Gerhard Richter, 110 works, including some sixty internationally
Pierre Huyghe, Yves Klein and Takashi renowned works by the movement’s most
Murakami. iconic figures, such as Cézanne, Gauguin,
In the fall, the Egon Schiele and Jean-Michel Manet, Seurat and Van Gogh. In parallel,
Basquiat exhibitions – held simultaneously the Fondation Louis Vuitton’s other exhibi-
but as part of separate exhibits – plunged tion spaces will be used to show A Vision
visitors into the life and work of these for Painting, a new selection of 70 never-
two 20th-century icons. The Jean-Michel before-seen works from its collection by
Basquiat exhibition, which featured nearly 23 French and international artists from
120 of the artist’s major works, covered the the 1960s to today, including Joan Mitchell,
period from 1980 to 1988, with his works Alex Katz, Gerhard Richter, Ettore Spalletti,
grouped by date and by topic over the Yayoi Kusama and Jesús Rafael Soto.
Fondation’s four levels. The Egon Schiele

40 • 41
Loro Piana, Vicuña reserve.
 LVMH 2018 . Ethics and responsible partnerships

ETHICS AND R ESPONSIBLE

PA R T N E R S H I P S

THE LVMH GROUP CULTIVATES ITS DIFFERENCE THROUGH

A CONSTANT QUEST FOR EXCELLENCE. WE MUST THEREFORE
BE EXEMPLARY WHEN IT COMES TO ETHICS, CORPORATE
SOCIAL RESPONSIBILITY, AND RESPECT FOR OUR STAKEHOLDERS.

Benchmark ethical texts and their application LVMH works collaboratively to implement appropriate
policies and systems, raise awareness within its Maisons
LVMH’s commitments to its employees and stakeholders and ensure they make progress, particularly in managing
are reflected in its long-standing support for benchmark these issues and their relations with suppliers regarding
initiatives such as the United Nations Global Compact, environmental, social and ethical matters. It aims to pro-
and in the adoption of internal charters and codes of mote and ensure sustainable supply chains.
conduct which serve as benchmark texts for all of its
Maisons. These include the LVMH Code of Conduct, the Fair and responsible relations with our partners
Supplier Code of Conduct, the Environment Charter and
the Recruitment Code of Conduct. In 2017, LVMH also Supporting our partners is a key strategic priority. LVMH
drew up a charter on working relations with and the aims to establish long-term relations with them based on
well-being of fashion models, which is applied by all its a shared quest for excellence and a desire to establish a
Maisons worldwide. set of common ethical rules, practices and principles.
The Group has two dedicated bodies that ensure its values For example, the Group is developing a global policy to
and benchmark ethical texts are applied at the operating ensure that its partners and suppliers adopt best environ-
level. They are: the Ethics and Sustainable Development mental, social and societal practices. The policy involves
Committee within the Board of Directors, which is com- sensitizing them to the overall issues and providing train-
prised mostly of independent directors, and the Ethics & ing in areas specific to their own activities. LVMH and its
Compliance department. Maisons take a collaborative approach and support
The Group’s senior executive team coordinates the initia- them with audits and the rollout of action plans, where
tives of the Ethics & Compliance department with the necessary – over 1,000 audits were conducted in 2018.
actions of the Audit, Internal Control, Operations, Procure- LVMH’s policy for the responsible sourcing of raw materi-
ment, Environment, Social Development, and Financial als of animal origin is a key example of this commitment.
Communication departments. The Group firmly believes it must continue to promote
Given its businesses, LVMH reflects these commitments animal well-being, and protect species, the environment
and values by paying special attention to various issues. and working conditions all along the supply chain. LVMH
It notably focuses on implementing an employee inclusion plays a proactive role in improving and establishing best
and personal growth policy; promoting and passing on standards. It has been the driving force behind a certifica-
expertise and key skills; protecting personal data; reduc- tion procedure which means it can guarantee excellent
ing its impact on ecosystems and natural resources; and practices and compliance with the highest standards
establishing and maintaining responsible supply chains. by all its suppliers.

Further information can be found in the “Environment” section and in the 2018 Reference Document.

42 • 43
BUSINESS GROUP
INSIGHTS
 LVMH

Wi nes &
Spir its

2018
 A VA L U E - E N H A N C I N G S T R A T E G Y
FOR LASTING SUCCESS

LVMH owes its global leadership in premium wines and Responsible procurement policy
spirits to a unique group of exceptional Maisons based in
Champagne, Bordeaux and other highly renowned wine- To support future growth and maintain the very high
growing regions. Inspired by their visionary founders and quality that has made its Maisons a success, the Wines &
drawing on their strong heritage – which for some goes back Spirits business group pursues a dynamic, responsible
hundreds of years – they all share the key values of excel- procurement policy. All the vineyards owned by LVMH
lence and creativity, combining tradition with innovation. have had sustainable winegrowing certification since 2017,
and the Maisons forge partnerships with winegrowers
Well-balanced, worldwide presence by helping their grape suppliers comply with these
certifications. They are also actively developing their pro-
Against the current backdrop of supply constraints, Moët duction capacities. For example, the responsible, innova-
Hennessy continues to pursue a value-enhancing strategy tive and efficient Pont Neuf bottling and logistics facility
focused on high-end market segments. The balanced inaugurated by Hennessy in 2017 reflects the Maison’s
geographic expansion of its portfolio of brands continues long-term vision.
thanks to a powerful and agile global distribution network
present in over 160 countries.

2018 Revenue by region

(in %)

Other France
markets 6%
14%

As ia Europe
(excl. Japan) (excl. France)
23% 19%

Japan United States

6% 32%

Champagne Cognac
Revenue s ales volumes s ales volumes

€ 5 , 14 3 m 6 4 .9 m i l l ion 93 . 3 m i l l ion
+5% (1) b ot t l e s b ot t l e s

Profit from recur ring Operating

operations investments

€ 1 , 62 9 m € 2 98 m
+5% +2%

(1) On a constant consolidation scope and currency basis.

 LVMH 2018 . Wines & Spirits

Dom Pérignon
48 • 49
 

AS PART OF LES JOURNÉES PARTICULIÈRES,

JOURNALIST AND PODCAST HOST JULIEN CERNOBORI MET
OUR MAISONS’ ARTISANS IN THE PLACES WHERE THEY
WORK AND CREATE. THESE PASSIONATE INDIVIDUALS
EMBODY THE GROUP AND ITS VALUES. SELECTED EXCERPTS.

RU INA RT C H Â T EAU D ’ Y Q U E M HENNESSY

“The ultimate goal for a sommelier “I care for the vineyard “I want to make something
is to become a Cellar Master, like a daughter.” that lasts.”
but for me the most important RACHEL DESBLÉS CHRISTOPHE PIERRE
thing is to keep learning.” Wine-grower at Château d’Yquem Cask-maker

CAROLINE FIOT
Oenologist and Cellar Master Rachel Desblés’ laughter rings Christophe Pierre’s gentle, soothing
out across the Château d’Yquem voice transports us to Cognac.
In a “crayère” chalk quarry under vineyards where she tends to A cask-maker since the age of 18,
the city of Reims, Caroline Fiot the vines lovingly. Working he explains how important the
explains how she joined the house to the strains of “La vie est belle” senses are. He works alongside
of Ruinart. As she walks down by French pop group Indochine, his childhood friend, perpetuating
the Magnums gallery, the young she perpetuates ancestral techniques the age-old traditions of his peers
oenologist’s sense of wonder learnt from her aunt Danièle. and leaves his mark for posterity.
is palpable as she proudly describes
a day’s work in this legendary place.

Scan the QR code with your smartphone to listen to the full collection of “Confidences Particulières” podcasts.
 LVMH 2018 . Wines & Spirits

Major s t r ateg ic pr ior it ies

Pursue value creation strategy.

Develop production capacities to ensure

sustainable growth.

Further improve efficiency of distribution

in key markets.

2018 at a glance
Good momentum in China and significant growth in Europe and the United States,
despite supply constraints
The business group reaffirmed its leadership position by pursuing its value strategy and
balanced geographic development. In the champagne business, prestige vintages performed
remarkably well, while a firm price increase policy continued. A key highlight of the year was
the exceptional harvest both in terms of quantity and quality. Hennessy cognac recorded
good growth in the US market against a backdrop of tight supply; the Chinese market
experienced strong momentum. Glenmorangie and Ardbeg whiskies grew rapidly. Our
prestige wines obtained the best ratings.

Outlook
Excellence, innovation and careful attention to customers’ specific expectations in each
country will continue to drive growth and value creation in the Wines & Spirits business
group in the coming months. In an uncertain global context, all Maisons will rely on their
highly dedicated staff, their drive for excellence and innovation, and the strong appeal
of their brands to continue securing and sustainably building their long-term future. The
diverse range of customer experience they have built up, thanks to the strength of their
creative, high-quality product portfolios, will help them adapt to new lifestyles and win over
the next generation of consumers.
Moët Hennessy’s powerful and agile global distribution network is a major asset, enabling
it to react to changes in the economic environment and seize every opportunity to increase
market share. Increasing production capacity remains a top priority, along with a very active
sourcing policy for all Maisons. As part of their long-term vision, all Maisons aim to step up
their sustainability commitment to protect the environment and preserve their expertise.

50 • 51
 2018 HIGHLIGHTS

The champagne Maisons enhanced their value

propositions in a particularly competitive market.
While champagne volumes were down 1%,
organic revenue growth was 4%. The increased value
was driven by more rapid growth in prestige cuvées
and a firm price increase policy. For all Maisons, it was
a year of exceptional harvests in terms of both quality
and quantity.
Moët & Chandon consolidated its leading position
with solid growth in value, driven by successful product
innovations such as Ice Impérial and Ice Impérial Rosé.
In June, the Maison unveiled its new signature, “Must
be Moët & Chandon”, and in December announced
a partnership with the FIA Formula E championship
for electric cars.
Dom Pérignon continued to reaffirm its unique model.
Its growth was driven by Dom Pérignon Vintage 2009
and Dom Pérignon 2000 Plénitude 2. A highlight of the
year was the passing of the torch by Richard Geoffroy –
the Maison’s Cellar Master for the past 28 years –
on to Vincent Chaperon, who has worked alongside
him since 2005. An artistic collaboration was launched
with Lenny Kravitz.

–
Nathalie Balla, winner
of the Businesswoman of the Year Award

In November 2018, Veuve Clicquot presented its

46th Businesswoman of the Year Award to Nathalie
Balla, co-CEO of La Redoute and Relais Colis.
Moët & Chandon
Meanwhile, its Prix Clémentine award went to Shanty
Baehrel, founder of Shanty Biscuits. Every year, the
Maison celebrates female entrepreneurship with these
awards. The Businesswoman of the Year Award, which
was created in 1972 to mark the Maison’s bicentennial,
recognizes exceptional women for their entrepreneurial
spirit and pays tribute to Madame Clicquot, who founded
the champagne house and was herself a trailblazing
businesswoman.
 LVMH 2018 . Wines & Spirits

On the occasion of its 160th anniversary, Mercier

unveiled a fully renovated visitor center. Following
another record-setting year, Ruinart confirmed
its growth, driven in particular by its premium
cuvées and its iconic Blanc de Blancs. The Maison’s
oenological excellence was highlighted once again
by the launch of Dom Ruinart 2007. Its support
for contemporary art was illustrated by photographer
Liu Bolin’s creations depicting the people and
expertise behind Ruinart.
In 2018, Veuve Clicquot celebrated the bicentennial
of the first-ever blended Rosé, created by Madame
Clicquot. The Maison continued to honor women
entrepreneurs around the world by launching the Veuve
Clicquot Businesswoman of the Year Award in Japan,
Hong Kong, Russia and South Korea. Construction
continued at its new production site near Reims.
Krug gained momentum with Krug Grande Cuvée
166e Édition and Krug Rosé 21e Édition. The Krug
Encounters program, rolled out worldwide, met with
great success and the Krug Echoes communication
platform was enriched with the addition of innovative
tasting experiences.

–
Generosity in action
Various initiatives were rolled out at Moët Hennessy
to celebrate International Women’s Day. These
included the launch of the La générosité donne
des Elles program, which organizes fundraising
challenges so teams of women representing Moët &
Chandon, Dom Pérignon, Ruinart and Mercier
can take part in the Raid Amazones 2019 women-only Veuve Clicquot

adventure sports contest. Funds raised will

also be used to make donations to local nonprofits
in countries along the Raid Amazones route.

52 • 53
 Estates & Wines reinforced its wines’ reputation
for excellence among consumers and opinion leaders:
Terrazas de los Andes was named Argentine Wine
Producer of the Year, while Newton was recognized by
industry publications, receiving exceptional tasting notes.
Chandon launched Aluminum Sweet Star Mini, a single-
serving bottle, in the United States. Chandon Brut was
named Best Australian Sparkling Wine and Baron B Brut
Nature was selected as Best Argentine Sparkling Wine,
crowning the excellent work of its oenologists.
Hennessy maintained excellent momentum in
its strategic markets (the United States and China)
as well as emerging markets (Africa, the Caribbean,
Russia and Eastern Europe), with all its ranges of cognac
contributing to this performance in a supply-constrained
environment. Organic revenue growth in 2018 came
to 7%, with volumes up 3%. The Maison continued
to innovate across the various quality grades in its
portfolio. It also maintained a high level of investment
Hennessy
to ensure the excellence of its eaux-de-vie and increased
its production capacity at the new Pont Neuf site –
an exemplary model of sustainable design – which

–
Ever more sustainable
winegrowing at Hennessy
Hennessy is a member of the DEPHY farm network
which promotes crop cultivation using less plant
protection products. In 2018, the Maison used the
Glenmorangie
mating disruption technique across 46 hectares
of land to reduce insecticide use and tested innovative
approaches such as using algae-based organic fungicide.
Hennessy also supports its winegrowing suppliers,
with the ambitious goal of ensuring that they are
all committed to a sustainable framework by 2021.
 LVMH 2018 . Wines & Spirits

was inaugurated in 2017. Marketing campaigns allowed

it to reach target customers with even more precision,
while the online portion progressed strongly.
Glenmorangie and Ardbeg whiskies delivered a solid
performance, fueled by ongoing innovation and value
creation provided by prestigious offerings designed
for connoisseurs and collectors. An ambitious expansion
plan is underway for both companies’ distilleries.
Belvedere vodka’s growth was also driven by innovation.
Its new Single Estate Rye series received numerous
awards. The brand maintained its commitment to social
and environmental responsibility.
Volcán De Mi Tierra tequila, launched in 2017, continued
its selective rollout in its two main markets, the United
States and Mexico.
Woodinville Whiskey Company successfully began
its commercial expansion outside Washington State.
The Clos19 online platform enriched its selection
of exclusive products and experiences. It continued
its expansion in the United States and consolidated
its position in the United Kingdom and Germany.

Krug

–
Belvedere innovates
to boost energy efficiency
After obtaining the ISO 50001 energy management
certification, Belvedere continues efforts to optimize
its energy performance, and did not hesitate to call
on research and development teams to help it move
forward. With the support of LVMH’s in-house carbon
fund, the Maison launched a landmark project in Poland
in 2018: it will use cutting-edge technology to design
a cogeneration system that will generate electricity
and steam from biomass. The Maison will invest
€2 million to develop this system, which will be
pioneering by virtue of its small size and industrial use.

54 • 55
 LVMH

Fash ion &

Leat her Good s

2018
 A U N I Q U E A S S E M B LY
O F C R E AT I V E TA L E N T

Louis Vuitton’s leadership around the world, the develop- creative freedom, a source of perpetual renewal and
ment of a collection of exceptional brands whose success innovation.
is consolidated year after year, and its active support for By ensuring the right balance between new releases and
young designers make LVMH a key player in the fashion iconic leather goods lines, the Maison continues to dazzle
and leather goods industry. and surprise its customers, and to make its stores ever
more inspiring.
New designers
An engaged industry leader
Working with the best designers, while respecting the
spirit of each brand, is one of our strategic priorities. Our LVMH has always been committed to supporting young
creative directors promote the Maisons’ identities, and designers and up-and-coming talent. The LVMH Prize
are the artisans of their creative excellence and their for Young Fashion Designers was created to reaffirm
ability to reinvent themselves. this commitment. Each year, it recognizes one person’s
outstanding creative talent.
The right balance of iconic As a fashion industry leader, LVMH feels a duty to nurture
products and innovation the creative talent of the future. It also feels a duty to
ensure the well-being of the fashion models who work for
Since 1854, Louis Vuitton’s success has been built on the its Maisons. This belief resulted in its decision to draft the
flawless execution of its unique trunk-making expertise, Charter on Working Relations with Fashion Models and
its complete control over distribution and its exceptional Their Well-Being.

2018 Revenue by region

(in %)

Other France
markets 9%
8%

As ia Europe
(excl. Japan) (excl. France)
31% 23%

Japan United States

11% 18%

Profit from recur ring Operating Number

Revenue operations investments of stores

€ 18 ,4 5 5 m € 5 ,94 3 m € 8 2 7  m 1 , 8 52
+15% (1) +21% +47% +5%

(1) On a constant consolidation scope and currency basis.

 LVMH 2018 . Fa s h i o n & L e a t h e r Go o d s

Fendi
58 • 59
 AS PART OF LES JOURNÉES PARTICULIÈRES,
JOURNALIST AND PODCAST HOST JULIEN CERNOBORI MET
OUR MAISONS’ ARTISANS IN THE PLACES WHERE THEY
WORK AND CREATE. THESE PASSIONATE INDIVIDUALS
EMBODY THE GROUP AND ITS VALUES. SELECTED EXCERPTS.

B E R LU T I THÉLIOS DIOR

“Making a bespoke pair of shoes “We’re creators of eyewear – we take “I give the fabric a soul.”
is like a voyage, a long expedition the concept and bring it to tangible ISABELLE ANDRÉ
– with twists and turns, encounters… fruition.” Dressmaker

It’s anything but lonely.” DANIEL TOMASIN

Prototype Laboratory Manager at Thélios On the fifth floor of the Christian
JEAN-MICHEL CASALONGA
Master shoemaker Dior Couture workshop, amid rolls
Against the breathtaking backdrop of fabric and dressmakers’
From Berluti’s workshop just of the Dolomites, Thélios mannequins, Isabelle André brings
off the Champs-Élysées in Paris, Prototype Laboratory Manager Christian Dior dresses to life. She
Jean-Michel Casalonga waxes Daniel Tomasin, tells us how lucky has cultivated her expertise from
lyrical about the key stages involved he is, lucky to have started from a very young age and takes almost
in crafting a pair of bespoke shoes, scratch. As a child, he wasn’t childish delight in narrating her
about the unusual people he’s very fond of school; as an adult, own fairy-tale career.
met… He describes his profession he describes his life as a quest
as a revelation. for creation and novelty.

Scan the QR code with your smartphone to listen to the full collection of “Confidences Particulières” podcasts.
 LVMH 2018 . Fa s h i o n & L e a t h e r Go o d s

Major s t r ateg ic pr ior it ies

Continue to develop Louis Vuitton, blending the timeless

and the modern, while preserving its unmatched
quality standards and exclusive distribution channel,
which is unique worldwide.

Reinforce the Maisons’ desirability and profitable growth.

2018 at a glance
Exceptional performance of Louis Vuitton across all its businesses
and strengthening of other Maisons
Louis Vuitton delivered an exceptional performance, to which all businesses and regions
contributed. Its creative strength lies notably in its iconic leather goods lines which are
continuously rejuvenated, and in its ready-to-wear and shoe lines, designed by the respective
Louis Vuitton Creative and Artistic Directors, Nicolas Ghesquière for the women’s collections
and Virgil Abloh, who joined in 2018, for the men’s collections. The qualitative development
of its stores continued in a very selective way. Christian Dior had an excellent first full year
within LVMH thanks to the creativity of Maria Grazia Chiuri for the Women’s collections and
to the arrival of Kim Jones, the new Artistic Director of Dior Homme. Fendi and Loro Piana
continued to assert their know-how throughout their collections. Celine entered a new and
ambitious stage of its development with the arrival of Hedi Slimane as Artistic, Creative
and Image Director of the brand. His first runway show in October was a global success.
Givenchy, Loewe and Kenzo progressed well. The other brands, Berluti, with the arrival of
Kris Van Assche, and Rimowa, continued their dynamic momentum.

Outlook
Louis Vuitton will keep building its growth on its creative momentum and its unique traditional
craftsmanship. In terms of products, high-profile initiatives will be launched in all businesses.
Plans are underway for a number of emblematic stores. Campaigns and events connected with
Louis Vuitton’s business highlights will support these developments. The Maison will continue
to reinforce its production capacity with the opening of a new workshop in Beaulieu-sur-Layon
in the Maine-et-Loire department of western France in early 2019.
Christian Dior has set itself ever more ambitious targets for the months ahead. Creativity,
innovation and expertise will continue to fuel its business, and several high-impact events
in key markets will increase the brand’s international reach. Fendi plans to step up the pace
of its growth, with a number of product launches in the coming months and strong perfor-
mance in ready-to-wear collections as well as the expansion of its leather goods offering.
The first highlight of the year will involve a refocus on its iconic Baguette handbag. At Celine,
its new designer’s first ready-to-wear collections will debut in boutiques in the first half of
the year, marking the beginning of the rollout of its new store concept.

60 • 61
 2018 HIGHLIGHTS

Louis Vuitton’s excellent performance was driven

by its momentum in all its creative areas, and reflected
an ideal balance between the vitality of its iconic
product lines and the contribution of fresh new designs.
Opening a new chapter for its Menswear collections,
Virgil Abloh’s first runway show in June was met with
an enthusiastic welcome. Continuing a longstanding
tradition of artistic friendships, the collaboration
between Creative Director of Womenswear Nicolas
Ghesquière and stylist Grace Coddington featured
a playful assortment of animals across a collection of
handbags, accessories and footwear. In leather goods,
a new line – New Wave – made its debut, and the iconic
Twist, Capucines and Néonoé models were revisited.
The first Louis Vuitton fragrances for men were
launched, while the women’s perfume collection was
expanded. With the launch of its most recent creation,
Attrape-Rêves, actress Emma Stone became the star
of Louis Vuitton’s first fragrance film.

–
Certified exotic leathers
for Heng Long and LVMH
LVMH’s global policy on animal well-being and breeding
Louis Vuitton
conditions is at the forefront of crocodile leather supply
regulations, since the Group has launched a brand
new standard. The new criteria were developed
and approved by a committee of technical specialists,
including independent organization NSF International.
The new certification, which reinforces the tannery’s
existing traceability requirements, has already been
awarded to three farms that supply Heng Long, LVMH’s
wholly owned, Singapore-based tannery. LVMH intends
to ensure that all the farms supplying Heng Long
are certified by 2020.
 LVMH 2018 . Fa s h i o n & L e a t h e r Go o d s

In its constant quest to offer its customers unique

experiences, the Maison continued enhancing
the quality of its retail network, renovating its South
Coast Plaza store in California. Pop-up stores were
also opened in several cities around the world. To meet
high demand for its products, Louis Vuitton opened
a new workshop in the Vendée department of western
France in 2018. In October, the Maison was awarded
the Butterfly Mark by Positive Luxury for its commitment
to excellence in the field of environmental and social
responsibility. Continuing its worldwide tour, the “Volez,
Voguez, Voyagez” exhibition touched down in Shanghai
at the end of the year.
For its first full year as part of the LVMH Group, Christian
Dior Couture turned in a remarkable performance in all
its product categories and all its regions, and enhanced
its appeal worldwide. Dior’s excellence and creativity
were on display, particularly at the runway shows for
Maria Grazia Chiuri’s womenswear collections: the highly
acclaimed Spring/Summer 2018 Haute Couture show,
an ode to surrealism, was followed by an extraordinary
masked ball in the gardens of the Rodin Museum;
the Cruise show was held at the Domaine de Chantilly,
with a spectacular performance by traditional female
equestrians from Mexico; the Spring/Summer 2019
Ready-to-Wear collection was accompanied by a poetic
ballet of contemporary dance. In June 2018, the new
Creative Director of Menswear Kim Jones had his runway
debut with the Spring/Summer 2019 show, held in
the courtyard of the French Republican Guard in Paris,
which was a resounding success, as was the Fall 2019
show held in Tokyo in November 2018. Dior’s iconic Toile
de Jouy design embellished the imposing facades
of its largest boutiques. In another first, the Dior Dior
Dior high jewelry collection was exhibited at the City
of Paris’ Museum of Modern Art during Couture Week,
and was a great success.
Fendi continued to reaffirm its creativity and expertise
through its ready-to-wear, handbag and footwear
collections, as well as its Couture runway show in Paris,
designed by Karl Lagerfeld and Silvia Fendi. The iconic
Peekaboo handbag was showcased in an innovative Christian Dior Couture

digital marketing campaign, while two capsule collections

– FF Reloaded and Fendi Mania – were launched,
expressing a highly contemporary side of the brand.

62 • 63
 Fendi reinforced its retail network and reaffirmed its
commitment to preserving expertise with an exhibition
in Rome and strong involvement in LVMH’s Institut des
Métiers d’Excellence.
Growth at Loro Piana was driven in particular by the
success of its recent collection, The Gift of Kings, made
from the world’s finest wool, an emblem of the excellence
of the raw materials sourced by the company. Its Baby
Cashmere, another exceptional material, celebrated
its 10th anniversary at a series of pop-up stores around
the world. Footwear turned in an excellent performance.
The brand focused on developing women’s ready-
to-wear and the customer experience in a network
of stores whose expansion remained selective.
Celine’s momentum remained strong, driven by the
ongoing success of its leather goods lines. It embarked
on a new phase in its development with the arrival
of Hedi Slimane as Artistic, Creative and Image Director.
In September, his first runway show was a great success
and had a huge impact in the fashion world.
Givenchy was boosted by the success of Clare Waight
Keller’s first collections, available in boutiques starting
in February. The design of the Duchess of Sussex’s
wedding gown substantially raised its brand exposure.
Clare Waight Keller’s talent was recognized several
times throughout the year, particularly at the British
Fashion Awards. A flagship boutique was inaugurated
on New Bond Street in London.
Under the leadership of its Creative Director Jonathan
Anderson, Loewe achieved very strong momentum,
with the success of its new Gate line of leather goods
and rapid growth in ready-to-wear. A wide range
of gifts was on offer at the end of the year. The brand
continued to selectively expand and improve its network.
Kenzo’s casual urban offering was expanded, with
Menswear performing especially well. Women’s ready-
to-wear reaffirmed the balance sought between
modernity and desirability. One of the year’s highlights
was a significant geographic expansion, with the brand
opening boutiques and inaugurating its digital presence
in the United States, and resuming retail operations
in China and Macao.
Berluti achieved strong performance and expanded
its retail network. All product categories posted growth,
Celine especially exceptional items such as tailored footwear,
 LVMH 2018 . Fa s h i o n & L e a t h e r Go o d s

exotic leathers and special orders. The Zero Cut shoe,

crafted from a single piece of leather, expresses
the quintessence of Berluti’s shoemaking expertise.
The year was marked by the arrival of Kris Van Assche
as its new Artistic Director.
Marc Jacobs continued to reorganize and to develop
its product lines. Its Snapshot leather goods line saw
rapid growth. A pop-up store was opened on Madison
Avenue in New York to mark the launch of the Redux
Grunge Collection 1993/2018 capsule collection.
Rimowa continued its collaborations to design limited-
edition suitcases. The collections designed together
with streetwear brand Supreme and Off-White, Virgil
Abloh’s label, were very well received and enhanced
Rimowa’s appeal. The brand celebrated its 120th
anniversary and launched its first global marketing
campaign.
Thomas Pink revised its visual identity and became
Pink Shirtmaker London.

–
Loro Piana takes action
to save water in Peru Givenchy

Loro Piana, which is highly committed to the breeding

of vicuñas of Peru, launched the Acqua project. The aim
is to protect water, which is becoming increasingly
scarce in some areas as a result of climate change.
This trend is causing irreversible damage to the vicuñas’
habitat and, more generally, to the local fauna, flora
and populations. The Maison is testing several technical
solutions in the Arequipa region designed to collect
water in holding tanks so it can be used to irrigate
pastures and create wetlands. The most efficient
solutions will be rolled out on a large scale, including
in other regions of Peru.

64 • 65
 LVMH

Per f u mes &

Cosmet ics

2018
 FO C US I N G ON QUA L I T Y A N D
C U L T I VA T I N G O U R U N I Q U E N E S S

LVMH is a key player in the perfume, makeup and skin- gaining market share, which depends more than ever
care sector, with a portfolio of world-famous established before on quality, product performance and a robust
names as well as younger brands with a promising future. innovation policy. In the heart of France’s Cosmetic Valley
The exceptional momentum of LVMH’s Maisons is driven business cluster, researchers at LVMH’s Hélios R&D facility
by growth in its flagship lines as well as bold new products. play a crucial role in helping the Maisons meet these
They are all driven by the same values: the pursuit of requirements.
excellence, creativity, innovation and control of their
brand image. Excellence and innovation in retailing

Consistent market share gains All brands are accelerating the implementation of their
online sales platforms and stepping up their digital con-
With surging demand in Asia and the huge popularity of tent initiatives. Excellence in retailing is key, requiring
makeup among younger generations, the global perfume expertise and attentiveness from beauty consultants, as well
and cosmetics market is highly competitive and features as innovation at points of sale. Our brands are actively
shorter and shorter innovation cycles. In this context, all incorporating digital tools to enhance the customer
of LVMH’s Maisons continue to pursue their objective of experience and attract new consumers.

2018 Revenue by region 2018 Revenue by product c ategor y

(in %) (in %)

Other France Skinc are Perfumes

markets 11% products 35%
11% 18%

Asia Europe
(excl. Japan) (excl. France)
35% 22%
Makeup
Japan United States
47%
5% 16%

Profit from recur ring Operating Number

Revenue operations investments of stores

€ 6,092 m € 676 m €3 3 0 m 354

+14% (1) +13% +15% +18%

(1) On a constant consolidation scope and currency basis.

 LVMH 2018 . Pe r f u m e s & C o s m e t i c s

Parfums Christian Dior

68 • 69
 AS PART OF LES JOURNÉES PARTICULIÈRES,
JOURNALIST AND PODCAST HOST JULIEN CERNOBORI MET
OUR MAISONS’ ARTISANS IN THE PLACES WHERE THEY
WORK AND CREATE. THESE PASSIONATE INDIVIDUALS
EMBODY THE GROUP AND ITS VALUES. SELECTED EXCERPTS.

MAISON FRANCIS GUERLAIN PA R F U M S

K U R K DJ IA N C H R I S T IA N DI OR
“Perfume is a form of expression.”
“I never start with the fragrance. THIERRY WASSER
“Growing flowers is magic –
That comes at the end of the story.” Master Perfumer it’s a little girl’s dream come true.”
FRANCIS KURKDJIAN ARMELLE JANODY
Perfumer You need a nose to be a perfume Perfume flower farmer
designer, but there’s much more to
Francis Kurkdjian grew up it than that. It’s also about alchemy, “Le Clos de Callian” sounds like
in a happy, creative home, where mystery and imagination. All these the kind of village name you’d find
he developed a taste for the things are imbued in you as a child. in a fairy tale. Perhaps Armelle
spectacular, for clothes and for Thierry Wasser, Master Perfumer at Janody had a date with destiny when
celebrations. In his Parisian studio, Guerlain, gives a passionate portrayal she went for that walk in her
he recalls with amusement the of his craft, a lifetime’s work. new home. By what twist of fate
letter that changed the course did she become Parfums Christian
of his life. Dior’s perfume flower farmer?

Scan the QR code with your smartphone to listen to the full collection of “Confidences Particulières” podcasts.
 LVMH 2018 . Pe r f u m e s & C o s m e t i c s

Major s t r ateg ic pr ior it ies

Maintain our creativity in innovation and communications.

Focus on developing Parfums Christian Dior

in harmony with Couture.

Pursue the global expansion of our other brands.

2018 at a glance
Strong progress of flagship brands and rapid progress in Asia
Parfums Christian Dior experienced remarkable growth and increased its market share in
all regions of the world. The launch of its new perfume Joy and the exceptional worldwide
success of Sauvage and the other iconic perfumes J’adore and Miss Dior are behind the
strong growth of the Maison. Makeup and skincare also grew rapidly. Guerlain progressed
well, driven in particular by the success of Abeille Royale in skincare and Rouge G in
makeup. Benefit strengthened its leading position in the eyebrow segment and Parfums
Givenchy accelerated its performance, thanks in particular to makeup and its new perfume
L’Interdit. Fresh and Fenty Beauty by Rihanna continued their exceptional growth.

Outlook
In a highly competitive market environment, the Perfumes and Cosmetics business group
will draw on the strength of its well-differentiated brand portfolio to win new market share.
Its brands will focus on gaining innovative momentum, retail quality and digital marketing.
Parfums Christian Dior will innovate in its three product categories. In perfume, the brand
will continue to showcase its global pillars, with strong marketing support in conjunction
with Couture, and will accelerate the rollout of its boutique concept as well as its initiatives
to build a unique customer experience around perfume, both in-store and online. Drawing
on the expertise of professional makeup artists and the brand’s couture spirit, makeup will be
the focus of an extensive innovation plan, backed by a bolstered digital activation strategy.
Dior skincare – which aims to accelerate the brand’s growth in the Prestige and anti-aging
lines – will be boosted by momentum in Asia. Guerlain will continue rolling out its Guerlain
Parfumeur boutiques; expand its flagship makeup and skincare ranges; and launch a
high-performance, highly natural foundation, in line with its “In the Name of Beauty” com-
mitment to sustainability. A new version of its L’Interdit fragrance and bold innovations in
makeup will help speed up growth at Parfums Givenchy. Benefit’s initiatives will mainly
focus on brow products, to consolidate its lead in this category, and on conveying its unique
positioning, particularly in the digital realm. Kenzo will launch a light eau de parfum version
of Flower by Kenzo and a new variant of Kenzo World. Parfums Loewe will roll out its fresh
new brand identity, backed by a groundbreaking marketing campaign strengthening its
ties with the world of couture. Fenty Beauty by Rihanna will continue its international
expansion, particularly in Asia.

70 • 71
 2018 HIGHLIGHTS

Parfums Christian Dior had another excellent year

and gained market share, underscoring the vitality
of its iconic fragrances and the success of its innovations.
J’adore, boosted by a new marketing campaign, made
further progress and Miss Dior established its leadership
in Asia. Men’s fragrance Sauvage, which had an Eau
de Parfum version added to its range, saw exceptional
growth. With the launch of Joy by Dior, embodied
by actress Jennifer Lawrence, the brand added a fresh
new scent to its olfactory landscape. The Maison
Christian Dior boutique concept, offering a collection
of exceptional fragrances, confirmed its appeal with
excellent results. Parfums Christian Dior showcased
its roots in Grasse; a source of inspiration and a creative
hub (with Les Fontaines Parfumées, François Demachy’s
fragrance laboratory) as well as an exceptional terroir
for its flowers used to make perfume. Guided by the
creative vision of Peter Philips and backed by a strong
digital marketing strategy, makeup consolidated its
positions, with strong performance in the lip cosmetics
segment, in particular the new Ultra Rouge lipstick,
and a substantial acceleration in foundation fueled
by new additions to the Forever range and the launch
of the Dior Backstage Face & Body Foundation inspired

–
Sustainable design: a priority
for Parfums Christian Dior
The weight and volume of packaging used for the new
Diorskin Nude box and foundations in the Backstage
range was reduced considerably in 2018. The
transformation of the brand’s skincare packaging also
Parfums Christian Dior
continued, with thinner cases made from FSC-certified
(Forest Stewardship Council) card introduced for
the Capture Youth range. The Maison also explored
sustainable design at its points of sale, securing LEED®(1)
environmental certification for its new Champs-Élysées
store in Paris which boasts sustainable materials, lighting
that adjusts to outdoor brightness, and an internal air
purification system – all examples of best practices that
the brand will be able to duplicate in other locations.
(1) Leadership in Energy and Environmental Design
 LVMH 2018 . Pe r f u m e s & C o s m e t i c s

by techniques used by makeup artists. Skincare was

boosted by strong momentum in Asia and by the vitality
and innovation of the Prestige range’s Micro-Huile
de Rose and Micro-Sérum de Rose. Capture Youth,
launched in January 2018, won over customers
in their thirties with its six targeted serums.
Guerlain turned in a remarkable performance. Perfume
did very well, with the expansion of Mon Guerlain
and the international rollout of Guerlain Parfumeur
boutiques, which offer a captivating immersion
in the perfume-maker’s world. Momentum in makeup
was driven by the highly successful Rouge G, which
offers an unrivaled potential for customization, with
450 possible case and color combinations. In skincare,
Guerlain’s results were fueled by strong growth in
its Orchidée Impériale and Abeille Royale lines. As part
of its “In the Name of Beauty” commitment to sustainability,
Guerlain continued to scale up its initiatives to preserve
biodiversity, particularly to protect bees. During LVMH’s
Journées Particulières open-house event, Guerlain
celebrated its 190th anniversary with the public by
unveiling an exceptional setting at 68 Champs-Élysées,
its iconic address.

Guerlain

–
Guerlain sources sandalwood
from Australia
Spurred by his belief in the potential of sandalwood,
Thierry Wasser, the Maison’s Perfumer, decided to work
with an Australian partner to develop a high-quality
Indian Sandalwood essential oil. It is one of the
ingredients of Mon Guerlain, the women’s fragrance
launched in 2017. Thanks to this pioneering partnership,
the Maison has diversified its supply chain – previously
centered on Asia – and created a new ethical,
certified sustainable, high-quality supply source
for this exceptional raw material.

72 • 73
 Parfums Givenchy saw growth accelerate, with perfume
doing very well in Europe and strong gains from
makeup in Asia. The success of its new women’s
fragrance, L’Interdit, incarnated by actress Rooney Mara,
helped the brand gain market share. Makeup sales were
particularly strong in the lip cosmetics and foundation
segments.
Kenzo Parfums continued to roll out Kenzo World and
revisited its iconic Flower by Kenzo line with a new
marketing campaign filmed in the streets of San Francisco.
With the highly successful launch of BADgal BANG!,
Benefit became the global market leader in mascara.
The brand also consolidated its lead in the brow segment
with the success of Brow Contour, an innovative
4-in-1 brow pencil.
Make Up For Ever continued its international development,
particularly thanks to the expansion of its online sales.
Fresh achieved strong growth, particularly in Asia,
with the success of its Rose and Black Tea skincare lines.

–
Benefit Cosmetics runs its fourth
Bold is Beautiful campaign
For the fourth year running, Benefit Cosmetics has
donated all profits from its brow bars to 37 partner
nonprofits that support women. In 2018, this
charity program raised $5.5 million in one month
in 19 countries around the world. In France,
the two beneficiary nonprofits are Forces Femmes
Parfums Givenchy
and Belle & Bien. The former helps women over
45 return to work, while the latter runs beauty and
makeup workshops in hospitals. In the United States,
the campaign raised money for Girl Develop It,
Girls Inc., StepUp and Dress For Success, which
aim to help women join the labor market.
 LVMH 2018 . Pe r f u m e s & C o s m e t i c s

This range was enriched by its Black Tea Kombucha

age-delay facial essence, maintaining its focus on offering
a unique sensory experience through a fusion of effective
natural ingredients, traditional rituals and modern science.
Acqua di Parma saw strong growth in its Colonia lines,
thanks to Colonia Pura in particular, while the Chinotto
di Liguria fragrance rounded out the Blu Mediterraneo
range. For its first full year of activity, Fenty Beauty
by Rihanna confirmed its worldwide success with
a very strong digital presence and a robust innovation
program in the foundation and lip cosmetics segment
with the Mattemoiselle lipstick. Marc Jacobs Beauty’s
momentum was driven by the launch of its new
Shameless liquid foundation. Parfums Loewe launched
the women’s version of its Solo Loewe line. Maison
Francis Kurkdjian enjoyed very strong growth in
its iconic Baccarat Rouge 540 fragrance and continued
to showcase its exceptional expertise in artisanal
perfume-making.

Benefit

–
Bee School, Guerlain’s program to make
children aware of the need to protect bees
Ever since 1853, bees have inspired Guerlain’s designs
and adorned its most exclusive bottles. They also drive
its commitment to a more sustainable, responsible
world, “In the Name of Beauty”. The Bee School program
started in France in September 2018. Through it, Guerlain
staff visit primary schools and tell children about the
need to preserve bees and biodiversity, and the simple
measures that can be taken to help. The objective Guerlain

is for all staff worldwide to become children’s

ambassadors for bees and biodiversity by 2020.

74 • 75
 LVMH

Watches &
Jewel r y

2018
 C R E AT I V I T Y A N D
IN-DEPTH EXPERTISE

The LVMH Watches & Jewelry business group is one of as illustrated by TAG Heuer’s next-generation smartwatch.
the most dynamic players in its sector. It continues to Harnessing expertise is a key priority, which the Maisons
gain market share with a successful strategy that is driven address by optimizing their manufacturing processes,
by jewelry Maisons that carry on exceptional creative implementing synergies and boosting their production
legacies and expertise, and by leading watchmaking capacity. Developing brand awareness with target audi-
Maisons that are always on the cutting edge of innovation. ences and increasing their presence on social media are
also crucial to gaining new market share.
Creativity, brand awareness
and in-depth expertise High-quality, productive retailing

The growth of these Maisons is driven by their creativity. Lastly, the business group is focusing on the quality and
They enrich leading product ranges with well-established productivity of its retail networks and on developing its
designs and identities, such as Bvlgari’s iconic Serpenti online sales. Multi-brand retailers are selected very carefully
range and TAG Heuer and Hublot’s famous Carrera and in order to ensure its high standards are met. In an equally
Big Bang collections. They continually explore new horizons selective approach, the Maisons also continue to refurbish
with innovations that combine audacity with excellence, and open their own stores in buoyant markets in key cities.

2018 Revenue by region

(in %)

Other France
markets 6%
15%

As ia Europe
(excl. Japan) (excl. France)
35% 23%

United States
Japan 9%
12%

Profit from recur ring Operating Number

Revenue operations investments of stores

€4 , 1 2 3 m € 703 m € 3 03 m 428
+12% (1) +37% +13% +6%

(1) On a constant consolidation scope and currency basis.

 LVMH 2018 . Wa t c h e s & J e w e l r y

TAG Heuer
78 • 79
 AS PART OF LES JOURNÉES PARTICULIÈRES,
JOURNALIST AND PODCAST HOST JULIEN CERNOBORI MET
OUR MAISONS’ ARTISANS IN THE PLACES WHERE THEY
WORK AND CREATE. THESE PASSIONATE INDIVIDUALS
EMBODY THE GROUP AND ITS VALUES. SELECTED EXCERPTS.

LV M H WAT C H E S C HAU M E T B V LGA R I

&   J E W E L RY
“The Chaumet method “I look for the soul inside
“A mechanical watch is about is to say ‘it can be done!’” the gemstone, so I can pass it on.”
emotion, heritage, and craftsmanship. BENOÎT VERHULLE LUCIA SILVESTRI
It is a piece of history, it has a soul.” Workshop Manager Creative Director of Jewelry
and Director of Gem Acquisitions
JEAN-CLAUDE BIVER
Former President of LVMH Watches What happened when Benoît
Lucia Silvestri holds her gemstones
Verhulle was a child for him
An iconic figure in the watchmaking up to the light of her window
to become a jeweler at the tender
industry, Jean-Claude Biver, President overlooking the Tiber. She likes
age of 15? From the Chaumet
of LVMH Watches (Hublot, to describe them as people and
workshop on Paris’ Place Vendôme
TAG Heuer, Zenith) looks back entertains us with tales of the
which he now runs, he tells
at a lifetime in watches and reveals wonderful adventures her profession
us his moving story and shares
his many sources of inspiration. has taken her on, none of which
his love of high jewelry.
would’ve happened if she hadn’t
fallen in love with gems one day
when filling in for someone…

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 LVMH 2018 . Wa t c h e s & J e w e l r y

Major s t r ateg ic pr ior it ies

Reinforce our Maisons’ desirability thanks

to expert craftsmanship and distribution.

Continued growth of Bvlgari and

of TAG Heuer with innovative products.

Optimally reinforce manufacturing facilities.

2018 at a glance
Excellent year for Bvlgari and good progress of watch brands
Growth for the Watches & Jewelry business group was once again driven by the creativity
of its brands and the strong performance delivered by their stores. Jewelry showed remarkable
momentum and gained market share. In a market environment that remained challenging, the
watch business grew thanks to the strength of its brands’ flagship lines and the excellence
of their innovations.
Bvlgari performed very well and gained market share. Its iconic jewelry and watchmaking
lines Serpenti, Divas’ Dream, B.Zero1, Lvcea and Octo grew strongly. Among the new product
launches of the year, the Octo Finissimo watch and the Fiorever jewelry collection, designed
around a central diamond, were exceptionally well received. Chaumet’s growth was driven
by the success of the Liens and Joséphine collections, particularly in Asia. The exhibition
on its history at the Mitsubishi Ichigokan Museum in Tokyo was an immense success. In the
watchmaking sector, TAG Heuer continued to develop its iconic lines and introduced a new
variant of the smart watch. Hublot, which continued its progress, enjoyed strong growth
in 2018 and considerable visibility as the FIFA World Cup Official Timekeeper.

Outlook
By constantly monitoring markets and remaining highly selective in its allocation of resources,
the Watches & Jewelry business group is actively pursuing its market share growth target.
This ambition is based on sustaining its key growth drivers: the exceptional creativity of its
brands, combined with their constant pursuit of perfection in iconic lines and new collections
alike; consolidating their world-class craftsmanship and technological leadership through
investments in production capacity; precisely targeted marketing campaigns, especially in
the digital realm, to raise the watches and jewelry brands’ profiles in key regions; and lastly,
improvements in the quality, productivity and profitability of retail networks, which remain
a top priority. Bvlgari will continue to expand its network, with the opening of a flagship store
in Paris on the Avenue des Champs-Élysées, the expansion of its boutique on Place Vendôme,
and selective renovations and openings in Asia and the United States. The flagship B.Zero1
line will celebrate its 20th anniversary. TAG Heuer plans to open stores in China and Hong
Kong. Chaumet will continue rolling out its new store concept, with projects that will raise
brand awareness in Europe.

80 • 81
 2018 HIGHLIGHTS

Bvlgari had a very good year and continued to gain

market share. Jewelry was spurred by its strong creative
momentum. The Serpenti, B.Zero1 and Divas’ Dream
lines were enriched with new models, and the launch
of the Fiorever collection, designed around a central
diamond and white gold, is set to become a new pillar
for the brand. The Wild Pop high jewelry collection,
which embodies Bvlgari’s modernity and expertise,
continued its rollout. In watches, the new Lucea,
Serpenti Turbogas, and Divas’ Dream timepieces were
highly successful, and the favorable reception of
the new Octo Finissimo models confirmed the iconic
potential of this men’s line. Momentum in leather goods
was driven by the Serpenti Forever and Black Glam
models. The store improvement plan continued,
with reopenings in Hong Kong and Milan, while new
boutiques were opened in locations including Boston
and Saint Petersburg. Bvlgari also continued its pop-up
store program, which rounds out and energizes

–
Green energy for TAG Heuer
To reduce its carbon footprint, TAG Heuer is making
increasing use of green energy. For example, for the
last four years, its head office in La Chaux-de-Fonds,
Switzerland, has been powered entirely by zero-emission
Bvlgari renewable energy from hydraulic power stations
on the Gorges de l’Areuse, in Neuchâtel and Les Brenets.
The Maison also has solar panels on the roof of its
production facility at La Chaux-de-Fonds, with some
of the resulting energy used on site.
 LVMH 2018 . Wa t c h e s & J e w e l r y

the network. Development in the luxury hotel sector

continued with the inauguration of a new Bvlgari Hotels
& Resorts location in Shanghai. The “Tribute to Femininity”
exhibition at the Moscow Kremlin Museums presented
over 500 exceptional pieces of jewelry showcasing
the brand’s heritage, wealth of inspiration, visionary
creativity and refined craftsmanship.
TAG Heuer continued expanding its flagship Carrera,
Aquaracer and Formula 1 lines. Its catalogue was
enriched with the limited editions of the Monaco
Bamford and Carrera Fujiwara models, while a 41mm
version of the smartwatch proved a successful addition
to the range. Other highlights of the year included the
opening of a flagship store on Fifth Avenue in New York
and a modular smart boutique, faithful to the brand’s
avant-garde spirit, in Tokyo’s Ginza district. TAG Heuer’s
team of brand ambassadors, its sports and cultural
contracts, and its very active social media presence
have helped raise its profile among target customers.

Bvlgari

–
Stones and precious metals: ethical sourcing at Bvlgari
Bvlgari will soon meet the 2020 targets set by LVMH:
to use only certified gold and diamonds and to establish
sustainable supply chains for colored gemstones.
In 2015, the Maison became the world’s first jeweler
to be RJC – CoC(1) certified. This certification guarantees
that the Maison only uses responsibly sourced
gold, from the mines through to the point of sale.
Meanwhile, the Maison only sources its diamonds
from countries and professionals that are signatories
to the Kimberley Process.
(1) Chain of Custody

82 • 83
 Hublot continued its robust growth, driven by its Classic
Fusion and Big Bang lines, with Spirit of Big Bang – now
the brand’s third core collection – also contributing to
its success. Hublot once again demonstrated its creativity
by releasing a range of extraordinary and highly
technical models, including the Meca-10 Ceramic Blue
and the Classic Fusion Aerofusion Orlinski designed
in collaboration with French sculptor Richard Orlinski.
New stores were opened in London and Geneva, and
a boutique was acquired in Beverly Hills. A marketing
strategy combining prestigious partnerships, events and
a strong digital presence helped raise the brand’s profile.
Special emphasis was placed on the 2018 soccer World
Cup, including the launch of Hublot’s first smartwatch,
the Big Bang Referee 2018. The young soccer star Kylian
Mbappé joined the brand’s network of ambassadors.
While continuing to develop its iconic Chronomaster,
Elite and Pilot collections, Zenith completed the launch
of its Defy line. The brand’s revolutionary El Primero 21
model, which measures time down to the hundredth

–
Bvlgari believes in education
and youth empowerment
Since 2009, Bvlgari has partnered with nonprofit
organization Save the Children to provide support and
opportunities to the world’s most vulnerable children
Hublot
and young people. Bvlgari helps fund the nonprofit’s
activities with proceeds from its Save the Children
jewelry collection of custom-designed jewels inspired
by the iconic B.Zero1 line. For every piece sold, part
of the proceeds goes to fund education, youth
empowerment, emergency assistance and poverty
prevention programs. Thanks to this partnership and
over $80 million in donations, Bvlgari has improved the
lives of over 1.2 million of the world’s poorest children.
 LVMH 2018 . Wa t c h e s & J e w e l r y

of a second, proved highly successful. Zenith continued

to consolidate its organization while leveraging synergies
offered by the Group’s other watchmaking brands.
Growth at Chaumet was fueled by the successful Liens
and Joséphine collections, along with its ongoing shift
further upmarket, particularly in China. Its flagship lines
were enriched by Liens Séduction designs, Liens
Evidence bracelets and new Joséphine Aigrette rings.
The brand expressed its exceptional creativity in high
jewelry by launching its Les Mondes de Chaumet
collection, made up of three chapters: Promenades
Impériales, Chant du Printemps and Trésors d’Afrique.
The success of the Mitsubishi Ichigokan Museum’s
exhibition on Chaumet’s culture and history increased
brand awareness in Japan. The store network continued
to expand, particularly in Asia.
Fred’s Force 10 line and its new 8°0 collection were
its main growth drivers. It opened new stores in Tokyo,
Macao, Saint-Tropez and Busan in South Korea.

Zenith

–
RJC certification for all Watches & Jewelry Maisons
As part of the LIFE 2020 targets, all of the Watches &
Jewelry Maisons have received certification under the
Responsible Jewellery Council (RJC) system. In line with
this certification, which has been extended to their gold
and diamond supply chains, they are expanding their
responsible sourcing efforts. The Group and its Maisons
are also taking part in an initiative to promote Chaumet
environmental and social best practices in the sourcing
of colored gemstones. Several audits have already been
carried out.

84 • 85
 LVMH

Selec t ive
Reta i l i n g

2018
 REINVENTING
THE CUSTOMER EXPERIENCE

Our Selective Retailing Maisons, which are present world- process. Le Bon Marché is a department store like no
wide, have customer-centric strategies and customer- other. Its stunning architecture, enhanced by tasteful
focused teams. Sephora, DFS and Le Bon Marché are updates; its exclusive, elegant selection of goods; and its
all pioneers in their fields and continue to innovate rich program of exhibitions all make Le Bon Marché truly
and imagine the shopping experience of the future for unique and a treasure trove for both local and international
their customers. customers. Our 24 Sèvres digital platform, which was
launched in 2017, reflects this quest for excellence and
An increasingly innovative aims to offer a whole new online shopping experience.
and personalized experience
Staying particularly agile
For nearly 50 years, Sephora has been revolutionizing the
beauty industry by transforming the simple act of buying DFS – which has been pioneering travel retail since the
into a moment of pleasure and freedom, developing new early days of the air travel boom – constantly updates its
in-store services and hunting out gems to add to its boutiques and its T Galleria department stores to contin-
unique range of brands and products. Combining the ually enhance the traveler’s experience. In addition to its
strengths of in-store and online shopping, the brand has major presence in the United States and especially in
designed an omnichannel beauty experience that offers Asia, DFS has started to expand its geographic coverage,
an interactive, personalized and seamless purchasing opening its first European location in Venice in 2016.

2018 Revenue by region

(in %)

Other France
markets 12 %
12 %
Europe
As ia (excl. France)
(excl. Japan) 9 %
27 %
United States
Japan 38 %
2 %

Profit from recur ring Operating Number

Revenue operations investments of stores

€1 3 , 6 4 6 m €1 , 3 8 2 m € 5 3 7  m 1 ,94 0
+6% (1) +29% -6% +3%

(1) On a constant consolidation scope and currency basis (up 12% excluding the termination of the Hong Kong airport concessions at the end of 2017).
 LVMH 2018 . Selective Retailing

Sephora
88 • 89
 AS PART OF LES JOURNÉES PARTICULIÈRES,
JOURNALIST AND PODCAST HOST JULIEN CERNOBORI MET
OUR MAISONS’ ARTISANS IN THE PLACES WHERE THEY
WORK AND CREATE. THESE PASSIONATE INDIVIDUALS
EMBODY THE GROUP AND ITS VALUES. SELECTED EXCERPTS.

SEPHORA

“You can be someone different

every day – that’s one the best things
about my job.”
MYIESHA SEWELL
Makeup artist

A huge Sephora store stands at the corner of

5th Avenue and 47th Street. This is where Myiesha Sewell
wields her expert brushes to the rhythm of catchy
pop tunes played over the sound system. Influenced
by her grandmother, Myiesha tells us why makeup
is such a great tool for boosting self-esteem.

Scan the QR code with your smartphone to listen to the full collection of “Confidences Particulières” podcasts.
 LVMH 2018 . Selective Retailing

Major s t r ateg ic pr ior it ies

Maintain Sephora’s innovative momentum

in stores and digital content.

Continue to cultivate a creative, exclusive offering

at Le Bon Marché and La Grande Épicerie de Paris.

Pursue the expansion of DFS

and develop digital marketing initiatives
to get closer to international travelers.

2018 at a glance
Sustained growth at Sephora and rebound of DFS’s profitability
Sephora had another year of growth and market share gains. Online sales grew rapidly,
especially in North America and Asia. The extension and renovation of its distribution network
continued in 2018 with around one hundred new stores opening around the world, including
the new Nanjing Road store in Shanghai and the first Sephora-branded stores in Russia.
Le Bon Marché accelerated the development of its loyalty program and launched a new
children’s department in the last quarter. The online platform, 24 Sèvres, launched a year ago,
developed actively. DFS progressed strongly thanks to a particularly good performance in
Hong Kong and Macao. The recently opened Gallerias in Cambodia and Italy also grew
rapidly. The closure of the loss-making Hong Kong Airport concessions at the end of 2017
contributed to the rebound in profitability.

Outlook
In 2019, Sephora will continue to design and offer its customers the best omnichannel expe-
rience in the beauty world, while maintaining its focus on its core strengths: its dedicated,
professional staff; the expansion and renovation of its store network; its rich, innovative
range of products and services; and its desire to keep surprising its customers and give
them an ever more personalized connection at its stores and throughout its digital ecosystem.
DFS enters 2019 with confidence, while remaining vigilant to the key issues inherent in its
business segment, such as currency fluctuations and potential changes in the sales envi-
ronment. Work is underway to expand and enhance the flagship store on Canton Road in
Hong Kong and to renovate the Four Seasons Hotel Macao store. The brand will expand its
store network, particularly in Asia, and step up its digital initiatives to better serve travelers.
Le Bon Marché will continue to cultivate its uniqueness, its creative and exclusive offerings,
and its dual identity as both a trendsetting retail destination and a venue for art and culture.
The opening of a VIP lounge will round out the range of perks available to its customers.
La Grande Épicerie de Paris will keep working to enhance its appeal and build customer
loyalty on both sides of the Seine.

90 • 91
 2018 HIGHLIGHTS

Sephora saw another year of strong growth – especially

in North America, Asia and the Middle East – and gained
market share. Sephora – which connects with
its customers through more than 1,900 stores and
29 online shops, and is present in 34 countries –
was named Retailer of the Year at the 2018 World Retail
Congress, recognizing its global success, its innovative
momentum and its lead in the digital sphere. Sephora
continued its expansion with the opening of more than
100 stores worldwide, including superb locations on
Nanjing Road in Shanghai, Zeil in Frankfurt and at the
Saint-Lazare train station in Paris; the launch of online
sales in Germany; the new version of the completely
redesigned sephora.fr website; and a dazzling array of
digital innovation on the sephora.cn website. The brand
successfully oversaw the opening of its first points
of sale under the Sephora trade name in Russia and
the renovation of its iconic stores in SoHo (New York)
and Milan’s Duomo district (Italy). It continued
to personalize the customer experience as part

Sephora

–
Sephora develops alternative transportation

After France, China, Italy and Spain, Sephora has rolled

out last-mile delivery by electric truck in North America.
A lower-emissions vehicle now supplies several of
the Maison’s US stores, avoiding 36 metric tons of CO2
emissions a year. With this initiative, Sephora is once
again demonstrating its commitment to developing
the use of alternative transport. Thanks to this policy,
the Maison won a 2018 eco-friendly transport award
(Trophée du Transport Écoresponsable) in Italy for
its increasing use of hybrid vehicles and the high share
of tons per kilometer transported by its committed
and accredited carriers.
 LVMH 2018 . Selective Retailing

of its ongoing quest to captivate and satisfy beauty

fans around the world. Thanks to its dedicated staff,
Sephora’s boutiques offer beauty and makeup services
that are constantly being updated, based around
its Beauty Hubs, as well as a plethora of experiences
available throughout the store. In addition, across its
entire digital ecosystem, interactive mobile app features
let users extend the in-store experience and connect
with its community of self-proclaimed beauty addicts.
This personalized, omnichannel relationship helps
provide bespoke support to each and every one of
its customers as they discover the iconic brands, wide
range of new products and highly innovative exclusive
collections that make up the Sephora offering.
Amidst an upturn in its markets, DFS saw strong revenue
growth, buoyed by sales initiatives launched to win over
international travelers, including high-impact marketing
campaigns, in-store events and the introduction of new
communication tools. It expanded its selection of products Sephora
to meet the expectations of younger, more exacting

–
Sephora Stands expands
In 2016, Sephora launched Sephora Stands, a corporate
social responsibility initiative in the United States.
The initiative was expanded in 2018 to include Europe,
the Middle East and Asia. In 2018, Sephora raised over
€1 million to fund initiatives by nonprofit partners,
such as micro-donations in France, which helped raise DFS

€400,000 for Toutes à l’École and Women Safe; the

Gift & Match Program in the United States, which raised
€500,000; and Operation Smile in China. Employees
contributed over 3,000 hours of volunteer work to its
charitable initiatives.

92 • 93
 travelers while showcasing the uniqueness of each
destination. While major renovation work was completed
in Sydney and Auckland, DFS continued to expand
its presence in Macao with the opening of two boutiques
devoted to beauty, bringing its store count to six in the
city. A multi-brand fashion boutique designed to attract
a millennial clientele was also inaugurated within the
T Galleria City of Dreams. In Venice, the T Fondaco
dei Tedeschi store turned in an excellent performance,
boosted by a year-round program of events that make
it an unrivaled venue for shopping and culture. The
Siem Reap T Galleria in Cambodia also enjoyed strong
momentum, with an offering that showcased the quality
of local craftsmanship alongside luxury products.

Le Bon Marché

–
La Grande Épicerie de Paris
combats food waste
Le Bon Marché With regard to food waste, La Grande Épicerie de Paris,
which has a number of fresh food production facilities,
has developed an accurate system for predicting
sales in order to adapt production to sales volumes
on a daily basis.
In 2018, its partnership with the Red Cross, which collects
any unsold prepared food each day, was extended
to include new categories and new products. A new
partnership was signed in 2018 with Too Good to Go,
which operates an app for fighting food waste,
allowing stores to offer unsold items to its users.
 LVMH 2018 . Selective Retailing

Starboard Cruise Services maintained its position as

the leading retailer of high-end brands on board cruise
ships by expanding its presence in Asia. It further
enhanced the appeal of its stores while improving
the quality of its product offerings and the experiences
it offers its customers.
Le Bon Marché continued on its strong growth
trajectory during a very eventful year. The refinement,
quality of service and selectivity on offer at the iconic
department store on Paris’ Left Bank continued to place
it a cut above the rest for its French and international
clientele, and its loyalty program was highly successful.
The new children’s department – the renovation of which
was completed in the second half of the year – introduced
“Les Récrés du Bon Marché”, an ingenious new concept
which is the first of its kind among department stores:
fun workshops for children of all ages to enjoy while
their parents shop in peace. Event highlights included
the substantial media coverage of the exhibition of works
by Argentinian artist Leandro Erlich in the beginning
of the year, and the major success of the Los Angeles
exhibition in the fall. La Grande Épicerie de Paris Rive
Droite, which opened in late 2017, won over a new
clientele. The 24 Sèvres digital platform continued
its targeted growth, enriching its range with exclusive
offerings including a capsule collection in collaboration
with designer Inès de la Fressange.
DFS

94 • 95
 LV M H
STOR IES
99 Cloudy Bay
Discovering New Zealand wine at The Shed

100 
Louis Vuitton
Volez, Voguez, Voyagez:
The Louis Vuitton exhibition travels to Shanghai

102 Thélios
Inauguration of the Manifattura

103 Louis Vuitton

Coddington designs a capsule collection with “catitude”!

106 Hublot
An ambassador named Mbappé

107  ephora
S
The New Sephora Store Experience is a delightful surprise

109  uerlain
G
A fragrance community that loves to listen

110 Berluti 
Zero Cut, the ultimate expression of craftsmanship

111 Parfums Christian Dior

JOY by Dior: An ode to life

114 
Hennessy
The future of excellence

115 
Loewe
An homage to Mackintosh

117 Bvlgari
Fiorever: A diamond as a symbol of Roman passion

120 
Jardin d’Acclimatation
The rebirth of a historic amusement park

121 Christian Dior Couture

Revisiting Toile de Jouy

123 
Rimowa
120 years – never still

126 Chaumet
An exhibition in Tokyo retracing 200 years of history

127 
Le Bon Marché
The magical world of Le Bon Marché for kids
 LVMH 2018 . LV M H s t o r i e s

C L O U DY B AY
Di s cover i n g
New Zea l a nd w i ne
at The Shed

C
loudy Bay was established in 1985 by David is the vineyard’s original, emblematic wine, it
Hohnen, founder of the Cape Mentelle also produces a Chardonnay, a Pinot Noir and a
Estate in Australia. The iconic New Zealand lightly sparkling wine, Pelorus. According to Estate
winery has pioneered an international market for Director Yang Shen, Cloudy Bay wines owe their
the Marlborough Sauvignon Blanc, which has excellence and international reputation to its win-
received critical acclaim throughout the world. emakers’ exacting precision: “From vine to cellar,
The winery is located at the entrance to the bay it we craft our wine with a meticulous attention to
is named after, nestled in breathtaking scenery detail. Tasting a glass of Cloudy Bay takes you on a
between the Pacific Ocean and the peaks of the journey of purity and plunges you into the natural
Richmond Range. beauty of our region.”
For more than 30 years, Cloudy Bay has been In 2012, Cloudy Bay took this oenological journey
helping to establish the Land of the Long White a step further, launching its first cellar door experi-
Cloud’s reputation as a leading New World wine- ence: The Shack. In July 2018, a second cellar door
producing country. And while the Sauvignon Blanc – The Shed – was opened in Central Otago, in the

98 • 99
 For Yang Shen, the opening of The Shed is “the
culmination of the hard work and vision of our
team. We are so happy to have found a home in
Central Otago and look forward to sharing our
wine and lifestyle with visitors to The Shed.”

Cloudy Bay opens

its new cellar door experience,
The Shed, in the heart
of its Northburn vineyard.

LOUIS VUITTON
Volez , Vog uez , Voy agez:
The Lou i s Vu it ton
ex h ibit ion t r avel s
to Sh a n gh a i

 V
olez, Voguez, Voyagez – Louis Vuitton, the
exhibition inaugurated at the Grand Palais
in Paris in 2015, has been touring the world.
After appearances in Tokyo, Seoul, and New York, its
next stop was Shanghai. From November 16, 2018 to
February 1, 2019, visitors to the Shanghai Exhibition
Center explored the world of Louis Vuitton, got to
heart of Cloudy Bay’s Northburn vineyard, on the know its main characters, and marveled at the
shores of Lake Dunstan. Cloudy Bay has been pro- innovations that accompanied travelers on their
ducing wines there since 2010, including its journeys to far-flung, surprising places. Curated by
acclaimed Te Wahi Pinot Noir. Olivier Saillard, the exhibition retraced the adven-
The Shed – which was designed by architect Paul tures of Louis Vuitton from 1854 to the present. The
Rolfe in the same aesthetic vein as The Shack – is story was told through portraits of the Maison’s
open to the public from Tuesday to Saturday most founders and of the people now inventing the
of the year, and seven days a week during the Louis Vuitton of tomorrow.
summer. A tasting room lets visitors discover “Louis Vuitton has always been at the forefront of
Cloudy Bay wines paired with a selection of light, creation and innovation. We constantly draw inspi-
elegant dishes. Those looking for a more intimate ration from our past to craft the trends of today.
experience can reserve a private tasting, or organ- For this exhibition, Olivier Saillard has immersed
ize other bespoke events such as a vineyard tour himself in our Maison’s archives to decode its
by land or by air. secrets. He delivers a fresh vision our past, present
 Palace of Versailles, and Musée Carnavalet, as well
as works of art by Yan Pei-Ming and He An.
Louis Vuitton’s ties with China were highlighted
through a selection of unique objects created for
famous explorers and artists. For example, visitors
could admire the photography trunk designed in
1929 for philanthropist Albert Kahn and his pho-
tographer, which was used during their journey
through China to document images of everyday
life there. New items were also on display, including
the Cocktail & Cigar Trunk, created in 2018 for
Chinese artist Ding Yi, who is from Shanghai. The
exhibition boasted a thousand and one items which
retrace the Maison’s story, from its very beginnings
to its most recent creations. It ended with a room
devoted to the skilled craftsmanship of Louis
Vuitton’s artisans. A photo album entitled Volez,
Voguez, Voyagez also celebrated the exhibition.

A journey through history,

highlighted by objects that illustrate
Louis Vuitton’s ties with China.

THÉLIOS
and future,” commented Michael Burke, Chairman In au g u r at ion
and CEO of Louis Vuitton. of t he Ma n i f at t u r a
This journey through history, designed by creative

T
director Robert Carsen, was divided into 15 chapters hélios was created in 2017, when LVMH
and highlighted by objects that illustrate Louis entered the eyewear industry by joining
Vuitton’s ties with China. The exhibition opened forces with sector expert Marcolin. It pro-
with a portrait of the young Louis Vuitton, painted duces unique optical frames, drawing on Italian
by Chinese artist Yan Pei-Ming. The first exhibit was design and craftsmanship to reflect the quintes-
the Maison’s most symbolic – an antique trunk, a sential spirit of each prestigious Maison. The name
precursor to the emblematic features and daring is a reference to Greek mythology: a combination
spirit of the Louis Vuitton brand. The exhibition of Theia, goddess of light and sight, and Helios,
included Louis Vuitton heritage objects and docu- god of the sun. Thélios covers every stage of
ments, a selection of items loaned by Palais the eyewear production cycle – it designs, manu-
Galliera, Musée de la Mode de la Ville de Paris, the factures and distributes sunglasses and optical
 LVMH 2018 . LV M H s t o r i e s

frames for a number of LVMH Maisons. It aims to in northern Italy known for its long history of eye-
become an emblem of quality in a rapidly trans- wear manufacturing – employs around a hundred
forming sector, driven notably by a burgeoning people. The sustainably designed and eco-friendly
Asian market. building – complete with 2,300 solar panels on
Driven by this ambition, in April 2018 the company its roof – is the brainchild of architecture firm
inaugurated the Manifattura Thélios, its flagship Designgroup Architetti Associati.
production site and center for excellence. Its com- The Manifattura Thélios produces about 1.5 million
prehensive, flexible manufacturing system ensures optical frames a year and could rapidly triple its
full control of every stage of production, from the production by expanding its brand portfolio.
design brief to design, prototyping and production. Thélios – which is already working with Celine,
The site focuses on innovation and cutting-edge Loewe, Fred, Kenzo and Berluti – is looking to the
technologies, such as 3D printers, while also empha- future with its Manifattura, while carrying on a
sizing traditional craftsmanship. The 8,000-sq.m long-standing tradition of craftsmanship.
production facility located in Longarone – a town This project combines LVMH and Marcolin’s taste
for top-quality products with respect for a cultural
legacy essential to the region. It is a reminder of
how strategically important Italy is for LVMH, and
yet another example of the Group’s investment
in Italy’s economic heritage and development.

The Manifattura Thélios,

a new center of excellence
for eyewear nestled in the foothills
of the Dolomites.

LOUIS VUITTON
Coddington designs a capsule
collection w ith “catitude”!

A
fter Jeff Koons, Stephen Sprouse and
Yayoi Kusama, Louis Vuitton continues its
collaboration with famous artists by team-
ing up with Grace Coddington, former creative
director of the US edition of Vogue magazine. The
iconoclastic designer and animal lover has added
her own special touch to a capsule collection
inspired by her legendary love of cats. The
collection was designed with her friend Nicolas

102 • 103
Ghesquière, Creative Director of Louis Vuitton’s collection, prints and embosses a colorful menag-
Women’s Collections, and features a series of erie across leather items in an eccentric exploration
bold animal illustrations. With Catogram, Grace of craftsmanship.
Coddington writes a new chapter in the history of New classics like Petite Malle and City Steamer,
Louis Vuitton. and icons (Speedy and Neverfull), are given a fresh
The illustrations in the Catogram collection depict twist. Even Catogram lambswool blankets and
the designer’s Persian cats, Pumpkin and Blanket, nylon umbrellas are transformed into exceptional
and Nicolas Ghesquière’s dog, Léon. The animals are pieces. Elegance is seen from a fresh perspective:
pictured scampering about on a selection of leather clutch bags take the cartoon form of reclining cats
goods, accessories, ready-to-wear and shoes. The or sweetly smiling dogs; silk pajamas appear as
cats drawn by Grace Coddington leap across the refined daywear.
orange monogram print – a reference to the art- This audacious irreverence is in harmony with
ist’s flame-colored hair – or a graphic monochrome. Grace Coddington’s iconoclastic style and Nicolas
One facet of the capsule, the Cats on Leather Ghesquière’s fascination with eccentricity – as well
as reflecting their mutual love of animals. The col-
lection previewed at pop-up stores opened in
London, New York and Beijing. It has been availa-
ble in Louis Vuitton stores and on the Maison’s
website since November 2, 2018.

With Catogram, Grace Coddington

writes a new chapter
in the history of Louis Vuitton.

HUBLOT
A n a mb a s s ador
n a med Mb app é

F
amous for his acceleration, his unpredicta-
bility and his acute understanding of the
game, Kylian Mbappé is one of the world’s
top soccer players, and already has an impressive
track record, winning the Ligue 1 championship at
18 and the World Cup at 19.
It was for these qualities that Hublot chose to
make Kylian Mbappé – himself a watch aficionado
– its new ambassador. His entry into the “Hublot
Family”, as CEO Ricardo Guadalupe fondly refers
 LVMH 2018 . LV M H s t o r i e s

status of Official Timekeeper and Official Watch.

Following a request by FIFA, Hublot designed its
first smartwatch: the Big Bang Referee 2018 FIFA
World Cup™, which was worn by referees during the
tournament and was available for fans in a limited
edition of 2,018 pieces.
Hublot also celebrated the world of soccer in its
“How to become a champion!” advertising cam-
paign, featuring 13 prestigious ambassadors and
some of the biggest names in soccer, including
Pelé, Diego Maradona, David Trezeguet and Didier
Deschamps and international referee Björn Kuipers.

With Kylian Mbappé as its new brand

ambassador, Hublot has reinforced
its role as a historic partner of soccer.

SEPHORA
The New S ephor a Store
Ex p er ience i s
a del ight f u l s u r pr i s e

W
ith fully digital concept stores, the New
Sephora Experience reinvented the
to it, “carries a powerful message: the fusion of customer journey, offering a Teach,
time, the power of dreams and passion, the magic Inspire and Play environment that provides uniquely
of sport, of an athlete and the values they inspire.” personalized service and an exceptional range of
This is the first time the Maison has named a current products. In 2018, a raft of new concept stores
soccer player as its ambassador, and he is also surprised and delighted the Sephora universe with
Hublot’s youngest representative. And he joins a worldwide rollout, setting new standards for
another of the Maison’s soccer legends, Pelé. beauty retailing. In Paris, Sephora’s Saint-Lazare
To celebrate the fusion of past, present and store broke new ground with an unparalleled
future, Hublot has decided to bring both men display of miniature products in its Mini Skincare
together in 2019. Market that are perfect to grab and go. In Milan,
This move reinforces the Maison’s role as a historic the innovative Beauty Hub includes a Hair Style
partner of soccer – it was the first luxury brand to Bar with professional advice from a team of
invest in this sport in 2006. At the 21st FIFA World experts. In Russia, Sephora opened five stores in
Cup™, held in Russia in 2018, Hublot was given the Moscow and Saint Petersburg, where customers

106 • 107
 LVMH 2018 . LV M H s t o r i e s

can discover 45 exclusive brands. In Shanghai,

Sephora unveiled its first new concept store in
Asia, featuring an enhanced Makeup Assortment,
Discovery Tables and Cloud Shelves that help cus-
tomers personalize their shopping. In November,
Sephora opened seven new stores in the United
States, built around bespoke products including
Beauty TIP (Teach, Inspire, Play) Workshops and
Perk Hydrating Facials. Exclusively at the SoHo store,
customers can enjoy Sephora’s award-winning
augmented reality system to experiment with
thousands of beauty options, using 3D live views
of their own face. The store’s Sculpture option
allows clients to try new looks with the flick of an
eyebrow, while the Mirror system makes new looks
instantly sharable. As well as bespoke local services,
each store provides special features that have
made the New Sephora Experience such a success-
ful addition. This ambitious expansion drive will
continue in 2019, as the world’s most loved beauty
community launches new stores and services to
offer fresh and inspiring experiences every day.

Each new store offers innovative

services designed to ensure
a unique customer experience.

•
110 of these are currently available in Guerlain
Parfumeur boutiques, which immerse customers
GUERLAIN from Paris to Shanghai in the Maison’s unique
heritage and craftsmanship.
A f r ag r a nce com mu n it y In the age of social media, where the image reigns
t h at loves to l i s ten supreme, as powerful as it is fleeting, how can the
emotion sparked by a perfume be conveyed?

P
erfume is much more than a few drops of How can the invisible be unconcealed? For Guerlain,
sweet-smelling essence. It can move us to the answer was clear: voices and podcasts are the
the core. It has the exceptional power to best way to express and share something as
transport us, to bring back loved ones, moments immaterial as a scent or a feeling.
and places that are buried deep in our memories. Through an app and a website, Olfaplay allows
Ever since 1828, Guerlain has enchanted the world perfume lovers to listen to, share and record audio
with its scents. It has created 1,100 fragrances and stories about perfume and the emotions it evokes.

108 • 109
 to leave a personalized audio message along with
a gift of perfume, a way of connecting people who
have shared similar stories, and perhaps even a
new Guerlain fragrance inspired by the most
beautiful Olfaplay stories.
Olfaplay, inspired by Guerlain, encapsulates life’s
most fleeting moments and lets alchemy, intimacy
and imagination work their magic…

Olfaplay, the first digital radio

for perfume lovers, brings stories
about fragrances alive.

BER LU T I
Zero Cut,
t he u lt i m ate ex pres s ion
of c r a f t s m a n s h ip

I
t has been over 120 years since Alessandro
Berluti signed his first pair of shoes. Since then,
four generations of Berluti bootmakers have
developed the Maison, which continues to distin-
guish itself through its technical expertise and
unconventional creativity. In 2018, Berluti show-
Everyone has their own equivalent of Proust’s cased its quintessential craftsmanship once again
madeleine, an enduring scent-induced memory with the Zero Cut model, which was unveiled at
that transports them across time and space. the Fall/Winter 2018 ready-to-wear show. This
Guerlain Perfumer, Thierry Wasser, reveals some of distinctive shoe is crafted from a single piece of
his secrets as a “nose”. Princess Esther Kamatari leather and has absolutely no stitching or cuts on
recounts her memories of Africa. The Moulin Rouge the back – a technique mastered by only a select
shares the smells of its backstage rooms and few bootmakers worldwide. To create the Zero
costumes. François, a chef, waxes lyrical over the Cut shoe, the master craftsman places a piece of
enchanting scent of his vanilla cakes. They all share Venezia or Alligator leather on a wooden last, and
a love of perfume and fragrance-evoked emotions. moistens it lightly while pulling gently. The leather
They were all inspired by Guerlain to record their gradually molds to the shape of the last, which
stories in just a few minutes on Olfaplay. Olfaplay gives the shoe its unique form.
opens up a world of possibilities, from an olfactory Zero Cut is the purest expression of the iconic
map of the stories people have shared, the option “Alessandro” lace-up shoe, created by Alessandro
 LVMH 2018 . LV M H s t o r i e s

Berluti himself in 1895 and also made from a single new models. The menu featured dishes inspired
piece of leather, with no stitching on the upper. by Zero Cut, with each talented local chef reinter-
Since then, this model has remained essentially preting the image of infinity. During the meal, the
unchanged, and is the Maison’s signature shoe. shoe was presented to customers on a rotating
The Zero Cut model is handcrafted in Berluti’s column, along with a detailed explanation of the
Italian workshops in Ferrara, by the Maison’s skilled crafting process and a video filmed in the Ferrara
master bootmakers. workshops, illustrating this unique expertise.
With only 120 pairs available worldwide, these
unique shoes are now available in stores and by A limited edition that showcases
the quintessential craftsmanship
special order. of the house of Berluti.
To celebrate the launch, the Maison hosted exclu-
sive dinners in Paris, London, Tokyo and New York
•
in October 2018. The guest list included its best
customers and those who had pre-ordered the
PA R F U M S
CHR ISTIAN DIOR
JOY by Dior : A n ode to l i fe

A
n unforgettable moment for the House of
Dior: seeing a completely new fragrance
come alive. Ever since Miss Dior’s debut at
its first fashion show on February 12, 1947, perfume
has been at the heart of the Maison’s identity.
More than 70 years after this legendary beginning,
and 20 years since the birth of the iconic J’adore,
Dior has now created JOY, a new fragrance expe-
rience designed by François Demachy, the Maison’s
exclusive Perfumer-Creator.
Born from the creative alchemy of Dior’s audacity
and expertise, this new scent is an ode to life that
breaks with tradition to celebrate an intense
emotion: joy. Blending the vibrant beam of flowers
and citrus with the smooth caress of wood and
the serenity of musks in perfect harmony, JOY is
an experience that unfolds gradually to reveal
its most intoxicating notes. Transmuting light
into scent, Demachy envisaged a perfume that
would express the sensation of a surge of joy that
takes your breath away. JOY by Dior is a clear,
immediate, spontaneous scent, with a sillage that

110 • 111
 of joy. Sublime and iconic, she is JOY incarnate.
With her glowing beauty and natural femininity,
Lawrence imbues this new perfume-manifesto
with her vibrant, sensual personality. Against the
backdrop of a Hollywood villa, the intense blue of
the pool contrasts with the immaculate white
architecture, plunging us into this iridescent new
masterpiece.
As if Christian Dior himself had decided to put joy
in a bottle.

A new fragrance experience,

as intoxicating as a surge of joy, which reveals
even more with the passage of time.

HENNESSY
The f u t u re
of excel lence

S
ince 1765, Hennessy’s success has rested on
the excellent quality of its cognacs, and on a
unique procedure transmitted from one
generation to the next. Today, as the world is
reshaped by environmental and technological
its creator describes as “marked by softness as change and by the acknowledged need for diversity,
well as by energy… a path one travels, which car- Hennessy draws on its tradition of excellence to
ries you away.” turn these changes into opportunities.
Its bottle’s clean lines are crowned by a shimmering For the 200th anniversary celebration of its
cap wrapped in silver thread and a jus of radiant cognac VSOP Privilège, the Maison organized a
pink – one of Monsieur Dior’s favorite hues, which ground-breaking event which it called the Future
for him was “the color of femininity”. A delicate “O” of Mastery. In July 2018, 19 international celebrities
is engraved in the middle of the bottle, with the gathered at the Château de Bagnolet – the
name Dior struck through its center, echoing the Maison’s ancestral home in Cognac. They were all
emotion of joy that has always inspired the specialists in their fields and came from a host of
House of Dior. To embody this new fragrance, the backgrounds including design, science, technology,
Maison chose actress Jennifer Lawrence, who music, aeronautics and culinary arts. Together, they
becomes JOY’s muse in a film directed by Francis brainstormed on how expertise and passing it on
Lawrence, reflecting the luminous, myriad forms can help better prepare the future. The program
 LVMH 2018 . LV M H s t o r i e s

was divided into three workshops. The first focused Spurred by this success, Hennessy will repeat the
on the notion of sustainability and was coordi- experience and turn The Future of Mastery into a
nated by Danish architect and designer Camiel full-fledged think tank that explores the notions of
Weijenberg. The second workshop, on the concept expertise and how to pass it on to others.
of inclusion, was run by computational designer
and tech guru John Maeda, who is also the artist Hennessy brought 19 international specialists
together in Cognac to prepare the future
behind the 2017 VSOP limited edition. The third by focusing on expertise and how it is passed on.
workshop headed by Renaud Fillioux de Gironde,
Hennessy’s Master Blender, and Ian Rogers, Chief
•
Digital Officer of LVMH, explored how artificial
intelligence and craftsmanship can interact. The
forum, whose findings were reported in US maga- LOEW E
zine Wired, also created a new community of
influencers and opinion leaders. A n hom age
to Mac k i ntos h

S
ince its founding in 1846, Loewe has firmly
established itself as a leading luxury brand,
renowned for its unparalleled expertise in
leather craftsmanship. The avant-garde Maison
has always looked to the future, infusing its collec-
tions with influences from around the globe while
revisiting its Spanish heritage through a contem-
porary lens.
Loewe has a special fondness for original, art-
inspired capsule collections, and in winter 2018
the Maison launched one exploring the universe of
the Scottish designer and architect Charles Rennie
Mackintosh. Mackintosh led the art nouveau (or
“Modern Style”) movement in the United Kingdom
at the turn of the 20th century, incorporating a blend
of influences from Celtic and Japanese culture as
well as the Arts and Crafts movement into his
work. He joined an architecture firm in 1889 and
earned acclaim for developing a unique design
language that incorporated distinctive shapes and
materials from traditional Scottish architecture.
Renowned for his originality and versatility, the
father of Scottish modernism applied his talent and
skill to fields as varied as architecture, painting,
furniture, textiles and interior design.

114 • 115
 LVMH 2018 . LV M H s t o r i e s

In its seasonal collection launched at the end of

2018, Loewe explores the different facets of
Mackintosh’s body of work, paying deserving
homage to the wealth and breadth of its singular
aesthetic. The comprehensive range of accesso-
ries and ready-to-wear inspired by Mackintosh
includes dresses, knits and shirts that evoke
the spirit of Scotland using rich cashmeres, silks
and mohairs in sand- and rust-colored tones.
Remaining true to its heritage and leatherworking
expertise, the collection’s accessories showcase
the most sophisticated leather craftsmanship
techniques employed to reproduce the sinuous
lines and distinctive motifs so characteristic of
Mackintosh’s work.
A singular collection that pays homage to a
singular artist.

Loewe explores the different

facets of Mackintosh’s body
of work, paying deserving homage
to the wealth and breadth
of its singular aesthetic.

BVLGA R I
Fiorever : A d i a mond central diamond. Each is a masterpiece of sophis-
ticated jewelry craftsmanship with delicately
a s a sy mb ol pavéed quivering petals mounted using the iconic
of Rom a n p a s s ion “Tremblant” technique which is synonymous with
Bvlgari’s excellence in high jewelry. Fiorever’s

T
he brand’s Fiorever collection – a play on dazzling flowers comprise four outer petals, which
the Italian word “fiore” (flower) and the in turn enclose four inner petals, in a subtle refer-
English word “forever” – is a new Bvlgari ence to the figure 8, the symbol of infinity. Infinite,
icon in full bloom. With its distinctive design of like the creativity and expertise of the Maison’s
four- to eight-petaled flowers, sculpted in an eternal jewelers, who can reinvent a classic motif over
sparkle of precious diamonds, it joins the Maison’s and over again.
other emblematic collections, such as B.Zero1, Fiorever draws its inspiration from the first-century
Diva, Bvlgari Bvlgari and Serpenti. The creations in BC Roman frescoes that decorated Pompei’s villas
the Fiorever collection are all designed around a and featured four-petaled flowers. But the flower

116 • 117
 life. Her personality and spontaneity make her as
unique as the Fiorever diamond flower, eternal
and dazzling.

Bvlgari, which is known for its colorful

jewelry, surprises by choosing to make
the diamond the centerpiece of its Fiorever
collection – the symbol of Roman passion.

JA R DI N
D ’A C C L I M ATAT I O N
The rebi r t h of a h i s tor ic
a mu s ement p a rk

T
he Jardin d’Acclimatation in Paris reo-
pened on June 1, 2018 after no more than
nine months of refurbishment costing
€70 million. It now successfully offers a radically
new, different and revitalized experience while
remaining scrupulously true to its much-cherished
19th century roots. The park’s buildings – many of
them built under Napoleon III – have been restored,
and its infrastructures modernized under the guid-
ance of architects Jean-François Bodin, Jim Cowey
is also a classic jewelry motif that the Maison has (Studios) and Didier Balland (Atelier 24). Its original
been interpreting with daring and expertise since landscape design has also been recreated by
the 1920s. Philippe Deliau (Alep) using the original drawings
This signature motif reflects Bvlgari’s origins in and plans. Nothing has been neglected at this
Italy’s vibrant capital. Fiorever is already a Bvlgari unique, eco-friendly destination in the heart of the
icon since it epitomizes the Maison’s identity Bois de Boulogne.
and heritage. The Jardin’s emblematic attractions have been
In the communications campaign shot by Mario renovated, some in a steampunk atmosphere –
Sorrenti, the jeweler chose a new Latin muse, the retro-futuristic identity invented by designer
Ursula Corbero, to represent the exuberant, Thierry Rétif, so familiar to Harry Potter and Hugo
joyous, passionately Fiorever woman. A young, Cabret fans – and 17 new rides have been installed.
rising star of Spanish cinema known for her The most intrepid visitors can now enjoy four big
performance in the series La Casa de Papel, roller coasters. Two timeless, typically Parisian
Corbero was chosen to celebrate Roman joy for fairgrounds boast absolutely authentic and unique
 LVMH 2018 . LV M H s t o r i e s

attractions including marvels like the 1900 Big attraction, and Wild Immersion, a virtual reality
Merry-Go-Round, the Steam Engine, the Speed nature reserve inaugurated in February 2019. The
Rockets, the Flying Ships, the Clock Tower, the park has also entered the era of 2.0, if not 3.0, with
Champion Drivers and the Astrolabe. a complete makeover of its digital ecosystem,
Special care was devoted to revamping the notably a new website, a revamped social-media
Small Farm with a focus on the well-being of the strategy, and online ticket sales offering visitors
400 animals and birds that live in the park. The greater flexibility and convenience before, during
Grande Volière was redesigned and now groups and after their visit.
exotic birds together according to their natural
habitats in biogeographic areas, from South The joy of old and new – a park
that remains true to its historic roots
America to Oceania and including Africa. and is also completely transformed.
The refurbishment also focused on reducing the
park’s weather dependency with the installation of
•
indoor activities like the Kinetorium, its first digital

CHR ISTIAN DIOR

Rev i s it i n g Toi le de Jouy

M
aria Grazia Chiuri, Christian Dior’s Crea­
tive Director for women’s collections, has
revisited the Toile de Jouy design, rein-
terpreting its traditional illustrations and adding
her own spin with a wild animal series. Drawn in
pen and ink, scenes featuring tigers, lions, mon-
keys, giraffes and snakes appear in subtle hues of
blue, red or green. A surrealist reinvention of tradi-
tion, these prints are used in the 2019 Cruise collec-
tion on both trench coats and the Dior Book Tote.
With its emblematic pastoral scenes and floral
patterns, the Toile de Jouy is one of French fash-
ion’s great classics. First created in the 18th cen-
tury at the Jouy-en-Josas manufactory, the fabric
has accompanied the Maison since its early days.
In 1947, when Christian Dior opened his first bou-
tique at 30 Avenue Montaigne, he used it to adorn
the walls and counters. And since 1959, Dior’s
designers have repeatedly re-appropriated it. First
this iconic fabric was used for heels designed by
Roger Vivier. Then Gianfranco Ferré featured it in
his Spring/Summer 1991 Haute Couture collection.

120 • 121
 LVMH 2018 . LV M H s t o r i e s

John Galliano revisited it in his Spring/Summer

1998 Ready-to-Wear and Fall/Winter 2001 and
2010 Haute Couture collections. This year, Maria
Grazia Chiuri has reinterpreted it and Kim Jones
has used his own original patterns on several
clothing items and accessories in his first men’s
collection for Dior. Cordelia de Castellane has also
designed two soft toys in blue Toile de Jouy for
Baby Dior. The Dior Maison capsule collection cel-
ebrated the motif with a series of plates, table-
cloths, candles, cushions and notepads for the
end-of-year holiday season, during which Dior
paid tribute to the legendary fabric at all its bou-
tiques and pop-up stores worldwide. In a refer-
ence to the first Dior boutique, the windows and
Christmas tree at the Avenue de Montaigne bou-
tique were decked out in a wild animal-patterned
Toile de Jouy.

Ever since 1959, the Maison’s designers

have reinterpreted the Toile de Jouy fabric
Christian Dior loved so much.

R I M OWA
1 20 yea rs – never s t i l l ment, ambition and openness to the world, the
campaign tells five stories through international

L
uggage and leather goods manufacturer celebrities Roger Federer, Virgil Abloh, Adwoa
Rimowa was founded by Paul Morszeck in Aboah, Nobu Matsuhisa and Yoon Ahn. They have
Cologne, Germany, in 1898. Over the 20th all achieved mastery in their respective fields and
century it developed into an iconic brand, famous embody the Maison’s belief that no one builds a
for its pioneering, high-quality luggage. Rimowa legacy by standing still. The campaign, which runs
has become a benchmark for quality, innovation as a film and on advertising displays all over the
and craftsmanship by creating a product that is world, conveys the idea that travel helps us fulfil
valued across generations because it elevates our endless quest for success. Roger Federer
travel to a quest for inspiration and discovery. remembers a childhood conversation with his
The Maison celebrated its 120th anniversary in 2018 father just before his first trip to Zurich. Model and
with its first-ever global advertising campaign. activist Adwoa Aboah talks about how travel
Reflecting Rimowa’s traditional values of move- helped her find herself. Virgil Abloh – Artistic

122 • 123
Director of Louis Vuitton’s menswear collections and the art of the tiara, naturalist inspirations and more,
the founder and director of luxury fashion label visitors discovered a Maison that engages with the
Off-White – shares his artistic vision. International world and welcomes diverse influences, and in
celebrity chef, businessman and restaurateur turn emanates its singular Parisian style to estab-
Nobu Matsuhisa tells an ancient Japanese travel lish itself as a leading high jeweler. The exhibition
tale that mirrors his own life. Lastly, Yoon Ahn – – which was jointly curated by Henri Loyrette,
Dior Homme’s Jewelry Designer and the founder honorary president of the Musée du Louvre, and
and creative director of streetwear brand Ambush Akiya Takahashi, director of the Mitsubishi Ichigokan
– evokes her conflicting sources of inspiration with Museum – took visitors on a journey through the
quotes from her travel journals. Maison’s history, culture, expertise and style. The
These testimonials by the celebrities who embody high point of the exhibition was the celebration of
the brand make for a compelling campaign that the Maison’s close and enduring ties with Japan
illustrates Rimowa’s values and its desire to mark and its culture. Exhibits in this space included
its epoch and boldly challenge the status quo. works inspired by the 19th century Japonism

Five celebrities embody

the spirit of Rimowa and deliver
the message that no one builds
a legacy by standing still.

C HAU M ET
A n ex h ibit ion
i n Tokyo ret r ac i n g
200 yea rs of h i s tor y

T
he house of Chaumet chose the Mitsubishi
Ichigokan Museum in Tokyo to host
The Worlds of Chaumet from June 28 to
September 17, 2018. The exhibition featured
around 300 pieces of jewelry, as well as decorative
art, paintings, drawings and many previously
unseen archive pieces from 40 prestigious collec-
tions and 15 leading museums. The exhibition was
structured into a series of themes, each of which
allowed visitors to explore the constant dialogue
between jewelry and artistic movements, and
between contemporary and historic pieces.
Through spaces devoted to imperial commissions,
 LVMH 2018 . LV M H s t o r i e s

movement and the high jewelry set created

especially for the event, inspired by the delicacy of
nature and symbolizing the culture of excellence
that Chaumet shares with Japan.

For more than two centuries,

Chaumet has shown curiosity
for everything, for all the “elsewheres”
in the world, whether historic or exotic.

LE BON MARCHÉ
The m ag ic a l world
of Le Bon Ma rc hé for k id s

A
surprise and a whole world of fun and
games awaits you on the third floor of
Le Bon Marché Rive Gauche – it’s the new
Kids’ Department, complete with clothes, toys,
activities for kids and grownups, rides and even a
flying saucer!
Small children can enjoy a comforting menagerie
of plush toys; educational games; a miniature,
exclusive, luxury-brand dressing room; nightlights
to brave the dark; and much more. Pre-teens and
teens can explore an exciting, unprecedented a photo booth so they can take their creations
space that includes La Petite Épicerie de la Beauté home with them.
(or beauty delicatessen), where barrettes, headbands Last but not least, for parents who like to shop in
and lip balms are on offer in display stands designed peace – and for their children, aged four to ten,
like an amusement arcade. And because it’s never who’d rather play – Le Bon Marché now offers a
too early to start dreaming of the next vacation, the new service: recreational workshops where children
seasonal Galerie Imaginaire (or imaginary gallery) can enjoy crafts, cooking, and experiments, always
features sleds, down jackets, gloves and hats. based on an original themed story: the perfect
And as children are miles ahead of their parents recipe for a workshop where learning is fun!
when it comes to tech, there’s a wide range of high-
tech and lifestyle products, particularly for teens. A new space divided into two sections:
a peaceful, cozy one for the very young,
For example, they can take pictures of themselves and a brighter, more colorful
using interactive screens and design the front cover one for pre-teens and teens.
of their very own magazine – and of course there’s
•

126 • 127
PER FOR MANCE
MEASURES
 U S E F U L I N FO R M AT IO N
FOR SHAR EHOLDERS

SHA R EHOLDER S’ IN FOR MAT ION

C LU B A BOU T LV M H SHA R ES
The LVMH Shareholders’ Club was set up in 1994 to give Listed on: Eurolist by Euronext Paris
individual shareholders who are particularly interested Stock market capitalization: €130 bn as of 12/31/2018
in the life of the Group a better understanding of LVMH, (The largest capitalization on the Paris stock market)
its businesses and its brands. Number of shares: 505,029,495 as of 12/31/2018
Member of indices: CAC 40, Dow Jones Euro Stoxx 50,
LAT EST N EWS A BOU T MSCI Europe, FTSE Eurotop 100, Global Dow and
OU R M A ISONS FTSE4Good.
We send Club members several publications (by email
or post as they prefer), such as the twice yearly Letter
to Shareholders and the annual issue of Apartés, our SHA R EHOLDER
Club magazine. The Annual Report is sent to those who ST RUCT U R E (1)
request it using an online form. (December 2018)

French
EXC LUSI V E OF F ER S FOR institutional
T H E GROU P’ S PRODUC TS investors
Arnault
In addition to special offers on a selection of the Group’s
11.6% family
Individuals group
wines and spirits, Club members can purchase
5.0% 47.2%
discounted subscriptions to Group media publications –
Les Échos, Investir and Connaissance des Arts –
and order priority-access tickets for the Fondation
Louis Vuitton. Foreign Treasury
institutional stock
investors 0.4%
DEDICAT ED 35.8%
ON LIN E STOR E
(1) Voting rights: Arnault family group 63.3%; Other 36.7%.
Once they have activated their account, Club members
can access exclusive offers for the Group’s wines and
spirits using a private shopping space at their dedicated
online store: www.clublvmh-eboutique.fr. Delivery can AGEN DA
only be made in France. Members can also order products Tuesday, January 29, 2019: 2018 annual revenue and
using the order form enclosed in Apartés magazine. results
April 2019: 2019 first-quarter revenue
V ISITS TO Thursday, April 18, 2019: Shareholders’ Meeting
EXC EPT IONA L SIT ES Monday, April 29, 2019: Payment of the final dividend
Club members can visit exceptional sites where they for fiscal year 2018
receive an especially warm welcome: from Hennessy’s July 2019: 2019 half-year revenue and results
centuries’ old cellars to the magnificent crayères at October 2019: 2019 third-quarter revenue
Veuve Clicquot Ponsardin. They also get the opportunity
to discover our Maisons at unique locations such as
the Louis Vuitton workshops in Asnières. CON TACTS
Investor and Shareholder Relations
Tel.: +33 (0)1 44 13 27 27
Shareholders’ Club
Tel.: +33 (0)1 44 13 21 50
 LVMH 2018 . Pe r f o r m a n c e m e a s u r e s

STOCK MARKET
PER FOR MANCE MEASUR ES

LVMH STOCK MARKET DATA CHANGE IN THE DIVIDEND

(in euros) 2016 2017 2018 2016(1) 2017(1) 2018
High (mid-session) 181.40 260.55 313.70 Gross dividend (in euros) 4.00 5.00 6.00(2)
Low (mid-session) 130.55 175.80 232.50 Growth for the year 13% 25% 20%
Year-end share price 181.40 245.40 258.20 Payout ratio 50% 47% 47%
Change during the year 25% 35% 5% Basic Group share 8.08 10.68 12.64
(%) of net earnings per share
(in euros)
Change in the CAC 40 5% 9% -11%
(%) (1) Restated to account for the impact of the application of IFRS 9 Financial Instruments.
(2) Amount to be proposed at the Shareholders’ Meeting of April 18, 2019.
Market capitalization 92.0 124.0 130.0
at Dec. 31 (EUR bn)

COMPARISON BETWEEN THE LVMH SHARE PRICE AND THE CAC 40 INDEX SINCE JANUARY 1, 2016
(in euros)
320
7,000,000
300

280 6,000,000

260
5,000,000
240

220 4,000,000

200
3,000,000
180

160 2,000,000

140
1,000,000
120

100 0
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
2016 2017 2018

LVMH CAC 40 rebased Volume of transactions (right-hand scale)

After remaining relatively steady during the first nine months of the year despite a climate of substantial uncertainty,
markets slumped during the third quarter to end the year in a downturn. The trade war between the United States and
China, the political and economic environment in Italy and the difficult negotiations between the European Union and
the United Kingdom surrounding Brexit weighed on performance in the main indices. The end of the year also saw the
publication of less favorable indicators, fueling investor fears of a slowdown in global economic growth. Paradoxically,
the changes to monetary policy in Europe and the United States, which had been highly anticipated by investors, ended
up having a limited impact on markets. Against this backdrop, the CAC 40 and Euro Stoxx 50 indices finished 2018
down 11% and 14%, respectively. The LVMH closing share price ended the year up 5%, at €258.20, after having reached
a new record high during the year. LVMH’s market capitalization was €130 billion as of December 31, making it the largest
company on the Paris stock exchange.

130 • 131
 FINANCIAL
PER FOR MANCE MEASUR ES

2018 REVENUE BY REGION STORES

(in %) (number)

4,592
4,374
Other France 3,948
markets 10%
11%

Asia Europe
(excl. Japan) (excl. France)
29% 19%

Japan United States

7% 24% 2016 2017 2018

REVENUE PROFIT FROM RECURRING OPERATIONS

(EUR millions) (EUR millions)

46,826 10,003
42,636
37,600 8,293
7,026

2016 2017 2018 2016 2017 2018

REVENUE BY BUSINESS GROUP PROFIT FROM RECURRING OPERATIONS BY BUSINESS GROUP

(EUR millions) (EUR millions)

Change Organic Change Operating

2018 2018/2017 growth(1)  2018 2017/2016 margin(1)

Wines & Spirits 5,143 +1% +5% Wines & Spirits 1,629 +5% 3 1.7%

Fashion & Leather Goods 18,455 +19% +15% Fashion & Leather Goods 5,943 +21% 32.2%

Perfumes & Cosmetics 6,092 +10% +14% Perfumes & Cosmetics 676 +13% 1 1 .1%

Watches & Jewelry 4,123 +8% +12% Watches & Jewelry 703 +37% 1 7.1%

Selective Retailing 13,646 +3% +6% (2) Selective Retailing 1,382 +29% 10.1%

Other activities (633) – – Other activities (330) – –

and eliminations and eliminations

TOTAL LVMH 46,826 +10% +12% TOTAL LVMH 10,003 +21% 21.4%
(1) At constant structure and exchange rates. (1) As % of revenue of each business group.
(2) +12% excluding the closure of Hong Kong airport concession in 2017.
 LVMH 2018 . Pe r f o r m a n c e m e a s u r e s

NET PROFIT, GROUP SHARE(1) OPERATING INVESTMENTS(1)

(EUR millions) (EUR millions)

6,354 3,038
5,365
2,265 2,276
4,066

2016 2017 2018 2016 2017 2018

FREE CASH FLOW(1) SIMPLIFIED BALANCE SHEET

(EUR millions) AS OF DECEMBER 31, 2018
(EUR billions and % of balance sheet total)
5,452
74.3 74.3
4,696

3,911 68% 46% E q u i t y

Non- cu r rent
assets

32% N o n - c u r r e n t
l iabil it ies
17% I nv e n t o r i e s
15% O t h e r 22% C u r r e n t
2016 2017 2018 l iabil it ies
cu r rent assets
Assets Liabilities
and equity

EQUITY AND RATIO NET FINANCIAL DEBT(1)

OF NET FINANCIAL DEBT (EUR millions)
TO EQUITY(1)
(EUR millions and %)
33,957 7,153

30,377 5,487(2)
27,898

3,244

24%
16% (2)
12%
2016 2017 2018 2016 2017 2018

(1) 2016 and 2017 restated for the impact of the application of IFRS 9
Financial Instruments.
(2) Belmond shares deducted from net debt (€274 million).

Further information can be found in the 2018 Reference Document.

132 • 133
 NON-FINANCIAL
PER FOR MANCE MEASUR ES

BREAKDOWN OF EMISSIONS BY BUSINESS GROUP ENERGY CONSUMPTION BY BUSINESS GROUP

(in metric tons of CO2 equivalent) (in MWh)

CO2 CO2 emissions 2018 Change(1)

emissions in 2018 Change(1) 2017 pro forma(1) (in %)
in 2017 pro forma(1) (in %)
Wines 188,292 217,135 +15% (2)
Wines 36,442 40,454 +11% (2) & Spirits
& Spirits
Fashion & 371,105 361,135 –2%
Fashion & 104,990 99,401 –5% Leather Goods
Leather Goods
Perfumes 90,160 92,726 +3%
Perfumes 11,892 12,025  +4% & Cosmetics
& Cosmetics
Watches 35,924 36, 515 +2%
Watches 5,633 4,718 –15% (3) & Jewelry
& Jewelry
Selective 296,537 279,257 –4%
Selective 116,375 97,912 –14% (4) Retailing
Retailing
Other activities 17,091 18,486 +8%
Other activities 2,800 2,995 +7% 
TOTAL 999,109 1,005,254 +1%
TOTAL 278,132 257,505 –6% (1) Value and change at constant scope.
(1) Value and change at constant scope. (2) Change related to increased business activity and the installation
(2) Change related to increased business activity and the installation of new equipment at a Glenmorangie site.
of new equipment at a Glenmorangie site.
(3) Change related primarily to the transition to renewable energy at certain sites.
(4) Change related primarily to the transition to renewable energy at certain sites
and the rollout of more energy-saving technologies.

WATER CONSUMPTION BY BUSINESS GROUP SOCIAL AND/OR ENVIRONMENTAL AUDITS AND

(process requirements in m3) MONITORING OF OUR SUPPLIERS BY REGION IN 2018

2018 Change(1) Breakdown Breakdown

2017 pro forma(1) (in %) of suppliers of audits
(in %) (in %)(1)
Wines 1,151,814 1,183,962 +3%
& Spirits Europe 65% 68%

Fashion & 1,714,661 1,872,325 +9% Asia 14% 28%

Leather Goods
North America 14% 1%
Perfumes 178,646 211,395 +18% (2)
& Cosmetics Other markets(2) 7% 3%

Watches 91,416 99,770 +9% TOTAL 100% 100%

& Jewelry
Total number 877 1,092
Selective 483,950 420,855 –13% (3) (1) Of which 78% initial audits, and 22% follow-up audits.
Retailing (2) Including Africa.

Other activities 256,049 257,526 +1%

TOTAL 3,876,536 4,045,833 +4%

(1) Value and change at constant scope.
(2) Change related to business activity and improvements in reporting processes.
(3) Change related to business activity and improvements in equipment.
 LVMH 2018 . Pe r f o r m a n c e m e a s u r e s

EMPLOYEES(1) BREAKDOWN BY BUSINESS GROUP (as of December 31, 2018)

156,088
As % %
145,247
134,476 2018(1) of total women(2)

Wines & Spirits 7,380 5% 38%

Fashion & 48,101 31% 69%

Leather Goods

Perfumes 29,141 19% 83%

& Cosmetics

Watches 8,784 6% 59%

& Jewelry

Selective 57,975 37% 83%

2016 2017 2018 Retailing
(1) Total permanent and fixed-­term headcount. Other activities 4,707 3% 35%

TOTAL 156,088 100% 73%

(1) Total permanent and fixed-term headcount.
(2) Under permanent contracts.

BREAKDOWN BY AGE(1) BREAKDOWN OF PERSONNEL BY

(Median age: 33 years) PROFESSIONAL CATEGORY (as of December 31, 2018)

Age: under 25 12% As % %

25-29 20% 2018(1) of total women(2)

30-34 20% Executives 29,288 19% 65%

and managers
35-39 15%
Technicians 14,500 9% 68%
40-44 11% and supervisors
45-49 9%
Administrative 91,625 59% 81%
50-54 6% and sales
employees
55-59 4%
Production 20,676 13% 58%
60 and up 3% workers
(1) Under permanent contracts.
TOTAL 156,088 100% 73%
(1) Total permanent and fixed-­term headcount.
(2) Under permanent contracts.

BREAKDOWN OF JOINERS BY REGION (1) BREAKDOWN BY REGION (as of December 31, 2018)

2018 As % %
2018(1) of total women(2)
France 4,946
France 31,156 20% 64%
Europe (excl. France) 8,205
Europe 38,645 25% 74%
United States 10,261 (excl. France)

Japan 1,027 United States 32,724 21% 79%

Asia (excl. Japan) 12,266 Japan 6,905 4% 74%

Other markets 3,909 Asia (excl. Japan) 34,802 22% 77%

TOTAL 40,614 Other markets 11,856 8% 73%

(1) Under permanent contracts, including conversions of fixed-term contracts
to permanent contracts and excluding internal mobility within the Group.
TOTAL 156,088 100% 73%
(1) Total permanent and fixed-­term headcount.
(2) Under permanent contracts.

Further information can be found in the 2018 Reference Document.

134 • 135
 Photographs
Cover: Christian Dior, Viviane Sassen – p. 4: Fondation Louis Vuitton, © Gehry Partners, LLP and Frank O. Gehry
© Roseline Diemer (@roxdmr) – p. 6: Magali Delporte – p. 10: Château Cheval Blanc, Gérard Uféras – p. 12, 15: Jean-François Robert
– p. 13: Louis Vuitton Malletier, Stéphane Muratet – p. 17: Krug, Alexis Jacquin – Louis Vuitton Malletier, Collier Schorr
– Parfums Christian Dior, Pol Baril – Bvlgari – Le Bon Marché Rive Gauche, DR – Cheval Blanc, S. Candito – p. 20: Christian Dior,
Sophie Carre – p. 22: Chaumet, Sébastien Gracco – p. 24: Berluti, Gabriel de la Chapelle – p. 26, 66, 68, 72, 111, 112: Christian Dior
Parfums – p. 29: Courtesy of Ernst Ploil, Vienna, DR – p. 30: Julien Millet – p. 34, 73, 109: Guerlain – p. 38: Fondation Louis Vuitton,
© Gehry Partners, LLP and Frank O. Gehry © Jean-Guy Perlès (@selrep) – p. 40: © Estate of Jean-Michel Basquiat Licensed by Artestar,
New York © Fondation Louis Vuitton, Marc Domage – p. 42: Loro Piana – p. 46: Ruinart, Liu Bolin – p. 48: Dom Pérignon, agence DAN,
TBWA – p. 50, 60, 70, 80, 90: Illustrations: Anna Wanda Gogusey – p. 52: Moët & Chandon, Florian Joye, agence Ogilvy Paris
– p. 53: Veuve Clicquot, Arnaud Montagard – p. 54: Jas Hennessy & Co – Glenmorangie – p. 55: Krug, Zoë Ghertner – p. 56: Louis Vuitton
Malletier, Ludwig Bonnet – p. 58: Fendi – p. 62, 104: Louis Vuitton Malletier, Craig McDean – p. 63: Christian Dior, Harley Weir
photographer, in collaboration with the choreographer Sharon Eyal – p. 64: Celine, Hedi Slimane – p. 65: Givenchy Haute Couture
Fall Winter 2018, “Effrontée” – p. 74: Parfums Givenchy – p. 75: Guerlain, Pol Baril – p. 76, 82, 83, 117, 118: Bvlgari – p. 84: Hublot
– p. 85: Zenith Watches, Defy Zero G by Marc Gysin – p. 85, 126: Chaumet – p. 86: DFS, Fondaco Facade, Matteo de Fina – p. 89, 92,
94, 108: Sephora – p. 93, 127: Le Bon Marché Rive Gauche, DR – p. 94, 95: DFS – p. 98: Cloudy Bay – p. 99, 100: Louis Vuitton Malletier,
Patrick Wack & Tim Franco – p. 102: Thélios – p. 103: Louis Vuitton, Toby McFarlan Pond – p. 106: Hublot, Franck Fife,
AFP – p. 107: Hublot, 2018 Getty Images – p. 110: Berluti – p. 114: Hennessy – p. 115, p. 116: Loewe – p. 120: Le Jardin
d’Acclimatation – p. 121: Christian Dior, Tom Ferguson – p. 122: Christian Dior, Inès Manai – p. 123, 124: RIMOWA, Brett Lloyd
– Other photographs: LVMH and Group Maisons’ libraries.

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