Lvmh
Passionate about creativity
ANNUAL REPORT
Contents
02 Chairman’s Message
06 Financial Highlights 08 Interview with Antonio Belloni: New expectations for luxury 10 Corporate Governance 12 The LVMH Share
14 Review of operations
16 Wines & Spirits 24 Fashion & Leather Goods 32 Perfumes & Cosmetics 40 Watches & Jewelry 46 Selective Retailing
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52 Sustainable development
54 Our Code of Conduct 55 Human resources Contributing to the future of tradition 63 Corporate sponsorship to support culture, youth and humanitarian action 64 Protecting the environment
71 Consolidated Financial Statements
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PASSIONATE ABOUT CREATIVITY
01
WITH TALENT AND DISCIPLINE, OUR TEAMS HAVE RESPONDED TO THE CHALLENGE
Bernard Arnault
We took advantage of this turbulent period, during which our clients sought a return to core values, to recall our heritage of excellence, and the values of creativity and durability which are embodied by the Group’s brands. The future holds excellent potential, in historic markets as well as in emerging markets, for brands which know how to continually inspire their contemporaries, regardless of where they are in the world, and are committed to quality, beauty and authenticity.
PASSIONATE ABOUT CREATIVITY
At the end of a year marked by an unprecedented global crisis, our Group responded to the challenge set and increased its market share. Making the most of improved conditions in the third quarter, LVMH even managed to register record revenue in the month of December. We owe this performance primarily to the talent of our teams and their perfect execution of Group strategy. The commitment of the men and women in the Group allowed us to combine the disciplined management approach called for by market conditions, with proactivity and efficiency, underpinned by targeted investments and a tradition of high quality creativity.
As in previous difficult periods, our Group demonstrated the