2 0 2 1 A N N UA L R E P O R T
Passionate
about creativity
Passionate
about creativity
T H E LV M H
S P I R I T
Louis Vuitton and Moët Hennessy merged in 1987, creating the
LVMH Group. From the outset, Bernard Arnault gave the Group
a clear vision: to become the world leader in luxury, with a
philosophy summed up in its motto, “Passionate about creativity”.
Today, the LVMH Group comprises 75 exceptional Maisons, each
of which creates products that embody unique craftsmanship,
carefully preserved heritage and resolute modernity. Through
their creations, the Maisons are the ambassadors of a refined,
contemporary art de vivre.
LVMH nurtures a family spirit underpinned by an unwavering
long-term corporate vision. The Group’s vocation is to ensure the
development of each of its Maisons while respecting their identity
and their autonomy, by providing all the resources they need to
design, produce and distribute their creations through carefully
selected channels.
Our Group and Maisons put heart and soul into everything
they do. Our core identity is based on the fundamental values
that run through our entire Group and are shared by all of us.
These values drive our Maisons’ performance and ensure their
longevity, while keeping them attuned to the spirit of the times
and connected to society. Since its inception, the Group has
made sustainable development one of its strategic priorities.
Today, 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.
Our philosophy: Passionate about creativity
T H E VA L U E S O F A D E E P LY
C O M M I T T E D G R O U P
Being creative and innovative
Creativity and innovation are part of LVMH’s DNA; throughout the years, they
have been the keys to our Maisons’ success and the basis of their solid reputa-
tions. These fundamental values of creativity and innovation are pursued in
tandem by our Group’s Maisons as they focus on achieving the ideal balance
between continually renewing their offer while resolutely looking to the future,
always respecting their unique heritage.
Delivering excellence
Within the Group, quality can never be compromised. Because the Maisons
embody everything that is most noble and accomplished in the world of fine
craftsmanship, they pay extremely close attention to detail and strive for
perfection: from products to services, it is in this quest for excellence that the
Group differentiates itself.
Cultivating an entrepreneurial spirit
The Group’s agile, decentralized structure fosters efficiency and responsive-
ness. It encourages individuals to take initiative by giving everyone a significant
level of responsibility. The entrepreneurial spirit promoted by the Group makes
risk-taking easier and encourages perseverance. It requires a pragmatic
approach and the ability to motivate staff to achieve ambitious goals.
Taking action to make a difference
Every action taken by the Group and its employees reflects our commitment
to ethics, corporate social responsibility and respect for the environment. They
drive our Maisons’ performance and ensure their longevity. Firmly convinced
that truly desirable products can only come from sustainable businesses, we
are committed to ensuring that our products and the way they are made have
a positive impact on our entire ecosystem and the places we operate, and that
our Group is actively working to build a better future.
2 • 3
Louis Vuitton, Towards a Dream, Jordan
T H E LV M H G R O U P
Chairman’s message
Interview with the Group Managing Director
Robust corporate governance
Maisons with a strong identity
A diverse range of professions
The world’s leading luxury goods group
A responsible model dedicated to excellence
Exemplary ethics and responsibility
Supporting culture, young people and humanitarian projects
A firm commitment to support humanitarian and social causes
A year of heightened social commitment
LIFE 360: Aiming for sustainable excellence
LVMH and its Maisons take action
6
12
14
16
17
18
20
22
24
28
30
34
40
B U S I N E S S G R O U P I N S I G H T S
Wines & Spirits
Fashion & Leather Goods
Perfumes & Cosmetics
44
64
86
106 Watches & Jewelry
126
Selective Retailing
142
Culture & Lifestyle
P E R F O R M A N C E M E A S U R E S
Stock market performance measures
Financial performance measures
Non-financial performance measures
154
156
158
4 • 5
S T E A D FA S T
A N D
D E T E R M I N E D
LVMH NAVIGATED THE UNCERTAINTIES OF 2021
WITHOUT EVER DEVIATING FROM ITS LONG-TERM COURSE:
EXCELLENCE, CREATIVITY AND COMMITMENT.
OUR MAISONS’ LEADERSHIP HAS EMERGED STRONGER
FROM THIS CRISIS. LVMH HAS STEPPED UP ITS WORLDWIDE
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY PROGRAMS
AND IS APPROACHING 2022 WITH DETERMINATION.
LVMH achieved a remarkable performance in 2021. In a year that was once
again heavily affected by the pandemic, thanks to our teams’ hard work and
unflagging enthusiasm – which I wholeheartedly applaud – our Group more
than weathered the storm. Our results are excellent: we delivered strong
growth that surged even higher in the fourth quarter, and we continued to
expand our ever-growing lead. If I may draw a parallel with cycling: the Tour de
France is not won on the flats in fine weather, but on the steepest slopes,
facing storms and headwinds – that’s when the champions pull ahead.
With their boundless creativity, our Fashion & Leather Goods Maisons – Louis
Vuitton and Christian Dior in particular – accomplished the extraordinary feat
of gaining market share despite very turbulent conditions. Hennessy success-
fully overcame major supply shortages to satisfy ever-increasing demand.
Parfums Christian Dior continued to shine with the spectacular success of
Sauvage, which became the world’s best-selling fragrance in 2021. Having just
joined the LVMH family, and under the impetus of its new management team,
Tiffany & Co. posted a record year. Our retail activities, which were directly
impacted by the lockdowns and forced store closures in 2020, bounced back
strongly, particularly at Sephora.
S H O W C A S I N G O U R T A L E N T
The bedrock of our success is, of course, our Maisons’ talented employees.
Whatever the circumstances, our exceptionally adaptable, prolifically creative
staff rise to the challenge. All of the Group’s professions are just as focused on
tradition as on the future, respecting their heritage of craftsmanship while
forging ahead through new designs and new experiences.
Louis Vuitton’s two new Vendôme workshops – the first located in one of the
old town’s most beautiful historic buildings, the second at a contemporary site
outside the center – work hand in hand and are a symbolic illustration of this
duality. That mindset is also reflected in our investments: our Maisons’ workshops
are locally rooted and benefit the economies of all the regions of France; our
creative directors, like Maria Grazia Chiuri for Dior in Athens and Hedi Slimane
for Celine in Nice, design collections and runway shows that inspire and touch
6 • 7
“ LV MH navigated the
uncer tainties of 2021 without
ever deviating from its
long-term course: excellence,
c reativity and commit ment.”
LVMH 2021 . Chairman’s message the entire planet; our engineers and sales assistants are inventing the digital
experiences of the future and new ways of welcoming customers in our stores
– which have never been so enterprising. For me, this is the hallmark of our Group
and the stamp of fine craftsmanship: at the intersection of art and technology,
culture and business, past and future. It’s a delicate balance: a harmonious,
unified blend of ideas and dedication that harnesses artistic creativity, finely
honed craftsmanship and organizational precision.
It would be unthinkable, at this point, not to mention Virgil Abloh, who passed
away so tragically and much too soon in 2021. The entire LVMH family is in
mourning. He was a visionary, a beautiful soul and a very wise man. I know that
his creative legacy will live on in the memory of our Group, just as departed
masters continue to inspire up-and-coming generations of designers.
B U I L D I N G T H E A R C H I T E C T U R A L
M A S T E R W O R K S O F D R E A M S
As you know, our Group has an illustrious history of constructing iconic build-
ings all over the world, foremost among which is the Fondation Louis Vuitton.
One of the key milestones of 2021 was the inauguration of La Samaritaine,
the emblematic Paris department store, now restored to its former splendor
15 years after its closure and refurbishment. As soon as it reopened in June,
this historic building once again found its place in the hearts of both Parisians
and visitors to the City of Light. Since then, several million people have
flocked to it, both to shop and to delight in rediscovering this French architec-
tural landmark that LVMH has brought back to life. The Cheval Blanc Paris hotel,
with its stunning views of the Seine and unparalleled service – which is without
equal anywhere in the world – is also hugely successful. Its three restaurants
have rapidly become essential destinations on the Paris fine-dining scene, in
particular Plénitude, the gourmet restaurant run by chef Arnaud Donckele.
These triumphs reflect LVMH’s goal, which is to look beyond the ups and
downs of 2021 at these long-term projects, patiently completed despite
being delayed by the pandemic and hailed as a return to happier times as
soon as they opened to the public. We live in an often uncertain world and
our project schedules can sometimes encounter unforeseen twists and turns,
but that only magnifies the feeling of joy when they come to fruition. So
come what may, we will never shy away from undertaking ambitious projects
and aiming for long-term success.
In this same spirit, Dior’s original store at Paris’ 30 avenue Montaigne reopened
at the beginning of 2022 after an extensive revamp. This exceptional location,
where the Maison’s legacy and creativity are showcased like never before, has
already become a powerful focal point for visitors from all over the world.
U N F L A G G I N G C O M M I T M E N T
T O T H E P L A N E T A N D Y O U N G P E O P L E
We focus on the long term and our commitments reflect this approach.
Indeed, our quest for excellence and performance would not be complete
without the unstinting and ever-growing daily efforts to make our corporate
social responsibility a tangible reality. Preserving the environment, especially, is
a priority: nature is the very substance of our products, and protecting it is
essential to our Maisons’ long-term future.
“ The bedrock of our success
is, of course, our Maisons’
talented employees. Whatever
the circumstances, our
exceptionally adaptable,
prolific ally creative staff
rise to the challenge.”
“ From our vantage point,
with our values and
res ources , we have a role
to pl ay in making
the world a better place.”
2021 saw an array of remarkable achievements in this area. Moët & Chandon is
now driving the necessary transition to sustainable winegrowing across the
Champagne region, while Château Cheval Blanc is the world’s first grand cru
to introduce agroecology – it has planted 4,000 trees in its vineyards and
stimulates life on its unique terroir. Our Maisons are also making rapid progress
towards a circular economy: Louis Vuitton’s Upcycling collection is made
entirely from recycled materials, Loewe’s Surplus Project bags designed
by Jonathan W. Anderson are made with leather offcuts, and Zenith has
partnered with Nona Source to transform excess fabrics into watch straps.
We involve our suppliers closely in this approach with an increasingly compre-
hensive traceability system. Fendi now provides a full list of its Tier 1 suppliers.
Guerlain shares the same commitment to transparency with its Bee Respect
platform, which publicly discloses the origin and lifecycle of its products’ ingre-
dients and packaging materials. LIFE 360, our ambitious Group-wide environ-
mental program, coordinates and fleshes out our Maisons’ initiatives to
preserve biodiversity and rapidly reduce CO₂ emissions.
Lastly, our focus on natural resources is matched only by the attention we
devote to preserving our intangible heritage: the professions and expertise we
pass on to future generations. Over the next few months, we plan to hire about
25,000 people under 30. We will also put a lot of effort into training these new
recruits, particularly through our Institut des Métiers d’Excellence (IME), which
now has all the trappings of a full-fledged international university for craft
professions and customer experience – it is present in six countries and offers
35 highly demanding programs. IME has trained 1,500 talented students since
its launch, many of whom are now working with the Group’s Maisons.
C O N F I D E N T, P R U D E N T, C A R I N G
With the pandemic yet to be fully resolved, 2022 has started with another
crisis. We are closely following the dramatic events unfolding in Ukraine. It's
very hard to predict how the geopolitical situation will evolve over the coming
weeks and its precise impact on the global economy. In the short term, our
people and operations are prepared and ready to face any emergency, just as
we were at the height of the pandemic. In the longer term, we will continue to
move forward with resolve and determination.
From our vantage point, with our values and resources, we have a role to play
in making the world a better place. Our passion for excellence, our creativity
and our commitment go a long way towards achieving this goal. So do our
sense of community, which is closely linked to our Group’s family values; and
our dynamic entrepreneurial spirit, which has permeated the Group since its
inception. In 2021, we celebrated the 200th anniversary of Louis Vuitton’s birth
and it is worth remembering his life journey, leaving the Jura Mountains for
Paris to found what would become the world’s foremost luxury brand. In his
story, I see a parable of the unstoppable power of entrepreneurship. I hope his
example will continue to guide us and enable us to view the future with hope.
For LVMH, this is still just the beginning.
Bernard Arnault
Chairman and Chief Executive Officer
8 • 9
LVMH 2021 . Chairman’s message La Samaritaine Paris Pont-Neuf
C O N F I D E N C E , V I G I L A N C E
A N D E N G A G E M E N T
Antonio Belloni,
Group Managing Director
LVMH achieved a record-breaking
performance in 2021: how do you explain
such a success despite ongoing disruptions
related to the public health situation?
experiences, in particular to prepare for our customers’
return to our stores while maintaining our momentum in
online sales. Keeping our eye firmly on the future so our
Maisons win over a younger clientele, while maintaining
their timeless craftsmanship.
Our performance was driven by a combination of factors,
I have been deeply impressed by how hard our teams
both external and internal. First, our customers’ mindset:
have worked, and deeply grateful for their steadfast
after living through two years of the pandemic, they want
commitment in these trying times, despite multiple
to rediscover the joy of shopping, enjoy memorable
constraints and highly unpredictable circumstances:
experiences and reconnect. There’s also a clear desire to
more than ever before, their agility and creativity have
focus on fundamentals – tried-and-true essentials with
made all the difference.
solid value and quality you can count on. We saw the
same thing happen during the crises in 2001 and 2008,
which ultimately made our Group stronger: our brands
are, by nature, positioned to reap the benefits.
But that only explains part of our success: the other part
comes from our long-term focus on our fundamental
As the world is starting to see signs of
a possible end to the pandemic, what are
the most fundamental trends that the LVMH
Group and its Maisons will face?
strategic priorities. Patiently working to craft our Maisons’
brand image and build their appeal. Maintaining ongoing
Several lasting trends will continue to influence our busi-
ness activities. The first is an increase in local demand.
dialogue and feedback to allow our decentralized
With tourist travel only slowly recovering, customers are
organization to swiftly adapt to any situation. Investing in
tending to make more of their purchases in their own
our capacity to innovate and create unprecedented
countries, so our sales associates are working to build
Louis Vuitton, Towards a Dream, Greece.
closer, more lasting customer relationships in each local
than just preserving our exceptional skills: we’re readying
market. It’s a virtuous circle. While our Maisons and prod-
them for the future.
ucts will keep taking a global approach, we will also keep
paying attention to the different customer bases and
What’s the Group’s mindset going into 2022?
cultural specificities of each region.
Another key trend that’s here to stay is digital, which is
Confident and determined, because we know we can
how most of our customers stay informed, share and
count on our people. Our energy remains focused on
shop. That’s not about to change, even with the return of
the appeal of all of our Maisons, with many highlights
the in-store experience. To leverage this trend, our brands
ahead, including inspiring innovations at Louis Vuitton
must be able to cohesively express their unique values
and the reopening of Christian Dior’s historic flagship at
and their creative identity across a range of customer
30 avenue Montaigne in Paris and Tiffany’s on Fifth Avenue
touchpoints, both physical and digital.
in New York.
Another increasingly important focus is the role of good
We will of course remain vigilant. Given the current geo-
corporate citizenship. In a complex, fragmented world,
political crisis and ongoing pandemic-related disruptions,
our responsibility has never been greater. And the same
we will maintain our flexible, rigorous management
can be said of our power to make a difference: by making
approach. One of our priorities will be relaunching our
our manufacturing processes more and more sustainable,
activities most exposed to the travel industry, which will
rising to meet younger generations’ aspirations for find-
only see a very gradual recovery: our customers are eager
ing meaning in their work, and reducing inequality and
to get back out and explore the world, but substantial
prejudice that belong in the past.
restrictions remain in place.
Lastly, our organization must be open to change in order
One thing is certain: we’re going to engage more closely
to adapt to fundamental shifts in the world around us and
than ever before with our partners to support them and
prepare for the future. That means bringing in new skills,
work side by side. From our own workshops to our sup-
empowering local teams, breaking down silos, flexibly
pliers, our exceptional craftspeople and the world’s most
navigating in-person and virtual interactions, and more.
Not to mention the key priority of passing on our Mai-
innovative startups, we are part of a vast ecosystem, and
this interconnectedness and dialogue are key to sparking
sons’ creative legacy and excellent craftsmanship to the
new ideas and enhancing quality and efficiency. That’s what
next generation. Through initiatives like the Institut des
our Maisons’ success – and our Group’s performance –
Métiers d’Excellence and Artisans 4.0, we’re doing more
will always be built on.
12 • 13
LVMH 2021 . Interview with the Group Managing Director R O B U S T C O R P O R A T E
G O V E R N A N C E
THE RIGHTS OF LVMH SHAREHOLDERS ARE PROTECTED
BY LAW AND THE PRINCIPLES OF CORPORATE GOVERNANCE
WHICH GOVERN THE WAY THE GROUP OPERATES.
Objectives set in line with the social and
environmental issues facing the Group’s business
Board of Directors’ work in 2021
LVMH’s Board of Directors is the strategic body of the
interim parent company and consolidated financial
Company that is primarily responsible for driving long-
statements, monitored quarterly business activity and
term value creation and protecting its corporate interests,
heard the reports presented by the Chairmen of its three
focusing in particular on the social and environmental
Committees. It gave its opinion on the Group’s strategic
In fiscal year 2021, the Board approved the annual and
issues facing its business.
Role of the Board of Directors
in the Company’s strategy
direction, its budget, compensation of company officers,
the implementation of bonus share plans, and the imple-
mentation of the share buyback program. In accordance
with the provisions of the AFEP-MEDEF code, the Board
of Directors reviewed its own composition, organization
The Board of Directors’ principal assignments are to
and modus operandi. It also (i) approved the targets of
approve the Company’s and the Group’s broad strategic
the LIFE 360 program adopted by the Group; (ii) made
direction and supervise its implementation, as well as ver-
amendments to the Charter of the Board of Directors
ifying the fair and accurate presentation of information
and the Rules of Procedure of the Nominations & Com-
about the Company and the Group. It is also tasked with
pensation Committee; (iii) appointed a new member to
protecting the Group’s corporate assets and ensuring
the Performance Audit Committee and the Nominations
that core business risks are accounted for in its manage-
& Compensation Committee; and (iv) amidst the public
ment. The Board also ensures that procedures to prevent
health crisis arising from the Covid-19 pandemic,
corruption and influence-peddling are implemented by
decided to hold the Shareholders’ Meeting of April 15,
the Group and its main partners, and monitors the impact
2021 in closed session. Lastly, as provided by law, follow-
of the Group’s non-discrimination and diversity policy,
ing the arrival of the first Director representing the
notably with regard to gender equality within the governing
employees appointed by LVMH’s Group Works Council,
bodies. Lastly, it acts as guarantor of the rights of all of its
the Board of Directors welcomed a second such Director,
shareholders and ensures that they fulfill all of their duties.
appointed by the SE Works Council.
Further information can be found in the 2021 Universal Registration Document.
EXECU TIVE COMMITTEE
Bernard Arnault
Chairman and Chief Executive Officer
Antonio Belloni
Group Managing Director
Delphine Arnault
Louis Vuitton Products
Nicolas Bazire
Development & Acquisitions
Pietro Beccari
Christian Dior Couture
Stéphane Bianchi
Watches & Jewelry
Michael Burke
Louis Vuitton & Tiffany
Chantal Gaemperle
Human Resources & Synergies
BOARD
OF DIRECTORS
Bernard Arnault
Chairman and Chief Executive Officer
Antonio Belloni
Group Managing Director
Antoine Arnault
Delphine Arnault (4)
Dominique Aumont
Director representing the employees
Nicolas Bazire
Marie-Véronique Belloeil-Melkin
Director representing the employees
Sophie Chassat(1)(3)
Charles de Croisset (1) (2) (3)
Lead Director
Diego Della Valle
Clara Gaymard (1) (2)(5)
Marie-Josée Kravis (1) (3)(6)
Marie-Laure
Sauty de Chalon (1) (2)(4)
Yves-Thibault
de Silguy (1) (2) (3) (4)
Natacha Valla (1)
Hubert Védrine (1) (4)
Advisory Board members
Yann Arthus-Bertrand
Lord Powell of Bayswater
General Secretary
Marc-Antoine Jamet
Statutory Auditors
Ernst & Young Audit(7)
represented by Gilles Cohen
Mazars(7)
represented by Isabelle Sapet
and Loïc Wallaert
Andrea Guerra
LVMH Hospitality Excellence
Jean-Jacques Guiony
Finance
Christopher de Lapuente
Selective Retailing & Beauty
Philippe Schaus
Wines & Spirits
Sidney Toledano
Fashion Group
Jean-Baptiste Voisin
Strategy
14 • 15
(1) Independent Director.
(2) Member of the Performance Audit Committee.
(3) Member of the Nominations & Compensation Committee.
(4) Member of the Ethics & Sustainable Development Committee.
(5) Clara Gaymard was appointed as Chairman of the Performance
Audit Committee, effective at the close of the Shareholders’ Meeting
of April 21, 2022, with Yves-Thibault de Silguy remaining a member
of the committee.
(6) Marie-Josée Kravis was appointed as Chairman of the
Nominations & Compensation Committee, effective at the close of
the Shareholders’ Meeting of April 21, 2022, with Charles de Croisset
remaining a member of the committee.
(7) A resolution will be presented at the Shareholders’ Meeting of
April 21, 2022 to reappoint Mazars as Principal Statutory Auditor,
and to appoint Deloitte as Principal Statutory Auditor to replace
Ernst & Young Audit.
LVMH 2021 . Governance and organization M A I S O N S W I T H
A S T R O N G I D E N T I T Y
LVMH COMPRISES 75 PRESTIGIOUS MAISONS ORGANIZED
INTO SIX BUSINESS GROUPS. EACH MAISON STEADFASTLY
PRESERVES AND PERFECTS A LONG TRADITION
OF EXPERTISE AND OFFERS EXCEPTIONAL PRODUCTS.
14TH CENTURY 1365 LE CLOS DES LAMBRAYS 16TH CENTURY 1593
CHÂTEAU D’YQUEM 18TH CENTURY 1729 RUINART 1743 MOËT & CHANDON
1765 HENNESSY 1772 VEUVE CLICQUOT 1780 CHAUMET 19TH CENTURY 1803
OFFICINE UNIVERSELLE BULY 1815 ARDBEG 1817 COVA 1828 GUERLAIN 1832
CHÂTEAU CHEVAL BLANC 1837 TIFFANY & CO. 1843 KRUG 1843 GLENMORANGIE
1846 LOEWE 1849 ROYAL VAN LENT 1852 LE BON MARCHÉ 1854 LOUIS VUITTON
1858 MERCIER 1860 TAG HEUER 1860 JARDIN D’ACCLIMATATION 1865 ZENITH 1870
LA SAMARITAINE 1884 BULGARI 1895 BERLUTI 1898 RIMOWA 20TH CENTURY
1908 LES ECHOS 1914 PATOU 1916 ACQUA DI PARMA 1923 LA GRANDE ÉPICERIE
DE PARIS 1924 LORO PIANA 1925 FENDI 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 1955 CHÂTEAU GALOUPET 1957 PARFUMS
GIVENCHY 1957 REPOSSI 1958 STARBOARD CRUISE SERVICES 1959 CHANDON
1960 DFS 1969 SEPHORA 1970 KENZO 1970 CAPE MENTELLE 1972 PERFUMES
LOEWE 1974 INVESTIR-LE JOURNAL DES FINANCES 1975 OLE HENRIKSEN
1976 BELMOND 1976 BENEFIT COSMETICS 1977 NEWTON 1980 HUBLOT 1983
RADIO CLASSIQUE 1984 MARC JACOBS 1984 MAKE UP FOR EVER 1985 CLOUDY
BAY 1988 KENZO PARFUMS 1991 FRESH 1992 COLGIN CELLARS 1993 BELVEDERE
1996 TERRAZAS DE LOS ANDES 1998 BODEGA NUMANTHIA 1999 CHEVAL DES
ANDES 21ST CENTURY 2006 MAISONS CHEVAL BLANC 2006 CHÂTEAU
D’ESCLANS 2008 KVD VEGAN BEAUTY 2009 MAISON FRANCIS KURKDJIAN
2010 WOODINVILLE 2013 MARC JACOBS BEAUTY 2013 AO YUN 2016 CHA LING 2017
FENTY BEAUTY BY RIHANNA 2017 VOLCÁN DE MI TIERRA 2020 EMINENTE
A D I V E R S E R A N G E O F P R O F E S S I O N S
W IN ES
& SPIR ITS
FA SH ION
& LEAT H ER GOODS
PER FU M ES
& COSM ET IC S
Moët & Chandon, Dom Pérignon, Krug,
The Fashion & Leather Goods busi-
LVMH is a key player in the perfume,
Veuve Clicquot, Ruinart, Hennessy,
ness group comprises Louis Vuitton,
makeup and skincare sector, with a
Château d’Yquem, Clos des Lambrays…
Christian Dior Couture, Celine, Loewe,
portfolio of world-famous French
the origins of all these world- famous
Kenzo, Givenchy, Fendi, Emilio Pucci,
brands: Christian Dior, Guerlain, Givenchy
estates are inextricably linked to the
Marc Jacobs, Berluti, Loro Piana,
and Kenzo. The Group also owns other
appellations and terroirs of the world’s
RIMOWA and Patou. While respecting
beauty brands: Benefit, Fresh, Acqua
most prestigious wines and spirits.
the identity and autonomous manage-
di Parma, Perfumes Loewe, Make Up
Whether they are in Champagne,
ment of these brands, LVMH supports
For Ever, Maison Francis Kurkdjian,
Bordeaux, or other famed wine regions,
their growth by providing them with
Fenty Beauty by Rihanna, KVD Vegan
these Maisons, many of which date
shared resources.
Beauty and Officine Universelle Buly.
back more than a century, all share
a powerful culture of excellence.
WATC H ES
& J EW ELRY
SELEC T I V E
R ETA ILING
OT H ER
AC T I V IT IES
The LVMH Watches & Jewelry Maisons
The Selective Retailing business group
Other activities include Groupe Les
are some of the most emblematic
comprises Sephora, the world’s leading
Echos, which comprises leading
brands in the industry. They operate in
selective beauty retailer; Le Bon Marché,
French business and cultural news
jewelry and watches with Tiffany, the
a Paris department store with a unique
publications; Royal Van Lent, the
prestigious American jewelry house
atmosphere; and travel retailers DFS and
builder of high-end yachts marketed
acquired in 2021, Bulgari, Chaumet,
Starboard Cruise Services, who cater
under the brand name Feadship;
Fred, TAG Heuer, Hublot and Zenith.
specifically to international travelers.
Cheval Blanc and Belmond, which are
These Maisons are guided by a daily
quest for excellence, creativity and
innovation.
developing a collection of exceptional
hotels.
16 • 17
LVMH 2021 . Our Maisons and business groups T H E W O R L D ’ S L E A D I N G
L U X U R Y G O O D S G R O U P
A UNIQUE OPERATING MODEL
BUILT ON SIX PILLARS
1
Decentralized
organization
2
Ver tical
integration
3
Sustaining
s avoir-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. This
allowing control over every link in the
identities and excellence, LVMH and
allows us to be extremely close to our
value chain – from sourcing and pro-
its Maisons have developed a range of
customers, to ensure that rapid,
duction facilities to selective retailing
initiatives to pass down skills and
effective and appropriate decisions
– which in turn means that the image
expertise, and promote craft trades and
can be made. This approach also sus-
of our Maisons is carefully controlled.
design professions among younger
tains the motivation of our employees,
encouraging them to show true
entrepreneurial spirit.
generations.
4
Organic
growth
5
Creating
synergies
6
Balance across
business segments
and geographies
The LVMH Group places priority on
Sharing of resources on a Group scale
organic growth and commits signifi-
creates intelligent synergies while
Our Group has the resources to
cant resources to develop its Maisons,
respecting the individual identities
sustain regular growth thanks to the
as well as to encourage and protect
and autonomy of our Maisons. The
balance across its business activities
creativity. Our employees are key
combined strength of the LVMH
and a well-distributed geographic
to this approach, making it essential
Group is leveraged to benefit each of
footprint. This balance means that we
to support their career growth and
its Maisons.
encourage them to excel.
are well-positioned to withstand the
impact of shifting economic factors.
80
countries
17 9
nationalities
75
Maisons
1 10
175, 6 47
employees
575
production sites
in France
nonprofits, foundations and initiatives
supported through the involvement
of nearly 30,000 employees
5, 556
stores
657,000
hectares of fauna and flora
habitat regenerated or protected
€6 4 . 2 bn
Revenue
+44% versus 2020
+20% versus 2019
€17. 2 bn
Profit from
recur ring operations
+107% versus 2020
+49% versus 2019
€1 2 bn
Net profit
Group share
+156% versus 2020
+68% versus 2019
2021 REVENUE BY REGION
(as %)
2021 REVENUE BY BUSINESS GROUP
(as %)
Other
markets
11%
Asia
(excl. Japan )
35%
Jap an
7%
UNITED STATES
Revenue: €16,591m
1,014 stores
34,930 employees
OTH ER MA RKETS
Revenue: €6,904m
594 stores
15,769 employees
France
6%
Europe
(excl. France)
15%
United States
26%
Selective
Retailing and
Other activities
19%
Watches &
Jewelr y
14%
Perfu mes &
Cos metics
10%
GEOGRAPHIC FOOTPRINT
(as of December 31, 2021)
FRANC E
Revenue: €4,111m
522 stores
33,8 87 employees
18 • 19
Wines &
Spirits
9%
Fashion &
Leather Goods
48%
EUROPE (excl. France)
Reven ue: €9,860m
1,203 stores
39,343 employees
JAPAN
Reven ue: €4,384m
477 stores
8,013 employees
ASIA (excl. Japan)
Reven ue: €22,365m
1,746 stores
43,705 employees
LVMH 2021 . Strategy and key figures Christian Dior
A R E S P O N S I B L E M O D E L
D E D I C A T E D T O E X C 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
heritage, innovative mindset and receptive outlook. The
Nurturing talent
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 diver-
their strength and stature.
sity and the wealth of human resources at our companies
As ambassadors of an authentic art de vivre, it is our
in 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
our business, from product design to the experience that
and preservation of our crafts outside the Group in addition
customers have throughout their relationships with the
to our own expertise as artisans and designers.
Group’s brands; from investment choices to social and
environmental initiatives. Because what we do requires a
diverse range of talent, we are committed to training
Environment
teams that embody excellence. Because passing on skills
Working together to preserve the planet’s resources, to
is an integral part of our culture, we want to use that
design and develop products that are compatible with
opportunity to promote social inclusion and employ-
environmental concerns, reporting on our policies and
ment. Because our crafts make the most of nature at its
projects and the progress achieved in meeting our objec-
purest and most beautiful, we see preserving the environ-
tives. Contributing to environmental protection above
ment as 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 nonprofits.
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 commit-
ment to creativity, excellence, and our environmental
Maintaining and strengthening responsible relationships
with our partners, suppliers and subcontractors. Imple-
impact and corporate citizenship.
menting a patronage program for the widest possible
Business performance
public benefit which reflects and transmits our funda-
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.
20 • 21
LVMH 2021 . Performance and responsibility Loro Piana, The Gift of Kings® wool, New Zealand
E X E M P L A R Y E T H I C S
A N D R E S P O N S I B I L I T Y
THE GROUP HAS ESTABLISHED RULES OF CONDUCT AND PRINCIPLES FOR ACTION REGARDING
ETHICS AND ENVIRONMENTAL, WORKFORCE-RELATED AND SOCIAL RESPONSIBILITY TO GUIDE
THE BEHAVIOR OF ALL OUR EMPLOYEES, SUPPLIERS AND OTHER STAKEHOLDERS.
Codes of ethics and their application
Fair and responsible relations
with our partners
LVMH’s wide-ranging commitments to our employees
and stakeholders are reflected in the Group’s longstanding
Supporting our partners is a key strategic priority for LVMH,
support for benchmark initiatives such as the United
as we aim to build long-term relationships underpinned
Nations Global Compact, and in the adoption of internal
by our shared quest for excellence and the ambition to
charters and codes of conduct which serve as guidelines
establish a set of common ethical principles, guidelines
for all of our Maisons. These include the LVMH Code of
and practices. The Group is developing a comprehensive
Conduct, the Supplier Code of Conduct, the Environmen-
policy with the aim of ensuring that our partners and
tal Charter and, more recently, the Animal-Based Raw
suppliers adopt best environmental, social and societal
Materials Sourcing Charter.
practices, while enhancing awareness and providing
The Group has a dedicated governance structure that
information about issues specific to their own activities.
ensures its values and codes of ethics are applied at
LVMH and its Maisons take a collaborative approach,
the operating level. This structure includes the Ethics &
offering support through audits and, where necessary,
Sustainable Development Committee, which operates
action plans. Over 1,500 audits were conducted in 2021.
within the Board of Directors. The Committee receives
Despite the exceptional public health situation that began
regular reports from the Group’s Ethics & Compliance
in early 2020, LVMH was able to maintain a significant
Department which, with its network of over 80 officers,
level of on-site supplier audits. The Group’s responsible
develops and implements the compliance program across
sourcing policy also includes supplier support and train-
all the Maisons.
ing. For example, LVMH is a signatory of the Utthan pact,
The Group puts these commitments and values into
an initiative that brings together several luxury brands
practice across all its business lines, paying close atten-
that contract out embroidery work. This program aims to
tion to areas such as promoting employee inclusion and
empower artisans in Mumbai’s hand embroidery cluster,
well-being; developing and passing on expertise and key
where many of the embroiderers partnering with the
skills; protecting personal data; reducing the Group’s
Maisons are based. The initiative also includes a training
impact on ecosystems and natural resources; implement-
program for embroiderers. In addition, several of the
ing compliance systems; and establishing and maintaining
Group's Maisons worked together to organize online
responsible supply chains.
training for managers of supplier sites in Italy and China.
In 2021, the Group extended access to LVMH Alert Line
Given the results of the risk analysis and of certain audits,
– our online whistleblowing platform – to all our external
these training courses focused on human rights, health
stakeholders. This platform was already open to employ-
and safety, the environment and fighting corruption.
ees, who can use it to report in good faith any violations
of laws, rules or in-house codes of conduct securely and
confidentially.
22 • 23
LVMH 2021 . Ethics and responsible partnerships S U P P O R T I N G C U L T U R E ,
Y O U N G P E O P L E A N D
H U M A N I T A R I A N P R O J E C T S
LVMH HAS BEEN PURSUING GROUNDBREAKING CORPORATE PHILANTHROPY INITIATIVES
FOR OVER 25 YEARS. THROUGH ITS SUPPORT FOR COMMUNITY-ORIENTED INITIATIVES,
THE GROUP EXPRESSES ITS CREATIVE AND HUMANITARIAN VALUES AND STRIVES
TO PROMOTE CULTURAL HERITAGE, ART, FASHION AND ARTS EDUCATION FOR ALL.
Culture, heritage and contemporary
creative arts
and Rui Zhou, a 26-year-old Chinese designer who
founded Shanghai-based brand Rui.
In 2021, LVMH continued to back the effort to save Notre-
Arts education initiatives
Dame de Paris Cathedral, whose restoration will take
several more years. Just one day after the terrible fire that
Once again this year, LVMH’s patronage of programs for
ravaged the monument in the spring of 2019, LVMH, led
young people focused on music. In particular, LVMH
by its Chairman, Bernard Arnault, made a €100 million
renewed its support for Orchestre à l’École, a nonprofit
donation (along with an additional €100 million from his
that enables hundreds of children all over France to start
family group) to ensure that Notre-Dame’s long restora-
playing a musical instrument. The Group also continued
tion process is followed through to completion. In support
its actions to promote access for young people to perfor-
of the arts, LVMH signed on to sponsor a new production
mances at the Opéra Comique in Paris. LVMH also once
of Tennessee Williams’ The Glass Menagerie at the Théâ-
again loaned out the Stradivariuses in its collection.
tre de l’Odéon, directed by Ivo van Hove. With its perfor-
mances interrupted by the pandemic lockdown, this play
was presented again in 2021, once again thanks to the
support of LVMH. LVMH has been a loyal patron of the
Backing medical research
and certain social causes
Nuit Blanche night-time arts festival for nearly fifteen
The Group supported numerous institutions well known
years, and once again in 2021 provided support alongside
for their work with children, the elderly and people with
the City of Paris to the French and international arts
disabilities, and for their efforts to combat major causes
scene, giving center stage to contemporary artists at an
of suffering and exclusion. In particular, LVMH provided
event open to all in the heart of Paris. LVMH also continued
major support to the Fondation des Hôpitaux de Paris-
its support for the Giacometti Institute in Paris, helping it
Hôpitaux de France and the Association Le Pont Neuf in
develop its scientific and cultural program.
France; Save the Children Japan; and the Robin Hood
Due to the Covid-19 pandemic, the final event for the
Foundation in New York, which works to support initia-
eighth edition of the LVMH Prize for Young Fashion
tives for children. It also supported the Fondation Claude
Designers was held without an in-person audience. Out
Pompidou, which provides support in France for seniors
of nine finalists, the LVMH Prize was awarded to Nensi
and people with disabilities; Association Fraternité
Dojaka, a 27-year-old Albanian designer based in London
Universelle, which works in Haiti to improve access to
who founded the eponymous women’s ready-to-wear
health care and education alongside actions in favor of
fashion brand. She won a 300,000 euro award and a year
agricultural development, especially in the Central Plateau;
of mentoring within the LVMH Group. The panel of judges
also decided to award the Karl Lagerfeld Prize to three
and the Curie Institute in its research and work to fight
childhood cancer. The Group is also a longstanding sup-
designers: Colm Dillane, the 29-year-old American founder
porter of a number of scientific teams and foundations
of Brooklyn-based brand KidSuper; Lukhanyo Mdingi, a
engaged in cutting edge public health research.
29-year-old South African designer based in Cape Town;
24 • 25
LVMH 2021 . Corporate philanthropy The Fondation Louis Vuitton, which opened in 2014,
is now recognized as a leading institution on the
global arts scene, achieving remarkable success
among both art and culture connoisseurs as well
as a wide French and international audience.
In 2020, following the success of the Charlotte Perriand: Inventing a New
World exhibition, which welcomed a total of 476,000 visitors, the Cindy
Sherman at the Fondation exhibition, whose opening was postponed due to
the pandemic, finally opened its doors to the public on September 23, 2020.
This exceptional retrospective, featuring more than 170 works by Cindy
Sherman, spanned her entire career as one of the greatest photographers of
our time, with a special focus on works from the past decade, some of
which were exhibited for the first time ever. As soon as the Fondation
reopened, visitors flocked to admire this universally acclaimed artist’s
insightful, sensitive exploration of the notions of identity and image until
the public health crisis worsened and the Fondation closed for a second
time on October 29, 2020.
Throughout 2021, the pandemic upended the activities of cultural institu-
tions. The Fondation Louis Vuitton demonstrated agility in continuing to
pursue its core missions: supporting artists and building a dialogue
between key figures in modern art, leading lights of the international
contemporary art scene and a wide audience, especially young people.
The Morozov Collection: Icons of Modern Art, an exhibition initially due
to be held in October 2020, ultimately opened on September 22, 2021, and
by February 2022 had already drawn more than 1 million visitors. This
highly anticipated exhibition, which has received unanimous praise from
the art world, features masterpieces from the collection of European
and Russian modern art assembled by the Muscovite brothers Mikhail
Abramovich Morozov (1870-1903) and Ivan Abramovich Morozov (1871-1921).
Presented for the first time outside Russia, The Morozov Collection echoes
the 2016 Shchukin exhibition, which marked an unprecedented new era
in the partnership between the Fondation Louis Vuitton and major Russian
museums.
A final highlight was the Fondation Louis Vuitton’s continuation of its
international Hors-Les-Murs (“Beyond the Walls”) program this year, with
a number of exhibitions held at its Espace Louis Vuitton locations in Tokyo,
Munich, Venice, Beijing, Seoul and Osaka.
Fondation Louis Vuitton
A Louis Vuitton for UNICEF Reporter interacting with the Rohingya children of the Cox's Bazar refugee camp in Bangladesh in 2018
A F I R M C O M M I T M E N T
T O S U P P O R T H U M A N I T A R I A N
A N D S O C I A L C A U S E S
AT LVMH, WE ENDEAVOR TO STAY ATTUNED TO THE PEOPLE AND THE WORLD
AROUND US IN ORDER TO EXPAND OUR POSITIVE SOCIAL IMPACT AND EXPRESS OUR SUPPORT
FOR THOSE IN NEED. IN THIS WAY, THE GROUP IS ABLE TO LEVERAGE ITS SUCCESS
AND EXCELLENCE TO DRIVE SHARED GROWTH, PROMOTE SOCIAL INTEGRATION AND CREATE JOBS,
APPLYING ITS RESOURCES AND SKILLS TO INITIATIVES THAT SERVE THE GREATER GOOD.
Supporting job creation,
entrepreneurship and regional development
Facilitating employment for people
with disabilities
LVMH helps drive economic growth and social develop-
LVMH also takes action to promote inclusion and access
ment around the world, in all the Group’s operating
to employment for people with disabilities. The Group
regions, both directly at its own sites and indirectly at its
works with organizations that specialize in training young
partners’ locations. It has launched a raft of initiatives and
people with disabilities and fostering social integration
pays taxes in the countries and regions where it carries
and access to employment. In France, it is a co-founder of
out its activities.
ARPEJEH, a nonprofit organization that brings together
The LVMH Group is a longstanding supporter of entre-
around a hundred companies to guide young people with
preneurship. In early 2018, to help connect open innova-
disabilities in their careers. In the United States, it supports
tion and business development with new ways of
Runway of Dreams, which works to promote employ-
learning, the Group launched La Maison des Startups in
ment in the fashion world for people with disabilities.
France. This startup accelerator for the luxury industry is
housed at Station F, the world’s largest startup campus.
In the United States, Sephora joined the Fifteen Percent
Promoting access to education
for young people and helping those in need
Pledge, an initiative that asks businesses to dedicate 15%
of their shelf space to Black-owned brands, a target
LVMH aims to put the renowned excellence of its Maisons
which was met starting in 2021.
Facilitating access to employment
and social inclusion for people who have been
marginalized on the job market
– the very foundation of their success – to work in support
of equal opportunity and wider access to education for
young people. The Maisons have developed numerous
partnerships with schools located near their sites and
further afield. LVMH encourages access to higher education
for all students – whatever their social origins, family situation
As a major employer in many labor markets, LVMH pays
or ethnic background – through its multiple partnerships
close attention to each region’s specific employment
with schools.
situation. To promote social inclusion and employment
LVMH and its Maisons are committed to helping disad-
for people who have been marginalized on the job mar-
vantaged communities in the regions where they operate.
ket, the Group and its Maisons have forged partnerships
Their contribution may take the form of employee involve-
with nonprofits and NGOs including Nos Quartiers ont
ment, product donations or financial support. UNICEF
des Talents in France, United Way of NYC in the United
States and Daughters of Tomorrow in Asia.
and Save the Children are among the international non-
profits supported by the Group’s Maisons. LVMH also
supports efforts to combat sickle cell anemia through its
partnerships with the Robert-Debré Hospital in Paris and
the American Red Cross.
28 • 29
LVMH 2021 . Corporate philanthropy La Samaritaine Paris Pont-Neuf, which reopened in June 2021,
is revitalizing Paris’ right bank with nearly 3,000 jobs, reflecting
LVMH’s positive impact on the local economy. Every day, 1,700 employees
work to provide a unique experience to each and every visitor.
A Y E A R O F H E I G H T E N E D
S O C I A L C O M M I T M E N T
IN 2021, A YEAR IN WHICH CIRCUMSTANCES REMAINED
COMPLEX, LVMH AND ITS EMPLOYEES WERE HIGHLY RESILIENT
AND CREATIVE, EMBODYING THE CORE VALUES
THAT HAVE BEEN – AND WILL REMAIN – OUR BEST ALLY
TO CONTINUE CRAFTING THE FUTURE.
Throughout the crises we have weathered, our Group’s
For many years, LVMH has also worked to ensure that all
powerful brands and talented staff have always enabled
of its employees are given equal opportunity throughout
us to stand out and increase our market share. Our
their careers, without discriminating based on their ethnic-
employees are highly committed to the Group, and listen-
ity, gender expression or identity, religion, sexual orientation,
ing to them and providing them with a safe, stimulating
disability or any other aspect of diversity. We are deeply
work environment is a top priority. We see this mutual
committed to diversity, which is one of the key drivers of
commitment as a virtuous circle that reflects and rein-
the Group’s performance. That’s why, in 2018, the Group
forces our team spirit and sense of community. Just as
implemented the Inclusion Index, a tool aimed at promoting
we feel that, as leaders in our industry, it is only natural for
diversity and inclusion initiatives within companies. These
us to reach out to those whose lives may, at times, have
included initiatives run under the EllesVMH program,
been rocked by adversity. With current economic condi-
which is aimed at boosting career development for
tions proving especially challenging for young people,
women, who currently hold 64% of executive and man-
LVMH has boosted its human resources initiatives aimed
ager positions and 44% of top management positions.
at this group, particularly with regard to training, access
to employment and social responsibility.
Promoting our expertise
Supporting our employees
In 2021, LVMH also stepped up its efforts to preserve its
métiers d’excellence (professions of excellence), as the
In 2021, LVMH launched a powerful initiative to support its
wealth of expertise they represent is vital to its Maisons’
employees: the LVMH Heart Fund. This fund – the only
long-term future and success. The Group boasts more
one of its kind in the world – offers financial, social and
than 280 professions of excellence in the fields of design,
psychological support to all Group employees, wherever
craftsmanship and the customer experience, making LVMH
they are located, to help them get through the most diffi-
the company with the largest variety of these professions
cult periods of their personal lives. This initiative addresses
in the world, all of which are essential components of
both the expectations voiced by employees in response
humanity’s intangible cultural heritage. These professions
to the Pulse Survey carried out within the Group in 2020,
are carried out by more than 80,000 people within
and the need to be there for and support our employees
LVMH. In 2021, the entire LVMH Executive Committee and
facing challenging circumstances amid an unprece-
the Presidents of the Group’s Maisons signed the WE for
dented economic and social context. In the seven months
ME (Worldwide Engagements for Métiers d’Excellence)
since its launch, the LVMH Heart Fund has already
agreement, aimed at recognizing this community of tal-
received 1,300 applications from 40 countries.
ented craftspeople, whose work often takes place behind
The well-being of our employees remained front and
the scenes, far from the spotlight. To highlight their skills
center, with the signing of LVMH’s Health and Safety
Charter by all Executive Committee members and Maison
and attract new talent, LVMH has launched a range of
initiatives to raise awareness of these noble professions
Presidents. This charter bolsters the Group’s approach to
among younger generations. Through its “Excellent!”
occupational health and safety through 2024 and aims to
program, the Group holds job discovery workshops for
develop a self-reinforcing “zero accident” culture.
middle school students in France. LVMH’s Village des
30 • 31
LVMH 2021 . Talent Métiers d’Excellence, an annual vocational training fair
Launched in September 2019 by Brigitte Macron and
allowing students to learn about apprenticeships in these
LVMH, LIVE now has three locations: Clichy-sous-Bois,
professions, offered more than 400 work-linked training
Valence (in the southeast of France) and Roubaix, on the
positions with 39 Group Maisons and 21 partner schools
Jean Arnault Campus, which was inaugurated in 2021.
and universities. LVMH’s Institut des Métiers d’Excellence
More than 200 people have already taken advantage of
(IME) confirmed its extraordinary growth trajectory, wel-
the support offered by this program to develop their
coming its largest class of students since it was estab-
career plans, and over 75% of them have successfully
lished, with 339 new apprentices in six countries (France,
found a job, begun training or started a business following
Switzerland, Italy, Spain, Japan and Germany). Since 2014,
their experience at LIVE. The start of the 2021 academic
more than 1,400 apprentices have been trained in 27 pro-
year in September saw the arrival of 180 new learners at
fessions by the IME.
the three LIVE campuses for a six-month program.
Supporting younger generations and people
undergoing retraining alike
Building our future together
The success of our Maisons is built on our longstanding
Crafting the future means lending support to younger
belief that our people make all the difference. Recent
generations as they face challenging economic conditions.
graduates, employees, managers and senior executives:
LVMH has boosted its initiatives and programs aimed at
they are all our greatest assets – our lifeblood.
this group, announcing in particular that it would be hiring
In a world in constant flux, where many jobs have drasti-
25,000 people under 30 around the world by the end of
cally transformed from how they were several years ago,
2022. In parallel, the Group has continued to provide
with some new roles not even existing before, being able
practical guidance to young people as they build their
to identify, attract and retain top talent within LVMH is
career plans. One prominent example of this commitment
key. The Group’s new “Craft the Future” employer brand
is INSIDE LVMH, which offers students from all over the
reflects this ambition, with thousands of in-house ambas-
world a platform aimed at expanding their knowledge of
sadors trained and a new social media campaign unveiled
the luxury industry and providing additional training to
this past December.
help them prepare for their careers. It features 50 hours
As a rapidly growing group, we also see being able to
of original content presented by luxury industry experts,
share information in real time and strengthening LVMH’s
along with a 30-hour certification program with exclusive
corporate culture as key priorities. That’s why the LVMH
content. More than 43,000 young people have already
Group has launched a new global intranet called Voices,
registered on the platform, half of whom took part in the
aimed at all 175,000 of our employees around the world.
certification program. LVMH continues to have a very strong
It serves as a single platform for all the Group’s com-
appeal among young people. For the 16th consecutive
munication needs, and also allows information to be
year, the Group topped the Universum ranking of preferred
reported and fed back by its different Maisons, regions
employers among business school students in France.
and professions.
The Group is also very highly rated – and on the rise – in
Together we will craft the future of LVMH: a future that
international rankings.
is inextricably linked to the world in which we live and
LVMH is also taking action to improve access to employ-
operate; a world that is more respectful of nature and of
ment for adults over the age of 25 through the LIVE
those who live in it. This is our roadmap for the year
(L’Institut des Vocations pour l’Emploi) training program.
ahead and beyond.
Indicators
a s o f De ce m be r 3 1, 2 02 1
37
Average age
175, 6 47
employees worldwide
7 1%
women
4 5,076
joiners (1)
Other
markets
9%
Asia
(excl. Japan )
25%
Jap an
5%
55+
8%
45 -54
16%
35 -44
28%
EMPLOYEES BY REGION
(as %)
EMPLOYEES BY BUSINESS GROUP
(as %)
France
19%
Europe
(excl. France)
22%
United States
20%
Other
activities
5%
Selective
Retailing
28%
Watches &
Jewelr y
14%
Wines &
Spirits
4%
Fashion &
Leather Goods
33%
Perfumes &
Cosmetics
16%
EMPLOYEES BY AGE
(as %)
PROPORTION OF MEN/WOMEN BY BUSINESS GROUP (1)
(as %)
Under 25
9%
25- 34
39%
33%
35%
18%
17%
Wines &
Spirits
Fashion &
Leather Goods
Perf umes &
Cos metics
Watches &
Jewelr y
Selective
Retailing
Other
activities
(1) Total permanent headcount.
61%
61%
39%
67%
82%
65%
83%
39%
32 • 33
LVMH 2021 . Talent Parfums Christian Dior, May roses
L I F E 3 6 0 : A I M I N G F O R
S U S T A I N A B L E E X C E L L E N C E
IN 2021, LVMH LAUNCHED A NEW ENVIRONMENTAL ROADMAP TO GUIDE
OUR ACTIONS FOR THE NEXT TEN YEARS. LIFE 360 IS AN ACTION PLAN THAT RALLIES
OUR MAISONS’ CREATIVITY AND INSPIRATION TO DESIGN PRODUCTS THAT
EMBODY EXCELLENCE IN THEIR DESIGN AND SUSTAINABILITY ALIKE: PRODUCTS WITH
A POWERFUL APPEAL YET A MINIMAL IMPACT ON NATURE AND THE CLIMATE.
“2021 must be the year to reconcile humanity with
leather, palm, beets and the iconic ingredients used by the
nature,” declared António Guterres, Secretary-General of
Perfumes and Cosmetics Maisons. The Group’s partner-
the UN, in January during the opening ceremony of the
ship with UNESCO as part of its Man and the Biosphere
One Planet Summit for biodiversity. A few months later,
program has enabled it to support the sustainable use of
at the Group’s Shareholders’ Meeting on April 15, 2021,
biodiversity with local populations in Bolivia, Ecuador,
LVMH presented LIFE 360, its new environmental strat-
Brazil and Peru. Meanwhile, Moët Hennessy has launched
egy, which sets targets for 2023, 2026 and 2030, with the
reforestation programs in Kenya, China, the United States
objective of forging a new alliance between luxury crafts-
and South Africa with its partner Reforest’Action, while
manship and nature. With four strategic action plans
LVMH Italia has partnered with the ForestaMi project,
structured around biodiversity, circular design, traceability
which aims to plant 3 million trees in the Milan metropol-
and climate, LIFE 360 is rolled out at each individual
itan area by 2030. This extensive LIFE 360 Biodiversity
Maison and promotes continuous improvement in the
program was presented by Antoine Arnault, the Group’s
Group’s environmental performance.
head of Image and Environment, at the CEO Summit that
opened the IUCN World Conservation Congress held in
Transforming our relationship with nature
Marseille in September 2021.
In 2021, LVMH and Usbek & Rica launched a series of
Enhancing the appeal of the circular economy
interviews on nature and living beings with prominent
figures from the scientific community and civil society to
LIFE 360 aims to make preserving natural resources a
answer questions such as, “Are humans (really) animals
central focus of product design. This is the goal of the
like any other?” These discussions helped raise awareness
Circular Design action plan, under which the Group aims
of the crucial role of nature, on which all the Group’s busi-
to apply a sustainable design approach to all of its prod-
nesses undeniably depend: there can be no champagne
ucts by 2030. In 2021, Louis Vuitton expanded its range
without grapes, no perfume without plants, no evening
of sustainably designed products, now branded with the
gowns without silkworm farms. To reduce its impact on
LV upcycling logo (combining Louis Vuitton’s initials with
nature, LVMH has chosen to have its plant and animal
the upcycling symbol), while Loewe offered a bag made
supply chains certified to the highest standards for protect-
entirely of leather offcuts. LVMH’s 75 Maisons offer a vast
ing biodiversity and animal welfare, and has prohibited
range of opportunities to explore potential new Group-
the sourcing of raw materials in areas with a high risk of
wide circular design practices. For example, at Berluti,
deforestation and desertification. LVMH is also taking
leather offcuts are reclaimed by artist Jorge Penadés and
action to restore biodiversity, with the ambitious target of
incorporated into furniture for Belmond hotels and stores.
restoring 5 million hectares of flora and fauna habitat
In 2021, Nona Source – a resale platform for the Maisons’
by 2030. To give back what it borrows from nature, the
Group has implemented regenerative farming practices
unused fabrics – resonated with a wide audience of
in-house and outside buyers as soon as it was launched.
with the assistance of a network of experts including
Product durability – a core component of LVMH’s busi-
Biosphères, reNature, Earthworm, Pour une Agriculture
ness model – was extended by offering new services
du Vivant and Savory Institute, for grapes, cotton, wool,
inspired by the Watches & Jewelry business group, which,
34 • 35
LVMH 2021 . Environment in addition to repairing products, offers them a second
labeling that shows the environmental performance of
life by bestowing them with a new appearance. More than
fashion products, and has joined forces with cosmetics
ever in 2021, innovation played a key role in optimizing the
stakeholders to develop a rating system for the environ-
Group’s environmental impact: LVMH and Central Saint
mental impact of beauty products.
Martins signed a new partnership to create a research
platform focused on regenerative luxury; Fendi, in part-
Taking action for the climate
nership with CSM and Imperial College London, explored
the possibility of transforming lab-made keratin into fibers,
At the end of 2021, LVMH’s new carbon trajectory was
then bio-based fur. Packaging followed a similar sustain-
validated by SBTi (the Science Based Targets initiative). It
able design trajectory, with the aim of eliminating the use
is based on the following targets: reducing greenhouse
of plastic derived from fossil fuels by 2026. The use of
gas emissions from energy consumption at its sites and
Eastman molecular plastics recycling technologies is one
stores by 50% by 2026 (baseline: 2019); and reducing
way of achieving this goal, as Parfums Christian Dior did
Scope 3 emissions (raw materials, purchases, transport,
for the packaging of Dior Addict Lip Maximizer, released
waste, product use and end of life) by 55% per unit of
in summer 2021.
added value by 2030 (baseline: 2019). The Group has
identified a number of key vectors to achieving these
Collaborating for excellence in traceability
targets, which are covered by specific action plans rolled
out at all of its Maisons, including having all sites and
The aim of LIFE 360 is to ensure full traceability across all
stores use only renewable or low-carbon energy by 2026,
the Group’s strategic supply chains, for each step from
shifting toward shipping more freight by sea and by road,
field to final product, with the goal of covering all sourcing
and launching a green e-commerce program and a mate-
channels with a dedicated traceability system by 2030.
rials innovation policy focused on Scope 3 emissions. In
To achieve this goal, LVMH has developed new solutions
2021, the climate roadmaps for the Group’s Maisons were
tailored to each sourcing channel’s specific features, and
reflected in new policies on logistics, supply chains and
together with Prada Group and Cartier (a subsidiary of
packaging. Starting in 2023, Hennessy will transport four
Richemont) announced the launch of the Aura Block-
million bottles between France and the United States via
chain Consortium: a unique, global blockchain solution,
sailing cargo ships through a partnership with Neoline, a
open to all luxury brands worldwide to address shared
maritime transport company; the Fashion and Leather
challenges in responsible sourcing. LVMH has also chosen
Goods Maisons (Berluti, Christian Dior Couture, Fendi,
to participate in certification systems that ensure that
Kenzo and Louis Vuitton) are focusing on certified or
ethical, environmental and social standards are met at
recycled materials with a reduced carbon impact, while
each step of a material’s processing, including GOTS
Guerlain, Parfums Christian Dior and Givenchy offer refill-
(Global Organic Textile Standard) and RWS (Responsible
able or significantly lighter packaging: for example, refills
Wool Standard) for cotton and merino wool, and RJC
for Christian Dior’s fragrance Sauvage use less glass,
CoC (Responsible Jewellery Council Chain-of-Custody)
reducing the related greenhouse gas emissions by 56%.
certification for precious metals such as gold. Rigorous
In fall 2021, LVMH and SAVE Energies (France’s second-
traceability is also key to being able to collect reliable
largest buyer of biomethane) entered into a three-year
data, accurately measure a product’s environmental
partnership to replace the Group’s fossil fuel consump-
performance and share this information with customers,
tion in France with green gas, allowing 14,000 metric tons
especially as the Group has set a target of ensuring each
of CO₂ equivalent emissions to be avoided each year
product is covered by an information system by 2030.
starting in 2023. At COP26, LVMH had the opportunity to
Putting this idea into practice by making all its supplier
present and share news of these achievements, along
data available online, Fendi achieved a very significant
with the roll-out of regenerative farming practices, which,
increase in its ranking in the Fashion Transparency Index in
by improving soil quality, also help maximize its carbon
2021. LVMH is also actively involved in initiatives currently
capture potential.
underway in France and Europe aimed at introducing
The LIFE 360 program
CI RCULAR DESIGN
202 3
New circular design services
(repairs, upcycling, etc.)
2026
Packaging: zero fossil-based
virgin plastic
2030
100% of new products covered
by a sustainable design approach
2021 RESULTS
8,632 metric tons
Fossil-based virgin plastic in customer
packaging (target: 0 metric tons by 2026)
41%
Recycled raw materials in glass
and plastic packaging
CLIMATE
2026
50% reduction
in energy-related GHG emissions
(baseline: 2019)
100% renewable or low-carbon
energy in-store and on-site
2030
55% reduction and/or avoidance
of Scope 3 GHG emissions
(raw materials and transport)
per unit of added value
2021 RESULTS
–6%
Energy-related CO₂ emissions
(Scopes 1 & 2 – baseline: 2019)
39%
Proportion of renewable energy
in the Group’s energy mix
TRACEA BILITY/TRA NSPARENC Y
BIODIVERSITY
2030
100% of strategic supply
chains covered by a dedicated
traceability system
2021 RESULTS
62%
Quantity of wool (merino and cashmere)
traceable back to its country of origin
2026
100% of strategic raw materials
certified to preserve ecosystems
and water resources
2030
5 million hectares of flora and fauna
habitat regenerated and/or restored
2021 RESULTS
657,000
hectares preserved or restored in 2021
61%
certified cotton
99.9%
of diamonds certified RJC COP
92%
of grapes from LVMH vineyards have secured
sustainable winegrowing certification
36 • 37
LVMH 2021 . Environment June 2021 signing of the Worldwide Engagements for Métiers d'Excellence (WE for ME), immortalized in a photograph
that shows the heads of some 40 Maisons alongside Bernard Arnault at the Fondation Louis Vuitton. Each Maison
was represented by a pairing consisting of its President and a virtuoso of one of its trades.
LV M H A N D I T S M A I S O N S
T A K E A C T I O N
LVMH AND ITS MAISONS HAVE COMMITTED
RESOURCES AND SKILLS TO A GROWING RANGE
OF INITIATIVES IN SUPPORT OF GOOD CAUSES.
LVMH Métiers d’Excellence
INSIDE LVMH
age Protection) and Elise Bougy (Food
and Wine). LVMH's support for the Prix
With 280 trades represented within
INSIDE LVMH is a practical example of
des Artisanes awards echoes its com-
the Group, LVMH's Métiers d'Excellence
LVMH’s efforts to reach out to younger
mitments to passing on expertise and
(professions of excellence) are the cor-
generations. The platform offers students
to women entrepreneurs.
nerstone of our Maisons' success and
from all over the world high-quality
longevity. In June 2021, all 75 of LVMH’s
content to expand their knowledge of
LVMH Innovation Award
Maisons signed the Worldwide Engage-
the luxury industry, as well as additional
ments for Métiers d’Excellence (WE for
training to help them prepare for their
At the 2021 VivaTech trade fair, under
ME) agreement, reflecting the Group’s
careers with a 30-hour certification
the “Where Tech Meets Luxury” banner,
determination to support and champion
course featuring exclusive content.
LVMH presented the latest innovations
the unique craftsmanship, design and
sales expertise that underpin its long-
term success. The occasion brought
LIVE
by 15 of its Maisons and the solutions
submitted by the 28 finalist startups in
the running for the LVMH Innovation
together the heads of some 40 Maisons
Following the 2019 opening of the first
Award, whose theme this year was “The
alongside Bernard Arnault, Chairman
LIVE (L’Institut des Vocations pour l’Em-
Future of Customer Experience is Here”.
and Chief Executive Officer of LVMH, at
ploi) campus, another two LIVE centers
The panel of judges picked Bambuser, a
the Fondation Louis Vuitton. Each Maison
were launched in 2021: one in Valence
startup specialized in live video shop-
was represented by a pairing consisting
(southeastern France) and one in Rou-
ping, as the winner.
of its President and a virtuoso of one of
baix (northern France). LIVE, set up by
the Maison’s flagship trades. The LVMH
Brigitte Macron and the LVMH Group,
Métiers d’Excellence initiative also raised
is aimed at adults over the age of 25
its profile in Paris and Florence with its
who have been marginalized on the job
LVMH’S first social and
environmental responsibility report
“SHOW ME” event featuring the Maisons’
market and want to build a career plan
For the first time, LVMH published a sin-
virtuosos and apprentices from the Insti-
to find work.
tut des Métiers d’Excellence. Japan also
welcomed its first class of LVMH Institut
des Métiers d’Excellence students.
Prix des Artisanes
gle consolidated report presenting all its
social and environmental responsibility
commitments and setting out the actions
taken by the Group and its Maisons in
LVMH and the magazines Elle, Elle à
pursuit of responsible growth.
Table and Elle Décoration joined forces
to hold the Prix des Artisanes awards,
LVMH and UNESCO
which recognize the expertise of highly
talented women working in the arts, in
LVMH, a partner of the UNESCO MAB
fashion, design, food and wine, and
(Man and the Biosphere) program, reit-
French heritage protection sectors.
Four women were recognized: Janaïna
erated its commitment to biodiversity
at the IUCN World Conservation Con-
Milheiro (Fashion), Manon Bouvier
gress held from September 3 to 11, 2021 in
(Design), Isabelle Roché (French Herit-
Marseille. Within a shared space at the
Congress, UNESCO, LVMH and its Maisons
presented their vision and specific actions
taken to promote biodiversity.
Employment for people
with disabilities
Daughters of Tomorrow
In 2017, Sephora implemented a program
Christian Dior supported underprivi-
In Asia, Louis Vuitton and Parfums
Nos Quartiers ont des Talents
in the United States to hire people with
leged women looking for work through
disabilities at its five logistics facilities.. In
their partnership with Daughters of
The Group is stepping up its longstand-
2021, 246 new employees were hired,
Tomorrow.
ing partnership with the Nos Quartiers
bringing the proportion of people with
ont des Talents nonprofit, under which
disabilities to 9% of the workforce at
young graduates from underprivileged
Sephora’s distribution centers in the
Charlize Theron
Africa Outreach Project
backgrounds are mentored by a Group
United States. The goal is for employees
employee. Since 2007, more than
with disabilities to make up 30% of the
In South Africa, Christian Dior Couture
700 young people have found jobs
workforce by 2025.
through this initiative.
Save the Children
Combating sickle cell anemia
supported the Charlize Theron Africa
Outreach Project (CTAOP) Youth
Leaders Scholarship (YLS) program.
The young women supported by this
In 2009, Bulgari decided to get involved
program are recognized for their
LVMH has been committed for over ten
with Save the Children. Through its cus-
commitment to and work with local
years to fighting sickle cell anemia, and
tom-designed jewelry collection, the
communities. The Maison has commit-
continued its support of this cause in
Maison has donated over $100 million,
ted to cover four years’ of scholarship
2021. In addition to its partnership with
helping more than two million children
costs for YL scholars starting their
the Robert-Debré Hospital in Paris, it
and securing their access to high-qual-
studies in 2021.
also established a partnership with
ity education. The expert craftsmanship
the American Red Cross in 2020. LVMH
embodied by the two Italian houses
United Way of NYC
shows its support through donations
Acqua di Parma and Emilio Pucci
and by raising awareness among its
inspired an exceptional collection
In the United States, TAG Heuer contin-
employees. In 2021, LVMH North Amer-
named Holiday Season to support Save
ued to work with United Way of New
ica organized a webinar on inequalities
the Children’s Riscriviamo il Futuro
York City, a nonprofit that provides aca-
related to healthcare access with a focus
(“Let’s Rewrite the Future”) project.
demic support to disadvantaged stu-
on sickle cell anemia.
UNICEF
The Marcus Graham Project
the auctioning off of the Monaco Pièce
dents. Thanks to this partnership and
d’Art watch to raise money for the non-
In the United States, Hennessy teamed
profit, a new library was opened in 2021
In 2016, Louis Vuitton entered into a
up with the Marcus Graham Project to
at the Mill Brook Community Center in
major international partnership with the
launch the Never Stop, Never Settle
the Bronx.
United Nations International Children’s
Society, a growth accelerator designed
Emergency Fund (UNICEF). Since its
to support African-American entrepre-
Lower Eastside Girls Club
launch, Louis Vuitton has raised a total of
neurs. In 2021, 20 such entrepreneurs
$16 million to help vulnerable children
received financial support, were men-
facing emergencies. Since 2021, nearly
tored by the Maison’s employees,
Tiffany & Co. initiated a partnership with
the Lower Eastside Girls Club, a New
300 employees in France have chosen
managers and directors and benefited
York nonprofit that provides a safe space
to donate to this cause. Rimowa also
from media coverage for their projects.
where girls can take part in a variety
launched a unique collection, “Vol. 1”,
the proceeds of which will be donated
in full to UNICEF via the COVAX Facility
to finance Covid-19 vaccines for the
poorest countries.
of educational programs. A total of
30 employees took part in a six-month
mentoring program for female high
school and college students.
40 • 41
LVMH 2021 . Commitments in 2021 B U S I N E S S G R O U P
I N S I G H T S
Dom Pérignon, Hautvillers Abbey
LVMH
Wi nes &
Spir its
2021
A VA L U E - E N H A N C I N G S T R A T E G Y
F O R L A S T I N G S U C C E S S
LVMH owes its global leadership in premium wines and
spirits to a unique group of exceptional Maisons based in
2022 Outlook
Champagne, Bordeaux, Burgundy and other highly
While ensuring that it remains alert and responsive amid
renowned wine-growing regions. Inspired by their vision-
the prevailing volatility and tight supply environment,
ary founders and drawing on their strong heritage –
the Wines & Spirits business group remains resolutely
which for some goes back hundreds of years – they all share
optimistic about the medium-term development prospects
the key values of excellence and creativity, combining
of its Maisons. Moët Hennessy will continue to strengthen
tradition with innovation.
its portfolio and accelerate the transformation and selectiv-
ity of its distribution, while remaining close to consumers
Well-balanced, worldwide presence
by offering them an ever-expanding and innovative range
of experiences. Excellence, authenticity and sustainability
In the current context, Moët Hennessy continues to pursue
remain key, backed by the launch of bold and inspiring
a value-enhancing strategy focused on the highest-quality
innovations and collaborations. More aware than ever of the
products. The balanced geographic expansion of its port-
value of their heritage, many of which date back several
folio of brands continues thanks to a powerful and agile
centuries, all the Maisons are deeply committed to acting
global distribution network present in over 160 countries.
sustainably, protecting the environment, improving
soil regeneration with more biodiversity and significantly
Responsible procurement policy
reducing their carbon footprint.
To support future growth and maintain the very high
quality that has made its Maisons a success, the Wines &
Spirits business group pursues a dynamic, responsible
procurement policy. All the vineyards owned by LVMH have
had sustainable winegrowing certification since 2017,
and the Maisons forge partnerships with winegrowers by
helping their independent grape suppliers comply with
these certifications. Significant work is also being done in
the area of packaging. The Maisons are devoting equal
effort to actively developing their production capacities, as
seen in the responsible, innovative and efficient Pont Neuf
bottling and logistics facility inaugurated by Hennessy in
2017, which reflects the Maison’s long-term vision.
2021 at a glance
SUSTAINED DEMAND IN THE UNITED STATES, A RECOVERY IN EUROPE AND
A STRONG REBOUND IN CHINA IN A CONTEXT OF TIGHT SUPPLY CONSTRAINTS
2021 REVENUE BY REGION
(as %)
Other
markets
12%
Asia
(excl. Japan )
21%
Japan
5%
France
6%
Europe
(excl. France)
18%
United States
38%
REVENUE
(EUR millions)
5,974
5,576
4,755
2019
2020
2021
CHAMPAGNE
SALES VOLUMES
(in millions of bottles)
64.7
66.8
52.4
COGNAC
SALES VOLUMES
(in millions of bottles)
PROFIT FROM RECURRING
OPERATIONS
(EUR millions)
OPERATING
INVESTMENTS
(EUR millions)
98.7
94.6
102.6
1,729
1,863
325
320
328
1,388
2019
2020
2021
2019
2020
2021
2019
2020
2021
2019
2020
2021
Major strategic priorities
Pursue value-
Develop production
Further improve
Accelerate efforts
enhancing strategy
capacities to ensure
efficiency of distribution
to protect the environment,
sustainable growth
in key markets
in particular in supply
chains and packaging
46 • 47
LVMH 2021 . Wines & Spirits Dom Pérignon
The Wines & Spirits business group turned
Champagne volumes were up 27% with respect to
in a record year and reaffirmed its position as leader
2020 and 3% compared with 2019, with particularly
in luxury wines and spirits. The industry’s strong
recovery – despite the pressure it placed on naturally
limited supplies – favored the continuation of
strong growth in Europe and the United States.
Moët & Chandon achieved good growth in all regions,
particularly in the United States and in Europe, where
the value-enhancing strategy. 2021 was also a year
it beat its record sales volumes of 2018 worldwide.
marked by the ambition to get closer to consumers
At the end of the year, the “Effervescence” program
by developing unique sales experiences, in particular
brought together friends of the Maison, which
through travel, at department stores and within
the Maisons themselves, as illustrated by the many
initiatives launched and underway. They reaffirmed
has been an icon of celebration and history’s most
memorable events since 1743. Dom Pérignon’s
sales were boosted by the launch of three vintages:
their social and environmental commitment through
Vintage 2012, Rosé Vintage 2008 and Vintage 2003
the “Living Soils – Living Together” program. This was
Plénitude 2. The year also saw a high-profile
underscored by the opening of the Robert-Jean de
Vogüé research center in France’s Champagne region,
which will support the Maisons in their transition
collaboration with world-famous star Lady Gaga.
Veuve Clicquot achieved a record performance,
backed by the opening of the Comète site, its new
to more sustainable practices and their adaptation
production center. The Maison expressed its bold
to climate change.
values through its collaborations and ramped up
48 • 49
HIGHLIGHTS2021LVMH 2021 . Wines & Spirits its efforts to promote women’s entrepreneurship
success. The year also saw the release of the excellent
with several international initiatives under its Bold
program. Ruinart recorded very strong growth
in all its markets and reaffirmed its commitment
to the environment with the rollout of its sustainably
designed case and its agroforestry winegrowing pilot
project. Krug’s remarkable results confirmed the
success of its value-enhancing strategy, exemplified
by the launch of Krug Grande Cuvée 169e Édition
and Rosé 25e Édition. LVMH acquired a 50% stake
in the share capital of Armand de Brignac. Jointly
owned with Shawn “Jay-Z” Carter, the brand continued
its growth and confirmed its super-luxury positioning.
The Estates & Wines Maisons showed strong
momentum. A new range of Terrazas de los Andes
wines was launched in China and met with great
2021 vintage of Cloudy Bay Sauvignon Blanc and a
performance by Ao Yun that exceeded expectations,
confirming the potential of Yunnan province wines.
Château Galoupet, acquired in 2019, continued its
transition to organic winegrowing. Château d’Esclans’
range of rosé wines accelerated its development
following the takeover of its distribution by the Moët
Hennessy network.
Chandon benefited from a comprehensive redesign
of its image, communications and packaging. Its
momentum was boosted by the success of Chandon
Garden Spritz, launched in Europe, the United States
and Australia.
For the third year in a row, Hennessy was the leading
international premium spirits brand, achieving
Hennessy
Dom Pérignon
OUR MAISONS TAKE ACTION
Moët Hennessy promotes agroforestr y
As part of its Living Soils program, Moët Hennessy began to implement
regenerative farming practices across all its vineyards. This involved specific
measures to protect biodiversity and soil, such as discontinuing the use of
herbicides and planting trees at its vineyards. Moët Hennessy also partnered
with Reforest’Action. Planting hedges and individual trees creates pockets
of biodiversity, which attract birds and insects and fight certain diseases
naturally. Ruinart has already restored 40 hectares and planted over 10,000 trees
in the Champagne-Ardenne region alone. In the Cognac region, Hennessy
planted over 15,000 trees from 30 different species, spanning more than
4 km of hedges. The Maison set a target of replanting more than 1,000 km of
hedges by 2030. Moët Hennessy also committed to preserving wooded areas
in danger across the globe, including in Kenya, South Africa and China. This
will cover 50,000 hectares by 2030.
Veuve Clicquot
Cheval Blanc
50 • 51
LVMH 2021 . Wines & Spirits an exceptional performance thanks to the strength
innovation and growth plans. Both brands took
of its brand in the United States, continued recovery
home prestigious awards, including “Master Distiller
in China and acceleration in Europe and Africa.
In a tight supply environment, its volumes were up
9% with respect to 2020 and 4% compared with 2019.
In keeping with its pioneering spirit, the Maison
established an exceptional global partnership with
the NBA. It expanded its production capacity and
invested in a dedicated store network on the island
of the Year” for the fifth time.
Belvedere reaffirmed its commitment to crafting natural
spirits rich in character with the launch of Belvedere
Organic Infusions, its first certified organic product
line. Emerging, exceptional spirits brands Woodinville,
Volcán De Mi Tierra and Cuban rum Eminente
experienced strong growth thanks to the expansion
of Hainan in China. Hennessy also stepped up its
of their distribution and production capacities.
commitment to its key priorities of protecting living
soils, reforestation and reducing its carbon footprint
by 50% by 2030.
The unprecedented performance of Glenmorangie
and Ardbeg whiskies was in line with their ambitious
Moët Hennessy expanded its online sales presence
with the launch of Clos19 in France, the OurCellar site
in the United States and the joint acquisition with
the Campari Group of the Italian company Tannico,
which also owns VentealaPropriete.com in France.
Krug
Château d’Yquem
OUR MAISONS TAKE ACTION
Moët Hennessy inaugurates a new
research center devoted to innovation
LVMH’s premium champagnes, spirits and wines division Moët Hennessy
inaugurated the Robert-Jean de Vogüé research center devoted to further-
ing knowledge of winegrowing and evolving its practices. The building,
designed by architect Giovanni Pace, is in France’s Champagne region near
the state-of-the-art Mont Aigu production facility. Its research will focus on
four areas: biotechnology, plant physiology, process engineering and
sensory analysis. The Robert-Jean de Vogüé research center will continue
the initiatives for sustainable, resilient winegrowing unveiled in 2020
with the “Living Soils – Living Together” program and help the Maisons
transform their practices and share their knowledge with each other and
with outside organizations.
Hennessy
Ruinart
Eminente
52 • 53
LVMH 2021 . Wines & Spirits C H A N D O N
Ga rden Spr it z:
A s u n ny
new c reat ion
Chandon crafts exceptional sparkling
wines at its six wineries in Argentina,
California, Brazil, Australia, China
and India. Ever true to the pioneering
spirit that has taken it all over
the globe since its founding in 1959,
the Maison now unveils its latest
creation: Chandon Garden Spritz.
Sophisticated and authentic, simple
and different, it is a sparkling wine
with a special touch: a macerated
liqueur made from natural extracts
of orange peel, herbs and spices
using a skilfully crafted recipe
with no artificial flavors or coloring.
Its secret? The Valencia oranges,
which are selected for their unique
balance of acidity and sweetness,
grown without pesticides and
hand-picked at a family farm in the
province of Entre Ríos, Argentina.
2021STORIES 54 • 55
LVMH 2021 . Wines & Spirits A shared concern for global warming
is behind Movement, the permanent
installation created for Ruinart
by Tomás Saraceno and the artistic
community Aerocene. The work
sensitively highlights the urgent
need to tackle climate change.
An increase of only one degree
Celsius is enough to lift this blow-up
aerosolar sculpture into the air,
echoing the disruption caused to
the delicate equilibrium of the vine’s
life cycle by a one-degree rise
in temperatures in the Champagne
region. It floats up and takes flight,
drifting and spinning, carried by
nature’s rythms as a sensor tracks
its invisible trail creating a digital
drawing that visitors can watch
on-site via an app. Using science,
this project combines art with
nature to help people understand
the forces of nature, and reflects
the Maison’s commitment
to preserving the environment
through sustainable winegrowing.
R U I N A R T
A r t meet s n at u re
i n t he s k ies ab ove
Ch a mp ag ne
56 • 57
LVMH 2021 . Wines & Spirits G L E N M O R A N G I E
A zu m a Ma koto
rev i s it s t he Ma i s on’s
18 -yea r- old wh is ky
w ith a f lor a l scu lpt u re
Glenmorangie 18 Years Old is one
of the Scottish Maison’s best-loved
single malts. It has inspired a unique
collaboration with Japanese
botanical sculptor Azuma Makoto,
who has created a limited-edition
bottle design. It showcases his floral
masterpiece Dancing Flowers
of Glenmorangie, which celebrates
the whisky’s vibrant floral notes
of jasmine, geranium and narcissus.
Azuma Makoto, who created
the artwork in his Tokyo studio, used
nearly one hundred different blooms
to celebrate this iconic whisky
through the language of flowers.
58 • 59
LVMH 2021 . Wines & Spirits H E N N E S S Y
A n exc lu s ive
Fr a n k Geh r y des ig n
for t he Ma i s on’s
“Ex t r a Old” cog n ac
To mark Hennessy X.O’s 150th
anniversary, Frank Gehry
reinterpreted its iconic decanter
in bronze, crumpled gold and glass.
Movement – a key theme in all his
buildings, with their creased floors,
tilting walls and gravity-defying
shapes – again inspired Frank Gehry,
who revisited Hennessy X.O
with the same vision, dedication
and curiosity he applies to
his architectural designs. Just
as he respects the environment
surrounding his buildings, the
architect paid tribute to the rituals,
the composition, the art of cognac
distillation, and the Maison’s
longstanding expertise. He drew
his inspiration from Hennessy X.O’s
rich blend, fertile lands and gnarled
vines, and from the reflections of
the Charente river that runs through
the Hennessy estate. The results are
striking. The iconic bottle is enveloped
in a crinkled sleeve of bronze dipped
in 24-carat gold, and this sculpted
decanter is in turn encased in a
fractured glass glorifier which evokes
the theme of water reflecting light.
60 • 61
LVMH 2021 . Wines & Spirits Château d’Esclans looks out across
the Mediterranean from its exceptional
hinterland location between Fréjus
and Saint-Tropez. The first traces
of the Château’s site date back to
the times of the Gauls during which
its location served as a lookout point
to spot intruders coming by boat
into the Gulf of Fréjus. The Château’s
cellar structure or foundation
(known today as the oldest
in the region) housed an original
Château that was given by the
C H Â T E A U D ’ E S C L A N S
A n except ion a l
w i ne es t ate
i n t he hea r t of Provence
Count of Provence to Gérard
de Villeneuve in 1201. The current
Château, inspired by Tuscan villa
design, was built during the mid-19th
century. The estate is known for
its old Grenache vines – some of
which are over 90 years old – which
produce grapes that concentrate
more flavors than younger vines.
It is here, in 2006, that the “rebirth
of rosé” began, aimed at elevating
Provence wines to world-class renown.
62 • 63
LVMH 2021 . Wines & Spirits Louis Vuitton
LVMH
Fash ion &
Leat her Good s
2021
A U N I Q U E A S S E M B LY
O F C R E A T I V E T A L E N T
Louis Vuitton’s global preeminence, Christian Dior’s
exceptional development, the growth of a collection of
2022 Outlook
unique brands whose success is consolidated year after year,
The Fashion & Leather Goods Maisons enter 2022 with
and its active support for young designers make LVMH a
confidence. While maintaining the efforts needed to
key player in the fashion and leather goods industry.
adapt to the economic environment, they can count on
Inspired designers
their dedicated staff to consolidate their key strengths:
exceptional expertise, intensely creative collections and
an excellent customer experience. Louis Vuitton will
Working with the best designers, while respecting the spirit
continue its development, focusing on the exceptional
of each brand, is one of our strategic priorities. Our creative
creativity that runs through everything it does, and will
directors promote the Maisons’ distinctive identities, and
carry on its tradition of captivating creative collabora-
are the artisans of their creative excellence.
tions. The Maison will step up its quest for excellence in
Balance between iconic products
and innovation
its physical and digital distribution networks to ensure
that the entire customer experience is enchanting, unique
and accompanied by the unparalleled quality of service it
is known for. Christian Dior will aim to continue its strong
Since 1854, Louis Vuitton’s renown has been built on the
growth in all of its markets, with a number of high-profile
flawless execution of its unique trunk-making expertise,
openings and events. The highlight of 2022 will be the
its full control over distribution and its exceptional creative
reopening of its historic store at 30 avenue Montaigne in
imagination: a source of perpetual renewal and innova-
an exceptional new format. Responding to strong demand
tion. Its product line has continuously expanded for over
from its customers, Fendi will open a number of flagship
150 years with new models – from luggage to handbags
stores in its key markets. Celine’s growth will be spurred
and more – and new materials, shapes and colors.
by the selective expansion of its store network and the
Ever since its first show, dubbed “New Look” by the press,
development of its omnichannel strategy to continually
Christian Dior has continued to redefine fashion as it has
improve how it serves its customers. Over the next few
become an icon of French luxury throughout the world.
months, this unique group of Maisons will continue to
Monsieur Dior’s unique vision is conveyed today with
advance toward an ever more sustainable and responsi-
bold inventiveness throughout the Maison’s entire range.
ble vision of luxury. The ongoing rollout of two innovative
By striking the right balance between new releases and
circular economy programs will be one of the driving
iconic lines, these two Maisons continue to dazzle and
forces behind this objective.
surprise their customers, making their boutiques ever
more inspiring.
An engaged industry leader
LVMH has always been committed to supporting young
designers and up-and-coming talent. The LVMH Prize for
Young Fashion Designers, which recognizes the creative
talent of an outstanding designer every year, was
created to reaffirm this commitment. As a fashion industry
leader, LVMH feels that is our vocation to nurture the
most promising creative talent. We also feel it is our
responsibility to ensure the well-being of the fashion
models who work for our Maisons, which is why we
decided to draw up the Charter on Working Relations
with Fashion Models and their Well-Being.
2021 at a glance
EXCEPTIONAL PERFORMANCES OF LOUIS VUITTON,
CHRISTIAN DIOR, FENDI, CELINE AND LOEWE
2021 REVENUE BY REGION
(as %)
Other
markets
8%
Asia
(excl. Jap an)
41%
France
5%
Europe
(excl. France)
16%
United States
21%
Jap an
9%
REVENUE
(EUR millions)
PROFIT FROM RECURRING
OPERATIONS
(EUR millions)
OPERATING
INVESTMENTS
(EUR millions)
30,896
12,842
1,199
22,237
21,207
7,344
7,188
1,131
827
2019
2020
2021
2019
2020
2021
2019
2020
2021
Major strategic priorities
Continue to develop Louis Vuitton,
Continue to pursue
Build on the success of the other
blending the timeless and
the modern, while preserving
unmatched quality standards and
an exclusive distribution channel,
which is unique worldwide
Dior’s dynamic growth
Maisons, in particular Celine, Loewe,
Fendi and Loro Piana
66 • 67
LVMH 2021 . Fashion & Leather Goods Louis Vuitton, Spring/Summer 2022 show, Miami, “Virgil Was Here”
The strong growth achieved by the Fashion & Leather
accessories, illustrating the encounter between
Goods business group reflected the solid progress
the Italian art and design studio’s boundless creativity
made by this unique collection of Maisons and the
and Nicolas Ghesquière’s contemporary vision.
exceptional performance of Louis Vuitton, Christian Dior,
The second half of the year saw the return of in-person
Fendi, Celine and Loewe. Our Maisons were backed
fashion shows held with an audience in inspiring
by their highly engaged and agile staff, with several key
locations: the Louvre in Paris, followed by Shanghai for
assets – creativity coupled with an unrelenting focus
the Women’s Spring/Summer 2022 collection and Seoul
on excellence, and digital tools to stay connected
for the Fall/Winter 2021 Men’s collection. Louis Vuitton
with their customers – playing a major role throughout
strengthened its ties with the world’s most prestigious
the global public health crisis.
For Louis Vuitton, the end of the year was saddened
by the loss of Virgil Abloh, who had served as Creative
sporting events: the trophy cases for the 2023 Rugby
World Cup to be held in France, the Monaco Grand Prix
Formula 1 race and the Davis Cup tennis tournament
Director of Menswear since March 2018. Using his vision
were custom-made by the Maison’s craftspeople at its
and his unique talent to challenge established practice
Asnières workshop, while its partnership with the NBA
in fashion, he was among those who most brilliantly
continued. Its range of fragrances was expanded
expressed the creative freedom and timeless modernity
with the Extraits collection, composed of five scents
of Louis Vuitton. The Maison paid a deeply emotional
whose bottle was designed by Frank Gehry, and the
tribute to him at the runway show in Miami “Virgil Was
Spell On You fragrance showcased in a video starring
Here”, on November 30.
Léa Seydoux. At its stores and through its original,
Illustrating its creative energy and its pursuit of
high-quality digital initiatives, the Maison continued
excellence in craftsmanship, the Maison continued
to offer its customers a unique experience. The store
its dialogue with the world of art, reinvented its iconic
network was expanded with the inauguration
models and unveiled a number of initiatives in connection
of an emblematic store in Tokyo and the opening
with the bicentenary of its founder’s birth. The LV Pont 9
at La Samaritaine Pont-Neuf in Paris. Committed to
handbag collection welcomed a soft, rounded new
making its products ever more sustainable, particularly
version, while the Petite Malle, a symbol of the Maison’s
by focusing on repairability from the very beginning
rich heritage, took the spotlight in an array of new
of the design process, the Maison also stepped up its
formats. By reinterpreting the Maison’s signatures,
efforts to reduce their environmental impact throughout
the new Bravery high jewelry collection also paid tribute
to its founder. A collaboration with Fornasetti gave
their entire life cycle. The LV Pillow leather goods collection
and the sustainable Felt Line in Menswear were
rise to a multifaceted collection of ready-to-wear and
two illustrations of this approach in 2021. The Vendôme
68 • 69
LVMH 2021 . Fashion & Leather GoodsHIGHLIGHTS2021 workshop is yet another reflection of Louis Vuitton’s
and Peter Doig. The store network continued to expand
commitment to sustainable, high-quality craftsmanship
with a number of high-profile openings around
dedicated to responsible design.
Christian Dior Couture recorded an excellent year,
with remarkable growth in all its product categories
the world. The Christian Dior: Designer of Dreams
exhibition made stopovers in Chengdu, at the Brooklyn
Museum in New York and in Doha, Qatar. As part of
with local customer bases. The Maison continued to be
its Women@Dior program, the Maison to hold a virtual
buoyed by the wealth of inspiration of its designers:
conference entitled “Dream for Change”, which was
Maria Grazia Chiuri for its women’s collections and
Kim Jones for Dior Homme. The Women’s Winter 2021
ready-to-wear collection filmed in the Hall of Mirrors
attended by 1,500 young women from 25 countries.
Fendi turned in a record year, featuring the success
of Kim Jones’ first collections in collaboration with Silvia
at the Palace of Versailles generated millions of views
Venturini Fendi and Delfina Delettrez Fendi as well as
online. The 2022 Cruise show – the first show open to
strong growth in all its product categories. The Peekaboo
guests after months of pandemic-related restrictions –
and Baguette lines along with the new Fendi First bag
was held against the spectacular backdrop of the
drove sales in leather goods. Ready-to-wear and
Panathenaic Stadium in Athens. An embroidered silk
accessories also saw remarkable growth. The capsule
thread textile installation by artist Eva Jospin served as
collection born out of the Maison’s creative collaboration
an exceptional backdrop for the Fall/Winter 2021-2022
with the SKIMS brand generated record sales. A number
Haute Couture show held at the Musée Rodin. The new
of flagship stores were inaugurated in New York,
Dior Caro bag was launched, featuring the Maison’s
Shanghai and Sydney. The “hand in hand” project, which
legendary cannage pattern, while several of its classic
showcases Italian craftsmanship, was unveiled to the
models were reimagined into unprecedented dimensions.
public at an exhibition held at the Palazzo della Civiltà
The new RoseDior high jewelry collection designed by
Italiana, the Maison’s headquarters in Rome. This initiative
Victoire de Castellane was unveiled, featuring 54 pieces
reflected its desire to support the development of craft
inspired by roses. Capsule collections, including the
trades and promote this tradition of passing on skills
Dioriviera line in the summer and DiorAlps in the winter,
appeared at a series of stores around the world. Colorful
window displays and pop-up locations also accompanied
and excellence, both in Italy and beyond.
It was a record year for Celine, marked by the success
of its ready-to-wear lines designed by Hedi Slimane,
the launch of Dior Homme collections designed in
buoyed by digital fashion shows staged and filmed
collaboration with major artists such as Kenny Scharf
by Slimane himself. Leather goods benefited from
Fendi
Loro Piana
OUR MAISONS TAKE ACTION
Nona Source: The first res ale platform
for materials from the Group’s
Fashion & Leather Goods Maisons
In April 2021, LVMH launched Nona Source, the first online resale platform
for exceptional materials from its Fashion & Leather Goods Maisons. Created
by Group employees as part of the DARE (Disrupt, Act, Risk to be an
Entrepreneur) intrapreneurship program, Nona Source fits within LVMH’s
LIFE 360 environmental strategy by revolutionizing sourcing and promoting
circular design. Nona Source’s innovative digital platform offers high-end
fabrics and leathers to young designers and brands in Europe at competitive
prices to promote creative reuse. All materials are appraised by experts and
showcased on the site. The Group’s Maisons take part in this initiative not only
as suppliers but also as customers, upcycling materials to give them a new
lease on life.
Christian Dior
Berluti
70 • 71
LVMH 2021 . Fashion & Leather Goods growth in the Triomphe and 16 lines. Investments
with strong growth in the United States and a highly
in its omnichannel strategy also played a key role
impressive surge in online sales. With its clearly affirmed
in the Maison’s new gains.
Loro Piana saw solid growth and expanded its customer
base. A number of high-profile initiatives contributed to
style, the Maison was buoyed by the success of
the Tote Bag in leather goods, Heaven in ready-to-wear
and Jogger in footwear. The brand enjoyed positive
this momentum: the launch of the Sesia bag, made of
responses to its fashion shows and a high level
exceptionally high-quality leather; a collection designed
with Japanese artist Hiroshi Fujiwara; and the renewal
of the Maison’s partnership with the European Team for
of engagement on social media.
Berluti benefited from the development of a policy
to build strong, personalized connections with its
the Ryder Cup golf tournament. Reaffirming its long-
customers. Ready-to-wear sales were boosted by
standing commitment to sustainable development, Loro
the launch of the Essentials collection. The “lifestyle”
Piana published its first environmental report to present
category saw the enthusiastic reception of its new
the initiatives it has taken and share its vision for the future.
Loewe also had a record year. Online sales grew
significantly. Customers, the media and fashion
Home & Office line. With a new color palette available
in leather goods and footwear, the Patina Rainbow
collection illustrated the Maison’s unique expertise
professionals were all equally impressed with the wealth
in the art of patina. A number of stores opened in China,
of inspiration and modernity displayed by Jonathan
and a flagship store was inaugurated in Tokyo’s Ginza
Anderson’s collections. Alongside the Puzzle bag, the
Flamenco line and the new version of the Amazona
stood out. The Surplus Project, a Loewe initiative aimed
district in Japan.
As borders gradually reopened, RIMOWA saw
encouraging signs of recovery. Its Never Still soft bags
at recycling leather from previous collections to create
saw promising success. The Personal line was expanded
new designs, was presented at the IUCN World
to include models made of aluminum, the Maison’s
Conservation Congress.
Givenchy reached a key milestone with the arrival
in stores of Matthew Williams’ first collection and
the launch of the Cut-Out bag and the 4G line. The
second half of the year featured two ready-to-wear
collaborations, with artists Chito and Josh Smith.
2021 was a year of new energy for Marc Jacobs,
iconic material. The luggage collection was enriched
with the reintroduction of iconic designs, spotlighted
through a new campaign and four renowned
ambassadors.
Kenzo announced the appointment of Japanese
designer Nigo as Creative Director of its collections.
Pucci named Camille Miceli as its Creative Director.
Loewe
Celine
OUR MAISONS TAKE ACTION
Louis Vuitton’s Felt Line fits
perfectly into the Maison’s
“Our Committed Journey” program
At the Louis Vuitton Men’s Fall/Winter 2021-2022 show, Virgil Abloh unveiled
a Keepall bag designed in a jacquard made from recycled materials, with a
unique look inspired by moving blankets. Building on this upcycling initiative,
the Maison presented the Louis Vuitton Felt collection featuring three bags
made from the same sustainable material: 43% certified organic cotton, 20%
recycled wool and recycled polyester. The lining is 100% recycled polyester,
sourced from deadstock. The bags’ corners and chains are produced using 70%
recycled plastic, and the straps and handles are made of LWG (Leather Working
Group)-certified leather, attesting to the high environmental standards
adhered to in tanning.
RIMOWA
Marc Jacobs
72 • 73
LVMH 2021 . Fashion & Leather Goods D I O R
Dior her it age a nd
A mer ic a n cu lt u re
r ub s hou lders at t he
Brook ly n Mu s eu m
After its resounding success at the
Musée des Arts Décoratifs in Paris,
the Christian Dior: Designer
of Dreams exhibition travelled
to New York’s Brooklyn Museum.
A selection of archives and gowns
retrace the Maison’s history
and close affinity with America.
The exhibit opens with a voyage
through time and space that reveals
the cultural and artistic journey
of founder Christian Dior from
30 avenue Montaigne to the heart
of cosmopolitan America. Dior’s
very first haute couture creations –
some of which have never been
seen by the public – are exhibited
alongside exceptional Brooklyn
Museum pieces, offering visitors
a remarkable interplay between
Dior’s unique heritage and the
New York museum’s rich collections.
Visitors can also admire models
worn by some of the world’s most
celebrated actresses, from Grace
Kelly to Jennifer Lawrence.
As the ultimate magical touch,
the museum’s central atrium evokes
an enchanted garden under
a star-covered sky, in reference
to the couturier’s lucky star.
2021STORIES 74 • 75
LVMH 2021 . Fashion & Leather Goods L O U I S V U I T T O N
The Capucines bag:
A sy mb ol
of moder n
fem i n i n it y
For over 160 years, heritage, fine
craftsmanship and innovation have
been Louis Vuitton’s core values and
hallmark. This unique approach is
behind the Capucines – a timeless,
ingenious bag that is instantly
recognizable by its minimalist shape
and sophisticated attention to detail.
Lensed by photographer Steven
Meisel, French actress Léa Seydoux
is the iconic bag’s current ambassador
in a campaign that illustrates the
intimate relationship between a woman
and her handbag. The Capucines bag
– named after Rue Neuve-des-
Capucines, where Louis Vuitton opened
his first store in 1854 – is a symbol
of contemporary femininity, with
its equally exacting standards of
elegance, functionality and versatility.
Thoughtfully and ingeniously designed,
this beautiful bag is assembled in over
one hundred steps and is a pure
product of Louis Vuitton’s traditional
expertise. A marvel of technical
skill, inventiveness and excellent
craftsmanship, the Capucines
has the status of a modern classic.
L O E W E
Spi r ited aw ay
i nto M iy a za k i ’s
f a nt a sy world
Loewe unveiled a new chapter
in its collaboration with Studio
Ghibli. A year after the Maison’s
acclaimed collection celebrating
Hayao Miyazaki’s animated film
My Neighbor Totoro, Creative
Director Jonathan Anderson designed
an exclusive capsule to honor Spirited
Away, Miyazaki’s 2001 ode to loyalty
and friendship. The collection offers
a moment of escapism into the
film’s fantastical world, with clothes
and accessories crafted by Loewe
artisans who skillfully combine
materials and textures to bring
the characters to life.
76 • 77
LVMH 2021 . Fashion & Leather Goods D I O R
Grec i a n i n s pi r at ion
b eneat h t he
Pa r t henon
Dior’s 2022 Cruise collection was
inspired by series of photographs
of an haute couture range by
Monsieur Dior taken near the
Parthenon in 1951. Maria Grazia
Chiuri took the Maison back to
Athena’s city, bringing the ancient
Greek goddess back to the future
and upending conventions.
The Maison’s Artistic Director takes
her cue from pioneering Surrealist
painter Giorgio de Chirico, whose
work is infused with nostalgia for
Greece and depicts metaphysical
settings frozen in silent contrasts
of light and shade. She also explores
the universe of cosmopolitan gallery
owner Alexandre Lolas, who
maintained close ties with Greece
and had a home in Athens.
Artist Pietro Ruffo reinterprets
the silhouettes of ancient Greek
wrestlers and a camouflage pattern
for a range of sportswear garments.
Maria Grazia Chiuri highlights the
way multi-faceted representations
of beauty have influenced Dior’s
interpretations of femininity.
78 • 79
LVMH 2021 . Fashion & Leather Goods C E L I N E
A s u n-k i s s ed col lec t ion
s et ag a i n s t
t he Ba ie des A n ges
Hedi Slimane chose the Baie des
Anges (Bay of the Angels) as the
backdrop for his third filmed fashion
show and as the theme for Celine’s
2022 Women’s Spring-Summer
collection. Capturing the spirit of
the Maison, he restyled its hallmark
bourgeois dress codes – small
checked jackets, roomy blouses,
Triomphe leather handbags with
golden chains – by adding a sporty,
masculine twist with hoodies,
parkas, sailor jerseys, boaters and
fedoras. Celine’s new High Perfumery
ambassador, Lalisa Manoban, along
with the Maison’s other brand
ambassadors – Kaia Gerber, Diana
Silvers and Suzanne Lindon – were
in attendance and lent their elegance
to the show. Reviving the French
Riviera’s golden age, their outfits
set off by the radiant sunshine,
they catwalked around Nice’s
architectural landmarks: down
the Promenade des Anglais, past
the mythical Hotel Negresco and
the Villa Massena and up at the
Observatory’s promontory, which
boasts the most spectacular views
of the city and the Mediterranean.
80 • 81
LVMH 2021 . Fashion & Leather Goods F E N D I
“ h a nd i n h a nd ”:
Celebr at i n g excel lence
i n It a l i a n
cr a f tsm a n sh ip
Fendi’s hand in hand exhibition held
at the Palazzo della Civiltà Italiana,
the Maison’s headquarters in Rome,
was a sequel to the eponymous
project celebrating traditional Italian
craftsmanship initiated in 2020. The
exhibition spotlighted 20 handmade
reinterpretations of Silvia Venturini
Fendi’s iconic 1997 Baguette bag,
each one a showcase of unique
expertise from an Italian region.
The initiative is part of a partnership
between the Maison and Italian
artisans, who were invited to transform
the emblematic Baguette bag into
a work of art. Their reinterpretations,
which are as varied as they are
elaborate, include extravagant stone
and metalwork, complex mosaic art,
delicate cotton embroidery and
flawless leatherwork. As well as
producing these one-of-a-kind pieces
and forging strong bonds with Italian
artisans, the “hand in hand” project
helps safeguard their expertise and
creativity and share it with the world.
82 • 83
LVMH 2021 . Fashion & Leather Goods Louis Vuitton’s precious leather
handbags are now crafted in a former
abbey in north-western France
between the regions of Le Perche
and La Petite Beauce. The new
workshop opens a new chapter
in the history of exceptional leather
goods. The abbey’s large-scale
conversion took three years and
was carried out in partnership
with the town of Vendôme and
supervised by Les Monuments
Historiques, France’s listed buildings
authority. The abbey’s old clock –
now restored by an artisan from
founder Louis Vuitton’s native Jura
region – is once again the building’s
beating heart. The Maison’s
ambitious scheme has restored
its original volumes to the building,
which will celebrate its millennium
in 2031.
L O U I S V U I T T O N
The Vendôme workshop:
A for mer abb ey t r a n s for med
i nto a s howc a s e
for prec iou s leat her work
84 • 85
LVMH 2021 . Fashion & Leather Goods Parfums Christian Dior, Château de la Colle Noire located in Montauroux, in the heart of the Grasse region
LVMH
Per f u mes &
Cosmet ics
2021
F O C U S I N G O N Q U A L I T Y A N D
C U L T I VA T I N G U N I Q U E N E S S
LVMH is a key player in the perfume, makeup and
skincare sector, with a portfolio of world-famous Maisons
2022 Outlook
as well as younger brands with a promising future. The
LVMH’s Maisons are well positioned to stand out in their
creative momentum of LVMH’s Maisons is driven by
competitive environment. While remaining highly vigilant
growth in its iconic lines as well as bold new products.
over the months to come, they will boost innovation and
They are all driven by the same values: the pursuit of
continue to invest in their communications, ensuring
excellence, creativity, innovation and appeal.
selectivity in their retail networks and creating compel-
Unique creative momentum
through its image as a major brand rooted in the world of
ling digital experiences. Focusing on building its appeal
couture, Parfums Christian Dior has set ambitious leader-
With surging demand in Asia and the huge popularity of
skincare, the global perfume and cosmetics market is
highly competitive, with increasingly compact innovation
ship targets. The Maison will continue to innovate in its
icons, especially Sauvage, Miss Dior, Rouge Dior, J’adore
and Prestige. Its directly operated stores will continue
cycles. In this context, all of LVMH’s Maisons continue to
their expansion, in particular in China. Expanding the
pursue their objective of gaining market share, which
share of online sales and digital communications is also a
depends more than ever before on quality, product per-
key priority, along with effective supply chain manage-
formance and a robust innovation policy. In the heart of
ment in a context of heightened volatility.
France’s Cosmetic Valley business cluster, researchers at
Guerlain will expand its international presence, paying
LVMH’s Hélios R&D facility play a crucial role in helping the
particular attention to the selectivity of its distribution. Its
Maisons meet these requirements. The Maisons also uphold
momentum will be driven by strong growth in skincare
their commitment to biodiversity and sustainable design.
combined with its expertise in spa treatments, the devel-
Excellence and innovation in retailing
energy in makeup and an acceleration in digital initiatives.
opment of its fragrance ranges toward Collections, new
In 2022, the Maison will celebrate the 15th anniversary
All the brands are accelerating the implementation of
of its “In the Name of Beauty” sustainability program.
their online sales platforms and stepping up their digital
Parfums Givenchy will enrich its range of fragrances and
content initiatives. Excellence in retailing is key. It requires
continue its expansion into makeup. Acqua di Parma will
expertise and attentiveness from beauty consultants, as
relaunch its iconic Colonia range. Make Up For Ever will
well as innovation in sales, both in stores and online. Our
launch a further improved version of its HD Skin flagship
brands are actively incorporating digital tools to enhance
line, developed by its community of makeup artists.
the customer experience and attract new consumers.
Benefit will further expand its range of blushes while
The Group’s refusal to engage in excessive special offers
continuing to innovate in its brow collection. Parfums
and parallel sales, although such practices are used by a
Kenzo will continue reviving its historic fragrances,
number of its competitors, helps ensure the powerful
drawing on the Maison’s French and Japanese roots.
appeal of LVMH’s Maisons.
Perfumes Loewe and Maison Francis Kurkdjian will open
their first store in China.
2021 at a glance
CONTINUED SELECTIVE DISTRIBUTION, STRONG REBOUND
IN PERFUME AND RAPID PROGRESS IN SKINCARE
2021 REVENUE BY REGION
(as %)
Other
markets
10%
Asia
(excl. Jap an)
42%
France
9%
Europe
(excl. France)
19%
United States
16%
Jap an
4%
REVENUE
(EUR millions)
PROFIT FROM RECURRING
OPERATIONS
(EUR millions)
OPERATING
INVESTMENTS
(EUR millions)
6,835
6,608
683
684
378
5,248
290
280
80
2019
2020
2021
2019
2020
2021
2019
2020
2021
Major strategic priorities
Maintain our
Focus on developing
Pursue the global
Strengthen our
creativity in terms of
Parfums Christian Dior
expansion of our other
commitment to biodiversity
innovation and appeal
in harmony with Couture
brands
and sustainable design
88 • 89
LVMH 2021 . Perfumes & Cosmetics Parfums Christian Dior
Amid a limited recovery in international travel and
Kurkdjian was appointed as Creative Director
the gradual reopening of points of sale, LVMH’s major
of Fragrances, taking over from François Demachy,
Maisons regained strong momentum, especially in the
who had served as Dior’s perfumer since 2006.
second half of the year. To preserve their exceptional
Skincare was buoyed by the vibrant Prestige, Capture
image – a key element of their lasting appeal –
and L’Or de Vie ranges, the culmination of the
the choice was made to keep their distribution highly
scientific and sensory expertise of LVMH’s research
selective, limit promotional offers and develop online
and innovation center. The Dior Spa that opened
sales through their own websites. Their performance
at the Cheval Blanc hotel in Paris is the ultimate
was buoyed by their vibrant iconic lines, successful
expression of Dior skincare and its beauty expertise.
innovations and ability to craft high-quality,
Makeup was boosted by the rollout of the refillable
groundbreaking digital experiences.
Parfums Christian Dior made a strong recovery,
particularly in all its local markets – especially Asia, the
Rouge Dior lipstick and the launch of its transfer-proof
liquid version, Forever Liquid. The acceleration in online
sales continued via directly operated sites, spurred
United States and the Middle East – and consolidated
by digital campaigns that were among the most
its leading positions in Europe. Its performance in
innovative run by fragrance and beauty brands. These
fragrances was driven by the success of its flagship
initiatives complemented the Maison’s store network
lines: Sauvage, which became global leader in all
by attracting a new clientele and showcasing
categories; solid results were also turned in by J’adore,
the exceptional products and customer experience
Dior Homme and Miss Dior, which was boosted
it offers. Parfums Christian Dior carried on its tradition
in September by a revisited scent profile and a new
of artistic partnerships, including the collaboration
marketing campaign. The Collection Privée range,
with India Mahdavi for J’adore, and exhibitions
which distills the Maison’s peerless expertise in high
showcasing its rich heritage and wealth of creativity.
perfumery, was enriched with new scents. Francis
The Maison began sharing its values and initiatives
90 • 91
LVMH 2021 . Perfumes & CosmeticsHIGHLIGHTS2021 in connection with the mission it has adopted,
pop-up locations expressing and exalting the brand’s
“Beauty as a legacy”, affirming its commitment
unique identity. Guerlain stepped up its initiatives
to culture, the environment and society, in particular
and engagement in connection with its “In the Name
through exceptional corporate philanthropy toward
of Beauty” sustainability program, in particular alongside
the Palace of Versailles, the Tuileries Gardens and
UNESCO for programs to protect biodiversity and
the Beaux-Arts de Paris art school.
Guerlain achieved remarkable growth, particularly in
China thanks to its very strong momentum in skincare.
Backed by the Maison’s commitment to biodiversity
and sustainable innovation, the Abeille Royale and
bees, spearheaded by its brand ambassador Angelina
Jolie, as well as the formation of its Sustainable Board,
a panel of experts chaired by Yann Arthus-Bertrand.
Parfums Givenchy returned to growth and won market
share thanks to the success of its L’Interdit fragrance
Orchidée Impériale lines continued their exceptional
and the promising relaunch of the Irresistible line.
performance. In fragrances, the Aqua Allegoria line
and the new high perfumery collection L’Art
et la Matière were a global success. In makeup, a new
In makeup, momentum was driven by its Prisme Libre
powder and Le Rouge lipstick. Benefit’s sales were
boosted by the launch of its They’re Real! Magnet
chapter began with the appointment of Violette
mascara and the global “Love Your Brows” campaign.
as Creative Director of Makeup. The exceptional
The Maison extended its lead in these two categories.
foundation Parure Gold bolstered its positions,
particularly in Asia. The Maison continued to invest
in its store network, with openings, renovations and
As locations reopened, its Brow Bars confirmed their
success. Fresh reinforced its standing in ultra-premium
skincare, seeing major growth in its Crème Ancienne
Celine
Parfums Christian Dior
OUR MAISONS TAKE ACTION
Guerlain’s and Dior’s science-based
targets are validated
Guerlain and Parfums Christian Dior had their climate trajectories validated
by the Science Based Targets initiative (SBTi), confirming they are in line with
what climate science deems necessary to limit global warming to 1.5°C by
2030, along with two other Group Maisons: Hennessy and Louis Vuitton.
By 2030, Guerlain has committed to reducing its Scope 1 and 2 greenhouse
gas emissions by 47% (baseline: 2019), and to reducing its Scope 3 emissions
(related to purchases of goods and services, transport and distribution) by
57% per metric ton of product manufactured. The main actions to be taken
to achieve these emissions reduction goals involve reducing energy use,
switching to (and generating) renewable energy, opting for sustainable pack-
aging design and using greener modes of transport. Parfums Christian Dior
committed to reducing its Scope 1, 2 and 3 emissions by 46.2% by 2030
(baseline: 2019) and identified three primary fields of action: sustainable
design, green transportation, and reducing energy consumption and rolling
out low-carbon energy at its points of sale.
Guerlain
Parfums Givenchy
92 • 93
LVMH 2021 . Perfumes & Cosmetics range, which was expanded with its White Truffle Mask.
wardrobe” continued to enjoy great success, led
To celebrate its 30th anniversary, an initiative was
by its highly popular Baccarat Rouge 540 as well as
launched to support the communities where key
ingredients for its products are sourced. Make Up
For Ever benefited from the successful launch of
Setting Powder, the finest powder on the market, within
its iconic Ultra HD range. Fenty Beauty reaffirmed
its expertise in foundation with the launch of its Eaze
Drop Blurring Skin Tint foundation, an instant
bestseller, and the expansion of its range of highlighters.
Fenty Skin launched its first instant retexturizing
treatment, Pre-Show Glow. Fenty Eau de Parfum,
available exclusively online, was a major success.
Parfums Kenzo expanded its Flower by Kenzo
flagship line with a new eau de toilette version, while
its men’s fragrance Kenzo Homme and Kenzoki
skincare products were reimagined. Maison Francis
Kurkdjian continued its rapid growth trajectory,
in particular in the United States. Its “fragrance
its À la rose and Gentle Fluidity ranges. The successful
launches of the Bergamotto La Spugnatura, Oud &
Spice and Lily of the Valley fragrances were among
the year’s highlights for Acqua di Parma. The Maison
expanded its presence in China and won over
customers through an immersive experience during
its The Scent of Parma exhibition. Perfumes Loewe
saw solid international growth with the repositioning
of its fragrances in dialogue with the fashion house
and the Home Scents collection crafted by Jonathan
Anderson. Ole Henriksen enriched its skincare range
with the creation of Dewtopia. KVD Beauty, all of
whose products are vegan, capitalized on the success
of its Good Apple Foundation Balm. Officine
Universelle Buly, a Maison that stands out through
its selection of rare, effective and authentic products
with impeccable aesthetics, joined LVMH.
Fenty Beauty
Maison Francis Kurkdjian
OUR MAISONS TAKE ACTION
LVMH joins Eco-Beauty Score
LVMH joined the Eco-Beauty Score consortium, which aims to establish a
shared methodology for measuring the environmental impact of cosmetic
products by the end of 2022. The goal is to develop a science-based system
to help consumers better understand the environmental impact of cosmetics,
from sourcing ingredients to a product’s manufacturing, transport and use, as
well as the biodegradability of its formula.
In parallel, LVMH and its Perfumes & Cosmetics Maisons use in-house tools
and indicators such as EPI (Environmental Performance Index) scores for
product packaging and EFI (Environmental Formulation Index) scores for
ingredients. They facilitate and accelerate sustainable design by taking into
account factors such as the amount of recycled content in packaging and the
proportion of natural ingredients in formulas.
Maison Francis Kurkdjian
Parfums Kenzo
94 • 95
LVMH 2021 . Perfumes & Cosmetics P A R F U M S C H R I S T I A N D I O R
J’adore x
Ind i a Ma hd av i :
C r a f t s m a n s h ip a nd
moder n it y, or gen iu s
i n a b ot t le
Dior invited India Mahdavi to redesign
one of its most emblematic perfume
bottles, the iconic J’adore amphora.
The renowned architect and designer
created an ultra-limited edition
of 1,000 unique, numbered pieces.
Her soft, full design features
an endless, hypnotic warm golden
glass spiral that circles up the J’adore
bottle’s curves and neck, celebrating
the eternal gesture of virtuoso
glassmakers. Each piece is an object
of desire and technical prowess
crafted in Venice by the ancient house
of Salviati’s master Murano glass
blowers. Divinely modern, India
Mahdavi’s bottle is the perfect
match for François Demachy’s
fragrance J’adore Eau de Parfum
Infinissime.
2021STORIES
96 • 97
LVMH 2021 . Perfumes & Cosmetics O F F I C I N E U N I V E R S E L L E B U L Y
A new jewel
i n t he
LV M H c row n
In 1803, when renowned Paris
perfumer Jean-Vincent Bully created
his “Vinaigre de Toilette”, he stamped
his epoch and went down in the history
of beauty care. This beauty treatment
– the fruit of his expertise, talent, and
love of cosmetics – became a sought-
after remedy for everyone who was
anyone in 19th-century Paris, before
gaining a following in Europe and
beyond. A new chapter in Buly’s story
opened in 2014, when the visionary
duo formed by Victoire de Taillac
and Ramdane Touhami – who both
passionately want to transmit the art
of French beauty care – decided to
open their first Officine, or dispensary,
at 6 rue Bonaparte in Paris. In 2021,
this Parisian brand joined the LVMH
Group and its 75 Maisons. Buly’s
refined, high-quality products,
its richly detailed visual universe and
its singular boutiques are hallmarks
of its unique identity, which blends
heritage with modernity.
This new chapter in its history will
enable the brand to continue to grow
and remain true to its expertise and
personality as part of the world’s
leading luxury group.
98 • 99
LVMH 2021 . Perfumes & Cosmetics A C Q U A D I P A R M A
Em i l io Pucc i s upp or t s
Save t he Ch i ld ren
to “ Rew r ite t he Fut u re”
Acqua di Parma’s Holiday Season
collection now features a distinctive,
sunny design by Emilio Pucci,
in a first-time collaboration between
the two Italian Maisons. They created
this exceptional collection to support
the humanitarian aid organization
Save the Children and its “Rewrite
the Future” campaign, which secures
a quality education for children
and young people. The revamped
collection’s bottles sport the Vortici
print, a harmonious, bright swirl
of color inspired by Emilio Pucci’s
archives and reinterpreted in Acqua
di Parma yellow. This creative
charitable initiative sends a message
of optimism and confidence
to current and future generations
from both Maisons.
F R E S H
A 30t h
a n n ivers a r y
celebr ated
u nder t he s ig n
of com m it ment
Taking care of our planet as we take
care of our skin: this is the mission
of Forever Fresh, the Maison’s
new sustainability program. On the
occasion of its 30th anniversary,
Fresh set 30 goals to be achieved
by its 40th anniversary, in 2031.
The program is part of a partnership
with the Union for Ethical BioTrade
(UEBT) nonprofit, for which Fresh
has the honor of being the first
LVMH Group Maison to become
an official UEBT member. Driven
by its ambition to continue creating
ever safer, more effective and more
sensory products, the Maison focuses
its commitments on the planet,
people and products. They reflect
the brand’s ongoing desire to take
responsibility and act to leave future
generations a “Forever Fresh” world.
100 • 101
LVMH 2021 . Perfumes & Cosmetics
G U E R L A I N
Elev at i n g
r aw m ater i a l s
i nto work s of a r t
With its L’Art & La Matière collection,
Guerlain offers a truly exceptional
olfactory journey. Each fragrant
masterpiece is an original creation
crafted by Guerlain’s perfumers and
inspired by an artistic sensation that
left an indelible imprint on their
memories. Guided by their creative
genius, these artists shape the finest
raw materials into bold works of art
with talent and passion. The L’Art
& La Matière bottle – inspired by
Guerlain’s vintage, square-shaped
Flacon Carré – takes these creations
to new heights. The bottles are
exceptional pieces, with a sophisticated,
contemporary, unisex design.
They are manufactured by Pochet
du Courval, the Maison’s historic
glassmakers, and can be customized
in myriad ways, down to the smallest
details, to make them intimately
personal items.
102 • 103
LVMH 2021 . Perfumes & Cosmetics
P A R F U M S C H R I S T I A N D I O R
L’Or de Vie:
The “c rème de l a c rème”
For the past 30 years, Dior Science has
incorporated the immense potential
of grapevine extracts into its cosmetics
line. The Maison draws on the virtues
of the exceptional Château d’Yquem
terroir – which is owned by the LVMH
Group – in the formulation of its
L’Or de Vie cream, which was created
in 2007. In 2021, this mythical cream
was rejuvenated with a new Yquem
sap-enriched formula, itself the fruit
of nine years of research. As well as its
famed grand crus wines, the Bordeaux
vineyard is renowned for the Yquem
sap, the lifeblood that irrigates
the core of the vine. L’Or de Vie’s
new formulation captures all the
longevity secrets of Yquem sap, and
offers the most powerful antioxidant
protection in the Dior range.
M A I S O N F R A N C I S K U R K D J I A N
Bacc a r at Rou ge 54 0:
A n a lc hemy
of t he s en s es
Since its inception in 2009, Maison
Francis Kurkdjian has elevated
fragrance into an art form through
a curated collection of multifaceted
scents that convey sensuality
and free expression. Like the City
of Light itself, the resolutely Parisian
Maison blends seductive enchantment
with innovation, creativity
and exceptional craftsmanship.
The 250th anniversary of crystal
manufacturer Baccarat inspired
perfumer Francis Kurkdjian
to create Baccarat Rouge 540,
a highly condensed scent with
a graphic olfactory signature.
This floral, amber-laden, woody
fragrance builds into a poetic
alchemy, with breezy jasmine
facets and radiant saffron boosting
ambergris mineral notes and
woody tones of freshly cut cedar.
104 • 105
LVMH 2021 . Perfumes & Cosmetics
Tiffany & Co.
LVMH
Watches &
Jewel r y
2021
C R E A T I V I T Y A N D
I N - D E P T H E X P E R T I S E
The LVMH Watches and Jewelry business group is one of
the most dynamic players in its sector. It continues to
2022 Outlook
gain market share with a successful strategy that is driven
With the arrival of Tiffany & Co., the Watches and Jewelry
by jewelry Maisons that carry on exceptional creative
business group is now a leading global player. It will con-
legacies and expertise, and by leading watchmaking
tinue to drive its development by focusing on creativity,
Maisons that are always on the cutting edge of innovation.
excellent craftsmanship and corporate social responsibil-
2021 saw the arrival of the prestigious American jewelry
ity. In the short term, given the current volatility and con-
house Tiffany & Co., which has substantially bolstered
trasting levels of recovery in their various markets, the
the business group’s standing in a very dynamic, highly
Maisons will continue to manage costs and remain highly
promising market segment.
Creativity, brand awareness
and in-depth expertise
The growth of these Maisons is driven by their creativity.
selective in their investments. Innovation, the quali-
ty-driven development of distribution networks – directly
operated stores in particular – and new digital inroads
will drive momentum over the months to come. Tiffany &
Co. will roll out its Knot collection worldwide following its
success in the United States. At the end of 2022, the
They enrich leading product ranges with well-established
Maison will reopen its flagship store on Fifth Avenue in
designs and identities, such as Bulgari’s iconic Serpenti
New York, and will hold a major exhibition in London.
range and TAG Heuer and Hublot’s famous Carrera
Bulgari will continue to add to its core collections, show-
and Big Bang collections. They continually explore new
casing its exceptional expertise in high jewelry and high-
horizons with innovations combining audacity with excel-
end watchmaking while continuing to develop its digital
lence, as illustrated by TAG Heuer’s next-generation
presence. In preparation for future growth, a project to
smartwatch. Harnessing expertise is a key priority, which
extend the Valenza watch manufacturing facility will be
the Maisons address by optimizing their manufacturing
launched in 2022. Major exhibitions will be held by
processes, implementing synergies and boosting their
Bulgari, Chaumet and Fred. TAG Heuer will develop its
production capacity. Developing brand awareness with
iconic lines and launch new high-end models inspired
target audiences and increasing their social media
by its partnership with Porsche. Hublot will focus on its
presence are also crucial to gaining new market share.
Big Bang flagship line in particular, and will unveil several
Quality and productivity in retailing
original new designs.
Lastly, the business group is focusing on the quality and
productivity of its retail networks and on developing its
online sales. Multi-brand retailers are selected with great
care, making sure the most exacting standards are met.
In an equally selective approach, the Maisons also con-
tinue to refurbish and open their own directly operated
stores in buoyant markets in key cities.
2021 at a glance
STRONG REBOUND OF ACTIVITY IN OWN STORES
AND SUCCESSFUL INTEGRATION OF TIFFANY & CO.
2021 REVENUE BY REGION
(as %)
France
2%
Europe
(excl. France)
15%
United States
25%
Other
markets
11%
Asia
(excl. Jap an)
36%
Japan
11%
REVENUE
(EUR millions)
PROFIT FROM RECURRING
OPERATIONS
(EUR millions)
OPERATING
INVESTMENTS
(EUR millions)
8,964
1,679
458
4,405
3,356
736
302
296
210
2019
2020
2021
2019
2020
2021
2019
2020
2021
Major strategic priorities
Reinforce our Maisons’
Maintain Tiffany & Co.’s
Spur continued growth
Optimally develop
desirability thanks
powerful momentum
at Bulgari and TAG Heuer
manufacturing facilities
to expert craftsmanship
and distribution
with innovative products
108 • 109
LVMH 2021 . Watches & Jewelry Tiffany & Co.
The Watches and Jewelry business group saw organic
an unprecedented level. Rosé, the young singer of
revenue growth of 40% with respect to 2020, which
South Korean band Blackpink, became the new face
had been particularly hard hit by the pandemic, and
of the HardWear collection. This very well-received
of 7% compared with 2019. Including Tiffany & Co.,
revival led to a doubling of sales for this core line,
growth was much stronger, showing the transformative
which embodies bold femininity. The Knot collection –
contribution of this iconic brand. The Maisons were
a limited edition designed in collaboration with artist
buoyed by the gradual recovery in their local markets,
Daniel Arsham – was another major success, as was
primarily China and the United States, and the use
the Tiffany x Supreme collaboration. December saw
of distribution methods well-suited to the public health
the launch of the highly anticipated limited edition of
context: direct sales and digital channels. New watch
the watch designed by Patek Philippe and Tiffany & Co.
designs were unveiled in the first half of the year at
to celebrate 170 years of collaboration between Patek
trade fairs that were held in innovative new formats.
Tiffany & Co. achieved a record performance in terms
of revenue, profit and cash flow. The Maison raised its
and Tiffany & Co. in the US, with the auction of the
first watch of 170 limited editions raising a record level
of funds for The Nature Conservancy. Honoring
global profile through its innovations and high-profile
its long tradition of expressions of love and diversity,
collaborations. For the first time in its history,
the Maison launched its “About Love” global campaign
Tiffany & Co.’s annual Blue Book collection of high
starring Beyoncé and Jay-Z. Among the jewelry
jewelry was unveiled in China. A series of events followed
featured was the legendary Tiffany Diamond, making
in New York, Los Angeles and Dubai, giving customers
Beyoncé only the fourth person to wear it since
the opportunity to discover the extraordinary necklace,
its discovery in 1877. This campaign – one of the year’s
featuring over 180 carats of diamonds, inspired by
most prominent – was a powerful affirmation of the
the pendant unveiled at the 1939 New York World’s Fair.
brand’s resolutely modern tone, boosting its appeal
Following these presentations, high jewelry sales reached
and expressing its core values. Three openings –
110 • 111
LVMH 2021 . Watches & JewelryHIGHLIGHTS2021 at Le Bon Marché in Paris, in Barcelona and in Stockholm –
of a seventh showpiece, the Bulgari Hotel Paris,
marked a new aesthetic for Tiffany & Co.’s stores.
Bulgari regained solid momentum, driven by the strong
performance of its jewelry and watch lines at its
which opened in December on Avenue George V.
TAG Heuer marked the start of a major partnership
with Porsche with the launch of the TAG Heuer
directly operated stores. In jewelry, the recent B.zero1
Carrera Porsche chronograph. The latest edition
Rock and Serpenti Viper collections were the main
of the TAG Heuer Carrera 3 Aiguilles featured Ryan
growth drivers. The Maison rolled out its Magnifica
Gosling as its brand ambassador, while the Aquaracer
high jewelry collection presented in June, while at
line was completely revisited. The Titan and Green Dial
the end of the year, the launch of the Jannah collection
limited editions of the Monaco watch were very
proved extremely promising. In watches, growth
successful. TAG Heuer successfully launched a Super
was driven by Serpenti Seduttori, Octo Finissimo
Mario limited edition of its smartwatch for gaming
(which won the Aiguille d’Or grand prize at the Geneva
enthusiasts. Naomi Osaka and Tommy Fleetwood
Watchmaking Grand Prix) and Bulgari Aluminium.
joined the Maison’s team of brand ambassadors
The Maison’s performance was all the more remarkable
as it opened its first store in California and continued
given the limited recovery in international travel
and its increasingly selective presence at multi-brand
stores. Jewelry in particular is now exclusively
to develop its online sales.
Hublot’s growth was driven by strong momentum
in China and the United States, particularly at
distributed through its directly operated stores.
its directly operated stores. Continuing to invest
The Bulgari hotel collection expanded with the addition
in its retail network, the Maison accentuated
Bulgari
Bulgari
OUR MAISONS TAKE ACTION
Tiffany & Co.’s exemplar y supply chains
Tiffany & Co. has worked for many years on making its gemstones and precious
metals fully traceable, which helps ensure that environmental and social best
practices are followed. Achieving this requires the cooperation of every
stakeholder in the value chain, from mines to jewelry workshops. All of the
Maison’s rough diamonds are traceable back to the mine. They are mainly
sourced from five countries: Botswana, Canada, Namibia, Russia and South
Africa. All of the gold, silver and platinum used to manufacture products is
also traceable to the mine or the recycler. In 2021, the Maison purchased
its first Fairmined-certified gold from mines in Peru. Lastly, for colored
gemstones, the Maison published the Colored Gemstone and Pearl Source
Warranty Protocol in 2021 to serve as a practical, operational tool shared
with suppliers to help them improve traceability as well as their social and
environmental practices.
Bulgari
Chaumet
Chaumet
112 • 113
LVMH 2021 . Watches & Jewelry its selective development and resumed direct control
of its distribution in Spain and Portugal. Several new
Chaumet saw strong momentum. Highlights of the
year included the launch of the Torsade high jewelry
products bolstered the success of its flagship lines,
collection; the introduction of an exclusive diamond
including the Classic Fusion Takashi Murakami,
cut, the “Taille Impératrice” (empress cut); the
the Big Bang DJ Snake, backed by a global event,
Josephine and Napoleon exhibition at the heart
and the Big Bang E UEFA Euro 2020 smartwatch.
of the Maison’s iconic 12 Vendôme address; two high
Novak Djokovic joined the Hublot family as a brand
ambassador. Zenith benefited from the launch of
Chronomaster Sport, which won the Chronograph
watch prize at the Geneva Watchmaking Grand Prix,
jewelry events in Beijing and Tokyo; and the reopening
of its flagship store on New Bond Street in London.
Fred launched the Pretty Woman fine jewelry and
high jewelry collection, and created the Winch men’s
and Defy Extreme. The Maison significantly raised
line to celebrate the 55th anniversary of the Force 10.
its profile in China with the appointment of singer
The Soleil d’Or diamond returned to the Maison’s
and actor Xiao Zhan as its new brand ambassador.
collection. This remarkable yellow diamond of over
It developed its network of directly operated stores,
100 carats will be the centerpiece of Fred’s first
including the opening of a store offering unique
retrospective exhibition in 2022. It opened its first
experiences within its watch manufacturing facility
store in Dubai.
and the expansion of its e-commerce presence.
Hublot
Zenith
OUR MAISONS TAKE ACTION
A second life for Zenith
vintage timepieces
With Zenith Icons, the Maison gives watch enthusiasts a chance to own a
piece of watchmaking history. This collection of vintage watches includes
only the brand’s most iconic models, which are authenticated, restored and
certified at its Manufacture. When a watch that appears to be in immaculate
condition is found, the Manufacture’s Heritage Department inspects it to
verify its authenticity, purchases it and restores it in accordance with the
highest professional standards. For components that need to be replaced, it
uses historic spare parts from its exceptional stock of original supplies.
Lastly, a certificate of authenticity of the timepiece is issued, and a single
copy is printed. It is filled out by hand by the Heritage Department and
signed by the watchmaker in charge of its restoration, ensuring the watch’s
traceability for generations to come.
TAG Heuer
Fred
114 • 115
LVMH 2021 . Watches & Jewelry T I F F A N Y & C O .
“About Love”:
A s tor y of
lon g i n g a nd reu n ion
Tiffany & Co. unveiled the film for
its “About Love” campaign starring
powerhouse couple Beyoncé
and Jay-Z. The film is directed by
acclaimed filmmaker Emmanuel
Adjei, and features a remake of the
classic “Moon River” – which was
made famous in the 1961 film Breakfast
at Tiffany’s – sung by Beyoncé and
captured by Jay-Z on a Super 8
camera. Throughout the film, Beyoncé
wears several incredible jewelry
pieces, including the Tiffany Diamond,
an emblem of the brand’s fabulous
heritage. Some of the Maison’s other
iconic pieces are also featured, like
Jean Schlumberger’s legendary
Bird on a Rock brooch, which is
worn by Jay-Z and reinvented as
a pair of cufflinks. The collaboration
between the Carters and Tiffany
& Co., and their shared vision has
resulted in a raw, sensitive film that
encapsulates the couple’s immense
chemistry. It is a story of longing
and reunion, of a bond that transcends
time and space.
2021STORIES 116 • 117
LVMH 2021 . Watches & Jewelry Since their initial agreement in 1851,
when Tiffany & Co. became the first
official retailer to sell Patek Philippe
products in the United States, ties
between the two Maisons have gone
from strength to strength. In 2021,
they celebrated 170 years of
partnership with a limited edition
of 170 steel Nautilus Ref. 5711/1A-018
wristwatches. The commemorative
piece’s dial features the famous
Tiffany Blue® and the dual stamps
of Tiffany & Co. at 6 o’clock and
Patek Philippe at 12 o’clock. The case
is water-resistant to 120 meters
and fitted with the state-of-the-art
self-winding calibre 26-330 S C
movement. These 170 exceptional
timepieces epitomize the two Maisons’
shared values – a quest for excellence
and a passion for craftsmanship.
One of the pieces was sold at auction
and all the proceeds were donated
to global environmental nonprofit,
The Nature Conservancy.
T I F F A N Y & C O .
170 except ion a l Naut i lu s
w atc hes to celebr ate
170 yea rs s h a red
w it h Patek Ph i l ipp e
C H A U M E T
A n ex h ibit ion devoted
to t he (ex t r a) ord i n a r y s tor y
of Jos eph i ne a nd
Napoleon
To commemorate the bicentenary
of Napoleon’s death, Chaumet
retraces the highlights of this
legendary emperor and Empress
Josephine’s life together. The Maison’s
founder was a privileged witness
to their romance, and its exhibition
Josephine and Napoleon: An
(extra)ordinary story, displayed
in the “grand salons” of Chaumet’s
iconic 12 place Vendôme location,
showcases over 150 pieces of
jewelry, paintings, works of art,
love letters and historic documents.
As well as the Maison’s own archive
pieces, the exhibition features
loans from prestigious public
and private collections, such
as the Royal House of Denmark’s
sovereign collection, and those of
the Louvre and the Palace of
Fontainebleau’s national museum.
118 • 119
LVMH 2021 . Watches & Jewelry
Hublot and Takashi Murakami continue
their collaboration with the Classic
Fusion Takashi Murakami Sapphire
Rainbow. This new watch, which
again features Murakami’s hallmark
smiling flower, is designed to reflect
a shift from black to color via
transparency. It is available in a limited
edition of 100 pieces and has
a case cut from sapphire crystal
– a technological feat pioneered
by Hublot. The flower smiles
mischieviously on a three-dimensional
face that emerges from the dial
around which a color gradient
of 12 petals rotate. By bringing
the Japanese artist’s kawaii world
into watchmaking, Hublot explores
yet another way of expressing
its Art of Fusion. Takashi Murakami’s
creativity and the Swiss Maison’s
expertise combine to engender
a unique work of art.
H U B L O T
Mu r a k a m i ’s
k aw a i i world
on a u n iqu e t i mepiece
120 • 121
LVMH 2021 . Watches & Jewelry
B U L G A R I
A h igh jewel r y col lec t ion
i n s pi red by
m ag n i f icence
Bulgari unveiled Magnifica, its new
collection of high jewelry and high-
end watches. With this collection,
which features 350 pieces including
122 brand-new creations, the
Rome-based Maison’s expertise has
reached new heights, with a hitherto
unseen extraordinary combination
of exceptional precious stones,
unparalleled craftsmanship and
bold design. The versatile, modular
pieces are light and supple and
designed so that they can be worn
in myriad ways – a modern concept
in high jewelry. The Magnifica
collection epitomizes Bulgari’s hallmark
expertise and 137 years of experience
working with the world’s rarest
and most precious gemstones. The
Maison’s expertly skilled craftspeople
transform creative ideas into
impressive three-dimensional works
of art that can take up to 2,500 hours
to craft by hand. They cut the gems
without any computer assistance,
fashioning each component that
will form part of a flawless, unique
masterpiece. With this collection,
Bulgari brings jewelry craftsmanship
to magnificent new heights and
expresses the full range of its creativity,
which is as bold as it is timeless.
122 • 123
LVMH 2021 . Watches & Jewelry
Swiss Maison TAG Heuer and German
carmaker Porsche formally sealed
their longstanding friendship – having
already collaborated on several
occasions – with an exceptional
link-up inspired by their shared passion
for car racing. The brand-new TAG
Heuer Carrera Porsche Chronograph
celebrates this friendship between
two icons and is a tribute to their
heritage. Its red, black and grey
colors, font and numerals bring to
mind the stylish aesthetics of Porsche
cars, while its sporty design is based
on the TAG Heuer Carrera chronograph
and its distinctive tachymetric
scale. Skillfully blending the brand
universes of these icons of design
and performance, this timepiece
reflects the excellence and identities
of both names, channeling their
legendary essence.
T A G H e u e r
Wit h Pors c he,
t wo icon s
of des ig n a nd
i n nov at ion tea m up
124 • 125
LVMH 2021 . Watches & Jewelry Sephora, SoHo store, New York
LVMH
Selec t ive
Reta i l i n g
2021
R E I N V E N T I N G
T H E C U S T O M E R E X P E R I E N C E
With locations all around the world, our Selective Retailing
Maisons make sure that customers are the number-one
2022 Outlook
priority for their strategies and their staff. Sephora, DFS
In 2022, Sephora will continue to innovate, ramp up its
and Le Bon Marché are all pioneers in their fields and
digitalization efforts and develop its omnichannel strat-
continue to innovate and imagine the shopping experi-
egy to gain new market share in key countries, with the
ence of the future for their customers.
An increasingly innovative
and personalized experience
priority placed on North America and China. In the United
States, the implementation of its partnership with Kohl’s
will help amplify its success with an expanded presence
and a closer connection to American customers. The Maison
will continue investing to sustain its strong momentum
For over half a century, Sephora has been revolutionizing
in other strategic markets such as the Middle East and
the beauty industry, elevating the shopping experience
Canada, as well as to expand its retail network in major
into a moment of pure pleasure and freedom, developing
cities and scale up its digital strategy. In 2022, DFS’ priority
new in-store services and hunting out rare finds to add
will be placed on tourism at its key destinations: Hainan,
to its unique range of brands and products. Combining
Macao and potentially Hong Kong in the second half of
the best of in-store and online shopping, Sephora’s
the fiscal year. Partial air traffic recovery forecasts –
omnichannel beauty experience offers an interactive,
which are more favorable, with the exception of China –
personalized, seamless customer journey. Le Bon Marché
will be closely monitored to ensure that reopenings are in
is a department store like no other: striking architecture
line with local authorities’ requirements and the return of
enhanced by tasteful updates; an exclusive, elegant
travelers. Highlights planned for 2022 include the second
selection of products; and an expansive program of
exhibitions all make Le Bon Marché truly unique and a
treasure trove for both local and international customers.
phase of the Mission Hills site opening in Hainan and the
inauguration of a T Galleria in Queenstown, New Zealand,
while preparing for the 2023 opening of the Brisbane
Our 24S digital platform, which was launched in 2017,
location in Australia. Le Bon Marché will continue to cap-
also reflects this quest for excellence and aims to offer a
italize on its unique profile as a trend-setting department
whole new online shopping experience.
Staying particularly agile
store and cultural venue. In January, the Su exhibition
by artist Mehmet Ali Uysal will invite viewers to reflect
on climate issues. The beginning of the year will
also see the launch of a digital platform for services and
DFS – which has been pioneering travel retail since the
experiences, building on Le Bon Marché’s strengths and
early days of the air travel boom – constantly updates its
underscoring its privileged position as an integral part of
boutiques and its T Galleria luxury department stores to
the Parisian scene.
continually enhance the traveler’s experience. In addition
to its major presence in Asia and in the United States,
DFS has started to expand its geographic coverage,
opening its first European location in Venice in 2016, to
be followed by Paris in 2021. DFS will continue its expan-
sion in the Asia-Pacific region, in particular in China on
the island of Hainan.
2021 at a glance
GOOD PERFORMANCE OF SEPHORA, DFS STILL HELD
BACK BY LIMITED RECOVERY IN INTERNATIONAL TRAVEL
2021 REVENUE BY REGION
(as %)
Other
markets
16%
Asia
(excl. Jap an)
24%
France
12%
Europe
(excl. France)
9%
United States
39%
REVENUE
(EUR millions)
PROFIT FROM RECURRING
OPERATIONS
(EUR millions)
OPERATING
INVESTMENTS
(EUR millions)
14,791
1,395
659
11,754
10,155
410
370
534
2019
2020
2021
2019
2020
2021
2019
2020
2021
(203)
Major strategic priorities
Maintain Sephora’s
innovative momentum
in stores and online
Continue to cultivate
Continue the expansion of DFS
a creative, exclusive offering
and develop digital initiatives
at Le Bon Marché and
to build customer loyalty during
La Grande Épicerie de Paris
their travel experiences
128 • 129
LVMH 2021 . Selective Retailing Sephora, Taikoo Li Sanlitun store, Beijing
In a business environment disrupted by the consequences
a long-term strategic partnership with the Zalando
of the public health crisis, the Maisons continued
platform for the creation of a “prestige beauty”
to adapt to the situation and enrich their digital
selection, launched in Germany in the second half
content to drive online sales and stay connected
of the year; the acquisition of Feelunique, one of the
with customers. The gradual reopening of stores
leading players in the online selective beauty segment
went smoothly, with the top priority being the health
in the United Kingdom; a series of new transnational
and safety of customers and staff, while constantly
e-commerce initiatives to serve various countries in Asia;
striving to offer the best shopping experience across
ramping up its own websites, resulting in record online
all channels.
sales; and developing innovative services to ensure
Building on its expanded geographic presence and
a smooth omnichannel purchasing experience
its pursuit of excellence in its omnichannel strategy,
Sephora was highly resilient and delivered another
strong performance thanks to the upturn in activity
for customers, such as same-day delivery, which
has been successfully rolled out in the United States.
This strategy helped dynamize its key brands
at its stores and the continued momentum of its online
and categories, particularly skincare, fragrances
sales. Despite the pandemic-related closures for part
and haircare, while makeup showed encouraging
of the year, the expansion of its store network continued,
signs of recovery. The Maison continued to serve
especially in China and the United States, particularly
as an incubator, launching exclusive brands and
following the large-scale partnership with US distributor
products, particularly in the area of “green” cosmetics,
Kohl’s. The Maison continued to develop its digital
which resonates strongly with its customers’
offering with a series of new initiatives, including
aspirations. Sephora stepped up its commitment
130 • 131
LVMH 2021 . Selective RetailingHIGHLIGHTS2021 to diversity and inclusion by joining the Valuable 500,
to transform Hainan into a free trade port by 2025,
a global movement to speed the inclusion of people
DFS, in partnership with Shenzhen Duty Free Group,
with disabilities in the workplace. The Maison also
opened its first downtown store in the port city
launched highly innovative campaigns to celebrate
of Haikou. Thanks to growing demand from local
black beauty in North America and expanded its
customers, the seven T Gallerias in Macao turned
selection of brands founded by people of color, in line
in a good performance, while DFS launched its
with the commitment undertaken in 2020. Thanks to
operations in Hainan. The highly anticipated opening
its relentless drive for innovation and highly motivated
of La Samaritaine Paris Pont-Neuf took place in June
staff, Sephora returned to its pre-pandemic sales
following an ambitious renovation project and saw a
levels and was listed in the prestigious Interbrand
promising number of visitors. After a one-year hiatus,
Best Global Brands 2021 ranking.
The public health crisis continued to impact DFS’
business due to the very limited recovery in
the “Masters of Time” event showcasing a prestigious
collection of watches and jewelry returned to Macao
for its 12th edition. DFS accelerated its omnichannel
international travel, travel restrictions in China and
transformation through an innovative “Travel E-Tail”
quarantine measures implemented in Hong Kong.
program for its customers and brand partners.
In response to the Chinese government’s efforts
The Maison continued to focus on employee well-being
Sephora
Sephora
OUR MAISONS TAKE ACTION
Sephora’s redesigned Christmas
packaging recognized with an R Award
in the “Purchasing” categor y
Following Sephora’s launch of its “Good For” line, which aims to expand the
Maison’s selection of natural and sustainably designed products, Sephora
made further progress in 2021 by completely redesigning its Christmas
packaging, which is often associated with large quantities of waste.
The goal was to apply a sustainable design approach aimed at using envi-
ronmentally friendly raw materials, reducing the volume of packaging and
developing reusable packaging, all while maintaining the festive spirit of
Christmas. Part of the manufacturing was also relocated to Europe.
The redesigned gift boxes were made from FSC-certified recycled paper
and plastic-free, helping save 26 metric tons of plastic compared to previous
years. They also featured vegetable-based inks and gift pouches made of
recycled cotton.
Sephora
DFS
132 • 133
LVMH 2021 . Selective Retailing by implementing health programs and adapting
the return in force of its particularly loyal French
working hours, and supported its local communities
clientele. The year’s highlights included Prune Nourry’s
through volunteer activities aimed at helping
L’Amazone Érogène exhibition and the Lucky Charms
the most vulnerable individuals and those most
exhibition, featuring works by Thebe Magugu,
affected by the pandemic.
Starboard Cruise Services resumed operations
at the end of the year on part of its fleet of vessels
to support the Dessine l’Espoir (Designing Hope)
humanitarian nonprofit. Momentum was spurred
by the development of new concepts, such
with an occupancy of about half their capacity.
as a holistic beauty initiative with Holidermie,
The Maison focused on the new opportunities offered
and the opening of new spaces, in particular for Tiffany.
by the digital channel, and tailoring the products and
services it offers to clients of different cruise lines.
Le Bon Marché experienced an unusual year marked
by a long period of closure from January 31 to May 19,
Both of La Grande Épicerie de Paris’ sites continued
to perform well. The 24S digital platform recorded
strong growth, particularly in Asia and North America,
driven by the unique character of its selection
during which digital communication and mail-order
and its Parisian positioning. The year featured
sales helped it stay connected with customers.
the rollout of the “marketplace” model, a strategic
As soon as it reopened, the department store saw
driver for acceleration.
Sephora
Le Bon Marché
OUR MAISONS TAKE ACTION
20,000 hanging flowers
by Thebe Magugu for Le Bon Marché Rive
Gauche’s Lucky Charms exhibition
The installation created by South African designer Thebe Magugu consists
of 20,000 multicolored fabric flower brooches pinned to myriad lianas
suspended in the store’s monumental central atrium. The flowers were sewn
by some one hundred women in four workshops supported by Dessine
L’Espoir (Designing Hope), a humanitarian organization that helps vulnerable
populations in several southern African countries, notably in South Africa
and Eswatini. The nonprofit has been running HIV awareness campaigns
since 2003 and supports people who are HIV-positive with healthcare and
food, also providing education and training for the youngest. The flower
brooches were sold throughout the event and the proceeds were donated
to Dessine l’Espoir.
Le Bon Marché
Le Bon Marché
134 • 135
LVMH 2021 . Selective Retailing L A S A M A R I T A I N E
A n out s t a nd i n g
renov at ion
t h at rev ives t he m ag ic
of cent r a l Pa r i s
The Samaritaine Paris Pont-Neuf
department store reopened in June
2021, after a vast, historically faithful
renovation that involved numerous
craftspeople including painters,
sculptors, gilders, and metalworkers.
It is now instantly recognizable by
its undulating glass façade designed
by 2010 Pritzker Prize-winning
Japanese architecture studio Sanaa.
Its 1907 Eiffel-designed glass dome,
enameled lava Art Nouveau decors,
and monumental staircase have all
been restored. As well as highlighting
the store’s eclectic and rich historical
heritage with an innovative architectural
feature, the overhaul also saw all
the buildings certified to the strictest
environmental standards. Designed
and operated by DFS, the new
Samaritaine department store promises
visitors a bold blend of experiences,
enchantment, authenticity and
modernity. Some 600 brands
converge in this exceptional space,
which celebrates French elegance
and art de vivre.
2021STORIES
136 • 137
LVMH 2021 . Selective Retailing S E P H O R A
“ Meet i n g” b eaut y
icon s i n a v i r t u a l
hou s e of b eaut y
Sephoria, the Maison’s major beauty
event, made a high-profile comeback
in 2021. Previously held in 2018 and
2019 as a live event in the United
States, it returned as a virtual
metaverse-like experience called
“Sephoria: Virtual House of Beauty”.
Attendees were free to explore and
try out the iconic products and just-
launched new labels available at
Sephora through exclusive content
and virtual encounters with brand
founders. The experience was based
on a 3D, 360° game-like environment
with an interactive beauty “house”
featuring several themed rooms
that attendees could explore while
playing games and joining in activities.
The event was free of charge and
open to all participants who registered
to attend. Attendees could also opt
in to purchase Experience Kits –
complete with a host of products
and surprises – which were dispatched
to them by mail. Having made digital
and omnichannel a strategic priority,
the Maison is now focusing on
bringing its highly popular, unique
in-store experiences online.
138 • 139
LVMH 2021 . Selective Retailing L E B O N M A R C H É
L’Amazone
«
Érogène:
A work of a r t by Pr u ne Nou r r y
for t he Lef t B a n k s tore
Le Bon Marché Rive Gauche
continues to pledge its support
for contemporary artists by giving
them carte blanche within its walls.
In January 2021, Prune Nourry –
a rising star on the international
art scene – exhibited L’Amazone
Érogène (The Erogenous Amazon)
at the department store. Through
her art, Prune Nourry explores
the concepts of genetics, gender
selection, the status of women and
our perception of the female body.
This installation was inspired by
the Amazons, who according to myth
cut off their right breasts to become
better archers. The artist played with
symbols typically associated with these
women warriors and created an
installation built around three powerful
visual elements: a breast-shaped
target, a bow and arrows.
140 • 141
LVMH 2021 . Selective Retailing
Belmond, Hotel Cipriani, Venice
LVMH
Cu lt u re &
Lifes t yle
2021
L V M H H O T E L M A N A G E M E N T
Chev a l Bl a nc:
A new contemp or a r y h aven
i n t he hea r t of Pa r i s
Cheval Blanc has unveiled its first
urban home away from home,
ideally located in the heart of Paris
between the Marais, the Île de la Cité
and the Louvre. The hotel – which
only has 72 rooms – was purposely
designed by architects Peter Marino
and Édouard François to offer
guests an experience rather than
a setting, with every detail chosen
to recreate the intimacy of a private
home. Vast bay windows offer
stunning views of Paris in every
room and each of the four
restaurants. Guests can unwind
in the peaceful surroundings
of the wellness space and Dior Spa
Cheval Blanc. Finally, encapsulating
the quest for excellence at
Cheval Blanc Paris, are Plénitude –
its gourmet restaurant run by
chef Arnaud Donckele – and the
Apartment – its truly exceptional
space on the top floor.
2021STORIES 144 • 145
LVMH 2021 . Culture & Lifestyle Cheval Blanc Paris
146 • 147
LVMH 2021 . Culture & Lifestyle B E L M O N D
The Ven ice
Si mplon- Or ient-Ex pres s :
A legend
b ac k on t r ac k
Belmond reignites the romance of rail
travel and invites guests to embark
on a legendary journey as the Venice
Simplon-Orient-Express returns
to the tracks. With its new Grand
Suites and spellbinding new routes
criss-crossing through France,
Italy, Switzerland, Belgium and
the Netherlands, this train whisks
travelers to Europe’s most beautiful
cities, reinstating the glamourous
journeys of the golden age of travel.
148 • 149
LVMH 2021 . Culture & Lifestyle R O Y A L V A N L E N T
Uphold i n g
t he pres t ig iou s
Dutc h m a r it i me
t r ad it ion
Royal Van Lent creates pure custom
superyachts between 60 and
140 meters in length under
the Feadship brand. With a heritage
dating back to the 1800s, Royal Van
Lent has two boutique shipyards
in Amsterdam and on nearby Kaag
Island. The yard in the Dutch capital
was officially opened in 2019 by
Queen Máxima and is the most
eco-conscious superyacht facility in
the world. Generations of dedicated
craftsmen ply their trade across
all disciplines of boatbuilding.
This ultra-high-end industry demands
constant innovation and close
cooperation with designers as the
Royal Van Lent teams showcase their
expectational skills and exquisite eye
for detail and quality. As the famous
motto reminds us: “There are yachts…
And there are Feadships.”
150 • 151
LVMH 2021 . Culture & Lifestyle P E R F O R M A N C E
M E A S U R E S
U S E F U L I N F O R M A T I O N
F O R S H A R E H O L D E R S
SHA R EHOLDER S’
C LU B
IN FOR MAT ION
A BOU T LV M H SHA R ES
The LVMH Shareholders’ Club was set up in 1994 to give
individual shareholders who are particularly interested in
the life of the Group a better understanding of LVMH, its
businesses and its brands. The LVMH Shareholders’ Club
can be joined free of charge by any shareholder who owns
at least one LVMH share listed on the Paris stock exchange.
Listed on: Eurolist by Euronext Paris
Stock market capitalization: €367 bn as of 12/31/2021
(the largest capitalization on the Paris stock market)
Number of shares: 504,757,339 as of 12/31/2021
Member of indices: CAC 40, Dow Jones Euro
Stoxx 50, MSCI Europe, FTSE Eurotop 100, Global
LAT EST N EWS A BOU T OU R M A ISONS
We send Club members several publications to keep
them informed of the latest news about our Maisons, such
as the Annual Report, the twice-annual Letter to Sharehold-
Dow and FTSE4Good.
SHA R EHOLDER
ST RUCT U R E (1)
ers and the annual issue of Apartés, our Club magazine.
(November 2021)
TOU R S TO DISCOV ER OU R M A ISONS
Throughout the year, the LVMH Shareholders’ Club holds
exceptional in-person and virtual private tours of a num-
ber of its Maisons, such as Louis Vuitton’s workshops in
Asnières, the historic La Samaritaine department store by
the Pont Neuf in Paris, and Guerlain’s fragrance produc-
tion facility in Orphin. Club members can also reserve
guided tours of unique sites such as Hennessy’s centu-
ries-old cellars in Cognac, Veuve Clicquot’s magnificent
crayères in Reims, and Moët & Chandon and Mercier’s
French
institutional
investors
7.8%
Individuals
5.5%
Foreign
institutional
investors
38.7%
Arnault
family
group
47.8%
Treasury
stock
0.2%
champagne cellars in Épernay.
(1) Voting rights: Arnault family group 63.9%; Other 36.1%.
EXC LUSI V E OF F ER S
FOR T H E GROU P’ S PRODUC TS
In addition to special offers on a selection of the Group’s
wines and spirits, for delivery in France only, Club mem-
bers can purchase discounted subscriptions to Group
AGEN DA
Thursday, January 27, 2022: 2021 annual revenue and results
April 2022: 2022 first-quarter revenue
media publications – Les Echos, Investir, Le Parisien and
Thursday, April 21, 2022: Shareholders’ Meeting
Connaissance des Arts – and order priority-access
Thursday, April 28, 2022: Payment of the final dividend
tickets for the Fondation Louis Vuitton.
for fiscal year 2021
A W EB SIT E DEDICAT ED
TO C LU B M EM BER S
The detailed program of the Club’s visits as well as the
exclusive offer of wines and spirits, subscriptions to
the Group’s newspapers and magazines and tickets to
the Fondation Louis Vuitton are available via the Club’s
July 2022: 2022 half-year revenue and results
October 2022: 2022 third-quarter revenue
CON TACTS
Investor and Shareholder Relations
website at www.clublvmh-actionnaires.fr/en. This private
Phone: +33 (0)1 44 13 27 27
online space, dedicated to Club members, can be accessed
Shareholders’ Club
once they have created their account.
Phone: +33 (0)1 44 13 21 50
LVMH 2021 . P e r f o r m a n c e m e a s u r e s
S T O C K M A R K E T
P E R F O R M A N C E M E A S U R E S
LVMH STOCK MARKET DATA
(in euros)
2019
2020
2021
CHANGE IN THE DIVIDEND
2019
2020
2021
High (mid-session)
419.50
517.20
Low (mid-session)
243.65
278.70
Year-end share price
414.20
510.90
Change during the year
(%)
+60%
+23%
Change in the CAC 40 (%)
+26%
–7%
Market capitalization
at Dec. 31 (EUR bn)
Source: Euronext.
208.0
257.9
741.60
489.05
727.00
+42%
+29%
367.0
Gross dividend (in euros)
4.80
6.00
10.00(1)
Change for the year
–20%
+25%
Payout ratio
Basic Group share of net
earnings per share (in euros)
34%
14.25
64%
9.33
(1) To be proposed at the Shareholders’ Meeting on April 21, 2022.
+67%
42%
23.90
725
700
675
650
625
600
575
550
525
500
475
450
425
400
375
350
325
300
275
250
225
200
COMPARISON BETWEEN THE LVMH SHARE PRICE AND THE CAC 40 INDEX SINCE JANUARY 2, 2019
(in euros)
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
FJDNOSAJJMAMFJ
M A
M
2019
OSAJ
J
2020
DN
JJMAMFJ
2021
A
DNOS
0
LVMH
CAC 40 rebased
Trading volume (right-hand scale)
Stock markets hit new records in 2021, driven by factors including global economic growth and financial performance
of businesses, despite the ongoing uncertainty surrounding the pandemic. The luxury sector in particular enjoyed
ongoing strong demand from the United States and China, and posted solid earnings, with LVMH becoming Europe’s
highest-valued company in February 2021.
The end of the year, however, saw renewed volatility, with the return of inflation, uncertainty surrounding the end
of central banks’ accommodative monetary policy, and the emergence of the Omicron variant, although this
volatility did not impact the annual stock market performances of the main indices, with the CAC 40 surpassing
7,000 points for the first time in November.
The CAC 40 and Euro Stoxx 50 indices finished 2021 up 28.85% and 20.99%, respectively. The LVMH closing share
price ended the year up 42.3%, at €727, after having reached a new all-time record high of €741.60 toward the end
of the year. LVMH’s market capitalization was €367 billion as of December 31, making it the largest company
on the Paris stock exchange.
154 • 155
F I N A N C I A L
P E R F O R M A N C E M E A S U R E S
2021 REVENUE BY REGION
(as %)
France
6%
Europe
(excl. France)
15%
United States
26%
Other
markets
11%
Asia
(excl . Japan)
35%
Japan
7%
STORES
(number)
5,556
4,915
5,003
REVENUE
(EUR millions)
64,215
53,670
44,651
2019
2020
2021
PROFIT FROM RECURRING OPERATIONS
(EUR millions)
17,151
11,504
8,305
2019
2020
2021
2019
2020
2021
REVENUE BY BUSINESS GROUP
PROFIT FROM RECURRING OPERATIONS BY BUSINESS GROUP
(EUR millions)
2021
2021/2020
Organic
change(1)
Wines & Spirits
5,974
Fashion & Leather Goods 30,896
Perfumes & Cosmetics
Watches & Jewelry
Selective Retailing
Other activities
and eliminations
6,608
8,964
11,754
19
+26%
+47%
+27%
+40%
+18%
–
Organic
change
2021/2019
+9%
+42%
–1%
+7%
–18%
–
2021
1,863
12,842
684
1,679(1)
534
(451)
Change
2021/2020
Change
2021/2019
Operating
margin
+34%
+79%
x8.6
x5.6
N/A
–
+8%
+75%
0%
+128%
–62%
–
31.2%
41.6%
10. 3 %
18.7%
4.5%
–
TOTAL LVMH
64,215
+36%
+14%
17,151
+107%
+49%
26.7%
(1) On a constant consolidation scope and currency basis. For the Group, changes
in scope with respect to 2020 had a positive 10% impact, mainly related to the initial
consolidation of Tiffany & Co. in the accounts; exchange rate fluctuations had
a negative 2% impact.
(1) Non-comparable scope of consolidation.
NET PROFIT, GROUP SHARE
(EUR millions)
OPERATING INVESTMENTS
(EUR millions)
12,036
3,294
2,664
2,478
7,171
4,702
2019
2020
2021
2019
2020
2021
FREE CASH FLOW
(EUR millions)
13,531
6,167
6,117
SIMPLIFIED BALANCE SHEET AS OF 12/31/2021
(EUR billions and % of balance sheet total)
73%
N o n - c u r r e n t
a s s e t s
125
125
39%
E q u i t y
39%
N o n - c u r r e n t
l i a b i l i t i e s
22% C u r r e n t
l i a b i l i t i e s
13% I nv e n t o r i e s
14% O t h e r
c u r r e n t a s s e t s
2019
2020
2021
Assets
Liabilities
and equity
EQUITY AND RATIO OF
NET FINANCIAL DEBT TO EQUITY
(EUR millions and %)
48,909
38,365 38,829
16%
11%
20%
2019
2020
2021
NET FINANCIAL DEBT
(EUR millions)
9,607
6,206
4,241
2019
2020
2021
Further information can be found in the 2021 Universal Registration Document.
156 • 157
LVMH 2021 . Performance measures N O N - F I N A N C I A L
P E R F O R M A N C E M E A S U R E S
BREAKDOWN OF EMISSIONS BY BUSINESS GROUP
(in metric tons of CO₂ equivalent)
ENERGY CONSUMPTION BY BUSINESS GROUP
(in MWh)
CO2
emissions
in 2020
CO2 emissions
in 2021
pro forma(1)
Change(1)
(as %)
33,796
34,431
+2%
107,404
106,764
14,701
6,772
14,896
7,247
62,605
63,375
-1%
+1%
+7%
+1%
6,051
12,142
+101%(2)
231,329
238,855
+3%
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other
activities
TOTAL
(1) Value and change at constant scope.
(2) Change related to business levels.
2020
214,226
2021
pro forma(1)
Change(1)
(as %)
233,015
+9%
368,275
395,198
93,267
100,867
+7%
+8%
37,688
43,260
+15%
250,901
258,741
+3%
34,460
55,376
+61%
998,817
1,086,458
+9%
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other
activities
TOTAL
(1) Value and change at constant scope.
WATER CONSUMPTION BY BUSINESS GROUP
(process requirements in m3)
WEIGHT OF PACKAGING THAT REACHES CUSTOMERS
BY BUSINESS GROUP (in metric tons)
2020
2021
pro forma (1)
Change(1)
(as %)
1,068,162
1,311,910
+23%
1,472,857
1,483,200
197,032
187,639
62,427
69,611
229,211
174,061
+1%
-5%
+12%
-24%
281,217
237,745
-15%(2)
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other
activities
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other
activities
2021
pro forma (1)
Change(2)
(as %)
2020
141,224
13,090
170,166
19,149
23,163
26,890
3,274
4,541
1
3,543
4,053
1
+20%
+46%
+16%
+8%
-11%
-
TOTAL
3,310,906
3,464,166
+5%
TOTAL
185,293
223,802
+21%
(1) Value and change at constant scope.
(2) Change related to measurement adjustments at a site.
(1) Value and change at constant scope.
(2) Change related to the upturn in business.
BREAKDOWN OF THE WORKFORCE BY BUSINESS GROUP
(as of December 31, 2021)
BREAKDOWN OF THE WORKFORCE BY REGION
(as of December 31, 2021)
Wines & Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other activities
TOTAL
2021(1)
7,898
57,689
27,774
24,348
48,807
9,131
175,647
(1) Total permanent and fixed-term headcount.
(2) Under permanent contracts.
As %
of total
%
women(2)
2021(1)
33,887
39,343
34,930
8,013
43,705
15,769
175,647
As %
of total
%
women(2)
19%
22%
20%
5%
25%
9%
100%
64%
70%
74%
72%
76%
66%
71%
39%
67%
France
Europe
(excl. France)
82%
United States
Japan
65%
Asia (excl. Japan)
83%
Other markets
TOTAL
39%
71%
(1) Total permanent and fixed-term headcount.
(2) Under permanent contracts.
BREAKDOWN OF THE WORKFORCE
BY PROFESSIONAL CATEGORY (as of December 31, 2021)
AVERAGE LENGTH OF SERVICE AND BREAKDOWN
BY LENGTH OF SERVICE (as of December 31, 2021)
As %
of total
%
women(2)
As % of global workforce
2021(1)
36,807
16,952
91,691
30,197
Executives
and managers
Technicians
and supervisors
Administrative
and sales staff
Production
workers
TOTAL
175,647
100%
(1) Total permanent and fixed-term headcount.
(2) Under permanent contracts.
65%
67%
78%
60%
71%
Length of service:
Less than 5 years
5-9 years
10-14 years
15-19 years
20-24 years
25-29 years
30 years and up
TOTAL
Average length of service
58%
19%
10%
5%
4%
2%
2%
100%
7 years
4%
33%
16%
14%
28%
5%
100%
21%
10%
52%
17%
Further information can be found in the 2021 Universal Registration Document.
158 • 159
LVMH 2021 . Performance measures Photographs
Cover, p. 4, 13: Louis Vuitton Malletier, Viviane Sassen – p. 6: Jamel Toppin – p. 10, 30: La Samaritaine Canopy
@WeAreContents – p. 12, 15: Jean-François Robert – p. 17: Laure Sée – p. 20: Dior, Julia Hetta – p. 22, 70: Loro Piana
– p. 24: Fondation Louis Vuitton – p. 27: Fondation Louis Vuitton, © Gehry Partners, LLP and Frank O. Gehry, © Iwan Baan, 2014
– p. 28: Louis Vuitton, Arnaud Garni – p. 34, 90, 97: Parfums Christian Dior – p. 38: Fabrice Laroche – p. 44: Dom Pérignon,
James Bort – p. 48, 50: Dom Pérignon – p. 50, 53, 60, 61: Hennessy – p. 51: Moët & Chandon – Veuve Clicquot
– Château Cheval Blanc, Gérard Uféras – p. 52: Krug, Zoë Ghertner – Château d’Yquem, Gérard Uféras – p. 53: Moët Hennessy, DR
– Eminente – p. 53, 56, 57: Ruinart – p. 55: Chandon – p. 58: Glenmorangie – p. 62-63: Château d’Esclans – p. 64: Louis Vuitton
Malletier, Ethan James Green – p. 68: Louis Vuitton Malletier, Nick Sethi – p. 70, 82, 83: Fendi – p. 71: Nona Source – Dior, Sarah van Rij
– Berluti, Eduardo Miera – p. 72: Loewe, Molly Lowe – p. 72, 80, 81: Celine, Hedi Slimane – p. 73: Louis Vuitton Malletier,
François Coquerel – RIMOWA – Marc Jacobs – p. 75: Dior – p. 76: Louis Vuitton Malletier, Steven Meisel – p. 77: Loewe,
Juergen Teller – p. 78: Dior, Myrto Papadopoulos – p. 84: Louis Vuitton – p. 85: Louis Vuitton Malletier, Piotr Stoklosa – p. 86:
Parfums Christian Dior, Jérôme Galland – p. 92: Parfums Christian Dior, Will Davidson – Celine – p. 93, 95: Guerlain – p. 93: Guerlain,
Zoé Fidji – Parfums Givenchy, Guido Mocafico – p. 94: Fenty Beauty – p. 94, 105: Maison Francis Kurkdjian – p. 95: Parfums Kenzo
– p. 98, 99: Officine Universelle Buly – p. 100: Emilio Pucci x Acqua di Parma – p. 101: Fresh – p. 102: Guerlain, Florian Joye – p. 104:
Parfums Christian Dior, Charles Helleu – p. 106: Tiffany & Co., Mario Sorrenti – p. 110: Tiffany & Co., Mason Poole – p. 112, 113, 122:
Bulgari – p. 113, 116: Tiffany & Co. – p. 113: Chaumet, Julien Martinez Leclerc; Florian Joye – p. 114: Hublot, Maxime Guyon – p. 114, 115:
Zenith – p. 115, 124, 125: TAG Heuer – p. 116: Fred – p. 117: Tiffany & Co., Mason Poole © Estate of Jean-Michel Basquiat.
Licensed by Artestar, New York – p. 118: Tiffany & Co. x Patek Philippe – p. 119: Chaumet, Julien Falsimagne – p. 120:
Hublot, TM/KK – p. 126, 130, 132, 133, 134: Sephora – p. 133: DFS – p. 134, 135, 140, 141: Le Bon Marché Rive Gauche – p. 136, 137, 146:
La Samaritaine Paris Pont-Neuf, Pierre-Olivier Deschamps, Agence VU’ – p. 139: Sephora, Eventique – p. 142, 148, 149:
Belmond – p. 145: Cheval Blanc Paris – p. 150, 151: Feadship – Other photographs: LVMH and Group Maisons’ libraries.
PLEASE DRINK RESPONSIBLY AND IN MODERATION.
This product is made of material from well-managed
FSC® -certified forests and from recycled materials.
LVMH – 22, avenue Montaigne – 75008 Paris – France
Phone: +33 (0)1 44 13 22 22 – www.lvmh.com
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