2 02 2 A N N UA L R E P ORT
Passionate
about creativity
Passionate
about creativity
The LVMH spirit
The LVMH Group was formed in 1987, following the merger
between Louis Vuitton and Moët Hennessy. 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, rooted in their rich heritage and
their contemporary creativity. Through their creations and their
historic values, our Maisons are the ambassadors of the culture
and art de vivre that our Group is known for worldwide.
LVMH nurtures a family spirit underpinned by a long-term corpo-
rate vision. The Group’s vocation is to ensure the development
of each of our 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 world around us 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
The values of a deeply
committed Group
Being creative and innovative
Creativity and innovation are part of LVMH’s DNA, and have always been the keys to our
Maisons’ success and the basis of their solid reputations. 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 responsiveness. It
encourages individuals to take initiative by giving everyone a significant level of responsi-
bility. 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 for our planet.
Louis Vuitton, Towards a Dream, United States.
The LVMH Group
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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
LVMH takes action
A responsible model dedicated to excellence
Our talent is the driving force powering our Group’s performance
A year of deep-rooted growth for the LIFE 360 environmental program
Exemplary ethics and environmental, workforce-related
and social responsibility
Supporting culture, young people and humanitarian projects
Business group insights
Fashion & Leather Goods
Perfumes & Cosmetics
Wines & Spirits
48
68
92
110 Watches & Jewelry
130
Selective Retailing
146
Culture & Lifestyle
Performance measures
155
156
158
Stock market performance measures
Financial performance measures
Non-financial performance measures
Forging further ahead
IN 2022, ANOTHER YEAR MARKED BY A MIXED ECONOMIC
ENVIRONMENT AND A DISRUPTED INTERNATIONAL
CONTEXT, LVMH ACHIEVED A REMARKABLE BUSINESS
PERFORMANCE, DRIVEN BY SUSTAINED CREATIVE
MOMENTUM ACROSS ALL OUR PROFESSIONS AND ONGOING
INVESTMENT IN PASSING ON OUR EXPERTISE.
Unparalleled performance
We should be wary of treating numbers as symbolic
milestones. Personally, I view them with satisfaction
Our professions captivate
and attract talent
These numerical milestones reflect an even more
but not as our primary objectives: our staff, products,
meaningful human reality. The LVMH Group as a
designers, craftspeople and stores have always
whole now has nearly 200,000 employees who take
meant more to me than numbers. That being said,
on board, pass on and embody the culture of
when we reach or surpass certain milestones for the
excellence that drives our Maisons, in France and all
first time, there is no harm in taking a step back and
over the world. Every day, the LVMH Group – which
recognizing what we have accomplished. In 2022,
in 2022 became France’s number-one private-
our Group generated nearly €80 billion in revenue,
sector recruiter – welcomes, trains and promotes
more than €20 billion in operating profit and over
€10 billion in cash flow. One of our most time-
honored iconic Maisons, Louis Vuitton, has doubled
its revenue in the space of five years to more than
people who identify with and find fulfillment in the
exceptional products designed and sold by our
Maisons, but above all in the human qualities needed
to achieve all this: imagination and audacity, patience
€20 billion. Examples abound of this steady, con-
and attention to detail, openness to the cultures of
sistent growth in our businesses. Other indicators,
the world and a passion for nature, which is ultimately
such as the €5 billion in corporate income tax we
the source of everything.
paid worldwide, half of it in France, also reflect the
Our professions captivate and attract talent. In 2022,
extent of our contribution to society. And one last
200,000 visitors in 15 countries came to experience
example, which perhaps warrants an even more
the 96 sites that our Maisons opened to the public
measured approach than the others, but I would be
for the fifth Journées Particulières event, where our
remiss not to mention, as it so clearly illustrates our
craftspeople showcased their skills, shared their
shareholders’ confidence in our family Group:
passion and unveiled the infinite level of detail that
LVMH’s market capitalization topped the symbolic
they put into each product. We hired 39,000 young
€400 billion threshold, which no other European
people worldwide who, thanks to the opportunities
company had ever come close to reaching before.
offered by our Maisons, will be able to train in their
“We should be wary of treating numbers
as symbolic milestones. Personally, I view
them with satisfaction but not as our primary
objectives: our staff, products, designers,
craftspeople and stores have always meant
more to me than numbers.”
6 • 7
LVMH 2022 . Chairman’s message fields and hone their skills before going on to train
by the fresh inspiration brought to the Maison by Hedi
others in turn. This point is worth emphasizing: our
Slimane over the past five years, while Jonathan
Maisons offer all new hires the chance to pursue a
Anderson has continued to reveal Loewe’s potential
comprehensive career path with lifelong learning and
over the past ten years, designing collections hailed
development opportunities. These opportunities are
for their creative integrity and poetic vision. The
now sufficiently well-known that the Group receives
LVMH Group’s other businesses have enjoyed similar
a substantial influx of applications, not only directly
success: Sauvage is the world’s best-selling fragrance,
to our Maisons but also to our IME (Institut des
and our Wines & Spirits Maisons continue to gain
Métiers d’Excellence) training programs in France,
market share every year, building up positions in areas
Italy, Switzerland, Japan and the United States, and
that hold particular promise for the future, such as
to our LIVE (L’Institut des Vocations pour l’Emploi)
champagne, rosé wines and cognac. At the most
campuses in Clichy, near Paris, and in my hometown
recent Watch Week in Singapore, our watchmaking
of Roubaix in northern France. Our more recently
houses showcased their vibrant development in
launched “You and ME” recruitment events in a
traditional high-end watchmaking and smartwatches
number of French cities have also attracted strong
alike, met with steadily growing demand. All our
interest. We now have a total of 33 in-house and
efforts are focused on kindling and keeping the cre-
external training centers and programs all over the
ative flame burning bright at the heart of our Maisons,
world. This reflects the importance we place not
with this uninterrupted creativity by far the most
only on preserving and passing on all our expertise
important factor enabling our Maisons to outpace
but also on enhancing the appeal of these profes-
their competitors year after year.
sions. I regularly talk to candidates who have applied
If I may, I would like to single out two more exam-
to our programs, and for me, their enthusiasm and
ples of major creative success. After joining our
determination are compelling reasons to be opti-
Group in January 2021, Tiffany immediately set out
mistic about the future. By opening our doors to
to reinvent its collections and revitalize its global
talented applicants and giving them the chance to
brand image, creating new momentum that was
see their merits rewarded, we secure the Group’s
instantly reflected in growth at the Maison, loved
future and forward momentum.
the world over. In the same vein, Louis Vuitton,
Keeping the creative flame burning bright
All our Maisons pushed their creative boundaries in
which has crafted the trophy trunk for the World
Cup since 2010, teamed up with Annie Leibovitz to
produce a picture of two soccer legends that
2022. Fashion shows by Christian Dior Couture’s
became the world’s most viewed ad in just a few
Maria Grazia Chiuri, in Seville, and Dior Homme’s
days. Lastly, the appointment of Pharrell Williams
Kim Jones, against the backdrop of the pyramids
as Creative Director of Menswear at Louis Vuitton,
of Giza, were acclaimed all over the world as major
announced in February 2023, was yet another event
events embodying a level of creative ambition rarely
filled with promise for the future. These examples
achieved. At Louis Vuitton, Nicolas Ghesquière
perfectly illustrate what I see as my primary focus:
continued to develop an aesthetic of clean lines
financial performance is simply the corollary of
and timeless looks, as seen in his Cruise show in
creative success. As you can see, this long-held
California. Celine has also been significantly boosted
conviction of mine was once again confirmed in 2022.
“Our Maisons have always been very
mindful of their environment – which,
for almost all of them, is the bedrock
on which they have flourished. They have
a long-standing, symbiotic relationship
with nature.”
“Creativity and passion are boundless
resources, as infinite as the potential
preserved in our Maisons’ rich heritage,
legendary terroirs and singular
craftsmanship.”
The path of environmental excellence
Our passion for beautiful craftsmanship and for
the world. Yet we have entered into a period of new
geopolitical uncertainty. Our diverse range of loca-
natural beauty are two branches of the same tree.
tions and business lines, together with the appeal
Our Maisons have always been very mindful of their
of our products across all geographic areas, gives
environment – which, for almost all of them, is the
us some protection if business should slow down in
bedrock on which they have flourished. They have a
any particular region of the world. We have learned
long-standing, symbiotic relationship with nature.
to manage the impact and work around the conse-
This can be seen in our many vineyards around the
quences of extreme scenarios that would have
world, of course, but also at the production sites of
our Maisons that craft fragrances, leather goods
and, in many cases, even jewelry and watchmak-
been virtually inconceivable three years ago, in
particular thanks to the major breakthrough made by
digitalizing our logistics operations and our online
ing. Surrounded by unspoiled countryside, they
stores. This was reflected in our fourth-quarter 2022
inhabit – in the fullest sense of the word – these
results: despite the near-total shutdown of China, a
natural spaces, protecting and taking care of them.
major market for our products, LVMH as a whole
As the years go by, this rural element of the Group
delivered solid growth.
has become a growing source of inspiration for its
That is why our Group is facing 2023 with confi-
urban element: our stores. The efficient use of
dence. Confidence, because the world, where change
resources that has long been standard practice at
comes faster than ever, requires us to keep moving
our production sites has been extended to all our
while staying inventive, alert, innovative and pio-
businesses in record time. Thanks to an unprece-
neering. Confidence, because we will continue to
dented effort, LVMH plans to cut its energy use by
pursue our passion for what makes life beautiful.
10% between October 2022 and October 2023 and
Creativity and passion are boundless resources, as
to continue along this trajectory. This range of initi-
infinite as the potential preserved in our Maisons’
atives, spearheaded by the LIFE 360 environmental
rich heritage, legendary terroirs and singular crafts-
program, was also recognized by the Carbon
manship. Thanks to our deeply engaged staff and
Disclosure Project, which awarded the Group an
our unique expertise, LVMH will forge further ahead.
AAA rating in 2022 – a score only achieved by
Much further.
12 companies out of the 15,000 assessed around
the world. In 2023, LVMH will continue to forge
ahead on this path of environmental excellence.
Bernard Arnault
Chairman and Chief Executive Officer
Uncertainty and hope
Now that we have left 2022 behind us, I hope we
have seen the last of the challenges caused by the
pandemic, which for two years profoundly changed
8 • 9
LVMH 2022 . Chairman’s message Dior, 30 Montaigne, Paris.
Excellence, agility
and appeal
Antonio Belloni,
Group Managing Director
In 2022, LVMH continued to gain market share
and posted record results: how do you explain
the Group’s exceptional performance?
The luxury market as a whole has grown: coming out of the
flexibility, making us considerably more agile and helping us
develop new areas of expertise. This has created a strong
core and given us a competitive edge, enabling our Maisons
to grow closer to our customers and stay ahead of the curve
pandemic, customers wanted to treat themselves, enjoy
in managing market and supply chain uncertainty.
memorable experiences and celebrate. But the fundamental
driver of our success has been the appeal of our brands,
which continue to stand out and extend their lead over the
competition. Their performance is underpinned by a long-
term vision and an ongoing focus on anticipating what
Are we likely to see any changes
in the fundamental trends affecting
LVMH and its Maisons?
In today’s relatively unstable global environment, we’ve iden-
customers want and crafting thrilling new experiences. Our
tified two phenomena that are likely to have a long-term
historic Maisons – Louis Vuitton, Dior Couture, Parfums Dior,
impact, outlasting any short-term economic ups and downs.
Bulgari, Dom Pérignon and Sephora – have kept up their
The first is the ongoing hybridization of how we interact with
creativity as well as their investments, even at the height of
customers. On one level, the need for “glocalization” is inten-
the public health crisis, which is reflected in today’s excep-
sifying: while we still have to design and position our prod-
tional results. The Group is also boosted by a portfolio
ucts with a global perspective in mind, it’s increasingly
of fast-growing brands – TAG Heuer, Celine, Loro Piana,
important to pay attention to local cultural differences and
Chaumet, Rimowa and Loewe to name but a few – that are
regulations – to think through the customer experience and
capitalizing on the groundwork laid by the Group to increas-
our communications from the individual customer’s point of
ingly establish themselves as global benchmarks. Recent
view to build a stronger emotional connection.
acquisitions have also been a success, a shining example of
On another level, an omnichannel customer experience is
which is Tiffany & Co., where work on its products, commu-
nications and distribution has already begun to bear fruit.
no longer an optional extra: physical and digital are now
inextricably intertwined. And these two dimensions of the
One final area in which LVMH stands out is its people, with
customer relationship must now continuously mutually rein-
highly committed staff across all its businesses. Our employees
force each other. We can see this happening in the huge
rose to the challenge of the pandemic with energy, ideas and
numbers of customers returning to our stores and to shows
Dior, 30 Montaigne, Paris.
and events held by our Maisons, as well as in the way cus-
tain the appeal of our businesses. Doing so is vital to
tomers highlight their experiences by sharing them on social
continuing to attract new skills, develop young talent
media. Dior’s 30 Montaigne is a perfect example of this mul-
and, ultimately, preserve and pass on the world-class exper-
tifaceted approach: combining a store, a museum, a hotel
tise at the heart of our Group’s success. Sustaining and
and a restaurant, this unique place offers an experience that
building our momentum in this area is key to retaining our
can’t be found anywhere else. We’re also working on all the
market-leading position.
new opportunities for expression offered by digital technol-
ogy and leveraging data – including exploring the metaverse
– to understand how these technologies can be used to
enhance the customer experience.
What are the Group’s priorities for 2023?
After the shock of 2020 and the hypergrowth of 2021 and
2022, we can expect to have to navigate more changes in
The second fundamental trend has to do with corporate
2023. We’ll have to manage a return to relative normality in
social responsibility. In particular, there is no alternative but
terms of consumer spending and global growth, but a num-
to speed up our businesses’ transition to a more sustainable,
ber of challenges remain, including the sudden and rapid
energy-efficient future, with pressure from customers, inves-
reopening of the Chinese market, gradual recovery in
tors, legislators and employees alike already high and still
tourism and travel, and persistent pressure on supply chains
growing. The luxury industry cannot ignore this change,
and raw materials. Internally, the emphasis is on establishing
which LVMH is spearheading through the LIFE 360 program
a new generation of managers and ramping up our invest-
and our many initiatives to transform our processes and
ments in innovation and design at our Maisons. By staying
supply chains, working hand in hand with our suppliers all
over the world.
true to our long-term direction and vision while becoming
ever more agile in the way we allocate our resources, our
This priority is all the more crucial because it also reflects
Group will continue to gain market share and attract top
on our position as an employer: we have a duty to listen
talent, which ultimately ties into further boosting the appeal
to young people and update our working practices to main-
of our brands.
12 • 13
LVMH 2022 . Interview with the Group Managing Director Robust corporate
governance
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,
environmental and climate-related issues
facing the Group’s business
LVMH’s Board of Directors is the strategic body of the
Board of Directors’ work in 2022
In fiscal year 2022, the Board approved the annual and
interim parent company and consolidated financial state-
ments, monitored quarterly business activity and heard the
Company that is primarily responsible for driving long-term
reports presented by the Chairmen of its three committees.
value creation and protecting its corporate interests, focusing
It gave its opinion on the Group’s strategic direction, its
in particular on the social, environmental and climate-related
budget, compensation of company officers, the implemen-
issues facing its business.
tation of bonus share plans, and the implementation of the
share buyback program. In accordance with the provisions
Role of the Board of Directors
in the Company’s strategy
The Board of Directors’ principal assignments are to approve
of the AFEP-MEDEF code, the Board of Directors reviewed
its own composition, organization and modus operandi. The
Board of Directors, on the recommendation of the Nominations
the Company’s and the Group’s broad strategic direction –
& Compensation Committee (now called the Governance
particularly with regard to social, environmental and climate-
& Compensation Committee), (i) appointed Marie-Josée
related matters – and supervise its implementation, as well as
Kravis as Chairman of that committee, and Clara Gaymard
verifying the fair and accurate presentation of information
as Chairman of the Performance Audit Committee; and
about the Company and the Group. It is also tasked with
(ii) decided to change the former committee’s name to the
protecting the Group’s corporate assets and ensuring that
Governance & Compensation Committee in order to better
core business risks are accounted for in its management.
reflect its role. It was also given a progress report on the
The Board also ensures that procedures to prevent corrup-
Group’s LIFE 360 program. It approved the planned merger
tion and influence-peddling risks are implemented by the
by absorption of LV Group SA, wholly owned by LVMH SE.
Group and its main partners, and monitors the impact of the
It also reduced the amount of the Company’s share capital
Group’s non-discrimination and diversity policy, notably with
by retiring treasury shares.
regard to gender equality within the governing bodies.
Lastly, it acts as guarantor of the rights of all of its shareholders
and ensures that they fulfill all of their duties.
Executive Committee
Bernard Arnault
Chairman and Chief Executive Officer
Antonio Belloni
Group Managing Director
Delphine Arnault
Christian Dior Couture
Nicolas Bazire
Development & Acquisitions
Pietro Beccari
Louis Vuitton
Stéphane Bianchi
Watches & Jewelry
Board
of Directors
Bernard Arnault
Chairman and Chief Executive Officer
Antonio Belloni (1)
Group Managing Director
Antoine Arnault
Delphine Arnault (1) (8)
Dominique Aumont
Director representing the employees
Nicolas Bazire
Marie-Véronique Belloeil-Melkin
Director representing the employees
Sophie Chassat (2) (7)
Charles de Croisset (2) (6) (7)
Lead Director
Clara Gaymard (2) (6)
Marie-Josée Kravis (1) (2) (7)
Laurent Mignon(2)(3)
Marie-Laure
Sauty de Chalon (1) (2) (6) (8)
Yves-Thibault
de Silguy (2) (5) (6) (8)
Natacha Valla (1) (2) (4)
Hubert Védrine (2) (8)
Advisory Board
members
Yann Arthus-Bertrand
Diego Della Valle (3)
Michael Burke
Strategic Advisor to the Chairman
Chantal Gaemperle
Human Resources & Synergies
Jean-Jacques Guiony
Finance
Lord Powell of Bayswater (1)
General Secretary
Marc-Antoine Jamet
Statutory Auditors
Deloitte & Associés
represented by Guillaume Troussicot
and Bénédicte Sabadie
Mazars
represented by Isabelle Sapet
and Simon Beillevaire
(1) Reappointment proposed at the Shareholders’ Meeting
of April 20, 2023.
(2) Independent Director.
(3) Appointment proposed at the Shareholders’ Meeting
of April 20, 2023.
(4) At its meeting of January 26, 2023, the Board of Directors
appointed Natacha Valla as a Director and as Chairman of the
Governance & Compensation Committee, effective at the close
of the Shareholders’ Meeting of April 20, 2023.
(5) Until the close of the Shareholders’ Meeting of April 20, 2023.
(6) Member of the Performance Audit Committee.
(7) Member of the Governance & Compensation Committee.
(8) Member of the Ethics & Sustainable Development Committee.
Christopher de Lapuente
Selective Retailing
Stéphane Rinderknech
Hospitality Excellence and Beauty
Philippe Schaus
Wines & Spirits
Jérôme Sibille
General Administration
& Legal Affairs
Sidney Toledano
Fashion Group
Jean-Baptiste Voisin
Strategy
14 • 15
LVMH 2022 . Governance and organization Maisons with
a strong identity
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 1972 PERFUMES LOEWE 1973 JOSEPH PHELPS 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 AO YUN 2016 CHA LING 2017 FENTY BEAUTY BY RIHANNA
2017 VOLCÁN DE MI TIERRA 2020 EMINENTE 2022 STELLA BY STELLA McCARTNEY
A diverse range of professions
WINES & SPIRITS
FASHION & LEATHER GOODS
PERFUMES & COSMETICS
Moët & Chandon, Dom Pérignon, Krug, Veuve
The Fashion & Leather Goods business group
LVMH is a key player in the perfume, makeup and
Clicquot, Ruinart, Hennessy, Château d’Yquem, Clos
comprises Louis Vuitton, Christian Dior, Celine,
skincare sector, with a portfolio of world-famous
des Lambrays…. The origins of all these world-famous
Loewe, Kenzo, Givenchy, Fendi, Emilio Pucci, Marc
French brands: Christian Dior, Guerlain, Givenchy
estates are inextricably linked to the appellations
Jacobs, Berluti, Loro Piana, RIMOWA and Patou.
and Kenzo. The Group also owns other beauty
and terroirs of the world’s most prestigious wines and
While respecting the identity and autonomous
brands: Benefit, Fresh, Acqua di Parma, Perfumes
spirits. Whether they are in Champagne, Bordeaux,
management of these brands, LVMH supports their
Loewe, Make Up For Ever, Maison Francis Kurkdjian,
or other famed wine regions, these Maisons, many
growth by providing them with shared resources.
Fenty Beauty by Rihanna, KVD Vegan Beauty and
of which date back more than a century, all share
a powerful culture of excellence.
Officine Universelle Buly.
WATCHES & JEWELRY
SELECTIVE RETAILING
OTHER ACTIVITIES
The LVMH Watches & Jewelry Maisons are some of
The Selective Retailing business group comprises
Other activities include Groupe Les Echos, which
the most emblematic brands in the industry. They
Sephora, the world’s leading selective beauty retailer;
comprises leading French business and cultural news
operate in jewelry and watches with Tiffany, the
prestigious American jewelry house acquired in
Le Bon Marché, a Paris department store with a
unique atmosphere; and travel retailers DFS and
publications; Royal Van Lent, the builder of high-end
yachts marketed under the brand name Feadship;
2021, Bulgari, Chaumet, Fred, TAG Heuer, Hublot,
Starboard Cruise Services, who cater specifically to
Cheval Blanc and Belmond, which are developing a
Zenith and Repossi. These Maisons are guided by a
international travelers.
collection of exceptional hotels.
daily quest for excellence, creativity and innovation.
16 • 17
LVMH 2022 . Our Maisons and business groups The world’s leading
luxury goods group
A UNIQUE OPERATING MODEL
BUILT ON SIX PILLARS
1
Decentralized
organization
2
Vertical
integration
3
Sustaining
savoir-faire
Our structure and operating principles ensure
Vertical integration fosters excellence both
Our Maisons pursue a long-term vision. To pre-
that our Maisons are both autonomous and
upstream and downstream, allowing control
serve their distinctive identities and excellence,
responsive. This allows us to be extremely close
over every link in the value chain – from sourcing
LVMH and its Maisons have developed a range
to our customers, to ensure that rapid, effective
and production facilities to selective retailing –
of initiatives to pass down skills and expertise,
and appropriate decisions can be made. This
which in turn means that the image of our Maisons
and promote craft trades and design professions
approach also sustains the motivation of our
is carefully controlled.
among younger generations.
employees, encouraging them to show true
entrepreneurial spirit.
4
5
6
Organic growth
Creating synergies
The LVMH Group places priority on organic
Sharing of resources on a Group scale creates
Balance across business
segments and geographies
growth and commits significant resources to
intelligent synergies while respecting the individ-
Our Group has the resources to sustain regular
develop its Maisons, as well as to encourage and
ual identities and autonomy of our Maisons. The
growth thanks to the balance across its business
protect creativity. Our employees are key to this
combined strength of the LVMH Group is lever-
activities and a well-distributed geographic
approach, making it essential to support their
aged to benefit each of its Maisons.
footprint. This balance means that we are well-
career growth and encourage them to excel.
positioned to withstand the impact of shifting
economic factors.
81
COUNTRIES
190+
NATIONALITIES
75
MAISONS
110
PRODUCTION SITES
IN FRANCE
196,006
EMPLOYEES
71%
WOMEN
5,664
STORES
1.37 million
HECTARES OF FAUNA AND
FLORA HABITAT PROTECTED
€79.2bn
REVENUE
+23% versus 2021
€21.1bn
PROFIT FROM
RECURRING
OPERATIONS
+23% versus 2021
€14.1bn
NET PROFIT
GROUP SHARE
+17% versus 2021
2022 revenue by region
(as %)
2022 revenue by business group
(as %)
12%
Other
markets
30%
Asia
(excl. Japan)
7%
Japan
United States
Revenue: € 21, 542m
1,054 stores
41, 936 employees
Other markets
Revenue: € 9,632m
659 stores
19,095 employees
8%
France
16%
Europe
(excl. France)
27%
United States
19%
Selective
Retailing and
Other activities
13%
Watches &
Jewelry
10%
Perfumes &
Cosmetics
Geographic footprint
(as of December 31, 2022)
France
Revenue: € 6,071m
518 stores
36,346 employees
18 • 19
9%
Wines &
Spirits
49%
Fashion &
Leather Goods
Europe (excl. France)
Revenue: € 12,717m
1,108 stores
41,846 employees
Japan
Revenue: € 5,436m
496 stores
8,924 employees
Asia (excl. Japan)
Revenue: € 23,785m
1,829 stores
47,860 employees
LVMH 2022 . Strategy and key figures Record attendance at
LVMH’s 2022
Journées Particulières
WITH OVER 200,000 VISITORS, THE FIFTH ANNUAL JOURNÉES PARTICULIÈRES
WAS A HUGE SUCCESS, SHOWCASING THE EXCEPTIONAL EXPERTISE OF THE LVMH
GROUP’S 57 MAISONS THAT TOOK PART IN THE EVENT, WHICH WAS HELD
FROM OCTOBER 14 TO 16, 2022. OPEN TO ALL AND FREE OF CHARGE AT 93 LOCATIONS
IN 15 COUNTRIES WORLDWIDE, THE EVENT DREW A WIDE, ENTHUSIASTIC
AUDIENCE WHO CAME TO MEET THE CRAFTSPEOPLE AND DESIGNERS WHO EMBODY
THE GROUP’S CULTURE OF EXCELLENCE.
From Louis Vuitton’s historic workshop in Asnières to the Cloudy
Bay winery in New Zealand, Dior’s gallery and the Jardin d’Accli-
matation in Paris, along with Hennessy in Charente, Tiffany in New
York, Chandon in California and Buly in Kyoto, the three-day
Journées Particulières was a truly global event.
For its fifth edition, visitors could experience the spirit of the
Journées Particulières at each of the sites as well as through our
range of campaigns promoting the event. Visitors discovered what
makes our Group and our Maisons so powerful and beautiful: our
unrivaled history and cultural heritage, and the exceptional exper-
tise skillfully mastered by the 3,000 employees who took part in the
event, every one of whom was committed to showing visitors the
meaning of our calling, summed up in the event’s catchphrase:
“Know-How Wow”.
20 • 21
LVMH 2022 . Journées Particulières Stills from the Métiers d’Excellence: The Virtuous Circle documentary
LVMH takes action
IN 2022, LVMH AND ITS MAISONS CONTINUED
TO COMMIT RESOURCES AND SKILLS TO A GROWING RANGE
OF INITIATIVES IN SUPPORT OF GOOD CAUSES.
AAA rating from the Carbon
Disclosure Project
The Carbon Disclosure Project (CDP), a global
environmental nonprofit, awarded LVMH its
prestigious “triple-A” rating for its leadership in
protecting the climate, forests and water. LVMH is
one of only 12 companies in the world to have
Balogun, an American designer based in New York
Brigitte Macron and the LVMH Group, is aimed at
and the founder of men’s ready-to-wear brand
adults over the age of 25 who have been marginal-
Winnie New York.
ized on the job market and want to build a career
plan to find work. LIVE’s support has already
You and ME
Sponsored by international basketball star Tony
helped more than 500 people, and 79% of them
found a new career path once they had completed
Parker, the “You and ME” tour visited five French
the program.
been awarded an AAA rating, out of over
cities to meet with talented young people and
15,000 rated companies.
Engaged Maisons Dinner
LVMH celebrated its social engagement and marked
those interested in retraining and offer 1,200 con-
tracts in the Group’s métiers d’excellence. Established
in 2015, this annual event focused on recruiting into
It’s Everyone’s Business
by Anastasia Mikova
To mark the Group’s Diversity and Inclusion Week,
expert professions is aimed at bringing a wide
LVMH presented It’s Everyone’s Business, a series
the 10th anniversary of its Engaged Maisons Dinner
range of work-linked training programs and intern-
of videos directed by Anastasia Mikova, co-director
at an unprecedented charity gala. To mark the anni-
ships to as broad an audience as possible, as well
of the film Woman. Using testimonials from employees
versary, in addition to the traditional dinner, which
as promoting job offers in more than 30 professions
all over the world, the series gives voice to the range
brought together 400 guests invited by LVMH and
ranging from couturiers and wine growers to
of diversity within our organization. This series is a
30 of its Maisons, in the early evening 900 people
makeup artists and sales associates.
tribute to the uniqueness of all our employees and
– employees involved in corporate social responsi-
how they help drive our Group’s performance.
bility initiatives, partner nonprofits, public figures and
artists – were invited to an original show by Kamel
Métiers d’Excellence: A virtuous circle
To mark the anniversary of the WE for ME
Ouali showcasing the Group’s major commitments.
(Worldwide Engagements for Métiers d’Excellence)
SPRING
The Group’s graduate program, SPRING, is a career
All profits from the gala were donated to the Hôpital
agreement, signed by all of the Group’s Maisons in
springboard for young graduates at LVMH: by
Robert-Debré in support of its work combating
July 2021, LVMH unveiled a documentary in 2022
experiencing three different roles for ten months
sickle cell anemia.
titled: Métiers d’Excellence: The Virtuous Circle.
each at three of the Group’s Maisons, 14 talented
2022 LVMH Prize
Nineteen young designers chosen from among
Executive Vice President Human Resources
skills, develop their professional networks and har-
& Synergies, Alexandre Boquel, Director of
ness their potential to the full. The aim is to give
1,900 candidates presented their collections in
Métiers d’Excellence, and Lucie, an apprentice at
these young people access to all the resources they
a showroom in Paris and on the lvmhprize.com
Givenchy’s couture and ready-to-wear workshop,
need to become future leaders of the LVMH Group.
Sharing insights from Chantal Gaemperle, Group
individuals are given the opportunity to gain new
digital platform. Out of eight finalists, the LVMH
the documentary looks back at initiatives during
Prize went to 25-year-old Steven Stokey-Daley, a
the year that spurred momentum in recruiting into
London-based British designer and founder of
the Group’s 280 métiers d’excellence (professions
men’s and women’s ready-to-wear brand S.S. Daley.
of excellence).
Open DARE
Since 2017, DARE (Disrupt, Act, Risk to be an
Entrepreneur) has been offering LVMH employees
opportunities to propose innovative solutions and
He won a 300,000 euro award and will receive
a year’s mentoring within the LVMH in various
fields of expertise. The Jury also awarded the Karl
Lagerfeld Prize to 31-year-old Eli Russell Linnetz,
LIVE
Following the 2019 opening of the first LIVE
(L’Institut des Vocations pour l’Emploi) campus,
turn them into tangible projects that contribute to
the Group’s development. In 2022, the initiative was
expanded upon with Open DARE, the first call for
an American designer based in Venice Beach and
another two LIVE centers were inaugurated in
ideas open to all employees of the Group and its
the founder of ERL, a women’s, men’s and unisex
2021: one in Valence (southeastern France) and
Maisons, irrespective of where they work, their
ready-to-wear brand; and to 29-year-old Idris
one in Roubaix (northern France). LIVE, set up by
specialization and level of seniority.
22 • 23
LVMH 2022 . 2022 commitments Viva Technology 2022
For VivaTech 2022, LVMH unveiled its Apartment,
LVMH x CBA
Under its biodiversity plan, LVMH, now a partner in
Paris restoration project, in conjunction with the
public body tasked with conserving and restoring
offering a glimpse of the full extent of the Group’s
the Circular Bioeconomy Alliance (CBA), which
the cathedral.
vitality, with innovations from 16 of its Maisons, solu-
was founded in 2020 by His Majesty King Charles III
tions from 21 startups selected for the sixth annual
when he was Prince of Wales, announced two fur-
LVMH Innovation Awards, and collaborations between
ther action programs: one announced at COP 15 to
our Maisons and five alumni startups. The LVMH
restore the forest cover in southern equatorial
LVMH Voices of Inclusion – PRIDE
Conversations x Antoni Porowski series
Antoni Porowski, TV personality, author and star of
Innovation Award went to Toshi, for its solution that
Amazonia and northern Peruvian Amazonia, while
Netflix’s Queer Eye, met with talented individuals
helps bring the in-store experience into the customer’s
supporting and strengthening a regenerative econ-
from the LVMH Group in the series Voices of
home. LVMH also made its first foray into the virtual
omy within the native communities of Amazonia.
Inclusion – PRIDE Conversations. In this series of
world with a microverse – an augmented version of
The other initiative in Chad, unveiled at COP 27, is
four videos produced with têtu, France’s leading
its physical stand – in which Livi, the “face of inno-
part of the Great Green Wall project, and the aim is
LGBTQI+ media company, Antoni Porowski was the
vation” at LVMH, was lady of the house.
to roll out new sustainable and regenerative cotton
Group’s special envoy to Paris, London, New York
Show ME
Through its “Show ME” event, LVMH highlighted a
year of tangible action to involve people from every
production methods that both restore biodiversity
and Singapore, where he interviewed LVMH employ-
and create business opportunities for the local
ees who are committed to working every day to
population.
promote diversity and inclusion.
generation in passing on and promoting the Group’s
métiers d’excellence (professions of excellence).
LVMH x Fashion Row
As part of their partnership to strengthen diversity,
Inside LVMH
Inside LVMH is a practical example of LVMH’s efforts
More than 1,100 virtuosos, apprentices and institu-
equity and inclusion in the world of fashion, Harlem’s
to reach out to younger generations. The digital
tional investors were invited to the event showcas-
Fashion Row (HFR) and LVMH North America
platform offers students from all over the world
ing LVMH’s Métiers d’Excellence at the Salle Pleyel
celebrated the 15th anniversary of HFR’s Fashion
high-quality content to expand their knowledge of
in Paris. This second edition of “Show ME” was an
Show & Style Awards in New York on September 6.
the luxury industry, as well as additional training to
opportunity for the Group to promote new initia-
Founded in 2017 by Brandice Daniel, Harlem’s
help them prepare for their careers with a 30-hour
tives launched in 2022 to attract a new generation
Fashion Row is the premier agency creating a
certification course featuring exclusive content.
of talented individuals to professions in design,
bridge between brands and designers of color in
More than 130,000 young people from all over the
craftsmanship and the customer experience, with
fashion through brand strategy, collaborations, new
world are registered on Inside LVMH and over
LVMH planning to hire 3,000 people in France in
media, experiential marketing, recruitment and
90,000 have completed their certification training.
these areas by the end of 2024.
development programs.
China International Import Expo
For the Group’s third time attending the China
Prix des Artisanes
Following the success of the first Prix des Artisanes
Energy efficiency plan
LVMH launched a new energy efficiency plan to
reduce its worldwide energy consumption by 10%
International Import Expo (CIIE), LVMH’s
awards, magazines Elle, Elle à Table and Elle
between October 2022 and October 2023. Two key
600-square-meter pavilion, inspired by Parisian
Décoration once again teamed up with the LVMH
measures were implemented: turning off the lights
architecture, hosted 14 iconic Maisons under the
Group to showcase craftsmanship. The awards
at the stores operated by the Group’s Maisons from
banner “Reconnecting through modernity”. This
ceremony took place at LVMH’s headquarters,
10 p.m. until 7 a.m. and at administrative offices
theme underscores the Group’s ambition of contin-
celebrating the unique careers of entrepreneur
from 9 p.m.; adjusting ambient temperatures at all
uing to build on its long-standing relationship with
craftswomen in the fields of fashion, design, table-
manufacturing facilities, administrative offices and
China by inviting visitors to learn about the iconic
ware, vineyards and wine, and heritage protection
stores, with a 1°C decrease relative to previous
expertise of its craftspeople, on which the Group’s
in France. Four winners were chosen from among
temperature settings in winter and a 1°C increase
success is built.
600 candidates. A special award was also presented
relative to the previous temperatures at which air
to 16 craftswomen working on the Notre-Dame de
conditioning systems are activated.
2022 Viva Technology trade show in Paris
24 • 25
LVMH 2022 . 2022 commitments Guerlain
A responsible model
dedicated to excellence
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.
31
MAISONS
OVER 100 YEARS OLD
1992
YEAR THE LVMH
ENVIRONMENT DEPARTMENT
WAS FORMED
900
PARTNERSHIPS WITH
NONPROFITS
AND CHARITABLE
FOUNDATIONS
These Maisons draw their energy from their excep-
tional heritage, innovative mindset and receptive
Business performance
outlook. The Group supports their development in
Combining profitable growth and sustainability
a spirit of entrepreneurship, long-term vision and
with commitments to creativity and excellence.
respect for the source of their strength and stature.
Applying our creative passion to the art de vivre to
As ambassadors of an authentic art de vivre, it is our
position as a global leader, and being the benchmark
responsibility to set the right example in every aspect
for managing and developing high-quality brands.
which our customers aspire. Strengthening our
of our business, from product design to the experi-
ence that customers have throughout their rela-
tionships with the Group’s brands; from investment
choices to social and environmental initiatives.
Nurturing talent
Because what we do requires a diverse range of
Encouraging all our employees to reach their full
talent, we are committed to training teams that
career potential and achieve their aspirations.
embody excellence. Because passing on skills is
Developing diversity and the wealth of human
an integral part of our culture, we want to use
resources at our companies in all the countries where
that opportunity to promote social inclusion and
we operate, and encouraging initiatives in these
employment. Because our crafts make the most of
areas. Contributing to the knowledge and preser-
nature at its purest and most beautiful, we see pre-
vation of our crafts outside the Group in addition to
serving the environment as a strategic imperative.
our own expertise as artisans and designers.
The values and actions encompassed by our
sustainable development attitude emerge from a
tradition that dates back to the origins of our
Environment
Maisons and forms an integral part of our heritage.
Working together to preserve the planet’s resources,
Our long-term success depends not only on the
to design and develop products that are compatible
Group’s solid business model and profitable growth
with environmental concerns, reporting on our
strategy, but also on our unwavering commitment
policies and projects and the progress achieved in
to creativity, excellence, and our environmental
meeting our objectives. Contributing to environ-
impact and corporate citizenship.
mental protection above and beyond factors
directly related to our operations by entering into
active partnerships with cooperating businesses,
local authorities and nonprofits.
Partnerships and support
Maintaining and strengthening responsible relation-
ships with our partners, suppliers and subcontrac-
tors. Implementing a patronage program for the
widest possible public benefit which reflects and
transmits our fundamental values.
Providing active support for major causes,
humanitarian projects and public health programs,
and developing initiatives in support of art and
young people.
26 • 27
LVMH 2022 . Performance and responsibility LVMH’s Métiers d’Excellence initiative sets out on its You and ME tour to introduce future talent to the Group’s professions of excellence
Our talent is
the driving force powering
our Group’s performance
AT LVMH, WE ARE VERY MINDFUL OF THE RESPONSIBILITIES
THAT LEADERSHIP BRINGS. THIS SENSE OF DUTY COMPELS
US TO TAKE STEPS ON A DAILY BASIS AND OVER THE LONG TERM
TO HELP MAKE THE WORLD A BETTER PLACE. ALONGSIDE
THE ECONOMIC DEVELOPMENT AND JOBS GROWTH OUR GROUP’S
SUCCESS UNLOCKS, WE PLACE TREMENDOUS VALUE ON OUR TALENT.
39,000
YOUNG PEOPLE UNDER 30
HIRED BY THE GROUP
18th
CONSECUTIVE YEAR
AS THE PREFERRED
EMPLOYER AMONG
BUSINESS SCHOOL
STUDENTS IN FRANCE
The success of our Maisons is built on our long-
on the digital platform (www.insidelvmh.com),
standing belief that our people make all the differ-
which features over 100 hours of content about the
ence. 2022 was no exception to this rule. It was
luxury sector, the LVMH Group and its professions
another year in which our talent – recent graduates,
and careers. Inside LVMH also offers an exclusive
employees, craftspeople, managers and senior
30-hour certification program, which more than
executives alike – played a decisive role in our per-
90,000 people have completed.
formance. With success comes duty, and with our
These initiatives for young people have helped
values comes a sense of responsibility. They drive
maintain our Group’s appeal, and for the 18th con-
us to respect each individual and their uniqueness
secutive year, we were voted the most popular
and to support our talent so they can achieve their
employer among business school students in France.
full potential.
LVMH is also very highly rated – and on the rise – in
Believing in all our talent
international rankings.
Through the LIVE (L’Institut des Vocations pour
l’Emploi) vocational training program, LVMH has
taken action since 2019 to help adults who have
Nurturing the development and meeting the aspira-
not had a job or training for at least a year secure
tions of our employees while attracting fresh talent
employment. LIVE, a joint initiative by Brigitte Macron
are crucial to make sure our Group continues to
and LVMH, has three campuses – Clichy-sous-Bois,
thrive and prosper. In 2022, LVMH hired 60,000 new
Valence and Roubaix – and will soon be joined by a
staff worldwide – 39,000 of them under 30 – lifting
fourth campus in Marseille. More than 500 people
the total size of our workforce to over 196,000.
have already taken part in LIVE training, and 79%
Thanks to their diversity, creativity and talent,
they are the beating heart of our ecosystem of
of them secured work or further training after
completing the program.
75 Maisons, which operate in six business sectors
and 81 countries.
Various programs aimed at accelerating employees’
careers have also attracted high-potential graduates,
Boosting potential
set to become future leaders for the Group and its
Offering our employees attractive opportunities for
Maisons. In 2022, LVMH unveiled SPRING, its first
personal growth and highly rewarding career paths
graduate training program. Serving as a springboard
is the cornerstone of our human resources strategy.
and career accelerator, it offers recent graduates
In 2022, for example, the Group introduced THINK
the opportunity to gain a unique experience at
Retail, a six-month program specifically designed to
LVMH by taking on three missions at three Maisons
support store managers at its key locations in
in three different professions. The SPRING concept
Europe and China. The program will be extended to
has already been adapted to China, where the
all regions by 2024.
LVMH Retail Management Trainee Program allows
All our employees take an active role in their career
participants to gain retail industry experience
development under our new performance manage-
through three different missions at two Maisons.
ment approach, which gives them the keys to
Additionally, the Inside LVMH program, launched in
growth and advancement opportunities.
2021 to give young people insights into the luxury
The sheer breadth of our ecosystem of 75 Maisons
goods industry, is gaining real traction. Over
affords our employees unique career opportunities.
130,000 young people worldwide have signed up
Promoting internal mobility remains a top priority.
28 • 29
LVMH 2022 . Talent 280+
MÉTIERS D’EXCELLENCE
HELD WITHIN THE GROUP
€214m
INVESTED IN TRAINING
FOR EMPLOYEES
The Group is taking this approach to the next level
also reached out to future talent in five cities across
with a range of initiatives, such as listing all open posi-
France during the “You and ME” tour, which offered
tions internally on the Group’s intranet, holding regular
more than 1,200 internships, work-linked training
career development interviews, and setting up joint
contracts and jobs, in partnership with 42 Maisons
Group and Maison career development committees.
and 33 partner schools and universities.
We are constantly refreshing and updating the
LVMH’s Institut des Métiers d’Excellence (IME) had
range of training programs we offer to meet demand
a record intake of 450 new apprentices aged
from our employees and to prepare for the business
between 15 and 51 in seven countries (France,
challenges that lie ahead. For example, LVMH House
Switzerland, Italy, Spain, Japan, Germany and, for the
– LVMH’s learning and development think tank –
first time, the United States). Since 2014, more than
designs programs that combine experience-sharing,
2,000 apprentices have been trained in 30 profes-
open innovation and workplace culture transforma-
sions by the IME.
tion. This encourages a “test & learn” approach in
To enable them to expand their skills throughout
keeping with the Group’s entrepreneurial spirit.
their careers, our talent – including our most highly
Pioneering spirit is also the ethos behind Open
skilled staff, known as Virtuosos – have access to
DARE, the first call for ideas launched in May 2022
the Académie des Métiers d’Excellence (AME)
and open to all employees of our Group and its
training program and 33 Maison-specific training
Maisons, irrespective of where they work, their area
programs. In 2022, over 30,000 employees com-
of specialization and their level of seniority. This
pleted more than 200,000 hours of training.
groundbreaking initiative gives every employee the
chance to put forward projects that will help drive
LVMH’s expansion and transformation.
Passing on skills for
the present and the future
Cultivating diversity
and uniqueness
For many years now, we have been committed to
combating all forms of discrimination, and are now
stepping up our initiatives to promote diversity and
We are pushing ahead with our commitment to
inclusion – a crucial priority in which everyone has
preserve the unique expertise that is crucial to the
a part to play.
success of the luxury industry and our Maisons. The
In 2022, LVMH held the Group’s first Voices of
Group boasts more than 280 métiers d’excellence
Inclusion Week, which highlighted the Maisons’
(professions of excellence) in design, craftsmanship
many initiatives and featured more than 100 local
and the customer experience. Over 100,000 employ-
events held around the world. To mark the occasion,
ees around the world are the custodians of this
a new roadmap was unveiled, aimed at reinforcing
invaluable living heritage.
a culture of inclusion within the Group. Lastly, a film
To raise young people’s awareness of these essen-
by Anastasia Mikova – co-producer of the docu-
tial professions with solid career perspectives, the
mentary Woman – also paid tribute to the Group’s
Group has launched the “Excellent!” program, which
diversity, featuring interviews with employees that
has reached over 1,600 middle school students in
reflect each individual’s uniqueness while showcasing
France and Italy. In 2022, the Métiers d’Excellence
the collective spirit driving them forward.
Indicators
as of December 31, 2022
37
AVERAGE AGE
196,006
EMPLOYEES
71%
WOMEN
60,772
JOINERS (1)
10%
Other markets
24%
Asia
(excl. Japan)
5%
Japan
7%
55+
15%
45-54
28%
35-44
Employees by region
(as %)
Employees by business group
(as %)
19%
France
21%
Europe (excl. France)
21%
United States
5%
Other
activities
28%
Selective
Retailing
14%
Watches &
Jewelry
4%
Wines &
Spirits
34%
Fashion &
Leather Goods
15%
Perfumes &
Cosmetics
Employees by age
(as %)
Proportion of men/women by business group (1)
(as %)
11%
Under 25
39%
25-34
60%
Wines & Spirits
Fashion & Leather Goods
Perfumes & Cosmetics
Watches & Jewelry
Selective Retailing
34%
36%
18%
16%
55%
Other activities
(1) Total permanent headcount.
40%
66%
82%
64%
84%
45%
30 • 31
LVMH 2022 . Talent In 2022, the Inclusion Index – which monitors diversity
Ensuring a high quality of life at work for employees
and inclusion initiatives across the Group – was
is also crucial. To achieve this, we have developed
expanded to include a broader spectrum of char-
a range of initiatives together with our Maisons
acteristics, including national and social origins,
focused on making working conditions and hours
disabilities and age groups. For the first time this year,
more flexible, including the development of remote
all the Group’s employees were invited to vote for what
work, and promoting mental well-being.
they considered to be the most worthy initiatives.
Our care for our employees extends beyond the world
2022 was also the 15th anniversary of the EllesVMH
of work. To extend a helping hand to all our employ-
program, which promotes women’s career devel-
opment at every tier of the organization. While
ees at the most difficult times in their personal lives,
we established the LVMH Heart Fund, which provides
continuing to work toward its goal of having women
psychological, social and financial support on a fully
hold 50% of the Group’s key positions by 2025 –
confidential basis. Since its launch in June 2021, it has
with this figure reaching 45% in 2022, up from 23%
received more than 4,000 requests for assistance
15 years ago – the program has now added a new
from around the globe.
goal: achieving wage parity worldwide by 2025.
In 2022, our employees also reached out to help
In addition, our Group continues to be a vocal
those who need it. They supported more than
backer of including people with disabilities in the
one million people under our partnerships with
luxury industry. In 2022, LVMH pledged to double
900 nonprofits and charitable foundations. In
the number of people with disabilities in its work-
2022, the Engaged Maisons Dinner – a key event in
force by 2025.
Looking after our talent,
each and every day
our outreach program – celebrated its 10th anni-
versary with an unprecedented charity gala, with
all the event’s profits donated to the Hôpital
Robert Debré to support its research to treat
sickle cell anemia.
Looking after our employees’ health and safety is an
Once again in 2022, the progress made by our
imperative for our Group. Together with our Maisons,
Group was made possible by the commitment and
we pushed ahead with the initiative launched in
talent of our 196,000 employees around the world.
2021 by introducing the Health & Safety Charter. Its
We take pride in supporting them throughout their
aim is to embed a “zero-accident” culture by setting
careers so they can rise to meet the existing and
precise targets for 2025.
future challenges in our industry.
15
YEARS OF THE
ELLESVMH PROGRAM,
PROMOTING WOMEN’S
CAREER DEVELOPMENT
ACROSS THE GROUP
45,800
EMPLOYEES INVOLVED
IN CSR INITIATIVES
OFFERED BY THE GROUP
OR ITS MAISONS
LVMH 2022 . Ta l e n t
Strong social performance
TARGETS
2022 RESULTS
Respecting
every individual’s
uniqueness
and dignity,
and promoting
diversity
2025
100% of recruiters trained in non-discrimination
practices
73% of recruiters trained in non-discrimination
practices between 2020 and 2022
50% of the Group’s key positions held by women
45% of the Group’s key positions held by women
2% of the workforce made up by employees
with disabilities
1.4% of the workforce made up by employees
with disabilities
Supporting
our employees
by taking action
for their safety
and well-being
2025
100% of the 5 commitments set out in the Health
and Safety Charter achieved:
1. Identify health and safety priorities
2. Draw up a health and safety action plan
3. Roll out and manage the health and safety approach
4. Engage every employee in the health and safety
approach
5. Maintain a virtuous organizational culture
to promote a safe, healthy ecosystem
80% of Maisons have a health and safety approach
88% of Maisons periodically review their health and
safety approach
87% of the Maisons’ Management Committees
conduct an annual review of health and safety results
33% of employees have completed accident prevention
and first aid training
100% of Maisons dedicate one day per year to the
promotion of health, safety and quality of life at work
Passing on
skills and expertise
that are an integral
part of our world’s
cultural heritage
2024
22,000 new hires in the Group’s métiers
d’excellence (professions of excellence)
3,000 middle school students informed of the
métiers d’excellence through the “Excellent!” program
8,000 new hires in the Group’s métiers d’excellence
(professions of excellence)
2,000+ apprentices trained by the Institut des Métiers
d’Excellence (IME) in 7 countries since its launch in 2014
1,600+ middle school students informed
of the métiers d’excellence through the “Excellent!”
program
Working
to build a better
society
2025
100% of Maisons will give their employees
the chance to get involved in a community-oriented
initiative
1 million+ people helped during the year
900+ partnerships with nonprofits and charitable
foundations
32 • 33
Guerlain: European dark bees on Ouessant Island
A year of deep-rooted
growth for the LIFE 360
environmental program
IN 2022, LVMH ACCELERATED THE ROLLOUT OF
ITS LIFE 360 ENVIRONMENTAL STRATEGY, WHICH
CHANNELS THE MAISONS’ CREATIVITY AND INNOVATION
TO DESIGN PRODUCTS WITH A POWERFUL APPEAL
YET A MINIMAL IMPACT ON NATURE AND THE CLIMATE.
AAA
RATING FROM THE CDP
(CARBON DISCLOSURE PROJECT)
CLIMATE, FOREST, WATER
190,000+
METERS OF FABRIC
UPCYCLED
WITH NONA SOURCE
LIFE 360 introduced new tools and resources in
impact metrics, and the Group was named in 2022 as
2022 to help spotlight environmental performance
across the Group, with four strategic action plans
structured around biodiversity, circular design,
an active member of the TNFD (Taskforce on Nature-
related Financial Disclosures) Forum. Alongside
Guerlain, Moët Hennessy and Parfums Christian
traceability and climate. Training programs were
Dior, the Group spoke about the entire LIFE 360
expanded, with a special emphasis on sustainable
Biodiversity program at the COP 15 event held in
design to facilitate improvements to a number of
Montreal in December 2022 as part of the Nature &
manufacturing processes. New tech-driven solu-
Culture and Business & Biodiversity summits.
tions helped leverage environmental data to man-
age operations more effectively while boosting
traceability and transparency. In December 2022,
LVMH was rewarded for its efforts with a triple A
(climate, forest, water) CDP (Carbon Disclosure
Project) score.
Accelerating biodiversity
regeneration
Enhancing the appeal
of sustainable products
LIFE 360’s Circular Design action plan, under which
the Group aims to apply a sustainable design
approach to all of its products by 2030, is helping to
shift mindsets and redefine beauty. Enhancing the
appeal of sustainable products is what Christian
Dior Couture set about doing with its spring 2022
During 2022, LVMH ramped up its program of
launch of a menswear collection in conjunction with
biodiversity initiatives, launching regenerative
the Parley for the Oceans NGO. The entire collection
agriculture projects in Turkey for cotton, in Uruguay
was developed using high-performance textiles
and Australia for merino wool, in South Africa for
obtained by collecting and recycling marine plastic
mohair, in Indonesia for palm oil and in France for
waste from islands around the world. This approach is
all the Moët Hennessy vineyards and for some
the product of several years of joint research efforts.
iconic fragrance ingredients. At certain locations,
Today more than ever before, products’ environ-
an increase in the soil’s carbon and nitrogen content
mental performance is benefiting from dedicated
is already evident. New measurement tools, such as
research programs in areas such as materials innova-
the Regeneration Index jointly developed with spe-
tion. Examples of this include transforming lab-grown
cialists from French nonprofit Pour une Agriculture
keratin into fibers then bio-based fur and exploring
du Vivant, help assess these changes. The full-scale
the possibilities offered by synthetic diamonds, as
transition to regenerative farming practices requires
TAG Heuer has done with its Carrera Plasma watch.
a coordinated response from all stakeholders, as
In addition, the Perfumes & Cosmetics and Fashion
reflected in LVMH’s decision to join the One Planet
Maisons are developing ways of giving a whole new
Business for Biodiversity (OP2B) organization. The
lease of life to their unused by-products and unsold
partnership established with UNESCO under the
items. Nona Source, a platform for selling unused
Man and the Biosphere program also achieved
textiles from luxury goods houses, solidified its
significant progress in 2022, including the launch of
position as a champion of the circular economy in the
economic initiatives with local communities, such
fashion industry, with over 190,000 meters of fabric
as the production of essential oils and the creation of
from more than 10 Fashion Maisons upcycled in
plant nurseries in Bolivia to speed up reforestation.
this way in 2022. Nona Source, CEDRE (Centre
All in all, 1.37 million hectares of flora and fauna hab-
Environnemental de Déconditionnement, Recyclage
itat were preserved or restored in 2022. The Group
Écologique) and WeTurn, the leading recycling
took its plans to tackle deforestation to the next level
platform for unsold textiles, fabric rolls and produc-
by bringing them into line with the future require-
tion offcuts, together form an ecosystem that has
ments of the Science Based Targets for Nature
given rise to a platform repurposing textiles for the
framework. It decided to have its plant and animal
benefit of the Group’s Maisons. As part of this
supply chains certified to the highest standards for
approach, Louis Vuitton launched in 2022 the first
protecting biodiversity and animal welfare to reduce
its impact on nature. LVMH is taking part in the
closed-loop recycling project as part of which more
than 4 metric tons of textiles are to be reused in its
international drive to standardize biodiversity
production model.
34 • 35
LVMH 2022 . Environment 21%
IMPROVEMENT
IN THE ENVIRONMENTAL
PERFORMANCE INDEX
SCORES OF PERFUMES
AND COSMETICS PACKAGING
COMPARED WITH 2021
31,240
HOURS OF TRAINING FOCUSED
ON THE OPERATIONAL
PRIORITIES OF LIFE 360
(VS. 20,100 HOURS IN 2021)
Guaranteeing
first-class traceability
Encouraging energy efficiency
In 2022, the share of the Group’s energy mix
LVMH aims to ensure full traceability across all the
accounted for by renewable energy surged to 47%
Group’s strategic supply chains, for each step
(up 8 points from 2021). At the same time, the
from field to final product. The goal is to have a
Group took steps to increase its energy efficiency
dedicated traceability system covering all sourcing
by announcing a plan in September 2022 to cut its
channels by 2030. To achieve this, LVMH is devel-
energy consumption between October 2022 and
oping new solutions tailored to each sourcing
October 2023, initially in France then worldwide.
channel’s specific features. Hublot uses the Aura
The plan delivered immediate results at a number
Blockchain Consortium’s solution launched in
of Maisons including Sephora, which lowered the
2021 by LVMH in partnership with Prada Group
energy consumption of its stores and offices in
and Cartier, a subsidiary of Richemont, to provide
France by 19.6% between October and December
its customers with a digital guarantee, which lets
2022. Together with the other measures in the LIFE
them confirm their watch’s authenticity simply by
360 climate program, these results have helped
taking a photo of it on their mobile phone. In 2022,
the Group also rolled out new tools to map its stra-
tegic sourcing channels. These gather information
achieve a reduction of over 11% in energy con-
sumption-related CO2 emissions between 2019
and 2022 (Scopes 1 and 2). Bold action to reduce
at every stage of product transformation, while
stores’ environmental footprint also contributed
streamlining processes for the Maisons and their
to these outcomes. In October 2022, LVMH set up
suppliers. When combined with certification sys-
a groundbreaking partnership with Hang Lung
tems designed to safeguard compliance with eth-
Properties, a leading shopping mall developer,
ical, environmental and labor guidelines, they help
to work together on improving the environmental
raise standards. For example, Tiffany & Co.’s dia-
impact of mall stores. Outbound transport has been
mond supply policy goes beyond the obligations
a particular focus of attention for the Maisons as
of the Kimberley Process (which defines “con-
flict-free” diamonds), and requires its suppliers to
comply with the Diamond Source Warranty
they work towards their target of cutting Scope 3
emissions (55% reduction in CO2 emissions per unit
of added value by 2030 relative to 2019, a target
Protocol. Rigorous traceability is also a prerequi-
validated by SBTi). Louis Vuitton is one of the
site for a reliable information system concerning
leading global players behind the development of
the various features of a consumer-oriented prod-
Sustainable Aviation Fuel (SAF). This biofuel, which
uct, as is required under the French legislation.
LVMH is also actively involved in initiatives cur-
rently underway in France and Europe aimed at
is manufactured from used cooking oils, can deliver
an 80% reduction in CO2 emissions compared to
fossil fuel kerosene. At COP 27, LVMH was able to
introducing labeling that shows the environmental
share news of these achievements, along with the
performance of fashion products, and has joined
results of rolling out regenerative farming practices,
forces with cosmetics stakeholders to develop a
which also help maximize its carbon capture poten-
rating system for the environmental impact of
tial by improving soil quality. Moët Hennessy, which
beauty products. This focus on implementing an
held the first edition of the World Living Soils
exacting and transparent traceability policy has,
Forum in June 2022, spoke about its soil health ini-
for example, put Fendi in the top tier of businesses
tiatives during the Coalition of Action for Soil Health
according to the Fashion Transparency Index.
(CA4SH) event in Egypt.
The LIFE 360 program
TARGETS
2022
RESULTS
PROGRESS
versus 2021
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
Certification of strategic supply chains:
• Cotton: 71%
• Leather: 91%
• LVMH vineyards: 94%
1.37 million hectares preserved or restored
+10%
+10%
+2%
Biodiversity
2023
New circular design services: Repairs, upcycling, etc.
39% recycled raw materials in glass and plastic
packaging
2026
Packaging: Zero fossil-based virgin plastic
7,942 metric tons of fossil-based virgin plastic
in customer packaging (8% reduction since 2019)
Circular
design
2030
100 % of new products covered by a sustainable
design approach
2030
100 % of strategic supply chains covered
by a dedicated traceability system
Traceability/
Transparency
2026
50% reduction in energy-related GHG emissions
(baseline: 2019)
100% renewable or low-carbon energy in-store
and on-site
Climate
2030
55% reduction and/or avoidance of Scope 3
GHG emissions
36 • 37
9,500 products covered by a traceability
system for informing customers
Country of origin to be known for:
• Leather purchases: 86%
• Wool purchases: 64%
SBTi-validated carbon trajectory
11% reduction in energy-related
GHG emissions (baseline: 2019)
47% renewable energy in the Group’s
energy mix
77% of stores equipped with LED lighting
+137%
+10%
+2%
+8%
+20%
LVMH 2022 . Environment Loro Piana: The Gift of Kings® Merino wool, Australia
Exemplary ethics and
environmental, workforce-related
and social responsibility
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 ITS EMPLOYEES AND PARTNERS.
1,700+
AUDITS CONDUCTED
AT 1,384 SUPPLIERS
AND SUBCONTRACTORS
78%
OF OUR SUPPLIERS
ARE BASED IN EUROPE
Codes of ethics
and their application
manager, the Privacy, Ethics & Compliance Officer
for their Maison or the Group’s Privacy, Ethics &
Compliance Director.
LVMH’s wide-ranging ethical commitments to its
The Group’s employees and stakeholders also have
employees and partners are reflected in the Group’s
access to LVMH Alert Line, an online whistleblowing
long-standing support for benchmark initiatives
platform for reporting any violations of laws, rules or
such as the United Nations Global Compact, and in
in-house codes of conduct securely and confidentially.
the adoption of internal charters and codes of con-
duct, such as the LVMH Code of Conduct, which
outlines the rules to be followed by all employees
as they go about their work. The Group considers it
very important that its Maisons and their partners
Fair and responsible
relations with our partners
(suppliers, distributors, subcontractors, etc.)
Supporting our partners is a key strategic priority
abide by a shared set of rules, practices and prin-
for LVMH, as we aim to build long-term relation-
ciples with regard to business conduct and ethics,
ships underpinned by our shared quest for excellence
corporate social responsibility and environmental
and the ambition to establish a set of common eth-
protection, which is why LVMH requires its part-
ical principles, guidelines and practices. To this end,
ners to adhere to the principles set out in the
the Group has developed a comprehensive approach
Group’s Supplier Code of Conduct. In April 2022,
aimed at ensuring that our partners and suppliers
this code was updated to reflect changes in laws
adopt environmental, workforce-related and social
and societal norms as well as the Group’s stricter
best practices, while raising their awareness of and
ethics requirements.
providing training on issues specific to their own
The Group has a dedicated governance structure that
activities. LVMH and its Maisons work with them as
ensures its values and codes of ethics are applied at
part of a collaborative approach, offering support
the operating level. This structure includes the Ethics
through audits and, where necessary, action plans.
& Sustainable Development Committee, which
LVMH continued to carry out a high number of audits
operates within the Board of Directors, and to which
at supplier production sites, with over 1,700 audits
the Privacy, Ethics & Compliance Department reports
conducted in 2022. The Group also trained the buy-
on a regular basis. The Privacy, Ethics & Compliance
ers for its Maisons to ensure that its comprehensive
Department, which has a staff of around ten peo-
ple, works with its officers at the Maisons to steer
and coordinate the implementation of compliance
responsible purchasing process is successfully
followed. In addition to the responsible purchasing
training provided at the Maisons, a Group-wide
programs with regard to anti-corruption, personal
responsible purchasing training program was
data protection, respecting international sanctions,
launched in 2022 and will continue rolling out in 2023.
human rights and anti-money laundering laws.
LVMH’s responsible sourcing policy also includes
The LVMH Group has always been staunchly com-
initiatives that provide suppliers with support and
mitted to adopting and promoting honest and
ethical behavior in all its actions and relations with
its partners. Employees and stakeholders are
training. For example, LVMH is involved in the
Utthan embroidery initiative along with a number of
other luxury brands. The program aims to empower
encouraged to share any concerns they may have
artisans in Mumbai’s hand embroidery cluster,
regarding compliance with the LVMH Code of
where many of the embroiderers partnering with
Conduct, directives, internal guidelines and policies
the Maisons are based, and help them gain recog-
and/or applicable laws and regulations. Employees
nition for their skills. The initiative also includes a
can reach out to their manager or human resources
training program for embroiderers.
38 • 39
LVMH 2022 . Ethics and responsible partnerships Fondation Louis Vuitton, Paris
Supporting culture,
young people and
humanitarian projects
LVMH HAS BEEN PURSUING GROUNDBREAKING CORPORATE
PHILANTHROPY INITIATIVES FOR NEARLY 30 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.
1 million
PEOPLE ASSISTED
THROUGH OVER
900 PARTNERSHIPS
WITH NONPROFITS
AND CHARITABLE
FOUNDATIONS
9.4 million
VISITORS TO THE
FONDATION LOUIS VUITTON
SINCE ITS OPENING
Culture, heritage and
contemporary creative arts
Research and arts
education initiatives
Restoring and enriching
historical heritage
In 2022, LVMH continued to back the effort to save
Once again this year, LVMH’s patronage of programs
for young people focused on music. In particular,
LVMH renewed its support for Orchestre à l’École,
Notre-Dame de Paris Cathedral, whose restoration
a nonprofit that enables hundreds of children all
will take several more years. Just one day after
over France to start playing a musical instrument.
the terrible fire that ravaged the monument in the
The Group also continued its actions to promote
spring of 2019, LVMH, led by its Chairman, Bernard
access for young people to performances at the
Arnault, made a €100 million donation (along with
Opéra Comique in Paris. LVMH once again loaned
an additional €100 million from his family group) to
out the Stradivariuses in its collection.
ensure that Notre-Dame’s long restoration process
LVMH is also a patron of the Fondation du Collège
is followed through to completion. In support of the
de France.
arts, LVMH signed on to sponsor a new production
of Tennessee Williams’ The Glass Menagerie at the
Théâtre de l’Odéon, directed by Ivo van Hove. With
its performances interrupted by the pandemic
lockdown, this play was presented again in 2022,
Backing medical research
and certain social causes
once again thanks to the support of LVMH.
The Group supported numerous institutions well
Commitments to culture
and expanding access to it
LVMH has been a loyal patron of the Nuit Blanche
known for their work with children, the elderly and
people with disabilities, and for their efforts to
combat major causes of suffering and exclusion.
In particular, LVMH provided major support to the
night-time arts festival since its creation twenty years
Fondation des Hôpitaux de Paris-Hôpitaux de France
ago, and once again in 2022 provided support
in France; Save the Children Japan; and the Robin
alongside the City of Paris to the French and inter-
Hood Foundation in New York, which works to sup-
national arts scene, giving center stage to contem-
port initiatives for children. It also supported the
porary artists at an event open to all in the heart
Fondation Claude Pompidou, which provides support
of Paris. LVMH also continued its support for the
in France for seniors and people with disabilities;
Giacometti Institute in Paris, helping it develop its
Association Fraternité Universelle, which works in
scientific and cultural program.
Haiti to improve access to health care and education
The final event for the ninth edition of the LVMH
alongside actions in favor of agricultural develop-
Prize for Young Fashion Designers was held with an
ment, especially in the Central Plateau; and the
in-person audience. Out of nine finalists, the LVMH
Curie Institute in its research and work to fight child-
Prize was awarded to Steven Stokey-Daley, creator
hood cancer. The Group is also a long-standing
of S.S. Daley. He won a €300,000 award and a year
supporter of a number of scientific teams and founda-
of mentoring within the LVMH Group. The panel of
tions engaged in cutting-edge public health research.
judges also decided to award the Karl Lagerfeld
Prize to two designers: Eli Russell Linnetz (USA),
creator of ERL, and Idris Balogun (USA), creator
of Winnie NY. Each won a €150,000 award and
a year of mentoring.
40 • 41
LVMH 2022 . Corporate philanthropy A haven for art and culture
The Fondation Louis Vuitton, which opened in 2014, is now recog-
nized 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 post-
poned due to the pandemic, was able to open its doors to the public
on September 23, 2020.
Throughout 2021 and 2022, the Fondation Louis Vuitton continued 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 exhibition opened its
doors to the public on September 22, 2021. It closed on April 3, 2022,
after welcoming 1,250,000 visitors. This highly anticipated exhibition,
which received unanimous praise from the art world, featured master-
pieces that had never been exhibited outside of Russia from the collec-
tion of European and Russian modern art assembled by the Muscovite
brothers Mikhail Abramovich Morozov (1870-1903) and Ivan
Abramovich Morozov (1871-1921). This historic presentation of The
Morozov Collection echoed the 2016 Shchukin collection exhibition,
which marked an unprecedented new era in the partnership between
the Fondation Louis Vuitton and major Russian museums.
The Hantai exhibition was held from May 18 to August 29, 2022.
Lastly, the Monet-Mitchell exhibition and the Joan Mitchell retrospective
opened on October 5, 2022.
The Fondation Louis Vuitton continued its international Hors-Les-Murs
(“Beyond the Walls”) program throughout the year, with the works in
its collection shown in a number of exhibitions held at its Espace Louis
Vuitton locations in Tokyo, Munich, Venice, Beijing, Seoul and Osaka.
Business group insights
Château Cheval Blanc: Winemaking site designed by Christian de Portzamparc
LVMH
WINES &
SPIRITS
2022
A value-enhancing strategy
for lasting success
LVMH owes its global leadership in premium wines
and spirits to a unique group of exceptional Maisons
based in Champagne, Bordeaux, Burgundy and
other highly renowned wine-growing regions.
Inspired by their visionary founders and drawing
on their strong heritage – which for some goes
back hundreds of years – they all share the key
values of excellence and creativity, combining
tradition with innovation.
Well-balanced, worldwide presence
In the current context, Moët Hennessy continues to
pursue a value-enhancing strategy focused on the
highest-quality products. The balanced geographic
expansion of its portfolio of brands continues thanks
to a powerful and agile global distribution network
present in over 160 countries.
Responsible procurement policy
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 responsi-
ble, innovative and efficient Pont Neuf bottling and
logistics facility inaugurated by Hennessy in 2017,
which reflects the Maison’s long-term vision.
2023 OUTLOOK
The economic and geopolitical environment
remains uncertain in key markets, due in particular
to the effects of inflation and developments relating
to the public health situation in China. Against
this backdrop, the Wines & Spirits business group
is going into 2023 with confidence and determina-
tion, mindful of the need to maintain a pragmatic,
agile approach. Excellence, authenticity, innova-
tion and sustainability remain central to the business
group’s value-enhancing strategy that helps fuel
its growth, as does the diversification of Moët
Hennessy’s portfolio. Backed by the strength of
its highly appealing brands as well as its vibrant,
diverse and highly committed staff, the business
group remains resolutely optimistic about the
medium- and long-term development prospects
of its Maisons. In line with Moët Hennessy’s over-
arching focus on crafting experiences, the business
group will build stronger ties with customers by
taking a selective approach to points of sale,
launching bold innovations and collaborations,
crafting experiences that are ever more meaning-
ful and unique for enjoying its products, and
stepping up its digital presence. More aware
than ever of the value of their heritage and their
responsibility, all of the Maisons are taking
greater steps to act sustainably, protect the envi-
ronment and reduce their carbon footprint.
Hennessy
2022 at a glance
RECORD LEVEL OF REVENUE AND EARNINGS
2022 revenue
by region
13%
Other markets
20%
Asia (excl. Japan)
6%
Japan
6%
France
18%
Europe (excl. France)
37%
United States
Revenue
(EUR millions)
Profit from
recurring
operations
(EUR millions)
7,099
2,155
1,863
1,388
5,974
4, 755
Operating
investments
(EUR millions)
440
320
328
2020
2021
2022
2020
2021
2022
2020
2021
2022
Major strategic priorities
— Pursue value-enhancing strategy
— Expand production capacities
to ensure sustainable growth
— Develop direct sales to end-customers
— Further improve efficiency of distribution
in key markets
— Accelerate efforts to protect the environment,
in particular in supply chains and packaging
50 • 51
Hennessy
LVMH 2022 . Wines & Spirits 1
1. Dom Pérignon
2. Moët & Chandon
3. Krug
2022
Highlights
2
3
Turning in another record year, the Wines & Spirits
an initiative aimed at accelerating the development
business group reaffirmed its position as a leader
and sharing of knowledge to combat the loss of
in luxury wines and spirits. Amid an extremely
fertile soil.
volatile environment, this performance reflected
three key priorities of the business group’s val-
Driven by strong demand, which led to mounting
ue-enhancing strategy: brand appeal; portfolio
pressure on supply, champagne sales volumes
diversification, particularly in wines; and balanced
were up 6%. All regions saw substantial growth, in
geographic expansion. 2022 was also a year
marked by the desire to connect more directly with
customers by offering them unique experiences at
particular at high-energy events and drinking estab-
lishments and fine dining venues. Moët & Chandon
turned in a record year while taking part in ambi-
the Maisons, at European department stores and
tious sustainable development projects for its
on the island of Hainan in China. Online sales made
further gains, while the Private Sales business had
region, focused in particular on protecting biodi-
versity. Selected as the official champagne partner
an outstanding year, with several exceptional sales
for Queen Elizabeth II’s Platinum Jubilee celebra-
of rare casks. Moët Hennessy demonstrated its
tions, the Maison presented its Grand Vintage 2015
environmental and social commitment by holding
the first World Living Soils Forum in Arles in June,
and opened its first eponymous champagne bar at
Harrods in London. Dom Pérignon augmented its
52 • 53
LVMH 2022 . Wines & Spirits 1
2
appeal with its “Révélations” campaign to mark the
launch of Dom Pérignon 2004 Plénitude 2, and
through the renewal of its collaboration with world-
by tastings of 2008 vintages. Jointly owned with
Shawn “Jay-Z” Carter, Armand de Brignac com-
pleted its first full year as part of LVMH, recording
famous star Lady Gaga. For its 250th anniversary,
Veuve Clicquot turned in stellar results, buoyed by
a worldwide marketing campaign, a traveling exhi-
bition and a unique experience aboard the legend-
ary Venice Simplon-Orient-Express luxury train.
The Maison also celebrated the 50th anniversary of
both its prestige cuvée La Grande Dame and its
women’s entrepreneurship program. Ruinart
recorded strong growth in all its markets, with the
solid sales growth in all regions.
The Estates & Wines Maisons saw strong demand,
especially Cloudy Bay (New Zealand) and Terrazas
de los Andes (Argentina). Among Provence rosé
wines, Château d’Esclans continued to expand its
reach to international markets at a rapid pace, while
the launch by Château Galoupet of its 2021 Cru
Classé illustrated the success of its revival, with the
launch of Dom Ruinart Blanc de Blancs 2010,
estate receiving accolades in the press for the
named Supreme World Champion for 2022 at the
Champagne & Sparkling Wine World Championships.
The Maison continued the rollout of its sustainably
superior quality of its wines and its firm commit-
ment to sustainable development. Ao Yun became
the first Chinese vintage to be sold via wine distri-
designed case and its agroforestry winegrowing
pilot project. Krug confirmed the success of its
unique model with the release of Krug Grande
Cuvée 170e Édition and Krug Rosé 26e Édition, and
the launch of an immersive musical experience by
bution network La Place de Bordeaux, confirming
its excellence and its ability to win over fine wine
lovers around the world. Lastly, the acquisition
of Joseph Phelps Vineyards, one of the most
acclaimed wine estates in Napa Valley, California,
acclaimed composer Ryuichi Sakamoto, inspired
strengthened and rounded out its portfolio of
3
4
OUR MAISONS TAKE ACTION
The quality of the Group’s products
relies on the health of its terroirs’
Moët Hennessy holds the first
soils and the expertise passed
ever World Living Soils Forum
down by the founders of its iconic
Maisons. Leading international
— In June 2022, Moët Hennessy
experts – among them scientists,
held the first ever World Living Soils
researchers, public institutions,
Forum in Arles, France. The theme
nonprofits, and companies in the
was harnessing resources and
wines and spirits and agri-food
taking action to protect living soils.
industries – were invited to spend
This first-of-its-kind event brought
two days sharing their knowledge
together around a hundred
and expertise, working together
experts from all over the world,
to identify solutions to protect soil
all passionately committed to
and accelerate the transition.
protecting and regenerating soil.
1. Ruinart
2. Veuve Clicquot
3. Château d’Esclans
4. Glenmorangie
54 • 55
LVMH 2022 . Wines & Spirits 1. 2. Hennessy
3. Belvedere
4. Eminente
exceptional wines. Chandon further cemented its
leadership position in quality sparkling wines,
Glenmorangie and Ardbeg whiskies generated
record sales, fueled by high-impact marketing cam-
supported by the redesign of its marketing and
paigns, new packaging at Glenmorangie, launches
packaging in 2021. Its all-natural product Chandon
of innovative products such as Glenmorangie
OUR MAISONS TAKE ACTION
Veuve Clicquot
celebrates 50 years
Garden Spritz continued its worldwide develop-
Azuma Makoto and Ardbeg Fermutation, as well as
of the Bold Woman Award
ment, with launches in Southern Europe and the
exceptional sales of rare casks. The San Francisco
Asia-Pacific region.
World Spirits Competition and International Spirits
— In 2022, Veuve Clicquot held
Challenge saw them win 25 gold medals. Ardbeg
a party at the Olympia in Paris
Given the exceptionally high comparison base in
2020 and 2021, Hennessy cognac volumes were
down slightly year on year, affected in China by the
connected more directly with customers, with
to celebrate 50 years of the Bold
its acquisition of a hotel on the Isle of Islay and
Woman Award with special guest
the launch of an e-commerce platform in the
Gwyneth Paltrow, Oscar-winning
public health situation and in the United States by
United Kingdom.
supply chain disruptions. The Maison’s proactive
approach to value creation and firm pricing helped
offset these circumstances and achieve a further
Belvedere vodka benefited from enthusiasm
among consumers, particularly at high-energy
actress and founder of cosmetics
and lifestyle brand Goop. During
the ceremony, the Bold Woman
Award was presented to Véra Kempf
increase in revenue over the course of the year.
clubs, and turned in a record performance. A new
and the Bold Future Award to Julie
The world leader in premium spirits for the fourth
marketing campaign, featuring actor Daniel Craig,
Davico-Pahin. A new project was
consecutive year, Hennessy further strengthened
conveyed the Maison’s vision and boldness.
its appeal through initiatives such as the renewal of
its partnership with the NBA, several openings of
attractive stores, a stunning redesign for V.S.O.P
packaging and a new marketing campaign for its
premium qualities entitled “Paradis is on Earth”. The
Maison has made its sustainable development
activities a central part of its 10-year roadmap
through three key priorities: protecting living soils,
reducing its carbon footprint by 50% by 2030, and
demonstrating its commitment to society.
Woodinville continued its development in the
United States and invested in its production capac-
ity to support its future growth. Volcán de mi Tierra
capitalized on strong growth in the tequila market
and continued its move upmarket with the creation
of Volcán X.A, an ultra-premium blend. Eminente
rum gained ground in the ultra-premium market.
also announced: the Bold Open
Data Base, the first global open
database of female entrepreneurs
around the world. Created in 1972
in honor of Madame Clicquot, known
for her boldness, creativity and
determination, Bold is a community
of 450 award-winning women
from 27 countries. The Maison was
the first to establish and bring
together an international community
of committed female entrepreneurs
fighting together for greater
inclusion, impact and visibility.
1
3
56 • 57
2
4
LVMH 2022 . Wines & Spirits 2022
STORIES
A legend of Napa Valley
JOSEPH PHELPS — LVMH has added Joseph Phelps Vineyards to its portfolio of high-end wines
and spirits. Founded in 1973 by Joseph Phelps, the winery – and notably its legendary Insignia wine,
a Bordeaux-style blend – quickly became synonymous with Napa Valley excellence. In the early 1970s,
Napa Valley was still a relatively small-scale farming town, but the discovery of its high-quality wines
would soon make it a household name. Drawing on his experience in construction, Joseph Phelps
helped lay the groundwork for excellence in the California winemaking industry. Today, Joseph Phelps
Vineyards and its flagship Insignia wine perpetuate the founder’s legacy of exceptional quality,
with his vision of winemaking excellence preserved, perfected and protected in each bottle, to be
passed down to future generations.
58 • 59
LVMH 2022 . Wines & Spirits Land art
and nature
RUINART — As part of the
countdown to its 300th
anniversary, Ruinart invited land
art pioneer Nils-Udo to create
a unique work of art in the heart
of its Taissy vineyard. The artist
recovered old wood grapevine
trunks and pruned vine shoots
to reinfuse the vineyard
with biodiversity. Using these
completely natural materials,
he created three “Habitats”
designed to provide shelter for
birds, squirrels, bees, caterpillars
and other creatures. With
the help of these monumental
sculptures, life is regenerated
throughout the 40-hectare Taissy
vineyard, where the Maison
has launched a pilot project to
promote biodiversity. Since 2021,
Ruinart has planted over 12,000
trees and shrubs in the vineyard,
most of which are local species.
Ruinart will celebrate its
300th anniversary in 2029.
By then, ten works of art will
have been installed on the Maison’s
historic terroir, enriching its legacy
and combining art, nature and
technology.
60 • 61
LVMH 2022 . Wines & Spirits A first harvest of certified-organic grapes
DOMAINE DES LAMBRAYS — Located in Morey-Saint-Denis, Clos des Lambrays is one of Burgundy’s oldest and most
prestigious vineyards. Its wines are renowned for their unique personality and regularly feature in the Top 100 lists of leading
wine publications. The Côte de Nuits icon, which has been making wine for over 650 years, is modernizing yet again. In 2019,
the Domaine reviewed all its winemaking practices and started to convert to organic winegrowing. The ensuing work
on its vineyards has produced outstanding grapes, and to provide them with the winery equipment they deserve, Domaine
des Lambrays has also completely refurbished its vat room and cellars. After a meticulous three-year process, the 2022 grape
harvest is the first to be certified organic by certification specialist Ecocert.
Forest
Destination
HENNESSY — Since it was
founded, over 250 years ago,
Hennessy has had deep ties
with forests: during the crucial
aging stage, it is the interaction
between the casks’ oak wood
and the eaux-de-vie that creates
cognac. The Maison officially
launched its “Forest Destination”
program in 2022. The initiative,
for which the groundwork was
laid starting in 2020, aims
to regenerate 50,000 hectares
of forest worldwide by 2030.
To meet this target, Hennessy
has joined forces with a group of
specialists – including the French
Forestry Commission (ONF) –
and is putting the program into
action in all the regions where
it operates. Outside France,
Hennessy has partnered with
Reforest’Action, using its expertise
to take action where it is most
needed, in the most heavily
affected ecosystems in Africa
(Kenya, Nigeria and South
Africa), the United States and
China. This long-term commitment
will help the Maison see projects
through to completion
and ensure their success.
Tree nursery to help regenerate the forests of Mount Kenya
64 • 65
LVMH 2022 . Wines & Spirits Celebrating 250 years of radiant joy
VEUVE CLICQUOT — Solaire Culture – Veuve Clicquot’s first traveling exhibition, held in Tokyo, then Los Angeles, followed by an upcoming opening
in London in May 2023 – celebrates the champagne house’s 250th anniversary. Solaire Culture offers an unprecedented immersion in “Clicquot Culture”,
paying tribute to the Maison’s creativity and boldness, and unveils exclusive contemporary artworks. The exhibition features nearly a hundred of the Maison’s
emblematic treasures, including a portrait of Madame Clicquot reinterpreted by artist Yayoi Kusama, and an original 1840s bottle of Veuve Clicquot –
an incredible discovery by divers exploring a shipwreck in the Baltic Sea. Designed by French curator Camille Morineau, and scenographer and designer
Constance Guisset, Solaire Culture is also an all-women exhibition, showcasing the works of 10 internationally renowned female artists – including
Sheila Hicks, Monique Frydman, Tacita Dean, Olimpia Zagnoli and Pénélope Bagieu – with an original work by each one inspired by Madame Clicquot,
the Maison’s creations or its signature Yellow Label hue.
In perfect harmony with nature
CHÂTEAU GALOUPET — The story of Château Galoupet, an estate that has been on the map since the 18th century and a Cru Classé de Provence since 1955,
is intertwined with its unique ecosystem of 77 hectares of protected woodland and 69 hectares of vineyard. Tucked away in the Massif des Maures, next to protected
salt marshes and overlooking the islands of Porquerolles, Port-Cros and Levant, Château Galoupet’s ambition is to craft exceptional, exemplary expressions of the unique
Provence terroir in the most eco-friendly way – from ground to glass. The totality of Château Galoupet’s vineyard has been converting to organic winegrowing since
August 2020, and will be fully certified in 2023. Crafted from 100% estate-grown grapes, Château Galoupet Cru Classé Rosé 2021 is presented in a 70% recycled amber
glass bottle weighing just 499 grams – a redesign firmly focused on sustainability.
66 • 67
LVMH 2022 . Wines & Spirits Louis Vuitton
LVMH
FASHION &
LEATHER GOODS
2022
A unique assembly
of creative talent
2023 OUTLOOK
With the vigilance required by an economic and
geopolitical context that remains uncertain, the
Fashion & Leather Goods Maisons will continue
investing for ever more appealing designs, unique
customer experiences and further progress in
corporate social responsibility. Louis Vuitton will
spur momentum over the months ahead by
focusing on the quest for perfection and creativ-
ity that runs through all its professions. The
Maison will continue to anchor its growth in the
constant reinvention of its iconic product lines
and the quality driven development of its retail
network and its manufacturing sites. It will con-
tinue its dialogue with art and artists, as already
demonstrated at the beginning of 2023 by a second
colorful collaboration with Japanese artist Yayoi
Kusama. It will actively pursue its commitment to
promoting and passing on excellence in crafts-
manship, sales and design professions. Christian
Dior will aim to maintain its remarkable pace of
growth. To this end, the Maison will continue to
showcase its timeless modernity and Monsieur
Dior’s unique values, which continue to inspire
its designers, season after season. The months
ahead will feature a number of exceptional
shows, openings and events worldwide. Driven
by its powerful creative vision, Celine will con-
tinue enhancing its appeal, guided by Hedi
Slimane, and will expand its retail network with
the opening of several flagship stores and the
resumption of direct control over its distribution.
All the Maisons will focus on selectively expanding
and cultivating excellence in their retail networks.
Louis Vuitton’s global preeminence, Christian Dior’s
exceptional development, the growth of a collection
of unique brands whose success is consolidated
year after year, and its active support for young
designers make LVMH a key player in the fashion
and leather goods industry.
Inspired designers
Working with the best designers, while respecting
the spirit of each brand, is one of our strategic pri-
orities. Our creative directors promote the Maisons’
distinctive identities, and are the artisans of their
creative excellence.
Balance between iconic products
and innovation
Since 1854, Louis Vuitton’s renown has been built on
the flawless execution of its unique trunk-making
expertise, its full control over distribution and its
exceptional creative imagination: a source of per-
petual renewal and innovation. Ever since its first
show, dubbed “New Look” by the press, Christian
Dior has continued to redefine fashion as it has
become an icon of French luxury throughout the
world. Monsieur Dior’s unique vision is conveyed
today with bold inventiveness throughout the Maison’s
entire range. By striking the right balance between
new releases and iconic lines, these two Maisons
continue to dazzle and 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 prom-
ising creative talent. We also feel it is our responsi-
bility 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.
Dior
2022 at a glance
EXCEPTIONAL PERFORMANCES BY LOUIS VUITTON,
CHRISTIAN DIOR, CELINE, FENDI,
LORO PIANA, LOEWE AND MARC JACOBS
2022 revenue
by region
10%
Other markets
36%
Asia (excl. Japan)
7%
France
17%
Europe (excl. France)
21%
United States
9%
Japan
Revenue
(EUR millions)
Profit from
recurring
operations
(EUR millions)
Operating
investments
(EUR millions)
38,648
15,709
1,872
30,896
12,842
21,207
7,188
1,131
827
2020
2021
2022
2020
2021
2022
2020
2021
2022
Major strategic priorities
— Continue to develop Louis Vuitton,
blending the timeless and the modern, while preserving
unmatched quality standards and an exclusive
distribution channel, which is unique worldwide
— Continue to pursue Dior’s dynamic growth
— Build on the success of the other Maisons,
in particular Celine, Loewe, Fendi and Loro Piana
70 • 71
Dior
LVMH 2022 . Fashion & Leather Goods 1
1. 2. 3. Louis Vuitton
2022
Highlights
2
3
The Fashion & Leather Goods business group
Maison opened two new workshops, including one
delivered an outstanding performance, buoyed by
for precious leather at Trinity Abbey, a historic mon-
the creative momentum of its Maisons and strong
ument in Vendôme. Between them, the two work-
demand from their customers. Powerful brand
shops will employ 400 leatherworkers. As part of a
appeal, continued enhancements to the customer
continued quest for excellence in its retail network,
experience and new digital inroads were key
in France, Louis Vuitton relocated its Lille store into
growth drivers. The business group continued
the iconic Huîtrière, a former Art Deco restaurant
to proactively develop centers of excellence for
listed as a historic monument. A new Louis Vuitton
craftsmanship.
Maison store was inaugurated in Chengdu, China,
on a site that typifies the historic architecture of
Louis Vuitton had a terrific year, once again buoyed
by its exceptional creativity, the quality of its prod-
Sichuan, and opened a flagship store in Kobe
whose decor is heavily influenced by Japanese art
ucts, and its strong ties to art and culture. Nicolas
and design. To celebrate the 20th anniversary of its
Ghesquière broke new ground by presenting his
iconic Tambour watch, Louis Vuitton unveiled the
collections at the Musée d’Orsay in Paris, and chose
Tambour Twenty collector’s edition, modeled by
the Salk Institute in San Diego, California, for his
Bradley Cooper, which sold out immediately.
2023 Cruise show. In a tribute to Virgil Abloh, who
Highlighting the Maison’s passion for innovation in
passed away in 2021, Louis Dreamhouse, his final
Men’s collection, was shown in Paris and Bangkok,
watchmaking, La Fabrique du Temps Louis Vuitton
launched the Louis Vuitton Watch Prize for
while the Coming of Age exhibition at the Fondation
Independent Creatives, aimed at recognizing and
Louis Vuitton paid homage to the designer’s world.
supporting up and coming talent. The 200 Trunks,
Highlighting its commitment to grow its footprint in
200 Visionaries traveling exhibition was presented
France and champion excellent craftsmanship, the
at the founder’s historic family home in Asnières
72 • 73
LVMH 2022 . Fashion & Leather Goods 1
2
and then in Singapore, Los Angeles and New York.
craftsmanship. The Dior Homme Fall/Winter 2023
final part of the year saw the Women’s Winter 2023
In December, the LV Dream exhibition opened in
Collection by Kim Jones was unveiled in a night-
show at the legendary Wiltern Theater in Los Angeles.
Paris, paying tribute to the many creative partner-
time show against the backdrop of the Pyramids of
Leather goods were buoyed by the iconic Triomphe
ships that have shaped the Maison’s history. A store
Giza in Egypt: a spectacular futuristic odyssey and
and 16 lines, enriched with new models and pro-
offering exclusive products, a café, and a pastry
a world first in the history of fashion at this legend-
moted by summer capsule collections. Ready-to-
and chocolate shop offering gourmet creations by
ary site. The Dioriviera summer capsule collection
wear sales picked up, with footwear and fragrances
Maxime Frédéric, pastry chef at Cheval Blanc Paris,
was launched worldwide in stores and pop-up
also enjoying strong momentum.
rounded out the experience at this unique location,
locations at resort destinations. In jewelry, the new
making it a new cultural and culinary destination in
La Rose Dior collection stars actress Elizabeth
the French capital.
Debicki. After opening its first Scandinavian store in
Oslo in July, Dior ended the year with a spectacular
For Fendi, 2022 was marked by the success of
collections designed by Kim Jones and Silvia
Venturini Fendi, and by strong momentum in all of
Christian Dior achieved remarkable growth across
all its product lines. Following a three-year transfor-
event at Harrods in London, illuminating and deco-
the Maison’s business lines. In September, a New
rating the windows and facades of the iconic depart-
York fashion show celebrated the 25th anniversary
mation, the reopening of its 30 Montaigne location
ment store with a dazzling array of gingerbread
of the iconic Baguette bag, featuring numerous
at the beginning of the year was a resounding
creations. The Christian Dior: Designer of Dreams
reinterpretations, including a charm version developed
success. With the historic Maison, Haute Couture
workshops and salons as well as a restaurant,
exhibition arrived at the Museum of Contemporary
Art in Tokyo.
with Tiffany and a collaboration with Marc Jacobs
that was an instant hit. Two new workshops were
gardens and much more, this legendary address
offers a unique experience of the Dior universe. The
Maison’s fashion shows were truly unique experi-
ences as well, drawing on a wealth of inspiration
Celine had another record year, continuing to
deliver strong growth. Driven by Hedi Slimane’s
modern and exacting creative vision, high-impact
opened: one, for leather goods and accessories, in
the Tuscan hills near Florence, and the other, for
footwear, in Fermo in the Marche region. These
investments, together with the acquisition of a
season after season. Maria Grazia Chiuri’s women’s
fashion shows and powerful marketing campaigns,
majority stake in knitwear producer Maglificio
collections combine artistic vision with the finest
the Maison’s appeal was reflected across all its
Matisse, are testament to Fendi’s commitment to
expertise, as demonstrated by the 2023 Cruise
product categories. After a fashion show shot in
Italian expert craftsmanship. Selective develop-
show in Seville, designed as a tribute to Andalusian
Saint-Tropez for the Indie Summer collection, the
ment of the store network also continued.
3
4
OUR MAISONS TAKE ACTION
threads and fabrics from marine
Dior teams up with
Parley for the Oceans
plastic waste and fishing vessels
recovered from coastlines and
remote islands around the world,
such as the Maldives and Sri Lanka.
— Dior and Kim Jones, Creative
Collected items are processed into
Director of Menswear, joined forces
high-grade threads and fabrics such
with Parley for the Oceans, an NGO
as jacquard, a technical fabric
that works to tackle plastic pollution
with an ultra-breathable mesh used
in the oceans. The organization
in developing the Summer 2022
evolved from a research project
Dior Beachwear collection.
that began in 2019, upcycling new
1. 2. Dior
3. Celine
4. Fendi
74 • 75
LVMH 2022 . Fashion & Leather Goods 1. Loewe
2. Berluti
3. Marc Jacobs
4. RIMOWA
New form, new image: it was a milestone year for
Loro Piana, as demonstrated by the success of its
two 2022 collections, its new Cocooning lifestyle
Following the excellent response to Nigo’s first
fashion show in Paris in January, Kenzo continued
to affirm the creative vision of its new Creative
line made with undyed natural cashmere, and its
Director, launching a series of monthly mini capsules
iconic white-soled shoes. Once again buoyed by its
and unveiling the complete collection in June.
unique expertise and its world-class materials such
as vicuña wool, the Maison continued to raise its
profile by showcasing this craftsmanship and its
Berluti was boosted by a focus on its iconic lines, in
particular its Alessandro and Andy shoes and the
OUR MAISONS TAKE ACTION
Louis Vuitton works
with People For Wildlife
— Louis Vuitton upheld its
commitment to protecting natural
resources by entering into
capacity for innovation, mainly illustrated in 2022
Un Jour leather goods line. Its new “Live Iconic”
a five-year partnership with nonprofit
by the new CashDenim, a blend of cotton and
marketing campaign channeled historic style icons
cashmere woven by Japanese artisans on tradi-
Marcello Mastroianni and Andy Warhol. The Playoff
People For Wildlife as well as
local communities to maintain
tional looms.
sneaker was launched, inspired by the world
and regenerate biodiversity
Loewe, which experienced strong growth, cultivated
the art of surprise through collections infused with
of 1980s basketball and paying homage to the
in a 400,000-hectare natural area
Maison’s very first sneaker. Retail network expan-
of Australia. This major commitment
sion was mainly focused on Asia, where the Maison
contributes to the LVMH Group’s
Jonathan Anderson’s bold creativity and highly
opened new stores in Chengdu (China) and Kobe
goal of regenerating 5 million hectares
of flora and fauna by 2030 and
is aligned with the agreement
reached at the COP15 Biodiversity
conference to protect 30%
of the planet’s land by 2030.
modern vision. The success of JW Anderson’s fash-
(Japan), and renovated a historic store in Tokyo.
ion shows and communication boosted brand
awareness and the Maison’s appeal. Already very
strong in Europe, Loewe strengthened its position-
RIMOWA achieved record revenue as tourism and
business travel picked up, with this performance
ing in the United States, opening new stores in
fueled by the unique quality of its products and
New York and Los Angeles. The Maison continued
the expansion of its network of directly operated
to develop its leather goods school.
stores. The Maison launched a new campaign
Marc Jacobs confirmed its fresh momentum, with
an impressive performance in the United States
dubbed “Ingenieurskunst” (“The Art of Engineering”),
celebrating German expert craftsmanship and paying
tribute to its iconic aluminum suitcase. Rimowa
and remarkably robust online sales. Buoyed by
now offers a lifetime guarantee on all its suitcases.
high levels of social media engagement, the Maison
A collaboration was launched with startup RTFKT,
saw strong growth in demand for its best-selling
which specializes in the metaverse, to create an NFT
bags, particularly its Tote Bag.
collection and a limited-edition physical suitcase.
At Givenchy, Matthew Williams held his first mens-
wear show in Paris in June. The Maison opened
Pucci unveiled Camille Miceli’s first collections at
presentations in Capri and St. Moritz that adopted
new directly operated stores in the Middle East and
a bold new format.
the United States. Sales of the iconic Shark Lock
boot in particular grew strongly.
1
3
76 • 77
2
4
LVMH 2022 . Fashion & Leather Goods 2022
STORIES
Visual hyperbole as a stylistic device
LOUIS VUITTON — Nicolas Ghesquière presented his Louis Vuitton Women’s Spring/Summer 2023
collection in Paris in the majestic surroundings of the Louvre’s Cour Carrée courtyard. For the first
time, the Maison’s Creative Director of Womenswear invited contemporary French artist Philippe
Parreno and American production designer James Chinlund to design the event’s spectacular set.
The collection put femininity in the spotlight, viewing it through the prism of hyperbole, glorifying
its complexity, exaggerating it and giving it all the limelight. The show’s looks juxtaposed the infinitely
large and the infinitely small, inviting a different perspective. Through this interplay of proportion,
the Maison’s hallmarks were supersized and became an integral part of the collection’s narrative, with
the famous luggage tag and iconic key holder enlarged into real handbags. This exponential vision
showcased Louis Vuitton’s historic roots in fine leather goods and its development into a full-fledged
fashion house, with the same exacting approach used in leathercraft applied to clothing.
78 • 79
LVMH 2022 . Fashion & Leather Goods 30 Montaigne
forever
DIOR — In March 2022,
after more than two years of
renovations, the House of Dior’s
legendary hôtel particulier at
30 avenue Montaigne reopened
its doors. For seventy-six years,
the building – whose charm
Christian Dior fell for in 1946 –
has witnessed the birth of the
Maison’s collections, and become
the emblem of Parisian elegance
and French haute couture.
The historic birthplace of Dior’s
revolutionary New Look has
been transformed into a location
like no other: the incarnation
of endless possibilities. In a feat
accomplished by architect Peter
Marino, this iconic address
celebrates excellence, exquisite
expertise and a passion for
the art of living, fine dining and
culture. Indeed, this flagship is
not just an exceptional boutique:
it also comprises an haute
couture salons, an exhibition
space, three lush gardens,
a pastry shop and a restaurant
serving Monsieur Dior’s favorite
dishes.
80 • 81
LVMH 2022 . Fashion & Leather Goods Taking the stage at legendary venue The Wiltern
CELINE — Celine ended 2022 with a runway show at Los Angeles’ legendary Wiltern Theater, where Hedi Slimane unveiled his Women’s Fall/Winter 2023
collection entitled “The Age of Indieness”, followed by concerts featuring Iggy Pop, The Strokes and Interpol. The collection continued Slimane’s tribute to
the 2000s – a theme launched a few months earlier with the video of the Spring/Summer 2023 show – looking back at this pivotal period of his career, when
he revolutionized the male silhouette and became the most iconic photographer and fashion designer of the indie rock scene in London, New York and Paris.
LVMH 2022 . Fashion & Leather Goods Art, audacity and craftsmanship
LOUIS VUITTON — Reviving the artistic exchange sparked by their first collaboration, Louis Vuitton and world-renowned
Japanese artist Yayoi Kusama have joined forces again, with their new collection of bold looks celebrated in a colorful advertising
campaign starring international supermodels. The collection revisits the Maison’s iconic pieces with Kusama’s signature motifs,
such as her famous painted dots, which infuse the Louis Vuitton universe in a fascinating creative dialogue with the timeless
Monogram print. An innovative screen printing technique was used to reproduce the artist’s brushstrokes, and the resulting 3D
hand-painted effect is strikingly realistic.
Loewe x Howl’s Moving Castle
LOEWE — Loewe has joined forces once again with Japanese animation house Studio Ghibli. After Spirited Away and My Neighbor
Totoro, the Maison’s Creative Director Jonathan Anderson has reaffirmed his fascination for the world of Hayao Miyazaki with
a collection featuring bold, complex pieces inspired by Howl’s Moving Castle. The film’s main characters – including Sophie, Howl
and Calcifer – enliven clothing and accessories. They are drawn as leather or shearling intarsia, turned into embroidery on leather
or textile, and decorated with crystal and stud inlays on leather. They appear on bags – including the Puzzle, Flamenco, Hammock,
Amazona, Luna, and Bracelet Pouch – on small leather goods, on jumpers, jackets, and shirts, with details such as appliqué, raffia
or feathers making them stand out as if they were alive.
86 • 87
LVMH 2022 . Fashion & Leather Goods Vicuña:
The fiber
of the gods
LORO PIANA — The rarest and
finest fiber in the world comes
from the fleece of the vicuña,
a small wild animal that lives
in the Andes. Seen as a sacred
creature by the Incas, the vicuña
was once at risk of disappearing
forever. Centuries of poaching
decimated its population from
3 million in pre-Columbian times
to just 5,000 in 1960. This cousin
of the alpaca, with its incredibly
soft, golden fleece, was saved
from extinction mainly thanks
to conservation efforts made
by Loro Piana in the 1990s.
Leading an international
consortium, the Maison built up
a partnership with communities
in the Andes and still today
benefits from this special
relationship in purchasing the
fiber of vicuñas raised and shorn
under conditions that respect
animal well-being and ancestral
traditions. In 2008, Loro Piana
also created the Franco Loro Piana
reserve, Peru’s first private nature
reserve, spanning 2,500 hectares,
and Peru’s vicuña population has
now grown to over 500,000.
88 • 89
LVMH 2022 . Fashion & Leather Goods The
Baguette bag
celebrates
its 25th
anniversary
FENDI — Fendi feted its
Baguette bag’s 25th anniversary
with a special runway show
at New York Fashion Week
on September 9, 2022. The
collection marks more than
an anniversary – it is a tribute
to the emblematic accessory
and to New York, the city
where the Baguette secured
its place in pop culture history.
For the occasion, Kim Jones,
Fendi’s Artistic Director of Couture
and Womenswear, and Silvia
Venturini Fendi, Artistic Director
of Accessories and Menswear,
joined forces with Marc Jacobs,
Tiffany & Co., Sarah Jessica
Parker, and Porter to celebrate
the iconic bag together.
The new wardrobe offers myriad
reinterpretations of the Baguette.
In a play of different shapes
and materials, each iteration of
the Baguette is either functional
or ornamental. It is featured
on parkas, gaiters, gloves, hats,
skirts, and sweaters, and there
are also several brand-new
versions of the bag itself.
90 • 91
LVMH 2022 . Fashion & Leather Goods Parfums Christian Dior: La Collection Privée
LVMH
PERFUMES &
COSMETICS
2022
Focusing on quality and
cultivating uniqueness
LVMH is a key player in the perfume, makeup and
skincare sector, with a portfolio of world-famous
Maisons as well as younger brands with a promis-
ing future. The creative momentum of LVMH’s
Maisons is driven by growth in its iconic lines as well
as bold new products. They are all driven by the
same values: the pursuit of excellence, creativity,
innovation and appeal and a highly selective distri-
bution policy.
Unique creative momentum
With strong growth in fragrances and the recovery
in makeup, the global perfumes and cosmetics
market is highly competitive, with increasingly
compact innovation cycles. In this context, all of
LVMH’s Maisons continue to pursue their objective
of gaining market share, which depends more than
ever before on quality, product performance and a
robust innovation policy. In the heart of France’s
Cosmetic Valley business cluster, researchers at
LVMH’s Hélios R&D facility play a crucial role in
helping the Maisons meet these requirements. The
Maisons also uphold their commitment to biodiver-
sity and sustainable design.
Excellence and innovation in retailing
All the brands are accelerating the implementation
of their online sales platforms and stepping up their
digital content initiatives. Excellence in retailing is
key. It requires expertise and attentiveness from
beauty consultants, as well as innovation in sales,
both in stores and online. Our brands are actively
incorporating digital tools to enhance the customer
experience and attract new consumers. The Group’s
refusal to engage in excessive special offers and
parallel sales helps ensure the powerful appeal of
LVMH’s Maisons.
2023 OUTLOOK
While remaining vigilant, as called for by the
uncertainty of the current environment, the
Perfumes & Cosmetics Maisons will continue to
invest selectively in their strengths: brand appeal,
accelerated innovation and digital initiatives, and
a selective approach to retail networks. Christian
Dior, building on the brand’s excellent momen-
tum, has set ambitious leadership targets that
will draw on innovation to enrich its iconic
lines, Sauvage, Miss Dior, Rouge Dior, J’adore,
La Collection Privée, Capture and Prestige, in
particular. Reflecting its desire to connect more
directly with its customers, the Maison will con-
tinue expanding its network of directly operated
stores, while increasing the share of digital in its
sales and marketing. Lastly, Dior will maintain its
commitment to corporate social responsibility
through its holistic “Beauty as a Legacy” program.
Guerlain will see a flurry of exciting develop-
ments, with the reinvention of its star product,
the Micro-Lift Concentrate version of Orchidée
Impériale, and large-scale initiatives including a
collaboration with the prestigious Maison
Matisse, founded by the family of the renowned
French painter, for the L’Art et la Matière collection,
as well as the launch of a natural, no-transfer
matte foundation in the iconic Terracotta range.
Parfums Givenchy will launch a major initiative
in men’s fragrances and move its skincare lines
further upmarket. While implementing a plan
focused on major innovations and boosting its
flagship products, Maison Francis Kurkdjian will
roll out the new store concept it revealed in 2022.
Acqua di Parma will unveil an exceptional collab-
oration with designer Samuel Ross.
Guerlain
2022 at a glance
STRONG MOMENTUM IN PERFUME
AND CONTINUED SELECTIVE DISTRIBUTION
2022 revenue
by region
12%
Other markets
35%
Asia (excl. Japan)
9%
France
20%
Europe (excl. France)
19%
United States
5%
Japan
Revenue
(EUR millions)
7,722
6,608
5,248
Profit from
recurring
operations
(EUR millions)
Operating
investments
(EUR millions)
684 660
409
280
290
80
2020
2021
2022
2020
2021
2022
2020
2021
2022
Major strategic priorities
— Maintain our creativity in terms
of innovation and appeal
— Focus on developing Parfums Christian Dior
in harmony with Couture
— Pursue the global expansion
of our other brands
— Strengthen our commitment to biodiversity
and sustainable design
94 • 95
Guerlain
LVMH 2022 . Perfumes & Cosmetics 1
1. 2. 3. Parfums Christian Dior
2
3
2022
Highlights
Retaining its focus on its highly selective distribu-
tion strategy, the Perfumes & Cosmetics business
presence. Fragrances were buoyed by the success
of the Maison’s core collections: Sauvage, which
group was boosted by the ongoing success
saw very strong growth, confirmed its position as
of iconic fragrances and the rebound in makeup.
the world’s best-selling fragrance across all catego-
Skincare, which had seen rapid growth in China,
ries; J’adore benefited from the successful global
was hit by the public health situation in the country.
launch of Parfum d’Eau; Miss Dior continued its
Innovation played a key role in the progress made
ongoing success and Dior Homme was boosted by
by LVMH’s Maisons.
the relaunch of Dior Homme Sport. The Collection
Privée range of exceptional fragrances accentuated
Christian Dior achieved remarkable growth world-
wide. The Maison reinforced its leading positions in
Europe and Japan, and confirmed its strong
its growth and was enriched with the first scents
crafted by Francis Kurkdjian, the Maison’s new
Creative Director of Fragrances, who revisited
momentum in its other key markets, in particular
two historic signatures. Skincare was buoyed by
the United States, South Korea, Southeast Asia and
the vitality of the premium category, in particular
the Middle East. All the iconic lines drove this strong
the Prestige range, boosted by the new version of
performance, backed by a strong social media
La Crème, presented in sustainably designed
96 • 97
LVMH 2022 . Perfumes & Cosmetics 1
2
packaging, as well as rapid growth in the L’Or de Vie
source of environmental regeneration, and ambi-
Double R Renew & Repair Advanced Serum. Guerlain’s
range and the launch of La Mousse OFF/ON
tiously committed to cutting its greenhouse gas
fifteen years of commitment to sustainability through
foaming cleanser as part of a new range of water
emissions by 46% by 2030.
lily infused makeup removers. Growth in makeup
was fueled by the success of new lipsticks (refillable
Dior Addict and transfer proof Rouge Dior Forever)
Guerlain continued its growth, buoyed by a strong
performance in fragrances. The L’Art et la Matière
and the solid performance of the new version of its
collection, which embodies the Maison’s excellence
Forever liquid foundation. The Maison ramped up
in high perfumery, was enriched with new fragrances,
the development of its spa business. Online sales
while the Aqua Allegoria collection maintained its
its “In the Name of Beauty” program were recog-
nized with a number of prestigious awards. This
commitment is now incarnated by Angelina Jolie to
give it even greater resonance worldwide.
Parfums Givenchy saw good momentum among
its iconic fragrances: L’Interdit confirmed its suc-
grew rapidly through directly operated sites. The
strong momentum and equally powerful commit-
cess, while Irrésistible made further headway,
Maison adopted an omnichannel marketing approach
ments, with the launch of the Aqua Allegoria Forte
driven by its Eau de Toilette Fraîche version, and
spanning all traditional and digital channels to place
range of more intense eau de parfum scents and a
Gentleman broke ground with Réserve Privée, a
itself among the most visible and appealing beauty
lush new video in the marketing campaign directed
bold collaboration with Glenmorangie whisky,
brands. In connection with its “Beauty as a Legacy”
CSR mission, it stepped up its efforts to promote
by Yann Arthus-Bertrand. Skincare also turned in a
strong performance, with the Abeille Royale range
biodiversity through the cultivation of flowers as a
invigorated by the relaunch of its star product,
bringing together and celebrating two emblems of
expert craftsmanship. Makeup saw the relaunch of
Le Rouge Interdit lipstick. Benefit pursued growth
3
4
OUR MAISONS TAKE ACTION
assembled by the UNESCO team
in Phnom Penh, in collaboration
Guerlain rolls out its Women
with the Maddox Jolie-Pitt (MJP)
for Bees program alongside
Foundation in Battambang.
UNESCO and the Maddox Jolie-Pitt
Angelina Jolie, muse and godmother
Foundation
of the 2021 and 2022 editions, was
there to officially launch the second
— Building on the first Women
training course, along with other
for Bees training program hosted
personalities, including beekeeper
by the OFA (French bee research
Aggelina Kanellopoulou, a graduate
observatory) in the south of France
of the first training course in 2021.
in 2021, Guerlain launched a second
The training program will equip
joint training initiative alongside
the 11 apprentice beekeepers
UNESCO-MAB (Man and the
with the theoretical and practical
Biosphere) in February 2022. The
beekeeping knowledge and skills
cohort of 11 budding beekeepers
they need to set up and run
from rural communities was
a sustainable beekeeping operation.
98 • 99
1. Parfums Christian Dior
2. Guerlain
3. Parfums Givenchy
4. Fresh
LVMH 2022 . Perfumes & Cosmetics 1. Fenty Beauty
2. Acqua di Parma
3. Kenzo Parfums
4. Maison Francis Kurkdjian
through high-impact initiatives. The brow category,
cess of its Baccarat Rouge 540 fragrance and the
OUR MAISONS TAKE ACTION
in which the brand is the world leader, was boosted
launch of its new 724 scent. The Maison partnered
by the launch of the Gimme Brow+ Volumizing
Pencil and the rollout of the innovative Brow
Lamination service at its Brow Bars. Another suc-
cess was the launch of Wanderful World, a compre-
with the Palace of Versailles as part of a patronage
project and opened its first store in China. Acqua di
Parma continued to grow at a brisk pace, driven by
the momentum of its Signatures of the Sun line,
Make Up For Ever
celebrates Pride Month
— To mark Pride Month, Make Up
hensive collection of powder blushes. Its The
with the launch of Magnolia Infinita and the Zafferano
For Ever maintained its commitment
Porefessional range was expanded with an ultra-
lightweight version. Fresh reaffirmed its expertise
in the use of natural ingredients with the launch of
Tea Elixir, a new serum that boosts skin’s resilience
to stressors. Make Up For Ever saw business driven
by an innovation program developed with its col-
lective of makeup artists. Its HD Skin undetectable
foundation was a major success. The Maison pre-
sented its first exhibition of body and face art,
showcasing the work of its Academy’s most talented
students. Growth at Kenzo Parfums was driven by
the new L’Absolue version of its Flower by Kenzo
flagship line and its marketing campaign. Maison
Francis Kurkdjian achieved remarkable growth in
the United States and Europe, fueled by the suc-
exclusive limited edition for Harrods. Its new
to the LGBTQI+ community with
Colonia C.L.U.B. fragrance was an instant bestseller.
For Perfumes Loewe, international expansion
through a new point-of-sale concept was the main
“Proud For Ever”, a series of inspiring
profiles where passion for makeup
goes hand in hand with self-
growth driver. The Maison’s first store was opened
affirmation. Ever since it was founded
in China and its e-commerce site is now available in
40 countries. Fenty Beauty doubled its revenue in
2022 through its expanded distribution and suc-
cessful launches. Fenty Skin saw strong growth in
the body care category. Officine Universelle Buly
continued its expansion, in particular in Japan, with
in 1984, Make Up For Ever has been
committed to diversity and inclusion,
with the Maison constantly working
to help people find inspiration and
the freedom to express themselves.
In 2022, Make Up For Ever celebrated
five new points of sale. In Paris, the Maison’s
unique members of the LGBTQI+
officines, or dispensaries, benefited from growing
brand awareness. A new version of the website
community, highlighting their
struggles, hopes and desires
was launched.
for the future. In a series of detailed
and intimate portraits, celebrated
makeup artist and friend of the Maison
James Kaliardos talked to unique,
larger-than-life personalities Santiago,
Nyja and Carlos to find out more
about their individual journeys
to love and self-acceptance.
1
3
100 • 101
2
4
LVMH 2022 . Perfumes & Cosmetics 2022
STORIES
A new approach to fragrance
PARFUMS CHRISTIAN DIOR — In 2022, Dior unveiled J’adore Parfum d’Eau, a new fragrance made
with an innovative, highly concentrated, water-based formula. A feat of perfumery, it has a floral bouquet
that is fresh, immediate and distinctly natural. The new fragrance, a concentrate of water and flowers,
reinvents the promise of pleasure encapsulated by J’adore since 1999. The pleasure of a revisited
bouquet – neroli from Vallauris injects full freshness, while sunny notes of jasmine sambac blend with
velvety notes of Chinese magnolia. The pleasure of a patented, alcohol-free, exclusive Dior formula
that is as intense and long-lasting as an eau de parfum.
102 • 103
LVMH 2022 . Perfumes & Cosmetics Joyous
tributes to
the wonders
of the
natural world
GUERLAIN — The Aqua
Allegoria fragrance collection
celebrates the wonders of the
world. Each creation unbottles
beautiful raw materials and
unique notes – bright florals,
vibrant citruses, and sunny fruits
– masterfully enhanced by
Guerlain’s perfumer-explorers.
The new collection takes
the Maison’s environmental
commitment to another level,
uniting luxury and sustainability
in the name of nature and for
the love of bees. Aqua Allegoria
has been reinvented as an allegory
of the Maison’s values of beauty
and sustainable innovation. The
collection continues to trailblaze
with two revolutionary new
features: a new formula made
with organic alcohol and up
to 95% natural ingredients, and
a new eco-designed bottle that
is unscrewable, refillable and
recyclable, and made in France
from recycled glass. To mark the
launch, French environmentalist,
photographer and filmmaker
Yann Arthus-Bertrand created a
video clip that reflects the values
he shares with Guerlain.
Leaving beauty as a legacy
PARFUMS CHRISTIAN DIOR — At the very core of Parfums Christian Dior’s identity is Monsieur Dior’s boundless love of flowers. Flowers are the source of every
fragrance, skincare and makeup product the Maison creates, and it endeavors to harness their power to regenerate biodiversity and take action to preserve and promote
their vital role in ecosystems. Echoing this calling, Parfums Christian Dior presented its Beauty as a Legacy 2030 strategy: an action plan to improve the impact
of its activities on biodiversity and local communities by 2030. The strategy is based on five key priorities: harnessing the potential of flowers to regenerate ecosystems
and preserve biodiversity; responding to the climate emergency; defining the concept of “responsible beauty”; ramping up the Maison’s innovations in sustainable design;
and promoting a more inclusive society. The Maison’s initiatives include aiming to have 100% of its gardens and partner gardens operated using organic or regenerative
farming practices by 2030.
The Perfumer’s Garden enchants Versailles
MAISON FRANCIS KURKDJIAN — Maison Francis Kurkdjian has become a patron of the Palace of Versailles and is funding the creation of a
Perfumer’s Garden. The garden, located in the Châteauneuf Orangery on the Trianon estate, features hundreds of types of flowers and opens its doors
to the public in spring 2023. It is the fruit of an exceptional partnership between the Trianon gardeners and Francis Kurkdjian – a bucolic promenade
showcasing hundreds of historic plants, including some with surprising scents, like chocolate and apple, and even “mute” flowers like hyacinths, peonies
and violets. Visitors can also learn all about the history of fragrance at the court of Versailles. The Palace of Versailles holds special significance
for Francis Kurkdjian: just a few years after graduating from Versailles’ perfumery school, he recreated Marie-Antoinette’s fragrance, Sillage de la Reine,
using historic archive documents and designed a range of scented features for the pools and fountains of the gardens of Versailles.
106 • 107
LVMH 2022 . Perfumes & Cosmetics 15th chapter
of the
adventure
OFFICINE UNIVERSELLE
BULY — In downtown Tokyo’s
Marunouchi district, Officine
Universelle Buly’s new shop
has a retro-futuristic interior
that reflects the brand identity
crafted by Ramdane Touhami,
the Maison’s founder and
creative director. Contrasts are
the rule: the ceiling’s brushed
stainless-steel panels are slyly
juxtaposed with the walls’
ornate regency wood paneling,
featuring shells and friezes
sculpted by the Maison’s French
master cabinetmaker. The sleek
diagonal lines of the tilted display
cabinets and long bench leading
into the store inject an angular
modernity that diverges from
the Travertine tile floor and
its specially designed round
cabochons.
Symbolically, the dispensary’s
imperial green walls are imbued
with a patina that brings us back
in time while inviting us to
seize the moment – an apt way
to celebrate the opening of
the Maison’s 15th store in Japan.
108 • 109
LVMH 2022 . Perfumes & Cosmetics Tiffany & Co.
LVMH
WATCHES &
JEWELRY
2022
Creativity and
in-depth expertise
The LVMH Watches & Jewelry business group is
one of the most dynamic players in its sector. It
continues to gain market share with a successful
strategy that is driven by jewelry Maisons that carry
on exceptional creative legacies and expertise, and
by leading watchmaking Maisons that are always on
the cutting edge of innovation. 2021 saw the arrival
of the prestigious American jewelry house Tiffany &
Co., which has substantially bolstered the business
group’s standing in a very dynamic, highly promis-
ing market segment.
Creativity, brand awareness
and in-depth expertise
The growth of these Maisons is driven by their cre-
ativity. They enrich leading product ranges with
well-established designs and identities, such as
Tiffany’s Blue Book high jewelry collection, Bulgari’s
iconic Serpenti range and TAG Heuer and Hublot’s
famous Carrera and Big Bang lines. They continually
explore new horizons with innovations combining
audacity with excellence, as illustrated by TAG Heuer’s
next-generation smartwatch. Harnessing expertise
is a key priority, which the Maisons address by opti-
mizing their manufacturing processes, implementing
synergies and boosting their production capacity.
Developing brand awareness with target audiences
and increasing their social media presence are also
crucial to gaining new market share.
Quality and productivity in retailing
Lastly, the business group is focusing on the qual-
ity 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 continue to refurbish
and open their own directly operated stores in
buoyant markets in key cities.
2023 OUTLOOK
In 2023, the Watches & Jewelry business group
will aim to continue gaining market share and
boosting its production chains. Given the challenges
that may arise in the months ahead, the Maisons
will continue to manage costs and remain selective
in their investments. They will continue to prioritize
innovation, targeted expansion of their networks of
directly operated stores and e-commerce, and their
capacity to seize opportunities unlocked by their
rapidly expanding digital presence. Their strategies
will continue to focus on sustainability and respon-
sibility, particularly in terms of traceability for gems
and precious metals. Tiffany will add new designs
to its unisex Lock collection, which it will roll out to
all its markets. The Maison will also ramp up the
redesign of its retail network. One of the highlights
of this program will be the reopening of its land-
mark New York flagship store following a four-year
transformation, which will offer an unparalleled
customer experience and a new vision of Tiffany.
Bulgari will bolster its positions in high-end lines,
celebrate the 75th anniversary of its iconic Serpenti
collection and open two new hotels, including one
in Rome. The Maison will start construction on its
new jewelry manufacturing facility in Valenza,
which, once completed, will double its production
capacity at this site, where it has operated since 2017,
creating 750 new jobs for jewelry artisans trained at
its own academy. The site also aims to become the
world’s first jewelry manufacturing facility powered
entirely by renewable energy, 40% of which will be
generated internally. Chaumet will continue expand-
ing and renovating its store network, and will launch
a number of corporate giving initiatives, in particular
its new Echo Culture Award, which will recognize
women-led projects that promote access to culture
for as many people as possible. TAG Heuer will cel-
ebrate the 60th anniversary of its Carrera collection
and continue its slate of events relating to its smart-
watches and its partnership with Porsche. In 2023,
Hublot will begin construction on its new manu-
facturing facility, built to the highest environmen-
tal standards, which will help accommodate the
Maison’s growth.
Bulgari
2022 at a glance
RAPID GROWTH IN JEWELRY AND WATCHES
2022 revenue
by region
13%
Other markets
32%
Asia (excl. Japan)
11%
Japan
3%
France
15%
Europe (excl. France)
26%
United States
Revenue
(EUR millions)
Profit from
recurring
operations
(EUR millions)
Operating
investments
(EUR millions)
10,581
2,017
654
8,964
1,679
3,356
302
458
210
2020
2021
2022
2020
2021
2022
2020
2021
2022
Major strategic priorities
— Reinforce our Maisons’ desirability thanks
to expert craftsmanship and distribution
— Maintain Tiffany & Co.’s powerful momentum,
with the reopening of the legendary store
on New York’s Fifth Avenue
— Spur continued growth at Bulgari
and TAG Heuer with innovative products
— Optimally develop manufacturing facilities
112 • 113
Bulgari
LVMH 2022 . Watches & Jewelry 1
1. 2. 3. Tiffany & Co.
2
3
2022
Highlights
The Watches & Jewelry business group showed
fueled by a flurry of events and the launch of a
strong momentum in 2022, driven by the powerful
marketing campaign featuring the Maison’s brand
appeal of the jewelry Maisons and the creativity of
ambassador Gal Gadot. This success has posi-
their iconic collections, as well as the expertise and
tioned Tiffany as a major player in the world of high
capacity to innovate of the watchmaking Maisons.
jewelry. The events celebrating Tiffany’s 185th anni-
Emphasis continued to be placed on the selective
versary and its creative heritage joining tradition
development of their retail networks, marketing,
and modernity culminated in the Vision & Virtuosity
and brand activation through events and digital
exhibition at the Saatchi Gallery in London, which
engagement.
In a year featuring many initiatives, Tiffany turned
in an excellent performance and continued to grow
completely sold out. The Maison also marked the
occasion by illuminating the facades of the legend-
ary Harrods department store in Tiffany Blue®. The
Maison unveiled several bold innovations and col-
its appeal. Its Lock jewelry collection, launched in
laborations, including the creation of NFTiff x
North America in August, was very well received. A
CryptoPunks pendants and the limited-edition
number of celebrities – including singer-songwriter
Beyoncé, K-pop star Rosé, and model and entre-
Daniel Arsham x Lock, an end-of-year campaign
recalling a historic partnership with Andy Warhol.
preneur Hailey Bieber – appeared in campaigns
With openings of more than a dozen new or reno-
wearing the iconic T and HardWear collections,
vated stores featuring its latest retail concept in the
building a strong following among Tiffany’s cus-
fourth quarter, Tiffany demonstrated its commitment
tomers. Revenue from high jewelry sales doubled,
to ramping up the redesign of its store network.
114 • 115
LVMH 2022 . Watches & Jewelry 1
2
Bulgari maintained its solid momentum, particularly
in the United States, Europe, the Middle East, and
December 2021 and became one of the French
capital’s most acclaimed hotels in the space of just
Southeast Asia. Growth was driven by the iconic
a few months.
Serpenti collection, high jewelry and high-end
watches, in particular the new Eden: The Garden of
Wonders collection, launched in Paris in June and
TAG Heuer had a year brimming with innovation, as
evidenced in particular by the creation of its first
subsequently presented in Shanghai, Tokyo, San
solar-powered timepiece in the Aquaracer collec-
Diego, New York, Bangkok and Dubai, achieving
tion and the Carrera Plasma, an avant-garde fusion
record revenue. The Maison’s move further upmarket
of watchmaking and lab-grown diamonds. Another
was reflected in a marketing campaign directed by
highlight was the release of its latest generation of
Paolo Sorrentino, starring brand ambassadors
smartwatches. The Monaco x Gulf won the Iconic
Anne Hathaway, Zendaya, Blackpink’s Lisa, and
Watch Prize at the Geneva Watchmaking Grand
Priyanka Chopra. Its many other initiatives included
Prix. The Maison expanded its family of ambassadors
the release of the documentary Inside the Dream,
and launched a highly eventful series of initiatives
which traces the path of a raw emerald all the way
built around its partnership with Porsche and the
to the red carpet at the Venice Film Festival. Bulgari
film The Gray Man, which stars the Maison’s brand
broke new ground in the digital realm with the first
ambassador Ryan Gosling.
NFT contemporary artworks inspired by the Octo
Finissimo Ultra, which set a new record for the world’s
thinnest mechanical watch, and Metamorphosis, an
Hublot had an excellent year, driven by the latest
additions to the Big Bang collection, the launch of
extraordinary diamond and ruby necklace that can
the Square Bang collection at the Watches &
be worn nine different ways, each one a master-
Wonders trade show, and the solid performance
piece. The Bulgari Hotel Paris opened its doors in
achieved by its store network, which continued to
3
4
OUR MAISONS TAKE ACTION
making jewelry. Apprentices will
be exposed to world-class expertise
Institut des Métiers d’Excellence
in craftsmanship, design and retail –
program launches in the US
all métiers d’excellence, or professions
with Tiffany & Co.
of excellence, for which LVMH
is known around the world.
— Tiffany & Co. worked with
The apprenticeship process began
the US Department of Labor to
in the summer with a focus on hiring
launch LVMH’s first-ever certified
young people from diverse
apprenticeship program in the
and historically under-represented
United States. Unique in its sector,
communities so as to create career
the program will train the first cohort
opportunities and build an inclusive
of a new generation of artisans
talent pipeline.
specializing in designing and
1. 2. Bulgari
3. TAG Heuer
4. Hublot
116 • 117
LVMH 2022 . Watches & Jewelry 1. 2. Chaumet
3. Fred
4. Zenith
grow around the world. The Maison demonstrated
which attracted a record number of visitors.
OUR MAISONS TAKE ACTION
its capacity for innovation, releasing a large number
With a concept extending beyond jewelry and
of exceptional pieces and creating NFTs in collabo-
the history of the Maison, this event, featuring
ration with artist Takashi Murakami. Raising its strong
400 works loaned by over 90 museums and other
profile even further as the Official Timekeeper of
institutions, celebrated nature by exploring
Responsible purchasing:
A key priority for our Maisons
the 2022 Soccer World Cup, Hublot launched its
5,000 years of art and design across a range of
— All of the Watches & Jewelry
third generation smartwatch Big Bang e FIFA
disciplines, illustrating Chaumet’s support for
Maisons have received certification
World Cup Qatar 2022™, the most powerful yet in
culture and its desire to share its vision of a highly
under the Responsible Jewellery
its Big Bang e watch collection, and unveiled its
relevant contemporary issue with a wide audience.
Council’s Code of Practices
“Hublot Loves Football” campaign, designed in
Another prominent exhibition, Tiara Dream, was
standard, known as RJC CoP. As
collaboration with Franco-Lebanese artist Mira Mikati
held in Riyadh. The new Ondes et Merveilles
part of the LIFE 2020 and LIFE 360
and featuring 15 of the Maison’s brand ambassadors,
(Waves and Wonders) high jewelry collection
targets, and in line with this
including Kylian Mbappé.
pays tribute to the sea, a perennial source of
certification, which applies to their
Zenith had a year marked by several headline
events, including the launch of the Defy Skyline at
inspiration for the Maison. The Maison’s iconic
gold and diamond supply chains,
collections showed good momentum, in particu-
they expanded their responsible
lar the increasingly successful Bee My Love.
sourcing efforts. Bulgari is
LVMH Watch Week and the “Master of Chronographs”
Chaumet continued the targeted expansion of
particularly active in this area, and
campaign, which showcased the Maison’s heritage
its retail network.
and major innovations in the field of mechanical
chronographs. Zenith’s strategic ambition of con-
necting directly with its customers was reflected in
Fred, buoyed by its “Live the Joy” marketing cam-
paign, saw very strong growth. Its main collections
has become the first company in its
market to obtain the Chain of
Custody (CoC) certification for its
jewelry business. The Group and its
the opening of 11 new directly operated stores and
achieved record revenue. The Maison’s first retro-
Maisons are also involved in the
its expansion into 17 new e-commerce markets.
spective exhibition, Fred: Jewelry Designer Since
Coloured Gemstones Working
The Maison unveiled its “Zenith Horizon” CSR
1936, presented at the Palais de Tokyo in Paris, and
Group (CGWG) run by The
program and reaffirmed its support for the fight
against breast cancer by donating unique time-
the launch of its new high jewelry collection
Dragonfly Initiative. The CGWG
Monsieur Fred Inner Light were the headline events
aims to roll out environmental and
pieces to raise funds for this cause.
of 2022. As a Special Olympics partner, Fred lent its
social best practice across the
Chaumet had an excellent year and raised its pro-
file with several key events, including the Botanical
exhibition at the Palais des Beaux-Arts in Paris,
support for the 10th edition of the organization’s
colored gemstone sector by making
National Summer Games in June, dedicated to the
all tools developed by the initiative
empowerment of people with intellectual disabilities
through sports.
available to the industry on an
open-source basis and allowing
industry players to assess the
maturity of their practices.
1
3
118 • 119
2
4
LVMH 2022 . Watches & Jewelry 2022
STORIES
Lock: The bonds that bring us together
TIFFANY & CO. — No rules. All welcome. The iconic new Tiffany Lock collection is a symbol
of connection and togetherness. Its bracelets, rings, earrings and pendants in rose gold come in
multiple colorways and introduce an innovative swiveling mechanism that echoes the functionality
of a padlock – a hallmark motif from the Tiffany & Co. archives. The unique clasp on each Lock
bracelet is a feat of Tiffany & Co. craftsmanship and was one year in the making. Supporting
the worldwide launch, the Tiffany Lock campaign features superstar Rosé of the K-pop girl group
Blackpink. The Maison’s ambassador wears sparkling diamond Lock bangles, which highlight
the powerful style statement made by each design. Rosé embodies the modern “Tiffany woman”
and brings an energy that matches the Tiffany Lock ethos. Rosé, and the male talent featured
in the campaign, capture the inclusive spirit of Tiffany & Co.’s first all-gender jewelry collection.
120 • 121
LVMH 2022 . Watches & Jewelry The revolutionary Carrera Plasma
TAG HEUER — TAG Heuer unveiled the new TAG Heuer Carrera Plasma, marking its entry into the world of lab-grown diamonds
and the beginning of a new era for the luxury watchmaker, focused on avant-garde design, versatility and the aesthetic codes
that make a watch absolutely unique. By adding the cutting-edge characteristics of lab-grown diamonds to its product universe,
TAG Heuer opens up a whole new world of unbounded creativity and endless possibilities for diamond design. Equipped
with the Heuer 02 Tourbillon Nanograph movement, the TAG Heuer Carrera Plasma’s case is set with Diamant d’Avant-Garde
lab-grown diamonds, as well as embellished indexes. The shimmering polycrystalline diamond dial is just one of the exceptional
features of this unique timepiece.
The Garden of Wonders
BULGARI— Bulgari’s latest high jewelry collection, Bulgari Eden: The Garden of Wonders, invites you to enter a wondrous world,
featuring over 140 high jewelry pieces and exceptionally creative watch designs. One of its masterpieces, the Emerald Glory necklace,
is adorned with the most exquisite natural treasures: a set of eleven magnificent pear-shaped emeralds from Colombia, patiently
assembled by Bulgari’s gem hunters and weighing in at 42.02 carats. The collection’s Tribute to Paris necklace celebrates the City
of Light with a spectacular 35.53-carat emerald set off by a distinctive Eiffel Tower motif. Celebrating the idea of metamorphosis,
the Serpenti Ocean Treasure platinum and diamond necklace: two snakes fuse into one, featuring a twisting movement that holds
an exceptional 61.30-carat drop-shaped Sri Lankan sapphire.
124 • 125
LVMH 2022 . Watches & Jewelry Force 10:
Jewelry
for every day
and every
whim
FRED — “One day, my eldest
son had the fun idea of braiding
sailing cables, fixed with rivets
at either end, to make a bracelet
for his wife. Then, for her birthday,
he reimagined the same design
but added a gold carabiner-
shaped clasp. To enhance its
value, he added links all along
the bracelet. That’s how the first
piece in the Force 10 collection
came into being in 1966.”
The Force 10 bracelet epitomizes
Fred Samuel’s and his family’s
passion for the sea and sailing,
and is now one of the Maison’s
most iconic pieces. More than
a jewel, it has become a symbol
of courage, perseverance
and self-confidence. By daring
to engineer this unexpected
combination of a braided steel
sailing cable and a gold buckle –
two materials that until then
were considered polar opposites
– Fred made its mark on the
history of jewelry. This strikingly
avant-garde bracelet has since
inspired a collection that is both
casual and precious.
126 • 127
LVMH 2022 . Watches & Jewelry Botanical: Art that celebrates nature
CHAUMET — During the summer of 2022, Chaumet’s Botanical – Observing Beauty exhibition connected its own exceptional
jewelry creations and botanical perspective with all forms of art. It immersed visitors in the story of how plants have inspired art
for over 7,000 years, celebrating nature in art with close to 400 works – graphic art, paintings, sculptures, textiles and furniture,
as well as some one hundred jewelry pieces by Chaumet and other designers. Works by scientists, botanists and artists revealed
the extraordinary beauty of plants – a central theme of Chaumet’s designs throughout its history. Against the exceptional backdrop
of the Palais des Beaux-Arts de Paris, the exhibition showcased the Maison’s fine craftsmanship in jewelry design and contextualized
it within art history as a whole.
128 • 129
LVMH 2022 . Watches & Jewelry Sephora: Place Vendôme Mall, Qatar
LVMH
SELECTIVE
RETAILING
2022
Reinventing
the customer experience
2023 OUTLOOK
Offering customers the best shopping experience
possible across all distribution channels remains
the goal shared by all the Maisons. In an uncertain
and volatile global environment, Sephora is opti-
mistic but cautious for 2023, and will clearly focus
on differentiating further and continuing to build
“the world’s most loved beauty community”.
Sephora will continue to develop its omnichannel
capabilities and will open over 100 new points of
sale to win in its key markets of the United States,
Canada, the Middle East, France and China.
Sephora will continue to drive preference through
product differentiation, with its carefully selected
assortment of brands and products tailored to
each unique customer profile, all while pursuing
the Diversity & Inclusion initiatives that bring
Sephora’s purpose to life. DFS should benefit from
the upturn in business and the return of travelers
to Hong Kong and Macao. Operations will begin at
China’s Chongqing Jiangbei International Airport
in the first quarter, and its new T Galleria store is
set to open in Brisbane, Australia towards the end
of the year. The Maison will also continue to focus
on opportunities to grow and diversify its cus-
tomer base. Le Bon Marché will continue to
enhance the quality of its exclusive selection and
its customer experience, while capitalizing on its
innovative approach and unique cultural dimen-
sion. The highlight of the beginning of the year will
be the Sangam exhibition by artist Subodh Gupta.
In light of the success of the immersive theater
experience that debuted in 2022, further perfor-
mances will be held in March and April 2023.
With locations all around the world, our Selective
Retailing Maisons make sure that customers are the
number-one priority for their strategies and their
staff. Sephora, DFS and Le Bon Marché are all pio-
neers in their fields and continue to innovate and
imagine the shopping experience of the future for
their customers.
An increasingly innovative
and personalized experience
For over half a century, Sephora has been revolu-
tionizing the beauty industry, elevating the shopping
experience into a moment of pure pleasure and
freedom, developing new in-store services and
hunting out rare finds to add to its unique range
of brands and products. Combining the best of
in-store and online shopping, Sephora’s omnichan-
nel beauty experience offers an interactive, person-
alized, seamless customer journey. Le Bon Marché
is a department store like no other: striking archi-
tecture enhanced by tasteful updates; an exclusive,
elegant 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. Our 24S digital platform,
which was launched in 2017, also reflects this quest
for excellence and aims to offer a whole new online
shopping experience.
Staying particularly agile
DFS – which has been pioneering travel retail since
the early days of the air travel boom – constantly
updates its boutiques and its T Galleria luxury
department stores to continually enhance the trav-
eler’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, followed by
Paris in 2021. DFS will continue its expansion in
Asia, prioritizing recovery in flagship destinations
Hong Kong and Macao.
La Samaritaine Paris Pont-Neuf
2022 at a glance
EXCELLENT PERFORMANCE BY SEPHORA;
DFS IMPACTED BY THE HEALTH SITUATION IN CHINA
2022 revenue
by region
18%
Other markets
16%
Asia (excl. Japan)
1%
Japan
12%
France
9%
Europe (excl. France)
44%
United States
Revenue
(EUR millions)
Profit from
recurring
operations
(EUR millions)
Operating
investments
(EUR millions)
14,852
788
523
11,754
10,155
534
410
370
2020
2021
2022
2020
2021
2022
2020
2021
2022
(203)
Major strategic priorities
— Maintain Sephora’s innovative momentum
in stores and online
— Continue to cultivate a creative,
exclusive offering at Le Bon Marché
and La Grande Épicerie de Paris
— Continue the expansion of DFS and develop
digital initiatives to build customer
loyalty during their travel experiences
132 • 133
La Samaritaine Paris Pont-Neuf
LVMH 2022 . Selective Retailing 1
1. 2. 3. Sephora
2
3
2022
Highlights
The Selective Retailing business group saw solid
also extremely strong. This growth was supported
growth despite the impact of the public health
by continued rapid innovation, both in-store and
situation in China. The Maisons demonstrated
online, but also sustained investment in logistics. In
flexibility and agility, focusing their efforts on the
markets where recovery was the strongest and
terms of categories, makeup, haircare and fra-
grances drove growth. Sephora’s own brand,
stepping up the pace of their digital inroads. Growth
Sephora Collection, performed well behind impact-
at the Maisons was powered by excellence and
ful new product launches. Sephora continued to
innovation driving improvements in the customer
expand its store network, especially thanks to its
experience, differentiation and loyalty policies, and
partnership with Kohl’s in the United States. Sephora
the ramp-up of omnichannel strategies.
also launched a new “store of the future” concept
In 2022, Sephora achieved its strongest year ever
with record sales and profits. The Maison recorded
at Raffles City in Singapore, specifically designed
to offer an experiential shopping journey. A new
iconic store was opened in the Place Vendôme mall
market share gains in all of its core markets, with
especially robust performances in North America,
in Doha, Qatar. Sephora also entered the UK, a year
after its acquisition of Feelunique, a UK favorite in
Europe, the Middle East, Latin America and most
the online beauty and wellness space. The Maison
Southeast Asian countries. Retail sales were strong
was also able to finalize the sale of its Russian activ-
as traffic improved in all markets except China, due
ities to its local general manager, aimed at providing
to the public health situation. E-commerce was
continuity for local employees. In parallel, Sephora
134 • 135
LVMH 2022 . Selective Retailing 1
2
continued to build its brand and reinforce its cul-
drop, DFS focused on revitalizing its network,
ture. The Maison organized exciting physical, digital
innovating in the digital space and selectively
and hybrid events dedicated to its clients, such as
expanding. The Maison celebrated its 50th anniver-
“Sephoria: Virtual House of Beauty”, featuring mul-
sary at San Francisco International Airport with an
tiple virtual rooms to explore and exclusive content
event to unveil its renovated stores, and also cele-
from some of Sephora’s most loved brands. True to
brated the reopening of its airport stores in Vietnam
its commitment to a more diverse and inclusive
and Singapore and of its T Galleria store on the
world, Sephora has continued to support causes it
island of Bali. A number of new sites were opened
deeply believes in. In the United States, Sephora
in 2022: DFS won the fashion, watch and jewelry
pursued its Accelerate brand incubator program in
concessions at the domestic terminal of China’s
particular, aimed at supporting beauty entrepre-
Chongqing Jiangbei International Airport – the
neurs, with a focus on supporting founders of color
Maison’s first successful bid for a Chinese airport
to increase their representation in prestige beauty
concession. In October, a new T Galleria store
and in Sephora’s product assortment. In France,
opened in Queenstown, New Zealand, introducing
Sephora pursued its partnership with Toutes à l’École,
the “Resort” concept. In Macao, the reopening of
to support the education of girls in Cambodia.
the T Galleria Beauty by DFS store at the Galaxy
DFS remained hampered during the year by the
public health situation in China. Flagship destina-
resort was followed by the opening of a new
T Galleria at The Londoner resort. Destinations not
affected by the public health situation performed
tions Hong Kong and Macao were particularly hard-
well, including in particular Japan, the Middle East
hit in 2022 with the suspension of domestic travel
and France, where La Samaritaine Pont-Neuf con-
and total absence of tourists. Against this back-
firmed its appeal. The Maison continued to focus
3
4
OUR MAISONS TAKE ACTION
and non-binary people – show
and express themselves with
At Sephora, everyone counts
confidence. Many of these classes
have been held around the world.
— Through its Classes for
After launching in the United States
Confidence program, Sephora
and Canada, they have been
offers both beauty classes and
expanded in a number of European
coaching to help people facing
countries (France, Poland, Spain,
major life transitions – including
Italy, Greece, Denmark and Portugal).
cancer survivors, people who
Since the program was launched
have been marginalized on
in 2015, over 126,000 participants
the job market, and transgender
have taken nearly 2,800 classes.
1. 2. La Samaritaine Paris Pont-Neuf
3. 4. T Fondaco dei Tedeschi, Venice
136 • 137
LVMH 2022 . Selective Retailing 1. 2. 3. 4. Le Bon Marché Rive Gauche, Paris
on employee well-being by implementing health
throughout the year, joined by many customers
OUR MAISONS TAKE ACTION
programs and adapting working hours, and offered
from other parts of France and around the world.
financial support to those whose families were
Business was buoyed by a busy program of events,
affected by quarantine measures in Hong Kong in
reaffirming its unique profile as a trend-setting
particular. Lastly, DFS maintained its support
department store and a cultural venue. The begin-
Le Bon Marché at the heart
of circular design
for local communities through volunteer activities,
ning of the year featured the Su exhibition by artist
and launched a partnership with the World Health
Mehmet Uysal, an installation with a powerful
— In 2022, Le Bon Marché
Rive Gauche and Balthazar,
Organization to combat unequal access to vaccines.
message, questioning contemporary climate prior-
Le Bon Marché’s women’s and
ities. Philippe Katerine then made his mark on the
men’s fashion brands, developed
Starboard Cruise Services was boosted by the
rebound in the cruise sector after a difficult start to
store’s design with his X exhibition, while May saw
capsule collections using upcycled
the 30th anniversary of the Vieilles Charrues music
fabrics from LVMH’s Nona Source
the year and a very gradual recovery. By the end
festival. In the fall, Le Bon Marché celebrated its
platform. These collections are
of 2022, the Maison had resumed operations on 82
170th anniversary, with commemorations including
made using precious fabrics taken
ships, with an occupancy rate reaching 90%. New
the launch of an unprecedented experience for a
from unused inventories from
contracts were also signed, adding 11 ships to its
department store: an immersive theater perfor-
the Group’s major fashion Maisons.
portfolio.
mance inspired by Émile Zola’s famous novel Au
In addition, Le Bon Marché’s
Le Bon Marché had an excellent year, with revenue
exceeding its 2019 level. Parisian customers faith-
fully returned to the store, which remained open
Bonheur des Dames, played to a full house. La Grande
alterations workshop now offers
Épicerie de Paris experienced strong growth.
alteration services for all
ready-to-wear articles brought
in by customers, new or used,
regardless of whether they
were bought at Le Bon Marché
or another store. The goal
is to offer a comprehensive
service to customers and maximize
the lifespan of products.
1
3
138 • 139
2
4
LVMH 2022 . Selective Retailing 2022
STORIES
An immersive theater experience
LE BON MARCHÉ — The history of Paris’ most famous department store is inextricably linked
to Émile Zola’s masterpiece Au Bonheur des Dames (The Ladies’ Paradise), which was modeled
on Le Bon Marché. To celebrate its 170th anniversary, Le Bon Marché Rive Gauche invited theater
lovers to a first-of-its-kind immersive experience inspired by Zola’s characters. From September 2022
to April 2023, after closing time, Le Bon Marché raised the curtain and invited visitors in for a brand-
new adventure. For two hours, spectators could follow in Émile Zola’s footsteps with an immersive
play that was a far cry from traditional theater. With the actual store founded by Aristide and
Marguerite Boucicaut as their stage, the thirty characters in Au Bonheur des Dames came to life
in a memorable performance. The audience followed them through the store on an imaginary
journey back in time and also tried to solve an enigma.
140 • 141
LVMH 2022 . Selective Retailing The first
“Store of
the Future”
opens in
Singapore
SEPHORA — A pioneering
prestige beauty retailer since its
beginnings more than 50 years
ago, Sephora continued
to innovate with the launch
of its new “Store of the Future”
concept in Asia, at the Raffles
City shopping mall in Singapore.
At the 426 sq.m store, customers
can try out products in several
interactive and experimental
zones, including the Play Table,
Care Table, Skincare Lounge and
Beauty School. Sephora’s Store
of the Future offers personalized
beauty experiences such as
the Hair Consultation and Dry
Styling Hair Service. The concept
store also features other services
like Skincredible, the dermatologist-
recommended app that analyzes
skin conditions, helps users
understand their skin, and offers
instant bespoke skincare advice.
142 • 143
LVMH 2022 . Selective Retailing Stars align in Paris
LA SAMARITAINE — La Samaritaine was already alive with the spirit of Christmas on November 8! As night fell, stars lit up the store’s windows – and the faces
of prestigious guests invited to kick off the festive season. On a pop-up stage, dancers put on glittering performances in a show all about reverie and movement.
Highlights included a classical ballet routine – grace and elegance epitomized – by Paris Opera Ballet dancers Letizia Galloni and étoile (principal dancer)
Germain Louvet; an infectiously upbeat samba and pop display by young dancers from the Sabrina Lonis school of dance; and a riveting voguing performance.
For just one evening, La Samaritaine aligned the stars – Christmas twinkles and dance celebrities – to produce the most dazzling show in Paris.
LVMH 2022 . Selective Retailing Cheval Blanc Paris
LVMH
CULTURE &
LIFESTYLE
2022
2022
STORIES
Plénitude, Absolues and Michelin stars
CHEVAL BLANC — Inside the historic Samaritaine building, at the Cheval Blanc Paris restaurant Plénitude, chef
Arnaud Donckele’s cuisine is an ode to the senses, and especially scent, taking what some might call a master
perfumer’s approach to cooking. Here, in this intimate setting where time stands still, he celebrates sauces – usually
relegated to the background – elevating them to an art form and giving them the starring role. He calls them his
“Absolues”, and they blossom like bouquets. Fantastic in their complexity, his precious elixirs have head, heart
and base notes and up to twelve ingredients – no blind taster would ever find them all. They are an experience
that must be lived to the full and savored in the chef’s quintessential jus, consommés, velours, veloutés and soups.
Sauces are the backbone of Arnaud Donckele’s Parisian cuisine and have now earned him the highest distinction
for the second time: already a three-starred chef at the Cheval Blanc Saint-Tropez restaurant, Donckele was awarded
another three Michelin stars for Plénitude as soon as it opened.
148 • 149
LVMH 2022 . Culture & Lifestyle Celebrating
the world
in all its
splendor
BELMOND — In 2022, Belmond
launched MITICO, a partnership
with world-famous art gallery
Galleria Continua. Set in
the gardens of four exclusive
Belmond hotels in Italy, the
project celebrates the talents
of four leading contemporary
artists from different cultures
and backgrounds. They are:
India’s Subodh Gupta, who
exhibits at the legendary Hotel
Cipriani in Venice; Argentina’s
Leandro Erlich at Villa
San Michele in Florence; Italy’s
Michelangelo Pistoletto at
Castello di Casole in the Tuscan
countryside; and Cameroon’s
Pascale Marthine Tayou at Grand
Hotel Timeo in Taormina.
Their works of art, respectively
Cooking, Viewing, Loving, and
Coloring the World, highlight
different themes but share a
common thread: they celebrate
the world in all its splendor.
In 2023, the MITICO project
will travel further afield to Spain,
Brazil and the United Kingdom.
Villa San Michele, Florence, Italy – Window & Ladder, Leandro Erlich
150 • 151
LVMH 2022 . Culture & Lifestyle Performance measures
Useful information for shareholders
Shareholders’ Club
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.
Latest news about our Maisons
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 Shareholders
and the annual issue of Apartés, our Club magazine.
Tours to discover our Maisons
Throughout the year, the LVMH Shareholders’ Club holds
exceptional in-person and virtual private tours of a number
of its Maisons, such as Louis Vuitton’s workshops in
Asnières, Dior’s 30 Montaigne boutique and gallery, the
Samaritaine Pont-Neuf department store in Paris, and
Chaumet’s hôtel particulier on the Place Vendôme. Club
members can also reserve guided tours of unique sites
such as Hennessy’s centuries-old cellars in Cognac,
Veuve Clicquot and Ruinart’s magnificent crayères in
Information
about LVMH shares
Listed on: Eurolist by Euronext Paris
Stock market capitalization: €342 bn as of 12/31/2022
(the largest capitalization on the Paris stock market)
Number of shares: 503,257,339 as of 12/31/2022
Member of indices: CAC 40, Dow Jones Euro Stoxx 50, MSCI
Europe, FTSE Eurotop 100, Global Dow and FTSE4Good.
Shareholder structure (1)
(December 2022)
5.9%
Individuals
7.3%
French
institutional
investors
38.2%
Foreign
institutional
investors
48.2%
Arnault
family group
0.4%
Treasury
stock
Reims, and Moët & Chandon and Mercier’s champagne
(1) Voting rights: Arnault family group 63.9%; Other 36.1%.
cellars in Épernay.
Exclusive offers
for the Group’s products
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
media publications – Les Echos, Investir, Le Parisien and
Connaissance des Arts – and order priority-access tickets
for the Fondation Louis Vuitton.
A website dedicated
to Club members
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
Agenda
Thursday, January 26, 2023: 2022 full-year revenue
and results
April 2023: 2023 first-quarter revenue
Thursday, April 20, 2023: Shareholders’ Meeting
Thursday, April 27, 2023: Payment of the final dividend
for fiscal year 2022
July 2023: 2023 half-year revenue and results
October 2023: 2023 third-quarter revenue
Contacts
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
Stock market performance measures
LVMH stock market data
2021
2020
(in euros)
High (mid-session)
517.20
741.60
Low (mid-session)
278.70
489.05
Year-end share price
510.90
727.00
Change during the year (%)
Change in the CAC 40 (%)
Market capitalization
at Dec. 31 (EUR bn)
Source: Euronext.
+23%
–7%
257.9
+42%
+29%
367.0
2022
758.50
535.00
679.90
–6%
–10%
342.2
Change in the dividend
2021
2020
Gross dividend (in euros)
Change for the year
Payout ratio
Basic Group share of net
earnings per share (in euros)
6.00
+25%
64%
9.33
10.00
+67%
42%
23.90
(1) To be proposed at the Shareholders’ Meeting on April 20, 2023.
2022
12.00(1)
+20%
43%
28.05
Comparison between the LVMH share price and the CAC 40 index
since January 2, 2018
(in euros)
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
DN
FJ M A J
M
OSAJ
DN
2021
A
JJMAMFJ
2022
0
DNOS
DNOSAJJMAMFJ
2018
FJ M A J
M
OSAJ
DN
FJ
2019
M A J
OSAJ
M
2020
750
725
700
675
650
625
600
575
550
525
500
475
450
425
400
375
350
325
300
275
250
225
200
175
150
LVMH
CAC 40 rebased
Trading volume (right-hand scale)
In 2022, after the first week of January, when the CAC 40 reached an all-time record high, stock markets had a particularly
volatile year, marked by the war in Ukraine and its repercussions on the global economy, which led to both shortages and
surging inflation fueled by the energy crisis.
Faced with these headwinds, central banks took decisive action, launching an unprecedented series of interest rate hikes
after nearly ten years of falling rates. In this more challenging environment, which was also weighed down by extended
lockdowns in China as well as political and economic uncertainty in the United Kingdom, stock markets nevertheless saw
a slight upturn in the second half of the year.
The CAC 40 and Euro Stoxx 50 indices finished 2022 down 9.5% and 11.7%, respectively, dropping less than US growth
stocks, with the Nasdaq plunging 33%. The geopolitical and macroeconomic context also weighed on the performance
of luxury stocks. The LVMH share saw a rebound in the fall, recouping part of its full-year drop and allowing it to finish
off the year down 6.5%, at €679.90. LVMH’s market capitalization was €342 billion as of December 31, 2022, making
the Group the most valuable company in Europe.
154 • 155
LVMH 2022 . Performance measures Financial performance measures
2022 revenue by region
(as %)
8%
France
16%
Europe
(excl. France)
27%
United States
12%
Other
markets
30%
Asia
(excl. Japan)
7%
Japan
Stores
(number)
5,556 5,664
5,003
Revenue
(EUR millions)
79,184
64,215
44,651
2020
2021
2022
Profit from recurring operations
(EUR millions)
21,055
17,151
8,305
2020
2021
2022
2020
2021
2022
Revenue by business group
Profit from recurring
operations by business group
(EUR millions)
2022 Reported Organic (1)
(EUR millions)
Change 2022/2021
Wines & Spirits
7,099
+19%
+11%
Wines & Spirits
Fashion & Leather Goods 38,648
+25%
+20%
Fashion & Leather Goods
Perfumes & Cosmetics
Watches & Jewelry
Selective Retailing
Other activities
and eliminations
7,722
10,581
14,852
282
+17%
+18%
+26%
–
+10%
+12%
+17%
–
Perfumes & Cosmetics
Watches & Jewelry
Selective Retailing
Other activities
and eliminations
2022
2,155
15,709
660
2,017
788
(274)
Change
2022/2021
Operating
margin
+16%
+22%
–3%
+20%
+48%
–
30.4%
40.6%
8. 5%
19.1%
5.3%
–
TOTAL LVMH
79,184
+23%
+17%
TOTAL LVMH
21,055
+23%
26.6%
(1) On a constant consolidation scope and currency basis. For the Group, the impact
of changes in scope was nil and exchange rate fluctuations had a positive 6% impact.
Net profit, Group share
(EUR millions)
Operating investments
(EUR millions)
14,084
12,036
4,702
4,969
2,478
2,664
2020
2021
2022
2020
2021
2022
Operating free
cash flow
(EUR millions)
13,531
10,113
6,117
Simplified balance sheet
as of 12/31/2022
(EUR billions and % of balance sheet total)
135
135
70%
No n- c u r r e n t
a s s e t s
42%
E q u i t y
35%
No n- c u r r e n t
l i a b i l i t i e s
23% C u r r e n t
l i a b i l i t i e s
15% I n v e n t o r i e s
15% O t h e r
c u r r e n t a s s e t s
2020
2021
2022
Assets
Liabilities
and equity
Equity and ratio of
net financial debt to equity
(EUR millions and %)
56,604
48,909
38,829
11%
2020
20%
16%
2021
2022
Net financial debt
(EUR millions)
9,607 9,201
4,241
2020
2021
2022
Further information can be found in the 2022 Universal Registration Document.
156 • 157
LVMH 2022 . Performance measures Non-financial performance measures
Breakdown of emissions by business
group (in metric tons of CO₂ equivalent)
Energy consumption
by business group (in MWh)
CO2
emissions
in 2021
CO2 emissions
in 2022
pro forma(1)
Change(1)
(2)(3)
(as %)
2021
2022
pro forma (1)
Change (1) (2)
(as %)
34,470
26,111
107,301
93,677
14,285
8,965
11,140
7,071
96,315
81,650
28,842
27,989
–24%
–13%
–22%
–21%
–15%
–3%
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other
activities
233,665
246,699
398,686
405,767
99,267
96,504
46,869
44,162
308,582
317,150
111,075
117,231
+5%
+2%
–3%
–6%
+3%
+6%
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other
activities
TOTAL
290,177
247,638
–15%
(1) Value and change at constant scope.
(2) Updated emissions factors.
(3) Excludes estimated store power consumption.
TOTAL
1,198,144
1,227,513
+2%
(1) Value and change at constant scope.
(2) Excludes estimated store power consumption.
Water consumption by
business group (process requirements in m3)
Weight of packaging that reaches
customers by business group
(in metric tons)
2021
2022
pro forma(1)
Change(1)
(as %)
1,314,226
1,286,360
1,494,457
1,565,028
–2%
+5%
184,933
206,912
+12%
73,397
59,774
–19%
188,727
244,664
+30%
151,073
208,842
+38%
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
2022
pro forma(1)
Change(2)
(as %)
2021
170,166
171,121
19,149
23,145
26,890
25,966
3,959
3,425
3,390
4,053
1
+1%
+21%
–3%
+17%
–15%
–
–
TOTAL
3,406,813
3,571,580
+5%
TOTAL
223,649
227,616
+2%
(1) Value and change at constant scope.
(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, 2022)
Breakdown of the workforce
by region (as of December 31, 2022)
2022(1)
8,398
67,034
29,549
26,369
55,471
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
%
4%
34%
15%
14%
28%
Other activities
9,185
TOTAL
196,006
5%
100%
(1) Total permanent and fixed-term headcount.
(2) Under permanent contracts.
%
women(2)
40%
France
2022(1)
36,346
41,846
41,936
8,924
47,860
19,095
%
19%
21%
21%
5%
24%
10%
Europe
(excl. France)
United States
Japan
Asia (excl. Japan)
Other markets
TOTAL
196,006
100%
(1) Total permanent and fixed-term headcount.
(2) Under permanent contracts.
%
women(2)
66%
69%
75%
72%
75%
67%
71%
66%
82%
64%
84%
45%
71%
Breakdown of the workforce
by job category (as of December 31, 2022)
Average length of service and
breakdown by length of service
2022(1)
41,504
17,421
105,100
31,981
Executives
and managers
Technicians
and supervisors
Administrative
and sales staff
Production
workers
%
21%
9%
54%
16%
TOTAL
196,006
100%
(1) Total permanent and fixed-term headcount.
(2) Under permanent contracts.
%
women(2)
65%
65%
78%
61%
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
As % of global
workforce
60.8%
18.6%
8.7%
5.2%
3.5%
1.5%
1.7%
100%
6 years
Further information can be found in the 2022 Universal Registration Document.
158 • 159
LVMH 2022 . Performance measures Photographs
Cover, p. 4: Louis Vuitton Malletier, Viviane Sassen – p. 6: Jamel Toppin – p.10, 70: Dior, Adrien Dirand – p. 12, 15: Jean-François Robert
– p. 13, 81: Dior, Kristen Pelou – p. 17: Laure Sée – p. 20-21: Carolina Arantes – Louis Vuitton Asnières, Boby – Tiffany & Co.,
Evelyn Freja – Berluti, Martin Colombet – Château d’Yquem, Fred Lahache – Belmond, Gaia Bonanomi – La Galerie Dior, Carolina Arantes
– Château d’Esclans, Claire Gaby – Sephora, Martin Colombet – Guerlain, Carolina Arantes – DR – p. 22: Juliette Nioré – p. 25: DR
– p. 26, 94, 98, 105: Guerlain – p. 28: Boby – p. 34: Guerlain, Pierrick Jégou – p. 37: Illustrations, Julia Spiers – p. 38, 89: Loro Piana
– p. 40, 42: Fondation Louis Vuitton, © Gehry Partners, LLP and Frank O. Gehry, © Iwan Baan 2014 – p. 45: Fondation Louis Vuitton
– p. 48: Château Cheval Blanc, Gérard Uféras – p. 50: Hennessy x Berluti – p. 52: Dom Pérignon – p. 53: Moët & Chandon – p. 53: Krug,
Zoë Ghertner – p. 54: Ruinart, Romain Guittet – Veuve Clicquot, Joaquin Laguinge – p. 55: Château d’Esclans – The Glenmorangie
Company, DDB – p. 87: Hennessy, Alain Benoit – Jas Hennessy & Co. – Belvedere – Eminente – p. 58: Joseph Phelps, Matt Morris
– p. 59: Joseph Phelps, Briana Marie Photography – p. 61: Ruinart – p. 62: Domaine des Lambrays, Didier Bouko – p. 63: Domaine des
Lambrays, Michel Joly – p. 65: Hennessy, Tony Tei – p. 66: Veuve Clicquot, Joshua White – p. 67: Château Galoupet – p. 68: Louis Vuitton
Malletier, Annie Leibovitz – p. 72: Louis Vuitton – p. 73, 84: Louis Vuitton Malletier – p. 73: Louis Vuitton Malletier, Giovanni Giannoni –
p. 74: Dior – Dior, Rafael Pavarotti – p. 75, 82, 83: Celine, Hedi Slimane – p. 75: Fendi, Craig McDean – p. 77: Loewe, David Sims –
Berluti – Marc Jacobs, Harley Weir – RIMOWA, Maik Schuster – p. 78, 79: Louis Vuitton Malletier, Giovanni Giannoni; Ludwig Bonnet –
p. 85: Louis Vuitton Malletier, Steven Meisel – p. 86, 87: Loewe x Studio Ghibli, Juergen Teller – p. 91: Fendi – p. 92: Parfums Christian Dior,
Azuma Makoto – p. 96-98, 102, 103: Parfums Christian Dior – p. 99: Parfums Givenchy, David Sims – Fresh, Jeff Boudreau – p. 101:
Fenty Beauty – Acqua di Parma – Kenzo Parfums – Francis Kurkdjian – p. 106: Parfums Christian Dior, Jean-Marie Binet – p. 107:
Francis Kurkdjian, EPV / Thomas Garnier – p. 109: Officine Universelle Buly – p. 110: Tiffany & Co., Mason Poole – p. 112, 116, 124,
125: Bulgari – p. 114, 115, 120, 121: Tiffany & Co. – p. 117, 122, 123: TAG Heuer – p. 117: Hublot, Sofia Sanchez & Mauro Mongiello
– p. 119: Chaumet, Viviane Sassen – Chaumet, Cédric Bihr – Fred – Zenith Watches – p. 127: Fred – p. 128: Chaumet, Claessens
& Deschamps – p. 129: Chaumet, Jean-Luc Perreard – p. 130, 134, 135, 143: Sephora – p. 132, 146: La Samaritaine Paris Pont-Neuf,
Pierre-Olivier Deschamps, Agence VU’ – p. 136: La Samaritaine Paris Pont-Neuf, Matthieu Salvaing – p. 137: DFS, T Fondaco dei Tedeschi
– p. 139-141: Le Bon Marché Rive Gauche – p. 144, 145: La Samaritaine Paris Pont-Neuf, Valentin Le Cron – p. 148, 149:
Cheval Blanc Paris, Alexandre Tabaste – p. 151: Belmond – Other photographs: LVMH and Group Maisons’ photo libraries.
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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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