2 02 3 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 corporate
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 responsibility. The entrepre-
neurial 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.
Domaine des Lambrays
The LVMH Group
6
12
14
15
16
18
22
24
26
32
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42
Chairman’s message
Interview with the Group Managing Director
Maisons with a strong identity
Diverse range of professions
The world’s leading luxury goods group
Robust corporate governance
Responsible model dedicated to excellence
Exemplary ethical standards
Putting our employees at the heart of everything we do
LIFE 360 environmental program: Delivering on commitments
Supporting culture, design and good causes
LVMH takes action
Business group insights
50
70
100
118
136
150
161
162
164
Wines & Spirits
Fashion & Leather Goods
Perfumes & Cosmetics
Watches & Jewelry
Selective Retailing
Culture & Lifestyle
Performance measures
Stock market performance measures
Financial performance measures
Non-financial performance measures
Upward
After three exceptional years, without
looking back, we must now think even bigger
and with greater focus on the long term.
In 2023, the LVMH Group extended its lead,
protected its margins, increased its
investments to prepare for the future and
helped its Maisons grow around the world.
Our flagship Maisons have established their positions at the pinnacle of the finest
craftsmanship, their names synonymous with the ultimate in prestige and inter-
national renown. They exert irresistible appeal, turn heads and inspire dreams;
they are where creativity reaches its zenith, where the magnetic force of desir-
ability is strongest. We devote all our energy to making these beacons shine ever
more brightly across every continent.
Throughout the challenging period our world has experienced these past few
years, the desirability of the products that our Maisons design and craft has
continued ever upward among our customers, who have driven growth across
the LVMH Group at unprecedented rates. It is because each of our 75 Maisons’
products inspired joy and encapsulated beauty at a time when joy and beauty really
mattered, that our Maisons were able to achieve this growth.
Investing while reinforcing our margins
Our Group’s record results in fiscal year 2023 reflect both the strength of our
creative model and our investment capacity, built up to fuel our Maisons’ vitality
over both the short and the long term. With investments in production capacity
and product quality; investments to raise awareness of our Maisons and reinforce
their prestige; investments to boost our portfolio of standout properties and
locations that underpin our brands’ commercial appeal – rarely has LVMH invested
so much in reinforcing its strengths as it did in 2023. We stand by our convictions:
we firmly believe in the long-term benefits that our business model brings to our
Group and our environment.
6 • 7
“The truer the LVMH Group remains
to its guiding principles, the more
responsive it can be to both the cyclical
and transitory shocks that may buffet
one or other of its business groups, or
the economic regions where its activities
are located.”
LVMH 2023 . Chairman’s message “Throughout 2023, all our business
groups and Maisons – each in their own
way and following their own inspiration –
deepened, pushed the boundaries
and transcended their creative legacy,
reaching new milestones.”
“While our past three years have
sparkled like champagne, the years
ahead hold the lasting promise
and intensity of the finest wines.”
The truer the LVMH Group remains to its guiding principles, the more responsive
it can be to both the cyclical and transitory shocks that may buffet one or other
of its business groups, or the economic regions where its activities are located.
While these headwinds may have affected some of them in the past, the Maisons’
teams have always drawn on their boundless adaptability and managed to curb
their costs and protect their margins.
Remarkable dynamism across all our Maisons
Throughout 2023, all our business groups and Maisons – each in their own way
and following their own inspiration – deepened, pushed the boundaries and tran-
scended their creative legacy, reaching new milestones. Louis Vuitton once again
revealed the full breadth of its untapped potential through Nicolas Ghesquière’s
designs, Pharrell Williams’ groundbreaking shows and a fresh new range of time-
pieces. Christian Dior, whose Carousel of Dreams lit up the façade of the Saks
Fifth Avenue department store in New York, showcasing Maria Grazia Chiuri and
Kim Jones’ creativity, continued its robust development. The Group’s flagship
jewelry and watches Maisons – Tiffany & Co., Bulgari, TAG Heuer – showed remark-
able creative dynamism, as did their peers in Perfumes & Cosmetics, while Sephora
posted its best-ever performance. Wines & Spirits, which had a mixed year, continued
to pursue a value strategy, marrying tradition with innovation. Last year, they
welcomed one of Provence’s most renowned wine estates: Château Minuty.
Lastly, many of our Maisons are contributing, each in their own area of expertise,
to the Olympic and Paralympic Games that Paris is hosting in summer 2024, as
part of a partnership LVMH has forged to support this unique opportunity to help
France shine brightly on the world stage for all to see.
Looking to the future with confidence
Let’s look to the future with confidence. While our past three years have sparkled
like champagne, the years ahead hold the lasting promise and intensity of
the finest wines. This commitment to stay firmly focused on the long term is
something that our teams highly value and appreciate: LVMH combines the status
of a premier private-sector employer with one of the lowest staff turnover rates
of large groups – especially in France. It is backed by one of the world’s most
ambitious training policies, with flagship initiatives like our Institut des Métiers
d’Excellence (IME), which has trained 2,700 apprentices since 2014, as well as a
range of other training programs available to nearly half of our 213,000 employ-
ees. Another of our long-term commitments is to sustainability, reflected in our
lasting and growing support for environmental initiatives: under our groundbreak-
ing LIFE 360 environmental program, for example, we have cut our CO2 emissions
by almost one-third since 2019, and have substantially ramped up all the Group’s
initiatives to protect natural habitats, preserve biodiversity and take a circular
economy approach to our use of resources. Our long-term commitment is also
visible in our presence in local regions and communities, especially in France,
where we have close to 120 production sites and where our Maisons are sources
of initiative, prosperity and innovation, with a wide range of positive impacts.
Throughout its history, our Group has grown harmoniously, despite the prevailing
geopolitical uncertainties. Although those uncertainties persist, our convictions
regarding our Group’s growth prospects and each Maison’s potential remain
unchanged. LVMH will continue to cultivate the long term, nurturing balance in
its business activities and geographical growth regions, investment, innovation
and engagement. LVMH remains a family group, under the aegis of a family that
is fully invested in its future, which conveys – throughout all its Maisons – the
drive to pass on values, carry on a legacy and look toward the future, which is so
characteristic of entrepreneurial families.
LVMH will therefore continue to give all its Maisons what they need to set the
most elevated ambitions. If we are steadfast and determined, our Maisons that
are already at the zenith of global luxury will undoubtedly be joined by many other
Maisons in our Group, whose creativity and power to enchant grows by the day.
Bernard Arnault
Chairman and Chief Executive Officer
“LVMH will continue to cultivate the long
term, nurturing balance in its business
activities and geographical growth regions,
investment, innovation and engagement.”
8 • 9
LVMH 2023 . Chairman’s message Dior’s Carousel of Dreams at Saks, New York
Holding our course
while adapting to change
Antonio Belloni,
Group Managing Director
What key trends do you expect
to unfold in the luxury sector?
We are emerging from a cycle of contrasting trends that began
in 2020 with the Covid-19 lockdowns. This challenging period
was followed by two years of robust growth for the luxury sector.
Today, the strong bounce in consumer spending is drawing to
an end as geopolitical uncertainties and inflation have taken
hold. Looking ahead, the pace of growth in the luxury market
should normalize. Against this backdrop, new trends are also
starting to take shape. First, because economic globalization is
taking place alongside a polarization in local differences with
respect to legislative frameworks and culture. That highlights the
need – now more than ever – for a “glocal” approach, positioning
our Maisons and their products globally while carefully accom-
modating the diversity of local regulations, communication
platforms, cultural sensitivities and, most crucially, customer
expectations in each country.
Second, because the digitalization of our everyday life – a trend
accentuated by the pandemic – has reached a new phase of
maturity. Ironically, it has increased the importance of physical
proximity, in-person events and interactions with customers, but
these are all now enhanced by media and digital services,
backed by the power of data, to deliver a seamless, fully integrated
physical and digital experience.
And, finally, because societal expectations for businesses
– especially world leaders like LVMH – continue to grow. In addi-
tion to our major contribution to employment and innovation,
we need to play an active part in the transition to a carbon-free
economy, forever mindful of biodiversity and of each partner’s
role in the value chain. We are also responsible for protecting
our Maisons’ unique heritage by bringing in young talent, passing
on artisanal expertise and developing the skills needed to thrive
in today’s world.
How can you keep entrepreneurial
spirit alive at a world leader like LVMH?
That flows naturally from our Group’s history and culture. Our
role is to encourage people to think big and to empower our
Maisons, giving them the autonomy and the means to succeed,
cultivating their own identities and driving their creative deci-
Tiffany & Co.
sions. Entrepreneurial spirit is what drives every one of them
– for centuries, in some cases – with a tremendous ability to contin-
ually reinvent themselves. The Group is there to reinforce these
values, spurring the Maisons to innovate, take risks and write
new chapters in their history.
We never shy away from taking a step back and reassessing how
we do things. On the contrary, the keys to our collective success
have always been our teams’ curiosity and agility, the wealth of
experience and the learnings that can be shared among our
Maisons, as well as our proximity to the stores and customers.
More than ever before, our young talent’s fresh perspective is
a critical asset in maintaining our edge.
What are the Group’s priorities for 2024?
Our goal is to continue pursuing profitable growth and increase
our market share. While maintaining tight control over our
resources, we will continue to invest – in talent, manufacturing
and stores – to further elevate the quality and sustainability of
our products, the creativity of our communications and the
experiences we offer, reinforcing the uniqueness of our Maisons.
This all ties into our long-term perspective, making sure our
values are upheld at every link in the chain: from ensuring natural
resources are used sustainably all the way through to delivering
an excellent customer experience as well as supporting our
partners and promoting personal and professional development
for all our employees.
Our approach also fits the current market environment.
With less growth to capture over the coming months, we
will shift our focus with increased intensity on market share
gains. To achieve this goal, we will accentuate the quality and
creativity of our products, the relationships with customers
and partners, and the agility of our teams to make our Maisons
ever more desirable.
12 • 13
LVMH 2023 . Interview with the Group Managing Director 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 1936 MINUTY 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 1957 VUARNET 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 2006 ARMAND DE BRIGNAC 2007 BARTON
PERREIRA 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
Diverse range of professions
WINES & SPIRITS
FASHION & LEATHER GOODS
PERFUMES & COSMETICS
Moët & Chandon, Dom Pérignon, Krug, Veuve Clicquot,
Ruinart, Hennessy, Château d’Yquem, Clos des Lambrays…
The origins of all these world-famous estates are
inextricably linked to the appellations and terroirs of
the world’s most prestigious wines and spirits. Whether
they are in Champagne, Bordeaux, or other famed
wine regions, these Maisons, many of which date
back more than a century, all share a powerful culture
of excellence.
The Fashion & Leather Goods business group
comprises Louis Vuitton, Christian Dior, Celine, Loewe,
Kenzo, Givenchy, Fendi, Emilio Pucci, Marc Jacobs,
Berluti, Loro Piana, RIMOWA and Patou. While respect-
ing the identity and autonomous management of
these brands, LVMH supports their growth by providing
them with shared resources.
LVMH is a key player in the perfume, makeup and
skincare sector, with a portfolio of world-famous
French brands: Christian Dior, Guerlain, Givenchy and
Kenzo. The Group also owns other beauty brands:
Benefit, Fresh, Acqua di Parma, Perfumes Loewe,
Make Up For Ever, Maison Francis Kurkdjian, Fenty
Beauty by Rihanna, KVD Vegan Beauty and Officine
Universelle Buly.
WATCHES & JEWELRY
SELECTIVE RETAILING
OTHER ACTIVITIES
The LVMH Watches & Jewelry Maisons are some of
the most emblematic brands in the industry. They
operate in jewelry and watches with Tiffany, the
prestigious American jewelry house acquired in 2021,
as well as Bulgari, Chaumet, Fred, TAG Heuer, Hublot,
Zenith and Repossi. These Maisons are guided by a
daily quest for excellence, creativity and innovation.
The Selective Retailing business group comprises
Sephora, the world’s leading selective beauty retailer;
Le Bon Marché, a Paris department store with a unique
atmosphere; and travel retailer DFS, which caters
specifically to international travelers.
Other activities include Groupe Les Echos, which
comprises leading French business and cultural news
publications; Royal Van Lent, the builder of high-end
yachts marketed under the brand name Feadship;
Cheval Blanc and Belmond, which are developing
a collection of exceptional hotels.
14 • 15
LVMH 2023 . Our Maisons and business groups The world’s leading
luxury goods group
A unique operating model
built on six pillars
1
Decentralized
organization
Our structure and operating principles ensure
that our Maisons are both autonomous and
responsive. This allows us to be extremely close
to our customers, to ensure that rapid, effective
and appropriate decisions can be made. This
approach also sustains the motivation of our
employees, encouraging them to show true
entrepreneurial spirit.
2
Vertical
integration
3
Sustaining
savoir-faire
Vertical integration fosters excellence both
upstream and downstream, allowing control over
every link in the value chain – from sourcing and
production facilities to selective retailing –
which in turn means that the image of our
Maisons is carefully controlled.
Our Maisons pursue a long-term vision. To preserve
their distinctive identities and excellence, LVMH
and its Maisons have developed a range of initi-
atives to pass down skills and expertise, and
promote craft trades and design professions
among younger generations.
4
5
6
Organic growth
Creating synergies
The LVMH Group places priority on organic
growth and commits significant resources to
develop its Maisons, as well as to encourage and
protect creativity. Our employees are key to this
approach, making it essential to support their
career growth and encourage them to excel.
Sharing of resources on a Group scale creates
intelligent synergies while respecting the indi-
vidual identities and autonomy of our Maisons.
The combined strength of the LVMH Group is
leveraged to benefit each of its Maisons.
Balance across business
segments and geographies
Our Group has the resources to sustain regular
growth thanks to the balance across its business
activities and a well-distributed geographic
footprint. This balance means that we are well-
positioned to withstand the impact of shifting
economic factors.
81
COUNTRIES
190+
NATIONALITIES
75
MAISONS
118
PRODUCTION SITES
IN FRANCE
213,268
EMPLOYEES
71%
WOMEN
6,097
STORES
3.1 million
HECTARES OF FAUNA
AND FLORA HABITAT
PROTECTED
€86.2bn
REVENUE
+13%* versus 2022
€22.8bn
PROFIT FROM
RECURRING
OPERATIONS
+8% versus 2022
€15.2bn
NET PROFIT,
GROUP SHARE
+8% versus 2022
* Organic growth with respect to 2022.
2023 REVENUE BY REGION
(as %)
2023 REVENUE BY BUSINESS GROUP
(as %)
12%
Other
markets
31%
Asia
(excl. Japan)
7%
Japan
United States
Revenue: € 21,764m
1,128 stores
43,649 employees
Other markets
Revenue: € 10,523m
706 stores
20,778 employees
8%
France
17%
Europe
(excl. France)
25%
United States
21%
Selective
Retailing and
Other activities
13%
Watches &
Jewelry
9%
Perfumes &
Cosmetics
GEOGRAPHIC FOOTPRINT
(as of December 31, 2023)
France
Revenue: € 6,830m
550 stores
39,351 employees
16 • 17
8%
Wines &
Spirits
49%
Fashion &
Leather Goods
Europe (excl. France)
Revenue: € 14,145m
1,213 stores
46,809 employees
Japan
Revenue: € 6,134m
497 stores
10,496 employees
Asia (excl. Japan)
Revenue: € 26,577m
2,003 stores
52,185 employees
LVMH 2023 . Strategy and key figures Executive Committee
Bernard Arnault
Chairman and Chief Executive Officer
Antonio Belloni(1)
Group Managing Director
Delphine Arnault
Christian Dior Couture
Nicolas Bazire
Development & Acquisitions
Pietro Beccari
Louis Vuitton
Stéphane Bianchi
Watches & Jewelry
Michael Burke
Fashion Group
Chantal Gaemperle
Human Resources & Synergies
Jean-Jacques Guiony
Finance
Christopher de Lapuente
Selective Retailing
Stéphane Rinderknech
Hospitality Excellence & Beauty
Philippe Schaus
Wines & Spirits
Jérôme Sibille
General Administration
& Legal Affairs
Jean-Baptiste Voisin
Strategy
Board
of Directors
Bernard Arnault
Chairman and Chief Executive Officer
Antonio Belloni(1)
Group Managing Director
Antoine Arnault(2)
Delphine Arnault
Dominique Aumont
Director representing the employees
Nicolas Bazire(3)
Marie-Véronique Belloeil-Melkin
Director representing the employees
Sophie Chassat(4)
Charles de Croisset(3)(4)
Lead Director
Clara Gaymard(4)
Marie-Josée Kravis(4)
Laurent Mignon(4)
Marie-Laure Sauty de Chalon(4)
Yves-Thibault de Silguy(3)(4)
Natacha Valla(4)
Hubert Védrine(4)
ADVISORY BOARD MEMBERS
Yann Arthus-Bertrand
Diego Della Valle
Lord Powell of Bayswater
GENERAL SECRETARY
Marc-Antoine Jamet
PERFORMANCE
AUDIT COMMITTEE(5)
Clara Gaymard(4)
Chairman
Charles de Croisset(3)(4)
Marie-Laure Sauty de Chalon(4)
Yves-Thibault de Silguy(3)(4)
GOVERNANCE &
COMPENSATION COMMITTEE(5)
Natacha Valla(4)
Chairman
Sophie Chassat(4)
Charles de Croisset(3)(4)
Marie-Josée Kravis(4)
ETHICS & SUSTAINABLE
DEVELOPMENT COMMITTEE(5)
Yves-Thibault de Silguy(3)(4)
Chairman
Delphine Arnault
Marie-Laure Sauty de Chalon(4)
Hubert Védrine(4)
STATUTORY AUDITORS
Deloitte & Associés
represented
by Guillaume Troussicot
and Bénédicte Sabadie
Mazars
represented
by Isabelle Sapet
and Simon Beillevaire
Appointments proposed at
the Shareholders’ Meeting of April 18, 2024
Board of Directors
Henri de Castries(4)
Alexandre Arnault
Frédéric Arnault
Appointment proposed at
the Shareholders’ Meeting of April 18, 2024
Statutory Auditor in charge of certifying
sustainability information
Deloitte & Associés
represented
by Guillaume Troussicot
and Olivier Jan
(1) Antonio Belloni will carry out these terms of office and functions until April 18, 2024.
(2) Reappointment proposed at the Shareholders’ Meeting of April 18, 2024.
(3) Until the close of the Shareholders’ Meeting of April 18, 2024.
(4) Independent Director.
(5) Proposed changes to this committee to be made by decision of the Board of Directors following the Shareholders’ Meeting of April 18, 2024.
18 • 19
LVMH 2023 . Governance and organization 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 Company that is primarily responsible for driving
long-term value creation and protecting its corporate
interests, focusing in particular on the social, environ-
mental and climate-related issues facing its business.
Role of the Board of Directors
in the Company’s strategy
The Board of Directors’ principal assignments are to
approve the Company’s and the Group’s broad strategic
direction – particularly with regard to social, environ-
mental and climate-related matters – and supervise its
implementation, as well as verifying the fair and accurate
presentation of information about the Company and
the Group. It is also tasked with protecting the Group’s
corporate assets and ensuring that core business risks
are accounted for in its management. The Board also
ensures that procedures to prevent corruption and
influence-peddling risks are implemented by the Group
and its main partners, and monitors the impact of the
Group’s non-discrimination and diversity policy, notably
with 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. A Charter has been adopted by the Board of
Directors which outlines rules governing its membership,
duties, procedures, and responsibilities.
Committees of the Board of Directors
The Board of Directors has set up three committees,
each specializing in a matter of importance: a committee
in charge of performance audit, a committee in charge
of governance and compensation, and a committee
in charge of ethics and sustainable development.
These committees consist of at least three members,
appointed by the Board of Directors. The Chairman of
each committee is appointed by the Board of
Directors and selected from among its members.
Meetings or joint working sessions may be organized
between the Board’s various committees on cross-
cutting topics, particularly with regard to social and
environmental responsibility and climate issues.
LVMH 2023 . G o v e r n a n c e
Finance
Governance
Work done by the Board in 2023
• Approval of the annual and interim parent company and consolidated financial statements.
• Review of quarterly business activity.
• Decisions related to the Group’s overall strategic direction.
• Review of the budget.
• Implementation of the authorization to buy back shares.
• Reduction of the Company’s share capital by retiring treasury shares and corresponding
amendment to the Bylaws.
• Appointment of Natacha Valla as (i) a member of the Governance & Compensation Committee
to replace Yves-Thibault de Silguy and (ii) Chairman of said committee to replace Marie-Josée
Kravis, who remained a member.
• Amendment of the Charter of the Board of Directors to (i) specify the Board of Directors’
duties as well as those of the Lead Director with regard to workforce-related, environmental
and climate-related matters; (ii) provide the option of holding joint meetings or working sessions
between the different committees; and (iii) give Directors the option, if they consider it
necessary, of having additional training on specific features of the Company, its business lines,
its business sector and its priorities concerning environmental and social responsibility,
particularly with regard to climate issues.
• Amendment of the Rules of Procedure of the three committees, in particular to (i) provide
the option of holding joint meetings or working sessions between the different committees;
(ii) introduce the option of commissioning outside technical studies; (iii) specify the procedure
for selecting future Independent Directors; (iv) offer the possibility for the Chief Executive
Officer and Group Managing Director to participate in the work of the Governance &
Compensation Committee relating to appointments and reappointments; and (v) specify
the role of the Ethics & Sustainable Development Committee with regard to workforce-
related, environmental and climate-related matters.
• Determining the compensation of senior executive officers.
• Setting up bonus share plans.
• Evaluating the Board’s capacity to meet the expectations of shareholders, reviewing its
membership, organization and procedures and those of its three committees.
CSR
• Reviewing the main actions taken in 2023 under the LIFE 360 program and the outlook for
achieving the targets set for 2026 and 2030.
• Reviewing the political and legislative outlook with regard to environmental, workforce-
related and governance-related matters in France and Europe.
• Reviewing issues concerning (i) personal data protection, (ii) ethics and compliance (com-
bating corruption and money laundering, compliance with international sanctions and
respect for human rights).
• Specific training on non-financial reporting issues, in particular the impact of the Corporate
Sustainability Reporting Directive (CSRD).
20 • 21
Guerlain
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.
These Maisons draw their energy from their excep-
tional heritage, innovative mindset and receptive
outlook. The Group supports their development in a
spirit of entrepreneurship, long-term vision and respect
for what makes each of them so powerful and unique.
As ambassadors of an authentic art de vivre, it is our
responsibility to set the right example in every aspect
of our business, from product design to the experience
that customers have throughout their relationships
with the Group’s brands; from investment choices
to social and environmental initiatives. Because
what we do requires a diverse range of talent, we are
committed to training teams that embody excellence.
Because passing on skills is an integral part of our
culture, we want to use that opportunity to promote
social inclusion and employment. Because our crafts
make the most of nature at its purest and most
beautiful, we see preserving the environment as a
strategic imperative.
The values and actions encompassed by our sustainable
development attitude emerge from a tradition that
dates back to the origins of our Maisons and forms an
integral part of our heritage. Our long-term success
depends not only on the Group’s solid business model
and profitable growth strategy, but also on our unwa-
vering commitment to creativity, excellence, and our
environmental impact and corporate citizenship.
Business performance
Combining profitable growth and sustainability with
commitments to creativity and excellence. Applying
our creative passion to the art de vivre to which our
customers aspire. Strengthening our position as a
global leader, and being the benchmark for managing
and developing high-quality brands.
Nurturing talent
Encouraging all our employees to reach their full
career potential and achieve their aspirations.
Developing diversity and the wealth of human
resources at our companies in all the countries where
we operate, and encouraging initiatives in these areas.
Contributing to the knowledge and preservation of
our crafts outside the Group in addition to our own
expertise as artisans and designers.
Environment
Working together to preserve the planet’s resources,
to design and develop products that are compatible
with environmental concerns, reporting on our policies
and projects and the progress achieved in meeting our
objectives. Contributing to environmental 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 subcontractors.
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.
280+
MÉTIERS D’EXCELLENCE
(PROFESSIONS OF EXCELLENCE)
1992
YEAR THE LVMH
ENVIRONMENT DEPARTMENT
WAS FORMED
22 • 23
LVMH 2023 . Performance and responsibility TAG Heuer
Exemplary
ethical standards
The Group has established principles for action
and rules of conduct that must guide
the conduct of all its employees and partners
with respect to ethics as well as social
and environmental responsibility on a daily basis.
Ethical approach focused
on continuous improvement
The Group has a dedicated governance structure that
ensures its values and ethics rules are applied at the
operating level. In particular, the Privacy, Ethics &
Compliance Department establishes and coordinates
(together with its network of correspondents within
the Maisons) LVMH’s ethics policy with regard to
the fight against corruption and money laundering,
personal data protection, compliance with interna-
tional sanctions and respect for human rights. The
Group’s progress is regularly presented to the Board
of Directors’ Ethics & Sustainable Development
Committee, whose role is to ensure compliance with
the values on which the Group bases its actions.
The Group’s ethical approach is underpinned by four
key priorities for action:
Identifying risks
Risk analysis exercises are regularly carried out on the
Group’s activities, particularly with regard to the fight
against corruption and respecting human rights, as
part of the Group’s vigilance plan. These risk maps
enable the Maisons to better manage their risk and
ensure that their ethics and compliance systems are
rolled out effectively.
Preventing risks
The LVMH Code of Conduct, which serves as a common
core of ethics for the Group and its Maisons, outlines
the rules to be followed by all employees as they go about
their work. The Group worked on revising the Code
in 2023 to reflect its heightened commitments to
ethics, integrity, social responsibility and respect for
the environment. This new Code of Conduct was
published in early 2024.
LVMH also requires its partners to adhere to the
principles set out in its Supplier Code of Conduct with
regard to business ethics, labor standards and environ-
mental compliance.
Lastly, particular emphasis is placed on training
employees in order to guide their actions on a daily
basis and, more generally, to foster a culture of ethics
within the Group and its Maisons.
Detecting compliance failures
Any employees and stakeholders who have any ethical
concerns are invited to make this known or ask for
advice. In addition to the existing reporting channels
within the Maisons, the Group’s employees and stake-
holders have access to LVMH Alert Line, an online
whistleblowing platform for securely and confidentially
reporting any situation that may constitute a violation
of laws, regulations or internal rules of conduct.
To ensure that the ethics-related measures it has
implemented are effective and efficient, the Group
has established a series of specific checks proportion-
ate to its risks, particularly with regard to the fight
against corruption and money laundering, and ensuring
compliance with international sanctions.
Correcting compliance failures
Should any compliance failures be detected, corrective
measures are taken and action plans are implemented,
with the aim of continuously improving the ethics pro-
gram. Employees who violate the Group’s internal rules
will be subject to disciplinary sanctions that may
include dismissal.
Fair, responsible relations
with our partners
Supporting our partners is a key strategic priority for
LVMH, as we aim to build long-term relationships
underpinned by our shared quest for excellence
and the ambition to establish a set of common ethical
principles and guidelines. To this end, the Group has
developed a comprehensive approach aimed at
ensuring that our partners and suppliers adopt environ-
mental, workforce-related and social best practices,
while raising their awareness of and providing training
on issues specific to their own activities. LVMH and its
Maisons work with them as part of a collaborative
approach, offering support through audits and, where
necessary, action plans. LVMH continued to carry out
a high number of audits at supplier production sites, with
2,021 audits conducted in 2023. The Group also trained
the buyers for its Maisons to ensure that the compre-
hensive responsible purchasing process is successfully
followed. In addition to the responsible purchasing train-
ing provided at the Maisons, a Group-wide responsible
purchasing training program was launched in Europe
in 2022 and expanded to include North America
and Asia in 2023, and will continue in 2024. LVMH’s
responsible sourcing policy also includes initiatives
that provide suppliers with support and training.
24 • 25
LVMH 2023 . Ethics and responsible partnerships LVMH, Pride March, London
Putting our employees at
the heart of everything we do
At LVMH, our goal is to help drive economic success
alongside social engagement as two sides of the same coin.
In an increasingly polarized, fragmented world, LVMH
continues to scale up and accelerate its positive impact, under
the impetus of Chantal Gaemperle, LVMH’s Director
of Human Resources and Synergies. All over the world,
we create jobs, spur interest in our professions, bring people
together, celebrate our differences, promote inclusion
and a sense of belonging, and work hand in hand
with our employees to build a strong, sustainable culture
underpinning our Group’s performance.
Creating a culture of respect, openness and cooper-
ation enables us to attract, retain and develop talent,
helping them achieve their full potential and find
meaning in their work, which is key to our Group’s
long-term success.
It means offering each and every one of our 213,000 peo-
ple – regardless of their business line, age, role or expe-
rience – a place where they feel free to express their
unique personality and creativity in a stimulating, supportive
environment that promotes development.
It also means preserving our culture and standing by
those who know it best and who exemplify it in their
daily work: our employees. A key sign of a company’s
positive corporate culture and shared values is its ability
to retain staff and build loyalty, and in this area, LVMH
has a major asset: the career mobility it offers through its
unique ecosystem of 75 Maisons operating across the
entire value chain – from sourcing to retail – in six busi-
ness groups and 81 countries. The mobility we offer
enables our talent to build a compelling, comprehensive
career path at multiple Maisons, with everyone ben-
efiting from this wealth of shared experience. In 2023,
18,000 employees were able to take advantage of this
opportunity, changing positions, Maisons and some-
times even business groups and geographic areas.
Ensuring a fulfilling
working environment
for all our employees
A safe working environment is fundamental, and must
be maintained over the long term. LVMH is a signatory
of a Health & Safety Charter, which aims to establish
a zero-accident culture by setting targets for 2025,
and is continuing its efforts to protect the mental
and physical health of each and every one of its
employees. The Group has set up a global Health
& Safety network and ran its first-ever Global Health
& Safety Week in 2023.
Cultivating close, supportive relationships with our
employees is more important to us than ever. To support
employees facing unforeseen challenging circum-
stances, in 2021 the Group launched the LVMH Heart
Fund, an anonymous, confidential initiative open to all
employees in their own language. The program offers
social and psychological support and/or financial support.
To date, nearly 8,000 employees in over 50 countries
have applied to the fund for help.
Supporting younger
generations
There’s nothing more inspiring than going out and
meeting with our potential future talent. In 2023,
600 meetings were held between Group employees
and students at leading schools and universities
to introduce them to the world of LVMH. The Inside
LVMH program – designed to familiarize young talent
with the luxury industry and the LVMH ecosystem –
remained very popular, with 260,000 active accounts
on the insidelvmh.com platform, accessible free of
charge worldwide. In 2023, more than 37,000 people
received Inside LVMH certification after completing
a 30-hour study course.
To familiarize young recruits with LVMH’s culture, the
Group has developed a comprehensive orientation
program including induction, mentoring, a peer com-
munity and cross-functional learning and develop-
ment programs available across Maisons, departments
and business sectors.
Lastly, young people both within and outside the
Group are invited to join one of the 40 Graduate
Programs run by the Group and its Maisons. By exposing
them to a series of different roles within LVMH,
these programs give young people the opportunity to
explore new environments, sectors, and professions,
as well as to meet new colleagues, serving as a spring-
board for their careers.
Passing on our expertise
to all generations
Intergenerational exchange plays a pivotal role in
passing on the expertise that underpins the success
of our Maisons. It also helps support the personal
development of each and every individual, from
apprentices to mentors, while reinforcing a sense of
connectedness and belonging.
18,000
EMPLOYEES TOOK
ADVANTAGE OF A CAREER MOBILITY
OPPORTUNITY IN 2023
37,000+
PEOPLE EARNED
INSIDE LVMH CERTIFICATION
IN 2023
26 • 27
LVMH 2023 . Talent To secure the future of our métiers d’excellence
(professions of excellence), we must make younger
generations aware of them. The “Excellent!” program
has already raised awareness of our expertise among
3,080 middle school students. The 2023 You & ME
tour, which featured events held in 7 cities (4 in France
and 3 in Italy), included many demonstrations of the
Group’s expertise and promoted over 4,500 offers for
internships, work-linked training contracts and jobs.
The Group also promoted apprenticeships through
LVMH’s Institut des Métiers d’Excellence (IME). The
IME had a record year in 2023, training more than
700 apprentices between the ages of 15 and 60, from
a wide variety of backgrounds, in 7 countries (France,
Switzerland, Italy, Spain, Japan, Germany and the
United States). Since 2014, more than 2,700 people
have completed training through the IME.
LVMH’s Académie des Métiers d’Excellence (AME)
training program enables our talent to expand
their skills throughout their careers. More than
30,000 employees took one of the 288 training
courses on offer during the year.
Made up of craftspeople, creative professionals and
sales associates who have achieved exceptional
careers, the community of LVMH Virtuosos – which
welcomed 63 new members during the year – is
another key initiative to share the passion and exper-
tise of these professions of excellence with younger
generations in particular.
LVMH will soon inaugurate “La Maison des Métiers
d’Excellence LVMH”, a physical location in Paris
dedicated to passing on exceptional skills and expertise
to a wide range of audiences. This new location is set
to open in late 2025.
Being able to count on
committed leadership
Our leaders must ensure optimal conditions for their
teams to reach their full potential. To support them
in this vital role, the training courses offered by LVMH
House – LVMH’s learning and development think
tank – bring together hundreds of leaders from
across all of the organization’s businesses, Maisons,
markets and functions.
LVMH House’s training sessions reflect the excep-
tional professional, geographical, cultural and genera-
tional diversity of the Group’s talent. This collaborative
learning, which takes place in an environment conducive
to mutual enrichment, strengthens cohesion and team
spirit. The “Leading for the Future” leadership program
is also being rolled out, with a target of having all
Group leaders complete it to boost their ability to
support and develop their teams.
With an emphasis on career mobility and intercultural
dialogue, these programs prepare leaders to navigate
a globalized environment while respecting and valuing
specific local features. This “glocal”, inclusive approach is
fundamental for LVMH, which, in addition to its prom-
inent economic role, aims to be a driver of change.
The involvement of leaders from a variety of back-
grounds is also a source of inspiration and motivation
for our employees, particularly those from communities
that have traditionally been underrepresented. This
visible celebration of diversity helps promote a sense of
inclusion and belonging, which in turn boosts employees’
self-confidence and commitment to the Company.
As part of the global Game Changers Together program,
the HR team worked to make employees an even
more central focus of all the decisions and actions
taken by LVMH and its Maisons.
This inclusive program started out by asking all human
resources staff to complete a survey on HR priorities and
transformative elements to take into account in order to
address future challenges. Based on the findings of this
survey, 24 meetings were held during a two-month period
all over the world. They enabled more than 2,000 human
resources executives and managers to discuss and take
action on key topics including career development
and mobility, promoting careers in retail, inclusive
leadership and overseeing transformation projects.
Diverse by nature,
inclusive by choice
Combating all forms of prejudice is essential to ensuring
a positive, motivating working environment. For this
reason, at the end of 2022 LVMH launched an online
training course on unconscious bias – the first of its
kind available to all Group employees – which has
4,500
19th
JOB LISTINGS AND TRAINING
OPPORTUNITIES AVAILABLE THROUGH
LVMH’S MÉTIERS D’EXCELLENCE
TOUR IN FRANCE AND ITALY
YEAR RUNNING IN THE UNIVERSUM
RANKING AS THE TOP EMPLOYER
AMONG BUSINESS SCHOOL STUDENTS
IN FRANCE
Indicators
as of December 31, 2023
37
AVERAGE AGE
213,268
EMPLOYEES
71%
WOMEN
60,379
JOINERS(1)
10%
Other markets
24%
Asia
(excl. Japan)
5%
Japan
7%
55+
15%
45-54
28%
35-44
EMPLOYEES BY REGION
EMPLOYEES BY BUSINESS GROUP
18%
France
22%
Europe (excl. France)
20%
United States
5%
Other
activities
28%
Selective
Retailing
13%
Watches &
Jewelry
4%
Wines &
Spirits
35%
Fashion &
Leather Goods
15%
Perfumes &
Cosmetics
EMPLOYEES BY AGE
PROPORTION OF MEN/WOMEN BY BUSINESS GROUP(1)
11%
Under 25
39%
25-34
Wines & Spirits
58%
Fashion & Leather Goods
Perfumes & Cosmetics
18%
34%
35%
Watches & Jewelry
16%
Selective Retailing
Other activities
(1) Total permanent headcount.
52%
42%
66%
82%
65%
84%
48%
28 • 29
LVMH 2023 . Talent already been taken by over 80,000 employees. In
addition, 100% of recruiters will be trained in non-
discrimination practices by 2025.
The Group also continued to strive for diversity and inclu-
sion at every level of its organization. In November 2023,
LVMH celebrated its second week-long worldwide
inclusion event under the banner “Amplifying the voices
of our talent all around the world”, with a ceremony
attended by the Maison Presidents and the Group’s
Creative Directors, highlighting the many actions and
initiatives taken by the Maisons in this area.
LVMH’s Inclusion Index – an in-house monitoring tool
– was also expanded in 2023, and now covers all
aspects of diversity and inclusion: gender equality,
LGBTI+, disability, ethnic origin, generational diversity
and inclusive culture. Group employees were asked to
vote on over 200 initiatives run by the Maisons in 2023,
saying which one they found the most inspiring. The
winner was then chosen from among the finalists by a
jury chaired by Chantal Gaemperle and consisting of
members of the Executive Committee, Maison
Presidents and Pharrell Williams, Creative Director of
Menswear at Louis Vuitton.
The Group also supported employees attending Pride
Marches via its All LVMH Pride networks in a number of
cities around the world: London, Los Angeles, Montreal,
New York, Paris, Tokyo, Toronto and Wilton Manors.
Each employee wore a T-shirt specially designed by
Jonathan Anderson, Creative Director at Loewe, to
promote a shared message of respect and inclusion.
Lastly, through the EllesVMH program, the Group con-
tinued to make progress towards its target of having
women hold 50% of key positions (vs. 46% in 2023)
and achieving pay parity by 2025.
Believing in equal
opportunity
LVMH must reflect the diverse societies in which it
operates and connect with those who may still harbor
doubts that they truly belong at the Group.
To meet its target of doubling the number of employees
with disabilities by 2025, LVMH is working with its
Disability Inclusion Office and its network of disability
officers across the Group’s Maisons to coordinate initi-
atives aimed at hiring, integrating and retaining people
with disabilities. In 2023, it entered into a partnership
with nonprofit Vivre et Travailler Autrement, which
works to employ people with severe autism at the
Group’s locations in France. In China, LVMH has been
running its Angels program since 2021 to recruit more
people with disabilities to work in its stores.
To help job-seekers overcome the challenges of
returning to work after a long period without employ-
ment, in 2019 Brigitte Macron and LVMH established
LIVE (L’Institut des Vocations pour l’Emploi). More
than 1,000 people of all ages, qualifications and
professions have already taken part in the programs
offered by this unique initiative at one of its 4 campuses
(Clichy-sous-Bois, Valence, Roubaix and Marseille),
helping them put together a career plan with the aim
of returning to work. In 2024, the network of LIVE
campuses will continue to expand.
LVMH has also entered into a number of partnerships
to boost the positive impact of its activities and con-
tribute to social inclusion. For example, the Group has
become a key partner of Harlem’s Fashion Row in the
United States and of the Cultures et Création fashion
show in France, both events that give young talent –
ethnic minorities and/or young people who are
passionate about design but have limited access to
the fashion world – the chance to get a foot in
the door of an industry that is often seen as closed
to outsiders.
For our talent, our customers and all our stakeholders
in every country where LVMH operates, we are working
every day to build a harmonious world in which
everyone is valued. Because at LVMH, we believe
actions speak louder than words. Through our
wide-ranging initiatives, we aim to make our culture
more inclusive every day, to provide a solid foundation
for our Group to grow and for all our employees to
reach their full potential.
80,000
EMPLOYEES RECEIVED
UNCONSCIOUS BIAS TRAINING
4
CAMPUSES ACROSS FRANCE
FOR LIVE (L’INSTITUT
DES VOCATIONS POUR L’EMPLOI)
Strong social performance
TARGETS
2023 RESULTS
Respecting
every individual’s
uniqueness
and dignity,
and promoting
diversity
2025
100% of recruiters trained in non-discrimination
practices
82% of recruiters trained in non-discrimination practices
between 2021 and 2023
50% of the Group’s key positions held by women
46% of the Group’s key positions held by women
2% of the workforce made up by employees
with disabilities
1.6% 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 culture for a safe working
environment
86% of Maisons have a health and safety approach
96% of Maisons periodically review their health and safety
approach
92% of the Maisons’ Management Committees conduct
an annual review of health and safety results
42% 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
10,000+ visitors at the You & ME career orientation
and job fairs held in 8 cities in France and Italy
1,700+ middle school students informed in France,
Italy and the United States
750+ new apprentices in 2024 at the Institut
des Métiers d’Excellence (IME) in 7 countries
8,000 new hires worldwide in 2023 in the Group’s
métiers d’excellence (professions of excellence)
3,080 middle school students informed of the métiers
d’excellence through the “Excellent!” program, which has
been rolled out in 4 countries since 2021
2,700 apprentices trained by the Institut des Métiers
d’Excellence (IME) in 7 countries since its launch in 2014
Taking action
to build a better
society
2025
100% of employees have the chance to get involved
in a community-oriented initiative
88% of employees have the chance to get involved
in a community-oriented initiative
950+ partnerships with nonprofits and charitable
foundations
30 • 31
LVMH 2023 . Talent Hennessy
LIFE 360
environmental program:
Delivering on commitments
In 2023, LVMH reported on the progress it has made
under its environmental strategy at the LIFE 360 Summit,
a UNESCO-hosted event where all the Group’s senior
executives came together to review tangible
achievements illustrating the successful alliance
between sustainability and desirability.
The LIFE 360 program’s biodiversity, circular design,
traceability and climate targets for 2023 were met. In
total, 97% of LVMH’s Maisons now feature circular
services, which include both repair and reuse. In line
with the traceability target, the country of origin is
now known for between 96% and 99% of purchasing
volumes of strategic materials such as diamonds and
leather. On the climate front, LVMH has rolled out a Green
IT strategy aimed at achieving a 20% reduction in its
environmental footprint by 2026. In 2023, LVMH also
set up two sustainability-boosting initiatives: the Gaia
research center, focused in particular on new materials;
and the LIFE Academy, a Group-wide training program
tailored to the environmental priorities of LVMH’s key
business lines, with courses held at the inspiring La Millière
biodiversity reserve, which is run by a nonprofit launched
by Yann Arthus-Bertrand. The Group reviewed all these
positive outcomes, as well as the actions it will take to
meet its 2026 and 2030 targets, at the event, which
was notably attended by Christophe Béchu (France’s
Minister of Sustainability and Regional Cohesion) and
Virginijus Sinkevičius (European Commissioner for the
Environment, Oceans and Fisheries).
Protecting water resources
and biodiversity
In 2023, the Group unveiled the first part of its plan to
protect water resources, which are essential for its
Wines & Spirits and its Perfumes & Cosmetics business
groups and also critical for its fashion and leather goods
items. The goal is a 30% reduction in the amount of
water used by LVMH’s operations and its value chain
by 2030, especially in regions experiencing water
stress. In 2023, LVMH ramped up its program of bio-
diversity initiatives, launching regenerative agriculture
projects in Turkey and Chad for cotton, in Australia for
merino wool, in Indonesia for palm oil, and in France
for all the Moët Hennessy vineyards and for some
iconic fragrance ingredients. At certain locations, an
increase in the soil’s carbon and nitrogen content is
already evident. New measurement tools, such as the
Regeneration Index jointly developed with specialists
from French nonprofit Pour une Agriculture du Vivant,
help assess these changes. The partnership forged
with UNESCO under the “Man and the Biosphere”
program also made significant progress in 2023: more
than 480 people were trained and equipped to fight
fires, and agroforestry methods were developed for
the production of essential oils and cacao, having a
positive impact on more than 1,000 families. All in all,
3.1 million hectares of flora and fauna habitat were
preserved or restored in 2023. The Group’s actions
are in keeping with the reference framework drawn up
by Science-Based Targets for Nature, which launched
a test in 2023 of the actions taken by an official
selection of companies – including LVMH – and the
trajectory of their alignment with international biodi-
versity protection goals.
Scaling up the circular
use of materials
In 2023, building on Nona Source (a platform for selling
unused textiles from the Group’s Maisons), CEDRE
(Centre Environnemental de Déconditionnement,
Recyclage Écologique) and WeTurn (the leading recycling
platform for unsold textiles, fabric rolls and production
offcuts), LVMH launched LVMH Circularity, an ecosystem
aimed at consolidating all the Group’s packaging, product
and component recycling processes and facilitating the
reuse of recycled materials in production processes
in order to minimize the Group’s environmental impact.
This ecosystem enabled several major accomplishments
in 2023, including Christian Dior Couture and Louis
Vuitton’s launch of recycling projects to transform
their materials into new, fully traceable high-quality
thread and materials. In 2024, Dior will launch its first
ready-to-wear item made from closed-loop recycled
textile. To underscore the synergies between sustain-
ability, creativity and desirability and help drive lasting
change in conceptions of beauty, LVMH held its first
fully upcycled fashion show, Prélude, on December 14,
2023 at the LIFE 360 Summit. The show featured
pieces designed by guest creative director Kevin
Germanier using unsold products from LVMH’s fashion
houses, which were completely disassembled and
resewn in a resolutely disruptive approach that showcases
the art as well as the craft of unmaking and remaking
fashion. Today more than ever before, product sustain-
ability is benefiting from dedicated research programs
in areas such as materials innovation. Examples of this
include transforming lab-grown keratin into fibers,
then bio-based fur, and exploring the possibilities
offered by synthetic diamonds, as Fred has done with
its Audacious Blue collection.
32 • 33
LVMH 2023 . Environment Ensuring traceability
and transparency
Supporting partner suppliers
to reduce Scope 3 emissions
LVMH aims to have a dedicated traceability system
covering all sourcing channels by 2030, in order to ensure
full traceability across all the Group’s strategic supply
chains, for every step – from field to final product. The
system will be based on a collaborative approach, to
increase efficiency and facilitate compliance by
suppliers. In 2023, a consortium of 15 cosmetic industry
businesses, brands and suppliers – including Chanel,
Clarins, Dior, Estée Lauder, L’Oréal, Shiseido and Sisley
– announced that they were joining forces to set up
the Traceability Alliance for Sustainable Cosmetics
(TRASCE). This new body will be charged with improving
the traceability of supply chains for key components
of cosmetic formulas and packaging. In 2023, LVMH
accelerated the rollout of systems to provide customers
with product-related information, allowing them to trace
the raw materials used in the Maisons’ exceptional
products. Following the deployment of tools that can
measure environmental impact, information can now
be provided to customers on the Maisons’ websites
via a QR code or directly on product labels. Overall,
30,000 products made by the Group’s Maisons are
now covered by such a system. Loro Piana has
launched a collaboration with the Aura Blockchain
Consortium to ensure the traceability of the extra-fine
wool fibers in its The Gift of Kings® range, offering a
more transparent view of its entire supply chain. Louis
Vuitton also took part in this collaboration, launching
the LV Diamonds certificate: a unique, secure digital
certificate that lists the key features of the central
diamond in a piece of jewelry and tracks its journey,
from mining to setting. Another example of this focus
on implementing an exacting, transparent traceability
policy was Fendi’s inclusion, once again in 2023, among
the highest-scoring businesses listed in the Fashion
Transparency Index.
In 2023, the proportion of renewable energy in the
Group’s energy mix surged to 63% (up 16 points
from 2022) as a result of the proactive approach to
maximize the use of biogas, as well as a campaign
organized by the Group’s Maisons to sign framework
agreements with renewable energy suppliers.
Combined with the impact of the energy efficiency
plan announced in September 2022, this policy has
helped achieve a reduction of over 28% in energy-
related CO2 emissions (Scopes 1 and 2) between 2019
and 2023. Bold action to reduce stores’ environmental
footprint also contributed to these outcomes. In
December 2023 – building on a partnership set up
with leading shopping mall developer Hang Lung
Properties to work together on improving the environ-
mental impact of mall stores – LVMH launched two new
partnerships with similar objectives: one with the top
five local lessors in the United Arab Emirates, signed
at the COP28 summit, and the other with the Miami
Design District. To help achieve the target of cutting
Scope 3 emissions (55% reduction in CO2 emissions
per unit of added value by 2030 relative to 2019, a
target validated by SBTi), which comprise 95% of the
Group’s carbon footprint, LVMH expanded its environ-
mental strategy with a new program: LIFE 360
Business Partners. The program’s goal is to support and
guide suppliers, whose participation is key to achieving
a meaningful change in indirect carbon emissions.
Building on the supplier transition plans implemented
by a number of the Group’s Maisons, this new compo-
nent of the LIFE 360 initiative aims to give suppliers
access to the Group’s training programs, regulatory
watch and all the solutions and expertise that
can unlock reductions in our partners’ carbon foot-
print, as well as their impact on water and biodiversity,
within supply chains.
28%
REDUCTION IN ENERGY-RELATED
GHG EMISSIONS (BASELINE: 2019)
68,140
HOURS OF ENVIRONMENTAL
TRAINING AND AWARENESS-RAISING
INITIATIVES (UP 118% VS 2022)
The LIFE 360 program
TARGETS
2023 RESULTS
Biodiversity
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
30% reduction in the Group’s water consumption
(Scopes 1, 2 and 3)
2023
New circular design services: Repairs, upcycling, etc.
2026
Packaging: Zero fossil-based virgin plastic
Circular
design
2030
100% of new products covered by a sustainable design
approach
PROGRESS
versus 2022
+4 pts
+5 pts
+2 pts
Certification of strategic supply chains:
• Cotton: 75%
• Leather: 96%
• LVMH vineyards: 96%
3.1 million hectares preserved or restored
280,000 meters of fabric upcycled
+47%
43% recycled raw materials in glass
and plastic packaging
7,942 metric tons of fossil-based virgin plastic
in customer packaging (8% reduction since 2019)
2023
Country of origin known for 100% of strategic
supply chains
Country of origin known for:
• Leather purchases: 96%
• Diamond purchases: 96%
Traceability/
Transparency
2030
100% of strategic supply chains covered by a dedicated
traceability system
30,000 products covered by a traceability
system for informing customers
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
SBTi-validated carbon trajectory
28% reduction in energy-related
GHG emissions (baseline: 2019)
63% renewable energy in the Group’s
energy mix
79% of stores equipped with LED lighting
34 • 35
+4 pts
Stable
+10 pts
––
+216%
+16 pts
+2 pts
LVMH 2023 . Environment
Gustave Caillebotte, Boating Party – National Treasure acquired by LVMH for the Musée d’Orsay
Supporting culture,
design and good causes
From the beginning of its history, LVMH has demonstrated
a unique commitment to philanthropy. The Group and
its Maisons support community-oriented initiatives in France
and around the world, promoting and maximizing
access to art, cultural heritage, fashion and arts education.
Heritage
LVMH is a major supporter of initiatives aimed at pre-
serving France’s historic heritage. This was exemplified
the day after the fire at Notre-Dame Cathedral, when
Bernard Arnault pledged a donation of €200 million
– to be donated in equal parts by LVMH and Agache – to
contribute to the rebirth of this jewel of France’s heritage.
In addition, LVMH supports this initiative more specifically
by having its Connaissance des Arts publication release
the twice-yearly La Fabrique de Notre-Dame journal,
which updates readers on the restoration process,
published under the editorial management of French
public body Rebâtir Notre-Dame de Paris.
Over the past five years, LVMH has closely supported
this extraordinary restoration project, which show-
cases a wealth of exceptional expertise and highlights
both the virtuosity of time-honored craftsmanship and
the valuable contribution made by fascinating tech-
nological innovations.
Thanks to LVMH’s exclusive support, Boating Party
– painted by Gustave Caillebotte between 1877 and
1878 – has been added to the Musée d’Orsay’s perma-
nent collection. The painting – a major work of the
artist and of the Impressionist movement as a whole –
was recognized as a National Treasure by France’s
Ministry of Culture in 2020. Its acquisition enriches
the Musée d’Orsay’s collection of Impressionist
paintings with a masterpiece without equal in France’s
public collections.
Commitments to the arts,
culture and expanding access
to them
LVMH is a loyal, long-standing patron of the Nuit
Blanche Paris night-time arts festival, supporting the
French and international arts scene, and helping give
center stage to contemporary artists at an event open
to all in the heart of the French capital.
LVMH also continued its support for the Fondation du
Collège de France and the Giacometti Institute in
Paris, helping them develop their respective scientific
and cultural programs.
Outside France, LVMH supported the Rothko Chapel in
Houston, Texas (USA) and the Tate Modern in London (UK).
Arts education initiatives
For the past few years, LVMH’s youth-oriented corpo-
rate giving initiatives have focused on visual arts and
music. In particular, the Group launched the LVMH
Prize for art school students and the “1,000 Seats for
Youth” program for conservatory students to attend
exceptional concerts. It has also supported Orchestre
à l’École, a nonprofit that enables hundreds of children
to play a musical instrument. In addition, LVMH once
again loaned out the Stradivariuses in its collection to
talented musicians.
Backing medical research
and certain social causes
The Group supported numerous institutions that
work with children, the elderly and people with disa-
bilities, and take action to combat major causes of
suffering and exclusion. They include the Fondation
des Hôpitaux de Paris – Hôpitaux de France; Save
the Children Japan; the Robin Hood Foundation
in New York; the Fondation Claude Pompidou;
Association Fraternité Universelle, which works in
Haiti to improve access to health care and education
alongside actions in favor of agricultural develop-
ment, especially in the Central Plateau; and the Curie
Institute, which carries out research and work to fight
childhood cancer.
For many years, the Group has also been a supporter
of a number of scientific teams and foundations
engaged in cutting-edge public health research.
Nearly 11 million
VISITORS TO THE
FONDATION LOUIS VUITTON
SINCE ITS OPENING
Over 1 million
PEOPLE ASSISTED THROUGH
OVER 950 PARTNERSHIPS
36 • 37
LVMH 2023 . Corporate philanthropy Restoration of Notre-Dame Cathedral, November 2023 – LVMH, member of the Donor Committee
Fondation Louis Vuitton, Paris
Mark Rothko exhibition, Galerie 10 – Dialogue between Rothko and Giacometti
A haven for art
and culture
Since it was opened in 2014, the Fondation Louis Vuitton
has become one of the world’s leading institutions on
the international arts scene. In nine years, it has already
welcomed nearly 11 million visitors, reflecting its immense
success with French and international museum-goers.
The Fondation Louis Vuitton’s core missions are sup-
porting artists and building dialogue between key
figures in modern art, leading lights of the international
contemporary art scene and a wide audience, especially
young people.
Two flagship exhibitions were held in 2023: Basquiat x
Warhol: Painting Four Hands, from April 5 to August 28,
and Mark Rothko, starting October 18.
Between 1984 and 1985, Jean-Michel Basquiat and
Andy Warhol created 160 paintings together, including
some of the largest works of their respective careers.
For the first time, this singular body of work, painted with
“four hands”, was put on display almost in its entirety.
The Mark Rothko exhibition brought together
some 115 works from the world’s largest institutional
and private collections, including the National Gallery
of Art in Washington D.C., the Tate Modern in
London and the artist’s family. In another major
initiative, the Fondation commissioned Mark Rothko
by Max Richter, a musical composition to mark
this retrospective.
A number of other musical events took place in 2023,
including a concert by Jay-Z in tribute to Basquiat, the
Piano Jazz Sessions with Herbie Hancock and a piano
recital by Lang Lang.
To make these events accessible to the widest possible
audience, the Fondation developed a number of partner-
ships, including with Secours Populaire and Fondation
Culture et Diversité. Throughout the year, the Fondation
also invited groups from the social sector and offered
free admission to all students on Thursdays.
The Fondation Louis Vuitton also continued with its
international Hors-Les-Murs (“Beyond the Walls”)
program, with the year’s exhibitions dedicated to
Fabrice Hyber in Venice, Simon Hantaï and Alberto
Giacometti in Osaka, Cindy Sherman in Seoul and
Wolfgang Tillmans in Tokyo.
À QUATRE MAINS
EXPOSITION — 5 AVRIL — 28 AOÛT 2023
Réserver sur fondationlouisvuitton.fr et fnac.com — 8 avenue du Mahatma Gandhi, Bois de Boulogne, Paris — #FondationLouisVuitton #BasquiatWarhol
MICHAEL HALSBAND — Andy Warhol & Jean-Michel Basquiat #143 New York City, July 10 1985 (détail) — © Michael Halsband, 2023
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18 octobre 2023 → 2 avril 2024
exposition
Réserver sur
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Fondation Louis Vuitton
8 avenue du Mahatma Gandhi,
Bois de Boulogne, 75116 Paris
#FondationLouisVuitton
#Rothko
Conception graphique © ABM Studio
Mark Rothko, N°14, 1960
San Francisco Museum of Modern Art –
Helen Crocker Russell Fund purchase
© 1998 Kate Rothko Prizel & Christopher Rothko –
Adagp, Paris, 2023
1. Basquiat x Warhol: Painting Four Hands exhibition
2. Jay-Z concert in tribute to Jean-Michel Basquiat
3. Musical Promenades: Mark Rothko by Max Richter
4. Mark Rothko exhibition
40 • 41
LVMH 2023 . Corporate philanthropy
LVMH takes action
In 2023, LVMH and its Maisons
continued to commit resources and
skills to a growing range of initiatives
in support of good causes.
LVMH Prize for Young Fashion Designers
For its 10th edition in 2023, the LVMH Prize for Young
Fashion Designers continued to raise its international
profile, attracting over 2,400 applicants – a new
record. The LVMH Prize went to 39-year-old Japanese
designer Satoshi Kuwata, founder of Setchu, who won
a €400,000 award and a year of mentoring within the
LVMH Group. Exceptionally this year, the jury chose
two winners for the Karl Lagerfeld Prize: 38-year-old
Ukrainian designer Julie Pelipas, founder of Bettter, and
36-year-old Italian designer Luca Magliano, founder of
Magliano. Each won a €200,000 award and a year of
mentoring.
Working with Cancer
On World Cancer Day – February 4, 2023 – LVMH
announced its pledge to support the “Working with
Cancer” initiative by Fondation Publicis: the first global
coalition of stakeholders committed to fostering a
more open, supportive and recovery-forward culture
at work for employees affected by cancer. The initia-
tive, which aims to eliminate stigmas around cancer in
the workplace, is backed by major companies and
organizations including the Gustave Roussy cancer-
research hospital in France, the Memorial Sloan
Kettering Cancer Center in the United States and
Macmillan Cancer Support in the United Kingdom.
You and ME
LVMH’s Métiers d’Excellence initiative set out on its
latest “You and ME” tour of France and, for the first time,
also headed to Italy to introduce future talent to the
Group’s professions of excellence. The goal of the pro-
gram, launched in 2022, is to enhance the employability
of young people and those retraining in creative, craft
and customer experience professions. It directs them
towards suitable training courses and gives them a
helping hand with finding job offers. During the mobile
career guidance and recruitment unit’s tour, it introduced
program participants to over 280 expert professions,
enabling them to apply for more than 4,500 job vacancies
at the Group’s Maisons in 2023.
EllesVMH
The EllesVMH initiative champions three values: parity,
equity and passing on skills. In 2023, it boosted its skills-
sharing initiatives with the launch of EllesVMH.com,
an online, in-house platform available worldwide. The
platform features a wide range of resources, including
articles, podcasts, coaching sessions with international
experts and forums for discussion for each of the
EllesVMH networks around the world.
Inside LVMH
The Inside LVMH digital hub has been specially
designed for students, graduates and professionals just
starting out in their careers. It offers a unique pathway
for them to learn about the core fundamentals of the
luxury industry and about LVMH, built around the
theoretical and practical knowledge passed on by
LVMH’s and its Maisons’ top talent, industry experts and
a number of renowned academics. Over 78,000 people
have earned the program’s certificate since it was
launched in May 2021. Inside LVMH covers key topics
such as Retail & Customer Experience, Design
& Branding, Operations & Supply Chain, as well as
providing insights into various professions and expertise
within the LVMH ecosystem’s 75 Maisons.
Viva Technology
For the 2023 Viva Technology trade show, innovations
by the Maisons and the Group’s partner startups were
showcased on an incredible 600-square-meter
“Dream Box” space. The highlight of the show was the
7th annual LVMH Innovation Awards ceremony. The
top prize went to Save Your Wardrobe, a tech-enabled
clothing care, repair and management platform aimed
at making fashion more circular and sustainable.
LIVE (L’Institut des Vocations
pour l’Emploi)
The LIVE training initiative opened the doors to its
4th campus in Marseille in March 2023 and has already
welcomed 110 participants. The initiative – chaired by
Brigitte Macron and launched in collaboration with
LVMH – works with those aged 25 and over who are
eager to get back to work. The program gives people
the opportunity to begin building a new professional
future after being out of work for extended periods
(by choice or not). Over one thousand people have
participated since LIVE’s first center opened in
September 2019. With its four campuses (Clichy-sous-
Bois, Marseille, Roubaix and Valence), LIVE welcomes
over 450 participants a year.
Pride Month – Walk the Talk
For Pride Month, the Group launched a worldwide
Walk the Talk campaign to highlight initiatives taken
by the Group and its Maisons to combat discrimina-
tion against LGBTI+ communities. It also published
an LGBTI+ activity report underscoring the Group’s
commitments, daily actions and worldwide events.
In addition, LVMH supported employee networks
taking part in Pride Marches across different regions
around the world. Thousands of employees took
part in marches held in Miami, Tokyo, Wilton Manors,
Los Angeles, Paris, New York, Toronto, London and
Cologne. To show their support and promote a com-
mon message of respect and inclusion during Pride
Month, each employee attending a march wore a
T-shirt specially designed by Jonathan Anderson,
Creative Director at Loewe.
Harlem’s Fashion Row
As part of their partnership to promote diversity
and inclusion in fashion, Harlem’s Fashion Row and
LVMH celebrated the 16th anniversary of the Fashion
Show & Style Awards in New York on September 5,
42 • 43
LVMH 2023 . 2023 commitments in partnership with several Group Maisons. During the
event, the second Virgil Abloh Award Presented by
LVMH went to rapper A$AP Rocky. This long-term
partnership with HFR has given rise to a range of spe-
cific actions, including events to introduce the Group’s
professions to Harlem high school students, gather-
ings for promising designers held by Louis Vuitton to
discuss issues like managing a business, and Tiffany
& Co.’s sponsorship of the “Tenacity Talks” series for
students at North Carolina A&T State University.
LVMH Heart Fund
In 2023, LVMH celebrated the second anniversary of
the LVMH Heart Fund, a global emergency and support
program for all its employees around the world. The
LVMH Heart Fund helps employees facing unexpected,
serious personal circumstances by providing them
with anonymous and confidential emergency financial
aid and/or dedicated social and psychological support.
As an employer, the Group believes it has a responsibil-
ity to stand alongside its employees facing challenges
in their personal lives.
China International Import Expo
At the 6th edition of the China International Import
Expo (CIIE), LVMH inaugurated a 600-square-meter
pavilion and showcased 12 emblematic Maisons,
focusing on their know-how and a cultural heritage
resonating with Chinese customers’ aspirations and
tastes. LVMH has a long-standing relationship with
China and was one of the first groups to establish a
foothold and to invest and develop its business there.
Hennessy made its first-ever shipment of cognac to
China back in 1859, while Louis Vuitton opened a
groundbreaking boutique in the Palace Hotel in
Beijing in 1992.
Voices of Inclusion
With the second edition of its “Voices of Inclusion
Week”, LVMH has scaled up its commitment to diver-
sity and inclusion, showcasing its Maisons’ initiatives
and its talent around the world. The Inclusion Index
– the Group’s in-house diversity and inclusion monitoring
tool – has tracked all these initiatives every year since
2018. In total, in 2023, close to 200 initiatives were
submitted by the Group, its Maisons and regions, in six
categories: Gender Equality, LGBTI+, Disability, Origin,
Generations and Inclusive Culture. In each category,
the projects with the greatest impact were recognized
with a prize at the Inclusion Index Awards ceremony.
A special prize was also given to the Maison that
achieved the best performance with respect to the
Group’s Diversity & Inclusion targets.
Prix des Artisanes
For the third consecutive year, the Elle family of mag-
azines teamed up with LVMH for the Prix des Artisanes
awards, in partnership with the Institut National des
Métiers d’Art and Artisans d’Avenir. This award reflects
the Group’s commitment to women’s career develop-
ment and preserving expertise.
Maestri d’Eccellenza award
In 2023, LVMH’s Métiers d’Excellence initiative
launched its first award recognizing Italian craftsman-
ship in collaboration with Fendi, Confartigianato
Imprese (a network representing artisans and small
businesses in Italy), and the National Chamber of Italian
Fashion. The award aims to raise public awareness of
rare professions and skills that must be preserved and
passed on to future generations.
LVMH DARE
DARE – “Disrupt, Act, Risk to be an Entrepreneur” – is
LVMH’s global intrapreneurship program, launched in
2017. DARE invites all employees to share their ideas
for innovative solutions and to develop them into
concrete projects using startup methodologies. The
program has already backed the launch and acceler-
ation of over 52 innovative projects. These include
Nona Source (the first online platform selling unused
fabrics and leathers from LVMH’s Fashion Maisons) and
Heristoria (a platform that curates and sells iconic
vintage pieces from LVMH’s Maisons).
COP28
At the 2023 United Nations Climate Change
Conference (COP28) in Dubai, LVMH undertook
to step up its efforts to protect biodiversity and the
climate. Accordingly, as part of its partnership with
UNESCO’s “Man and the Biosphere” program, LVMH
kicked off a new project with the Foundation for
Amazon Sustainability (FAS), which works to combat
deforestation in the Amazon, one of the primary
threats to the region’s ecosystems. LVMH pledged
€1 million to the FAS partnership to help protect the
environment while also pursuing sustainable develop-
ment and respecting the local cultural context. Lastly,
LVMH entered into a new partnership with the top
five local landlords in the United Arab Emirates.
Clear targets have been set for shopping malls, with
innovative and ambitious environmental practices
implemented covering water consumption, efficient
use of air conditioning, clean energy use, and design
and construction practices.
Committed Companies Dinner
LVMH chose International Volunteer Day
– December 5 – to hold its annual Committed
Companies Dinner (Dîner des Maisons Engagées) at the
Palais de Tokyo in Paris. To mark the occasion, the
Group commissioned a special work by artist Liu Bolin,
which was sold at auction. The proceeds were donated
to the Robert-Debré Hospital, alongside the contribu-
tion made by the LVMH Group to help the fight against
sickle cell anemia. Since the beginning of this partner-
ship, over €1.8 million have been raised by LVMH to
support research and care for children at the hospital.
VETA (Vivre et Travailler Autrement)
LVMH and French nonprofit VETA set up a partnership
to establish a new inclusion pathway for people with
disabilities, based on VETA’s effective methodology
for integrating young people with autism within the
Group. The nonprofit coordinates feasibility studies
upstream, identifies assistants who can provide med-
ical and social assistance, looks for housing and the
funding required for employment adjustments.
Guerlain pioneered the program at its La Ruche plant
in Chartres, where it hired four employees. Other
Maisons are now following in its lead and have begun
drawing up plans to take on new employees.
LIFE 360 Summit
On Thursday, December 14, 2023, the Group brought
more than 500 of its leaders together with its partners
and other industry players at UNESCO for the
announcement of the initial results of its LIFE 360
(LVMH Initiatives for the Environment) program
launched in 2021, in the run-up to its 2023 milestone.
Concrete details of its environmental performance in
the main areas underpinning this program – the
circular economy, biodiversity protection, reducing
CO2 emissions, and ensuring traceability and transpar-
ency – were revealed at the event and in an exhibition.
The Group set its sights on reducing its environmental
footprint for Scope 3 and presented the LIFE 360
Business Partners program, an unprecedented pro-
gram to help the Group’s suppliers reduce their carbon
footprint and their impact on water and biodiversity.
New LVMH
Code of Conduct
Backed by the members of LVMH’s Executive Committee, the Group published
its new Code of Conduct in early 2024 to reflect its heightened commitments to
ethics and to social and environmental responsibility and the initiatives taken by
the Group in these areas. The Code of Conduct, which serves as a common core of
ethics for the Group and its Maisons, outlines the rules to be followed by all employees
as they go about their work.
The Code references Group charters and policies developed over several years on
various issues relating to business ethics, which together form the ethical framework
governing all actions taken by LVMH and its employees.
The Code of Conduct is supported by an online training module for all Group employees.
44 • 45
LVMH 2023 . 2023 commitments Premium Partner
of the Paris 2024 Olympic
and Paralympic Games
As a Premium Partner of the Paris 2024 Olympic and
Paralympic Games – to be held from July 26 to
August 11, 2024, and from August 28 to September 8,
2024, respectively – LVMH is proud to share its mis-
sion, “The Art of Crafting Dreams”, with the billions of
spectators and viewers who will follow this global
event. Thanks to this unprecedented partnership, we
will help France and Paris shine brightly on the world
stage through some of our Maisons’ creations.
For example, Chaumet has designed the
Paris 2024 Olympic and Paralympic
medals and Berluti is designing the Team
France delegation’s uniforms for the
Opening Ceremonies. Louis Vuitton and Dior will
unveil the details of their contributions before the
Paris 2024 Opening Ceremony, while Moët Hennessy’s
Maisons will supply their exceptional products at the
Games’ hospitality events, and Sephora is a partner of
the Paris 2024 Olympic and Paralympic Torch Relays.
LVMH is also directly supporting some athletes
with exemplary track records ahead of the Games.
Like our artisans, athletes work hard for every win, no
matter how large or small, leaving nothing to chance
and overcoming every obstacle that stands in the way
of success. That is what makes them the “Artisans
of All Victories”.
1
2
3
4
1. Enzo Lefort, gold medalist (Team) at the Tokyo Olympics in 2021 and gold medalist
(Individual) at the 2019 and 2022 World Fencing Championships
3. Pauline Déroulède, three-time gold medalist at the French Open (Wheelchair Women’s)
4. Léon Marchand, five-time gold medalist at the World Aquatics Championships and
2. Mélanie de Jesus dos Santos, four-time gold medalist at the European Women’s Artistic
world record-holder in the men’s 400m individual medley
Gymnastics Championships
46 • 47
LVMH 2023 . Paris 2024 BUSINESS GROUP
INSIGHTS
BUSINESS GROUP
INSIGHTS
2023
LVMH
WINES &
SPIRITS
2023
Ruinart, Eva Jospin
Value 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. In 2023, LVMH
bolstered its position in the high-quality rosé market
with the acquisition of Château Minuty, which holds the
prestigious Cru Classé des Côtes-de-Provence designation.
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, responsi-
ble 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 devel-
oping their production capacities, as seen in the
responsible, innovative and efficient Pont Neuf
bottling and logistics facility inaugurated by Hennessy
in 2017, which reflects the Maison’s long-term vision.
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 preserve biodiversity
and protect the environment, in particular
in supply chains, packaging and transport
Hennessy
2023 at a glance
CONTRASTING TRENDS ACROSS
DIFFERENT MARKETS FOLLOWING
AN EXCEPTIONAL YEAR IN 2022
2023 REVENUE
BY REGION
14%
Other markets
21%
Asia (excl. Japan)
6%
Japan
7%
France
20%
Europe (excl. France)
32%
United States
REVENUE
(EUR millions)
PROFIT FROM
RECURRING
OPERATIONS
(EUR millions)
OPERATING
INVESTMENTS
(EUR millions)
7,099
6,602
5,974
1,863
2,155 2,109
538
440
328
2021
2022
2023
2021
2022
2023
2021
2022
2023
Hennessy
52 • 53
LVMH 2023 . Wines & Spirits 1
1. 2. Dom Pérignon
3. Moët & Chandon
2
3
2023
HIGHLIGHTS
Following an exceptional year in 2022, 2023 was
marked by contrasting trends across different markets.
Consumer demand waned in the United States and
China, while Europe showed remarkable resilience,
and Asia-Pacific, Latin America and the Caribbean
continued to see strong growth, particularly in private
sales and travel retail. Against this backdrop, Moët
Hennessy pursued its value strategy, enhancing the
appeal of its brands and diversifying its portfolio
through product innovation and the integration of
Château Minuty, confirming its leadership in the
Provence rosé market. The desire to forge closer, more
direct connections with end consumers led to the
opening of new points of sale, including the first Hennessy
store in mainland China and the Cravan cocktail bar
in the heart of Paris. Stepping up its commitment to
sustainability, Moët Hennessy presented its Maisons’
sustainable farming practices at the ChangeNOW
summit, the world’s largest event for sharing solutions
for protecting the planet.
While maintaining a firm pricing policy as part of their
value strategy, the champagne houses continued to
achieve high sales volumes, achieving a record market
share of Champagne-appellation shipments. Moët &
Chandon benefited from the successful launch of its
Grand Vintage 2015 in the first half of the year, celebrating
the Maison’s 280 years of expertise and craftsmanship;
54 • 55
LVMH 2023 . Wines & Spirits 1
2
in October, it unveiled Collection Impériale Création No. 1,
the first cuvée of its “Haute Œnologie” (high wine-
making) vision, inspiring a collaboration with American
artist Daniel Arsham. Dom Pérignon had a record
year, with the release of two new vintages and several
creative collaborations, while Veuve Clicquot turned
in an exceptional performance, buoyed by the launch
of La Grande Dame 2015, and offered unforgettable
experiences including a tasting of bottles aged under-
water in the Baltic Sea. The Maison also reaffirmed
its commitment to sustainable luxury and women’s
entrepreneurship through a collaboration with Stella
McCartney. Krug saw significant growth, with new
editions paired with its signature sources of inspiration:
fine dining and music. Ruinart unveiled a major col-
laboration with artist Eva Jospin and launched Blanc
Singulier, a new cuvée that highlights the impact of
climate change. Armand de Brignac continued its
integration into the Moët Hennessy portfolio of
brands and expanded its sales into strategic markets,
starting with Japan.
The still wine Maisons continued to consolidate their
market presence, against a backdrop of normalizing
demand in the United States following the post-
pandemic surge. Château d’Esclans consolidated
its leadership in Côtes-de-Provence wines, Château
Galoupet obtained organic certification and
Château Minuty joined the Moët Hennessy port-
folio. Chandon saw a slight decrease in sales volumes
in 2023, despite the success of its all-natural aperitif,
Chandon Garden Spritz.
3
4
OUR MAISONS TAKE ACTION
Hennessy commits to promoting
a new model for agriculture
— To maintain the fertility of its soils and
vineyards, Hennessy is implementing
biodiversity-friendly practices: winegrowing
agroforestry, which involves planting trees
and hedges that provide shelter for
a microfauna of crop auxiliaries that are
very helpful for controlling pests; using
plant cover (such as alfalfa and clover)
between rows of vines to aerate and enrich
the soil season after season; maintaining
dry chalk grasslands through eco-grazing,
a practice recommended by the French Bird
Protection League that promotes the growth
of remarkable flora; and installing beehives
in vineyards, with bees monitored through
biocontrol trials and environmental analyses
as part of a research program in partnership
with the Observatoire Français d’Apidologie,
a French nonprofit that works to protect
and promote bees.
1. Ruinart
2. Krug
3. Château d’Esclans
4. Veuve Clicquot
56 • 57
LVMH 2023 . Wines & Spirits 1
2
1. 3. Hennessy
2. Ardbeg
In the first part of the year, Hennessy experienced a
significant slowdown in sales in the United States,
although the situation gradually recovered at the end
of the year. The Maison was also affected by the effects
of the Covid pandemic on Chinese New Year celebrations
at the beginning of the year. Despite this, it still managed
to extend its global leadership in the spirits category.
The brand stepped up its commitment to sustain ability
through initiatives such as the decarbonization of its
Cognac distillery and the “Living Landscapes” program
aimed at planting hedges in the Cognac region.
Revenue for Glenmorangie and Ardbeg whiskies
was affected by market conditions in the United
States and China, but substantially exceeded pre-
Covid levels, thanks to strong performance in travel
retail and in dynamic markets such as Japan. The
two Maisons continued to focus on innovation,
with Ardbeg introducing gift sets showcasing its
legendary history. Belvedere vodka reaffirmed
its value strategy with the launch of Belvedere 10,
an exceptional vodka designed for the nightlife
market. The Maison also obtained organic farming
certification in 2023. Woodinville expanded its
retail presence in the United States, where it is
now available in 35 states. Volcán de mi Tierra
continued to develop its ultra-premium expression,
partnering with Formula 1 in Las Vegas. Cuban rum-
maker Eminente opened a “Casa Eminente” pop-up
location in Paris.
OUR MAISONS TAKE ACTION
Belvedere’s distillery one step closer
to becoming fully self-powered
— In 2023, Belvedere installed a new solar
power generation unit that has already
generated 97 MWh of electricity in just three
months. Its biomass and cogeneration heat
and power plant, in operation since 2021,
also generates green electricity and steam;
following improvements, it is now 30% more
efficient. This means in 2023 the distillery
was able to meet 75% of its own energy needs
from green energy generated on site.
The Maison is already planning further steps
in 2024 to make it even more self-sufficient
and boost its share of green energy.
2024 Outlook
In an environment that remains uncertain, espe-
cially in the United States and China, and with
shifts in consumer behavior, the business group
is approaching 2024 with caution and pragmatism.
It will continue to draw on the strengths of its
dynamic teams and solid foundations, including
its balanced geographic coverage and diverse
portfolio of prestigious brands. The Maisons will
continue to enhance their desirability through
powerful product-focused initiatives including
Armand de Brignac’s launch of the Blanc de Noirs
cuvée and Hennessy’s release of new bottles, as
well as promotional initiatives including Veuve
Clicquot’s partnership with the legendary Venice
Simplon-Orient Express and a new creative collab-
oration for Dom Pérignon. Mindful of their rich
heritage and environmental responsibility, they
will continue to pursue their sustainability-focused
roadmap, aimed at protecting biodiversity and
reducing their carbon footprint. In the second
half of the year, Moët Hennessy will welcome the
world’s leading experts in soil microbiology and
sustainable winegrowing to its second World
Living Soils Forum, to be held in October in Arles
(southern France), aimed at sparking dialogue and
stepping up the pace of scientific progress in these
fields. Excellence, authenticity, innovation and
sustainability remain the guiding principles for the
Maisons in the Wines & Spirits business group:
core values that reflect their mission – “Crafting
Experiences” – as well as Moët Hennessy’s vision
of being the leader in luxury wines and spirits.
3
58 • 59
LVMH 2023 . Wines & Spirits 2023 STORIES
Blanc Singulier: The art of (re)crafting
RUINART
Faced with climate change, Ruinart’s Blanc Singulier
vintage reflects the Maison’s capacity for innovation
while maintaining the highest standards of excellence
for its champagnes. It all starts in the vineyard. Ruinart
has observed the climate changes affecting its wines:
warmer winters, early springs, April frosts, ever-rising
average temperatures and earlier grape harvests. Cellar
Master Frédéric Panaïotis and his teams have noticed new
aromatic profiles emerging as a result of these changing
climate conditions. Now, Ruinart has crafted
Blanc Singulier, harnessing these distinctive
profiles by adapting its expertise and wine-
making practices, while preserving the
Maison’s signature taste. The first vintage to be released
is Edition 18, which was shaped by the climate variations
experienced by vineyards in 2018 – a particularly warm
year marked by an early harvest. The year’s wines feature
juicy white fruit and candied citrus notes, as well as floral
honey scents and smoked spices. Ruinart’s Blanc Singulier
is a collection of successive singular editions, with each one
the product of a year of extraordinary climate conditions.
Photographer and filmmaker Yann Arthus-Bertrand cap-
tured the creation of Ruinart’s Blanc Singulier cham-
pagne on film. His documentary, (Re)Craft, is a tribute
to the unique character and history of champagne and
to the distinctive features of its terroir.
60 • 61
High winemaking with Collection Impériale
MOËT & CHANDON
To mark its 280th anniversary, Moët & Chandon released
Collection Impériale Création No. 1, an exceptional new
champagne inspired by its Haute Œnologie (“high wine-
making”) concept, which blends three grape varieties across
seven remarkable vintages, each of which was carefully
selected and aged in a distinctly different environment
to bring out its individual qualities. To celebrate this anni-
versary, Moët & Chandon collaborated with contemporary
American artist Daniel Arsham, who visited the Maison’s
estate in Épernay with Cellar Master Benoît Gouez. Daniel
Arsham found inspiration in a stained glass window by
Félix Gaudin that has adorned the entrance to the cellars
since the late 1890s, and created a three-meter-long
sculpture that will be permanently displayed in the Galerie
Impériale. The artist also designed 85 limited-edition bottles
enveloped in an all-white 3D relief featuring elements of
his sculpture as well as references to the Château de
Saran, which the Maison has owned since 1801. Arsham’s
unique take on Moët & Chandon’s heritage superbly
captures the essence of the Maison, its history and its
first Collection Impériale vintage.
62 • 63
LVMH 2023 . Wines & Spirits 1 000 Palisses for biodiversity in the Cognac region
HENNESSY
Hennessy has launched “1 000 Palisses”, a program that
helps winegrowers reintroduce hedgerows and trees in
and around their vineyards to foster biodiversity in the
Cognac region. In the future, if climate change pushes
average global temperatures up by 2°C, 56% of the world’s
winegrowing regions could disappear. The quality of
Hennessy cognacs is intrinsically tied to nature and the
expertise of the people who grow the grapes used to
produce it, which is why the Maison continues to reduce
its carbon footprint and step up its commitment to a
responsible future. Hennessy tests and invests in a range
of sustainable farming initiatives, helping make its vineyards
– and the Cognac region as a whole – a hub of learning and
innovation to promote responsible winegrowing practices.
With 1 000 Palisses, the Maison aims to show the tangible
benefits of these initiatives and has set itself the target
of planting 1,000 km of green corridors in Cognac AOC
vineyards over a 10-year period. To help achieve this goal,
Hennessy has set up a single point of contact for all
participants – both winegrowers and local authorities –
to ensure all their needs are addressed in a simple,
streamlined process. 1 000 Palisses is not just a large-scale
sustainable farming initiative: it is a push for the future of
Cognac’s vineyards.
Journey into the heart of Japanese culture
GLENMORANGIE
Glenmorangie’s new limited-edition whisky, A Tale of
Tokyo, pays tribute to the Maison’s Master Distiller Dr. Bill
Lumsden’s fascination with the Japanese capital and its
captivating contrasts. The single malt evokes the wonders
of Tokyo, blending bold flavors with subtle sweetness.
Peppery aromas meet notes of cherry and coconut,
while hints of orange zest fuse with incense and oak,
finishing off with Glenmorangie’s hallmarks: mandarin,
almond and marzipan. “Traveling the world to share
Glenmorangie gives me a wealth of inspiration for new
whiskies, and Tokyo has always been one of my favorite
places,” said Dr. Bill Lumsden. “I’m fascinated by the con-
tradictions between its bustling streets and tranquil
gardens, its ancient and modern buildings, its myriad
experiences offering a feast for the senses, and its cul-
ture. I wanted to capture the spirit of Tokyo, in all its com-
plexity, in a whisky.” To bring A Tale of Tokyo’s inspiration
and vibrant flavors to life in visual form, Glenmorangie
teamed up with Japanese artist Yamaguchi Akira, whose
artwork adorns its bottles and packaging. The artist’s
intricate, maximalist paintings playfully blend Tokyo’s
iconic cityscapes with elements from Glenmorangie’s
Highland distillery, infused with the Scottish Maison’s
signature colors.
64 • 65
LVMH 2023 . Wines & Spirits Wines vibrant with expression, gems of freshness and fruit
MINUTY
At the beginning of 2023, one of France’s most prestigious
rosé estates, the globally renowned Minuty, joined the
LVMH Group. A family-owned property since 1936, its
wines are sold in more than 100 countries. Long-standing
expertise, handed down over four generations, ensures
the impeccable quality of Minuty vintages. Here, everything
begins with the vine and its carefully preserved environ-
ment. The Château Minuty vineyard enjoys remarkably
good exposure on the slopes of the villages of Gassin
and Ramatuelle, overlooking the Gulf of Saint-Tropez.
It boasts a temperate maritime climate and features
southern grape varieties.
Grapevines are cultivated using continuously improved
sustainable methods, without weedkillers or pesticides, to
reduce the environmental impact of winegrowing. Château
Minuty is one of the last estates in the Côtes-de-Provence
region where the grapes are all hand-picked to ensure they
remain perfectly intact. The estate is run by Jean-Étienne
and François Matton, who are deeply attached to their
land, carrying on their family’s tradition of expertise. Now, a
fourth generation is flourishing at the helm of Minuty, since
Anne-Victoire Matton joined her father and uncle in 2022
to help run this Provençal gem. Together, they are working
hand in hand to expand the aura of the Maison’s style.
66 • 67
LVMH 2023 . Wines & Spirits Stepping back into the Maison’s history
HENNESSY
For the 40th annual European Heritage Days, Hennessy
invited the general public to discover Mobilis, an immersive
virtual reality experience that showcases the Maison’s
expertise and heritage. Blending visuals, sounds and
sensations, the installation was designed by French artists
Olivier Kuntzel and Florence Deygas, inspired by founder
Richard Hennessy’s expressive sketches on blotting paper
dating back to 1765. Olivier Kuntzel and Florence Deygas
are among France’s leading visual artists, using their
graphical creations to tell stories and create unique
worlds, mostly through drawings and animated films. This
new immersive experience, which is part of the Maison’s
strategy to develop its range of wine tourism experiences,
took two years of work and the talent of more than
50 contributors. These included engineers at BackLight
Studio, one of the world’s most renowned virtual reality
studios, and musician Jonathan Fitoussi, who composed
the installation’s music. For visitors – equipped with a
headset that allows them to “see the invisible” – the
Mobilis virtual reality experience starts with a walk through
Richard Hennessy’s imaginary office, and continues on
a multisensory journey lasting 20 minutes. This dreamlike
voyage offers a unique portrayal of the Maison, its heritage
and its expertise.
68 • 69
LVMH 2023 . Wines & Spirits LVMH
FASHION &
LEATHER GOODS
2023
Louis Vuitton
A unique assembly
of creative talent
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 priorities. Our
creative directors promote the Maisons’ distinctive iden-
tities, and are the artisans of their creative excellence.
Balance between iconic
products and innovation
Rooted in the world and art of travel since 1854, Louis
Vuitton’s success has been built on the flawless exe-
cution of its trunk-making expertise, its full control over
distribution and its exceptional creative imagination:
a source of perpetual renewal and innovation. Building
on its strong ties with art and artists throughout its
history, the Maison now features a compelling cultural
dimension. 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 and values of elegance are 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, as illustrated by the
reopening of Dior’s legendary 30 Montaigne location
following its redesign in 2022.
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 celebrated
its 10th anniversary and recognizes the creative talent
of an outstanding designer every year, was created to
reaffirm this commitment. As a fashion industry leader,
LVMH feels that is our vocation to nurture the most
promising creative talent. We also feel it is our respon-
sibility 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.
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, Loro Piana, Loewe and Fendi
Dior
2023 at a glance
EXCEPTIONAL PERFORMANCES
BY LOUIS VUITTON, CHRISTIAN DIOR,
CELINE, LORO PIANA, LOEWE, RIMOWA
AND MARC JACOBS
2023 REVENUE
BY REGION
9%
Other markets
39%
Asia (excl. Japan)
7%
France
18%
Europe (excl. France)
17%
United States
10%
Japan
REVENUE
(EUR millions)
PROFIT FROM
RECURRING
OPERATIONS
(EUR millions)
OPERATING
INVESTMENTS
(EUR millions)
42,169
38,648
16,836
15,709
3,025
30,896
12,842
1,872
1,131
2021
2022
2023
2021
2022
2023
2021
2022
2023
Dior
72 • 73
LVMH 2023 . Fashion & Leather Goods 1
1. 2. 3. Louis Vuitton
2023
HIGHLIGHTS
2
3
The Fashion & Leather Goods business group
continued to achieve strong growth. Its Maisons’ ability
to continuously reinvent themselves, its talented
designers, its expert craftspeople, the quality-driven
development of its stores and its teams’ quest for
excellence in elevating the customer experience all
contributed to this momentum.
Louis Vuitton had another excellent year, buoyed by
its exceptional creativity, its expert craftsmanship and
its cultural dimension. The captivating fashion shows,
singular aesthetics and bold vision of Nicolas Ghesquière,
whose contract was renewed for a further five years,
continued to elevate the desirability of the Maison’s
womenswear collections. Infusing ultra-contemporary
romanticism with the spirit of sportswear, Louis
Vuitton’s Cruise show was held at Isola Bella on Italy’s
Lake Maggiore against a backdrop of baroque art and
gardens, while the Maison’s Spring-Summer 2024
Collection was unveiled in October within the walls of
its future location at 103 Avenue des Champs-Élysées
in Paris. The arrival of Pharrell Williams as Creative
Director of Menswear marked the start of an exciting
new chapter. His first fashion show, set on the stage
of the Pont Neuf bridge in Paris, was met with huge
enthusiasm, garnering over 1.1 billion views on social
media, an all-time record for the fashion industry.
Designed by the two creative directors, the “Voyager”
shows – for womenswear, held on the iconic Jamsugyo
Bridge in Seoul, and for menswear, under the starlit
skies of Hong Kong’s Avenue of Stars – paid homage
to Louis Vuitton’s spirit of travel. The Maison continued
to innovate across all its product categories and forge
links with art and artists. Malletage quilting – inspired by
the interior of Louis Vuitton’s historic trunks – adorned
the GO-14 leather goods line, while the Tambour
watch, worn by brand ambassador Bradley Cooper, was
reinvented with a movement designed by the Maison’s
watch manufacturing facility. The fifth edition of
Artycapucines revisited the iconic bag through
the eyes of five international artists, and renowned
architect Frank Gehry also lent his unique vision to
an exclusive Capucines capsule collection released at
Art Basel Miami Beach. The Maison held two highly
74 • 75
LVMH 2023 . Fashion & Leather Goods 1
2
successful exhibitions: LV Dream, which paid tribute
to creative partnerships throughout its history, and
Malle Courrier, which showcased the craftsmanship
behind one of its most iconic models and was held
at its founder’s historic family home in Asnières. In
keeping with its “Our Committed Journey” roadmap,
Louis Vuitton teamed up with Australian conservation
charity People For Wildlife to protect biodiversity in a
400,000-hectare natural area.
Christian Dior continued to deliver remarkable growth
in all its product categories. Season after season, its
shows reinvent the magic of the Dior name. Maria
Grazia Chiuri continued to forge ties with cultures and
craftsmanship from around the world: the Fall/Winter
Collection, shown in Mumbai, extolled the art of
embroidery through a collaboration with the Chanakya
Ateliers in India, while the 2024 Cruise collection cel-
ebrated Mexican culture and one of its iconic figures,
Frida Kahlo. Continuing her dialogue with artists, the
designer entrusted the decor for the Winter 2023
Haute Couture show to Marta Roberti and the set
design for her ready-to-wear show in Paris to Joana
Vasconcelos. The show was held again in Shenzhen,
China, with the livestream garnering over 200 million
views. At the École Militaire in Paris, Kim Jones cele-
brated five years as Creative Director of Dior Homme
with a boldly staged new show that paid tribute to the
Maison’s heritage. In another highlight, on the shores
of Lake Como, Victoire de Castellane unveiled her
new high jewelry collection, Les Jardins de la Couture,
inspired by the encounter between two worlds close
to Christian Dior’s heart: couture and flowers. The
year’s innovations included the new Plan de Paris print,
which was featured across a number of product
categories and adorned the façade of the iconic
Harrods department store in London during the summer.
The end of the year saw store windows lit up with
Dior’s spectacular seasonal displays, including a large-
scale display at Saks Fifth Avenue in New York, whose
façade was bedecked with a captivating “Carousel of
Dreams” – a testament to the Maison’s long-standing
ties with New York.
to elevate its desirability. Growth was fueled by the
success of leather goods, especially the iconic
Triomphe line, as well as the steady rise in ready-to-
wear and the increasing popularity of its range of
accessories. Celine continued to expand and renovate
its network of stores in strategic locations like Tokyo
Omotesando and the Miami Design District.
Fendi opened “Palazzos” in Seoul and Tokyo, featuring
the brand’s full range of products. At its Haute Couture
show in July, the Maison debuted the first high jewelry
collection designed by Delfina Delettrez-Fendi. In
leather goods, the Maison unveiled new models
including the C’mon and Origami bags. The Hand in
Hand exhibitions, underscoring Fendi’s commitment
to craftsmanship, were met with great interest. The
Maison showcased its commitment to Italian art
through a collaboration with Galleria Borghese and an
exhibition of works by artist Arnaldo Pomodoro.
Celine had another record year, delivering strong
growth in its established markets and taking direct
control over distribution in South Korea. Driven by Hedi
Slimane’s bold creative vision, the Maison continued
Loro Piana confirmed its excellent momentum and
gained market share. Capitalizing on its exceptional
raw materials and singular craftsmanship, the Maison
was buoyed by growth in leather goods and continued
1. 2. Dior
3. Celine
4. Fendi
to innovate through new capsule collections including
Loro, its first line made from 100% recycled cashmere.
A new digital certification service was launched with
the Aura Blockchain Consortium for its The Gift of
Kings® merino wool. The Maison began to upgrade its
store concept, renovating and expanding its network,
the highlight of which was the reopening of its flagship
store in Dubai and a new flagship in Thailand.
Very strong growth at Loewe was driven by a combi-
nation of key factors: JW Anderson’s bold creativity,
the Maison’s authentic craftsmanship, and its shift
further upmarket, as exemplified by the launch of the
Squeeze bag. The Maison boosted awareness of its
brand, outfitting stars like Beyoncé and Rihanna at
events with a global audience, and benefited from the
success of its collaborations with Studio Ghibli and
ceramic artist Suna Fujita. It continued to expand its
store network, opening new Casa Loewe stores in
Tokyo Omotesando and Dubai, in particular.
Marc Jacobs maintained the strong momentum seen
in 2022. Alongside buoyant growth at directly operated
stores in the United States and the wholesale business
3
4
OUR MAISONS TAKE ACTION
Christian Dior ramps up its use
of innovative materials
— The new Dior Denim permanent collection
is made from Regenerative Organic Certified
(ROC) cotton grown on a RegenAgri-certified
Andalusian farm. The denim fabric is washed
using technologies that reduce water
consumption by 83% and chemical use
by 75%. Dior Homme has also continued
to work with Parley for the Oceans, launching
its second men’s beachwear capsule
collection. The result is a remarkable range
that incorporates 59% recycled ocean plastic
and 37% GOTS-certified fabric. The Maison
also continues to work with WeTurn to
recycle some cotton products and produce
a 100%-recycled fiber used in the design
of new Dior products.
76 • 77
LVMH 2023 . Fashion & Leather Goods OUR MAISONS TAKE ACTION
Louis Vuitton’s partnership with UNICEF
— In 2016, Louis Vuitton entered into
an international partnership with the United
Nations International Children’s Emergency
Fund (UNICEF). The Maison is committed
to raising awareness about the conditions
facing children around the world and raising
funds in support of UNICEF programs. Since
the partnership began, Louis Vuitton has raised
more than $20 million for UNICEF, mainly
through sales of its Silver Lockit collections,
to which new models are added each year.
Since 2021, Louis Vuitton employees in France
have been voluntarily supporting this cause
through microdonations deducted at source
from their salaries.
1. Loro Piana
2. Marc Jacobs
3. Givenchy
4. Loewe
1
2
3
2024 Outlook
As the Fashion & Leather Goods Maisons approach
the future, their ambition remains unchanged: to
further elevate their desirability and press ahead
with their strategy of responsible growth. The out-
look for Louis Vuitton over the next few years is very
strong thanks to the Maison’s ongoing exceptional
creative momentum and its constant reinvention
through the lens of travel. Nicolas Ghesquière will
continue to design the iconic collections and models
that underpin the Maison’s success. Pharrell Williams,
an artist whose work spans multiple creative uni-
verses, has ushered in a new and extremely prom-
ising chapter for menswear. With its unceasing
desire to surprise and blaze new trails, the Maison
is pursuing a number of innovation and develop-
ment projects. These include plans to eventually
open its new showcase premises at 103 Avenue des
Champs-Élysées, heralded by the giant Monogram
trunk that will cover the building while construc-
tion work is underway. Christian Dior will continue
to highlight its timeless modernity while referenc-
ing its unique heritage. Its ongoing growth will
be underpinned by compelling initiatives including
new store openings, pop-up locations and high-
impact events. For example, until May 2024, Dior’s
gallery at its 30 Montaigne location in Paris will host
a richly poetic exhibition dedicated to collabora-
tions with women artists including Niki de Saint
Phalle, Sarah Moon and Judy Chicago. Celine will
focus on elevating its brand while maintaining
its unique spirit of casual sophistication, and on
expanding its stores. Fendi has several major store
openings planned for 2024, including flagship
stores in the Miami Design District and Cannes,
and will expand its Selleria line of leather goods.
Loro Piana will celebrate its 100th anniversary
– an opportunity to look back on its history and
showcase its exceptional materials and expertise.
Loewe will highlight its Spanish roots and its crea-
tivity at its first exhibition outside Spain, to be held
at the Shanghai Exhibition Center. Marc Jacobs
will prioritize expanding its network of directly
operated stores in the United States and ramping
up its online sales. Berluti will be outfitting Team
France for the opening ceremony of the Paris 2024
Olympic and Paralympic Games.
4
in Europe, online sales continued to grow. The Maison
made a strong impact on social media. Growth was
driven by its flagship lines, in particular the leather
version of its Tote Bag.
Givenchy’s growth was driven by its directly operated
stores, while its retail presence became more and
more selective. 2023 saw the launch of the Voyou bag
and continued growth in sales of the iconic Shark Lock
boots. One of the highlights of the year was the joint
presentation with Tiffany & Co. of the Maison’s haute
couture and high jewelry collections.
Kenzo developed and promoted its new positioning.
Highlighting links between East and West, Nigo’s
Spring/Summer 2024 show was held in Paris between
the Eiffel Tower and the Palais de Tokyo before
stopping over in Shanghai.
launched during the year. The Lorenzo Drive reinter-
preted the classic driving shoe; the Toile Marbeuf
design, a tribute to the Maison’s rich heritage, adorned
a new line of travel bags; and the Passe-Temps collection
of exceptional items was launched in the run-up to the
holiday season. The Maison also continued to expand
its store network in China, South Korea and Japan.
As travel resumed, business at RIMOWA picked up,
buoyed by growing brand awareness and its iconic
positioning, with communications focused on the
sustainability of its products and the unconditional
lifetime warranty offered on all RIMOWA suitcases. A
traveling exhibition celebrated the 125th anniversary
of its founding. Highlights of the year included the
launch of a new material for the Maison – leather –
enveloping the Distinct carry-on suitcase.
Sustained growth at Berluti was fueled both by the
Maison’s timeless collections and by new products
At Pucci, Camille Miceli’s first show was held under
the arches of the Ponte Vecchio in Florence, where
the Italian fashion house was originally founded.
78 • 79
LVMH 2023 . Fashion & Leather Goods 2023 STORIES
Voyage to the heart of Lake Maggiore
LOUIS VUITTON
For its 2024 Cruise show, Louis Vuitton unveiled its Women’s
collection on the lush Italian island of Isola Bella, sur-
rounded by Lake Maggiore. The collection captures the
distinctive beauty of this exceptional setting. Like an
extraordinary fairytale, it embraces a myriad of influences
to reveal a sophisticated blend of elegant Baroque touches
and sleekly modern neoprene. In the image of Isola Bella
– an ark of green suspended between myth and reality –
Nicolas Ghesquière, the Maison’s Creative Director of
Womenswear, uses paradox to evoke a new
balance between contemporary and ultra-
romantic femininity. Faithful to the designer’s
creative universe, the wardrobe celebrates
an eclectic, futuristic and often fantastical style, reflecting
a metamorphosis from the nautical to the botanical.
Throughout the show, fairytale silhouettes evoked a
world of aquatic folklore featuring neoprene tailored into
winged wetsuits or patterned like seaweed, scale-like
sequined ornaments, water droplet embellishments and
embroidered shells, and fin-like collars. On reaching solid
ground, the collection’s prints blossomed, revealing
sculpted lines, while its bags channeled a postmodern
vibe, adorned with the new Monogram Dune print or Épi
leather, available in a range of colors. With its updated
styles, the collection flows between the familiar and the
exceptional, the ordinary and the extraordinary.
80 • 81
LVMH 2023 . Fashion & Leather Goods La Collection de
la Bibliothèque Nationale de France
CELINE
Celine ended 2023 with a short film entitled La Collection
de la Bibliothèque Nationale de France, filmed by Hedi Slimane,
introducing his Women’s Spring/Summer 2024 collection.
The film’s spectacular setting was one of Paris’ oldest
cultural institutions: the National Library of France,
which happens to be across the street from the Maison’s
couture workshops on Rue Vivienne. For this season,
Hedi Slimane showcased his vision of a wardrobe that
stylishly blends bourgeois suit separates and androgynous
tailoring – still the hallmarks of a design career that
started back in the 1990s. He also introduced Victoire,
the season’s new signature bag, emblazoned with
Celine’s iconic Triomphe logo. Victoire derives
its unique modernity from the contrast
between its structured design and its supple,
subtly grained leather.
82 • 83
LVMH 2023 . Fashion & Leather Goods Contemporary creative dialogue with India
DIOR
For Maria Grazia Chiuri, Dior’s Fall 2023 show was all about
finding a new creative language to convey the feelings
and emotions that connect us to a country and its culture.
Through designs celebrating women’s empowerment and
artisanal excellence, the Maison’s Creative Director of
Womenswear paid tribute to her long-standing collabo-
ration and friendship with India and with Karishma Swali,
director of the Chanakya Ateliers and the Chanakya
School of Craft in Mumbai. In this creative dialogue
between France and India, Maria Grazia
Chiuri used embroidery to evoke and illus-
trate India’s myriad landscapes through the
strong ties forged between Dior and the
Chanakya Ateliers and the Chanakya School of Craft. This
exceptional craftsmanship was displayed across a range of
clothing that reflected a rich array of legacies and cultures:
sophisticated evening coats, straight skirts inspired
by the sari and traditional Indian cuts, as well as pants,
boleros, jackets and tops. The collection’s choice of color
palettes and textures also highlighted shared influences,
with a color block sequence of green, yellow, pink and
purple silks paying tribute to Marc Bohan. Presented
in Mumbai, the collection expressed a unique vision of
a singular place, and the role of creative dialogue in
preserving the wealth of expertise that inextricably links
France and India.
Reopening of Casa Loewe
Omotesando in Japan
LOEWE
In November 2023, the iconic Casa Loewe Omotesando
flagship reopened in Japan. The first store to be redesigned
by Creative Director Jonathan Anderson, its reopening
was the highlight of Loewe’s celebrations of the Maison’s
50th anniversary in Japan. Loewe’s Omotesando store
first opened in 2004 and was the inspiration behind the
Maison’s global Casa Loewe concept, under which “each
store is designed like an art collector’s home”. It now
spans more than 400 square meters over three floors,
and also houses the first “Loewe ReCraft” outpost in
Tokyo, where a craftsperson handles repairs and leather
care for the Maison’s leather goods. The store’s archi-
tectural design is defined by a deep connection with
nature. The façade and interior walls are covered in silver
tiles, mirroring abstract reflections of the surrounding
trees and buildings of the Omotesando district, while
floor-to-ceiling windows and a majestic staircase provide
for a stunning, light-filled interior. The Casa Loewe
Omotesando experience extends beyond fashion, with
the store also featuring a collection of works by renowned
international artists. Nature and craftsmanship intersect,
with bamboo sculptures by Japanese artist Tanabe
Chikuunsai IV and a botanical arrangement by Tsubaki
exhibited alongside stoneware and clay works by Pablo
Picasso, Lucie Rie and Bernard Leach.
88 • 89
LVMH 2023 . Fashion & Leather Goods A show glowing with joy
LOUIS VUITTON
On June 20, 2023, Louis Vuitton headlined the Men’s
events of Paris Fashion Week with its Spring-Summer 2024
collection – the runway debut of the Maison’s new Creative
Director of Menswear, Pharrell Williams, who lit up the French
capital with an eagerly awaited show that generated huge
enthusiasm, garnering over 1.1 billion views on social media.
The legendary Pont Neuf – Paris’ oldest bridge and a sym-
bolic rallying point just a stone’s throw from Louis Vuitton’s
studios – was transformed with a spectacular set
design featuring the Maison’s historic damier
(checkerboard) pattern. The collection glowed
with joy, channeling the sun’s energy into
outfits that set off Louis Vuitton’s hallmarks in a brand-new
light. To the sound first of virtuoso pianist Lang Lang and
then of gospel choir Voices of Fire, the event unveiled a
fresh new interpretation of the Maison’s creative universe
with variations on “Damoflage” – a camouflage take on the
iconic damier check – in print and jacquard on models
ranging from coats, jackets, pajamas and shirts to laser-cut
bags, as well as in pixel form in a universally recognizable
imaginary world. The designer also gave a nod to his home
state of Virginia with the “LVERS” emblem, a reference to the
state’s slogan, “Virginia is for lovers”. An auspicious start for
Pharrell Williams, and for Paris, as the capital of fashion.
LVMH 2023 . Fashion & Leather Goods LVMH 2023 . Fashion & Leather Goods Distinct: The hallmark
of authentic expertise
RIMOWA
RIMOWA has launched a new collection in leather, a
material that harks back to the early days of the Maison’s
craftsmanship. With Distinct, RIMOWA is proud to return
this natural, elegant material to its former glory. This new
luggage collection has been designed using an innovative
leather wrapping technique that allows the suitcase to
hold its shape while retaining the brand’s iconic grooves.
The launch campaign drew a parallel with artist Pierre
Soulages’ painting style and predilection for blacks and
rich textures. His abstract works, recognized for their
mastery of “black light”, are famous for the subtle nuances
they introduce within a single hue. To emphasize its new
collection’s stylish design and elegant finishes, the Maison
showcased it alongside some of the artist’s famous
works at his eponymous museum in Rodez. RIMOWA is the
first brand to use the site as the backdrop for a campaign,
and the first to feature Soulages’ iconic paintings. This
unique, unexplored setting was perfect for
a series of exceptional photos and videos
that were also a tribute to the artist in a space
he himself designed.
Travel-inspired tribute
to the Maison’s heritage
BERLUTI
Berluti has unveiled its new Toile Marbeuf line of travel
bags and luggage. Crafted using coated natural linen, the
Toile Marbeuf canvas is featured on six luggage items that
are perfect for every type of getaway: the Cabas tote bag,
the Cartable backpack, the Musette messenger bag, the
Bourse cross-body bag, the Bagage travel bag, and lastly
the iconic Formula 1005 rolling suitcase. They are all a tribute
to Berluti’s rich heritage and incarnate a new style, with
a design inspired by the scrolled metal gates of its iconic
store on Rue Marbeuf in Paris. To celebrate the launch,
the Maison unveiled a restored special-order Porsche 356
Cabriolet fully customized by Berluti, with an interior fully
upholstered in patinated Venezia leather. The
car also features a luggage rack with leather
straps, which is the perfect size for the made-
to-order Toile Marbeuf shoe trunk.
94 • 95
LVMH 2023 . Fashion & Leather Goods The Gift of Kings®: The noblest of wools
LORO PIANA
The Gift of Kings® is an ultra-fine merino wool sourced
from Australia and New Zealand, measuring on average
12 microns in diameter. Its name was inspired by the
Spanish royal family’s former practice of gifting pairs of
merino sheep to other rulers in order to forge alliances.
This is how the species was introduced to the southern
hemisphere, where the habitat proved ideal, in the
18th century. Ever since, generations of
farmers have tended these sheep with the
utmost care, raising their wool to an aston-
ishing level of quality and fineness. The Gift of
Kings® yarn and fabrics are naturally stretchy and supple.
Feather-light and breathable, the wool fibers adapt to
changes in body temperature. Loro Piana has established
long-term, exclusive relationships with carefully selected
farmers in Australia and New Zealand, enabling the
Maison to purchase their finest wool. Loro Piana has also
a digital certification service with the Aura Blockchain
Consortium. When customers scan the QR code on the
labels of articles made from The Gift of Kings® wool, they
can verify that the garment is authentic and trace its
unique journey, from precious fiber to finished garment.
LVMH 2023 . Fashion & Leather Goods Carousel of Dreams in New York
DIOR
For the year-end holiday season, Dior teamed up with Saks
Fifth Avenue to create Dior’s Carousel of Dreams at Saks, a
dazzling, larger-than-life installation for the iconic
Manhattan department store’s façade and window displays.
This exceptional collaboration is a tribute to the bonds
forged between Dior and New York for over seventy years.
As early as 1947, Christian Dior expressed his profound
admiration for the United States, a source of abundant
inspiration from his very first collection, which featured the
New York model, encapsulating the modern
spirit of the city that never sleeps. Women all
around the world embraced the New Look,
but it was with American women that it won
its greatest acclaim. The Dior-Saks partnership, unprece-
dented in scope and creativity, has added a new chapter
to that story of friendship and passion. Between
November 20, 2023 and January 5, 2024, Saks Fifth Avenue
was bedecked with a stunning installation that glowed with
Dior icons. Good-luck charms – including a star, a clover
and zodiac signs – adorned an enormous wheel of chance,
reinterpreting a motif created by Pietro Ruffo for Dior’s 2024
Cruise show, designed by Maria Grazia Chiuri. Captivating
miniature scenes, reflecting Dior’s boundless imagination,
elevated Saks’ seasonal window displays, inviting passersby
to step inside this enchanting world and celebrating
the art of couture – past, present and future.
98 • 99
LVMH 2023 . Fashion & Leather Goods PERFUMES &
COSMETICS
LVMH
2023
Parfums Christian Dior
LVMH
PERFUMES &
COSMETICS
2023
Focusing on quality
and cultivating uniqueness
LVMH is a key player in the perfume, makeup and skin-
care sector, with a portfolio of world-famous Maisons
as well as younger brands with a promising 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 desirability and
a highly selective distribution policy.
Unique creative momentum
With strong growth in fragrances and makeup, the
global perfumes and cosmetics market is highly com-
petitive, 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 perform-
ance 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. As part
of LVMH’s LIFE 360 environmental strategy, the
Maisons are taking action in favor of biodiversity and
sustainable design in particular.
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 desirability
of LVMH’s Maisons.
Major strategic priorities
Maintain our creativity in terms
of innovation and desirability
—
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
Parfums Christian Dior
2023 at a glance
EXCELLENT MOMENTUM
IN FRAGRANCES AND MAKEUP
2023 REVENUE
BY REGION
13%
Other markets
33%
Asia (excl. Japan)
9%
France
21%
Europe (excl. France)
19%
United States
5%
Japan
REVENUE
(EUR millions)
PROFIT FROM
RECURRING
OPERATIONS
(EUR millions)
OPERATING
INVESTMENTS
(EUR millions)
8,271
7,722
713
684
660
432
409
6,608
290
2021
2022
2023
2021
2022
2023
2021
2022
2023
Parfums Christian Dior
102 • 103
LVMH 2023 . Perfumes & Cosmetics 1
1. 2. 3. Parfums Christian Dior
2
3
2023
HIGHLIGHTS
In a fiercely competitive market environment, growth
in the Perfumes & Cosmetics business group was
driven by a dynamic innovation strategy – backed by
the scientific excellence of LVMH’s research center –
and an ongoing policy of highly selective retailing.
Parfums Christian Dior turned in a remarkable perform-
ance, reinforcing its leading positions in Europe, Japan
and the Middle East, confirming its strong momentum
in Southeast Asia, and continuing its advances in key
countries like the United States and South Korea.
Fragrances were buoyed by the Maison’s sustained
innovation policy and the ongoing success of its iconic
product lines. Sauvage confirmed its position as the
world’s best-selling fragrance across all categories.
J’adore and Miss Dior were enriched with new versions
developed through the Maison’s top-tier innovation
program: J’adore Parfum d’Eau, the first long-lasting
alcohol-free fragrance; J’adore l’Or, launched at the
end of the year; and Miss Dior Blooming Bouquet,
which achieved excellent results, especially in Asia.
104 • 105
The success of La Collection Privée Christian Dior – a
key collection in elevating the Maison’s product
range – was amplified by the summer launch of a new
scent, Dioriviera, alongside the strong performance of
star fragrance Gris Dior. Growth in makeup was fueled
in particular by the new Dior Addict Lip Maximizer and
Forever Skin Correct. Skincare performed well in the
premium segment in Asia with the Prestige range, and
was boosted by the launch of a new travel-friendly size
for its Dior Le Baume multi-purpose cream. Parfums
Christian Dior stepped up the expansion of its spa
activity with several new spas, another edition of the
“Dior Spa Cheval Blanc Cruise” experience on the
Seine in Paris, and new pop-up locations, including the
Splendido in Portofino and Timeo in Taormina. Backed
by its omnichannel marketing strategy, which covers
all traditional and digital channels and makes it one of
the world’s most desirable beauty brands, Dior saw
rapid growth in its online sales. The expansion of its
network of directly operated stores enabled the
Maison to showcase its full range and offer exclusive
LVMH 2023 . Perfumes & Cosmetics 1
2
products, such as the exceptional pieces designed
by artist Jean-Michel Othoniel for J’adore l’Or and by
the Baccarat crystal works for Sauvage Elixir. The
Maison joined forces with WWF – the world’s leading
nature conservation organization – to help preserve
and restore 15,000 hectares of wildlife habitats and
green corridors in France and North America.
Guerlain continued its growth, buoyed in particular
by solid momentum in fragrances and makeup. The
sustainability-focused Aqua Allegoria collection was
expanded with the Aqua Allegoria Forte range of intense
scents. L’Art et la Matière also added a new fragrance,
Jasmin Bonheur, available in a limited art edition
designed in collaboration with Maison Matisse. This
collection, which embodies the Maison’s excellence
in high-end perfumery, has seen revenue double in just
two years. Growth in makeup was driven in particular
by the launch of Terracotta Le Teint, a foundation with an
innovative texture, which was very successful in Europe.
Skincare was buoyed in the second half of the year by
the launch of the Abeille Royale day and night creams.
Guerlain reaffirmed its commitment to important causes,
developing its “Women for Bees” program in Mexico
and Rwanda, in partnership with UNESCO and a number
of local NGOs. It also launched major sustainable
design initiatives focused on its products.
Parfums Givenchy achieved robust growth in fra-
grances. The brand’s star fragrance, L’Interdit, confirmed
its excellent potential and helped it gained market
share. The Maison also benefited from the successful
relaunch of Gentleman, another iconic fragrance line,
with its new Gentleman Society edition, and from
strong sales of Irresistible, driven by its Rose Velvet
version. Benefit confirmed its leadership position in
brow beauty and mascara with its new Fluff Up and
Fan Fest and continued to successfully roll out its
brow lamination service. The Maison innovated with
The Porefessional Pore Care, a new collection of
six skincare products developed to minimize the look
of pores. Fresh launched Black Tea Age Renewal
Cream and expanded its premium Crème Ancienne line
with a new white truffle serum. In another initiative,
3
4
OUR MAISONS TAKE ACTION
Parfums Christian Dior, Parfums Givenchy and
Kenzo Parfums help French farmers transition
towards more sustainable beet farming
— In 2023, Parfums Christian Dior, Parfums
Givenchy and Kenzo Parfums announced
that they would be working with Cristal Union
(a French agricultural cooperative of over
9,000 beet growers) to improve agricultural
practices in the beet industry, from which
the alcohol used in the Group’s fragrances
is derived. They are financing a project aimed
at supporting the transition to sustainable
farming of 380 hectares of beet crops
in France’s Grand Est region, to produce
the equivalent of 45% of their requirements
in alcohol.
1. 2. Guerlain
3. Benefit
4. Givenchy
106 • 107
LVMH 2023 . Perfumes & Cosmetics 1
OUR MAISONS TAKE ACTION
Guerlain: Abeille Royale’s ongoing
commitment to sustainable design
— Since 2016, Abeille Royale cream jars have
been designed as beautiful presentation cases.
In keeping with its constant focus on responsibility
and sustainability, Guerlain continues to design
sustainable containers for its Honey Treatment
products. For the first time, each of the jars
in the Haute Réparation twin pack is refillable.
The glass jars are made from 20% to 40%
recycled glass, and use 50% less glass than
the 2016 generation of creams – a major
technological breakthrough accomplished by
using a thinner wall of glass that is much lighter
than the original, but just as strong. Packaging
volume has also been optimized to streamline
cases down to their essential components.
These sustainable design practices reduce
the creams’ carbon footprint by 36% relative
to their first-generation forebears.
2
3
Make Up For Ever expanded its star range, HD Skin,
launching a powder foundation version developed in
collaboration with the Maison’s community of profes-
sional makeup artists. At Kenzo Parfums, growth was
driven by innovative new additions to Flower by Kenzo,
the Maison’s star fragrance range, including the new
Ikebana scent, inspired by the Japanese art of flower
arrangement, and by the reinvented Kenzo Homme.
Maison Francis Kurkdjian continued its ultra-selective
expansion into new, high-potential markets. The success-
ful launch of the Aqua Media eau de parfum enriched
a fragrance wardrobe already buoyed by the popularity
of Baccarat Rouge 540, Gentle Fluidity, Grand Soir
and Oud Satin Mood. The Maison inaugurated the
“Perfumer’s Garden” at the Palace of Versailles as
part of a long-term corporate giving program. Acqua
di Parma was boosted by the major success of its
Zafferano fragrance, featuring a freshly original blend
of warm saffron and bright citrus notes. The Maison
celebrated exceptional Italian craftsmanship with
its Arancia La Spugnatura limited edition. Loewe
Perfumes achieved record-high revenue and
launched a strategy aimed at elevating its brand,
expanding internationally and gaining greater control
over its distribution channels. Fenty Beauty posted
solid growth, driven by successful product launches,
in particular its Hella Thicc volumizing mascara. The
Maison continued to expand its distribution channels.
For Officine Universelle Buly, 2023 was a year of
olfactory inventiveness, with the launch of a collection
of water-based fragrances inspired by the botanical
scents and flavors of a vegetable garden. The Maison
opened a new boutique in Dubai and a Buly café
in Kobe (Japan).
1. Kenzo Parfums
2. Maison Francis Kurkdjian
3. Acqua di Parma
4. Fenty Beauty
4
108 • 109
2024 Outlook
While remaining vigilant, as called for by the cur-
rent environment, LVMH’s Maisons will continue
to invest selectively in their strengths: product
excellence and desirability, accelerated innovation
and a selective approach to retail networks. Parfums
Christian Dior continues to be driven by its values
of creativity and excellence, as well as its desire
to inspire dreams, transforming each brand inter-
action into an unforgettable experience. The
Maison will continue to infuse its icons with bold,
passionate, elegant innovations: in fragrances,
with Miss Dior, J’adore and Sauvage; in makeup, with
Rouge Dior, Addict and Forever; and in premium
skincare, with its flagship Prestige line. With regard
to its retail channels, the Maison will remain highly
selective and continue to elevate the customer
experience in terms of both products and services.
Starting in early 2024, Guerlain will benefit
from innovations in its Abeille Royale and Orchidée
Impériale skincare lines. Parfums Givenchy will
aim to boost growth in fragrances. A number of
innovations will drive growth at Kenzo Parfums.
Acqua di Parma will reaffirm its positioning as a
vibrant, sophisticated brand offering a range of
exceptional fragrances, objects and services. Maison
Francis Kurkdjian will continue to build on its
ability to craft unprecedented olfactory experiences.
Fresh will celebrate the 20th anniversary of its Crème
Ancienne premium skincare line. Benefit will con-
tinue to innovate, particularly in its signature brow
range, with new, ultra-high-precision tools. Make Up
For Ever will reaffirm its expertise in foundation.
Loewe Perfumes will expand its market presence
in the United States.
LVMH 2023 . Perfumes & Cosmetics 2023 STORIES
J’Adore: A glittering retrospective at the Beaux-Arts
PARFUMS CHRISTIAN DIOR
The Dior J’Adore exhibition was held at the Beaux-Arts de
Paris, a befitting venue for this dazzling fragrance, created
in 1999, its name a response to the most exquisite forms
of artistic expression. “Oh j’adore!” (“I love it!”) Monsieur
Dior would typically exclaim as a beautiful new dress
emerged from the workshop. “J’adoooore!” John Galliano
would cry, marveling at the supreme elegance of the
French Maison he was discovering. J’Adore is an expression
of delight that still echoes through the rooms at Avenue
Montaigne, like a leitmotif, making it the natural choice
for the name of this warm, generous, envel-
oping fragrance. The exceptional exhibition
chronicled the story of J’Adore, from Christian
Dior’s love of flowers to L’Or de J’adore, the
new signature scent by Francis Kurkdjian, and its remark-
able, decorative encasement. Stepping inside from Quai
Malaquais, visitors were plunged into an immersive world
celebrating J’Adore: a work of art that inspires every imag-
ination. The original bottle was designed by Hervé Van
Der Straeten. The harmonious blend of the fragrance’s
top, middle and base notes was orchestrated by the
greatest master perfumers. Artist Refik Anadol, known for
his fabulous visual journeys – part fantasy, part hallucina-
tion – created a monumental digital installation that was
the climax of the Dior J’Adore exhibition: a dreamlike
vision of gold and flowers that created the illusion of a
serene sea of gold. It evoked all the opulence of J’Adore –
more than a fragrance: an ode to expressive emotion.
110 • 111
Born in 1853, made for the future
GUERLAIN
To mark the 170th anniversary of its signature Bee Bottle,
Guerlain developed its very own artificial intelligence (AI)
model to design a bold, futuristic digital exhibition, reinter-
preting the iconic bottle throughout the ages, from its cre-
ation in 1853 all the way up to 2193. From Second Empire to
art nouveau, the Roaring Twenties, the new avant-garde and
modernism, the exhibition explores each successive period
before finally looking ahead to 22nd-century
Paris – a capital reinvented to harness the
regenerative power of nature, where historic
monuments and natural wonders coexist in
perfect harmony. The project was led by a team of archi-
vists and digital innovation specialists from Guerlain, who
worked together to highlight key milestones in the Maison’s
history and showcase its vibrant heritage. Each era was
matched with period-specific artistic references, architec-
tural inspirations and visual archives. In parallel, a team of
engineers built and trained a complex, personalized AI
model that drew on a number of tools to create images
and videos exploring the Bee Bottle from every angle. In
all, more than 1,800 unique works of art were generated
and assembled for this innovative digital exhibition.
Exclusive wellness retreats
on the River Seine
PARFUMS CHRISTIAN DIOR
During Paris’ Haute Couture Fashion Week in July 2023,
guests could step aboard Yachts de Paris’ stunning
Excellence yacht, moored at Port Henri-IV, to embark on
an exclusive Dior Spa Cruise on the River Seine. This
exceptional nautical spa offered bespoke holistic retreats
for absolute mental, emotional and physical well-being.
Offering guests an exclusive, unforgettable experience
– featuring views of Paris’ most iconic sites, from its
Statue of Liberty at the tip of the Île aux Cygnes past the
Eiffel Tower and the Louvre Museum to Notre-Dame
Cathedral – the Dior Spa Cruise encapsulated the ulti-
mate in luxury and relaxation. The Maison also has other
Dior Spas at some of the world’s most stunning locations.
In Antibes, for example, a Dior Spa featuring multiple
unique treatment spaces is tucked away on the lushly
verdant grounds of the Hôtel du Cap-Eden-Roc. There is
also the Dior Spa Cheval Blanc Paris, designed by Peter
Marino in the heart of the bustling City of Light: a haven
of tranquility in the spirit of a Parisian apartment, where
each object is a vibrant tribute to the Maison’s signature
designs and the life of Christian Dior.
114 • 115
LVMH 2023 . Perfumes & Cosmetics The Perfumer’s Garden
MAISON FRANCIS KURKDJIAN
In May 2023, thanks to the patronage of Maison Francis
Kurkdjian, the Palace of Versailles unveiled a curiosity-piquing
new attraction open to the public on the Trianon estate:
The Perfumer’s Garden.
This garden showcases historic plants, some with very
unusual scents, and “mute” flowers like hyacinths, peonies
and violets. Hundreds of scented plants, grown in the
style of the Trianon’s 17th-century gardens, offer insights
into the history of fragrance at the court of Versailles.
At its height, the court was home to a profusion of flowers
and scents, making it a fertile ground for the budding art
of perfumery. The Palace of Versailles now has three
very different spaces that carry on this botanical tradition.
First there’s “The Garden of Curiosities” opposite the
Châteauneuf Orangery, where most of the plants are.
Then there’s “Under the Trees”, a flowered path lined with
hyacinths and magnolias. And lastly, there’s “The Secret
Garden”, a more intimate setting.
The Perfumer’s Garden is the result of the exceptional
collaboration between the Trianon’s gardeners and
Maison Francis Kurkdjian, where visitors can enjoy mag-
nificent natural surroundings and a new haven of greenery
on the palace grounds. Over 200 visits and workshops
have already been organized in the new garden, allowing
nearly 6,000 visitors to immerse themselves in the world
of perfumery and learn about the history of fragrance at
Versailles. The Perfumer’s Garden will open again to the
public in the spring of 2024 and will also be the focus of
an exceptional event in front of the Grand Trianon.
Water-based fragrances
OFFICINE UNIVERSELLE BULY
Officine Universelle Buly takes visitors on a trip through
time, across eras and continents, featuring a premium-quality
selection of authentic, effective products, crowned by a
highly original, infinitely appealing aesthetic. Precious oils,
powders and clays mix with water-based fragrances and
other curiosities in an apothecarial array of scents that
charms and transports visitors as soon as they step inside.
Water-based fragrances – made using pure, gentle emulsions,
with no harsh, drying solvents – are easy on the skin and
allow all their olfactory notes to be expressed
as soon as they are applied. “Because a truly
great fragrance adapts to the wearer’s body
– and to their personality. Its scent should stay
close to the wearer, and should be subtle, not overwhelming,
to those nearby.”
Inspired by an heirloom collection of seeds and plants, and
by the passion and curiosity of 18th- and 19th-century
botanists, Les Jardins Français is an intoxicating selection of
botanical scents that revives a unique palette of historic
garden fragrances. Like a bountiful harvest in an endless
garden, its paths brimming with rare scents, these armfuls
of familiar vegetables and simple herbs, these fragrant bou-
quets, aromatic and sun-kissed to perfection, are a delight
for the senses – and the soul. In the words of founder
Victoire de Taillac, “Vegetables may be one of the most
overlooked treasures in the history of perfume-making.”
116 • 117
LVMH 2023 . Perfumes & Cosmetics WATCHES &
JEWELRY
LVMH
2023
Tiffany & Co., The Landmark, New York
LVMH
WATCHES &
JEWELRY
2023
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 watch-
making Maisons that are always on the cutting edge
of innovation. 2021 saw the arrival of the prestigious
American jewelry house Tiffany & Co., which has sub-
stantially bolstered the business group’s standing in a
very dynamic, highly promising market segment.
Creativity, brand awareness
and in-depth expertise
The growth of these Maisons is driven by their creativity.
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 innova-
tions combining audacity with excellence, as illustrated
by TAG Heuer’s next-generation smartwatch. Harnessing
expertise is a key priority, which the Maisons address
by optimizing their manufacturing processes, imple-
menting synergies and expanding 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 quality and
productivity of its retail networks and on developing
its online sales. Multi-brand retailers are selected with
great care, making sure the most exacting standards
are met. In an equally selective approach, the Maisons
also continue to refurbish and open their own directly
operated stores in buoyant markets in key cities.
Major strategic priorities
Reinforce our Maisons’ desirability thanks
to expert craftsmanship and distribution
—
Maintain Tiffany & Co.’s powerful momentum,
stepping up the pace of renovations within the retail
network based on the unique store concept
of the legendary flagship on New York’s Fifth Avenue
—
Spur continued growth at Bulgari
and TAG Heuer with innovative products
—
Reinforce supply chains
—
Optimally develop manufacturing facilities
Bulgari
2023 at a glance
RAPID GROWTH IN JEWELRY
AND FURTHER INNOVATION IN WATCHES
2023 REVENUE
BY REGION
14%
Other markets
34%
Asia (excl. Japan)
11%
Japan
3%
France
15%
Europe (excl. France)
23%
United States
REVENUE
(EUR millions)
PROFIT FROM
RECURRING
OPERATIONS
(EUR millions)
OPERATING
INVESTMENTS
(EUR millions)
10,902
10,581
2,162
2,017
871
8,964
1,679
654
458
2021
2022
2023
2021
2022
2023
2021
2022
2023
Bulgari
120 • 121
LVMH 2023 . Watches & Jewelry 1
1. 2. 3. Tiffany & Co.
2023
HIGHLIGHTS
2
3
The Watches & Jewelry business group maintained its
strong growth momentum, driven by its bold innovation
strategy and master craftsmanship. LVMH’s Maisons
continued to focus on the selective expansion of their
retail networks, promotional events and partnerships with
artists and athletes in connection with their collections.
They also actively developed their range of corporate
social responsibility initiatives.
Tiffany & Co. embarked on a new chapter in its 187-year
history with the reopening of its legendary New York
flagship, which was fully renovated and is now known as
“The Landmark”. The remarkable location offers a unique,
immersive brand experience and received an enthu-
siastic welcome. Spanning 10 floors, The Landmark not
only heralds a new era for Tiffany – it also raises the
bar for the entire luxury industry. It has inspired a new
aesthetic concept that the Maison has begun to roll out
worldwide, starting with iconic locations including
the Dubai Mall, Tokyo Omotesando and Palo Alto,
California. The launch of Out of the Blue – the first Blue
Book high jewelry collection designed by Nathalie
Verdeille, Tiffany’s new Creative Director for Jewelry –
reaffirmed the Maison’s preeminent position in the
world’s most coveted diamonds and gemstones. The
advertising campaign for this exceptional collection
featured a series of pieces that paid tribute to the
works of Jean Schlumberger, the Maison’s first jewelry
designer, modeled by actress Anya Taylor-Joy. The Maison
continued the global release of its new Lock collection,
inspired by this modern symbol of love and its unbreak-
able bonds, introducing new styles accompanied by a
revamped marketing campaign. With daring and inge-
nuity, Tiffany entered into new creative collaborations
with brands, individuals and institutions that share its
values of expert craftsmanship, creativity, integrity and
excellence. The limited edition Rimowa x Tiffany travel
cases, with their diamond-inspired design, and the jewelry
and sculpture collaboration with contemporary artist
Daniel Arsham are just a few examples of this constant
desire to collaborate to create beautiful designs and
never stop surprising customers.
Bulgari had an excellent year, with especially strong
growth in high jewelry and high-end watches. The new
Mediterranea jewelry and watch collection, presented
122 • 123
LVMH 2023 . Watches & Jewelry 1
2
in Venice, was inspired by an imaginary journey exploring
the vast range of beauty, cultures and traditions of the
Mediterranean, and achieved record-breaking revenue.
High-profile events celebrating the 75th anniversary
of its iconic Serpenti line were held in a number of cities
around the world, further elevating the Maison’s image.
Bulgari introduced Cabochon, a new, highly contem-
porary and organic jewelry collection, directly inspired
by ancient Roman jewelry, which had a great debut
during the end-of-year holiday season. In watches,
Bulgari expanded the Octo Finissimo collection and
relaunched Octo Roma to target a younger, more
urban demographic. To enhance its desirability among
young millennials, the Maison joined forces with the
legendary racing simulation video game series Gran
Turismo to create new editions of its Bulgari Aluminium
watch. Serpenti continued to achieve strong growth,
joining the ranks of the most iconic women’s watches,
from more everyday models, like the Serpenti Tubogas
and Seduttori, to the most exclusive, with Serpenti
Misteriosi Cleopatra, which won the prestigious Geneva
Watchmaking Grand Prix in the highly sought-after
“Jewelry Watch” category. A new marketing campaign
featuring Anne Hathaway, Zendaya, Lisa, YiFei and
Priyanka Chopra was launched during the year. A flagship
store was opened in Hong Kong at One Peking Road
and several other stores were opened and renovated,
including Ginza 6 and Omotesando in Tokyo, and
Costa Mesa in California. The Maison scaled up its
presence in the luxury hotel sector with new hotels in
Tokyo and Rome.
TAG Heuer celebrated the 60th anniversary of its
Carrera collection with the launch of the Carrera
Glassbox and a media campaign built around the film
The Chase for Carrera starring Ryan Gosling. Two new
models were added to the Carrera Plasma line – a
fusion of watchmaking and synthetic diamonds – while the
addition of 42mm models rounded out the collection
of smartwatches. The Chronosprint, available in gold
and steel versions, was launched as part of the part-
nership with Porsche. The Maison relocated its Fifth
Avenue store in New York and launched a new part-
nership with cutting-edge racing yacht Flying Nikka.
Highlights of the year for Hublot included a collab-
oration with artist Takashi Murakami on a collection of
13 unique NFTs, each one entitling the holder to
one of 13 Classic Fusion Takashi Murakami watches, and
the launch of the MP-15 Takashi Murakami high-tech
3
4
OUR MAISONS TAKE ACTION
Tiffany & Co. Foundation committed
to preserving seascapes and landscapes
— Ever since it was founded in 2000,
the Tiffany & Co. Foundation has coordinated
all the New York-based jeweler’s philanthropic
efforts. It is actively committed to protecting
the environment. To date, the Foundation
has donated more than $100 million in grants
to nonprofits. As it enters its third decade,
the Foundation remains committed to protecting
our planet. It is supporting the development
and creation of more than 30 protected marine
areas representing over 11 million square
kilometers across the world’s five oceans.
These activities highlight the Foundation’s
commitment to advancing the “30 by 30”
global initiative, aimed at protecting 30%
of the planet’s land and oceans by 2030.
1. 2. Bulgari
3. TAG Heuer
4. Hublot
124 • 125
LVMH 2023 . Watches & Jewelry 1. Fred
2. Zenith
3. Chaumet
1
2
masterpiece. The Maison enriched its collections with
innovative high-tech and high-end timepieces such
as the Big Bang Tourbillon Automatic Yellow Neon
Saxem in bright, fluorescent yellow – a world first – the
MP-13 Tourbillon Bi-Axis Retrograde and the Big Bang
Tourbillon SR-A by Samuel Ross. Hublot served as the
official timekeeper for the FIFA Women’s World Cup.
At the end of the year, construction began on its new
watch manufacturing facility.
Zenith enriched its Defy collection with the Defy
Skyline Skeleton and a new version of its Defy Extreme,
developed in partnership with the Extreme E electric
vehicle racing championship. The year’s other highlights
included the launch of the new Pilot line and a new
marketing campaign for its best-selling Chronomaster
Sport. As part of its “Horizon” CSR program, the Maison
released a new timepiece to support the fight against
breast cancer and announced the launch of a women’s
mentoring project.
Chaumet continued to post significant growth.
Reflecting the Maison’s love for nature, with iconic
botanical motifs like wheat ears and contemporary
designs based on the texture of bark, the new Le Jardin
de Chaumet high jewelry collection generated record
sales. The Bee My Love collection, interpreted across
a diverse range of jewelry, saw more rapid growth,
particularly among younger customers. Chaumet’s
A Golden Age exhibition of designs from the 1960s
and 1970s, held at its 12 Vendôme location, was a huge
success. The Maison also launched several new cultural
and social outreach initiatives, including the Chaumet
Echo Culture Awards, celebrating women who promote
culture, and a partnership with France’s Mobilier
National (state furniture and furnishings agency) aimed
at introducing children to the world of fine craftsman-
ship through encounters with the Maison’s artisans.
Fred achieved another year of strong growth. Highlights
of 2023 included the Maison’s first collaboration with
the French Open tennis tournament and the opening
of the Fred: Jewelry Designer exhibition in Seoul. In
June, the Maison lent its support to the World Games
held in Berlin and organized by the Special Olympics,
an organization dedicated to the empowerment of
people with intellectual disabilities through sports.
Repossi was buoyed by marketing campaigns for its
iconic Antifer, Serti sur Vide and Berbere collections.
The new La Ligne collection joined the Maison’s range
of high jewelry designs.
2024 Outlook
In 2024, the Watches & Jewelry business group
will aim to maintain its growth and continue
gaining market share. Given the current tensions
and uncertainties, the Watches & Jewelry Maisons
will continue to manage costs and remain selective
in their investments. The business group will
continue to prioritize innovating and enhancing
the desirability of its collections, opening and
renovating directly operated stores, and expanding
production capacity to accommodate the growth
of its brands.
Sustainability and responsibility will remain core
components of their strategies. Tiffany & Co. will
ramp up its store network renovation program,
continuing the worldwide rollout of its new
store concept inspired by The Landmark. Backed
by upcoming marketing campaigns and inspiring
new customer experiences, the Maison will maintain
its strategy aimed at elevating its core collections
to the status of icons and showcasing the unique
creativity of its high jewelry designs. Bulgari
will celebrate its 140th anniversary. A new high-end
jewelry and watch collection will be unveiled. The
Maison will continue to promote its iconic Serpenti
line, while relaunching B.zero1 and expanding its new
Cabochon collection. 2024 will also see the renewal
of Bulgari’s partnership with Save the Children,
which has helped over 2.5 million children in need
since 2009 thanks to more than €100 million in
donations from the Maison over the period. TAG
Heuer will expand its range designed in partner-
ship with Porsche while continuing to promote its
Carrera and Aquaracer collections. The Maison will
pursue its strategy of opening directly operated
stores while gradually taking direct control over its
distribution in South Korea. As the official time-
keeper of UEFA Euro 2024, Hublot will launch a
marketing campaign with its brand ambassador
Kylian Mbappé. New models will be unveiled over
the course of the year, particularly in the Big Bang
collection. As well as adding innovative new designs
to its Chronomaster and Defy lines, Zenith will expand
upon its Icons collection of restored vintage
pieces with the launch of a new theme inspired
by its Pilot watches. Chaumet will continue to
showcase its history and its rich creative heritage
while promoting its iconic collections.
OUR MAISONS TAKE ACTION
Bulgari’s partnership with Save the Children
— In 2009, Bulgari partnered with nonprofit
Save the Children to take action in support
of disadvantaged children around the world,
launching a campaign that was unprecedented
in both scope and aims. A portion of the funds
raised through the sale of Bulgari’s specially
designed Save the Children jewelry is donated
to the organization. Fifteen years after it began,
this now strong and lasting partnership has helped
more than 2 million children and teenagers
whose futures and rights are jeopardized
by poverty, discrimination, conflict or natural
disaster. Through this major financial support,
Bulgari’s top priority is helping ensure a quality
education for children around the world.
3
126 • 127
LVMH 2023 . Watches & Jewelry 2023 STORIES
The Landmark: Rebirth of an icon
TIFFANY & CO.
Tiffany & Co. embarked on a new chapter in its history
with the reopening of the Maison’s iconic store, now
known as “The Landmark”. Located at 57th Street and
New York’s fabled Fifth Avenue, this crown jewel of
Manhattan architecture is among the borough’s largest
stores, and offers a unique experience: personalized
artwork, exclusive new designs and immersive exhibitions.
This immense undertaking – the jewelry Maison’s first
full renovation since the location was opened in 1940 –
was the work of two leading lights of con-
temporary architecture: architect and
designer Peter Marino reimagined the
store’s interior design while acclaimed
architecture firm OMA New York – headed by Shohei
Shigematsu – was in charge of renovating the building’s
core, including the construction of three additional
floors atop the existing structure. The façade was reno-
vated to retain the store’s timeless charm, and the interior
was redesigned to give way to a whole new world of wonder.
Sustainability was a key component of this large-scale
renovation, enabling the Maison to reinforce its initiatives
focused on the environment, health and well-being, and
positioning The Landmark to soon achieve WELL
Platinum and LEED Gold certification – the highest-pos-
sible ratings under these standards for well-being at
work and green buildings.
128 • 129
LVMH 2023 . Watches & Jewelry Serpenti: 75 years of mesmerizing history
BULGARI
In 2023, Bulgari’s iconic Serpenti celebrated its 75th anni-
versary. Its allure – which is both contemporary and eternal
– has evolved over the last three-quarters of a century,
but has stayed true to its original essence, establishing it
as an icon of determination, power and transformation.
Introduced in 1948 as jewelry-watches to be wrapped
around the wrist, Serpenti designs made their debut with
supple, stylized bodies crafted according to the Maison’s
emblematic Tubogas technique. In the 1950s, the Bulgari
serpent was updated with a more figurative style. That
metamorphosis further evolved in the 1960s,
when its skin was transformed into an imag-
inative experimental canvas bejeweled with
gemstones and colored enamels. More
recently, Serpenti has continued to evolve, with every
mesmerizing form, stunning interpretations of its hexag-
onal scale motif, different degrees of splendor, and unique
combinations of exquisite gems, captivating designs and
creative expertise.
To celebrate Serpenti’s 75th anniversary, Bulgari launched
Serpenti Factory, an international artistic initiative
focused on the snake as an infinite source of creative
inspiration. Its approach embraces many aspects of
the emblem, from heritage to craftsmanship up to multi-
sensorial technologies. Bulgari has selected only five cities
around the world for this special occasion: starting from
Shanghai, the first destination of the journey, the exhibition
was hosted in Seoul, Milan, Dubai, and Tokyo.
Botanical-inspired high jewelry collection
CHAUMET
Since Chaumet’s founding over two centuries ago, the
Maison has always been deeply inspired by nature. Its
poetic Le Jardin de Chaumet high jewelry collection
evokes this passion for botanical beauty in all its forms.
Featuring designs inspired by four different botanical
themes – forests, fields, flowers and bouquets – Le Jardin
de Chaumet invites the wearer to wander and wonder at
the enchanting intricacy of nature. The Le Jardin de
Chaumet collection encapsulates a dazzling
array of plants – from mistletoe and ferns to
golden wheat fields, grapevines awaiting the
harvest, pansies, tulips, irises, arum lilies,
agapanthus, magnolia blossoms and chrysanthemums – in
68 graceful high jewelry designs. Capturing the vibrancy
and magnificence of nature, each piece is as lifelike and
detailed as it is delicate and light, as if caressed by a gentle
breeze. Chaumet’s botanical designs – rings, necklaces,
earrings and watches in white and yellow gold, diamonds
and colored gems – also portray the wild beauty, vitality
and resplendence of nature in motion. Bracelets and
brooches are infused with the rich hues of sunrise and
the opalescent glow of distant galaxies, while golden
bees gather nectar alongside hives honeycombed with
diamonds and colored gemstones.
132 • 133
LVMH 2023 . Watches & Jewelry 60th anniversary of the timeless Carrera
TAG HEUER
For six decades, TAG Heuer’s Carrera has set the standard
for sports watch design, the spirit of racing and the culture
of success, with the Swiss watchmaker’s timeless model
becoming a byword for ambition, achievement and style.
With its meticulous design and name inspired by the infa-
mously dangerous Carrera Panamericana road race, the
Carrera clearly illustrates the philosophy of the company’s
legendary former CEO, Jack Heuer. As a young man in the
early 1960s, Heuer designed the timepiece as
a useful, functional tool: uncluttered, easy to
read, without any extraneous elements that
would distract the wearer’s eye. But the TAG
Heuer Carrera is as functional as it is beautiful, featuring a
resolutely modern, inventive design whose streamlined
simplicity has made it a cult classic among watch lovers
and collectors for the past sixty years. Worn by icons of
cool – from Mick Jagger to James Hunt and Ryan Gosling –
its elegant profile, mechanical movements and Swiss
watchmaking excellence remain unchanged. For the
60th anniversary of the iconic Carrera, TAG Heuer launched
two exceptional new models inspired by the collector
favorite “glassbox” design: the Carrera Chronograph and
Carrera Chronograph Tourbillon, which both promise to
become TAG Heuer legends in their own right.
134 • 135
SELECTIVE
RETAILING
LVMH
2023
Sephora Champs-Élysées, Paris
LVMH
SELECTIVE
RETAILING
2023
Reinventing
the customer experience
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
pioneers 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 revolution-
izing the beauty industry, elevating the shopping expe-
rience 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 omnichannel beauty experience offers an
interactive, personalized, seamless customer journey.
Le Bon Marché is a department store like no other:
striking architecture 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, offering art and perform-
ance alongside fashion, beauty and design.
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 anticipate what travelers want according to
their destinations and to continually enhance their
shopping 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. While maintaining its focus on opportunities
for diversifying its customer base, DFS will continue
its expansion in Asia, prioritizing recovery in flagship
destinations Hong Kong and Macao.
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
Sephora
2023 at a glance
EXCEPTIONAL PERFORMANCE BY SEPHORA;
DFS GROWTH SUPPORTED BY THE RECOVERY
IN INTERNATIONAL TRAVEL
2023 REVENUE
BY REGION
18%
Other markets
15%
Asia (excl. Japan)
1%
Japan
11%
France
9%
Europe (excl. France)
46%
United States
REVENUE
(EUR millions)
PROFIT FROM
RECURRING
OPERATIONS
(EUR millions)
OPERATING
INVESTMENTS
(EUR millions)
17,885
1,391
571
523
14,852
11,754
370
788
534
2021
2022
2023
2021
2022
2023
2021
2022
2023
Sephora
138 • 139
LVMH 2023 . Selective Retailing 1
1. 2. 3. Sephora
2
3
2023
HIGHLIGHTS
The Selective Retailing business group’s strong growth
was mainly driven by exceptional momentum at Sephora
and the gradual return of travelers to a number of key
destinations for DFS.
Sephora achieved another historic year, both in terms
of sales and profit, continuing to gain market share. It
saw exceptional performances in most of its markets,
with double-digit growth in North America, Europe,
the Middle East, Southeast Asia and new fast-rising
markets such as Latin America. Growth was driven
primarily by makeup, followed by haircare, skincare and
fragrances. In terms of channels, e-commerce growth
remained very solid, but the strongest growth came from
the store network, driven by higher traffic, new openings,
renovations and an elevated customer experience.
The Maison continued to invest in its omnichannel
strategy and further expanded its store network, with
more than a hundred store openings in 2023. In the
United States, Sephora’s partnership with Kohl’s
continued to be highly successful, well ahead of
140 • 141
expectations and with major benefits for both com-
panies. Sephora also continued to develop its new
experience-focused store concept in Asia, with a major
renovation of its Shanghai and Wuhan flagships in China.
Another major event was the reopening of the Champs-
Élysées flagship store in Paris, which was fully renovated
for the first time in its history, reflecting the Maison’s
special focus on sustainability and energy consumption.
Sephora continued to invest in new markets. In the
United Kingdom, two stores were opened – in the
Westfield White City and Westfield Stratford City
malls – with results that very substantially exceeded
expectations. In India, an exclusive partnership was
entered into with Reliance to operate a number of
stores, with the aim of transforming the country’s
promising prestige beauty industry. Throughout the
year, Sephora pushed innovation to record levels to
delight its ever-growing beauty community of over
160 million loyal customers. The “Sephoria” event
launched in the United States became a global phe-
nomenon, with successful events held in New York,
LVMH 2023 . Selective Retailing 1
2
Paris and Shanghai. The Maison also continued to
innovate in digital and technology to optimize the cus-
tomized beauty advice it can offer its customers, such
as in identifying the perfect skin tone for their foun-
dation. Sephora pursued its commitment to advance
diversity, equity and inclusion, including a program in
the United States aimed at supporting beauty entre-
preneurs and founders of color by featuring their
brands more prominently among the Maison’s range
of products. For the first time, Sephora also partnered
with Selena Gomez’s Rare Beauty to help people
facing mental health challenges, with 100% of Rare
Beauty sales made at Sephora on World Mental Health
Day donated to the Rare Impact Fund. Sephora was
also the sponsor of Woman, an immersive exhibition
drawn from the movie by Anastasia Mikova and Yann
Arthus-Bertrand, sharing the voice of thousands of
women from across the world.
DFS focused its efforts on the gradual return of trav-
elers from mainland China after borders were reopened
following the Covid pandemic. Business rapidly recovered
in nearby destinations Hong Kong and Macao, and did
so more gradually in other Asian locations. Preparing
for the full recovery expected in its key markets,
the Maison rounded out its teams and its marketing
initiatives. The year’s highlights included the celebra-
tion of the reopening of the iconic Waikiki Galleria in
Hawaii, where DFS has been operating for the past
60 years; the launch of the “Explore New Dimensions”
beauty initiative, featuring new interactive consulta-
tion experiences driven by artificial intelligence; the
inauguration of the Maison’s concession at Chongqing
Jiangbei Airport, its first location in mainland China;
and the announcement of plans for its most ambitious
project yet, to be completed by 2026, at Yalong Bay
(Sanya) on the island of Hainan in China, where DFS
will feature more than 1,000 luxury brands at stores
spanning a total floor area of more than 128,000 square
meters. DFS also unveiled the latest editions of its
annual Masters of Wines and Spirits and Masters of
Time exhibitions, held at Macao’s City of Dreams and
Four Seasons, respectively. In Paris, La Samaritaine
celebrated the second anniversary of its reopening
3
4
OUR MAISONS TAKE ACTION
Reduce, reuse, recycle
— In France, the Perfumes & Cosmetics Maisons
and Sephora use the CEDRE waste sorting,
materials recovery and recycling facility
to handle all waste materials and products
generated by the manufacturing, packaging,
distribution and sale of perfumes and cosmetic
products. CEDRE accepts several types
of articles: obsolete packaging, obsolete
alcohol-based products, advertising materials,
store testers and empty packaging returned
to stores by customers. The various materials
(glass, cardboard, wood, metal, plastic, alcohol
and cellophane) are resold to a network
of specialized recyclers.
1. T Fondaco dei Tedeschi, Venice
2. 3. La Samaritaine Paris Pont-Neuf
4. DFS, Yalong Bay project, island of Hainan
142 • 143
LVMH 2023 . Selective Retailing and confirmed its appeal amid the increase in customer
traffic driven by travelers from Asia. As part of its
digital strategy, DFS launched a new customer loyalty
program called DFS Circle.
Le Bon Marché, in addition to its highly loyal Parisian
clientele, saw an influx of customers from elsewhere in
France and international visitors. The department
store’s revenue reached a record high. The year saw
the opening of a new jewelry department, strong
growth in the beauty department and the expansion
of its range of responsible and sustainable products
across all categories. L’Institut, its exclusive beauty and
wellness center opened in 2022, turned in a very strong
performance. Business was spurred by a rich array of
events. The highlight of the beginning of the year was
the Sangam exhibition by Indian artist Subodh Gupta.
The Au Bonheur des Dames immersive theater perform-
ance, which played to a full house for months in a
row, was extended until the end of April. To celebrate
the 10th anniversary of its founding, French fashion
brand Sézane – the department store’s guest of
honor – offered an exclusive pop-up collection as part
of the Les Bons Marchés de l’Été exhibition. Starting in
September, Le Bon Marché welcomed Rossy de Palma
and her colorful world for the Olé Olé Le Bon Marché
exhibition. After nightfall, the store was the stage for
an exclusive new show entitled Entre Chiens et Louves,
co-produced with circus troupe Cirque Le Roux, featuring
a masterfully poetic blend of art, theater, dance and
circus performance. In a resounding tribute to French
cuisine, culinary expertise and authentic, local products,
La Grande Épicerie de Paris celebrated its 100th anni-
versary with a flurry of creative collaborations and an
eye-catching program of events.
In December, LVMH announced it had entered into a
strategic agreement for the sale of its majority stake
in Cruise Line Holdings Co. (the holding company for
the Starboard & Onboard Cruise Services business).
LVMH remains a substantial minority shareholder in this
new company.
1. 2. Le Bon Marché
3. Sephora
1
2
2024 Outlook
The Selective Retailing Maisons are entering 2024
with the ambition of reaffirming their distinctive
identities and continuing to offer the world’s best
shopping experiences, innovating and building
loyalty across all channels. Sephora will continue
to build on its unique strengths: its vibrant commu-
nity of passionate employees and loyal customers,
its exceptional expertise in curating brands and
products, and its omnichannel and in-store retail
excellence. The Maison will pursue the global
deployment of some of its most exciting brands
and products while accelerating its commitment
to clean and responsible beauty, with a new clean
beauty program that will be progressively rolled
out around the world. New stores will be opened in
North America, China, Europe and Latin America,
and a major store renovation program in the
United States will help better reflect American
customers’ new expectations. Sephora will con-
tinue to invest in technology and digital, with the
ambition of offering the best app in the prestige
beauty industry to its customers around the
world. 2024 will also be an exceptional year for
Sephora, a partner of the Torch Relay as part of
LVMH’s partnership with the Paris 2024 Olympic
and Paralympic Games. The Maison will also
continue to step up its commitment to diversity,
equity and inclusion, with initiatives dedicated
to both its employees and its communities. While
remaining vigilant and maintaining tight control
over its allocation of resources, DFS aims to continue
expanding in its key locations of Hong Kong and
Macao. The opening of a new store on Senado
Square in central Macao and the renovation of its
stores in Hong Kong will contribute to achieving
this objective. While continuing to invest in further
elevating its range of products and services, the
Maison will keep expanding its retail network,
in particular at new spaces within Los Angeles
International Airport. Le Bon Marché will continue
to enhance the quality of its exclusive selection and
its customer experience, while capitalizing on its
profile as a trend-setting department store and its
unique cultural dimension. The highlight of early
2024 will be the Aux Beaux Carrés: Travaux in situ
exhibition of works by French artist Daniel Buren.
3
OUR MAISONS TAKE ACTION
Sephora’s Classes for Confidence
— Through its Classes for Confidence program,
Sephora offers both beauty classes and coaching
to help people facing major life transitions –
including cancer survivors, people who have
been marginalized on the job market, and
transgender and non-binary people – show
themselves in the best light and develop their
confidence. Many of these classes have been
held around the world. They were launched
in the United States and Canada, are being
expanded in Europe (Denmark, Spain, France,
Greece, Italy, Poland, Portugal), and developed
more specifically in the Asia-Pacific region
in 2023 (Australia, China, Malaysia, Singapore,
Thailand). Since the program was launched
in 2015, over 127,000 participants have attended
nearly 2,900 classes.
144 • 145
LVMH 2023 . Selective Retailing 2023 STORIES
Redesigned flagship on the Champs-Élysées
SEPHORA
After several months of renovation ahead of the Olympic
and Paralympic Games, for which Sephora is an official
partner of the Torch Relay, the Maison’s Paris flagship at
70-72 Avenue des Champs-Élysées has reopened, offering
customers an entirely reinvented shopping experience.
A diverse range of products grouped by theme (fragrances,
skincare, makeup, haircare, services and more) bring toge-
ther the very best in prestige beauty brands, from timeless
icons to trendy, innovative labels, showcasing Sephora’s
expertise as a curator. In the store’s first major renovation
since it was opened in 1996, and reflecting Sephora’s
sustainable development strategy, aimed at reducing the
energy consumption of its sales floor area by 50%, the new
design incorporates the latest LED technology and uses
fewer screens, while a large, bright, transparent sliding door
at the entrance helps reduce heat loss. Featuring signature
elements of Parisian architecture, the new store uses mate-
rials like stone paving slabs and 19th-century-inspired
metal components to create a unique atmosphere. In a nod
to its iconic address, a 2.6-meter-wide central aisle runs
through the store with, at its center, a monumental beauty
hub – its very own Arc de Triomphe of beauty.
146 • 147
LVMH 2023 . Selective Retailing Celebrating a century of gourmet passion
LA GRANDE ÉPICERIE DE PARIS
La Grande Épicerie de Paris, the legendary institution
founded in 1923, is much more than a food store (the
literal translation of épicerie). It is a tribute to French cuisine,
fine dining, culinary expertise and authentic, local prod-
ucts. In October 2023, it celebrated its 100th anniversary.
From its beginnings as a discreet “gourmet corner” within
the Le Bon Marché department store, it rapidly expanded
into a full-fledged fine food emporium and was officially
named “La Grande Épicerie de Paris” in 1979. It has grown
continually ever since, and in 2017 opened a second store
on Rue de Passy. Today, La Grande Épicerie de Paris sells
over 30,000 products, has 550 employees, houses
80 artisans in workspaces on Rue de Sèvres and welcomes
over 1,300,000 visitors a year, on average.
La Grande Épicerie de Paris is all about the art of seeking
out the world’s finest products, unearthing the excep-
tional, forging partnerships with historic purveyors and
shining a spotlight on promising new brands. This legendary
store is also a place where visitors can experience the
authentic atmosphere of a Parisian market, showcasing
masterful culinary expertise, sustainable products and fair
trade. To celebrate its centenary, La Grande Épicerie de
Paris put on an exceptionally flavorful array of events at its
Rue de Sèvres and Rue de Passy stores, including special
products to mark the occasion, created by 36 partners.
In the century since its founding, La Grande Épicerie de
Paris has become one of the neighbor hood’s top desti-
nations and a must for the most demanding palates.
Entre Chiens et Louves
LE BON MARCHÉ
Following the success of its Au Bonheur des Dames
immersive theater experience in 2022, Le Bon Marché
Rive Gauche raised the curtain once again in 2023,
inviting renowned French circus troupe Cirque Le Roux
to stage an exclusive performance, Entre Chiens et Louves,
set within the walls of the iconic Paris department store.
Known for productions including The Elephant in the
Room (2015) and A Deer in the Headlights (2019) – nomi-
nated for a Molière award for “Best Visual Creation” in
2020 – the troupe’s distinctive cultural and
aesthetic blend has become its visual hall-
mark. Subtly interweaving elements of circus
performance, theater and film, Entre Chiens
et Louves tells the story of three characters who all lived
in the same apartment in three different eras: 1850, 1960
and the present day. Despite being centuries apart,
they share their troubles and, as the play progresses,
hurtle inexorably towards change. The scenes unfold in a
succession of balancing acts, acrobatics and contortions,
accompanied by an ingenious array of behind-the-scenes
stage machinery. The store was transformed for each
performance, giving way to a central stage with seating
for the audience. Instead of a circus tent, a sleekly elegant
set took shape around the central escalator, gracefully
inhabited by the eight performers, in a technical feat that
turned the space into a real theater, as if by magic.
148 • 149
LVMH 2023 . Selective Retailing CULTURE &
LIFESTYLE
LVMH
2023
Belmond, Maroma, Mexico
LVMH
CULTURE &
LIFESTYLE
2023
2023 STORIES
The beating heart of the Riviera Maya
BELMOND
In 2023, the Riviera Maya celebrated the much-anticipated
reopening of Maroma, a Belmond hotel. This legendary
property, tucked away on Mexico’s Caribbean coast amid
80 hectares of lush tropical jungle and secluded white
sand beaches, has been completely redesigned with
Mayan culture as its core. It is the first of Belmond’s hotels
in North America to undergo an extensive transformation,
featuring 10 brand-new seafront suites, a nature-centric
wellness experience at Maroma Spa by Guerlain, ground-
breaking sustainability initiatives, and four dining destina-
tions including the new Woodend by Curtis Stone
restaurant by the renowned Michelin-star chef, and Casa
Mayor by Mexican-born executive chef Daniel Camacho,
where authentic local cuisine takes center stage. The
restoration was led by internationally renowned design
studio Tara Bernerd & Partners, who worked hand in hand
with local artisans to honor Mexican heritage. The resulting
spaces are authentic, true to local traditions and their
surroundings, and channel the region’s healing energy.
The property’s original architecture and design were
kept intact, including its signature white stucco buildings,
aligned according to Mayan principles of sacred geome-
try. Maroma is committed to reducing its carbon foot-
print through the efficient use of resources, from
receiving its Starlight certification and “Silver” certification
from EarthCheck, to implementing 100% low-energy
LEDs throughout the property to reduce energy use, and
sustainable technologies and processes for optimal
management of water resources. With this deep-rooted
connection to the soul of the Yucatán, Maroma begins a
new chapter in its history as the beating heart of the
Riviera Maya.
152 • 153
LVMH 2023 . Culture & Lifestyle A legend in motion
BELMOND
The original icon of the rails, Venice Simplon-Orient-Express,
A Belmond Train, Europe, has been at the forefront of
luxury railway travel since its first journey in 1982. The history
of this legendary train began in 1977, when Belmond’s founder,
James B. Sherwood, bought two original Art Deco sleeping
cars at a Sotheby’s auction in Monte Carlo with the
ambition to bring back to life the “golden age of travel”.
An enduring symbol of luxury, today the train operates
between March and December, and it features 16 pains-
takingly restored 1920s and 1930s carriages, inviting guests
to surrender to the journey as it crisscrosses Europe’s
most dramatic landscapes and uncovers some of the
world’s most fabled cities, such as Vienna, Rome, Florence,
Paris, Venice and Istanbul. On board, guests can choose
between three different accommodation categories –
characterful Historic Cabins; lavish newly launched
Suites; and opulent Grand Suites – indulge in refined din-
ing by Michelin-starred French Chef Jean Imbert in the
colorful restaurant carriages and enjoy an evening of
late-night revelry with live performances and handcrafted
cocktails in the famous Bar Car “3674”, stepping back in
time to an era of pure elegance.
154 • 155
LVMH 2023 . Culture & Lifestyle Randheli celebrates a decade of excellence
CHEVAL BLANC
On November 15, 2023, Cheval Blanc Randheli – nestled
at the heart of Noonu Atoll in the Indian Ocean – cele-
brated its 10th anniversary. Ten years after its launch as
Cheval Blanc’s second location, Randheli is now one of
the Maldives’ most exclusive destinations, renowned for
its distinctive architecture and the art of hospitality deftly
practiced by its attentive Ambassadors, who craft
bespoke stays for their guests. This idyllic island retreat
invites guests to experience the carefree bliss and
pure indulgence of the tropics at its five restaurants and
four bars, its fine white sand beaches lapped by turquoise
waters, and its Cheval Blanc Spa by Guerlain. Cheval Blanc
Randheli celebrated its anniversary with a special dinner
to mark both ten years since it opened and since Cheval
Blanc’s Saint-Tropez restaurant La Vague d’Or won its
three Michelin stars under chef Arnaud Donckele – who
himself boasts three-star awards for both of his restau-
rants. Under his guidance, Augustin de Margerie and
Matthieu Borde – Executive Chef and Deputy Chef,
respectively, at Cheval Blanc Saint-Tropez – crafted a
meal that fused Provençal and Maldivian flavors at
“Le 1947”, Cheval Blanc Randheli’s gourmet restaurant.
Each of Cheval Blanc’s locations aims to embody the
essence of excellent service, cultivating elegance in
every gesture alongside the arts of emotion, surprise and
wonder. Their “haute couture” approach draws on a
wealth of talent and imagination to ensure every stay is
an unforgettably personalized experience.
156 • 157
LVMH 2023 . Culture & Lifestyle PERFORMANCE
MEASURES
PERFORMANCE
MEASURES
2023
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 Reims, and Moët & Chandon and
Mercier’s champagne 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 website
at www.clublvmh-actionnaires.fr/en. This private online
space, dedicated to Club members, can be accessed once
they have created their account.
Information
about LVMH shares
Listed on: Eurolist by Euronext Paris
Stock market capitalization: €368bn as of 12/31/2023
(the largest capitalization on the Paris stock market)
Number of shares: 502,048,400 as of 12/31/2023
Member of indices: CAC 40, Dow Jones Euro Stoxx 50,
MSCI Europe, FTSE Eurotop 100, Global Dow and FTSE4Good.
Shareholder structure(1)
(December 2023)
7.1%
Individuals
6.5%
French
institutional
investors
37.3%
Foreign
institutional
investors
48.6%
Arnault
family group
0.5%
Treasury
stock
(1) Voting rights: Arnault family group 64.3%; Other 35.7%.
Agenda
Thursday, January 25, 2024: 2023 full-year revenue and results
April 2024: 2024 first-quarter revenue
Thursday, April 18, 2024: Shareholders’ Meeting
Thursday, April 25, 2024: Payment of the final dividend
for fiscal year 2023 (last trading day with dividend
rights: April 22, 2024)
July 2024: 2024 half-year revenue and results
October 2024: 2024 third-quarter revenue
Contacts
Investor and Shareholder Relations
Phone: +33 (0)1 44 13 27 27
Shareholders’ Club
Phone: +33 (0)1 44 13 21 50
Stock market performance measures
LVMH STOCK MARKET DATA
CHANGE IN THE DIVIDEND
(in euros)
2021
2022
2023
(in euros)
2021
2022
High (mid-session)
741.60
758.50
Low (mid-session)
489.05
535.00
Year-end share price
727.00
679.90
+42%
–6%
904.60
655.00
733.60
+8%
Gross dividend
Change for the year
Payout ratio
Basic Group share of net
earnings per share (in euros)
10.00
+67%
42%
23.90
12.00
+20%
43%
28.05
2023
13.00(1)
+8%
43%
30.34
+29%
367.0
–10%
342.2
+17%
368.0
(1) To be proposed at the Shareholders’ Meeting on April 18, 2024.
Change during the year
(%)
Change in the CAC 40 (%)
Market capitalization
at Dec. 31 (EUR bn)
Source: Euronext.
COMPARISON BETWEEN THE LVMH SHARE PRICE AND THE CAC 40 INDEX SINCE JANUARY 2, 2019
(in euros)
900
850
800
750
700
650
600
550
500
450
400
350
300
250
200
150
100
DNOSAJJMAMFJ
2019
FJ M A
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
DN
JJMAMFJ
2023
A
0
DNOS
OSAJ
DN
FJ
M A
M
OSAJ
DN
FJ M A
M
OSAJ
M
J
2020
J
2021
J
2022
LVMH
CAC 40 rebased
Trading volume (right-hand scale)
2023 was a buoyant year for major stock markets, with most flagship indices climbing to all-time highs in December,
despite the backdrop of economic slowdown and heightened geopolitical risk.
The CAC 40 – the flagship index of the Paris stock exchange – gained 16.5% in 2023, slightly underperforming the Euro
Stoxx 50 (up 19.2%) and the DAX (up 20.3%). US markets fared even better in 2023, with the S&P 500 and the Nasdaq
gaining 24.2% and 43.4%, respectively.
After a promising start to the year, particularly for luxury stocks following the lifting of China’s public health restrictions
at the end of 2022, markets experienced considerable volatility in light of various threats hanging over the global economy
(persistent inflation, a weaker-than-expected economic recovery in China and a banking crisis in March).
Relief came at the end of October with the first signs of slowing inflation on both sides of the Atlantic, paving
the way for a potential central bank pivot toward monetary easing in 2024 and ultimately spurring a sharp year-end rally
in equity markets.
LVMH’s share price also saw a year-end rebound, recovering some lost ground to end the year up 7.9% at €733.60.
LVMH’s market capitalization stood at €368 billion as of December 31, 2023, making the Group the most valuable
company in the CAC 40.
160 • 161
LVMH 2023 . Performance measures Financial performance measures
2023 REVENUE BY REGION
12%
Other
markets
31%
Asia
(excl. Japan)
7%
Japan
8%
France
17%
Europe
(excl. France)
25%
United States
STORES
(number)
6,097
5,556
5,664
REVENUE
(EUR millions)
86,153
79,184
2021
2022
2023
PROFIT FROM RECURRING OPERATIONS
(EUR millions)
22,802
21,055
64,215
17,151
2021
2022
2023
2021
2022
2023
REVENUE BY BUSINESS GROUP
PROFIT FROM RECURRING OPERATIONS
BY BUSINESS GROUP
(EUR millions)
2023 Reported
Organic(1)
(EUR millions)
Change 2023/2022
Wines & Spirits
6,602
Fashion & Leather Goods 42,169
Perfumes & Cosmetics
Watches & Jewelry
Selective Retailing
Other activities
and eliminations
8,271
10,902
17,885
324
–7%
+9%
+7%
+3%
–4%
+14%
+11%
+7%
Wines & Spirits
Fashion & Leather Goods 16,836
Perfumes & Cosmetics
Watches & Jewelry
+20%
+25%
Selective Retailing
–
–
Other activities
and eliminations
2023
2,109
713
2,162
1,391
(409)
Change
2023/2022
Operating
margin
–2%
+7%
+8%
+7%
+76%
–
31.9%
39.9%
8.6%
19.8%
7.8%
–
TOTAL LVMH
86,153
+9%
+13%
TOTAL LVMH
22,802
+8%
26.5%
(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 negative 4% impact.
NET PROFIT, GROUP SHARE
(EUR millions)
15,174
14,084
12,036
OPERATING INVESTMENTS
(EUR millions)
7,478
4,969
2,664
2021
2022
2023
2021
2022
2023
OPERATING FREE CASH FLOW
(EUR millions)
SIMPLIFIED BALANCE SHEET AS OF 12/31/2023
(EUR billions and % of balance sheet total)
13,531
10,113
8,104
144
144
70%
No n- c u r r e n t
a s s e t s
44%
E q u i t y
16% I n v e n t o r i e s
14% O t h e r
c u r r e n t a s s e t s
33% 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
2021
2022
2023
Assets
Liabilities
and equity
EQUITY AND RATIO OF
NET FINANCIAL DEBT TO EQUITY
(EUR millions and %)
62,701
56,604
48,909
NET FINANCIAL DEBT
(EUR millions)
10,746
9,607
9,201
19.6%
16.3%
17.1%
2021
2022
2023
2021
2022
2023
Further information can be found in the 2023 Universal Registration Document.
162 • 163
LVMH 2023 . Performance measures Non-financial performance measures
GREENHOUSE GAS EMISSIONS
BY BUSINESS GROUP (in metric tons of CO2 equivalent)
ENERGY CONSUMPTION
BY BUSINESS GROUP (in MWh)
CO2
emissions
in 2022
CO2 emissions
in 2023
pro forma(1)
Change
(1)(2)(3)
25,939
28,164
97,875
12,696
7,779
77,132
8,973
4,985
+9%
–21%
–29%
–36%
85,134
26,711
–69%
28,020
31,519
+12%
257,444
177,484
–31%
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other
activities
TOTAL
(1) Value and change at constant scope.
(2) Updated emissions factors.
(3) Excludes estimated store power consumption.
2022
2023
pro forma(1)
Change(1)(2)
245,961
214,680
–13%
409,896
395,315
99,760
99,168
–4%
–1%
102,060
112,764
+10%
338,092
339,351
–
150,824
115,179
–24%
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other
activities
TOTAL
1,346,593
1,276,458
–5%
(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)
2022
2023
pro forma(1)
Change(1)
1,286,010
1,491,081
+16%(2)
1,956,057
1,798,157
–8%(3)
211,961
199,420
–6%
63,752
74,101
+16%
265,602
242,615
–9%
208,842
174,646
–16%
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other
activities
TOTAL
3,992,223
3,980,020
–
(1) Value and change at constant scope.
(2) Change mainly related to business activity at Glenmorangie.
(3) Change mainly related to implementation of best practice and technology
at certain farms and tanneries.
2022
171,156
2023
pro forma(1)
150,315
23,145
20,904
25,966
32,424
4,761
3,425
–
4,462
4,270
–
Change(2)
–12%
–10%
+25%
–6%
+25%
–
228,453
212,377
–8%
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other
activities
TOTAL
(1) Value and change at constant scope.
(2) Change related to business activity and sustainable design initiatives.
BREAKDOWN OF THE WORKFORCE
BY BUSINESS GROUP (as of December 31, 2023)
BREAKDOWN OF THE WORKFORCE
BY REGION (as of December 31, 2023)
2023(1)
8,891
75,058
31,937
28,276
59,391
Wines &
Spirits
Fashion &
Leather Goods
Perfumes &
Cosmetics
Watches &
Jewelry
Selective
Retailing
Other activities
9,715
%
4%
35%
15%
13%
28%
5%
TOTAL
213,268
100%
(1) Total permanent and fixed-term headcount.
(2) Under permanent contracts.
%
women(2)
42%
66%
82%
65%
84%
48%
71%
France
Europe
(excl. France)
United States
Japan
Asia (excl. Japan)
Other markets
2023(1)
39,351
46,809
43,649
10,496
52,185
20,778
%
18%
22%
20%
5%
24%
10%
TOTAL
213,268
100%
(1) Total permanent and fixed-term headcount.
(2) Under permanent contracts.
%
women(2)
66%
68%
76%
72%
75%
70%
71%
BREAKDOWN OF THE WORKFORCE
BY JOB CATEGORY (as of December 31, 2023)
AVERAGE LENGTH OF SERVICE AND BREAKDOWN
BY LENGTH OF SERVICE
2023(1)
47,040
17,861
113,494
34,873
Executives
and managers
Technicians
and supervisors
Administrative
and sales staff
Production
workers
TOTAL
213,268
100%
(1) Total permanent and fixed-term headcount.
(2) Under permanent contracts.
%
22%
%
women(2)
Length of service
65%
Less than 5 years
8%
64%
53%
16%
78%
63%
71%
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
61.7%
19.1%
8.0%
5.0%
3.2%
1.5%
1.5%
100%
6 years
Further information can be found in the 2023 Universal Registration Document.
164 • 165
LVMH 2023 . Performance measures Photographs
Cover, p. 15, 100, 102, 104, 105: Parfums Christian Dior – p. 4: Domaine des Lambrays, Michel Joly – p. 6: Jamel Toppin – p. 10: Dior, Paul Vu – p. 12,
18: Jean-François Robert – p. 13, 15, 118, 122-123, 128: Tiffany & Co. – p. 15, 50: Ruinart, Eva Jospin – p. 15, 72, 76: Dior, Brigitte Niedermair – p. 15, 136,
138, 140, 141, 145-147: Sephora – p. 15, 154-155: Belmond, Ludovic Balay – p. 22: Guerlain, Pol Baril – p. 24, 42: All rights reserved – p. 26: Niv Shank – p. 32:
Hennessy, Alain Benoit – p. 36: Gustave Caillebotte, Boating Party, ca. 1877-1878 – Oil on canvas; Dimensions (without frame): H. 89.5cm,
L. 116.7cm; (with frame): H. 122cm, L. 149cm, D. 11.5cm – Musée d’Orsay; Purchased thanks to exclusive support from LVMH, a Major Patron
of the museum, 2022 © Musée d’Orsay, dist. RMN-Grand Palais / Sophie Crépy – p. 38: Patrick Zachmann / Magnum Photos – p. 39: Fondation
Louis Vuitton, © Gehry Partners, LLP and Frank O. Gehry, © Iwan Baan 2014 – p. 40: Fondation Louis Vuitton, Installation view of the Mark Rothko
exhibition © Marc Domage, © 1998 Kate Rothko Prizel & Christopher Rothko – ADAGP, Paris, 2024; © Alberto Giacometti estate / ADAGP, Paris,
2024 – p. 41: Fondation Louis Vuitton, Basquiat x Warhol: Painting Four Hands poster; Fondation Louis Vuitton © Raven B Varona; Fondation
Louis Vuitton © Into The Wide / Benjamin Viallatte © 1998 Kate Rothko Prizel & Christopher Rothko – ADAGP, Paris, 2024; Fondation Louis Vuitton,
Mark Rothko poster – p. 46: Philippe Servent – p. 47: Nelson Rosier – p. 52, 58, 59: Jas Hennessy & Co. – p. 54-55: Dom Pérignon – p. 55, 62-63:
Moët & Chandon – p. 56: Ruinart, Pierre Monetta – Krug – p. 57: Château d’Esclans – Veuve Clicquot – p. 58: Ardbeg – p. 60-61: Ruinart, Letizia Le Fur,
Pierre Monetta – p. 64: Hennessy, Broll & Prascida – p. 65: Glenmorangie – p. 66-67: Minuty, Henri Fabre – p. 68-69: Hennessy, Julia Hasse
– Jas Hennessy & Co. – p. 70: Louis Vuitton Malletier, Jamie Hawkesworth – p. 74-75, 80-81, 90-92: Louis Vuitton – p. 76: Dior, Elaine Constantine
– p. 77-82: Celine, Hedi Slimane – p. 77: Fendi – p. 78, 96-97: Loro Piana – p. 78: Marc Jacobs – Givenchy – p. 79, 88-89: Loewe – p. 83-84: Dior,
Niveditaa Gupta – p. 85: Dior, Dolly Devi, Sahiba Chawdhary – Chanakya School of Craft – p. 94: RIMOWA, Jack Day © Pierre Soulages – p. 95:
Berluti – p. 98-99: Dior, Paul Vu, Luis Guillén – p. 106, 112-113: Guerlain – p. 107: Benefit Cosmetics – Parfums Givenchy, David Sims – p. 108: Kenzo
Parfums – Maison Francis Kurkdjian – Acqua di Parma – p. 109: Fenty Beauty – p.110-111 : Parfums Christian Dior, Adrien Dirand, Laora Queyras
– p. 114-115: Parfums Christian Dior, Pierre Mouton – p. 116: Maison Francis Kurkdjian, 2023 © Palace of Versailles – p. 117: Officine Universelle Buly
– p. 120, 124, 130-131: Bulgari – p. 125, 134-135: TAG Heuer – p. 126: Zenith – Fred – p. 128, 132-133: Chaumet, Cédric Bihr – Thomas Deschamps
– p. 142-143: DFS, Fondaco dei Tedeschi – La Samaritaine Paris Pont-Neuf, Jared Chulski – Yalong Bay – p. 144, 148-149: Le Bon Marché Rive Gauche
– p. 150, 152-153: Belmond, William Jess Laird – p. 156-157: Cheval Blanc, Fabrizio Nannini – Other photographs: LVMH and Group Maisons’ photo libraries.
PLEASE DRINK RESPONSIBLY AND IN MODERATION.
Printed in France by PPA, 93100 Montreuil.
This product is made of material from well-managed
FSC®-certified forests and from recycled materials.
LVMH – 22, avenue Montaigne – 75008 Paris – France
Phone: +33 (0)1 44 13 22 22 – www.lvmh.com
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on LVMH’s website, www.lvmh.com, including
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Report and the Universal Registration Document.
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