2024 A NNUA L REPORT
Passionate
about creativity
Passionate
about creativity
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 sustainability 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.
Louis Vuitton
The LVMH Group
6
Chairman’s message
12
Interview with the Group Managing Director
14
Maisons with a strong identity
15
Diverse range of professions
16
The world’s leading luxury goods group
18
Robust corporate governance
22
Exemplary ethical standards
24
Responsible model dedicated to excellence
26
Artisan of all Victories
30
Our people: Architects of LVMH’s current and future success
36
LIFE 360 environmental program: Making sustainability desirable
40
Supporting culture, art and good causes
48
LVMH takes action
Business group insights
52
Wines & Spirits
70
Fashion & Leather Goods
100
Perfumes & Cosmetics
116
Watches & Jewelry
136
Selective Retailing
148
Hospitality
Performance measures
161
Stock market performance measures
162
Financial performance measures
164
Non-financial performance measures
Bernard Arnault
Chairman and Chief Executive Officer
LVMH 2024 . C h a i r m a n ’ s m e s s a g e
6 • 7
Solid performance in an unfavorable environment
Some years see new beginnings. I am convinced that all the work done by our
Maisons’ employees is laying very firm foundations for the future. Whereas 2023
was the year in which demand began to normalize, 2024 was a year of preparation
and renewed momentum.
LVMH’s solid performance is even more impressive in light of the numerous chal-
lenges overcome to achieve it. Indeed, it is clear that global geopolitical tensions
did not ease during the year: far from it. Exchange rates were also unfavorable to
both our sales momentum and our profitability. LVMH succeeded in adapting to
this environment, diversifying its businesses and locations to harness the resources
to be able to end 2024 having, on the whole, delivered growth. LVMH owes this
performance to the fundamentals underpinning the Group and its Maisons. Once
again last year, this played a powerfully stabilizing role.
If I had to pick a single figure to illustrate this strength, it would be the Group’s cash
flow, which grew 29% year on year to over €10 billion in 2024. This cash flow is both
an outcome and an opportunity. An outcome, of course, of the profitability of our
well-managed businesses and Maisons, which generate high margins. And an oppor-
tunity to pursue multiple new avenues for investment and innovation in our powerful
design and global appeal.
All these outcomes were achieved thanks to our dedicated teams, to whom I would
like to express my congratulations and appreciation. The quality of their work con-
tributes to our Group’s worldwide prestige.
Support for some of the most memorable moments of 2024
In 2024, the whole world’s eyes were on Paris, with the Paris 2024 Olympic and
Paralympic Games and the reopening of Notre-Dame Cathedral. Our Maisons –
Berluti, Chaumet, Dior, Louis Vuitton, Moët Hennessy, Sephora – were honored to
contribute their expertise, from the Olympic Torch Relay through to the final days
of the Games, to this great celebration of passion and emotion that made the
summer of 2024 so magical. Our Group also lent its steadfast support to the res-
toration of Notre-Dame Cathedral, as befits such a national treasure. Following its
successful reconstruction, Notre-Dame has returned to the City of Light, more
vibrant and brighter than ever. Through these two historic feats, Paris and France
secured their place in the hearts of the entire world.
“Whereas 2023 was the year
in which demand began
to normalize, 2024 was a year
of preparation and renewed
momentum.”
Remaining
alert
The LVMH Group’s businesses
delivered a solid performance in 2024,
achieving revenue well above
2021-2023. But more than anything
else, for us, 2024 was a pivotal
year of preparing for the future.
Preparing for the future means remaining alert and harnessing the key trends of
our time. In 2024, the Group entered into a global partnership with Formula 1 – an
alliance extraordinarily rich in innovation, excellence and emotion that will allow
TAG Heuer, Louis Vuitton and Moët Hennessy to display their expertise and imag-
ination. Preparing for the future also meant bringing to fruition the renaissance of
The Landmark, Tiffany’s Fifth Avenue store in Manhattan and now the Group’s leading
luxury goods store worldwide, and gradually renovating all of the Maison’s other stores
in order to unlock its rich potential for powerful desirability over the coming years.
For Louis Vuitton, whose power to enchant remains as strong as ever, preparing for
the future also meant bringing back Takashi Murakami’s flowers, like a touch of
magic at the height of winter. For Dior, it meant continuing to strive for excellence
in its collections to enable this magnificent couture house to shine ever brighter.
As ever, remaining alert
In 2024, we stepped up our commitments, which are fully aligned with the Group’s
long-term vision. LVMH was once again France’s largest private-sector recruiter this
past year. Its Institut des Métiers d’Excellence and You & ME program are our
country’s most ambitious corporate initiatives for recruitment, training and knowl-
edge sharing. Year after year, LVMH continues to reaffirm its confidence in the
potential of France’s terroirs, production sites and talent. This confidence is also
reflected in the Group’s significant contribution to France’s budget.
In the same vein, LVMH once again improved its environmental performance this
past year, sharply reducing its energy consumption to meet its target two years
ahead of schedule, and rolling out a circular design and recycling approach whose
positive effects are already visible. Our Maisons, which have always been environ-
mentally conscious, have as ever remained alert to environmental concerns and
continued to work together to refine their production and sales practices. Our
focus on biodiversity, and particularly water – so essential to the equilibrium and
regeneration of our ecosystems – reached very significant new milestones in 2024.
“Preparing for the future means
remaining alert and harnessing
the key trends of our time.”
LVMH 2024 . C h a i r m a n ’ s m e s s a g e
8 • 9
Ready for the future
Throughout 2024, our Group invested and worked to further enhance the desira-
bility of its very high-quality products, whose long-term outlook is strong. Our cus-
tomers are still as loyal as ever to our Maisons and their latest releases, while
demand for the finest craftsmanship and masterful expertise is mounting steadily
all over the world. Authentic design and expert craftsmanship never go out of style:
of that I am sure.
Everywhere around the world, we are positioned to seize opportunities as soon as
they arise. In Paris, for example, where tourism is recovering, we are pursuing major
projects for our brands; in Asia and the United States, which are undergoing
profound changes, other developments are also being pursued, with a number of
remarkable innovations.
Lastly, a number of our Maisons and Group central functions have passed on the
torch to a new generation. They have handed down their experience, and an influx
of fresh energy is now at work, which is a vital step. More important than anything
else, though, is the entrepreneurial family spirit running through LVMH’s identity,
culture and independence of mind, which continues to be the source of the Group’s
greatest strength amid the prevailing uncertainties, along with its long-term vision:
the strength to confidently and consistently follow the path of the highest quality,
creativity, commitment and excellence in all we do.
“Throughout 2024, our Group invested
and worked to further enhance
the desirability of its very high-quality
products, whose long-term outlook
is strong.”
Dior, 30 Montaigne, Paris.
Stéphane Bianchi
Group Managing Director
#1 – Opportunity
Fiscal year 2024 marks a transition following the past few years of strong growth
in the luxury sector. One cycle is ending and another is beginning. What’s emerg-
ing is a more fragmented world – a world in which geopolitical tensions and
the challenge of the green transition have different implications for different
regions. The major macroeconomic centers are now each following their
own trajectory.
The one common denominator is the uncertainty that continues to hang over
markets. In the short term, this is of course affecting the behaviors of businesses
and individuals, causing both investment and consumer spending to slow. For those
who can take a longer view, though, a change of cycle also opens up new oppor-
tunities: opportunities to craft new designs and experiences, and satisfy new cus-
tomer groups. It’s up to us to identify and seize these growth drivers.
#2 – Differentiation
In this low-visibility environment, it’s more important than ever that we follow our
truest guide: our customers. The fundamentals haven’t changed. We must antici-
pate customers’ needs and open them up to new horizons through brand-new,
exclusive, unexpected experiences and products of the highest quality.
However, today’s multipolar world, with its divergent market trends, entails a host
of local factors that need to be taken into account. A global player like LVMH must
be able to recognize and respond to these factors with the tailored precision they
require, drawing on the expertise of its local teams. The days of simply providing
customers with a uniform response are over. Something that’s a priority for one
customer might be no more than an option for another, depending on their location,
time, channel, profile and lifestyle. We have everything we need within the Group
to be able to meet – and surpass – these expectations.
#3 – Excellence
Yes, we must differentiate, but while continuing to abide by our longstanding
guiding principle: our single-minded focus on excellence. And that means excel-
lence at every level, in everything we do. From our supply chains and production
lines through to the in-store experience, what sets our people and our Maisons
apart is that they always strive to do better and better, seizing every opportunity
to add an ever more attentive, imaginative, exacting touch, and sharing their passion
for rare pieces, unique moments and exceptional heritage.
More than a mission, we see this pursuit of excellence as our duty, as stewards of
these iconic brands. It is the foundation upon which we have built our reputation of
enduring value, timeless appeal and unforgettable experiences for our customers.
Always seeking to achieve the highest possible quality, creativity and sustainability
– in every sense of the word: this drive for excellence is what fuels our Maisons’
desirability and underpins the priorities of LVMH’s Executive Committee. It’s also
what enables the Group to confidently navigate turbulent times in the knowledge
that we will, as ever, emerge even stronger.
New horizons,
new opportunities
LVMH 2024 . I n t e r v i e w w i t h t h e G r o u p M a n a g i n g D i r e c t o r
12 • 13
Chaumet
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. 1839 L’ÉPÉE 1839 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 BVLGARI 1895 BERLUTI 1898 RIMOWA 20TH CENTURY 1908
LES ECHOS 1914 PATOU 1916 ACQUA DI PARMA 1923 LA GRANDE ÉPICERIE DE PARIS
1924 LORO PIANA 1924 CHEZ L’AMI LOUIS 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
1949 PARIS MATCH 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 1976 BELMOND 1976 BENEFIT COSMETICS
1980 HUBLOT 1983 OLE HENRIKSEN 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 2024 SIRDAVIS
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.
LVMH 2024 . O u r M a i s o n s a n d b u s i n e s s g r o u p s
14 • 15
Diverse range
of professions
WINES & SPIRITS
Moët & Chandon, Dom Pérignon, Ruinart, Krug, Veuve
Clicquot, Hennessy, Château d’Yquem, Glenmorangie,
Clos des Lambrays… The origins of all these world-
famous estates are inextricably linked to the appella-
tions 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.
FASHION & LEATHER GOODS
The Fashion & Leather Goods business group com-
prises Louis Vuitton, Christian Dior, Celine, Loewe,
Kenzo, Givenchy, Fendi, Emilio Pucci, Marc Jacobs,
Berluti, Loro Piana, RIMOWA and Patou. While respecting
the identity and autonomous management of these
brands, LVMH supports their growth by providing them
with shared resources.
PERFUMES & COSMETICS
LVMH is a key player in the perfume, makeup and skin-
care 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
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 Bvlgari, Chaumet, Fred, TAG Heuer,
Hublot, Zenith and Repossi. These Maisons are
guided by a daily quest for excellence, creativity
and innovation.
SELECTIVE RETAILING
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 spe-
cifically to international travelers.
OTHER ACTIVITIES
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.
The world’s leading
luxury goods group
LVMH has implemented a unique operating model
based on a number of pillars, which contributes
to the Group’s long-term success by combining profitable
growth, sustainability and a commitment to excellence.
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.
VERTICAL
INTEGRATION
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.
PRESERVING SKILLS
AND EXPERTISE
Our Maisons pursue a long-term vision. To pre-
serve their distinctive identities and excellence,
LVMH and its Maisons have developed a range
of initiatives to pass down skills and expertise,
and promote craft trades and design professions
among younger generations.
ORGANIC GROWTH
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.
CREATING SYNERGIES
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.
INNOVATION DEDICATED
TO EXCELLENCE
LVMH owes its long-term success to its pursuit
of excellence. In an ever-changing world, inno-
vation is a powerful tool for achieving this,
making our products ever more appealing and
the experiences we offer our customers ever
more unforgettable. Driven by our employees,
innovation is based on several pillars: our
in-house R&D centers, our network of start-ups,
our partnerships with the world of academia
and numerous expert companies.
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.
LVMH 2024 . S t r a t e g y a n d k e y fi g u r e s
16 • 17
€84.7bn
REVENUE
+1%* versus 2023
€19.6bn
PROFIT FROM
RECURRING
OPERATIONS
–14% versus 2023
€12.6bn
NET PROFIT,
GROUP SHARE
–17% versus 2023
GEOGRAPHIC FOOTPRINT
(as of December 31, 2024)
Other markets
Revenue: € 10,861m
778 stores
22,158 employees
United States
Revenue: € 21,554m
1,193 stores
44,870 employees
France
Revenue: € 7,009m
553 stores
39,856 employees
Japan
Revenue: € 7,475m
510 stores
11,299 employees
Asia (excl. Japan)
Revenue: € 23,246m
2,019 stores
48,719 employees
Europe (excl. France)
Revenue: € 14,538m
1,254 stores
48,736 employees
2024 REVENUE BY REGION
(as %)
2024 REVENUE BY BUSINESS GROUP
(as %)
13%
Other
markets
28%
Asia
(excl. Japan)
9%
Japan
8%
France
17%
Europe
(excl. France)
25%
United States
23%
Selective
Retailing and
Other activities
12%
Watches &
Jewelry
10%
Perfumes &
Cosmetics
7%
Wines &
Spirits
48%
Fashion &
Leather Goods
75
MAISONS
81
COUNTRIES
215,637
EMPLOYEES
6,307
STORES
190+
NATIONALITIES
3.8 million
HECTARES OF FAUNA
AND FLORA HABITAT
PROTECTED
119
PRODUCTION SITES
IN FRANCE
71%
WOMEN
* Organic growth with respect to 2023.
Executive Committee
Pietro Beccari
Louis Vuitton
Michael Burke
Fashion Group
Cécile Cabanis
Finance*
Jean-Jacques Guiony
Wines & Spirits*
Guillaume Motte
Sephora
Stéphane Rinderknech
Hospitality Excellence & Beauty
Maud Alvarez-Pereyre
Human Resources
Delphine Arnault
Christian Dior Couture
Nicolas Bazire
Development & Acquisitions
Bernard Arnault
Chairman and Chief Executive Officer
Stéphane Bianchi
Group Managing Director
Jérôme Sibille
General Administration
& Legal Affairs
Jean-Baptiste Voisin
Strategy
* From February 1, 2025
LVMH 2024 . E x e c u t i v e a n d s u p e r v i s o r y b o d i e s ; S t a t u t o r y A u d i t o r s
18 • 19
Bernard Arnault(1)
Chairman and Chief Executive Officer
Alexandre Arnault
Antoine Arnault
Delphine Arnault
Frédéric Arnault
Dominique Aumont
Director representing the employees
Marie-Véronique Belloeil-Melkin
Director representing the employees
Henri de Castries(2)
Lead Director
Sophie Chassat(1)(2)
Wei Sun Christianson(2)(3)
Clara Gaymard(1)(2)
Marie-Josée Kravis(2)
Laurent Mignon(2)
Marie-Laure Sauty de Chalon(2)
Natacha Valla(2)
Hubert Védrine(1)(2)
ADVISORY BOARD MEMBERS
Yann Arthus‑Bertrand(4)
Diego Della Valle
Lord Powell of Bayswater
GENERAL SECRETARY
Marc-Antoine Jamet
PERFORMANCE
AUDIT COMMITTEE
Clara Gaymard(1)(2)
Chairman
Laurent Mignon(2)
Marie-Laure Sauty de Chalon(2)
Natacha Valla(2)
COMPENSATION COMMITTEE
Natacha Valla(2)
Chairman
Marie-Véronique Belloeil-Melkin
Sophie Chassat(1)(2)
Marie-Josée Kravis(2)
SUSTAINABILITY &
GOVERNANCE COMMITTEE
Henri de Castries(2)
Chairman
Sophie Chassat(1)(2)
Marie-Laure Sauty de Chalon(2)
Hubert Védrine(1)(2)
STATUTORY AUDITORS
Deloitte & Associés
represented
by Guillaume Troussicot
and Bénédicte Sabadie
Forvis Mazars SA
represented
by Isabelle Sapet
and Simon Beillevaire
Statutory Auditor in charge of certifying
sustainability information
Deloitte & Associés
represented
by Guillaume Troussicot
and Olivier Jan
(1) Renewal of term of office as a Director proposed at the 2025 Shareholders’ Meeting.
(2) Independent Director.
(3) Ratification of co-option as a Director proposed at the 2025 Shareholders’ Meeting.
(4) Until the close of the 2025 Shareholders’ Meeting.
Board
of Directors
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.
LVMH’s Board of Directors is the strategic body
of the Company that is primarily responsible for driv-
ing long-term value creation and protecting its
corporate interests, focusing in particular on the
social, environmental 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 stra-
tegic direction – particularly with regard to social,
environmental and climate-related matters – and
supervise its implementation, as well as verifying
the fair and accurate presentation of information. 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
sees to it that procedures to prevent corruption and
influence-peddling risks are implemented within the
Group and that procedures are followed with regard
to data protection and ethics. It also monitors the
impact of the Group’s non-discrimination and diver-
sity policy. Lastly, it acts as guarantor of the rights of
all of its shareholders.
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:
a committee in charge of performance audit, a com-
mittee in charge of compensation, and a committee
in charge of sustainability and governance, the princi-
pal duties of which are as follows:
– The Performance Audit Committee ensures the
integrity of the financial and sustainability reporting
processes, the independence of the auditors by super-
vising their assignments, and the effectiveness of
internal control and risk management procedures.
– The Compensation Committee advises on the
compensation policy for company officers and
makes proposals concerning the compensation,
benefits in kind and stock option and bonus share
allocations of senior executive officers, Directors and
Advisory Board members holding operational posi-
tions. It also makes recommendations on the perfor-
mance criteria applied to the variable portion of
senior executive officers’ compensation, as well as
periodically assessing the extent to which these
criteria have been met.
– The Sustainability & Governance Committee assists
the Board of Directors in defining and monitoring the
Group’s strategic direction with regard to ethical, envi-
ronmental, climate- and workforce-related matters,
and ensures that its values and rules of conduct are
upheld. It issues opinions on applications for Director
or Advisory Board member positions, on the member-
ship, diversity, independence and operation of the Board
of Directors, and on all governance-related matters.
These committees consist of at least three members,
appointed by the Board of Directors. The Chairman of
each committee is appointed from among its mem-
bers by the Board of Directors. All three committees
are chaired by an Independent Director.
Meetings or joint working sessions may be organized
between the Board’s various committees on cross-cut-
ting topics, particularly with regard to social and envi-
ronmental responsibility and climate issues.
Governance structure devoted
to the Group’s duty of vigilance
In 2024, LVMH tightened up oversight of its vigilance
policy by putting in place a dedicated governance
structure involving every level of the Group, from the
Board of Directors right down to operational
communities within the Maisons, and creating a new
department focused solely on the duty of vigilance.
Duty of Vigilance Committees were established within
the Group and at most of the Maisons. These commit-
tees are made up of the main departments involved
in duty of vigilance issues, and therefore in the effective
implementation of LVMH’s vigilance plan.
In addition, although risk analysis tools and materials
had already been rolled out at the Group and Maison
level in 2017, a project to review, harmonize and signif-
icantly strengthen this analytical framework was
carried out in 2024. Based on the main internationally
recognized duty of vigilance standards, this project
reflects LVMH’s desire to align its vigilance policy with
the requirements of French duty of vigilance legislation,
while also integrating EU regulatory requirements.
20 • 21
LVMH 2024 . G o v e r n a n c e
Work done by the Board of Directors in 2024
Governance
• Co-optation of a new Director.
• Annual review of the individual situation of each of the Independent Directors and potential conflicts of interest.
• Annual evaluation of the operating procedures of the Board of Directors and its committees.
• Revision of the Rules of Procedure of the Performance Audit Committee and the Governance &
Compensation Committee in order to introduce new provisions concerning their roles with regard to the
Corporate Sustainability Reporting Directive (CSRD).
• Changes to the membership of three committees.
• Overhaul of the Rules of Procedure of the Governance & Compensation Committee and the Ethics &
Sustainable Development Committee to better reflect their new roles as the Compensation Committee
and the Sustainability & Governance Committee, respectively. Amendment of the Rules of Procedure of the
Performance Audit Committee to bring them in line with other documents.
Compensation /
Employee
shareholding
• Determining the compensation of senior executive officers.
• Setting up bonus share plans.
• Launching the first employee share ownership plan, LVMH Shares.
Strategy
• Decisions related to the Group’s overall strategic direction, taking social and environmental issues into
consideration.
• Review of plans and strategic objectives.
Finance
• Approval of the annual and interim parent company and consolidated financial statements.
• Distribution of an interim dividend.
• Review of quarterly business activity.
• Review of the budget.
• Use of the authorization to buy back shares and renewal of the authorization to give sureties, collateral and
guarantees to third parties and to issue bonds.
• Reduction of the Company’s share capital by retiring treasury shares and corresponding amendment to the Bylaws.
• Review of the Group’s policy to protect against the impact of future economic and financial developments.
CSR
• Information about new non-financial reporting obligations arising from the Corporate Sustainability Reporting
Directive (CSRD).
Environment and sustainability
• Presentation to the Board of mapping and analysis of the Group’s environmental risks.
• Information about the Group’s environmental footprint.
• Information about key actions implemented, initiatives pursued and results achieved in 2024 within the
Group’s Divisions in relation to each of the four pillars of the LIFE 360 program.
Ethics and compliance
• Presentation to the Board of the Group’s new ethical framework (LVMH Code of Conduct and Business
Partner & Supplier Code of Conduct updated in 2024, new charters: Anti-Corruption Charter and Responsible
Lobbying Charter).
• Information about the Group’s policy on compliance with international sanctions and anti-money laundering
measures.
• Information about the Group’s whistleblowing system.
Duty of vigilance
• Information about the measures adopted within the Group to reinforce the methodology for identifying
and managing risks, in particular the definition of a new mapping of the gross risks associated with the
Group’s various value chains, and the work underway to continue this analysis as part of a continuous
improvement approach.
• Information on the strengthening of the vigilance plan published by the Group.
Specific governance and
guidelines for ethical issues
The LVMH Code of Conduct, which serves as a com-
mon 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 updated the
Code in April 2024 to reflect its heightened commit-
ments to ethics, integrity, social responsibility and
respect for the environment.
In addition, following on from the LVMH Code of Conduct,
the Group’s Anti-Corruption Charter was published in
April 2024: it applies to all employees and forms a
common framework in terms of corruption prevention.
LVMH also requires its partners to adhere to the prin-
ciples set out in its Business Partner & Supplier
Code of Conduct with regard to business ethics and
integrity, labor standards and environmental compli-
ance. The Code was updated for the third time in
September 2024.
The Group has a dedicated governance structure that
ensures its values and ethics rules are applied at the
operating level. In particular, the 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 and compli-
ance with international sanctions. The Group’s pro-
gress is regularly presented to the Board of Directors’
Sustainability & Governance Committee, whose role
is to ensure compliance with the values on which the
Group bases its actions.
Ethical approach focused
on continuous improvement
The Group’s ethical approach is underpinned by
four key priorities for action:
Identifying risks
The Group’s activities are subject to regular risk anal-
ysis, particularly as regards anti-corruption measures.
These risk maps enable the Maisons to better manage
their risks and ensure that their anti-corruption systems
are rolled out effectively within the organization.
Preventing risks
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.
In addition to the anti-corruption awareness initiatives
implemented by the Maisons, the Group also rolled out
an e-learning module to tie in with the publication of
the new LVMH Anti-Corruption Charter. An e-learning
module designed to raise awareness of the principles
underpinning the LVMH Code of Conduct was also
rolled out at a Group level in the second half of 2024.
Exemplary
ethical standards
The Group has established principles and rules
of conduct that must guide the day-to-day conduct
of all its employees and partners with respect
to ethics as well as social and environmental responsibility.
In addition, the Maisons assess the integrity of third
parties with which they do business in order to identify
any risks and take any necessary remedial measures.
Detecting compliance failures
Employees and external stakeholders are asked to
report any ethical concerns. In addition to the existing
reporting channels within the Maisons, the Group’s
employees and stakeholders 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 internal checks 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, correc-
tive measures are taken and action plans are imple-
mented, with the aim of continuously improving the
ethics program.
Employees who violate the Group’s internal rules
will be subject to disciplinary sanctions that may
include dismissal.
LVMH 2024 . E t h i c s
22 • 23
Louis Vuitton
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 guide-
lines. To this end, the Group has developed a comprehen-
sive approach aimed at ensuring that our partners and
suppliers adopt environmental, workforce-related and
social best practices, while raising their awareness of and
providing training on issues specific to their own activi-
ties. 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 4,066 social and/or environmental audits con-
ducted in 2024. The Group also trained the buyers for its
Maisons to ensure that the comprehensive responsible
purchasing process is successfully followed. In addition
to the responsible purchasing training provided at the
Maisons, a Group-wide responsible purchasing training
program has been rolled out worldwide. LVMH’s respon-
sible sourcing policy also includes initiatives that provide
suppliers with support and training.
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 pass-
ing 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 preserv-
ing the environment as a strategic imperative.
The values and actions encompassed by our sustain-
ability-focused approach 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.
— 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.
— 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 opera-
tions by entering into active partnerships with
cooperating businesses, local authorities and
nonprofits.
Partnerships and support
— Maintaining and strengthening responsible
relationships 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, human-
itarian projects and public health programs.
— Developing initiatives in support of art and
young people.
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.
LVMH 2024 . P e r f o r m a n c e a n d r e s p o n s i b i l i t y
24 • 25
Guerlain
1987
LVMH FOUNDED
280+
PROFESSIONS
OF EXCELLENCE
Artisan of
all Victories
LVMH: Premium partner of the Paris 2024
Olympic and Paralympic Games.
LVMH and its Maisons rose to the challenge of Paris
2024 with passion, elevating the biggest sporting
event the City of Light has ever seen and celebrat-
ing French talent on the global stage. For the first
time, a luxury group partnered with the Olympic and
Paralympic Games, where LVMH was the “Artisan
of all Victories”, ensuring that in addition to the
achievements of the athletes, these were the most
creative games in history. Together, athletes and
craftspeople strove for excellence side by side,
driven by this unprecedented creative partnership.
Thanks to their dedication, LVMH and its Maisons
helped to make the Paris 2024 Olympic and
Paralympic Games an unforgettable time for France
and the whole world. Chaumet designed the medals;
Louis Vuitton crafted the medal trunks and torch
trunks, as well as the medal trays for the Victory
Ceremony; Berluti outfitted Team France for the
Opening Ceremonies; Dior dressed major perform-
ers, including Céline Dion; Moët Hennessy supplied
its high-quality products as part of hospitality pro-
grams; and Sephora was a partner of the Olympic
and Paralympic Torch Relay. Alongside them, French
athletes in the LVMH family – Louis Vuitton ambas-
sadors Léon Marchand, Antoine Dupont, Enzo Lefort
and Timothée Adolphe, and Dior ambassadors Mélanie
de Jesus dos Santos, Pauline Déroulède and Marie
Patouillet – proudly represented France and the core
values of our Maisons. At La Maison LVMH, the
Champions Park and Club France, LVMH celebrated
their victories. All of the Group’s employees also
worked to make the Paris 2024 Games a success.
Some of them even had the chance to participate
as Olympic and Paralympic torchbearers during the
Torch Relay. LVMH’s partnership with the Paris 2024
Olympic and Paralympic Games was a unique
success in the Group’s history, showcasing its
craftsmanship on the international stage as never
before, and driven, as ever, by its ambition: The Art
of Crafting Dreams.
Official awards ceremony for Team France’s medal-winning athletes under the Arc de Triomphe in Paris, at the Champions’ Parade.
1. Medal Trunks, by Louis Vuitton.
2. Team France’s uniforms for the opening ceremonies
of the Paris 2024 Olympic and Paralympic Games, by Berluti.
3. Medals designed by Chaumet.
4. Outfits designed by LVMH and Louis Vuitton medal
trays for Medal Bearers at the Victory Ceremonies.
5. Sephora and the Paris 2024 Olympic and Paralympic
Torch Relays.
6. Dress designed by Dior for opera singer Axelle
Saint-Cirel, opening ceremony of the Paris 2024
Olympic Games
1
3
4
2
5
6
LVMH 2024 . P a r i s 2 0 2 4
28 • 29
LVMH was also involved through its support for seven athletes: Léon Marchand, Antoine Dupont,
Mélanie de Jesus dos Santos and Enzo Lefort in the Paris 2024 Olympic Games; and Timothée Adolphe,
Pauline Déroulède and Marie Patouillet in the Paris 2024 Paralympic Games.
Our people:
Architects of LVMH’s current
and future success
As our Maisons’ most effective ambassadors,
our employees shape LVMH’s success every day. That’s
why we pay such close attention to our people
as we work with them to craft the Group’s future together.
In a constantly changing world, LVMH presses forward
with determination. Our more than 215,000 employees
drive our sustainable success. For our Group, they are a
core asset. In an ultra-competitive market, our priority
is to attract, retain and develop the best people.
To demonstrate our commitment to our people, in
2024 the Group launched LVMH Shares, its first
employee share ownership plan (see page 31), which
proved very popular among the 135,000 eligible
employees. As a family business, LVMH is committed
to giving its employees a stake in the Group’s current
and future performance.
In 2024, the Group also launched the HR New Deal, a
new initiative aimed at putting its people at the heart
of everything it does. Resulting from a global consul-
tation of LVMH’s entire human resources community
and inspired by the clienteling expertise of our
Maisons, it enables us to better understand and retain
our most valuable assets: our people.
Designed to adapt to LVMH’s long-term needs, the
HR New Deal is not about breaking with the past but
opening up to the future and serving all of our employees,
whatever their profession, seniority or geographical
location. This ambitious policy makes HR a privileged
partner, determined to support its people at every
stage of their career and their development plans.
LVMH has taken steps to ensure that the HR New Deal
and its “People at Heart” vision are gradually rolled out
throughout the entire organization and its governance
structures, at each of its Maisons and across all geog-
raphies, to support all its talent. With 75 Maisons oper-
ating in 81 countries, the Group offers its employees a
tremendous range of career opportunities. It is vital that
we leverage this unique ecosystem, which acts as an
incubator for the Group’s current and future leaders.
Learning and support
opportunities for all
With the aim of helping its employees to continue
developing their skills throughout their careers, the
Group expanded its range of training in 2024. LVMH
entered into a strategic partnership with Harvard
Business Publishing Education to offer all employees
unlimited access to online training and digital resources
through the Harvard ManageMentor (HMM) platform.
Group employees can access, at their own pace and
according to their own needs, 41 online leadership
courses in five languages covering the skills that are
most in demand today, including team management
and change management.
LVMH House, the Group’s in-house management
training program, ramped up both the pace and the
scale of its activities in 2024, adapting and diversifying
its training programs to reach a wider internal audi-
ence and develop leadership skills at every level of the
organization. Also in 2024, LVMH House increased
both the number of training sessions available and
their geographic scope, for all managers. In 2024, pro-
grams geared towards management achieved a new
milestone, with 62 sessions organized throughout
the world, bringing together over 1,000 participants.
In total, LVMH House delivered training to nearly
12,000 employees in 2024.
Based on a combination of peer coaching, self-aware-
ness and leadership development support, LVMH
House’s flagship program, Leading for the Future,
continued to expand. It brought together managers
from various Maisons of the Group at its centers in
London, New York, Hong Kong and Singapore, provid-
ing opportunities for participants to share their expe-
rience at the highest level. Since its launch in 2022,
over 1,100 LVMH senior executives from around the
world have taken part in the program, with more than
550 attending in 2024.
Human resources teams continued to benefit from
the Unfolding Tomorrow video series. Created in
house by the Group’s HR teams, the series showcases
inspiring in-house and outside experts – such as soci-
ologists and demographers – who discuss the strategic
trends that will shape the working world of tomorrow.
Supporting all our talent
In 2024, LVMH laid down the principles governing its
new human resources philosophy in its HR New Deal,
which puts people at the heart of its strategy. LVMH
marshalled the collective intelligence of the Group’s
HR community, made up of over 4,000 employees,
by holding 24 regional HR summits in 11 cities around
the world at the end of 2023. This wide-ranging
consultation culminated in a Global HR Summit in
Paris in March 2024, which brought together over
350 key HR contributors from all Maisons and
regions to jointly devise and plan the transformation
of the Group’s HR function.
To ensure that HR action plans are aligned with the
Maisons’ business priorities and goals, LVMH has for
many years conducted a highly effective human resource
management initiative known as the Organization and
Management Review (OMR). Carried out every year
worldwide, the review puts into perspective the stra-
tegic needs, organizational characteristics and talent
pool of each of the Group’s Maisons.
In 2024, LVMH further developed this approach in
order to gain a deeper understanding of the specific
needs of each Maison from the inside through
closer dialogue with its people. LVMH met with over
LVMH 2024 . Ta l e n t
30 • 31
LVMH SHARES: FIRST EMPLOYEE SHARE
OWNERSHIP PLAN A MAJOR SUCCESS
In 2024, the Group launched its first employee share ownership plan: LVMH Shares. This interna-
tional plan proved very popular among eligible employees, who represented 70% of the Group’s
global workforce in 11 countries and regions in Europe, North America and Asia. Thanks to the
preferential share subscription conditions it offers, this plan is a new opportunity to enable employ-
ees to hold a stake in the Group’s growth and success and to recognize the value of their day-to-day
work. During the subscription period, which ran from October 24 to November 13, 2024, the limit
of 200,000 available shares was significantly exceeded, with an average subscription rate of 35%
(57% in France and 26% outside of France).
800 employees at 22 Maisons across LVMH’s six busi-
ness groups. Discussion groups were held all over the
world, bringing together young employees, women
executives, HR partners and senior managers. This
new collaborative and engaging approach builds closer
ties between the HR community and employees, an
essential element in any growing organization.
In October 2024, LVMH also conducted a Group-
level employee engagement survey, Pulse. Over
145,000 people – from every profession and every
level of seniority – took part, equating to three-
quarters of LVMH’s workforce. Based on this feedback
from employees, the Group can take practical action
to address their needs. The Pulse survey will be run
every two years.
Bringing us closer to our employees, the LVMH
Heart Fund exists to listen to and support them
through the trials of life. Created in June 2021, this
emergency fund is designed to support all Group
employees, regardless of seniority and geographic
location, who find themselves faced with challenging
circumstances. It provides two free and confidential
complementary services: social and psychological
support, and financial support subject to eligibility
criteria. In the three and a half years since its launch,
the fund has proved its ability to respond quickly
and effectively in the most difficult situations. It
has assisted more than 9,300 people from across
five continents.
Diverse, inclusive
corporate culture
LVMH is more convinced than ever that equal oppor-
tunity is created by an approach that combines pre-
venting discrimination and ensuring diversity. The
Group continues to roll out its roadmap, calling on all
its Maisons to further improve equity in HR manage-
ment and the experience of its employees, partners
and customers.
In 2024, LVMH celebrated its third global Voices of
Inclusion Week highlighting the Maisons’ engagement
and initiatives. Through the LVMH Inclusion Index,
which monitors diversity and inclusion, the Group also
identified no fewer than 260 initiatives run by Maisons,
regions and networks covering the full range of rele-
vant areas, from gender equity, LGBTI+ and disability
through to national and social origin, generations, and
Group-wide initiatives to promote an inclusive culture.
Because LVMH believes that diversity and inclusion
are everyone’s business, over 100,000 Group
employees have already completed the “Managing
bias and promoting inclusion at LVMH” online training
program, available to all employees in nine languages.
In parallel, recruiters continued to take action to
prevent discrimination, with 72% of them having
completed training in the last three years. Employees
have not hesitated to act on those diversity and
inclusion issues that matter most to them: our
employee networks, made up of community mem-
bers and their allies, continue to grow, with 29 local
chapters in North America, Europe and Asia and
more than 14,000 members around the world.
LVMH and its Maisons are committed to creating a
working environment where everyone can flourish
while respecting their gender identity and sexual ori-
entation. The publication of an LGBTI+ activity report
in 2024 highlighted this longstanding commitment.
The Group also supported thousands of employees who,
cheered on by the All LVMH Pride employee networks,
took part in pride marches in Tokyo, Los Angeles, Paris,
London, Madrid and Taiwan, proudly sporting T-shirts
specially designed by Fendi’s design studio.
For over 15 years, LVMH has been committed to profes-
sional development for women with its EllesVMH pro-
gram, which is well on the way to achieving its primary
target of having women in 50% of the Group’s key
positions by 2025. This figure currently stands at 48%,
compared to 23% in 2007. In addition, 65% of executive
and managerial positions at LVMH are held by women,
and 17 of the Group’s Maisons and Divisions are headed
by women. Another essential aspect of EllesVMH is
passing on skills and expertise. In March 2024, LVMH
launched EllesVMH Collective, a global online career
development mentoring program for women. More than
5,000 women have already registered for the program.
The Group is also working harder than ever to expand
opportunities for people with disabilities to work in
the luxury sector. LVMH continued with its interna-
tional efforts in 2024, spurred on by its target of
having people with disabilities make up 2% of its
workforce in 2025 (1.9% in 2024 compared with 1.1%
in 2020). For example, the Group launched Disability
Etiquette training for HR staff and managers in China
and raised awareness among the Maisons of the need
to create accessible digital tools.
Boosting the Group’s appeal
for future generations
The luxury industry has a promising future and the
Group offers many opportunities for up-and-coming
generations. Launched in 2021, the Inside LVMH plat-
form – a gateway to the LVMH universe – provides
young people all over the world with free access to
resources about the Group and the luxury industry.
Over 331,000 young people have already registered
for this online platform, and more than 125,000 have
obtained Inside LVMH certification by completing a
30-hour training course.
19,000
EMPLOYEES TOOK
ADVANTAGE OF A CAREER MOBILITY
OPPORTUNITY IN 2024
>145,000
EMPLOYEES TOOK
PART IN THE LVMH GLOBAL
PULSE SURVEY
LVMH 2024 . Ta l e n t
32 • 33
215,637
EMPLOYEES
37
AVERAGE AGE
71%
WOMEN
76,604
JOINERS
Indicators
as of December 31, 2024
EMPLOYEES BY REGION
10%
Other markets
23%
Asia
(excl. Japan)
5%
Japan
18%
France
23%
Europe (excl. France)
21%
United States
EMPLOYEES BY BUSINESS GROUP
5%
Other
activities
13%
Watches &
Jewelry
4%
Wines &
Spirits
35%
Fashion &
Leather Goods
15%
Perfumes &
Cosmetics
28%
Selective
Retailing
EMPLOYEES BY AGE
14%
50+
31%
Under 30
55%
30-50
PROPORTION OF MEN/WOMEN BY BUSINESS GROUP
34%
66%
59%
41%
17%
83%
35%
65%
16%
84%
52%
48%
Scope of indicators: employees on permanent, fixed-term and non-guaranteed
hours contracts, excluding apprenticeships and vocational training.
Wines & Spirits
Fashion & Leather Goods
Perfumes & Cosmetics
Watches & Jewelry
Selective Retailing
Other activities
With over 500 professions spanning the entire value
chain, the Group offers its more than 215,000 employ-
ees a unique environment in which to carve out a
career that lives up to their ambitions. To support this
exceptional ecosystem and encourage employee
development and internal mobility, in 2024 the Group
launched an employer brand campaign titled “Where
Dreams Become Careers”. This campaign highlights
the unique and inspiring careers of employees from
around the world, each of whom has, in their own way
and their own area of expertise, seized opportunities
to make their dream career a reality.
The Group makes every effort to provide all employ-
ees with fair and equitable compensation to ensure
they are financially stable and fully integrated into
society. In 2022, the Human Resources Department
adopted the fair wage principles established with the
support of the Fair Wage Network’s expertise.
Compensation levels are benchmarked annually, both
in France and abroad, to confirm this position. In late
2023, a first series of internal audits was also launched
to check compliance with the LVMH Group’s Fair
Wage policy, with results expected in early 2025.
Ensuring a safe working environment remains an
absolute priority for the Group. In keeping with the
objectives set out in its Health & Safety Charter, LVMH
is pursuing a number of initiatives to achieve a zero-ac-
cident culture by 2025. Examples include an app to
raise awareness of first aid – including mental health
first aid – accessible to all employees and available in
14 languages, as well as, for the second year running,
a Global Health & Safety Week.
In 2024, the Group celebrated the 10th anniversary
of LVMH’s Métiers d’Excellence (ME) initiative (see
below), an ecosystem designed to preserve and pass
on the Group’s 280 expert professions in design,
craftsmanship and the customer experience. At
the heart of this ecosystem is the LVMH Institut
des Métiers d’Excellence (IME). Since 2014, through
the IME’s 60 programs in eight countries (France,
Switzerland, Italy, Spain, Japan, Germany, the United
States and, for the first time in 2024, China), more
than 3,300 participants have completed training in
30 professions.
Making a positive
impact on society
As the global leader in luxury goods, LVMH partici-
pates – by virtue of its business activity – in the vitality
of the economic and social fabric of the countries in
which it operates.
In 2019, to foster reintegration into the workforce for
adults who have been marginalized on the job market
for a long period of time, Madame Brigitte Macron and
LVMH established LIVE (L’Institut des Vocations pour
l’Emploi). The program has been growing steadily ever
since. LIVE expanded its geographic coverage in 2024,
opening two new campuses in Reims (March) and
Le Havre (September). The network now consists of
six campuses across France (Clichy-sous-Bois, Valence,
Roubaix, Marseille, Reims and Le Havre) that together
welcome more than 600 people every year. In total,
more than 1,700 people who have been marginalized
on the job market have received free support through
LIVE, with 82% of them successfully going on to
employment or education.
LVMH also continues to promote equal opportunity
and support for good causes though targeted local
initiatives. For over 10 years now, the Group has been
working to facilitate employment for young people
from the underprivileged neighborhoods of Clichy-
sous-Bois and Montfermeil (Seine-Saint-Denis), in
particular by regularly having final-year middle-school
students undertake their introductory work experi-
ence internships at its Maisons. One example of the
numerous projects undertaken by our employees
includes providing support to over 910 nonprofits and
foundations. Thanks to the commitment of nearly
65,000 Group employees, more than 1,900,000 people
were helped in 2024.
To harness the incredible momentum of the Paris
2024 Paralympic Games – of which the Group was a
premium partner – and turn it into practical action
at its Maisons, LVMH ran a special edition of its
DARE intrapreneurship program focused on improv-
ing accessibility for customers, employees and part-
ners with disabilities. More than 250 projects were
proposed, some of which will be implemented
starting in 2025.
LVMH is also committed to maintaining long-term
working relationships with major players in the world
of healthcare. Since 2011, the Group has supported
Hôpital Universitaire Robert-Debré in Paris in its
efforts to combat sickle cell anemia. LVMH held an
Engaged Maisons Dinner for the twelfth year running.
Since the beginning of this partnership, over €2 million
have been raised to support research and improve the
quality of care provided to young patients.
Our people are our most valuable asset. As we listen
to their needs, hopes and expectations, LVMH is
determined to offer them captivating career oppor-
tunities all over the world. It is thanks to them that the
Group continues to grow and meet the challenges of
tomorrow as it follows its own unique path guided by
its quest for excellence.
CELEBRATING 10 YEARS OF LVMH’S
INSTITUT DES MÉTIERS D’EXCELLENCE
LVMH celebrated 10 years of the LVMH Institut des Métiers d’Excellence (IME), with major Show
ME events held in Paris, Milan and, for the first time, Shanghai. In creating the IME in 2014, LVMH
committed to securing the future of its expert professions and attracting the younger genera-
tion. In the space of 10 years, the Group has succeeded in creating a virtuous circle to ensure
that skills and knowledge are passed on: 3,300 participants have completed training at the IME;
over 21,000 young people have learned about our professions through the You & ME career
orientation and recruitment tour, which is now France’s leading private job fair; the Académie
des Métiers d’Excellence (AME) has welcomed two intakes of employees in continuing education
programs; and 259 Group employees have been appointed LVMH Virtuosos in recognition of
their exceptional talent.
LVMH 2024 . Ta l e n t
34 • 35
Strong social performance
TARGETS
RESULTS IN 2024
2025
100% of recruiters trained in non-discrimination
practices within the past three years
50% of the Group’s key positions held by women
2% of the workforce made up by employees
with disabilities
72%(1) of recruiters trained in non-discrimination
practices between 2022 and 2024
48% of the Group’s key positions held by women
1.9% of the workforce made up by employees
with disabilities
Respecting
every individual’s
uniqueness
and dignity,
and promoting
diversity
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.
100% of employees are paid a fair wage
92% of Maisons have a health and safety approach
97% of Maisons periodically review their health
and safety approach
96% of the Maisons’ Management
Committees conduct an annual review of health
and safety results
62% 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
100% of employees are paid a fair wage
Supporting
our employees
by taking action
for their safety
and well-being
2025
100% of employees have the chance to get
involved in a community-oriented initiative
93% of employees have the chance to get
involved in a community-oriented initiative
Over 1.9 million people assisted through
partnerships with nonprofits and foundations
Taking action
to build
a better society
2024
750(2) new apprentices in 2024 at the Institut
des Métiers d’Excellence (IME) in 8 countries
500 apprentices trained by the Institut des Métiers
d’Excellence (IME) in 8 countries
Passing on
skills and expertise
that are an integral
part of our world’s
cultural heritage
(1) Only takes into account training (excluding awareness-raising sessions) in 2024.
(2) Target revised to 500 in 2024.
LIFE 360
environmental program:
Making sustainability desirable
In 2024, LVMH embedded its environmental program
in Japan, Italy, Brazil, Mexico, the United States and China,
organizing gatherings modeled after the LIFE 360 Summit
held at the UNESCO headquarters in 2023 to share progress
on the roadmap, inform attendees about areas of progress
and discuss innovations arising from different cultures that
help make sustainability a source of desirability.
The LIFE 360 program’s biodiversity, circular design,
traceability and climate targets made it possible
to meet new requirements under the Corporate Sus
tainability Reporting Directive (CSRD). Arrangements
for gathering information from the Group’s 75 Maisons
were tightened up to make environmental data more
robust. At the same time, steps were taken to speed
up the implementation of action plans by putting in
place cross-functional task forces with the main Group
functions (Purchasing, Logistics, Marketing, and IT)
and rolling out a training program adjusted to address
environmental issues facing LVMH’s main business
lines. The LIFE Academy at La Millière, a biodiversity
reserve run by a nonprofit launched by Yann Arthus-
Bertrand, officially opened on October 1, 2024. This
location is well suited to reconnecting with nature,
mirroring LIFE 360’s purpose: an alliance of nature
and creativity in support of products with high
environmental quality.
Scaling up circular models
In 2024, 33% of materials used to make the Maisons’
products and their packaging were sourced through
recycling processes. This result is testament to the
Maisons’ progress on sustainable design. For instance,
Louis Vuitton’s zero-waste strategy applies right from
the product design phase, a good example being the
Zippy Wallet, which is made from a unique supple
leather, offcuts of which are used to strengthen the
product. This strategy is amplified by the scaling up
of the circular economy through LVMH Circularity,
an ecosystem aimed at consolidating all the Group’s
packaging, product and component recycling pro-
cesses and facilitating the reuse of recycled materi-
als in production processes to minimize the Group’s
environmental impact.
Over 290,000 linear meters of fabric and 4,500 square
meters of leather have been reused thanks to Nona
Source, a platform that resells unused textiles – and now
also leather – from the Group’s Maisons. The Fashion
& Leather Goods, Watches & Jewelry, Perfumes &
Cosmetics, and Selective Retailing Maisons continue
to roll out repair, care and refill services to maximize
product life spans, supported by a working group
coordinated at Group level focused in particular on
harmonizing service standards.
In 2024, over 10 million products were repaired, refilled
or taken back: for example, as well as offering a lifetime
guarantee on its products, RIMOWA offers its custom-
ers a takeback program named “Re-Crafted”, available
in Germany, elsewhere in Europe, Japan and South
Korea. Meanwhile, Guerlain launched refills for its
iconic Terracotta foundation, reducing the product’s
carbon footprint by 30%.
Ensuring traceability
and transparency
Ensuring full traceability across Maisons’ key supply
chains begins with knowing the country of origin,
which is now the case for nearly 100% by volume of
strategic materials purchased. It also involves the
ability to ensure traceability across every step, from
field to final product. This system is based on a col-
laborative approach, between the Group’s Maisons
or within a given industry, to increase efficiency and
facilitate compliance by suppliers. The Perfumes &
Cosmetics Maisons have chosen to adopt a shared
approach with TRASCE (Traceability Alliance for
Sustainable Cosmetics), a consortium that works
together to map supply chains using a shared digital
platform, Transparency-One. Software companies
conducted tests ahead of the rollout to the Group’s
relevant Maisons of a unique automated and com-
prehensive supply chain mapping tool to cover
materials used by Fashion & Leather Goods and
Watches & Jewelry. In 2024, LVMH also 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, 31,000 products made by the Group’s Maisons
are now covered by such a system. Ruinart opted
to set up a Transparency Platform detailing informa-
tion about its champagne production cycle from
grape to glass, including packaging and transporta-
tion. Sephora introduced two new sustainability
certifications – “Clean at Sephora” and “Planet Aware
at Sephora” – to inform customers about product
formulations and environmental commitments given
by its partner brands.
LVMH 2024 . E n v i r o n m e n t
36 • 37
La Millière
LVMH AND THE ASSOCIATION DE LA VALLÉE
DE LA MILLIÈRE NONPROFIT INAUGURATE THE FIRST ENVIRONMENTAL
TRAINING CAMPUS FOR GROUP EMPLOYEES
With the inauguration of La Millière – a training-focused biodiversity reserve located near Paris –
LVMH has stepped up its ambition of training all its employees in biodiversity protection and
sustainability issues by 2026. The La Millière site also enables the Group to raise awareness among
a wider audience, including schools, nonprofits and NGOs. With support from LVMH, the site –
classified as a natural area of interest for ecology, flora and fauna (ZNIEFF) – has been sustainably
renovated using environmentally friendly materials such as wood fiber and second-hand fur
niture. Its 30 hectares of freely evolving reserve, together with its educational garden inspired by
permaculture and regenerative agriculture practices, offer exclusive infrastructure in a setting
conducive to collaborative learning, immersion and innovation.
33%
OF MATERIALS USED TO MAKE
THE MAISONS’ PRODUCTS
AND THEIR PACKAGING ARE SOURCED
THROUGH RECYCLING PROCESSES
55%
REDUCTION IN THE GROUP’S
ENERGY-RELATED GREENHOUSE
GAS EMISSIONS SINCE 2019
Conserving biodiversity,
soil and water resources
For the past five years, LVMH has been working with
UNESCO to combat deforestation in the Amazon.
To conserve forest areas in the Congo, in 2024 the
Group joined a WWF program that supports forestry
certification projects to ensure the use of sustaina-
ble agroforestry practices. LVMH ramped up the
rollout of regenerative agriculture projects across its
value chain: in France for all the Moët Hennessy
vineyards, as well as for the beet necessary for the
requirements in alcohol of the Perfumes & Cosmetics
Maisons; in the United States, Turkey and Chad for
cotton; in Australia for merino wool; and in Indonesia
for palm oil. All in all, 3.8 million hectares of flora and
fauna habitat were preserved or restored in 2024. Soil
health is critical to conserving biodiversity. At the
World Living Soils Forum in Arles on October 8 and
9, 2024, Moët Hennessy called on all stakeholders
– winegrowers, farmers, manufacturers, NGOs and
scientists – to share progress and strengthen their
collective commitment to conserve and regenerate
soil. The issues of biodiversity and soil conservation
are also intrinsically linked to the need to protect
water resources. As part of its water strategy unveiled
in late 2023, the Group achieved a 10% reduction in
water withdrawal for its production sites and work-
shops in 2024 (relative to a 2019 baseline). The
Group’s actions are in keeping with the reference
framework drawn up by Science-Based Targets for
Nature, to which it has submitted objectives for
reducing its impact on nature: targets relating to
vineyards in a French winegrowing region and cash-
mere production in Mongolia were validated in 2024.
Taking action for the climate
In 2024, two years before the deadline it set for itself,
the Group achieved its target of reducing absolute
energy-related GHG emissions by 50%. This was
mainly thanks to the Energy Efficiency Plan launched
in September 2022, which resulted in significantly
reduced consumption at stores and production sites
as well as facilitating the adoption of a system for
managing energy efficiency through staff training,
the installation of smart meters, and across-the-
board use of LED lighting. It was also achieved through
an increase in renewable energy as a proportion of
the Group’s overall energy mix: in 2024, the share of
renewables rose from 63% to 71% thanks to pur-
chases of renewable electricity certificates and the
contract entered into with Save Énergies, which sup-
plies all of the Group’s French production facilities
and sites with biomethane. On December 12, 2024,
the fifth LIFE 360 in Stores Awards highlighted
Maisons’ carbon reduction efforts, recognizing those
stores that had taken the most innovative steps to
improve their environmental footprint and turn their
retail spaces into models of sustainability. To mark
the occasion, in the spirit of co-creation embodied
by the Joining Forces initiative launched at the 2023
LIFE 360 Summit, the Group shared the Life in
Architecture guide to sustainable construction and
building management, accessible to all (via the lvmh.
com website under an open source license). Having
entered into partnerships with Hang Lung, Miami
District and the top five local lessors in the United
Arab Emirates, to continue working together to
improve the environmental footprint of stores
located in malls, LVMH entered into a strategic
partnership with Swire Properties at the China
International Import Expo on November 6, 2024, cov-
ering 50,000 square meters of retail and office
space in mainland China and the Hong Kong Special
Administrative Region (SAR). The Group’s Scope 3
emissions also declined significantly in 2024, down
33% relative to the baseline year of 2019 (with a target
of achieving a 55% reduction in CO2 emissions per
unit of added value by 2030). Scope 3 carbon reduc-
tion efforts involve all the areas set out in the Group’s
Environmental Transition Plan: improving production
and raw material extraction practices, further develop-
ing sustainable design and initiatives to give products
a second life, decarbonizing logistics and last-mile
deliveries, improving the air/sea ratio and supporting
suppliers through the LIFE 360 Business Partners
program. This program, which was launched in late
2023, took shape in 2024 and was adapted by the
Maisons to closely align with the specificities of
suppliers, whose participation is key to achieving a
meaningful change in indirect carbon emissions.
LVMH 2024 . E n v i r o n m e n t
38 • 39
The LIFE 360 program
TARGETS
RESULTS IN 2024
PROGRESS
versus 2023
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 withdrawal
(operation process requirements – baseline: 2019)
Biodiversity
Certification of strategic supply chains
• Cotton: 76%
• Leather: 98%
• LVMH vineyards: 96%
3.8 million hectares preserved or restored
10% reduction in the Group’s water withdrawal
+1 pt
+2 pts
Stable
2023
New circular design services: Repairs, upcycling, etc.
2026
Packaging: Zero fossil-based virgin plastic
2030
100% of new products covered by a sustainable
design approach
Circular
Design
290,000 meters of fabric upcycled
7,224 metric tons of fossil-based virgin
plastic in customer packaging
33% of Fashion and Leather Goods products
meeting the LIFE 360 sustainable design criteria
(3,700 products evaluated in 2024)
–9%
+4%
2023
Country of origin known for 100%
of strategic supply chains
2026
100% of new products come with a customer
information system
2030
100% of strategic supply chains covered
by a dedicated traceability system
Traceability
and transparency
Country of origin known for:
• Leather purchases: 97.7%
• Diamond purchases: 99.4%
31,000 products covered
by a customer information system
+3%
+2 pts
+3 pts
2026
Reduce energy-related GHG emissions by 50%
(baseline: 2019)
100% renewable or low-carbon energy at sites
and stores
2030
55% reduction and/or avoidance of Scope 3
GHG emissions
Climate
SBTi-validated carbon trajectory
55% reduction in energy-related GHG emissions
(Scopes 1 and 2 – baseline: 2019)
71% renewable energy in the Group’s
energy mix
87% of stores equipped with LED lighting
33% reduction in GHG emissions per unit
of added value (Scope 3 – baseline: 2019)
+8 pts
+27 pts
+8 pts
+2 pts
Supporting culture,
art and good causes
From the outset, LVMH wanted to make sure that its business
success paved the way for an ambitious corporate philanthropy
policy in support of the arts and heritage, young people
and humanitarian, social and scientific causes. LVMH and its Maisons
work for the common good both in France and worldwide, bringing
together artists, intellectuals and scientists to protect and
enhance tangible and intangible heritage as a universal shared asset.
Heritage
LVMH provides support for preserving places and
monuments of major significance from a heritage per-
spective, as well as support for enriching the collections
of major cultural institutions with the goal of making
them accessible to the greatest number of people.
Therefore, LVMH immediately wanted to contribute
to the outpouring of generosity that took place only
hours after the tragic fire that ravaged Notre-Dame
Cathedral, an important spiritual site and an icon of
French history. Through the Donors’ Committee,
LVMH supported the renovation effort.
To support efforts to inform the widest possible audi-
ence about the project, LVMH provided special assis-
tance via Connaissance des Arts for the production of
the biannual publication La Fabrique de Notre-Dame.
Since its founding, LVMH has on numerous occasions
provided full or partial funding to help French museums
purchase national treasures. In 2024, the Group was
the main donor for the Louvre Museum’s acquisition of
Jean Siméon Chardin’s Basket of Strawberries. Without
this crucial contribution, the masterpiece would have
left France for a major international museum.
The arts and access to culture
LVMH has been a loyal patron of the Nuit Blanche Paris
nighttime arts festival since 2006, supporting the arts
scene and giving center stage to contemporary artists
for a celebration open to all. In 2024, this major cultural
event put French overseas territories in the spotlight.
On the roster curated by Claire Tancons, LVMH was
delighted to find two artists with whom existing ties
had already been forged: Raphaël Barontini, invited by
LVMH Métiers d’Art as an artist in residence in 2021,
and Tabita Rezaire, whose work will be on display at
the Fondation Louis Vuitton in June 2025 as part of
the Open Space program, which grants creative carte
blanche to artists.
LVMH also provided backing for the Fondation du
Collège de France’s initiative Agir pour l’éducation
(Acting for education). The program is organized into
two sections: on the one hand, an ambitious cycle of
conferences on learning and its methods, open to the
public, and on the other, research projects and educa-
tional actions led by Collège de France professors.
Lastly, LVMH lent its support to the Rothko Chapel, in
Houston, Texas, as well as to the MoMA in New York
and the SMK in Copenhagen, helping them stage exhi-
bitions of international significance.
Support for young talent
One of the Group’s major commitments is to identify
and help talented people at the start of their careers.
The LVMH Prize aims to support young fashion
designers in France and around the world. In the
musical sphere, the LVMH group loans its sublime
Stradivarius violins and cellos to promising virtuosos
such as Daniel Lozakovich.
Medical research and social causes
LVMH is actively involved in funding scientific research
programs in France and around the world and lends
its support to a number of good causes. In 2024,
LVMH provided funds for the purchase of new equip-
ment (completing a 3-year program) at the American
Hospital in Paris. It also provided support to the
Fondation Claude Pompidou, the Association
Fraternité Universelle in Haiti and the Robin Hood
Foundation in New York.
LVMH 2024 . C o r p o r a t e p h i l a n t h r o p y
40 • 41
Jean Siméon Chardin, Basket of Strawberries / National treasure funded primarily by LVMH for the Louvre Museum.
A CHARDIN MASTERPIECE AT THE LOUVRE MUSEUM
In 1761, Jean Siméon Chardin exhibited a composition with a basket of strawberries at its center in
the Salon Carré of the Louvre. It is one of his last still lifes, painted at the peak of a brilliant career.
Admired by Diderot, the painting became one of Chardin’s most iconic works, as well as a milestone
in the history of Western still life painting. Thanks to LVMH’s major donation in support of the
Société des Amis du Louvre and to the efforts of 10,000 “Tous Mécènes!” private donors, the work
became part of the Louvre’s collection in March 2024.
Historic reopening of Notre-Dame Cathedral, December 7, 2024 – LVMH, member of the Donor Committee.
LVMH 2024 . C o r p o r a t e p h i l a n t h r o p y
42 • 43
1
3
4
2
1. Daniel Lozakovich, Alexandre Kantorow, Gautier Capuçon.
2. Germain Louvet, Olympic Torch Relay, July 15, 2024.
3. Marie-Agnès Gillot in Black over Red, choreographed by Carolyn Carlson, inspired
by the art of Mark Rothko.
4. Pop Forever: Tom Wesselmann &… exhibition – Andy Warhol, Shot Sage Blue Marilyn (1964).
LVMH 2024 . C o r p o r a t e p h i l a n t h r o p y
44 • 45
Fondation Louis Vuitton
Fondation Louis Vuitton
11 million visitors since 2014
Opened in 2014, the Fondation Louis Vuitton has
become one of the world’s leading institutions on the
international arts scene and a resounding success with
a French and international audience alike, with 11 mil-
lion visitors since its founding. The Fondation, whose
mission is to serve the public interest, is committed to
making art and culture accessible to all.
The 2024 program was highly varied: after the Mark
Rothko exhibition, three simultaneous exhibitions –
Ellsworth Kelly: Shapes and Colors, 1949-2015; Matisse:
The Red Studio; and The Collection: A Sports Meeting
– were followed by Pop Forever: Tom Wesselmann &….
The “Open Space” program – which supports emerg-
ing contemporary creation, providing the opportunity
for an artist’s first personal exhibition and encouraging
production of a new work – showcased Doku the Flow
by Chinese artist Lu Yang and Imba Yerumbidzo by
Zimbabwean artist Portia Zvavahera.
There were also a number of musical events through-
out 2024. Of particular note were the musical prom-
enades composed by Max Richter for the Mark
Rothko exhibition, the Piano Jazz Sessions with Shahin
Novrasli and the Joey Alexander Trio, and a concert
given by Alexandre Kantorow, Daniel Lozakovich and
Gautier Capuçon. The 2024-2025 season opened
with Katia and Marielle Labèque and continued with
a residency by Thomas Adès and Vladimir Spivakov.
The “New Generation Piano” program showcased
young virtuoso pianists such as Kevin Chen.
Dance was also in the spotlight, with two special
“Late Hours” dance events that brought dancers and
choreographers together for performances staged
in front of the works of Mark Rothko: Carolyn
Carlson, Marie-Agnès Gillot, Marion Motin and
Germain Louvet brought their own interpretations
to the work of Lucinda Childs.
The Fondation Louis Vuitton teamed up with the
Olympic Torch Relay, which thrilled people all over
France ahead of Paris 2024. The relay was poetically
interpreted by the Paris Opera’s “Étoile” dancer,
Germain Louvet, who passed in front of the famous
Olympic Rings painted by Andy Warhol and Jean-
Michel Basquiat (1985), on display in the building to
mark the occasion.
The Fondation Louis Vuitton continued with its inter-
national Hors-Les-Murs (“Beyond the Walls”) program,
with 2024 exhibitions dedicated to Ernest Pignon-
Ernest in Venice, Albert Oehlen in Beijing, Rineke
Dijkstra and Gregory Crewdson in Munich, Sheila Hicks
in Seoul, Isaac Julien in Osaka, and Mark Leckey and
Wade Guyton in Tokyo.
2014-2024: 10 years of exhibitions
LVMH 2024 . C o r p o r a t e p h i l a n t h r o p y
46 • 47
LVMH takes action
In 2024, 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
The LVMH Prize for Young Fashion Designers con-
tinued to raise its international profile, attracting
more than 2,500 applicants in 2024. Of the eight
finalists, the LVMH Prize went to Ellen Hodakova
Larsson, a 32-year-old Swedish designer and founder
of women’s ready-to-wear brand Hodakova, who won
a €400,000 award and a year of mentoring spanning
multiple areas of expertise within the LVMH Group.
Meanwhile, the Karl Lagerfeld Prize went to Duran
Lantink, a 36-year-old Dutch designer and founder
of men’s, women’s and unisex ready-to-wear
brand Duran Lantink. The newly launched Prix des
Savoir-Faire award went to Standing Ground by
Michael Stewart, a 35-year-old Irish designer of wom-
en’s ready-to-wear.
You & ME campaign
From January 31 to May 7, 2024, the You & ME cam-
paign raised awareness of LVMH’s métiers d’excellence
(professions of excellence) at a number of events in
France (Paris, Orléans, Clichy-sous-Bois, Reims and
Lyon) and Italy (Florence, Padua and Naples). Its goal
was to spur interest among the younger generation
and people looking for a career change in profes-
sions ranging from design to craftsmanship and the
customer experience. More than 3,500 positions
were on offer in France and 2,500 in Italy at partic-
ipating Maisons including Louis Vuitton, Dior,
Hennessy, Guerlain and Sephora. The event was a
tremendous success: 7,700 visitors were able to
meet with a wide range of experts and receive help
to prepare their applications.
12th Engaged Maisons Dinner
The LVMH Group’s 12th Engaged Maisons Dinner was
held at La Samaritaine. Through this event, held
every year since 2011, the Group supports the work
of the sickle cell anemia unit of Hôpital Universitaire
Robert-Debré in Paris – Europe’s leading pediatric
hospital – to provide care and support for children,
adolescents and their families. Since the beginning
of this partnership, a total of more than €2 million has
been raised to support research and improve the
quality of care provided to young patients.
LVMH Inclusion Index
Every year since 2018, the LVMH Inclusion Index has
tracked and showcased all the diversity and inclusion
initiatives undertaken across the Group. In 2024, the
Group’s Maisons, regions and employee networks sub-
mitted nearly 260 initiatives in total, a 30% increase
compared to 2023. The most outstanding initiatives
were recognized with Inclusion Index Awards, which
went to six Maisons (Chaumet, Dior, Louis Vuitton,
Loewe, LVMH and Sephora).
Where Dreams Become Careers
In 2024, LVMH launched a new employer brand cam-
paign reaffirming its commitment to all employees: to
enable them to express their full potential thanks to a
unique ecosystem. With more than 75 Maisons across
6 business groups, a presence in 81 countries, employ-
ees representing 190 nationalities and 4 generations,
and over 500 professions spanning the entire value
chain, from sourcing of raw materials to product man-
ufacturing and distribution, LVMH offers employees a
unique environment in which to pursue their ambitions.
The “Where Dreams Become Careers” campaign is a
reference to LVMH’s new brand signature, “The Art of
Crafting Dreams”, and shines a spotlight on the career
paths of 12 employees.
VivaTech 2024
Following its launch in 2016, it took just a few years for
Viva Technology to establish itself as Europe’s largest
event dedicated to startups and technology. In 2024,
LVMH – a partner of VivaTech from the very beginning
– once again highlighted innovations dreamed up by
its Maisons and its ecosystem of startups to shape the
future of luxury. LVMH’s “Dream Garden” stand was
manned by 13 Maisons presenting no fewer than
19 innovative solutions, all serving their quest for excel-
lence. LVMH also unveiled the winners of the eighth
LVMH Innovation Award, with the Grand Prize going
to startup FancyTech, a platform that uses generative
artificial intelligence to create videos from a 3D product
model and a creative brief.
CIIE
LVMH attended the China International Import Expo
(CIIE) for the fifth time. The Group’s huge pavilion,
measuring some 600 square meters, recounted
LVMH’s history, closely linked to China. Fourteen
iconic Maisons presented their most emblematic
products, reaffirming LVMH’s unstinting commitment
to the Chinese market.
Harlem’s Fashion Row
As part of their partnership to promote diversity and
inclusion in fashion, Harlem’s Fashion Row and LVMH
celebrated the 17th anniversary of the Fashion Show
& Style Awards in New York on September 3, 2024,
in partnership with several Group Maisons. During
the event, the Virgil Abloh Award Presented by
LVMH went to multi-talented artist Teyana Taylor. This
long-term partnership with HFR has given rise to a
range of specific actions, including events to intro-
duce the Group’s professions to Harlem high school
students, gatherings 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 Japan x Future Fashion Institute
For the fourth consecutive year, LVMH Japan organ-
ized a professional training program for middle and
high school students at the Future Fashion Institute.
These training sessions enable students to gain an
insight into the Group and its Maisons, interact with
Maison employees, identify career opportunities and
spark an interest in future careers.
LVMH 2024 . 2 0 2 4 c o m m i t m e n t s
48 • 49
Giving Tuesday
LVMH North America organized its first inter-Maison
“Giving Tuesday”, a globally celebrated day of gener-
osity and community spirit held on the Tuesday after
Thanksgiving, aimed at encouraging giving.
New lvmh.com website
Even more immersive and at the cutting edge of
technology and accessibility, the new lvmh.com web-
site presents the Group’s history, mission, governance
and commitments. Updates include a complete
rethink of the candidate experience with a “People
Gallery” featuring employee testimonials and a space
where candidates can track all their applications. The
Group’s commitments – a key focus for LVMH – now
have their own dedicated section, where they are
explored from the angles of social, environmental
and cultural responsibility. Lastly, key audiences such
as shareholders, the press and suppliers have direct
access to dedicated content. The site has achieved
an accessibility rating of 80%.
One Water Summit
Jointly organized by France, Kazakhstan and the World
Bank and held in Riyadh on December 3, the goal of the
One Water Summit – held alongside the COP16 to com-
bat global desertification – was to incubate solutions
in preparation for the next United Nations Water
Conference in 2026. LVMH and other firms signed a
declaration setting out the private sector’s contribution
to the One Water Summit. This included commitments
on the sustainable and fair use of water, pollution reduc-
tion efforts, the development of nature-based solutions
such as regenerative agriculture, and support for sup-
pliers. These commitments are aligned with the “Water”
component of LVMH’s LIFE 360 environmental strategy.
LVMH Culture House at Art Basel Miami
From December 4 to 8, LVMH Culture House hosted
a captivating exhibition highlighting a variety of artistic
narratives and craftsmanship. Organized by LVMH in
partnership with Moët Hennessy USA, LVMH Culture
House reaffirmed the Group’s commitment to inclu-
sion and to promoting talented individuals with dis-
tinctive voices. The program included a selection of
works from artists such as Yuki Ando, Glenneisha
Darkins and Gustavo Barroso, inviting visitors to
explore a range of contemporary artistic expression.
Alongside the exhibition, a series of talks and panel
discussions brought together influential figures from
the worlds of luxury goods, art and culture.
LVMH Prize for Young Fashion Designers, Fondation Louis Vuitton
BUSINESS GROUP
INSIGHTS
2024
Hennessy
LVMH
WINES &
SPIRITS
2024
Responsible procurement policy
To support future growth and maintain the very high
quality that has made its Maisons a success, the
Wines & Spirits business group pursues a dynamic,
responsible procurement policy. All the vineyards
owned by LVMH have had sustainable winegrowing
certification since 2017, and the Maisons forge
partnerships with winegrowers by helping their
independent grape suppliers comply with these
certifications. Significant work is also being done in
the areas of biodiversity and in reducing packaging
and CO2 emissions. The Maisons are devoting
equal effort to actively developing their production
capacities, as seen in the responsible, innovative and
efficient Pont Neuf bottling and logistics facility
inaugurated by Hennessy in 2017, which reflects the
Maison’s long-term vision.
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 herit-
age – 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 pres-
tigious 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.
Major strategic
priorities
— Pursue value-enhancing strategy
— 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
2024 REVENUE BY REGION
7%
France
20%
Europe (excl. France)
34%
United States
6%
Japan
15%
Other markets
18%
Asia (excl. Japan)
Value strategy
for lasting success
ONGOING NORMALIZATION
OF DEMAND THAT BEGAN IN 2023
€5,862m
2024 REVENUE
€1,356m
2024 PROFIT FROM
RECURRING OPERATIONS
€332m
2024 OPERATING
INVESTMENTS
LVMH 2024 . W i n e s & S p i r i t s
54 • 55
Hennessy
Moët & Chandon
Dom Pérignon
Ruinart
After three exceptional years, the normalization of
demand that began in 2023 continued in 2024 amid
a slowdown in consumption and a difficult market
environment in China. LVMH’s Wines and Spirits
Maisons drew on the strength of their retail networks
and on proactive sales strategies to win market share
and consolidate their leadership in cognac, cham-
pagne and Provence rosé wines. Moët Hennessy con-
tinued with its mission of “Crafting Experiences”,
aimed at enhancing the customer experience, by
developing visitor and reception sites at its Maisons
and other iconic points of sale.
LVMH’s champagne houses maintained their market
share of more than 22% of all Champagne appellation
shipments despite volumes being down. Inclement
weather at the beginning of the summer resulted in
an especially poor harvest in the Champagne region,
weighing on the division’s performance. As well as
rolling out its Collection Impériale Création No. 1
prestige cuvée internationally, Moët & Chandon
unveiled a limited-edition “France” version of its Moët
Impérial cuvée for the 2024 Paris Olympics. The
Maison demonstrated its firm commitment to biodi-
versity with the inauguration of “Essentia”, a conserv-
atory of regional grape varieties. Dom Pérignon
launched Vintage 2015 and Vintage 2006 Plénitude 2,
as well as an ultra-exclusive edition designed in
collaboration with artist Mathias Bengtsson and a
limited edition in tribute to Jean-Michel Basquiat.
Veuve Clicquot introduced exciting new experi-
ences such as “Solaire Journeys” aboard the Venice
Simplon-Orient-Express and launched its Sun Club
outdoor pop-up locations to coincide with the
relaunch of its Rich cuvée. The Maison also contin-
ued its support for women entrepreneurs through its
Bold program. Krug unveiled Krug Grande Cuvée
172e Édition, Krug Rosé 28e Édition and Krug 2011,
and celebrated the 10th anniversary of its Single
Ingredient program with a focus on flowers. Ruinart
unveiled its iconic Reims site, now beautifully
transformed, officially opening the Nicolas Ruinart
pavilion, a contemporary building designed by
architect Sou Fujimoto.
Chandon performed well in the United States and
benefited from the renewed appeal of its completely
renovated winery in Napa Valley. Still wines produced
by Moët Hennessy Wine Estates grew steadily. In
Provence rosé wines, Château d’Esclans confirmed
its global leadership thanks to strong growth in its
main markets, while Minuty delivered a promising
performance, notably in the United States. Château
Galoupet received excellent reviews and stepped up
its sustainability initiatives. Cloudy Bay continued to
stand out as a benchmark in Sauvignon Blanc wines.
Terrazas de los Andes received excellent ratings
from critics for the quality of its wines, confirming the
relevance of its upmarket strategy. Joseph Phelps
ramped up its expansion outside the United States.
Ao Yun strengthened its position as the best red wine
produced in China with the launch of its 2020 vintage.
Hennessy cognac revenue was held back by weak
local demand in China and a challenging market envi-
ronment in the United States. The Maison elevated
its desirability with the success of the LeBron James
limited edition, designed in collaboration with the
basketball star, and its new “Made for More” campaign
in the United States, which reaffirmed its place in
cocktails. Hennessy continued its international devel-
opment, driven by markets including South Africa, the
Asia-Pacific region and Europe. The Maison stepped
up its commitment to sustainability through a new
sustainable winegrowing model, “Living Landscapes”.
The program is the first ever to bring together the
wine trading Maisons in a joint effort to revitalize the
winegrowing landscape in the Cognac region.
Recognized for the excellence of their products,
single malt whiskies Glenmorangie and Ardbeg
continued to innovate. Glenmorangie’s new Triple
2024
Highlights
OUR MAISONS
TAKE ACTION
—
HENNESSY’S WATER FOOTPRINT
Hennessy has updated its water footprint,
a strategic natural resource for the Maison’s
viticulture and distillation activities. Direct
operations account for around 5% of its total
footprint. The Maison has already reduced
its water consumption by more than 42% over
the last 20 years by implementing recycling and
water-saving technologies. The upstream value
chain, including packaging production and
distillation, is the largest part of the footprint.
LVMH 2024 . W i n e s & S p i r i t s
56 • 57
Dom Pérignon
1
2
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4
5
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LVMH 2024 . W i n e s & S p i r i t s
58 • 59
Cask Reserve and A Tale of Ice Cream whiskies both
won awards at the San Francisco World Spirits
Competition. Ardbeg once again won the award for
the Best Scotch Islay Single Malt for Ardbeg 25 Years Old
and unveiled Ardbeg The Abyss in the ultra-premium
segment. Belvedere benefited from the ongoing
success of its Belvedere 10 luxury vodka, backed by a
campaign featuring rapper Future. Reflecting its
commitment to sustainability, it became the first of
LVMH’s Maisons to secure ISO 46001 certification
for its water management. Eminente rum enjoyed
strong growth in Europe.
The business group continued to diversify its portfolio
and innovate, launching new whisky brand SirDavis
through a joint venture with Beyoncé Knowles-Carter
and announcing a partnership with alcohol free
sparkling wine brand French Bloom.
Steadfast in its commitment to protecting soil, the
second edition of the World Living Soils Forum was
held in Arles, bringing together winegrowing, agricul-
ture and soil specialists from around the world and
reaffirming the vital importance of soil health for the
planet and for all humankind.
2025
Outlook
The Wines and Spirits business group is approach-
ing 2025 with vigilance and pragmatism, with the
environment still clouded by uncertainty hang-
ing over a number of markets. While continuing
to strictly manage costs, the Group’s Maisons
will maintain their target of growing their market
share through a proactive policy aimed at craft-
ing unique experiences for consumers. Moët
& Chandon will activate its partnership with
Formula 1 entered into in 2024. Mindful of their
rich natural heritage and environmental respon-
sibility, all of the Maisons will continue to follow
their roadmaps to act sustainably by protecting
biodiversity and reducing their carbon footprint.
Excellence, authenticity and sustainability will
remain their guiding principles, in keeping with
Moët Hennessy’s vision of consolidating its posi-
tion as the leader in luxury wines and spirits.
1. Veuve Clicquot
2. Hennessy
3. Dom Pérignon
4. Ardbeg
5. Krug
6. Belvedere
7. Minuty
8. Eminente
9. Glenmorangie
OUR MAISONS
TAKE ACTION
—
SECOND WORLD LIVING
SOILS FORUM
The second World Living Soils Forum, organized
by Moët Hennessy in partnership with
ChangeNOW, was held in Arles in October.
Winegrowers, farmers, scientists, NGOs and
companies came together for two days
of meetings and discussions, sharing questions,
solutions and actions focused on a common
objective: to accelerate the transition to more
environmentally friendly agricultural practices.
The 2024 edition of the WLSF explored topics
such as financing the transition, measuring
soil health, nature-based solutions and social
engagement. A call for collective action
was launched, with the aim of mobilizing even
greater support for the need to preserve
and regenerate soils.
2024
in pictures
RUINART
METAMORPHOSIS
AT 4 RUE DES CRAYÈRES
In October 2024, Ruinart’s iconic 4 Rue des Crayères
location in Reims unveiled its metamorphosis. After
three years of renovation, this historic site invites
visitors to immerse themselves completely in the
Ruinart universe, at the crossroads of culture, the art
of living and winemaking excellence.
To envision this transformation, Japanese architect
Sou Fujimoto, interior designer Gwenael Nicolas and
landscape artist Christophe Gautrand combined
their talents to create an immersive experience that
unfolds in a succession of interconnected tableaux,
perspectives and landscapes. Facing the century-old
building stands a contemporary pavilion built from
local limestone and glass. The landscaped gardens
feature a collection of sculptures crafted in harmony
with their surroundings, reaffirming Ruinart’s commit-
ment to culture since its beginnings. The sculptures
– by 36 artists including Jeppe Hein, Eva Jospin, Daniel
Dewar, Grégory Gicquel and Nils-Udo – are deeply
rooted in the cultural terroir of the world’s oldest
champagne house, notably through their use of mate-
rials sourced from the local area or derived from
grapevines and winegrowing. They reflect a vision:
art illuminates our existence, reveals our intrinsic
relationship with nature and awakens us to the key
issues of our time.
1
62 • 63
1. Henrique Oliveira,
Desnatureza 6 (2024).
2. A meeting place and
the starting point for tours,
the interior of the pavilion
unveils the world of Ruinart.
Conceived as an inner
extension of the garden’s
vegetation, the tall stems
rising from the ground,
crafted from marble-
powdered linen fibers, form
white islands, revealing
or concealing the various
spaces in a play of subtle
perspectives.
3. Excavated as far back
as the 5th century to build
houses, the chalk quarries
(crayères) embody
the Champagne region.
At a depth of almost
40 meters, the Maison’s 20
or so crayères – natural
cellars listed as a UNESCO
World Heritage Site – extend
over two levels. Their
humidity, temperature
and light conditions
make them ideal for aging
Ruinart cuvées.
3
2
MOËT & CHANDON
ESSENTIA CONSERVATORY
OF GRAPE VARIETIES
To preserve its exceptional heritage, in 2024 Moët &
Chandon created “Essentia”, a four-hectare oasis of bio-
diversity that will ultimately be home to 16,000 grape-
vine stocks, some of them planted more than half a
century ago. Stemming from Chardonnay, Pinot Noir
and Pinot Meunier or rarer varieties like Arbanne and
Petit Meslier, this unique living library reflects the his-
toric diversity of the Champagne region’s singular
winegrowing heritage.
With soil and vines threatened by climate change,
Moët & Chandon has for a number of years been
involved in research and development into new agri-
cultural practices as well as the rollout of innovative
and sustainable solutions. Each vine stock is studied
and catalogued to enable future generations to
choose those grape varieties and rootstocks that
are best suited to these changes. Upholding the
pioneering spirit of Moët & Chandon and continuing
to craft exceptional champagnes is the “Essentia”
conservatory’s raison d’être.
HENNESSY
TWO SUBLIME DECANTERS
FOR HENNESSY X.O
Hennessy’s creative collaborations with artists, design-
ers and architects are an integral part of its identity
and legacy. Over the years, the Maison has worked
with leading lights including designer Tom Dixon,
architect Frank Gehry and fashion designer Kim Jones.
Hennessy continued the tradition in 2024, asking
contemporary artist Jean-Michel Othoniel – known
for his prestigious sculptures and blown glass works
– to reinterpret two limited editions to showcase the
Hennessy X.O collection.
First, the sculptor drew inspiration from Hennessy’s
heritage and craftsmanship to revisit the Hennessy X.O
Masterpiece decanter, blending tradition and inno-
vation. Made from faceted Baccarat crystal, the
decanter illustrates Jean-Michel Othoniel’s fascination
with light and reflections. Next, he created the latest
Limited Edition of the Hennessy X.O decanter,
encrusting a red gem in a golden metal container
whose facets and angles catch the light. With their
refined details, this duo of singular designs reflects
the vision and special bond with craftsmanship that
the sculptor shares with Hennessy, encapsulated in
this unique reinterpretation.
66 • 67
KRUG
JOSEPH, SHOWCASING
WINEMAKING EXCELLENCE
After seven years in the making, the Joseph winery was
inaugurated in 2024 at Krug’s Clos d’Ambonnay. Designed
with sustainability as the guiding principle throughout,
the state-of-the art facility brings all of Krug’s winemaking
and production activities together at a single location,
setting the stage for the Maison to craft the most
generous expression of champagne year after year.
Designed by and for Krug, the Joseph winery reflects
the Maison’s sustainable vision, aimed at passing on
expertise to future generations. Years of planning went
into the facility’s design, which features innovative tech-
nology to optimize working conditions while upholding
traditional winemaking methods and providing the very
best conditions not only for the creation of the Maison’s
champagnes, but for the environment as well.
Joseph has obtained France’s HQE green building
certification, with an “Exceptional” rating for its reduced
carbon footprint, optimized energy and water consump-
tion, initiatives to reuse and recycle waste, and limited
environmental impact. The certification, while not a goal
in itself, is testament to Krug’s innate desire to give
back to the land and pursue winemaking sustainably.
The two matching wings of the Joseph winery were
designed to minimize their visual impact, with a stream-
lined, contemporary aesthetic and organic lines ech-
oing the surrounding village and terroir. Transposed
harmoniously against the original landscape, the site
reflects both the Maison’s rich heritage and its pow-
erful contemporary energy.
LVMH
FASHION &
LEATHER GOODS
2024
Louis Vuitton
trol over distribution and its exceptional creative
imagination: a source of perpetual renewal and inno-
vation. 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 con-
veyed today with bold inventiveness throughout all
of the Maison’s products. By striking the right bal-
ance 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,
and the opening of the new Louis Vuitton store in
New York at the end of 2024, offering an immersive
experience in the Maison’s universe.
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 without coming at the cost of their identity,
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
identities, and are the artisans of their creative excel-
lence and their desirability.
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
execution of its trunk-making expertise, its full con-
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
— Continued creative momentum at Dior
— Build on the success of the other Maisons,
in particular Celine, Loro Piana, Loewe
and Fendi
A unique assembly of
creative talent
GOOD RESILIENCE
€41,060m
2024 REVENUE
€15,230m
2024 PROFIT FROM
RECURRING OPERATIONS
€2,150m
2024 OPERATING
INVESTMENTS
2024 REVENUE BY REGION
7%
France
12%
Japan
9%
Other markets
36%
Asia (excl. Japan)
19%
Europe (excl. France)
17%
United States
LVMH 2024 . F a s h i o n & L e a t h e r G o o d s
72 • 73
Louis Vuitton
Loewe
Dior
Loro Piana
The Fashion and Leather Goods business group
showed strong resilience in an uncertain environment
in 2024. Driven by a desire to offer their customers
exceptional products and experiences, LVMH’s
Maisons continued to pursue creativity, very high qual-
ity, masterful craftsmanship and retail excellence.
Louis Vuitton was once again driven by its boundless
capacity for innovation in the world of travel. Nicolas
Ghesquière’s Fall/Winter fashion show celebrated
10 years of his designs at the Maison. Following the
Voyager show in Shanghai, the 2025 Cruise collection
was presented in Barcelona’s Park Güell. For his second
fashion show, Pharrell Williams drew inspiration from
the American West and his 2025 Spring/Summer col-
lection, “The World is Yours”, was unveiled at UNESCO’s
headquarters in Paris, celebrating the Maison’s spirit
of travel. Many new designs were launched in leather
goods, including the Speedy P9 bag in fresh colors, the
Low Key line and the Neverfull Inside Out, a reversible
version of one of the Maison’s icons. In jewelry, its
LV Diamonds collection introduced a cut in the shape
of the Monogram flower and extended the Maison’s
commitment to sustainable practices by ensuring that
every diamond is fully traceable. For its tenth anniver-
sary, the Escale watch released its first three-hand
model. In 2024 more than ever before, carrying on a
well-established tradition, victory traveled in Louis
Vuitton: bespoke trunks, handcrafted in its historic
Asnières workshops, held the torches and medals of
the Paris 2024 Olympic and Paralympic Games. As
Title Partner of the 37th America’s Cup in Barcelona,
the Maison also unveiled two trunks carrying the
trophy for the Louis Vuitton Cup qualifiers and
the iconic Auld Mug presented to the winner of
the America’s Cup. In New York, with Louis Vuitton’s
Fifth Avenue flagship store set to undergo a multi-year
renovation, the Louis Vuitton 57th Street store,
opened at the end of the year, was a major success.
This new flagship offers an immersive experience at
the crossroads of luxury, culture and design.
Christian Dior maintained its creative momentum,
fusing heritage and modernity. Maria Grazia Chiuri
revisited the origins of Dior ready-to-wear with a trib-
ute to the 1967 Miss Dior collection and drew inspira-
tion from Mary, Queen of Scots for her Cruise show
at Drummond Castle in Scotland, as well as from
Amazon warrior women for her Spring/Summer 2025
collection at the Musée Rodin in Paris. The Maison
continued to develop its collections, in particular the
Dioriviera collection. Kim Jones brought the signature
looks of Dior couture to menswear and launched a
capsule collection with Lewis Hamilton. Victoire de
Castellane unveiled her Diorama & Diorigami high
jewelry designs and celebrated the Maison’s tradition
of jewelry-making with the My Dior collection, which
echoes the texture of its iconic cannage stitching. The
Maison enjoyed high levels of visibility both during the
Paris 2024 Olympic and Paralympic Games, thanks to
its athlete ambassadors, and at the opening ceremony,
with Lady Gaga and Céline Dion both wearing Dior.
Beijing hosted the L’Or de Dior exhibition in September,
while the Christian Dior: Designer of Dreams exhibition
arrived in Riyadh in November. At the end of the year,
an exhibition opened at La Galerie Dior in Paris fea-
turing photographs by Peter Lindbergh for the Maison.
Lastly, key highlights included the opening of an
exceptional store in Geneva, designed by Christian de
Portzamparc, and Dior’s spectacular façades and
enchanting window displays to celebrate the end-of-
year holiday season around the world, in particular at
its 30 Montaigne store in Paris and at the new Dior
Gold House in Bangkok.
Loro Piana, which continued to offer products of the
highest quality, turned in a remarkable performance.
The year marked the Maison’s centenary, which it
celebrated by showcasing its finest materials. The Fall/
Winter collection was highly successful and leather
goods expanded with the launch of its latest handbag,
the Loom. For the end-of-year holiday season, culmi-
nating its centenary celebrations, Loro Piana trans-
2024
Highlights
OUR MAISONS
TAKE ACTION
—
ENERGY STRATEGY
AT LOUIS VUITTON WORKSHOPS
Louis Vuitton is rolling out an action
plan in its workshops to reduce energy
consumption and accelerate
the production of renewable energy.
The Maison is investing to employ
the best technologies, such as the ovens
used in certain workshops, enabling
them to reduce their consumption by 80%.
The Maison’s workshops have already reduced
their consumption by 32% since 2021.
Louis Vuitton is also continuing to equip
its workshops with photovoltaic panels,
for instance in Charmes-sur-l’Herbasse,
Beaulieu-sur-Layon and Saint-Pourçain-
sur-Sioule in 2024. On average,
these installations meet between 30%
and 37% of the workshops’ energy needs
with carbon-free energies.
LVMH 2024 . F a s h i o n & L e a t h e r G o o d s
74 • 75
Louis Vuitton
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LVMH 2024 . F a s h i o n & L e a t h e r G o o d s
76 • 77
formed the window displays and façades of Harrods,
inviting visitors on a delightful, enchanting voyage.
Another highlight was the publication of Master of
Fibres, a book exploring one hundred years of the
Maison’s history through its archives and interviews
with the Loro Piana family.
Celine expanded its Triomphe leather goods line
and achieved further success in its Plein Soleil collec-
tion with its new Raphia bags. It also successfully
launched a new fragrance, Zouzou, and Le Rouge Celine
lipstick. Three flagship stores were opened in Osaka,
Seoul and Paris.
Fendi focused on its iconic bags, launching Peekaboo
Soft and unveiling Mamma Baguette at its Milan fash-
ion show. A collection of seven exclusive fragrances
evoking the history of the Fendi family was launched
in June. The Maison opened a number of flagship
stores, including in Miami and Madrid.
Loewe held its first major exhibition in Shanghai,
celebrating its heritage and commitment to crafts-
manship. The success of the Flamenco bag in nappa
lambskin reflected the shift further upmarket of its
range of products. Jonathan Anderson developed an
innovative, creative collection with Japanese studio
Suna Fujita. Several major store openings took place,
including a new Casa Loewe store in Seoul.
Marc Jacobs celebrated its 40th anniversary by revis-
iting its most emblematic designs and looks, and
launched The Mini Bag, a new leather goods line.
2025
Outlook
In 2025, amid a global environment characterized
by wide-ranging geopolitical and economic
uncertainty, the Group will focus on growing its
market share by further elevating the quality,
sustainability and desirability of its Maisons’
products and enhancing the customer experience.
Louis Vuitton will pursue a number of develop-
ment projects over the coming months, focused
on its capacity for innovation and its quest for
perfection in all its areas of expertise, including
the new collaboration starting in 2025 with
renowned Japanese artist Takashi Murakami, who
will add a colorful touch to the Maison’s signature
designs, as well as the future opening of its new
103 Champs-Élysées location, where work is ongo-
ing. Louis Vuitton will activate its partnership with
Formula 1 entered into in 2024. The Maison will
continue to highlight its commitment to corporate
social responsibility, notably through its five-year
partnership with nonprofit People For Wildlife to
conserve natural resources and through the 2025-
2026 Louis Vuitton Watch Prize for Independent
Creatives, the second edition of a competition
aimed at recognizing and supporting emerging
creative talent in watchmaking. Christian Dior will
continue to selectively invest in its desirability,
which means focusing on product quality and
creativity as well as high-impact communications
and events around the world. The Cruise show
– one of the year’s most highly awaited events –
will take place in Rome in May 2025. Loro Piana
will continue its pursuit of excellence and hold
its first exhibition at Museum of Art Pudong
in Shanghai in March. At Celine, new Creative
Director Michael Rider will unveil his first collec-
tions in June. A new flagship store will be opened
on Via Monte Napoleone in Milan. Fendi will be
celebrating its centenary throughout the year,
starting in February with a men’s and women’s
fashion show directed by Silvia Fendi at its new
“Spazio Solari” location in Milan. Loewe will launch
the Madrid bag and celebrate the tenth anniversary
of its Puzzle bag. Alongside the selective expansion
of the store network, the Loewe Crafted World
exhibition will open in Tokyo and the iconic Craft
Prize will return to Madrid. Givenchy will unveil
its first collections designed by Sarah Burton in
March in Paris. Berluti will continue to renovate
and expand its store network, particularly in Japan
and the Middle East.
In September, Givenchy announced the appointment
of Sarah Burton as Creative Director for all its men’s
and women’s collections.
Kenzo reaffirmed the “West meets East” stylistic posi-
tioning of its looks, with highlights including fashion
shows at the gardens of the Palais-Royal and the
National Library of France in Paris.
Berluti’s growth was driven by the success of its
collections, in particular the iconic Fast Track, which
masterfully blends the remarkable style of a formal
shoe with the unique comfort of a sneaker. The unveil-
ing of Team France’s uniforms for the opening cere-
monies of the Paris 2024 Olympic and Paralympic
Games enjoyed a very positive reception and major
media coverage. The store network expanded, including
a store in Tokyo’s new Azabudai Hills district.
RIMOWA continued to deliver growth, fueled by inno-
vation, a number of new store openings and taking
direct control over distribution in Thailand and
Belgium. Highlights included the launch of the Original
Bag, designed with the Maison’s signature expertise,
and the revival of its historic Hammerschlag line in
hammered aluminum. Maintaining its commitment to
sustainability, repair and recycling for its suitcases, the
Maison rolled out its Re-Crafted program in the United
States and South Korea.
Pucci presented its Very Vivara collection in April,
paying tribute to the Maison’s heritage through its
iconic Vivara print.
1. Louis Vuitton
2. Dior
3. Fendi
4. Marc Jacobs
5. Loro Piana
6. RIMOWA
7. Berluti
8. Celine
9. Pucci
2024
in pictures
DIOR
ODE TO SCOTLAND’S
HERITAGE
An ode to the beauty of travel inspired by the rich
textile traditions of Scotland, Dior’s 2025 Cruise col-
lection featured a series of prestigious collaborations
commemorating and reinforcing the ties established
by the fashion house’s founder, Monsieur Dior with this
fascinating country in the Maison’s early years.
Unveiled on the magnificent grounds of Drummond
Castle, the collection was another stirring chapter in
this legendary narrative. This iconic landmark – one of
Scotland’s architectural and historical treasures, with
its French and Italian Renaissance influences – was the
perfect setting for the show, beautifully showcasing the
looks designed by Maria Grazia Chiuri. These included
garments featuring a cinematic montage of photos of
Christian Dior’s 1955 Spring/Summer line shown at the
Gleneagles Hotel, printed or appliquéd onto the edges
of kilts and three-quarter-length coats. The looks blended
a diverse range of contrasting fabrics and textures, such
as the velvet and lace adorning pieces for the con-
temporary equestrian. Reinterpreted on very fine fabric,
tartan was the central thread running through the col-
lection, celebrating the kilt – whether crafted in Scotland
or revisited. As Monsieur Dior once said of tartan in
The Little Dictionary of Fashion, “It’s probably the only
patterned cloth that never goes out of style.”
LOUIS VUITTON
JOURNEY INTO THE HEART
OF LOUIS VUITTON
AND ITS LEGACY AS
A HOUSE OF CULTURE
On November 15, 2024, Louis Vuitton unveiled Louis
Vuitton 57th Street NYC, the Maison’s temporary land-
mark in New York while its iconic Fifth Avenue store
undergoes a three-year renovation.
The bold new space takes visitors on a journey into
the heart of Louis Vuitton and its legacy as a house of
culture. The store’s historic Art Deco building is adorned
with a monumental installation framing the immense
arched window that stretches across its brick façade.
The entry space opens into a soaring atrium featuring
freestanding sculptures developed with Shohei
Shigematsu, New York-based partner of renowned
architectural firm OMA. In a surrealist convergence of
Louis Vuitton’s trunk-making heritage and the city’s
emblematic skyscrapers, four towers of iconic Courrier
Lozine 90 trunks stand over 50 feet high.
The fourth floor showcases the Maison’s cultural and
culinary vision: a fascinating experience developed
exclusively for New York. Le Café Louis Vuitton – a café
cum library space, restaurant and bar – is conceived to
be a lively destination for visitors to feel immersed in a
singular atmosphere. Blending cultural inspiration and
relaxation, Le Café is the latest destination in the culi-
nary journey of Arnaud Donckele (head chef at Cheval
Blanc Paris) and Maxime Frédéric (head pastry chef at
Louis Vuitton), overseen by up-and-coming New York
chefs Christophe Bellanca and Mary George. Lastly, Le
Chocolat Maxime Frédéric at Louis Vuitton has its first
US space inside the store, serving an assortment of
hand-made chocolate bars and signature specialties.
84 • 85
Renovation of Louis Vuitton’s Fifth Avenue flagship store in New York
LOUIS VUITTON
VICTORY TRAVELS
IN LOUIS VUITTON
Louis Vuitton returned as Title Partner of the 37th
America’s Cup Barcelona, from August 22 to October 27,
2024, thus continuing the legendary voyage that began
40 years ago in 1983, when the Maison first embarked
on its partnership with the America’s Cup.
To mark the occasion, the French Maison crafted
the Louis Vuitton Cup and two brand-new Trophy
Trunks for the Louis Vuitton Cup and the Louis Vuitton
37th America’s Cup Barcelona. The trunks – made to
measure at the Maison’s historic Asnières workshops
– held the Auld Mug, a silver ewer that has been pre-
sented to the winner of the America’s Cup ever since
1851, and the Louis Vuitton Cup, awarded to the winner
of the qualifiers since 1983. Combining craftsmanship
and tradition, the trunks are characterized by the
iconic Monogram canvas and the “V” symbolizing both
“Victory” and “Vuitton”. In 2024, the “Challenger” for
the Louis Vuitton Cup launched out into the waters
of the Mediterranean to challenge the “Defender”,
winner of the previous year’s competition. The ulti-
mate winner was Emirates Team New Zealand, which
defeated the Challenger, INEOS Britannia, to take
home the Auld Mug.
On October 15, Louis Vuitton also proudly announced
that it had been inducted into the America’s Cup Hall
of Fame, receiving the prestigious Sir Richard Francis
Sutton Medal.
90 • 91
DIOR
DIOR
CELEBRATES GOLD
Gold – “or” in French – is embedded in Dior’s name like
a hallmark. An ode to the Maison’s origins, it embodies
its effervescent inventiveness, from haute couture
to fragrances. In 2024, two events highlighted this
fascination.
In Bangkok, the Maison inaugurated Dior Gold House,
a brand-new concept store that changes with the
seasons and collections. Set in a lush garden, this new
location – itself entirely golden – is a place where
everything is possible. Its spectacular gilded façade
reproduces the Maison’s iconic hôtel particulier at
30 Avenue Montaigne in Paris, and the store also
features works by emblematic Thai artists. This extraor-
dinary destination makes for an exceptional stopover
on the Dior Around the World odyssey.
In Beijing, the L’Or de Dior exhibition at the Guardian
Art Center celebrated the House of Dior’s enduring ties
with China through the prism of art, with an exquisite
gold-themed retrospective. Spanning over 70 years
of designs, each room explored cherished Dior
themes: from magnificent golden natural motifs to the
revolutionary New Look and the splendors of the
Palace of Versailles.
Dior Gold House, an exceptional showcase store in the heart of Bangkok
1
94 • 95
1. 2. Dior presents the L’Or
de Dior exhibition in Beijing,
an ode to the universal
beauty of gold – one of
the Maison’s hallmarks since
its founding, eternally linked
to its heritage.
2
LOEWE
UNEXPECTED VISUAL
NARRATIVE
At Loewe, craftsmanship is inextricably linked to art,
an infinite source of inspiration: from the masters of
the British Arts and Crafts movement to the enchant-
ing world of Studio Ghibli, art is at the heart of every
collection. The new 2025 pre-collection campaign is
no exception.
Shot by renowned German photographer Juergen
Teller, it reveals an intriguing duality between talent
and personality through an in-depth exploration of the
idea of character study. Ambika Mod, Ayo Edebiri,
Baifern Pimchanok, Drew Starkey, Leo Woodall, Richard
Gadd, Rose Wylie and Sue Kroll appear alongside per-
formers playing a variety of roles: from bodybuilders
and dancers to rugby players and medieval knights.
Men’s ready-to-wear captures the spirit of Americana,
while the Women’s collection highlights figure-hugging
draped dresses and elegant leather pieces. The latest
incarnations of the Maison’s iconic Puzzle, Squeeze and
Pebble Bucket bags round out the collection.
96 • 97
LORO PIANA
100 YEARS OF HISTORY
AND HERITAGE
The story of Loro Piana is one of exacting craftsman-
ship and a passion for the extraordinary, passed down
through six generations of visionary entrepreneurs
since 1924. During the 2024 end-of-year holiday sea-
son, Loro Piana celebrated one hundred years of
excellence at Harrods with the Workshop of Wonders,
a full collaborative takeover. This impressive installa-
tion invited visitors on a magical journey into the
world of the Maison’s heritage, fibers, fabrics, icons
and imagery. The legendary department store’s
majestic Brompton Road façade was decked out with
fascinating festive lights. Its 36 decorated window
displays wove incredible tales of wonder through the
places and communities that feature in Loro Piana’s
Master of Fibres. Pop-up stores, workshops and exclu-
sive experiences rounded out the takeover.
For this prestigious anniversary, Loro Piana also
unveiled Master of Fibres, a unique book published as
part of Assouline’s Ultimate Collection. Created using
artisanal techniques, each copy is hand-bound and
printed on fine art paper. With Master of Fibres, Loro
Piana celebrates a century of creativity and crafts-
manship, paying tribute to its unique heritage while
inviting readers to discover the timeless values for
which the Maison is known.
Parfums Christian Dior
LVMH
PERFUMES &
COSMETICS
2024
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 Maisons maintain a selective retail strategy.
Excellence in retailing is key. It requires expertise and
attentiveness from beauty consultants, as well as
innovation in sales, both in stores and online. The brands
are accelerating the implementation of their online
sales platforms and stepping up their digital content
initiatives. Our brands are actively incorporating dig-
ital 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.
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
competitive, with increasingly compact innovation
cycles. In this context, all of LVMH’s Maisons continue
to pursue their objective of gaining market share,
something which depends on quality, product perfor-
mance and a robust innovation policy. In the heart of
France’s Cosmetic Valley business cluster, researchers
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
Focusing on quality
and cultivating uniqueness
SOLID MOMENTUM IN FRAGRANCES;
SELECTIVE DISTRIBUTION STRATEGY MAINTAINED
€8,418m
2024 REVENUE
€671m
2024 PROFIT FROM
RECURRING OPERATIONS
€477m
2024 OPERATING
INVESTMENTS
2024 REVENUE BY REGION
10%
France
21%
Europe (excl. France)
19%
United States
6%
Japan
14%
Other markets
30%
Asia (excl. Japan)
LVMH 2024 . P e r f u m e s & C o s m e t i c s
102 • 103
Parfums Christian Dior
Maison Francis Kurkdjian
Guerlain
Parfums Givenchy
OUR MAISONS
TAKE ACTION
—
GUERLAIN’S COMMITMENT
TO SUSTAINABLE DESIGN
Guerlain continues to roll out sustainable
design for the packaging and ingredients
of its products. In 2024, the Maison launched
refills for its iconic Terracotta foundation.
96% of its ingredients are of natural origin
and the product now has a refill that reduces
its carbon footprint by 30%. A similar approach
has been taken with Rouge G. The product
contains 100% natural-origin waxes,
it is refillable and the weight of the main
case has been reduced by 20%.
2024
Highlights
Growth in the Perfumes and Cosmetics business
group was driven by powerful innovative momentum
combined with a firmly selective retail strategy, in a
highly competitive market environment.
Parfums Christian Dior turned in a very solid perfor-
mance thanks to its proactive growth strategy and the
strength of its product categories. Men’s fragrance
Sauvage continued to dominate the global market,
boosted by the launch of Sauvage Eau Forte. Iconic
women’s fragrances also delivered remarkable perfor-
mances. J’adore was boosted by a new marketing
campaign featuring Rihanna as its new face, as was
Miss Dior by the launch of its new Miss Dior Parfum
edition. La Collection Privée Christian Dior continued
to elevate the Maison’s positioning in high perfumery
with the very promising launch of the highly concen-
trated Esprits de Parfum. Makeup was buoyed by the
success of its latest innovations in the Forever range
(Glow Maximizer, Glow Star Filter and Skin Perfect).
Skincare continued to gain momentum in the pre-
mium segment with its Prestige line, particularly in Asia.
Amid an overall market slowdown, Parfums Christian
Dior consolidated its leading position in key markets
by maintaining a resolutely selective distribution strat-
egy, investing in rolling out a new identity for its points
of sale and developing an omnichannel strategy. The
Maison reaffirmed its commitment based on and
guided by its purpose: “Making the world a happier,
more beautiful place”. Specific actions were taken to
support women’s empowerment and biodiversity
protection, such as implementing regenerative agri-
culture techniques for the flowers and plants grown
to produce its fragrances, and launching projects to
restore natural habitats in partnership with WWF.
Guerlain continued its rapid growth in fragrances.
The L’Art & La Matière premium fragrance collection
was expanded with the successful launch of two new
fragrances: Néroli Plein Sud, inspired by the travels of
Antoine de Saint-Exupéry, and Patchouli Paris, evoking
the excitement of a night out in Paris. To celebrate
the end-of-year festive season, the Maison released a
limited-edition Imagine Guerlain bottle designed by
artist Shourouk Rhaiem. The Aqua Allegoria collection
was expanded with the successful new Florabloom
fragrance. Makeup was boosted by the relaunch of the
iconic Rouge G lipstick and from growth in Terracotta
and KissKiss, which was buoyed by the success of its
Bee Glow Oil version. Skincare was backed by innova-
tion in the Orchidée Impériale and Abeille Royale ranges.
Honoring its commitment to biodiversity and its close
relationship with the art world, Guerlain joined forces
with Lee Ufan Arles for the Art & Environment Prize
and continued to favor the use of natural materials and
refillable product formats.
Parfums Givenchy continued to gain ground in fra-
grances, buoyed by its iconic scent L’Interdit, whose
desirability was further elevated by the successful
launch of L’Interdit Absolu. The new Irresistible Very
Floral and Gentleman Society Extrême fragrances also
added to its momentum. The Maison proved resilient
in makeup, benefiting from the relaunch of Prisme
Libre powder, which helped it win market share,
particularly in Europe. Benefit delivered growth driven
by its innovation in both products and services, as well
as strong performance by the brand’s bestsellers. New
product launches in the Precisely, My Brow line
confirmed the Maison’s leadership in brow beauty.
Cult product Benetint and the interactive Benemart
experience in the run-up to the year-end received a
warm welcome. Fresh continued to showcase its
expertise in using natural ingredients to create beauty
products that perform with experiences that trans-
form. The Maison focused on its iconic Kombucha
Essence, Soy Facial Cleanser, Crème Ancienne and Black
Tea products. Make Up For Ever launched its new
Hydra Glow foundation in the HD Skin franchise. Its
Artist Color Pencil and its makeup palettes performed
well in the United States and Europe. Kenzo Parfums
benefited from the success of the Ikebana Mimosa and
LVMH 2024 . P e r f u m e s & C o s m e t i c s
104 • 105
Parfums Christian Dior
1
2
3
4
5
6
7
8
9
LVMH 2024 . P e r f u m e s & C o s m e t i c s
106 • 107
2025
Outlook
While remaining vigilant, as called for by the
ongoing uncertainty of the current environment,
LVMH’s Maisons will continue to invest in their
strengths: product excellence, innovation, brand
image and a selective approach to retail networks.
Parfums Christian Dior will continue with its
development strategy through selective invest-
ments to boost its desirability and leadership.
The Maison will draw on sustained, dynamic
innovation across its entire portfolio, its unique
expertise and a refreshed brand image developed
in collaboration with Dior Couture. Guerlain will
benefit from the relaunch of its Abeille Royale
Watery Oil Serum featuring an innovative new
formula, as well as additions to the L’Art & La
Matière and Aqua Allegoria ranges. One of the
highlights of the year will be the centenary of the
legendary Shalimar scent. Parfums Givenchy will
further develop its range of fragrances, adding
new scents to L’Interdit, Gentleman Society and
Irresistible. Several major launches will take place
in makeup. Kenzo Parfums will continue to pro-
mote its iconic Flower by Kenzo fragrance and
will relaunch one of its emblematic franchises.
Maison Francis Kurkdjian will continue with its
international expansion and unveil a new fra-
grance with a strong personal connection to its
creator. Loewe Perfumes will bring fresh innova-
tion to its fragrance and home scents collection.
Benefit will strengthen its positioning with a new
store layout and innovative initiatives in brow
beauty, eye makeup and foundation. Fresh will
further expand its flagship Kombucha, Crème Ancienne
and Black Tea lines. Make Up For Ever will unveil
new foundation products and celebrate color.
Acqua di Parma will expand its collections
celebrating the Italian art of living. Officine
Universelle Buly will open a new store in the
spring on the right bank of the Seine in Paris.
La Récolte Parisienne additions to its Flower by Kenzo
line. Maison Francis Kurkdjian opened a new show-
case store on Rue François 1er in Paris. The year also
saw the launch of the Maison’s eau de parfum APOM
(A Part of Me) alongside initiatives to promote its flag-
ship fragrances including Baccarat Rouge 540. The
Maison continued its corporate giving initiatives with
the Palace of Versailles, establishing a “Biodiversity
Observatory”. Acqua di Parma had an eventful year,
launching the limited-edition Mandarino Millesimato
and entering into collaborations with Dorothée
Meilichzon and India Mahdavi. Loewe Perfumes saw
strong growth thanks to expansion in its Asian markets,
a region where the Maison enjoys high levels of
desirability, with the rollout of a unique customer
experience. Fenty Beauty established a presence in
China and launched a new range of haircare products,
Fenty Hair. Officine Universelle Buly launched its
La Maison Parfumée collection and celebrated the
art of travel with new beauty essentials, offered in
particular to passengers on the legendary Venice
Simplon-Orient-Express.
OUR MAISONS
TAKE ACTION
—
COMMITMENT ON THE BEET
SUPPLY CHAIN
In 2024, Parfums Christian Dior, Givenchy
and Kenzo launched a joint program aimed
at reducing the environmental impact
of the beet crops in France that are used
to produce alcohol for perfume-making.
The Maisons are supporting the transition
to regenerative farming of 380 hectares
of crops in France’s Grand Est region,
to produce the equivalent of 45% of their
requirements in alcohol. The initiative has taken
the form of a partnership with Cristal Union,
a farming cooperative consisting of over
11,000 beet industry professionals, ranging
from those involved in upstream production
to downstream participants marketing
beet as sugar, alcohol or bioethanol.
1. Parfums Christian Dior
2. Acqua di Parma
3. Parfums Givenchy
4. Maison Francis Kurkdjian
5. 9. Guerlain
6. Loewe Perfumes
7. Fenty Beauty
8. Kenzo Parfums
2024
in pictures
PARFUMS
CHRISTIAN DIOR
J’ADORE AND RIHANNA,
A NEW DREAM
IN GOLD BEGINS
Only a unique goddess – a muse without limits or
boundaries – can embody J’adore. A powerful, inspiring
woman. A dazzling, distinctive beauty. An icon who has
fulfilled her life’s dream and turned it into gold.
Rihanna is the new face of J’adore. The story of this
metamorphosis and coronation, of the symbiotic
synergy between the pop idol and the legendary
perfume, was captured on film by her long-time friend,
Steven Klein.
In the gilded halls of Versailles, she is a modern-day queen
who defies classification – the resplendent incarnation
of triumphant femininity. The Hall of Mirrors is her cat-
walk. The Grand Canal, her stage. Absolute Diorness.
This is J’adore, a return to the genesis of a golden
dream gifted to women for 25 years.
A dream fragrance that Rihanna has always loved – that
was destined for her.
The unstoppable pop star and icon of empowerment
is radiant in the stunningly revisited iconic Dior choker
and shimmering golden gown embroidered with pearly
sequins, both designed by Maria Grazia Chiuri. Rihanna
– so “herself”, and yet as she’s never been seen before –
basks in the emblematic fragrance and gives voice to
its powerful declaration: J’adore!
1
PARFUMS
CHRISTIAN DIOR
A JEWEL OF SCIENCE
IS BORN
In 2006, the expertise of the House of Dior was brought
together with the exceptional Château d’Yquem, trans-
forming its precious grapes into an elixir that defies
time. In 2024, L’Or de Vie was completely reinvented.
Backed by 30 years of research, and fired by the same
pioneering spirit, Dior’s scientists have penetrated the
deepest secret of the longevity of the Yquem Golden
Grape: the Life Protein. This protein, essential to keep-
ing skin fresh and youthful, is also overexpressed in the
world’s longest-living organisms. For the first time,
the Life Protein has been infused into L’Or de Vie,
Dior’s most exclusive skincare collection, to bring its
incredible powers of rejuvenation to the skin.
More than ever before, L’Or de Vie embodies the
science of rejuvenation as the ultimate luxury. The
skincare products that make up the new L’Or de Vie
collection are like jewels: a precious drop of gold cap-
tured in a glass case, as if to forever preserve its power
and stand the test of time. Elevating these master-
pieces of skincare, every detail has been meticulously
designed, such as the 19-carat gold crown inspired
by the symbol of Château d’Yquem.
110 • 111
1. Dior entrusted French
artist Aristide Najean with
the design of a rare and
precious object as a tribute
to the Yquem Golden
Grape. Crafted in Murano
using traditional glassblowing
techniques, these
five exceptional creations
encapsulate the luxurious
essence of L’Or de Vie.
2. The skincare products
that make up the new
L’Or de Vie collection are
like jewels.
2
GUERLAIN
IMAGINE GUERLAIN:
ARTISTIC CRAFTSMANSHIP
SERVING DREAMS
Every year, Guerlain celebrates its Exceptional
Rendezvous by revisiting its iconic Bee Bottle with a
numbered limited edition. Each fragrance is clothed
in a unique creation designed by a master craftsper-
son carefully selected for their expertise. For this 2024
edition, the bottle is for the first time adorned with a
jewel that can also be worn on the wrist. On this
dazzling cuff, French designer Shourouk Rhaiem has
designed an imaginary flower out of whose heart –
emblazoned with Guerlain’s double G monogram – bloom
extraordinary blue-tinged petals. This exceptional
piece contains the Imagine Guerlain eau de parfum,
an amber-colored nectar whose floral and woody
notes evoke the timeless magic of Christmas. The
Bee Bottle has combined art and craftsmanship for
170 years. Created by glassmaker Pochet du Courval,
it is adorned with garlands and bees whose contours
are enhanced with fine gold.
112 • 113
1
GUERLAIN
OR NORME, AN ODE
TO GOLD, THE MOST
NOBLE OF ALL METALS
Gold – a symbol of excellence, success and timeless-
ness – is intrinsically linked to the House of Guerlain.
This most precious of metals, with its unique properties,
emerged very early on in the Maison’s history, like a
guiding thread, a hallmark, coursing its dazzling hue
through its creations. In 1853, the Bee Bottle created for
Eau de Cologne Impériale was decorated with embossed
bees, each of them delicately hand-gilded. In 1937,
the Coque d’Or fragrance came in a gilded dark blue
crystal bow-tie-shaped bottle, in a tribute to Diaghilev’s
ballet. Gold also often adorns the Maison’s skincare
and makeup containers: the Divinora range features
hammered gold packaging, while the Parure Gold 24K
radiance-boosting primer, offering 24-hour hydration,
is infused with pure 24-carat gold flakes.
During the 2024 Olympic and Paralympic Games in
Paris, gold glittered at Guerlain once again, celebrated
in the Or Norme photo exhibition, which showcased
the Maison’s affinity with sports and the collective
pursuit of excellence. The exhibition featured works
by 16 artists, all inspired by this precious metal.
Enriched and ennobled with gold, the pieces were
all radiant reflections of the boundless creativity of
contemporary photography.
114 • 115
1. Paul Cupido
Yumemiru II, 2017
Pigment print on
Japanese Kozo paper,
20 × 30 cm
(31 × 41 cm, framed
under glass)
2. Harald Gottschalk
Arbres II, 2005
Silver print on gold leaf,
40 × 40 cm
(50 × 50 cm, framed
under glass), single print
2
Tiffany & Co.
LVMH
WATCHES &
JEWELRY
2024
with excellence. Harnessing expertise is a key priority,
which the Maisons address by optimizing their manu-
facturing processes, implementing 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. LVMH’s 10-year global partnership
with Formula 1, starting in 2025, helps strengthen its
ties with the world of sports, as is particularly the case
for TAG Heuer, who will return as the Official
Timekeeper of Formula 1 for all its circuits worldwide.
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.
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 prestig-
ious American jewelry house Tiffany & Co., which has
substantially 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 creati
vity. They enrich leading product ranges with well-
established designs and identities, such as Tiffany’s
Blue Book high jewelry collection, Bvlgari’s iconic
Serpenti range and TAG Heuer and Hublot’s famous
Carrera and Big Bang lines. They continually explore
new horizons with innovations combining audacity
Major strategic
priorities
— Reinforce our Maisons’ desirability thanks
to expert craftsmanship and distribution
— Maintain Tiffany & Co.’s powerful momentum,
with the ongoing renovation of the retail
network based on the unique store concept
of the legendary flagship on New York’s
Fifth Avenue and accelerated development
of iconic products
— Ongoing innovation at Bvlgari and TAG Heuer
— Reinforce supply chains
— Optimally develop manufacturing facilities
Creativity
and harnessing expertise
FURTHER INNOVATION
IN JEWELRY AND WATCHES
€10,577m
2024 REVENUE
€1,546m
2024 PROFIT FROM
RECURRING OPERATIONS
€939m
2024 OPERATING
INVESTMENTS
2024 REVENUE BY REGION
5%
France
15%
Europe (excl. France)
24%
United States
13%
Japan
14%
Other markets
29%
Asia (excl. Japan)
LVMH 2024 . Wa t c h e s & J e w e l r y
118 • 119
Tiffany & Co.
Chaumet
Bvlgari
TAG Heuer
The Watches and Jewelry business group proved
resilient in the face of mixed trends across different
markets, once again backed by the expert crafts-
manship of the watchmaking Maisons and the bold
innovation strategy of the jewelry Maisons. Business
was also buoyed by the selective expansion of their
retail networks, promotional events and partnerships
with artists and athletes.
Tiffany & Co. showcased its iconic Tiffany T, Lock,
HardWear and Knot lines in its global “With Love, Since
1837” campaign. Inspired by the celebration of love
– the thread running through its collections – the cam-
paign received a very positive response. In 2024, the
new store concept was rolled out to nearly 50 stores,
with nearly one-quarter of the store network having
been renovated since the Maison joined LVMH.
This ongoing transformation – including new store
openings and renovations in Monaco, Madrid and
Bal Harbour, Florida – set the stage for growth in
the Maison’s iconic high jewelry collections. The
Landmark – the Maison’s iconic flagship on New York’s
Fifth Avenue, and the first to be renovated – achieved
record-breaking revenue in 2024. Céleste – the 2024
Blue Book high jewelry collection, unveiled in Beverly
Hills, followed by Madrid and Beijing – drew inspiration
from the boundless imagination of Jean Schlumberger,
the Maison’s first designer. The Tiffany Wonder exhi-
bition held in Tokyo featured hundreds of masterpieces,
retracing nearly 200 years of expert craftsmanship
and modernity. The new Tiffany Titan by Pharrell
Williams collection was exceptionally well received.
For the 50th anniversary of the first pieces designed
by Elsa Peretti, the Maison showcased another facet
of her work, exemplified by the Bone Cuff bangle and
its ring version.
Bvlgari achieved record-breaking revenue in high
jewelry and luxury watches as well as market share
gains. The Maison celebrated its 140th anniversary
with a new brand campaign entitled “Eternally Reborn”.
In Rome, the Baths of Diocletian were the backdrop
for the unveiling of the Aeterna high jewelry collection,
which also tied in with this celebration. Bvlgari pushed
the boundaries of jewelry-making to craft the excep-
tional pieces featured in the collection. The 140-carat
Aeterna necklace – the most expensive high jewelry
piece sold in the past decade – highlighted the
Maison’s singular expertise in working with diamonds
and colored gemstones alike. Bvlgari launched the
new Tubogas jewelry collection, a contemporary take
on its iconic 1950s line, and unveiled Octo Finissimo
Ultra COSC, which set a new record for the world’s
thinnest watch. Flagship stores were opened in Costa
Mesa (California), Dubai, Riyadh, Bangkok and Paris.
A documentary film titled An Emperor’s Jewel, featur-
ing the Maison’s ambassador Priyanka Chopra Jonas,
drew back the curtains on the making of the Bvlgari
Hotel in Rome and paid tribute to the excellence
of Italian craftsmanship.
TAG Heuer confirmed its status as an avant-garde
watchmaker by launching the Monaco Split-Seconds
Chronograph with its split-seconds complication and
strengthened its ties with the world of sports, in par-
ticular as part of the 10-year partnership announced
between LVMH and Formula 1. The TAG Heuer Formula
1 x Kith limited editions were a success, reviving an
iconic 1980s line, and the Aquaracer and Carrera lines
were expanded. The Maison returned to eyewear with
Thélios, unveiling its first collection at LVMH Watch
Week. Thirteen new stores were opened in 2024.
Hublot continued to showcase its expertise, launch-
ing unique pieces such as the new MP-10 Tourbillon
Weight Energy System and the visionary Arsham Droplet
pocket watch, designed in collaboration with artist
Daniel Arsham. A Big Bang model made from recycled
materials was designed in collaboration with Novak
Djokovic. As well as being the Official Timekeeper of
UEFA Euro 2024, the Maison teamed up with sailor
Alan Roura for the 2024 Vendée Globe yacht race.
2024
Highlights
OUR MAISONS
TAKE ACTION
—
TIFFANY IS COMMITTED
TO PROTECTING THE OCEANS
Tiffany launched the “Love For Our Oceans”
initiative by developing the T Smile bracelet,
whose chain is made entirely out of recycled
plastic waste recovered from the oceans.
A contribution of 100 to 200 dollars for each
bracelet sold will be donated to The Nature
Conservancy, with a total minimum contribution
of one million dollars. Tiffany has partnered
with this nonprofit since 2007. Its objective
is to preserve 30% of terrestrial and marine
ecosystems. In addition, with the support
of its foundation, Tiffany has helped create
30 protected marine areas across
the world’s oceans, covering a total
surface area of 13 million sq.km.
LVMH 2024 . Wa t c h e s & J e w e l r y
120 • 121
Tiffany & Co.
1
2
3
4
5
6
7
8
9
LVMH 2024 . Wa t c h e s & J e w e l r y
122 • 123
Zenith rounded out its Defy collection, adding a
chronograph version to the Defy Skyline line and
introducing the Defy Extreme Diver, a diver’s watch
inspired by the first 1960s models. The Chronomaster
Triple Calendar added a new complication to the
Chronomaster line.
L’Épée 1839, a prestigious high-end Swiss clockmaker
known for its exceptional mechanisms and complica-
tions, joined LVMH.
Chaumet, which achieved further growth, enjoyed
major media coverage thanks to its design of the med-
als for the Paris 2024 Olympic and Paralympic Games.
In Venice, an event showcasing its latest high jewelry
collection, Chaumet en Scène, was a major commercial
and promotional success. Chaumet & Nature, the first
large-scale high jewelry exhibition to be held in Qatar,
opened in November. The Maison continued to
expand its Bee My Love collection, which maintained
its excellent momentum, and opened its first stores in
Italy (Rome) and Thailand (Bangkok).
Fred generated robust revenue through sales of its
high jewelry pieces. Highlights of the year included
the rollout of the “Fred: The Sunshine Jeweler” cam-
paign, the unveiling of the new Monsieur Fred Ideal
Light high jewelry collection, the launch of the Pretty
Woman Sunlight Message necklace collection and a
new creative collaboration with the French Open.
Repossi celebrated the 10th anniversary of its Serti
Sur Vide high jewelry collection and entered into a
unique partnership with the Centre Pompidou to pay
tribute to the works of sculptor Constantin Brancusi.
2025
Outlook
The Watches and Jewelry business group will
continue to pursue its target of gaining market
share. In a still uncertain economic and geopo-
litical environment, the Maisons will continue
to strictly manage costs and remain selective in
their investments. The priority is on pursuing
innovation and enhancing the desirability of
collections as well as continuing the quality-
driven development of directly operated stores.
Production capacity will continue to be ramped
up, with the expansion of the Bvlgari manufac-
turing facility in Valenza and the Hublot facility
in Nyon. Tiffany & Co. will continue to enrich its
iconic lines with the launch of new models, nota-
bly in its Bird on the Rock and Jean Schlumberger
collections, while continuing to renovate its store
network. The opening of new flagship stores in
Tokyo (Ginza Tower) and Milan (Monte Napoleone)
will be among the highlights of the year. Bvlgari
will take the opportunity in 2025 – the Year of
the Snake according to the Chinese zodiac – to
roll out a program of events promoting its iconic
Serpenti line, beginning with an exhibition in
Shanghai starting in January. TAG Heuer will
scale up its partnership with Formula 1 entered
into in 2024. The Maison will add to its iconic
lines and launch a next-generation smartwatch.
Exceptional new watch models featuring innova-
tive technologies will also be unveiled. Hublot will
celebrate the 20th anniversary of its Big Bang line
with limited editions and an immersive experience
at the Watches & Wonders trade show. Zenith will
celebrate its 160th anniversary. Chaumet will step
up communications around its Bee My Love col-
lection and take part in the World Expo in Osaka.
Fred will continue to develop its iconic collections,
with two major launches planned for Force 10 and
Chance Infinie. Repossi will continue the rollout
of its new store concept worldwide.
1. TAG Heuer
2. Fred
3. Repossi
4. 8. Tiffany & Co.
5. Bvlgari
6. Zenith
7. Hublot
9. Chaumet
OUR MAISONS
TAKE ACTION
—
BVLGARI AND SAVE
THE CHILDREN
In 2009, Bvlgari committed to providing
a better future for the world’s most vulnerable
children by launching a partnership with
Save the Children. Over the past 15 years, more
than 2.4 million children have been helped
through concrete actions, ensuring quality
education, youth empowerment, responding
to emergencies, and fighting poverty.
Throughout this long-term partnership, Bvlgari
has raised over 115 million dollars through
the sales of a custom-made jewelry collection
created for Save the Children, with
a donation of €95 for each piece sold.
2024
in pictures
TIFFANY & CO.
A WONDROUS
IMMERSION
IN A LEGENDARY
UNIVERSE
The Tiffany Wonder exhibition – held in the spring at
the Tokyo Node contemporary art hub, located on the
upper floors of the Toranomon Hills Station Tower in
Tokyo – paid tribute to the sense of wonder elicited
by diamonds and the profound influence that Japan has
had on the Maison’s creations since its beginnings.
A number of the Maison’s illustrious designers, including
Edward C. Moore, Louis Comfort Tiffany and Elsa Peretti,
found an infinite source of inspiration in the techniques,
materials and aesthetics of the Japanese arts.
The immersive exhibition took viewers on a visual odys-
sey through hundreds of masterpieces of design and
breathtaking marvels, each telling a story of crafts-
manship and creativity, of tradition and modernity.
More than 300 objects – drawn from archives as well
as contemporary pieces – were on public display for
the first time, bearing witness to the evolution of
Tiffany & Co. over nearly 200 years.
The exhibition culminated in the Maison’s crown jewel:
the legendary 128.54-carat Tiffany Diamond, set in a
new convertible creation inspired by the iconic Jean
Schlumberger by Tiffany Bird on a Rock brooch.
1
126 • 127
1. Jean Schlumberger’s
Bird on a Rock brooch with
a cushion-cut tourmaline.
2. New design inspired
by Tiffany & Co.’s iconic
masterpiece showcasing
the legendary 128.54-carat
Tiffany Diamond.
2
BVLGARI
140TH ANNIVERSARY:
CELEBRATING ETERNITY
Inspired by Rome’s timeless beauty, the Aeterna high
jewelry collection celebrates Bvlgari’s ability to per-
petually reinvent itself. Drawing on the Maison’s talent
for reflecting the essence of each era, the collection
is an eclectic, ever-evolving creative journey that
showcases the legendary Roman jeweler’s aesthetic
hallmarks. To mark its 140th anniversary in 2024, Bvlgari
designed the Serpenti Aeterna necklace: a unique
marvel of nature, featuring seven D-Flawless diamond
drops totaling an impressive 140 carats – all cut from
the same rough stone. The gemstones’ spectacular
radiance is magnified by a setting made entirely of
diamonds, whose sinuous serpentine shape glitters in
a dance of light, movement and infinite rebirth. This
anniversary masterpiece symbolizes the essence of
Aeterna, which transforms the jewels of nature into
timeless treasures worn by Bvlgari’s global ambassa-
dors, including Anne Hathaway and Zendaya.
130 • 131
TAG HEUER
PUSHING BACK
THE BOUNDARIES
OF TIME
TAG Heuer has revitalized the world of high-end,
avant-garde watchmaking with its new TAG Heuer
Monaco Split-Seconds Chronograph, a masterful blend
of tradition and innovation. The timepiece is the latest
in a distinguished line of mechanical chronograph
watches with a split-seconds function, a highly sophis-
ticated and complex mechanism for measuring
two separate time intervals that requires the expertise
of the finest watchmakers. The watch’s redesigned
construction and extremely low weight – coming in
at just 85 grams – forge a singular aesthetic, showcased
with a transparent sapphire crystal. At the heart of the
TAG Heuer Monaco Split-Seconds Chronograph beats
the cutting-edge TH81-00 split-seconds movement.
Made entirely of titanium and weighing just 30 grams,
this automatic movement is one of the lightest ever
designed by the Maison, crafted in partnership with
the renowned Vaucher Manufacture Fleurier. Driven by
its expertise and avant-garde vision, TAG Heuer is push-
ing the boundaries in chronograph watchmaking.
132 • 133
L’ÉPÉE 1839
EXPERT CRAFTSMANSHIP
IN HIGH-END CLOCKMAKING
In June 2024, prestigious high-end Swiss clock manu-
facturer L’Épée 1839 joined the LVMH Group.
Based in Delémont, in the Swiss Jura, L’Épée 1839 has
been honing its masterful craft for 185 years to design,
develop and produce its own exceptional timepieces.
The Maison, which today specializes in clocks, is
renowned for its singular creative vision and unrivaled
expertise in combining form and function. Each crea-
tion is a feat of technical prowess, with multiple com-
plications such as power reserves of up to a full year
(8,760 hours) – one of the Maison’s signatures. Each
timepiece features a distinctive design and a unique
aesthetic that always has a touch of poetry or wit.
L’Épée 1839 has also designed a number of exclusive
timepieces in collaboration with other Maisons, such
as the Horloge Montgolfière Aéro crafted in conjunc-
tion with Louis Vuitton. The many universes of the
LVMH Group’s Maisons, combined with the excep-
tional expertise of L’Épée 1839, offer a wealth of
untapped creative potential.
LVMH
SELECTIVE
RETAILING
2024
Sephora
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 performance alongside
fashion, beauty and design.
Staying particularly agile
DFS – which has been pioneering travel retail since
the early days of the air travel boom, with a major
presence in Asia and in the United States – con-
stantly 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.
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, 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
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 transformation of DFS
Reinventing
the customer experience
REMARKABLE PERFORMANCE BY SEPHORA;
DFS STILL HELD BACK BY PREVAILING INTERNATIONAL CONDITIONS
€18,262m
2024 REVENUE
€1,385m
2024 PROFIT FROM
RECURRING OPERATIONS
€631m
2024 OPERATING
INVESTMENTS
2024 REVENUE BY REGION
11%
France
1%
Japan
46%
United States
18%
Other markets
12%
Asia (excl. Japan)
12%
Europe (excl. France)
LVMH 2024 . S e l e c t i v e R e t a i l i n g
138 • 139
Sephora
Le Bon Marché
La Samaritaine
Sephora
The Selective Retailing business group’s growth was
driven by momentum and continued growth at
Sephora. DFS experienced mixed trends between
different regions.
Sephora achieved another remarkable year, with double-
digit growth in both revenue and profit, continuing
to gain market share. The Maison consolidated its
leadership in North America – its largest market – and
delivered an exceptional performance in France, other
European countries and the Middle East, as well as in
emerging markets such as Brazil, Mexico, Turkey and
Thailand. The United Kingdom, where Sephora began
to develop its operations in 2021, had a particularly
buoyant year in 2024, with sustained growth and five
new store openings, including an iconic store in
Birmingham. In China, the differentiation strategy
proved its relevance in a challenging environment, as
demonstrated by the successful launch of Fenty
Beauty in the spring.
While makeup remained the leading product category
in terms of revenue, growth was robust in fragrances,
buoyed by a number of innovations. Haircare and
skincare also saw strong growth. Sephora launched
its global “Clean at Sephora” and “Planet Aware at
Sephora” programs, which offer a selection of brands
based on very strict criteria in terms of product for-
mulation and environmental impact.
Growth was driven by the store network thanks to
ambitious renovations and a flurry of innovations to
further enhance the customer experience, including
new AI-powered diagnostic tools to help sales asso-
ciates make better recommendations to customers,
promotional events with partner brands and the con-
tinued rollout of the omnichannel strategy. More
than 120 directly operated stores were opened in
2024, including a number of flagship stores, most
notably in Florence, Italy. Sephora continued its suc-
cessful partnership with Kohl’s in the United States,
with major benefits for both companies. Meanwhile,
online sales accounted for nearly one-quarter of its
revenue, with specific investment in the web app.
Sephora continued to innovate to inspire its commu-
nity of 70 million loyal customers – the largest in the
beauty sector worldwide. The global rollout of the
SEPHORiA event continued.
The Maison renewed its involvement with the Rare
Beauty brand to coincide with World Mental Health
Day and published its first impact report setting out
its environmental and social commitments around the
world. Lastly, as part of LVMH’s partnership with the
Paris Olympic and Paralympic Games, 2024 was
an exceptional year for Sephora as a partner of the
Torch Relay and the official makeup partner for the
Champions Park and Club France.
DFS saw business activity remain below its 2019
pre-Covid level, with marked differences between its
various destinations. Strong growth in Japan and at US
airports was not enough to make up for declining sales
at key destinations such as Hong Kong and Macao,
affected by the impact of China’s economic slowdown
on Chinese customers’ buying behavior. DFS under-
took a series of structural initiatives to boost its com-
petitiveness, streamlining operations and reallocating
resources to the most profitable regions to secure its
long-term growth potential. Highlights of the year
included the official opening of the Lombok Airport
store in Indonesia and the launch of the Galleria pro-
ject at Yalong Bay on the island of Hainan. In Paris,
La Samaritaine was transformed into an enchanting
winter garden for the end-of-year holiday season.
Buoyed by its loyal Parisian clientele and an increasing
number of domestic and international customers,
revenue at Le Bon Marché continued to grow, driven
by the department store’s differentiation strategy, with
its exclusive, innovative concepts and continuously
renewed selection of products and services. Business
2024
Highlights
OUR MAISONS
TAKE ACTION
—
SEPHORA LAUNCHES ITS NEW
SUSTAINABILITY CERTIFICATIONS
Launched worldwide in April 2024
at the ChangeNOW sustainability expo in Paris,
Sephora has developed two new certifications
to inform its customers about product
formulation and the environmental commitments
of certain Sephora partner brands: “Clean
at Sephora” and “Planet Aware at Sephora”.
To be eligible for the second certification,
brands must meet at least 32 criteria, such
as reducing packaging, sourcing sustainable
ingredients and respecting biodiversity and
animal welfare. To date, 40 brands distributed
worldwide by Sephora meet these criteria.
LVMH 2024 . S e l e c t i v e R e t a i l i n g
140 • 141
Sephora
1
2
3
4
5
6
7
8
9
LVMH 2024 . S e l e c t i v e R e t a i l i n g
142 • 143
2025
Outlook
Sephora will continue to implement its strategy
focused on an exacting selection of brands and
products; an enhanced customer experience, both
online and in-store; closer ties with its commu-
nity of loyal customers; and ongoing employee
training and engagement initiatives, in particular
for the 40,000 customer-facing employees at
its stores. The Maison is maintaining its target of
growing its market share in existing regions while
continuing to develop its recently launched mar-
kets, in particular the United Kingdom. It will
continue to invest in digital and other technol-
ogy to offer customers the best omnichannel
experience in prestige beauty, including artificial
intelligence pilot projects promoting excellence
in the workforce and customer relations. Sephora
will also uphold its firm commitment to diversity,
equity and inclusion, which are at the heart of its
corporate purpose and its core values, with ini-
tiatives focused on both its employees and its
communities. In the absence of a strong upturn in
its market in the near term, DFS will continue to
streamline operations to drive a significant uplift
in profitability. It has been announced that the
Galleria in Venice will cease operations in 2025.
Investments will be focused on the Yalong Bay
project, expansion at flagship destinations in
Asia and the ongoing elevation of the customer
experience. Beyond its exclusive selection and
customer experience, Le Bon Marché will continue
to assert its singularity by cultivating its unique
cultural dimension, which makes the department
store a compelling destination in its own right.
In January 2025, the tenth edition of the store’s
Carte Blanche art series will feature the Le La Serpent
exhibition by Brazilian artist Ernesto Neto.
1. 3. 5. 6. Sephora
2. La Samaritaine
4. 9. Le Bon Marché
7. La Grande Épicerie de Paris
8. DFS
was spurred by a rich array of cultural events. Act 1 of
the Aux Beaux Carrés: Travaux in situ exhibition by
French artist Daniel Buren was a beginning-of-the-year
highlight, followed by Act 2 held during the Olympic
Games. Just before the summer, for the Tous Fadas
sur la Rive Gauche exhibition, Le Bon Marché and
La Grande Épicerie de Paris charted a course for
Marseille and southern France to celebrate the
historic port city’s tradition of craftsmanship and the
Provençal way of life. Starting in September, Le Bon
Marché hosted the Paris Paris exhibition, showcasing
the work of Paris-based designers; after nightfall,
the store became the stage for Entre Chiens et
Louves, an exclusive show blending theater, dance and
circus performance, which returned after a highly
successful run in 2023.
OUR MAISONS
TAKE ACTION
—
SEPHORA COMMITS
TO THE RARE IMPACT FUND
In 2024, Sephora continued its commitment
to mental health advocacy by renewing its
partnership with Selena Gomez’s beauty brand,
Rare Beauty, for the “Make A Rare Impact”
campaign – aimed to expand access to mental
health resources and education for young
people worldwide through the Rare Impact
Fund. Sephora donated over €2 million
to the Rare Impact Fund through the sale
of its products.
2024
in pictures
LE BON MARCHÉ
DANIEL BUREN EMBELLISHES
THE LEGENDARY
DEPARTMENT STORE
Daniel Buren was the ninth artist to take part in the
creative collaboration conducted every January by
Le Bon Marché Rive Gauche as a tribute to the Mois du
Blanc event initiated by the department store’s found-
ers, Aristide and Marguerite Boucicaut, in January 1872.
As part of this collaboration, Buren created Aux Beaux
Carrés: Travaux in situ, an exhibition in two acts,
inspired by the panes that make up the store’s famous
glass roof. True to his principle of working in situ (on site),
Buren’s creative process takes place within the space
where his works will ultimately be exhibited. His metic-
ulous, minimalistic approach explores the relationship
between art and space, revealing all the specific fea-
tures of the surroundings and translating them into the
artwork. Following his work at the Palais-Royal, the
Élysée Palace and the Palais d’Iéna, the French artist
transformed 24 rue de Sèvres with monumental instal-
lations under the central glass roof, on the second floor
and in its majestic display windows facing the bustling
Parisian street. As the final touch, Le Bon Marché’s
central escalator and columns were embellished with
his signature black and white stripes: an artistic tour
de force, with his pieces all coming together in an
interplay of shapes, movements, colors and light.
SEPHORA
SEPHORiA,
THE FASHION WEEK OF
THE BEAUTY WORLD
SEPHORiA, an exclusive event created by Sephora,
was initially created as the “fashion week of the
beauty world”: a way of presenting the latest trends
and newest beauty releases, as well as the expertise
of each brand and their teams, which create their
unique identities. This unmissable hands-on beauty
event brings together, under one roof and for a lim-
ited time only, leading beauty brands, the most inno-
vative products, exclusive services and immersive
experiences, all of which reflect the unique expertise
of Sephora’s teams in product curation, so the Maison
can offer customers around the globe the best the
beauty world has to offer, while still maintaining its
socially conscious approach to beauty and staying true
to its strong convictions. Welcoming several thou-
sand customers over two to three days, SEPHORiA
also demonstrates Sephora’s ability to build loyalty
and keep its communities engaged through person-
alized relationships, with an entire day dedicated to
its Gold members in Europe, and unique perks for
members of its loyalty program – the largest beauty
community in the world made up of 70 million loyal
customers. SEPHORiA was first launched in the United
States, but has since gone international, with SEPHORiA
events returning to Atlanta, Paris and Shanghai, and
taking place for the first time in Rio de Janeiro and
Dubai in 2024. SEPHORiA 2024 was a success, with
25,000 tickets sold, 231 partner brands showcasing
their latest innovations, 76 masterclasses led by the
founders of brands and other experts, as well as billions
of views from press and social media content.
146 • 147
Cheval Blanc Seychelles.
LVMH
HOSPITALITY
2024
2024
in pictures
CHEVAL BLANC
A HAVEN OF SERENITY,
WHERE THE LAND
EMBRACES THE SEA
Tucked away in the bay of Anse Intendance, on the
island of Mahé in the Seychelles, Cheval Blanc’s
sixth location has opened its doors, encapsulating the
art of exceptional living in one of the world’s most
stunning destinations. Whether perched on the hillside
or nestled along the beach, its 52 villas provide a
soothing retreat for those in pursuit of a secluded
getaway. Designed by Jean-Michel Gathy – the archi-
tect behind Cheval Blanc Randheli in the Maldives –
Cheval Blanc Seychelles epitomizes the perfect blend
of tradition and modernity. Its contemporary architec-
ture, inspired by the geometric lines of Creole houses,
unfolds in a harmonious dialogue between majestic
spaces and expansive views of nature. An immersive
artwork that flows throughout the entire resort was
designed by Joël Andrianomearisoa, a contemporary
Malagasy artist at the forefront of the global art scene.
His textile pieces – wild as untamed grass and presented
in 52 variations, one for each villa – and canvases, cre-
ated on-site in the studio of Le White restaurant, engage
in a dialogue with the raw power of the untamed natural
surroundings. For an exceptional culinary experience
to match the idyllic setting, French haute cuisine,
Japanese inspirations and Creole flavors come together
to create an unparalleled sensory journey through its
five restaurants. Amidst lush greenery, the exclusive
Cheval Blanc Spa beckons guests to ultimate relaxa-
tion with Guerlain’s bespoke rituals.
1
152 • 153
Masterfully blending
tradition and innovation,
local architecture and
timeless elegance, each
of Cheval Blanc’s stunning
locations features bold
design, contemporary
inspiration and local
craftsmanship. Since 2006,
from Paris to Saint-Tropez
and from Saint-Barthélemy
to Randheli, Cheval Blanc
has operated a range of
singular destinations, where
attention to detail finds
its utmost expression.
1. Cheval Blanc Paris, France.
2. 3. Cheval Blanc
Randheli, Maldives.
3
2
BELMOND
L’OBSERVATOIRE,
THE ULTIMATE IN LUXURY
RAIL TRAVEL
Marking the start of a new chapter in its history, the
legendary Venice Simplon-Orient-Express, A Belmond
Train, revealed its most spacious, exceptional accom-
modation yet in Venice during La Biennale dell’Arte
2024. L’Observatoire – an exclusive private sleeper
carriage designed by visionary French artist JR, which
raises the bar for craftsmanship and onboard innova-
tion – made its appearance on the Venice lagoon
aboard a barge moored in front of Hotel Cipriani. The
installation was designed as a tribute to the spectac-
ular inauguration staged by Belmond’s founder James
B. Sherwood for the train’s launch in 1982.
Later, in Paris, ahead of the Art Basel Paris art fair,
Belmond and JR hosted a red-carpet VIP dinner on the
VSOE, where attendees could explore L’Observatoire.
Redefining the contemporary luxury rail experience,
the sleeper carriage is a work of art on wheels, setting
a new milestone and legacy for the future of the indus-
try. With design inspired by astronomical observatories
and Renaissance Europe’s cabinets of curiosity, along
with unique features like a bathtub and fireplace,
L’Observatoire will be open for reservations starting
March 2025.
1
156 • 157
Founded in 1976, with the
acquisition of Hotel Cipriani
in Venice, Belmond now
operates a global portfolio
of 47 luxury properties
in 28 countries and territories,
including Hotel Splendido
in Portofino.
1. Villa Beatrice, Portofino.
2. Splendido, A Belmond
Hotel, Portofino.
2
PERFORMANCE
MEASURES
2024
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 busi-
nesses 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, including the
twice-annual Letter to Shareholders, the annual issue of
Apartés, our Club magazine, and the Annual Report.
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 members
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: €318bn as of 12/31/2024
(the largest capitalization on the Paris stock market)
Number of shares: 500,341,700 as of 12/31/2024
Member of indices: CAC 40, Dow Jones Euro Stoxx 50,
MSCI Europe, FTSE Eurotop 100, Global Dow and FTSE4Good.
Shareholder structure
(1)
(December 2024)
(1) Voting rights: Arnault family group 64.8%; Other 35.2%.
Agenda
Tuesday, January 28, 2025: 2024 full-year revenue and results
April 2025: 2025 first-quarter revenue
Thursday, April 17, 2025: Shareholders’ Meeting
Monday, April 28, 2025: Payment of the final dividend
for fiscal year 2024
July 2025: 2025 half-year revenue and results
October 2025: 2025 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
8.6%
Individuals
6.7%
French
institutional
investors
49%
Arnault
family group
0.2%
Treasury
stock
35.5%
Foreign
institutional
investors
2020
M
F
J
D
N
O
S
A
J
J
M
A
M
F
J
M A
J
O
S
A
J
D
N
D
N
O
S
J
J
M
A
M
F
J
A
M
F
J
M A
J
O
S
A
J
D
N
M
F
J
M A
J
O
S
A
J
D
N
2021
2022
2023
2024
0
2,000,000
4,000,000
1,000,000
3,000,000
5,000,000
7,000,000
6,000,000
250
350
400
450
500
550
650
750
850
300
900
600
700
800
100
200
150
LVMH 2024 . P e r f o r m a n c e m e a s u r e s
160 • 161
Stock market performance measures
(in euros)
2022
2023
2024
High (mid-session)
758.50
904.60
886.40
Low (mid-session)
535.00
655.00
565.40
Year-end share price
679.90
733.60
635.50
Year-on-year change
–6.5%
+7.9%
–13.4%
Change in the CAC 40
–9.5%
+16.5%
–2.2%
Market capitalization
at Dec. 31 (EUR bn)
342.2
368.0
318.0
Source: Euronext.
(in euros)
2022
2023
2024
Gross dividend
12.00
13.00
13.00(1)
Year-on-year change
+20%
+8%
0%
Payout ratio
43%
43%
52%
Basic Group share of net
earnings per share
28.05
30.34
25.13
(1) Proposed at the 2025 Shareholders’ Meeting.
CHANGE IN THE DIVIDEND
LVMH STOCK MARKET DATA
Trading volume (right-hand scale)
LVMH
CAC 40 rebased
COMPARISON BETWEEN THE LVMH SHARE PRICE AND THE CAC 40 INDEX SINCE JANUARY 1, 2020
(in euros)
SHAREHOLDER RETURN
An LVMH shareholder who invested €1,000 on January 1, 2020 would have a capital of €1,655
on December 31, 2024, based on reinvested dividends. This represents a 65.5% increase over
five years, equating to an average annual return of around 10.6%.
Financial performance measures
2024 REVENUE BY REGION
13%
Other
markets
28%
Asia
(excl. Japan)
9%
Japan
8%
France
17%
Europe
(excl. France)
25%
United States
STORES
(number)
2023
2024
6,097 6,307
2022
5,664
PROFIT FROM RECURRING OPERATIONS
(EUR millions)
2023
2024
22,802
19,571
2022
21,055
REVENUE
(EUR millions)
2023
2024
86,153 84,683
2022
79,184
Change 2024/2023
(EUR millions)
2024
Reported
Organic(1)
Wines & Spirits
5,862
–11%
–8%
Fashion & Leather Goods 41,060
–3%
–1%
Perfumes & Cosmetics
8,418
+2%
+4%
Watches & Jewelry
10,577
–3%
–2%
Selective Retailing
18,262
+2%
+6%
Other activities
and eliminations
504
–
–
TOTAL LVMH
84,683
–2%
+1%
(EUR millions)
2024
Change
2024/2023
Operating
margin
Wines & Spirits
1,356
–36%
23.1%
Fashion & Leather Goods 15,230
–10%
37.1%
Perfumes & Cosmetics
671
–6%
8.0%
Watches & Jewelry
1,546
–28%
14.6%
Selective Retailing
1,385
0%
7.6%
Other activities
and eliminations
(617)
–
–
TOTAL LVMH
19,571
–14%
23.1%
(1) On a constant consolidation scope and currency basis. For the Group, the impact
of changes in scope with respect to 2023 was –1% and the impact of exchange
rate fluctuations was –2%.
REVENUE BY BUSINESS GROUP
PROFIT FROM RECURRING OPERATIONS
BY BUSINESS GROUP
LVMH 2024 . P e r f o r m a n c e m e a s u r e s
162 • 163
OPERATING INVESTMENTS
(EUR millions)
2023
2024
7,478
5,531
2022
4,969
NET PROFIT, GROUP SHARE
(EUR millions)
2023
2024
15,174
12,550
2022
14,084
NET FINANCIAL DEBT
(EUR millions)
2023
2024
10,746
9,228
2022
9,201
EQUITY AND RATIO OF
NET FINANCIAL DEBT TO EQUITY
(EUR millions and %)
2023
2024
62,701
69,287
2022
56,604
SIMPLIFIED BALANCE SHEET AS OF 12/31/2024
(EUR billions and % of balance sheet total)
149
OPERATING FREE CASH FLOW
(EUR millions)
2023
2024
8,104
10,478
2022
10,113
Further information can be found in the 2024 Universal Registration Document.
16.3%
17.1%
13.3%
68%
Non-current
assets
16% Inventories
16% Other
current assets
46%
Equity
31%
Non-current
liabilities
23%
Current
liabilities
Assets
Liabilities
and equity
149
Non-financial performance measures
2024(1)
Change
2024/2019
Wines & Spirits
15,292
–66%
Fashion & Leather Goods
73,336
–61%
Perfumes & Cosmetics
13,501
–65%
Watches & Jewelry
18,263
–53%
Selective Retailing
36,732
–60%
Other activities
41,243
+4%
TOTAL
198,367
–55%
(1) CO2 emissions (Scopes 1 and 2) in 2024.
2024
Change
2024/2023(1)
Wines & Spirits
233,779
0%
Fashion & Leather Goods
577,731
+7%
Perfumes & Cosmetics
135,119
–3%
Watches & Jewelry
182,112
+16%
Selective Retailing
409,498
+3%
Other activities
220,970
–66%
TOTAL
1,759,210
–17%
(1) Change at constant scope.
2024(1)
Change
2024/2023(2)
Wines & Spirits
1,484,630
–5%
Fashion & Leather Goods
2,213,665
–17%
Perfumes & Cosmetics
231,285
–20%
Watches & Jewelry
525,453
+26%
Selective Retailing
1,212,699
–57%
Other activities
1,775,382
–7%
TOTAL
7,443,114
–9%
(1) Figures for 2024 include estimates of 29% (2,143,550 m3) for certain stores
and administrative sites.
(2) Change at constant scope.
2024
Change
2024/2023(1)
Wines & Spirits
186,971
+8%
Fashion & Leather Goods
23,606
+13%
Perfumes & Cosmetics
34,695
–3%
Watches & Jewelry
2,905
–53%
Selective Retailing
13,769
–8%
Other activities
–
–
TOTAL
261,946
+5%
(1) Change related to business activity and sustainable design initiatives.
ENERGY CONSUMPTION
BY BUSINESS GROUP (in MWh)
GREENHOUSE GAS EMISSIONS
BY BUSINESS GROUP (in metric tons of CO2 equivalent)
WEIGHT OF MATERIALS USED TO MAKE
PACKAGING, BY BUSINESS GROUP (in metric tons)
WATER CONSUMPTION
BY BUSINESS GROUP (process requirements in m3)
LVMH 2024 . P e r f o r m a n c e m e a s u r e s
164 • 165
2024(1)
%
%
women
Wines &
Spirits
8,880
4%
41%
Fashion &
Leather Goods
74,401
35%
66%
Perfumes &
Cosmetics
33,189
15%
83%
Watches &
Jewelry
28,072
13%
65%
Selective
Retailing
60,648
28%
84%
Other activities
10,447
5%
48%
TOTAL
215,637
100%
71%
(1) Total headcount on permanent, fixed-term and non-guaranteed hours
contracts, excluding apprenticeships and vocational training.
2024(1)
%
%
women
France
39,856
18%
66%
Europe
(excl. France)
48,736
23%
68%
United States
44,870
21%
76%
Japan
11,299
5%
73%
Asia (excl. Japan)
48,719
23%
75%
Other markets
22,158
10%
70%
TOTAL
215,637
100%
71%
(1) Total headcount on permanent, fixed-term and non-guaranteed hours
contracts, excluding apprenticeships and vocational training.
2024(1)
%
%
women
Executives
and managers
49,357
23%
65%
Technicians
and supervisors
17,133
8%
63%
Administrative
and sales staff
114,576
53%
78%
Production
workers
34,571
16%
62%
TOTAL
215,637
100%
71%
(1) Total headcount on permanent, fixed-term and non-guaranteed hours
contracts, excluding apprenticeships and vocational training.
Further information can be found in the 2024 Universal Registration Document.
BREAKDOWN OF THE WORKFORCE
BY REGION (as of December 31, 2024)
BREAKDOWN OF THE WORKFORCE
BY BUSINESS GROUP (as of December 31, 2024)
JOINERS BY BUSINESS GROUP
(as of December 31, 2024)
BREAKDOWN OF THE WORKFORCE
BY JOB CATEGORY (as of December 31, 2024)
2024(1)
%
%
women
Wines & Spirits
2,992
4%
40%
Fashion & Leather
Goods
14,907
19%
62%
Perfumes & Cosmetics
8,185
11%
85%
Watches & Jewelry
5,925
8%
65%
Selective Retailing
37,839
49%
87%
Other activities
6,756
9%
46%
TOTAL
76,604
100%
75%
(1) On permanent, fixed-term and non-guaranteed hours contracts,
excluding apprenticeships and vocational training.
LVMH – 22, avenue Montaigne – 75008 Paris – France
Phone: +33 (0)1 44 13 22 22 – www.lvmh.com
Photographs
Cover: Dior, Brigitte Niedermair – p. 4: AM PM Studio, Artlist – p. 6: Jamel Toppin – p. 10, 78: Dior, Adrien Dirand – p. 12, 18: Jean-François Robert
– p. 13: Chaumet, Nicolas Valois – p. 15: Jas Hennessy & Co. – p. 15, 73: Louis Vuitton Malletier, Jamie Hawkesworth – p. 15, 100:
Parfums Christian Dior, Jean-Baptiste Mondino – p. 15, 136, 141, 142: Sephora, Liz Collins – p. 15, 148: Cheval Blanc, Romain Réglade – p. 23:
Louis Vuitton Malletier, Ella Bats – p. 25: Guerlain, Éric Tourneret – p. 26: Jean-Philippe Parienté, Paris 2024 – p. 28, 29: Louis Vuitton Malletier,
Christophe Coënon – Kacper Kasprzyk – Thomas Deschamps – Nelson Rosier Coulhon – Martin Colombet – Manan Vatsyayana
– Sébastien Bozon, AFP – p. 31, 37: All rights reserved – p. 41: © 2023 Musée du Louvre, Hervé Lewandoski – p. 42: Getty Images – p. 43:
David Bordes © Rebâtir Notre-Dame de Paris – p. 44: Fondation Louis Vuitton, Martin Raphaël Martiq – LVMH, Sarah Haubel
– Fondation Louis Vuitton, Martin Argyroglo © 1998 Kate Rothko Prizel & Christopher Rothko; ADAGP, Paris, 2024 – Fondation Louis Vuitton,
Andy Warhol, Shot Sage Blue Marilyn, 1964, Acrylic and silkscreen ink on linen, 101.6 x 101.6 cm, Private collection © Félix Cornu – p. 45:
Fondation Louis Vuitton, Gehry Partners, LLP and Frank O. Gehry © Iwan Baan 2014 – p. 46, 47: Fondation Louis Vuitton – p. 49: Fondation
Louis Vuitton, Saskia Lawaks – p. 52: Jas Hennessy & Co., Alain Benoit – p. 55: Jas Hennessy & Co., Stefania Tejada – Dom Pérignon,
Harold De Puymorin – Moët & Chandon – Ruinart, Fabien Voileau – p. 56: Jas Hennessy & Co., SPOA – p. 57: Dom Pérignon Vintage 2015,
special edition © Estate of Jean-Michel Basquiat. Licensed by Artestar, New York – p. 58: Veuve Clicquot – Jas Hennessy & Co., Marvin Leuvray
– Dom Pérignon x Mathias Bengtsson © Mécanique Générale – Ardbeg – Krug – Belvedere – Minuty – Eminente – Glenmorangie – p. 59:
Moët Hennessy – p. 60, 62: Ruinart, Paul Cabrera – p. 63: Ruinart, Chloé Le Reste – Grégoire Machavoine – p. 65: Moët & Chandon – p. 66, 67:
Jas Hennessy & Co., Pol Baril – p. 69: Krug, Léo Ginailhac – p. 70: Louis Vuitton Malletier, Inez van Lamsweerde & Vinoodh Matadin – p. 73: Dior,
Sarah Jones – Loewe, Taylor Russell, Spring/Summer 2025 campaign, David Sims – Loro Piana, Mario Sorrenti – p. 74: Louis Vuitton Malletier,
Beaulieu workshop – p. 75: Louis Vuitton Malletier, Annie Leibovitz – p. 76: Louis Vuitton Malletier, Colin Dodgson – p. 76: Dior, Sarah Jones – Fendi
– Marc Jacobs – Loro Piana, Mario Sorrenti – RIMOWA, Louise & Maria Thornfeldt – Berluti, Bastian Achard – Celine – Pucci – p. 80: Dior,
Sam Copeland – p. 82-86: Louis Vuitton Malletier, Brett Meyer – p. 89: Gilles Martin Raget, America’s Cup – p. 90: Ian Roman, America’s Cup
– p. 91: Louis Vuitton Malletier, Daniel Molina – p. 93: Dior, Goose Studio – p 92, 93: Dior, Boris Shiu – p. 96, 97: Loewe, Baifern Pimchanok,
Drew Starkey, Spring/Summer 2025 pre-collection campaign, Juergen Teller – p. 99: Loro Piana, Francesco Dolfo – p. 102: Parfums Christian Dior,
Brigitte Lacombe – Guerlain, Florian Joye – Maison Francis Kurkdjian – Parfums Givenchy – p. 104: Guerlain, Fabien Sarazin – p. 105:
Parfums Christian Dior – p. 106: Parfums Christian Dior – Acqua di Parma – Parfums Givenchy – Maison Francis Kurkdjian – Guerlain – Loewe Aire,
Lauren Bamford – Fenty Beauty – Parfums Kenzo – Guerlain, Charles Helleu – p. 107: Cristal Union – p. 108: Parfums Christian Dior, Steven Klein
– p. 110: Parfums Christian Dior, Piotr Stoklosa – p. 111: Parfums Christian Dior, Romain Lenancker – p. 112: Guerlain, Jean-Baptiste Degez
– p. 113: Guerlain, Agence Lonsdale – p. 114: Paul Cupido, Yumemiru II, 2017; Pigment print on Japanese Kozo paper; 20 x 30 cm (31 x 41 cm,
framed under glass) © Paul Cupido – p. 115: Harald Gottschalk, Arbres II, 2005; Silver print on gold leaf, 40 × 40 cm (50 × 50 cm, framed
under glass), single print – p. 116, 119, 120, 121, 122, 124, 126, 127: Tiffany & Co. – p. 119, 122, 123, 129, 130, 131: Bvlgari – p. 119: Chaumet, Nicolas Valois
– TAG Heuer – p. 122: TAG Heuer – Fred – Repossi – Zenith – Hublot, Norman Wong – Chaumet, Julien Vallon – p. 132, 133: TAG Heuer – p. 135:
L’Épée 1839 x Louis Vuitton Malletier, Ulysse Frechelin – p. 139: Sephora, Zoe Martin – La Samaritaine Paris Pont-Neuf, Jared Chulski
– Le Bon Marché Rive Gauche – Sephora, Michel Caumes – p. 140, 142, 143: Sephora – p. 142: La Samaritaine Paris Pont-Neuf – Le Bon Marché
Rive Gauche – Sephora, Aurélien Vinckel – DFS, Yalong Bay – p. 144: Souvenir photograph: Daniel Buren, Quinconces: 756 Carrés suspendus,
work created on-site, transparent pink vinyl on clear polycarbonate. Le Bon Marché Rive Gauche, Paris, 2024. Detail © Rights managed
by ADAGP Paris. © Stéphane Aboudaram l WE ARE CONTENT(S) – p. 150, 152, 153: Cheval Blanc, Oliver Fly Photography, Anais Boileau,
Stefano Candito – p. 155, 156, 157: Belmond – 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.
Design and production:
Other Group
publications
All the Group’s publications can be found
on LVMH’s website, www.lvmh.com,
including the Social and Environmental
Responsibility Report and the Universal
Registration Document.
lvmh.com