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Christian Dior Why Would Bernard Arnault Invest
A work project, presented as part of the requirements for the Award of a Master Degree in International Finance from the NOVA – School of Business and Economics CHRISTIAN DIOR WHY WOULD BERNARD ARNAULT INVEST BILLIONS ON A NAME HE ALREADY HOLDS? CAROLINA MARQUES BARREIROS – 4134 / 24015 A Project carried out on the Master in Finance Program, under the supervision of: Paulo Pinho January 2019 Tuesday, April 25th 2017i. Bernard Arnault decided to go shopping. On the menu, a double operation that aims to simplify the ties that unite the group LVMH (Moët Hennessy Louis Vuitton), Christian Dior and its owner Bernard Arnault. The first transaction consists of an offer worth about €12.1 billion from the holding company controlled by Arnault Family Group to take over of the remaining 25.9% stake Christian Dior. The second one on the strengthening of LVMH group through the acquisition of the Christian Dior Couture for €6.5 billionii. However, a question remains: why would Bernard Arnault invest billions on a name he already holds? LVMH “The LVMH group is the world’s leading luxury goods company, the result of successive alliances among companies that, from generation to generation, have successfully combined traditions of excellence and creative passion with a cosmopolitan flair and a spirit of conquest.” - LVMH websiteiii Born out of the merger of Louis Vuitton and the Moët Hennessy group in 1987, the LVMH group led by Bernard Arnault is the world’s largest luxury conglomerate in terms of turnover (Exhibit 1). In 2016, the consolidated revenue of LVMH group was €37.6 billioniv, 5% more than in 2015 (Exhibit 2). -
Central Park the Upper East Side
Hunter College High School The Jewish Museum Pascalou Sarabeth’s DINING & HOTELS Nightingale-Bamford School jacqueline kennedy onassis reservoir Yura on Madison The Dalton School RETAIL & SPECIALTY SHOPS Convent of the Sacred Heart First Program The Spence School Cooper-Hewitt, Smithsonian Design Museum SCHOOLS MUSEUMS & INSTITUTIONS National Academy Museum National Academy School of Fine Art SALONS Solomon R. Guggenheim Museum Saint David’s School ART GALLERIES The Dalton School museum mile 86th Neue Gallerie Morgenthal Frederics Theory Park Avenue Christian Church Day School the great lawn Lululemon Athletica Ramaz James Perse School Regis High School Grazie madison ave The Metropolitan Museum of Art Warren Tricomi Salon . fifth ave Marymount School delacourt theater Tambaran Gallery William Greenberg Desserts . American Museum of Natural History Loyola School & Hayden Planetarium turtle pond Crawford Doyle Booksellers belvedere castle Aesop PS 6 E.A.T. Adam Williams Fine Art New York Rudolf Steiner School Barbour . park ave Historical Society l’Occitane Skarstedt Gallery 79th Acquavella Gallery Gallery Mourlot Serafina All Souls School Almine Rech Gallery Lilly Pulitzer La Maison du Chocolat Alain Mikli Saint James Clothing Boutique Lady M Cake Boutique Sant Ambroeus Missoni central park The Mark Hotel Castelli Gallery Vera Wang Bride Allen Stevenson Gagosian Gallery Bemelmans Bar School the lake Vince The Carlyle Hotel Juice Press Cafe Boulud & Bar Pleiades loeb boathouse The Surrey Hotel Safani Gallery John Freida Salon Lenox Hill Hospital Christian Louboutin Carolina Herrera Diptyque Kilian strawberry fields French Consulate Apple The Met Breuer The Hewitt School David Webb bethesda fountain . Caravaggio Nancy Wiener Gallery Marché Madison Maison du Vin . -
Group Presentation January 2021 Group Presentation / January 2021 2021.01.27 — 2
GROUP PRESENTATION / JANUARY 2021 2021.01.27 — 1 GROUP PRESENTATION JANUARY 2021 GROUP PRESENTATION / JANUARY 2021 2021.01.27 — 2 1 ABOUT LVMH 2 COMMITMENTS 3 KEY FIGURES 4 GOVERNANCE GROUP PRESENTATION / JANUARY 2021 2021.01.27 — 3 ABOUT LVMH GROUP PRESENTATION / JANUARY 2021 2021.01.27 — 4 Foreword A FAMILY-RUN Group, LVMH is led by BERNARD ARNAULT since 1987. LVMH strives to ensure the long-term development of each of its 70 HOUSES in keeping with their IDENTITY, their HERITAGE and their EXPERTISE. The LVMH group is the ONLY GROUP present in all FIVE MAJOR SECTORS of the luxury market: Wines & Spirits, Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewelry and Selective Retailing. GROUP PRESENTATION / JANUARY 2021 2021.01.27 — 5 In 2020, LVMH represents: €44.7 163,000 5,003 Billion in revenue Employees Stores GROUP PRESENTATION / JANUARY 2021 2021.01.27 — 6 The LVMH spirit LVMH has successfully preserved a FAMILY SPIRIT that places priority on a LONG-TERM VISION. The Group’s vocation is to ensure the DEVELOPMENT of each of its Houses while respecting their IDENTITIES and their autonomy, providing the RESOURCES needed to create, produce and market their products and services through carefully selected channels. These creations make our Houses AMBASSADORS OF A DISTINCTIVELY REFINED « ART DE VIVRE ». GROUP PRESENTATION / JANUARY 2021 2021.01.27 — 7 The THREE FUNDAMENTAL VALUES articulated by Bernard Arnault are shared by every member of LVMH. Those three imperatives constitute the pillars of our PERFORMANCE and LONG-TERM SUCCESS. BE CREATIVE DELIVER CULTIVATE & innovative excellence an entrepreneurial spirit Creativity and innovation are part of our DNA. -
Press Release 2021 LVMH Prize for Young Fashion Designers: 8Th Edition Call for Applications
Press release 2021 LVMH Prize For Young Fashion Designers: 8th edition Call for applications Paris, 11th January 2021 The applications for the 8th edition of the LVMH Prize will open starting Monday 11th January 2021. They must be submitted exclusively on the Prize website: www.lvmhprize.com. Applications will close on Sunday 28th February 2021. It should be noted that, as a result of the health crisis that has imposed certain restrictions, the semi-final will this year, as an exception, take the form of a digital forum, to be held from Tuesday 6th April until Sunday 11th April 2021. This forum will enable each of our international Experts to discover and select on line the competing designers. Driven by a “passion for creativity”, LVMH launched the Prize in 2013. This patronage embodies the commitment of the Group and its Houses in favour of young designers. It is open to designers under 40 who have produced at least two collections of womenswear or menswear, or two genderless collections. Moreover, the Prize is international. It is open to designers from all over the world. The winner of the LVMH Prize for Young Fashion Designers enjoys a tailored mentorship and receives a 300,000-euro endowment. The LVMH teams mentor the winners in many fields, such as sustainable development, communication, copyright and corporate legal aspects, as well as marketing and the financial management of a brand. The winner of the Karl Lagerfeld / Special Jury Prize receives a 150,000-euro allocation and also enjoys a one-year mentorship. Furthermore, on the occasion of each edition, the Prize distinguishes three young fashion school graduates. -
2020 ANNUAL REPORT Passionate About Creativity
2020 ANNUAL REPORT Passionate about creativity Passionate about creativity THE LVMH SPIRIT Louis Vuitton and Moët Hennessy merged in 1987, creating the LVMH Group. From the outset, Bernard Arnault gave the Group a clear vision: to become the world leader in luxury, with a philosophy summed up in its motto, “Passionate about creativity”. Today, the LVMH Group comprises 75 exceptional Maisons, each of which creates products that embody unique craftsmanship, carefully preserved heritage and resolute modernity. Through their creations, the Maisons are the ambassadors of a refined, contemporary art de vivre. LVMH nurtures a family spirit underpinned by an unwavering long-term corporate vision. The Group’s vocation is to ensure the development of each of its Maisons while respecting their identity and their autonomy, by providing all the resources they need to design, produce and distribute their creations through carefully selected channels. Our Group and Maisons put heart and soul into everything they do. Our core identity is based on the fundamental values that run through our entire Group and are shared by all of us. These values drive our Maisons’ performance and ensure their longevity, while keeping them attuned to the spirit of the times and connected to society. Since its inception, the Group has made sustainable development one of its strategic priorities. Today, this policy provides a powerful response to the issues of corporate ethical responsibility in general, as well as the role a group like LVMH should play within French society and internationally. Our philosophy: Passionate about creativity THE VALUES OF A DEEPLY COMMITTED GROUP Being creative and innovative Creativity and innovation are part of LVMH’s DNA; throughout the years, they have been the keys to our Maisons’ success and the basis of their solid reputations. -
LVMH Files Countersuit Against Tiffany the Conditions to Close the Acquisition Are Not Met
LVMH files countersuit against Tiffany The conditions to close the acquisition are not met September 29th, 2020 LVMH filed yesterday its countersuit against Tiffany in Delaware Chancery Court. LVMH continues to have full confidence in its position that the conditions necessary to close the acquisition of Tiffany have not been met and that the spurious arguments put forward by Tiffany are completely unfounded. LVMH’s filing details the Company’s position on these matters and, among other things, outlines: • A Material Adverse Effect has occurred. The notable absence of a pandemic carveout in the definition of a Material Adverse Effect in the Tiffany Merger Agreement is clear. It was common before COVID-19 for transactions to contain a pandemic carveout. In the course of the negotiation, Tiffany sought and received carveouts for highly specific events, such as “cyberattacks”, the “Yellow Vest” movement and the “Hong-Kong Protests”. Yet Tiffany did not obtain a carveout for public health crises or pandemics. In contrast, hundreds of other merger agreements executed in the decade preceding the Merger Agreement contained express pandemic or epidemic carveouts. The pandemic, whose effects are devastating and lasting on Tiffany, has irrefutably caused a Material Adverse Effect. This clause alone would be enough to prevent the closing, but there are other arguments included below that reinforce LVMH’s position. • Tiffany breached its covenants to operate in the Ordinary Course of Business and to preserve its business organizations substantially intact. Tiffany’s mismanagement of its business constitutes a blatant breach of its obligation to operate in the ordinary course. For instance, Tiffany paid the highest possible dividends while the company was burning cash and reporting losses. -
LVMH 2017 Annual Report
2017 ANNUAL REPORT Passionate about creativity Passionate about creativity W H O W E A R E A creative universe of men and women passionate about their profession and driven by the desire to innovate and achieve. A globally unrivalled group of powerfully evocative brands and great names that are synonymous with the history of luxury. A natural alliance between art and craftsmanship, dominated by creativity, virtuosity and quality. A remarkable economic success story with more than 145,000 employees worldwide and global leadership in the manufacture and distribution of luxury goods. A global vision dedicated to serving the needs of every customer. The successful marriage of cultures grounded in tradition and elegance with the most advanced product presentation, industrial organization and management techniques. A singular mix of talent, daring and thoroughness in the quest for excellence. A unique enterprise that stands out in its sector. Our philosophy: passionate about creativity LVMH VALUES INNOVATION AND CREATIVITY Because our future success will come from the desire that our new products elicit while respecting the roots of our Maisons. EXCELLENCE OF PRODUCTS AND SERVICE Because we embody what is most noble and quality-endowed in the artisan world. ENTREPRENEURSHIP Because this is the key to our ability to react and our motivation to manage our businesses as startups. 2 • 3 Selecting leather at Berluti. THE LVMH GROUP 06 Chairman’s message 12 Responsible initiatives in 2017 16 Interview with the Group Managing Director 18 Governance and Organization 20 Our Maisons and business groups 22 Performance and responsibility 24 Key fi gures and strategy 26 Talent 32 Environment 38 Responsible partnerships 40 Corporate sponsorship BUSINESS GROUP INSIGHTS 46 Wines & Spirits 56 Fashion & Leather Goods 66 Perfumes & Cosmetics 76 Watches & Jewelry 86 Selective Retailing 96 LVMH STORIES PERFORMANCE MEASURES 130 Stock market performance measures 132 Financial performance measures 134 Non-fi nancial performance measures 4 • 5 LVMH 2017 . -
LVMH COP 2017 Global Compact B
United Nations Global Compact Communication On Progress 2017 About main facts and best practices for the year 2016-17 201 6-17 see more particularly informations linked to the pictogram : The other informations (policies, processes,…) are always available and pursued by LVMH. - 2 / 121 - Summary Statement from the CEO 3 Implementing the Ten Principles into Strategies & Operations : Criterion 1 : The COP describes mainstreaming into corporate functions and business units 6 Criterion 2 : The COP describes value chain implementation 10 Robust Human Rights Management Policies & Procedures : Criterion 3 : The COP describes robust commitments, strategies or policies in the area of human rights 30 Criterion 4 : The COP describes effective management systems to integrate the human rights principles 33 Criterion 5 : The COP describes effective monitoring and evaluation mechanisms of human rights 42 integration Robust Labour Management Policies & Procedures : Criterion 6 : The COP describes robust commitments, strategies or policies in the area of labour 44 Criterion 7 : The COP describes effective management systems to integrate the labour principles 46 Criterion 8 : The COP describes effective monitoring and evaluation mechanisms of labour principles 54 integration Robust Environmental Management Policies & Procedures : Criterion 9 : The COP describes robust commitments, strategies or policies in the area of environmental 59 stewardship Criterion 10 : The COP describes effective management systems to integrate the environmental 71 principles -
Deloitte Global Powers of Luxury Goods 2018
Global Powers of Luxury Goods 2018 Shaping the future of the luxury industry Contents Foreword 3 Top 100 quick statistics 4 Shaping the future of the luxury industry 5 Global Economic Outlook 9 Top 100 highlights 13 Global Powers of Luxury Goods Top 100 15 Top 10 highlights 23 Fastest 20 27 Product sector analysis 29 Geographic analysis 37 Newcomers 45 Study methodology and data sources 47 Endnotes 50 Contacts 51 Luxury goods in this report focuses on luxury for personal use, and is the aggregation of designer clothing and footwear (ready-to-wear), luxury bags and accessories (including eyewear), luxury jewellery and watches and premium cosmetics and fragrances. Foreword Welcome to the fifthGlobal Powers of Luxury Goods. The report examines and lists the 100 largest luxury goods companies globally, based on the consolidated sales of luxury goods in FY2016 (which we define as financial years ending within the 12 months to 30 June 2017). It also discusses the key trends shaping the luxury market and provides a global economic outlook. The world’s 100 largest luxury goods companies generated personal luxury goods sales of US$217 billion in FY2016. At constant currency, the growth rate was 1 per cent, 5.8 percentage points lower than the 6.8 per cent currency-adjusted growth achieved by these companies in the previous year. The average luxury goods annual sales for a Top 100 company is now US$2.2 billion. The luxury market has bounced back from economic uncertainty and geopolitical crises, edging closer to annual sales of US $1 trillion at the end of 2017. -
“Rapport Financier Annuel” Fiscal Year Ended December 31, 2017
Translation of the French “Rapport financier annuel” Fiscal year ended December 31, 2017 2017 Annual Financial Report This document is a free translation into English of the original French “Rapport financier annuel”, hereafter referred to as the “Annual Financial Report”. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. Executive Body and Statutory Auditors as of December 31, 2017 BOARD STATUTORY OF DIRECTORS AUDITORS Florian OLLIVIER (a) ERNST & YOUNG et Autres Chairman and Chief Executive Officer represented by Jeanne Boillet Nicolas BAZIRE MAZARS Group Managing Director represented by Simon Beillevaire Representative of Groupe Arnault SEDCS Pierre DE ANDREA Representative of Montaigne Finance SAS Pierre DEHEN Representative of GA Placements SA Lord POWELL of BAYSWATER (a) (a) Renewal proposed at the Shareholders’ Meeting of May 30, 2018. 2 2017 Annual Financial Report Contents Management Report of the Board of Directors 5 FINANCIÈRE AGACHE GROUP 1. Business review and comments on the consolidated financial statements of the Financière Agache group 6 2. Financial policy 21 3. Operating investments 22 4. Main locations and properties 23 5. Subsequent events 25 6. Recent developments and prospects 25 MANAGEMENT OF NON- FINANCIAL AND FINANCIAL RISKS 1. Group ethics and Codes of Conduct 28 2. Risk identification 32 3. Assessment and control procedures in place 38 4. Lines of defense 46 FINANCIÈRE AGACHE SA 1. Key event during the fiscal year 52 2. Results of Financière Agache SA 52 3. Information regarding the Company’s share capital 53 4. -
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POLICE DEPARTMENT P Clementine • Byron Williams Salon • I.M. Chait Gallery • Jonathan & George Salon • 4 Slimmons Studio • POLICE DEPARTMENT P Clementine • Byron Williams Salon • W. 3RD STREET I.M. Chait Gallery • BUS LOADING & PARKING 4 Jonathan & George Salon • (SEE ALTERNATE LOCATION FOR SUNDAYS) Slimmons Studio • 3 N. CITY HALL REXFORD DR. W. 3RD STREET PUBLIC LIBRARY CIVIC CENTER DR. BUS LOADING & PARKING FO (SEE ALTERNATE LOCATION FOR SUNDAYS) OT 3 N. REXFORD DR. HILL RD CITY HALL PUBLIC LIBRARY CIVIC CENTER DR. FO OT TOUR BUS LOADING . (SUNDAYS ONLY) HILL RD N. COURTHOUSE CRESCENT DR. 2 FIRE DEPARTMENT ★ L’Ermitage TOUR BUS LOADING . (SUNDAYS ONLY) WALLIS ANNENBERG Beverly Hills Business inside: CENTER FOR THE N. COURTHOUSE • Livello CRESCENT DR. PERFORMING ARTS 2 FIRE DEPARTMENT ★ L’Ermitage BURTON WAY BURTON WAY WALLIS ANNENBERG Beverly Hills CENTER FOR THE Business inside: P PERFORMING ARTS • Livello V BURTON WAY BURTON WAY Harajukuidal Crepe Sassoon • • BURTON WAY BURTON WAY • ★ • P • P Vertigo • N. Organic Spa Chi Nail Bar Il Cielo Meskita Pussy & P P . HarajukuV Crepe • ortofino BH CAÑON DR. alerie idal Sassoon • Buffalo’s Express VD V BURTON WAY BURTON WAY Gem • • Lili Hair Salon • • ★ • Beverly Hills P • • Organic Spa Chi Nail Bar Cedars-Sinai Medical Center • • Tramezzino Vertigo • N. Heritage Il Il Cielo Meskita Pussy & P ★ Mountain • ooc ★ P • ortofino BH . CAÑON DR. Chroma • Buffalo’s Express alerie Naturally Lindy Skin • Beverly Hills VD V Fatburger* • ★ h • Lili Hair Salon • Chamber • N. Gem • 9021Pho * A MONICA BL Beverly Hills • • Beverly Hills ConferencWines* Design • Cedars-Sinai Medical Center • ★ & Hiroshi Hair • Yoshi Hair Studio • Tramezzino Care Products • ALPINE DR. -
Fashion. Beauty. Business. the Latest Round of Fashion Weeks in New York
Fashion. Beauty. Business. March 13, 2019 Patterns of Fall The latest round of fashion weeks in New York, London, Milan and Paris has come to a close, and naturally there were plenty of trends for fall 2019, from silhouettes to accessories to colors. WWD has isolated 14 of them — including that of New Heritage, as seen on the runway of Chanel — all ideal for consumers to refresh their wardrobes for what retailers raved was a strong season filled with dressier, chicer styles. photograph By Aitor rosás suñé 3.12 FGI.indd 1 3/11/19 7:53 PM 2 march 13, 2019 Balenciaga Valentino max mara The Trends From the big and the bold to the sophisticated and smart, the fall runways pulsed with energy and excitement. by Emily mErcEr, AndrEw ShAng, luiS cAmpuzAno, ThomAS wAllEr and AlEx BAdiA carolina herrera off-White JW anderson iannoni g iovanni iovanni g saint laurent daVid Koma Bold Colors hotographs by by hotographs p 3.12 FGI.indd 2 3/11/19 7:25 PM march 13, 2019 3 alexander Wang haider acKermann marine serre louis Vuitton Punk r evival iannoni g iovanni iovanni g ll others by by ll others a odin Banica; r 13 by 13 by r noda; o asato asato m christian dior Prada alexander mcqueen r13 Wang photograph by by photograph Wang 3.12 FGI.indd 3 3/11/19 7:25 PM 4 march 13, 2019 BurBerry oscar de la renta Koché michael Kors loeWe Feathers dion lee erdem mary Katrantzou iannoni g iovanni iovanni g ll others by by ll others a odin Banica; r Lee photograph by by photograph Lee 3.12 FGI.indd 4 3/11/19 7:25 PM march 13, 2019 5 altuzarra lanVin celine oliVier