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2000 Annual Report 00LVMH MEP_RA_2000_GB 23/05/01 15:20 Page 1 2000 ANNUAL REPORT PASSIONATE ABOUT CREATIVITY 00LVMH MEP_RA_2000_GB 23/05/01 15:20 Page 2 LVMH: the world’s leading luxury goods company, with an unparalleled portfolio of 50 prestigious brands. Champagne: number 1 worldwide Cognac: number 1 worldwide Fashion and Leather Goods: number 1 worldwide Perfumes and Cosmetics: number 1 in France number 3 worldwide Selective Retailing: number 1 worldwide Watches and Jewelry: number 3 worldwide The world’s leading retail network, with 1,286 stores worldwide, all brands included. 2 Management’s message Financial information 4 Consolidated highlights 9 Highlights 75 Main consolidated highlights 12 Passionate about creativity 76 Consolidated balance sheet 14 Innovation: an essential priority 79 Consolidated statement of income 16 Commitment to total quality 80 Activity review 18 Human resources 82 Consolidated statement 20 A clear civic commitment of cash flows 22 The LVMH share 84 Consolidated statement 24 Shareholder relations of changes in stockholders’equity 25 Corporate governance 27 Board of Directors and general management Review of operations 28 Wines & Spirits 40 Fashion & Leather Goods 50 Perfumes & Cosmetics 56 Selective Retailing 62 Watches & Jewelry 70 Other businesses 00LVMH MEP_RA_2000_GB 23/05/01 15:20 Page 3 A coherent universe of men and women passionate about their business and motivated by entrepreneurship and the desire to innovate. An unrivaled group of powerfully evocative brands and famous names that are synonymous with the history of luxury. A natural alliance between businesses close to the artistic world where creativity, virtuosity and quality are of overriding importance. A remarkable economic success: nearly 48,000 people worldwide, the largest luxury goods sales volume, a key force in selective retailing. A unique blend of global vision and dedication to serving the needs of every client. The successful union of cultures that value traditional craftsmanship and elegance, with the most advanced techniques in marketing, industrial organization and management. An unprecedented cocktail of talent, audacity and thoroughness in the quest for excellence. A company unique in its class. Our philosophy is summarized in two words: creative passion. 00LVMH MEP_RA_2000_GB 23/05/01 15:20 Page 4 S OWING THE SEEDS OF FUTURE Bernard Arnault Myron Ullman III Chairman and CEO Group Managing Director 2000 was a record year for LVMH. Major developments with- Selective retailing is a vital part of our business and the LVMH in the Group and excellent results demonstrated the success group will soon have 1,300 stores throughout the world for all and resilience of our strategy. They enabled us to extend our of its brands: this distribution network is an invaluable strate- leadership in the luxury goods market and strengthened the gic asset. As an example, Louis Vuitton currently has 284 foundations for continued growth in the future. stores, of which 26 are global stores and DFS’s Galleria stores With the market becoming broader and provide an innovative and successful more diversified, the sector offers us POSITIONED AS THE UNDISPUTED LEADER travel retail concept and an important remarkable opportunities for further OF THE LUXURY MARKET, LVMH IS UNIQUELY platform for Group brands. growth. Active in the most dynamic ABLE TO FULFILL ITS EXCEPTIONAL POTENTIAL We have also devoted resources for the THROUGH ITS CORE COMPETENCIES. areas of the luxury market and posi- international expansion of Sephora. tioned as its undisputed leader, LVMH LVMH GROUP WILL SOON HAVE Thanks to these investments, Sephora is is uniquely able to fulfill its exceptional 1,300 STORES THROUGHOUT THE WORLD FOR now established as a leader in its principal ALL OF ITS BRANDS. potential through its core competencies. markets. In the United States, which Our investment strategy is to focus on accounts for a third of the global fra- those areas likely to be the most significant sources for global grance and cosmetics market, the Sephora stores are proving to growth. be an effective vehicle for selective brand growth. Innovation, distribution: Building on expertise, moving into growing from within new territory Our priority continues to be developing our existing brands. Future growth will stem from our internal strengths combined Innovation is the key to this goal, with new products account- with the fruits of a selective acquisition policy targeting high- ing for 15% of turnover at Louis Vuitton and 20% of turnover quality, developing brands which can benefit from strengths for the Perfumes & Cosmetics business group. The success of within the Group. The majority of these acquisitions streng- new products at Vuitton has also encouraged us to increase our then our existing businesses: Krug, Chateau d’Yquem and more production capacity so that we can meet surging demand. Sales recently, the exceptional Newton and MountAdam vineyards, for J’Adore introduced by Christian Dior reached an all time Fendi and Pucci, Gabrielle Studio, owner of Donna Karan record, and Flower by Kenzo, launched in September 2000, brands, Miami Cruiseline, affording access to the cruise indus- outperformed all expectations and promises to become a glob- try clientele, cosmetic brands in the US. Others have enabled al success. Hennessy is on an upward trend, with both the us to enter new and particularly dynamic areas of the luxury contemporary Pure White and Hennessy Classique making market: we established a Watches and Jewelry business group good progress in Europe and Japan. And there are many other and created a joint venture with the De Beers diamond group, examples of our product innovation success. to develop a top range, branded diamond business. 2LVMH 2000 Annual report management’s message 00LVMH MEP_RA_2000_GB 23/05/01 15:20 Page 5 GROWTH FROM LEADERSHIP STRENGTH 2001 and beyond: confidence in the teams structure and production. We are also implementing a number at LVMH of synergies in purchasing, research and development, thereby increasing the competitive edge of our brands and enhancing With the prospects of the dollar and yen becoming weaker the profitability of each of the business groups. against the euro and slower growth in America, the economic backdrop of 2001 is likely to be more uncertain. But we are We are confident that benefits will flow from our recent acquisi- prepared and will move into this period tions. Our American cosmetic start-ups are with cautious optimism. We are confident rapidly growing and already making a sig- A SELECTIVE ACQUISITION POLICY TARGETING that 2001 will be another year of growth. HIGH-QUALITY, DEVELOPING BRANDS nificant contribution to profits for Perfumes WHICH CAN BENEFIT FROM STRENGTHS & Cosmetics. In fashion, we have enabled On a technical level, our targeted hedging WITHIN THE GROUP. Fendi and Pucci to strengthen their creative of currencies will help offset the impact of IN 2001, WE WILL CONCENTRATE teams and distribution. With the expertise the potential weakening of the dollar and ON OUR KEY SOURCES OF INTERNAL of DFS and strong client purchasing power, yen. Our financial policy is prudent, with GROWTH: LAUNCHING NEW PRODUCTS, we also expect to see excellent growth from a commitment to cash flow growth. Lower TARGETED OPENING OF NEW STORES. the successfully integrated Miami Crui- OUR BUSINESS GROUPS WILL CONTINUE interest rates should also work in our favor. TO INCREASE THEIR PROFITABILITY. seline. 2000 has seen the formation of a BENEFITS WILL ALSO FLOW FROM OUR strong structural framework in the Watches We have great confidence in the inner RECENT ACQUISITIONS. and Jewelry business group and the gener- resources of LVMH, and believe we are ation of operating synergies, including less susceptible to economic cycles than most of our competi- 15 common distribution subsidiaries set up in major markets. tors thanks to the breadth of our portfolio of brands and the geographic balance of our sales. Well positioned for 2001, as leaders in the luxury industry we also need to plan for the long-term. Our extremely talented First and foremost we will concentrate on our key sources of teams are our greatest asset, motivated by a really inspiring goal: internal growth: launching new products and extending our to further the lead LVMH has on its competitors in all of its existing ranges, targeted opening of new stores and making markets. Thanks to the people at LVMH, we will achieve the inroads into new markets. Our business groups will continue ambitious target we have set ourselves for the future - to double to increase their profitability and will invest wisely in infra- the size of the Group in five years. Bernard Arnault Myron Ullman III Chairman and CEO Group Managing Director LVMH 2000 Annual report management’s message3 00LVMH MEP_RA_2000_GB 23/05/01 15:20 Page 6 C ONSOLIDATED HIGHLIGHTS Net sales Income from operations EUR million EUR million Operating margin In 2000, net sales grew 35% to total EUR 11.6 billion. Sales were up in all business groups and geographic regions. Growth would have been 22% (in %) 11,581 1,959 with comparable consolidation scope and 23% with constant exchange rates. 1,547 8,547 6,936 1,184 Income from operations was up 27% due to strong performances in 17% 18% 17% Fashion and Leather Goods and Perfumes and Cosmetics. Growth in Wines and Spirits was slower due to the post millennium effect, and results for Selective Retailing remained stable from the previous year. 1998 1999 2000 1998 1999 2000 Net income before
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