DOCSLIB.ORG

Document De Référence 1999 LVMH

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Document De Référence 1999 LVMH LVMH/99 exe 18/04/2000 11/05/00 15:11 Page Ca CRÉATIVE LA PASSION RAPPORT ANNUEL 1999 LVMH/99 exe 18/04/2000 11/05/00 15:11 Page Cb 2 Message des dirigeants 6 Les métiers du Groupe 8 Chiffres clés 12 Faits marquants 14 Gouvernement d’entreprise 16 Organes de Direction et de Contrôle 17 Relations avec les actionnaires 18 LVMH en Bourse 20 Bâtir des marques mondiales 22 Préparer le futur 26 Ressources humaines Evolution des groupes d’activités : 28 Vins & Spiritueux 40 Mode & Maroquinerie 48 Parfums & Cosmétiques 56 Montres & Joaillerie 60 Distribution sélective 67 Autres activités 68 Principaux chiffres consolidés 70 Rapport du Conseil d’Administration sur la gestion du Groupe 75 Comptes 1999 LVMH/99 exe 18/04/2000 11/05/00 15:11 Page 1 Un univers cohérent d’hommes et de femmes passionnés par leur métier, animés du désir d’innover et d’entreprendre. Un ensemble unique de marques au fort pouvoir d’évocation et de grands noms emblématiques de l’histoire du luxe. Une alliance naturelle entre des métiers proches de l’art, où dominent la création, la virtuosité, la qualité. Une remarquable réussite économique : près de 40 000 collaborateurs dans le monde, le premier volume d’affaires dans le secteur des produits de luxe, le premier rang mondial du champagne et du cognac, le troisième des parfums et cosmétiques haut de gamme, une position de leader dans la distribution sélective. Une vision mondiale qui n’exclut jamais une approche attentive de chaque clientèle. Le mariage réussi de cultures tournées vers la tradition et l’élégance avec les techniques les plus avancées de marketing, d’organisation industrielle et de management. Un cocktail singulier de talent, d’audace et de rigueur dans la recherche de l’excellence. Une entreprise unique en son genre. Deux mots résument notre philosophie : passion créative. LVMH/99 exe 18/04/2000 11/05/00 15:11 Page 2 CROISSANCE RECORD ET REMARQUABLES PERSPECTIVES l y a un an de cela, nous commen- Tout au long de I cions à sentir les effets de l’accélé- l’année 1999, ration de la croissance. Confiants dans la notre croissance force du Groupe et dans le travail entre- pris pour établir les bases d’un développe- s’est accélérée et ment solide et profitable, nous anticipions LVMH a encore amélioré une augmentation rapide de nos activités. sa rentabilité Cette évolution s’est manifestée dans au cours de l’exercice. tous nos métiers et sur tous nos marchés, au-delà même de nos prévisions initiales. Tout au long de l’année 1999, notre crois- sance s’est accélérée. LVMH a atteint un Bernard Arnault Président record de ventes en décembre et a encore amélioré sa rentabilité au cours de l’exer- cice. Conformément à Les performances réalisées ont été saluées en Bourse, valorisant fortement notre objectif, l’investissement de nos actionnaires : LVMH progresse LVMH a l’une des meilleures performances plus vite que du CAC 40 en 1999. ses concurrents. UNE STRATÉGIE FONDÉE SUR UNE FORTE CROISSANCE INTERNE Myron Ullman L’innovation, Directeur Général La stratégie mise en œuvre, privilégiant la croissance interne, prouve son efficacité : le développement conformément à notre objectif, nous pro- de nos réseaux de gressons plus vite que nos concurrents. distribution et les Les gains de productivité réalisés dans nos différents métiers amé- investissements liorent notre compétitivité et les efforts de maîtrise des coûts permet- tent d’investir plus fortement dans les éléments moteurs de nos affaires, consacrés à la tout en préservant un haut niveau de rentabilité. communication L’innovation est le premier axe stratégique : les produits lancés sont nos principaux depuis deux ans ont représenté plus de 29 % du chiffre d’affaires des vecteurs de croissance. 2 LVMH - RAPPORT ANNUEL 1999 LVMH/99 exe 18/04/2000 11/05/00 15:11 Page 3 Parfums et Cosmétiques en 1999 ; la part des produits nouveaux est Nous continuons proche de 15 % dans le secteur de la Maroquinerie ; elle a plus que dou- à mettre en place blé en deux ans dans les Vins et Spiritueux. des relais de croissance Le développement de nos réseaux de distribution est aussi un impor- à moyen terme. tant vecteur de croissance : en 1999, nous avons renforcé la distribution des Vins et Spiritueux et nous avons ouvert, hors acquisitions réalisées par Sephora en Italie, 129 nouveaux magasins à travers le monde. Les efforts consentis pour la communication de nos marques et la pro- motion de nos produits contribuent aussi à l’accroissement de nos parts de marché : nous leur avons consacré près de 12 % du chiffre d’affaires réalisé en 1999. L’extension de la couverture géographique du Groupe, et notamment le renforcement sur ses marchés stratégiques, se poursuit résolument. Les Face à de nombreuses Etats-Unis font l’objet d’efforts particuliers : nos marques y bénéficient opportunités, nous d’un fort potentiel et doivent y développer leur présence. Nous avons sommes très sélectifs pour objectif de réaliser un tiers des ventes du Groupe sur ce marché d’ici dans les opérations de cinq ans. Notre chiffre d’affaires aux Etats-Unis a connu une croissance croissance externe. de 28 % en 1999 et les investissements engagés ces derniers mois, notam- ment pour Sephora, accentueront ce développement à moyen terme. Les ventes ont également progressé de 25 % au Japon et de 23 % en Europe. Créativité et esprit d’entreprise étant deux valeurs clés du Groupe, nous continuons à mettre en place des relais de croissance à moyen terme : le nouveau concept de magasin Sephora “jeune” actuellement testé en France, les vins haut de gamme lancés par Chandon Estates sur diffé- rents marchés mondiaux sont deux exemples de ces développements. Avec un cinquième métier, LVMH U N NOUVEAU MÉTIER AU SEIN DE LVMH est aujourd’hui L’année 1999 a également été marquée par une forte dynamique de présent dans tous croissance externe. Face à de nombreuses opportunités, nous avons été les secteurs du luxe très sélectifs dans les opérations réalisées, en choisissant des affaires et renforce porteuses de croissance à moyen terme. considérablement Le principal événement est l’entrée de LVMH dans un nouveau métier, celui des Montres et de la Joaillerie. La constitution de ce groupe d’acti- son leadership. 3 LVMH/99 exe 18/04/2000 11/05/00 15:11 Page 4 vités fait suite à l’acquisition de TAG Heuer, Ebel, Chaumet et Zénith Grâce aux contacts au cours du second semestre. Elle démontre notre volonté de jouer un privilégiés qu’il rôle majeur dans ce secteur, l’un des plus dynamiques au sein de l’uni- entretient avec la vers des produits de luxe. Nous y avons déjà acquis d’importantes posi- tions : le troisième rang mondial, un ensemble cohérent de marques à clientèle des produits forte notoriété, un savoir-faire exceptionnel et un outil industriel per- haut de gamme, formant. Avec ce cinquième métier, LVMH est aujourd’hui présent dans LVMH est idéalement tous les secteurs du luxe et renforce considérablement son leadership. placé pour développer des activités de distribution sélective UN PORTEFEUILLE DE MARQUES RENFORCÉ sur Internet dans d’excellentes conditions Nous avons complété notre portefeuille de marques dans les Vins et économiques. Spiritueux avec l’arrivée de Krug et Château d’Yquem, deux marques de grande valeur, reconnues mondialement. Nous avons constitué, aux Etats-Unis, un pôle cosmétique regrou- pant quatre jeunes entreprises en forte croissance : Bliss, Hard Candy, BeneFit et Urban Decay. Leur développement sera accéléré grâce au soutien du Groupe. Elles représentent un relais de croissance pour LVMH, dans le cadre de ses objectifs aux Etats-Unis, ainsi qu’une vitrine sur les tendances de demain. Nous avons également acquis Make Up For Ever, une marque française à vocation internationale, spécialisée dans le maquillage professionnel, qui nous ouvre un nouveau segment de marché. Dans le cadre d’une alliance stratégique, nous nous sommes associés au groupe Prada et à la famille Fendi pour développer Fendi, l’une des plus belles marques de mode et maroquinerie en Italie. Ce partenariat renforce notre présence dans ce pays et ouvre à Fendi de remarquables Pour amplifier la perspectives de développement. création de valeur Enfin, dans le cadre de la stratégie visant à élargir la base de clien- pour nos actionnaires, tèle du groupe Distribution sélective, LVMH a acquis en janvier 2000 nous voulons doubler la société américaine Miami Cruiseline Services, leader mondial de la le résultat opérationnel vente hors taxes de produits de luxe sur les bateaux de croisière, un sec- teur en fort développement, parfaitement complémentaire des activités du Groupe dans les de DFS. cinq ans qui viennent. 4 LVMH - RAPPORT ANNUEL 1999 LVMH/99 exe 18/04/2000 11/05/00 15:12 Page 5 LVMH DEVIENT UN ACTEUR MAJEUR DE LA NOUVELLE ÉCONOMIE Grâce aux contacts privilégiés qu’il entretient avec la clientèle des produits haut de gamme, notre Groupe est idéalement placé pour déve- lopper des activités de distribution sélective sur Internet dans d’excel- lentes conditions économiques. LVMH a donc entrepris de devenir un acteur majeur de la nouvelle économie. Le lancement du site sephora.com aux Etats-Unis est la pre- mière manifestation de cette volonté, conforme à notre vocation de pré- curseur ; d’autres initiatives verront le jour prochainement, en particu- lier le lancement du portail commercial e.luxury. D’EXCELLENTES PERSPECTIVES LVMH aborde l’avenir en excellente position. La croissance écono- mique mondiale devrait continuer à dynamiser le marché de nos pro- duits. Notre Groupe est leader mondial du luxe, nos parts du marché mondial augmentent dans tous nos métiers et nos objectifs sont ambi- tieux.
Load more

Recommended publications
  • High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications
    High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications J. Martin and F. Mayneris Discussion Paper 2013-27 High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications∗ Julien Martiny Florian Maynerisz October 2013 Abstract We develop a new methodology to identify high-end variety exporters in French firm- level data. We show that they do not export to many more countries, but they export to more distant ones. This comes with a greater geographic diversification of their aggregate exports. These facts are explained by a lower sensitivity to distance of high-end variety export(er)s. We also show that high-end export(er)s are more sensitive to the average income of the destination country. Because of this different sensitivity to gravity variables, the within-product specialization of a country in the production of high-end varieties is likely to affect its export growth and volatility. We show that a higher sensitivity to per capita income tends to increase the volatility of high-end variety exports. However, a lower sensitivity to distance reduces volatility through a greater geographic diversification. Furthermore, we point out that a lower sensitivity to distance allows high-end varieties to benefit more from growth in more distant markets. JEL classification: F14, F43, L15, Keywords: Gravity, Distance, Firm-level data, Growth, Volatility ∗We thank Andrew Bernard, Lionel Fontagn´e,Jean Imbs, S´ebastienJean, Thierry Mayer, Mathieu Par- enti, Val´erieSmeets, Jacques Thisse and Fr´ed´ericWarzynski
    [Show full text]
  • Luxury Goods and the Equity Premium
    Luxury Goods and the Equity Premium YACINE AÏT-SAHALIA, JONATHAN A. PARKER, and MOTOHIRO YOGO∗ ABSTRACT This paper evaluates the equity premium using novel data on the consumption of luxury goods. Specifying utility as a nonhomothetic function of both luxury and basic consumption goods, we derive pricing equations and evaluate the risk of holding equity. Household survey and national accounts data mostly reflect basic consumption and therefore overstate the risk aversion necessary to match the observed equity premium. The risk aversion implied by the consumption of luxury goods is more than an order of magnitude less than that implied by national accounts data. For the very rich, the equity premium is much less of a puzzle. ∗Aït-Sahalia is with the Department of Economics and the Bendheim Center for Finance, Princeton University, and the NBER. Parker is with the Department of Economics and the Woodrow Wilson School of Public and International Affairs and the Bendheim Center for Finance, Princeton University, and the NBER. Yogo is with the Department of Economics, Harvard University. We thank the editor and an anonymous referee, Christopher Carroll, Angus Deaton, Karen Dynan, Gregory Mankiw, Masao Ogaki, Annette Vissing-Jørgensen, and participants at the NBER ME Meeting (November 2001) and the Wharton Conference on Household Portfolio-Choice and Financial Decision- Making (March 2002) for helpful comments and discussions. We thank Jonathan Miller at Miller Samuel Inc. for data on Manhattan real estate prices and Orley Ashenfelter and David Ashmore at Liquid Assets for data on wine prices. Aït-Sahalia and Parker thank the National Science Foundation (grants SBR-9996023 and SES-0096076, respectively) for financial support.
    [Show full text]
  • Champagne Krug Non Vintage 0145
    Bin No: 0145 Wine: Champagne Krug Non Vintage Country: France Region: Champagne Producer: Maison Krug Vintage: Non Vintage Colour: White Grape Variety: 33% Pinot Noir - 34% Chardonnay - 33% Pinot Meunier Status: Sparkling, Vegetarian - Vegan Allergens: contains sulphites Dry/Sweet: 2 (1 is dry, 7 is very sweet) abv: 12.0% - bottle size: 75cl Tasting Note: This famous Champagne has an intense bouquet with full round aromas and a superbly rich flavour of roasted hazelnuts ending on a flowery and fresh note. It has an intense bouquet with full round aromas and a superbly rich flavour. Winery information: Joseph Krug wanted to offer his clients the ultimate pleasure experience in Champagne every year, regardless of the vintage. His philosophy was to select grapes from individual plots which will each express their distinctive features, their nuances and their uniqueness. Krug wines show the character and the contrast between the grapes from different plots. Their Krug Grande Cuvée is the archetype of Krugs philosophy of craftsmanship. A blend of around 120 wines from ten or more different vintages, some of which may reach 15 years of age. It is this blending so many vintages that gives Krug Grande Cuvée its unique fullness of flavours and aromas, its incredible generosity and its absolute elegance - something impossible to express with the wines of just a single year. The philosophy is to select grapes from individual plots which will each express their distinctive features, their nuances and their uniqueness. There is no hierarchy in our selection, no plot is favoured over another. A plot may sometimes be smaller than a garden.
    [Show full text]
  • High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications
    High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications Julien MARTIN Florian MAYNERIS Université du Québec à Université Catholique Montréal de Louvain October 2013 G-MonD Working Paper n°35 For sustainable and inclusive world development High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications∗ Julien Martiny Florian Maynerisz December 2013 Abstract We develop a new methodology to identify high-end variety exporters in French firm- level data. We show that they do not export to many more countries, but they export to more distant ones. This comes with a greater geographic diversification of their aggregate exports. In contrast to low-end export(er)s, we find that distance has almost no effect on high-end variety export(er)s. We also show that high-end export(er)s are more sensitive to the average income of the destination country. Because of this different sensitivity to gravity variables at the micro-level, specializing in the production of high-end varieties has two macroeconomic implications for countries. First, the sources of a country's aggregate exports volatility are modified. The higher sensitivity to per capita income increases the sensitivity of high-end variety exports to destination-specific demand shocks, and thus their volatility on a given market. However, their lower sensitivity to distance allows for a greater geographic diversification of their exports, which in turn reduces aggregate volatility through a portfolio effect. Second, the lower sensitivity to distance allows high- end varieties to benefit more from demand growth, especially when it arises in distant markets. JEL classification: F14, F43, L15, Keywords: Vertical differentiation, Gravity, Distance, Volatility ∗We thank Nicolas Berman, Andrew Bernard, Lionel Fontagn´e,Jean Imbs, S´ebastienJean, H´el`eneLatzer, Thierry Mayer, Isabelle M´ejean,Mathieu Parenti, Val´erieSmeets, Jacques Thisse and Fr´ed´ericWarzynski for useful discussions.
    [Show full text]
  • Royal Tokaji Overview
    ROYAL TOKAJI OVERVIEW TOKAJI’S ROYAL CONNECTION AND RENAISSANCE The first Tokaji aszú wine was created in the 1600s perhaps by accident — a harvest delayed by threat of enemy invasion. In 1700, Tokaj became the first European region to have its vineyards classified — its uniquely varied terroirs and climates rated “primae classis, secundae classis, tertius classis,” or “first growth, second growth, third growth,” by Prince Rakoczi II of Transylvania. This classification system is still used in Hungary today. Quality production ended with the Communist Party takeover of Hungarian winemaking. Aszú grapes were used for mass production in factories, with vineyard distinctions lost in giant tanks. Tokaj’s renaissance began after the collapse of communism with the establishment of Royal Tokaji in 1990 by well- known author Hugh Johnson and a small group of investors, who were inspired to restore and preserve Hungary’s precious wine legacy. THE TOKAJ REGION Situated along the southern slopes of the Zemplén Mountains, Tokaj is characterized by late springs and short growing seasons. The average temperatures are generally cool, with long, sunny summers and dry autumns. Tokaj’s soil is largely clay or loess with a volcanic substratum. The meeting of the Tisza and Bodrog rivers in Tokaj creates a mist similar to that of the fog in Sauternes. The mist encourages “botrytis cinerea,” or “noble rot,” which dries and shrivels the grapes that comprise Tokaji wines, and concentrates the sugars. Grapes that are infected with botrytis are commonly referred to by the Hungarian term aszú. GRAPE VARIETIES By law, only white grape varieties are allowed to be planted in Tokaj.
    [Show full text]
  • Give Me More! the New Marketing Mantra in Hair Care
    AN ISSUE OF WOMEN’S WEAR DAILY THE BUSINESS OF BEAUTY HOLLYWOOD’S RED CARPET WHIZ KIDS INFOMERCIAL-MANIA DOLLAR STORES CASH IN GIVE ME MORE! THE NEW MARKETING MANTRA IN HAIR CARE %%3*;&29(5DLQGG 30 $QQSPWFEXJUIXBSOJOHT WWD BEAUTY INC 3 FEATURES 26 Small Screen Dreams The infomercial channel is booming as established players look to solidify their CONTENTS position amidst an onslaught of new entrants. 30 Maximum Volume Hair-care marketers are aiming to transform the way women approach hair-care regimens—and pump up sales to boot. 36 Penny Press As one of the fastest-growing channels in retail, the value-oriented dollar stores are now also the most competitive. 40 Red Carpet Whiz Kids Hollywood’s hottest young hair stylists and makeup artists. DEPARTMENTS CORNER OFFICE 8 The Laugh Master Under Aurelian Lis, Benefit’s humorous ethos has flourished, but the brand’s explosive growth in North America is no joke. 10 Black Book: Brooke Wall The super-chic founder of The Wall Group shares her favorite L.A. haunts. 11 My First Job: Jerrod Blandino Getting creative at Chuck E. Cheese. BEAUTY BULLETIN 14 Pop Rocks Spring’s bright color palette. 16 Launch Window Key products hitting stores now. 18 Singular Sensations Inspired looks from the European runways. CONSUMER CHRONICLES 20 Tinseltown’s Newest Beauty Destination Testing the waters at Hollywood’s swanky new Walgreens. 24 Shopper Stalker Who’s buying what—and why– on Manhattan’s Upper West Side. MISC 6 Pete Unplugged Pete Born, WWD’s executive editor of beauty, surveys the global indie beauty scene.
    [Show full text]
  • June 2015 Portfolio
    June 2015 Portfolio Tel: 020 7359 1608 [email protected] Discussion and plans began back in April 2014 and we launched TFB a few months later in September, with a tasting of some of the first wines to make it on to our website. Since then we have been on Our Team a fast and exciting journey of discovery. The range has developed considerably and I now feel we have a core of great champagnes to Nick offer something for everyone. Managing Director [email protected] Our business model is to keep our overheads at an absolute min- 07973 654097 imum, so we can bring you great value, especially if you take ad- vantage of tiered pricing. We are also trying to encourage people to Carol try new champagnes, so don’t forget you can mix up the bottles in PR and Marketing Manager a case and if we can help you choose we are just a phone call away. [email protected] 07866 693453 In the last 20 years we have had a couple of vintages in Champagne that are widely acclaimed as outstanding, these being 1996 and Chris 2002, which is why we have sourced as much as we can of these Office Manager now rare finds. The 1996s are increasingly scarce and so are some [email protected] of the 2002’s so we encourage you to cellar some of these before 07957 027337 they are gone or before I drink them! There are many other vintag- es rated a little less than a perfect 100, but just as delicious, check Denis out the website for more detailed vintage information.
    [Show full text]
  • The Comité Colbert in 2014 Le Comité the 60 Th Colbert Anniversary of 1954-2014 a 60 Ans the Comité Colbert
    Créé en 1954, le Comité Colbert rassemble les Founded in 1954, the Comité Colbert gathers 20 maisons françaises du luxe et des institutions French luxury houses and several cultural culturelles. Elles œuvrent ensemble au rayon- institutions. They work together to promote 14 nement international de l’art de vivre français. French art de vivre at international level. COMITÉ COLBERT 2014 COMITÉ COLBERT LE COMITÉ COLBERT EN 2014 THE COMITÉ COLBERT IN 2014 LE COMITÉ THE 60 TH COLBERT ANNIVERSARY OF 1954-2014 A 60 ANS THE COMITÉ COLBERT Michel Bernardaud Créé en 1954, le Comité Colbert fête Created in 1954, the Comité Colbert is — cette année son soixantième anniversaire. celebrating its 60 th anniversary this year. Président du Que de chemin parcouru depuis que Jean- Our association has come a long way since Comité Colbert Jacques Guerlain réunissait autour de Jean-Jacques Guerlain first got some fifteen Chairman of the board lui 15 maisons familiales, mais en même family-held luxury businesses to join this Comité Colbert temps quelle puissance visionnaire dans unprecedented, visionary group. ce regroupement inédit. The founding values – the dignity of hand Les valeurs affirmées au départ – crafts, respect, high standards, innovation, dignité des métiers manuels, respect et transmission and export-led growth – exigence, innovation et transmission, continue to be upheld today, in theory croissance par l’export – n’ont cessé d’être and in practice. revendiquées et mises en pratique. The founders’ bold initiative has led to Le succès est au rendez-vous : les maisons success. Today, our luxury houses help drive françaises du luxe participent pleinement economic growth in France.
    [Show full text]
  • Champagne's Best Buy
    WINE TRENDS Champagne’s Best Buy: Non-Vintage Bruts by Ed McCarthy and Mary Ewing-Mulligan MW rue Champagne, the unique sparkling wine from the Champagne region in north- T eastern France, will never be inexpensive. It just costs too much to make. But some Champagnes are relatively well-priced and, in view of their quality, can be very good values. These wines are the non- vintage Bruts. The Champagne region is so northerly that its climate is marginal for grape grow- ing. On average, only four or five vintages each decade are warm enough for making vintage Champagne—providing grapes so ripe that they can stand alone without being blended with wines from other years (although the local weather clearly has been warmer than usual since 1989). The Champenois concluded long ago that if they wanted to stay in business, they had to combine wines from several years to com- pensate for all those vintages when the climate is poor. In the 19th century, these so- called “non-vintage” Champagnes were the only type sold. Today, 85 to 90 percent of all Champagne is still non-vintage. Most Champenois find the term “non-vintage” distasteful because they believe that vintage-conscious consumers, especially Americans, might think something is wrong with non-vintage wines. Rémi Krug of Champagne Krug insists on calling his Krug Grande Cuvée a “multi-vintage” Champagne; “non-vintage” is a misnomer, he argues, since there are several vintages in his Champagne. Nonetheless, the cumber- some term “multi-vintage” has not caught on. But you will never see the words “non- vintage” on a non-vintage Champagne, either; what you’ll sometimes see is the word “Classic,” such as in “Deutz Classic Brut.” Champagne producers themselves invariably refer to their non-vintage Bruts as “classic Bruts.” Their rationale for the term is that this type of Champagne was the orig- inal—and for many years the only— type of Champagne produced.
    [Show full text]
  • The 156Th Edition of the Fullest Expression of Champagne
    THE 156TH EDITION OF THE FULLEST EXPRESSION OF CHAMPAGNE Krug Grande Cuvée is born from the dream of one man, Joseph Krug, to offer the very best Champagne every year, regardless of annual variations in climate. Since 1843, the House of Krug has honoured this vision with each new Édition of Krug Grande Cuvée: the fullest expression of Champagne. It is a blend of 118 wines from 10 different years, the youngest of which is from 2000, while the oldest dates back to 1990. Its final composition is 46% Pinot Noir, 35% Chardonnay and 19% Meunier. Krug Grande Cuvée 156ème Édition spent at least 15 years in Krug's cellars, further developing its particular expression and elegance. Krug Grande Cuvée 156ème Édition was composed around the harvest of 2000, a particularly challenging year that followed a brutal winter in 1999 and ended with a bright, mild summer and large grapes with intense flavour. ème . A limited number of Krug Grande Cuvée 156 Édition bottles . A light golden colour and fine, vivacious have been specially kept in the House's cellars, waiting for the right bubbles, holding a promise of pleasure. moment to be rediscovered. Aromas of flowers in bloom, ripe, dried and . In all, reserve wines from the House’s extensive library made up 34% citrus fruits, as well as marzipan and of the final blend, bringing the breadth and roundness so essential to gingerbread. each Édition of Krug Grande Cuvée. Flavours of hazelnut, nougat, barley sugar, jellied and citrus fruits, almonds, brioche and honey. Krug Grande Cuvée is the first and unique Prestige Champagne re-created every year, beyond the notion of vintage.
    [Show full text]
  • Online Appendix
    Online Appendix High-End Variety Exporters Defying Gravity: Micro Facts and Aggregate Implications Julien Martin∗ Florian Maynerisy January 2015 1 Price dispersion We expect the price dispersion to be higher among Comit´eColbert (vertically differentiated) products than among homogenous products. We identify homogenous goods using the Rauch nomenclature. We consider both homogenous and reference-priced goods. To assess the level of price dispersion, we plot the kernel density of the logarithm of the ratio of individual unit values over the median product-level unit value. The formula is given by: uvfk dispfk = log medk(uvfk) with uvfk the unit value of product k sold by firm f, and medk(uvfk) the median unit value of product k. Considering these log-ratios allows us to compare the dispersion across product categories. To be consistent with our paper, we consider products at the 6-digit level. To avoid bias driven by geographic or temporal composition, we focus on the price dispersion of French exports to Germany in 2005. Our results are robust if one considers other years or other destination countries. The kernel density is presented in Figure1. We see that high-end ∗Department of Economics, Universit´edu Qu´ebec `aMontr´[email protected] yUniversit´ecatholique de Louvain, IRES, CORE. fl[email protected] 1 Figure 1: Dispersion of high-end vs homogenous products 1.5 1 .5 kdensity of price dispersion (product−level) 0 −5 0 5 10 High−end products Homogenous products export prices deviate substantially more from the median price than homogenous export prices. We have also computed the mean absolute dispersion for high-end products and homogenous products (Mean (jdispfkj)).
    [Show full text]
  • FROM the KITCHEN FIZZ FRIES All Fries Served with Housemade Champagne Aoili
    FROM THE KITCHEN FIZZ FRIES All fries served with housemade champagne aoili. Additional orders will incur a charge of $1.00. DUCK FAT FRIES Tossed with truffe salt and served with champagneP aioli Regular | $8 A M A G H N E Large | $15 C PESTO FRIES Tossed with housemade pesto, balsamic reduction drizzle, and topped with shaved parmigiano reggiano Family Size | $18 BALLER FRIES These take our regular duck fat fries to a whole other level! Duck fat truffe fries drizzled with champagne aioli and creme fraiche, topped with a soft boiled egg, fresh chopped avocado, chives, fried prosciutto, and a dollop of caviar. Family Size | $25 OYSTERS IN THE HALF SHELL* Served with champagne mignonette sauce and lemon wedge Half Dozen | $20 Dozen | $36 B R CHEESE BOARDSH U A Served with baguette, almond nutsB &B fg jam B 3 Cheeses | $15 - 5 Cheeses | $19L -E 7S Cheeses | $24 RUSTIC WHITE BEAN CROSTINI | $14 Seasoned white beans tossed with a blend of carrots, cellary, and onions topped fried sage on house made crostini OLIVES | $8 Pitted olives, marinated with herbs & red wine CHARCUTERIE & CHEESE BOARD | $21 CROQUE MONSIEUR | $13 French sandwich of grilled french ham, gruyere cheese, with champagne apple honey sauce - Add a sunnyside up egg for + $2 CAVIAR* 30g 50g Sterling - Classic Sturgeon $40 $60 Sterling - Supreme Sturgeon $65 $95 Served with choice of gluten free crackers or chips, or crème fraiche with chives WILD MUSHROOM & ARUGULA SALAD | $12 With shaved fennel, parmigiano reggiano, crushed almond nuts, tossed with champagne vinaigrette AVOCADO TOAST WITH SOFT BOILED EGG* | $12 With Caviar | $12 Seasoned with truffe salt & fresh ground pepper FIZZ FLOAT | $13 Berry sorbet topped with a foater of sparkling rose! CHOCOLATE PAIRING | $15 Enjoy three different artisan small batch chcolates to accompany your fzz *CONTAIN (or may contain) raw or undercooked ingredients.
    [Show full text]