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First Half Results FIRST HALF 2019 RESULTS JULY 24, 2019 Louis Vuitton Louis DISCLAIMER 2 This document may contain certain forward looking statements which are based on estimations and forecasts. By their nature, these forward looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in LVMH’s Reference Document which is available on the website (www.lvmh.com). These forward looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by them. The forward looking statements only reflect LVMH’s views as of the date of this document, and LVMH does not undertake to revise or update these forward looking statements. The forward looking statements should be used with caution and circumspection and in no event can LVMH and its Management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in LVMH or an invitation or inducement to engage in any other investment activities. FIRST HALF 2019 RESULTS 3 EXCELLENT FIRST HALF FOR LVMH | Another double-digit increase in revenue and profit from recurring operations | Strong growth in Asia, the United States and Europe, especially in France which saw a rebound in Q2 | Good start to the year for Wines & Spirits | Remarkable momentum at Louis Vuitton; profitability remains at exceptional level | Remarkable performance at Christian Dior Couture | Rapid growth for iconic LVMH Perfume & Cosmetics brands | Rapid progress in Jewelry, especially for Bvlgari | Strong growth of offline and online sales at Sephora | Solid development of DFS, especially in Europe, which benefits from the rise of international travelers | Completed acquisition of Belmond hotel group in April; activity to be consolidated in Q3 2019 BUSINESS GROUPS REVIEW Louis Vuitton Louis FIRST HALF 2019 RESULTS WINES & SPIRITS Dom Pérignon FIRST HALF 2019 RESULTS 6 WINES & SPIRITS KEY FIGURES In millions of euros Champagne and Wines Cognac and Spirits • REVENUE + 9% Organic growth + 6% H1 2019 960 1526 2 486 H1 2018 903 1368 2 271 • PROFIT FROM RECURRING OPERATIONS + 6% H1 2019* 214 558 772 H1 2018 197 529 726 * Incorporating for the first time the effects of the application of IFRS 16 Leases FIRST HALF 2019 RESULTS 7 WINES & SPIRITS H1 2019 HIGHLIGHTS Strong momentum in China and the US; improved mix for Champagne and solid volume growth for Cognac | CHAMPAGNE & WINES • Champagne: volumes -1 % • Good revenue growth in all regions • Excellent performance of prestige cuvées, Dom Pérignon in particular • Performance of Estates & Wines mainly driven by pricing actions | COGNAC & SPIRITS • Hennessy: volumes +8 % driven by VS and VSOP qualities • Sustained growth in the US and China • Impact of new marketing campaign directed by Sir Ridley Scott • Reinforced development of Glenmorangie and Belvedere in high-end products FIRST HALF 2019 RESULTS 8 WINES & SPIRITS 2019 OUTLOOK | Maintain value creation strategy in an uncertain business environment | Product innovations, new ways to consume and online communication to win over new consumers | Integrate a new category of wines, high-end rosé, with the acquisition of Château du Galoupet | Intensify consideration of the environment in our development, especially through sustainable viticulture | Develop production facilities to support future growth FIRST HALF 2019 RESULTS FASHION & LEATHER GOODS Christian Dior Dior Couture Christian FIRST HALF 2019 RESULTS 10 FASHION & LEATHER GOODS KEY FIGURES In millions of euros • REVENUE + 21% Organic growth + 18% H1 2019 10 425 H1 2018 8 594 • PROFIT FROM RECURRING OPERATIONS + 17% H1 2019* 3 248 H1 2018 2 775 * Incorporating for the first time the effects of the application of IFRS 16 Leases FIRST HALF 2019 RESULTS 11 FASHION & LEATHER GOODS H1 2019 HIGHLIGHTS | Louis Vuitton: excellent momentum, combining modernity and desirability • Success of iconic lines and new designs • Qualitative transformation of store network • New leather goods workshop in France to meet growing demand | Christian Dior Couture: exceptional growth in all product categories • Strong demand from all clientele • Successful launch of 30 Montaigne line • Great success of exhibitions in London and Dallas | Fendi: tribute to Karl Lagerfeld through several events in Shanghai, Paris and Rome | Loro Piana: new personalized service for shoes and temporary shop in New York | Celine: arrival in stores of Hedi Slimane’s new collections | Loewe: great success of new collections | Rimowa and Berluti: further growth and development of store network | Launch of new fashion house Fenty created by Rihanna FIRST HALF 2019 RESULTS 12 FASHION & LEATHER GOODS 2019 OUTLOOK | Maintain strong creative momentum at Louis Vuitton • Continue innovation in all product categories supported by high profile events • Qualitative development of store network • Further expansion of production capacity | Christian Dior Couture: new store on Avenue des Champs-Elysées while the historic store on Avenue Montaigne undergoes major renovation | Fendi: new partnerships with the world of art and music | Kenzo: new artistic director | Agreement with Maison Stella McCartney | Continue to reinforce creative talent and to invest in the other brands FIRST HALF 2019 RESULTS PERFUMES & COSMETICS Parfums Christian Dior FIRST HALF 2019 RESULTS 14 PERFUMES & COSMETICS KEY FIGURES In millions of euros • REVENUE + 12% Organic growth + 9% H1 2019 3 236 H1 2018 2 877 • PROFIT FROM RECURRING OPERATIONS + 6% H1 2019* 387 H1 2018 364 * Incorporating for the first time the effects of the application of IFRS 16 Leases FIRST HALF 2019 RESULTS 15 PERFUMES & COSMETICS H1 2019 HIGHLIGHTS | Parfums Christian Dior: excellent momentum • Vitality of perfumes J’Adore, Miss Dior and Sauvage • Continued success of Rouge Dior lipstick and its Ultra-Rouge version • Sustained growth of skincare line Prestige, especially in Asia | Guerlain: strong growth of lipstick line Rouge G and skincare line Abeille Royale | Givenchy: success of makeup in Asia, especially China, and of fragrance L’Interdit | Benefit: continued development of Eyebrow Collection with Gimme Brow and Precisely; international expansion of brow bars, particularly in China | Fresh: success of iconic lines Rose, Black Tea and Lotus | Fenty Beauty by Rihanna: strong impact of communication on social media | Maison Francis Kurkdjian: launch of two fragrance variations for Gentle Fluidity FIRST HALF 2019 RESULTS 16 PERFUMES & COSMETICS 2019 OUTLOOK | Strong innovative and creative momentum in a rapidly changing environment | Parfums Christian Dior: support of iconic and new products in line with Couture and its roots in Grasse • Several innovations in makeup and strong digital activation • Roll-out of concept store Maison Christian Dior in all regions • Continued focus on premium skincare | Guerlain: relaunch of Mon Guerlain fragrance | Givenchy: relaunch of iconic Le Rouge lipstick and new version of L’Interdit fragrance | Kenzo: launch of new eau de parfum in Kenzo World range | Acqua di Parma: new fragrance and interior candle lines, renovation of iconic store in Milan FIRST HALF 2019 RESULTS WATCHES & JEWELRY Bvlgari FIRST HALF 2019 RESULTS 18 WATCHES & JEWELRY KEY FIGURES In millions of euros • REVENUE +8% Organic growth + 4% H1 2019 2 135 H1 2018 1 978 • PROFIT FROM RECURRING OPERATIONS + 5% H1 2019* 357 H1 2018 342 * Incorporating for the first time the effects of the application of IFRS 16 Leases FIRST HALF 2019 RESULTS 19 WATCHES & JEWELRY H1 2019 HIGHLIGHTS | Rapid progress in Jewelry, especially in directly operated stores; growth of Hublot and continued repositioning of TAG Heuer | Bvlgari: good momentum and market share gains • Success of iconic lines Serpenti, B.Zero1, Diva, Lvcea and Fiorever • Monaco boutique renovated and new temporary stores in Paris and Macao | TAG Heuer: developed iconic lines Carrera, Aquaracer and Formula 1; success of Golf connected watch; celebrated 50th anniversary of Monaco | Hublot: solid growth driven by Classic Fusion and Big Bang lines, and by remarkable development of Spirit of Big Bang | Chaumet: success of Bee My Love collection and iconic lines Liens and Joséphine; temporary store during renovation of historic place Vendôme location FIRST HALF 2019 RESULTS 20 WATCHES & JEWELRY 2019 OUTLOOK | Continue programs dedicated to enhancing quality and productivity of distribution | Target and strengthen marketing investments, in particular online | Bvlgari: roll-out of new high jewelry collection Cinemagia; new exhibition at Sant'Angelo Castle in Rome | Open flagship stores on « 1881 Heritage » site in Hong Kong for Chaumet and Hublot | Increase presence in China for Zenith and Fred | Preparation of first exhibition of LVMH’s Swiss watchmaking Maisons, scheduled in January 2020 at Bvlgari Resort Dubai FIRST HALF 2019 RESULTS SELECTIVE DISTRIBUTION DFS FIRST HALF 2019 RESULTS 22 SELECTIVE RETAILING KEY FIGURES In millions of euros • REVENUE + 12% Organic growth + 8% H1 2019 7 098 H1 2018 6 325 • PROFIT FROM RECURRING OPERATIONS + 17% H1 2019* 714 H1 2018 612 * Incorporating for the first time the effects of the application of IFRS 16 Leases FIRST HALF 2019 RESULTS 23 SELECTIVE RETAILING H1 2019 HIGHLIGHTS |SEPHORA • Strong growth in revenue and market share gains in all regions • Rapid progress of online sales • Continued store network expansion; innovative
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