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LVMH RA 2010 GB:Mise En Page 1 02/02/11 16:47 Page1 LVMH_RA_2010_GB:Mise en page 1 02/02/11 16:47 Page1 LVMHPassionate about creativity ANNUAL REPORT 2010 LVMH_RA_2010_GB:Mise en page 1 02/02/11 16:48 Page2 CONTENTS 02 CHAIRMAN’S MESSAGE 06 FINANCIAL HIGHLIGHTS 08 INTERVIEW WITH ANTONIO BELLONI : THE AUTHENTICITY OF OUR BRANDS LINKING HERITAGE AND MODERNITY 10 CORPORATE GOVERNANCE 12 THE LVMH SHARE LVMH_RA_2010_GB:Mise en page 1 02/02/11 16:49 Page3 14 REVIEW OF OPERATIONS 16 Wines & Spirits 24 FASHION & LEATHER GOODS 32 Perfumes & Cosmetics 40 Watches & Jewelry 46 SELECTIVE RETAILING 52 SUSTAINABLE DEVELOPMENT 54 Exchanging, sharing, moving forward 55 Human Resources LVMH – a magic alchemy between the future and tradition 63 Corporate sponsorship to support culture, youth and humanitarian action 64 Protecting the environment 71 CONSOLIDATED FINANCIAL STATEMENTS LVMH Passionate about creativity 01 LVMH_RA_2010_GB:Mise en page 1 02/02/11 16:50 Page4 CHAIRMAN’S MESSAGE Bernard Arnault I am pleased to see that our concept of creation, our passion to take our products to the highest echelon of quality and our desire to offer an exceptional retail experience at our brands, perfectly fits our customers’ expectations. 2010: A GREAT VINTAGE FOR LVMH The desire for excellence, the recognition of know-how and fine craftsmanship and the culture of authentic quality are enjoying significant growth throughout the world. This trend will remain prominent in the years ahead, opening up for us magnificent perspectives for the future. OUR BUSINESSES GREW AT A REMARKABLE For several months, LVMH has enjoyed uninterrupted PACE IN 2010, WHICH RESULTED IN OUR growth, to which all our business groups have contributed. GROUP BREAKING ALL ITS HISTORICAL It would be an over-simplification to suggest that this is due RECORDS. THIS GROWTH CAME ALONGSIDE to the economic upturn alone. The Group’s performance is also, above all, the result of the relevance and consis- SHARPLY HIGHER RESULTS AND A FURTHER tency of our long term strategy. A strategy that we pursued, IMPROVEMENT IN OUR FINANCIAL POSITION. unchanged, throughout the recent economic crisis. The IT ALLOWED THE HIRING OF AROUND 18 000 support of the enduring values of our star brands, creati- EMPLOYEES AND SOME MAJOR INVEST- vity as an absolute imperative, the quest for perfection in MENTS FOR THE FUTURE. THE EXCELLENT our products, and our efforts to ensure an environment of PERFORMANCE OF THE LVMH SHARE PRICE excellence coupled with impeccable service at our stores REFLECTS THE QUALITY OF WHAT WE HAVE form the wellspring of our success. To these we must also ACHIEVED AND INVESTORS’ CONFIDENCE IN add the agility and the motivation of our organization which benefits from the hands-on enterprise culture of the men OUR STRATEGY AND OUR FUTURE. A FUTURE and women of our Group. It enables us to take the right UNDERPINNED BY OUR UNIQUE, EVER MORE decisions quickly, invest where needed and seize oppor- VIBRANT HERITAGE. A FUTURE THAT WE ARE tunities to increase our market share. And this applies just BUILDING ON SOLID FOUNDATIONS, AS WE as much when global economies are shrinking as when PURSUE OUR LONG TERM VISION. they start growing again. LVMH_RA_2010_GB:Mise en page 1 02/02/11 16:50 Page5 HIGHLY RESPONSIVE, WITH A VERY SELECTIVE the appeal of its concept and innovation strategy in its key APPROACH TO OUR MARKETS markets and has broken into a promising new market, Latin We are responsive to current growth in the world market, America. but we also take a very selective, long term approach. The two components of this strategy are reflected in a wide PASSION TO TAKE OUR CREATIONS range of developments in 2010. Dom Pérignon – in a first for TO THE HIGHEST ECHELON OF KNOW-HOW the industry – launched several exceptional vintages, all of The performance of many other brands are also worthy of which achieved critical acclaim, and used the excitement mention: Hennessy, Moet & Chandon, Fendi, Guerlain, surrounding these remarkable launches as an opportunity Givenchy, Make Up For Ever, Marc Jacobs, Benefit, Hublot... to organize exclusive events celebrating Dom Pérignon’s We are home to a wide range of brands, we respect and prestigious heritage, which stretches all the way back to strengthen the originality of each of them, each of our the seventeenth century. Louis Vuitton deployed its creati- brands builds its future on its own culture and its historic vity and demonstrated its excellence across all product know-how; this is a source of unique know-how for our lines. The opening of the new Louis Vuitton Maison in Group. We give them all the nurturing and support they London was one of the highlights of the year, an outstan- need for their long term development, while respecting their ding achievement which has enhanced both the appeal of roots, their heritage and their individual personality. Whether the brand and the reputation of the British capital. In the they have established leadership positions in their markets, perfumes and beauty domain, Christian Dior brilliantly illus- or have embarked on a promising development campaign, trated the unique magic created by Mr Dior, recalling all of our brands have enhanced their standing and their its roots in Haute Couture, and boosting the success of appeal. They have continued their rational expansion and its legendary creations: Miss Dior, J’adore, Rouge Dior… acquired the strength they need for the future. This same TAG Heuer marked its 150th anniversary with a vast array of determination to invest for the long term led LVMH to innovations throughout the world. Sephora strengthened become a shareholder in Hermès International – another LVMH Passionate about creativity 02 /03 LVMH_RA_2010_GB:Mise en page 1 02/02/11 16:50 Page6 CHAIRMAN’S MESSAGE brand which symbolizes French know-how, whose stan- dards we share and whose vision we support. Its culture, so particular, is to be preserved preciously and our Group, as a shareholder of this company, will guarantee it. Naturally, we have set ourselves high goals for 2011 with the aim of further strengthening our global leadership posi- tion. But we need to look well beyond this horizon. I am pleased to see that our concept of creation, our passion to take our products to the highest echelon of quality and our desire to offer an exceptional retail experience at our brands, perfectly fits our customers’ expectations. The desire for excellence, the recognition of know-how and fine crafts- manship and the culture of authentic quality are enjoying significant growth throughout the world. Everything suggests this trend will remain prominent in the years ahead, opening up for us magnificent perspectives for the future… AN EXCITING BUSINESS PLAN …And an exciting challenge for our teams: we must support this positive momentum while adhering to the standards of quality and creativity on which our long term success depends. We must meet the growing demand for our products: Louis Vuitton is opening a new workshop in France, our watch brands are increasing capacity at their manufactures. We will reach out to all of our customers throughout the world: we will continue to break into new markets (Hennessy in Asia, Sephora in Latin America…), extending and perfecting our global network of flagships and stores. We must also invest in brand reputation, suppor- ting innovation and our creative teams, highlighting the close connection between their current work and that of the history of each brand. A MODEL FOR RESPONSIBLE GROWTH I firmly believe that if we are to inspire our customers, we must have dreams of our own. This is why we need to conti- nue to invest in the know-how and talents of our women and men, so that we can all feel part of a responsible enter- prise project. This project is both financial and cultural, as can be seen from the support we have given over the last two decades to the fields of history, art and contemporary design. To my mind, LVMH’s commitment as a corporate citizen is completely enshrined in our raison d’être. I would like to assure our shareholders – who are also our partners in this great project – that our company will continue its efforts to increase its value and ensure that our responsi- ble growth model, which relies on a long term vision shared by everyone in the Group, is here to stay. 4 February, 2011 Bernard Arnault Chairman & Chief Executive Officer LVMH_RA_2010_GB:Mise en page 1 02/02/11 16:50 Page7 ON MAY 28, 2010, LOUIS VUITTON INAUGURATED ❶ ITS NEW BOND STREET MAISON IN LONDON. THIS WAS A SYMBOLIC DATE MARKING 125 YEARS OF HISTORY BETWEEN LOUIS VUITTON AND THE BRITISH CAPITAL. UNIQUE IN ITS CATE- GORY, THIS 1,520 M2 SPACE COVERING THREE FLOORS IS AN OUTSTANDING ACHIEVEMENT. SIMULTANEOUSLY LUMINOUS, OPEN AND INTI- MATE, IT PRESENTS THE FULL UNIVERSE AND EXPERTISE OF OUR BRAND. ART ALSO HOLDS A CENTRAL PLACE IN THIS SPACE, HIGHLIGHTING THE HISTORIC TIES MAINTAINED WITH THIS WORLD BY LOUIS VUITTON. ON THE APARTMENT WALL: 1 - "NET ", A WORK BY GILBERT & GEORGE. 2 - "LITTLE GIRL", A WORK BY JEFF KOONS. 3 - « THE BLUE COWBOYS ", A WORK BY JEFF KOONS. ❷ LVMH Passionate about creativity ❸ 04 /05 LVMH_RA_2010_GB:Mise en page 1 02/02/11 17:34 Page8 FINANCIAL HIGHLIGHTS REVENUE REVENUE BY BUSINESS GROUP EUR million EUR million 2008 2009 2010 Wines and Spirits 3,126 2,740 3,261 2010 20,320 2009 17,053 Fashion and Leather Goods 6,010 6,302 7,581 2008 17,193 Perfumes and Cosmetics 2,868 2,741 3,076 Watches and Jewelry 879 764 985 Selective Retailing 4,376 4,533 5,378 Other activities and eliminations (66) (27) 39 TOTAL 17,193 17,053 20,320 A STRONG
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