About DFS Group DFS Group Is the World's Leading Luxury Travel Retailer

About DFS Group DFS Group is the world’s leading luxury travel retailer. Established in Hong Kong in 1960, DFS Group continues to be a pioneer in global luxury travel retail, offering its customers a carefully curated selection of exceptional products from over 700 of the most desired brands through 420 boutiques on four continents. Its network consists of duty free stores located in 11 major global airports and 18 downtown Galleria locations, as well as affiliate and resort locations. The Group is privately held and majority owned by the world’s largest luxury conglomerate Moët Hennessy Louis Vuitton (LVMH), alongside DFS co-founder and shareholder Robert Miller. DFS Group employs over 9,000 people focused on creating inspiring retail experiences for its customers. In 2017, nearly 160 million travelers visited DFS stores. DFS is headquartered in Hong Kong and has offices in Australia, Cambodia, China, France, Indonesia, Italy, Japan, Macau, New Zealand, Singapore, United Arab Emirates, United States of America and Vietnam. For more information, please visit www.dfs.com. About T Galleria by DFS T Galleria by DFS, formerly known as DFS Galleria, is the ultimate evolution of the original travel retail concept pioneered by DFS Group. The first downtown store opened in 1968 in Hong Kong, followed shortly thereafter by Honolulu and eventually expanding to 18 locations all over the world. Today, T Galleria by DFS has a presence in the United States of America, as well as across Asia, Europe, Oceania and the South Pacific regions. Linked to the notion of travel through the use of T for the Traveler, the brand stands for what customers have come to expect: an expertly curated assortment of the world’s preferred luxury brands, exceptional retail environments, highly personalized services and unique experiences tailored to their specific needs as travelers. T Galleria by DFS enables travelers to realize their individual style, one journey at a time. Discover more at www.tgalleria.com. .

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Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS 27 C ONSOLIDATED HIGHLIGHTS in millions of euros 1996 1997 1998 1999 2000 Net sales 4,932 7,513 7,130 8,758 11,867 Income from operations* 1,092 1,275 1,181 1,551 1,967 Income before taxes* 1,017 1,179 969 1,415 1,652 Net current income before goodwill amortization, Group share 282 300 184 295 320 Net income, Group share 191 246 47 264 251 * Adjusted retroactively to account for restatements. euros Net current income before goodwill amortization, per share* 1.68 1.78 1.04 1.63 1.77 * Adjusted to reflect the nominal split by four carried out on 07/03/2000. in millions of euros Total assets 17,042 20,091 21,422 26,330 28,435 Shareholders’ equity 3,358 3,595 3,724 3,887 3,972 Cash generation* 853 1,155 517 922 1,122 * Adjusted retroactively to account for restatements. 29 C ONSOLIDATED BALANCE SHEET in millions of currency units, at December 31 2000 2000 1999 1998 ASSETS Notes FRF Euros Current assets Cash and equivalents 3 4,787 730 664 672 Short-term investments 3 8,700 1,326 187 218 Treasury shares 4 8,989 1,370 903 244 Trade accounts receivable 5 10,992 1,676 1,476 1,153 Net deferred taxes 1,768 269 275 208 Inventories and work-in-progress 6-27 22,503 3,431 2,988 2,603 Other receivables 10,597 1,616 1,912 726 Total current assets 68,336 10,418 8,405 5,824 Fixed assets Investments in companies accounted for by the equity method 7 155 24 14 10 Other investments securities 8 13,455 2,051 4,217 3,777 Other financial fixed assets 2,710 413 261 199 16,320 2,488 4,492 3,986 Property, plant and equipment 9 38,261
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Annual Report
Top Ranking Report Annual Report Architectural Record ENR VMSD Top 300 Architecture Top 150 Global Top Retail Design Firms: Design Firms: Firms of 2014: # #1 Firm Overall #1 Architecture Firm #1 Firm Overall Building Design ENR Interior Design Message from the Board of Directors 2014 World Top 500 Design Firms: Top 100 Giants: Architecture 100 Most #1 Architecture Firm #1 Architecture Firm Admired Firms: Gensler is1 a leader among the #1 in Corporate Office As we celebrate our 50th anniversary, we world’s architecture and design #1 US Firm #1 in Retail #4 Global Firm #1 in Transportation firms. Here’s how we ranked in #1 in Government look forward to more record-setting years, our industry in 2014. #1 in Cultural thanks to our great client relationships and extraordinary people around the world. Financial Report Our financial performance and recognition throughout the We’re entering our 50th year stronger than ever. Financially strong and debt-free, we contributed industry are indications of the breadth of our practice, our global In 2014, our global growth continued apace $38.5 million in deferred compensation to our reach, and the long-standing trust of our clients. with our clients as they entrusted us with new employees through our ESOP, profit-sharing, and challenges and led us to new locations. Our international retirement plans. We made strategic expanded Gensler team of 4,700+ professionals investments in our research and professional We’ve broadened our services to 27 now work from 46 different offices. With their development programs, along with upgrades to practice areas, with total revenues help, we completed projects in 72 countries and our design-and-delivery platform and the tools for the year setting a new record $ increased our revenues to $915 million—a record and technology to support it.
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Consolidated Statements
CONSOLIDATED STATEMENTS 63 C ONSOLIDATED H IGHLIGHTS millions of euros 2000 2001 2002 2003 2004 Net sales 11,867 12,567 13,168 12,466 13,201 Operating income* 1,967 1,548 2,034 2,213 2,461 Income before taxation* 1,652 597 1,264 1,622 2,098 Income from continuing operations Group share before amortization of goodwill 320 75 287 428 582 Net income – Group share 251 (95) 178 303 464 * Adjusted retroactively to reflect reclassifications. euros Income from continuing operations per share before amortization of goodwill 1.77 0.41 1.58 2.36 3.20 * Adjusted following the 1 for 4 split on July 3, 2000. millions of euros Total balance sheet 28,435 29,228 26,802 25,802 25,873 Shareholders’ equity 3,972 3,788 3,793 3,774 4,003 Cash flow 1,140 884 1,528 1,961 2,162 * Adjusted retroactively to reflect reclassifications. 65 C ONSOLIDATED B ALANCE S HEET AT D ECEMBER 31, 2004 (millions of euros) ASSETS Notes 2004 2003 2002 Fixed assets Brands and other intangible assets 3 9,030 9,223 9,368 Depreciation and amortization (406) (518) (362) 8,624 8,705 9,006 Goodwill 4 4,766 4,691 4,628 Amortization (1,751) (1,496) (1,224) 3,015 3,195 3,404 Tangible assets 5 6,978 6,653 6,855 Amortization (2,875) (2,678) (2,614) 4,103 3,975 4,241 Long-term financial assets Equity interests 6 117 52 71 Other long-term securities 7 878 1,252 1,233 Other financial fixed assets 416 357 522 1,411 1,661 1,826 Total fixed assets 17,153 17,536 18,477 Current assets Inventories and work in progress 8-26 3,630 3,517 3,522 Trade receivables and related accounts 9 1,367 1,423 1,373
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WARN Report Summary by Received Date 07/01/2019 - 06/30/2020 State Fiscal Year No
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DFS' Christophe Marque Sees a Great Resurgence in the Japanese
DFS’ Christophe Marque sees a great resurgence in the Japanese skincare industry By Elena Owyong on October, 3 2019 | Retailers Christophe Marque, Senior Vice President of Beauty and Fragrances at the DFS Group observed an increased popularity in Japanese skincare brands DFS is observing signs of a great resurgence in the Japanese skincare industry. Christophe Marque, Senior Vice President of Beauty and Fragrances at DFS Group said: “Customers are rediscovering Japanese technology, particularly in skincare development. With a host of new Japanese brands being introduced in the travel retail sector, customers are spoilt for choice and are paying close attention to ranges and products of high quality and signify a breadth of knowledge of their evolving needs.” A renewed interest in Japanese cosmetic products In recent years, Japanese cosmetic brands have experiencing greater demand from consumers. 1 Copyright DutyFree Magazine. All rights reserved. Cosmetic brand Shiseido’s 2018 annual report highlighted “continued signiﬁcant sales increase in Japan, China and travel retail.” Its 2018 travel retail sales also recorded a 35.4% increase year-on- year and net sales reached 87.9 billion yen (US$828 million). Japanese medical cosmetics brand Dr Ci:Labo, which was acquired by Johnsons & Johnsons in January 2019, also sees travel retail as a key growth channel for the company. In response to this emerging trend, DFS has introduced Japanese luxury beauty brand POLA to its Macau stores last year. The 90-year-old brand is known for its premium anti-aging skincare products that are developed based on real data on skin. Growing inﬂuence of fashion houses in the make-up industry Another key trend that Marque observed is major fashion houses venturing into the cosmetics industry.
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Case No COMP/M.6212 - LVMH/ BULGARI
EN Case No COMP/M.6212 - LVMH/ BULGARI Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 29/06/2011 In electronic form on the EUR-Lex website under document number 32011M6212 Office for Publications of the European Union L-2985 Luxembourg EUROPEAN COMMISSION Brussels, 29.6.2011 In the published version of this decision, some information has been omitted pursuant to Article C(2011) 4823 final 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and other confidential information. The omissions are PUBLIC VERSION shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. MERGER PROCEDURE ARTICLE 6(1)(b) DECISION To the notifying party: Dear Sir/Madam, Subject: Case No COMP/M.6212 - LVMH/ BULGARI Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/20041 1. On 24 May 2011, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which LVMH Moët Hennessy – Louis Vuitton Group ("LVMH", France), controlled by Groupe Arnault SAS (France), acquires within the meaning of Article 3(1)(b) of the Merger Regulation control of the whole of the undertaking Bulgari S.p.A ("Bulgari", Italy) by way of purchase of shares.2 LVMH and Bulgari will be hereinafter referred to as "the parties". I. THE PARTIES 2. LVMH is active in the production and sales of luxury goods (wines and spirits; fashion and leather goods, including accessories; perfumes and cosmetics; watches and jewellery; selective retailing as well as the luxury yachts industry).
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The Duty Free & Travel Retail Asia Pacific Summit
6 - 10 MAY 2018 - SINGAPORE The Duty Free & Travel Retail Asia Pacific Summit Introducing TFWA • Asia Pacific Market • TFWA Asia Pacific Exhibition & Conference • Programme • Why exhibit? • Why visit? • Conference & Workshops • ONE2ONE • Key tools • Networking • Contact Tax Free World Association 2 Introducing TFWA • Asia Pacific Market • TFWA Asia Pacific Exhibition & Conference • Programme • Why exhibit? • Why visit? • Conference & Workshops • ONE2ONE • Key tools • Networking • Contact 3 Introducing TFWA • Asia Pacific Market • TFWA Asia Pacific Exhibition & Conference • Programme • Why exhibit? • Why visit? • Conference & Workshops • ONE2ONE • Key tools • Networking • Contact With over 500 members, TFWA (Tax Free World Association) is the world’s biggest duty free and travel retail association. Its mission – summarised by its motto ‘by the trade, for the trade’ – is to identify trends and opportunities; build awareness; and provide a business platform for the global duty free and travel retail industry to prosper. TFWA’s key activities are organising exhibitions, delivering specialist conferences and workshops, and commissioning relevant and informative consumer research studies. 4 Introducing TFWA • Asia Pacific Market • TFWA Asia Pacific Exhibition & Conference • Programme • Why exhibit? • Why visit? • Conference & Workshops • ONE2ONE • Key tools • Networking • Contact Asia Pacific Market Asia Pacific: the engine of duty free & travel retail 5 Introducing TFWA • Asia Pacific Market • TFWA Asia Pacific Exhibition & Conference • Programme • Why exhibit? • Why visit? • Conference & Workshops • ONE2ONE • Key tools • Networking • Contact Asia Pacific is the undisputedgrowth driver of the global duty free & travel retail industry, as the region proved once again in 2016. During a year in which other regions posted flat or negative growth, sales in Asia Pacific increased by 9.1% in US$ at current rates, according to preliminary figures from Generation Research.
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Wvb Dossier Report Lvmh Moet Hennessy - Louis Vuitton Se
WVB DOSSIER REPORT LVMH MOET HENNESSY - LOUIS VUITTON SE LVMH MOET HENNESSY - LOUIS VUITTON SE Generated On 22 Dec 2020 COMPANY PROFILE BUSINESS SALES BREAKDOWN WVB Number FRA000090103 Date 31-DEC-18 31-DEC-19 ISIN Number ARDEUT111929, FR0000121014, US5024412075 Currency EUR ('000) EUR ('000) Status ACTIVE [ PUBLIC ] FASHION AND LEATHER GOODS 18,455,000 22,237,000 SELECTIVE DISTRIBUTION 13,646,000 14,791,000 Country of Incorporation FRENCH REPUBLIC (FRANCE) PERFUMS AND COSMETICS 6,092,000 6,835,000 Industry Classification WINE,BRANDY & BRANDY SPIRITS (2084) WINE & SPIRITS 5,143,000 5,576,000 Address 22 AVENUE MONTAIGNE, PARIS, PARIS WATCHES & JEWELRY 4,123,000 4,405,000 Tel +33 144132222 OTHER AND HOLDINGS 714,000 1,214,000 Fax +33 144132223 ELIMINATIONS -1,347,000 -1,388,000 Website www.lvmh.fr Principal Activities The Company is a France-based luxury goods company. It owns a portfolio of luxury brands and GEOGRAPHIC SALES BREAKDOWN its business activities are divided into five segments: Wines and Spirits, Fashion and Leather Date 31-DEC-18 31-DEC-19 Goods, Perfumes and Cosmetics, Watches and Jewelry and Selective Retailing. Currency EUR ('000) EUR ('000) ASIE (HORS JAPON) 13,723,000 16,189,000 DIRECTORS/EXECUTIVES ÉTATS-UNIS 11,207,000 12,613,000 EUROPE (HORS FRANCE) 8,731,000 10,203,000 Chairman YVES-THIBAULT DE SILGUY AUTRES PAYS 5,323,000 6,062,000 Chairman BERNARD ARNAULT FRANCE 4,491,000 4,725,000 Chief Executive Officer BERNARD ARNAULT JAPON 3,351,000 3,878,000 Chief Financial Officer JEAN-JACQUES GUIONY Secretary MARC ANTOINE
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Taubman Centers, Inc. Annual Meeting Investor Presentation
Taubman Centers, Inc. Annual Meeting Investor Presentation Spring 2017 0 Taubman is a Best-in-Class REIT Corporate Strategy, Top 10 performing REIT over the last 20 years > Portfolio & Performance Trophy quality, market dominant retail assets Unparalleled value creation from development through Development market cycles and Capital Allocation Commitment to disciplined balance sheet and capital allocation Strong and experienced Board of Directors aligned with Corporate shareholders Governance Addressing additional misleading statements and baseless claims made by Land & Buildings 1 Taubman Centers, Inc. (NYSE: TCO) Founded in 1950 – 67 years in operation First publicly traded UPREIT – IPO in 1992 Total market capitalization over $10 billion Joined the S&P 400 MidCap Index in January 2011 We own, operate and develop the best retail assets Our portfolio of malls is the most productive in the U.S. publicly held mall sector Currently own and/or operate 27 retail assets 2 Fair Oaks, Va. The Mall at Millenia, Fla. The Mall at Short Hills, N.J. Country Club Plaza, MO. Beverly Center, Calif. Cherry Creek Shopping Center, Colo. City Creek Center, Utah Dolphin Mall, Fla. We Own, Operate and Develop the Best Retail Assets The Gardens on El Paseo, Calif. Great Lakes Crossing Outlets, Mich. Starfield Hanam, South Korea The Mall of San Juan, Puerto Rico 3 International Plaza, Fla. The Mall at University Town Center, Fla. Waterside Shops, Fla. Westfarms, Conn. The Taubman Strategic Vision Our long-standing vision of owning, operating and developing
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Moët Hennessy Louis Vuitton COMPANY ANALYSIS TEAM LUXURY Si Chen, Vania Ibrahim, Brian Lim
Moët Hennessy Louis Vuitton COMPANY ANALYSIS TEAM LUXURY Si Chen, Vania Ibrahim, Brian Lim EXECUTIVE SUMMARY o 02 Executive Summary o 04 Industry and Competitive Analysis o 10 Competitive Advantage LVMH Moët Hennessy Louis Vuitton is a multinational o 11 Competitive Dynamics European luxury goods company. The company’s headquarter o 14 Corporate Strategy is in Paris, France with more than 3,800 retail stores around o 15 Global Strategy the world by 2015. Its largest market revenue comes from o 17 Risks/Opportunities Asia, followed by United States. The company’s main key o 18 Recommendations figures include: fashion & leather goods, wines & spirits, perfume & cosmetics, watches & jewelry and selective CONTENTS retailing. Some of LVMH’s main retail channels are Sephora, DFS Group, Miami Cruiseline and Le Bon Marché Rive Gauche. Porter’s Five Forces Threat of Buyers’ Suppliers’ Potential Entrants Bargaining Power Bargaining Power LOW MEDIUM LOW ● High capital ● Distinctive feature ● LVMH’s reputation ● Established ● Loyal customers ● Suppliers’ Code of reputation ● Low switching cost Conduct ● High market size ● Counterfeit items Porter’s Five Forces Porter’s Five Forces Threat of Industry Rivalry Substitutes MEDIUM MEDIUM ● Other available ● Physical luxury brands positioning ● Changing ● Operating in same preferences countries ● Non-leather goods PESTEL Analysis Political Economic Sociocultural - Establishment of Anti-Counterfeit - Higher market in Asia. - Innovates old design to become Trade Agreement (ACTA). - Currency fluctuations depending modern. - Faces debates with French on global economic situation. - Relies heavily on brand image unions and balance of foreign -Exchange rate risk, hedged the and association with wealth and rich lifestyles. workers. risk through contracts.
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DFS Group Launches Ninth Annual Masters of Time Exhibition
DFS Group launches ninth annual Masters of Time exhibition By Hibah Noor on December, 15 2017 | Retailers The Masters of Time set up at T Galleria by DFS, Shoppes at Four Seasons 1 Copyright DutyFree Magazine. All rights reserved. DFS Group's Johan Pretorius, Andrew Webster, Tim DeLessio, Ariel Gentzbourger, Ed Brennan, Sibylle Scherer and Christophe Chaix DFS Group launched its ninth annual Masters of Time exhibition on Saturday, December 9. The exhibition, which is held at T Galleria by DFS, Macau, in partnership with Shoppes at Four Seasons, will run until February 28, 2018 for customers to view and shop the curated collection. The DFS Masters of Time exhibition is well known for being the world’s largest and most prestigious retail event for luxury watches and jewelry, showcasing the best in design, innovation and heritage for men and women. This year, DFS’ expert teams brought together an unparalleled collection of more than 450 ﬁne watches and exquisite jewelry from 30 brands in a theme that focused on the concept of memories. 2 Copyright DutyFree Magazine. All rights reserved. From left: Johan Pretorius, Managing Director, DFS Cotai Limitada, Macau; Ed Brennan, Chairman & CEO, DFS Group; Sibylle Scherer, President Merchandising & Consumer Marketing, DFS Group “This year’s Masters of Time exhibition explores how watch collectors and creators commemorate life’s most signiﬁcant moments, so that certain pieces become imbued with our memories,” said Christophe Chaix, Senior Vice President, Fashion, Watches, Jewelry and Accessories. “As always, the customer is at the heart of everything we do at DFS, and each year we travel the world to curate a Masters of Time exhibition to delight returning and new customers alike.
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Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS 45 C ONSOLIDATED H IGHLIGHTS EUR millions 1997 1998 1999 2000 2001 Net Sales 7,513 7,130 8,758 11,867 12,567 Income from operations* 1,275 1,181 1,551 1,967 1,548 Income before taxes* 1,179 969 1,415 1,652 597 Net current income before goodwill amortization, Group share 300 184 295 320 75 Net income, Group share 246 47 264 251 (95) * Adjusted retroactively to reflect reclassifications. euros Net current income per share before goodwill amortization * 1.78 1.04 1.63 1.77 0.41 * Adjusted to reflect the 4 for 1 stock split of July 3, 2000. EUR millions Balance sheet total 20,091 21,422 26,330 28,435 29,228 Shareholders’ equity 3,595 3,724 3,887 3,972 3,788 Net cash provided by operating activities* 1,155 517 922 1,140 884 * Adjusted retroactively to reflect reclassifications. 47 C ONSOLIDATED B ALANCE S HEET AT D ECEMBER 31 in EUR millions 2001 2000 1999 ASSETS Notes Euros Euros Euros Current assets Cash and cash equivalents 3 834 730 664 Short-term investments 3 623 1,326 187 Treasury shares 4 1,143 1,370 903 Trade accounts receivable 5 1,577 1,676 1,476 Net deferred taxes 23 503 269 275 Inventories and work in progress 6-29 3,727 3,431 2,988 Other short-term receivables 7 1,534 1,616 1,912 Total current assets 9,941 10,418 8,405 Fixed assets Financial assets Investments in companies accounted for by the equity method 8 81 24 14 Other investments securities 9 1,705 2,051 4,217 Other financial assets 478 413 261 2,264 2,488 4,492 Property, plant and equipment 10 7,120 5,802 4,956 Amortizations (2,489) (2,045)
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