1

Decentralized organization

Our structure and operating principles ensure that our Maisons are both auton- omous and responsive. This allows us to be extremely close to our customers, to ensure that rapid, effective and appro- priate decisions can be made. This approach also sustains the motivation of our employees, encouraging them to show true entrepreneurial spirit.

4

Organic growth

The LVMH Group places priority on organic growth and commits signifi- cant resources to develop its Maisons, as well as to encourage and protect creativity. Our employees are key to this approach, making it essential to support their career growth and encourage them to excel.

2

Vertical integration

Vertical integration fosters excellence both upstream and downstream, allow- ing control over every link in the value chain from sourcing and production facilities to selective retailing which in turn means that the image of our Maisons is carefully controlled.

5

Creating synergies

Sharing of resources on a Group scale creates intelligent synergies while respecting the individual identities and autonomy of our Maisons. The combined strength of the LVMH Group is leveraged to benefit each of its Maisons.

3

Sustaining savoir-faire

Our Maisons pursue a long-term vision. To preserve their distinctive identities and excellence, LVMH and its Maisons have developed a range of initiatives to pass down skills and exper- tise, and promote craft trades and design professions among younger generations.

6

Balance across business segments

and geographies

Our Group has the resources to sustain regular growth thanks to the balance across its business activities and a well-distributed geographic footprint. This balance means that we are well-positioned to withstand the impact of shifting economic factors.

T H E W O R L D S L E A D I N G L U X U R Y G O O D S G R O U P

A UNIQUE OPERATING MODEL BUILT ON SIX PILLARS