4 5

T H E LV M H G R O U P 06 Chairman s message 12 Interview with the Group Managing Director 14 Governance and organization 16 Our Maisons and business groups 18 Performance and responsibility 20 Strategy and key figures 22 Commitments in 2020 30 Talent 34 Environment 38 Corporate philanthropy 42 Ethics and responsible partnerships

B U S I N E S S G R O U P I N S I G H T S 46 Wines & Spirits 58 Fashion & Leather Goods 70 Perfumes & Cosmetics 82 Watches & Jewelry 94 Selective Retailing

104 E X P L O R E T H E W O R L D O F O U R M A I S O N S

P E R F O R M A N C E M E A S U R E S 150 Stock market performance measures 152 Financial performance measures 154 Non-financial performance measures