4 5

T H E LV M H G R O U P 6 Chairman s message 12 Interview with the Group Managing Director 14 Robust corporate governance 16 Maisons with a strong identity 17 A diverse range of professions 18 The world s leading luxury goods group 20 A responsible model dedicated to excellence 22 Exemplary ethics and responsibility 24 Supporting culture, young people and humanitarian projects 28 A firm commitment to support humanitarian and social causes 30 A year of heightened social commitment 34 LIFE 360: Aiming for sustainable excellence 40 LVMH and its Maisons take action

B U S I N E S S G R O U P I N S I G H T S 44 Wines & Spirits 64 Fashion & Leather Goods 86 Perfumes & Cosmetics 106 Watches & Jewelry 126 Selective Retailing 142 Culture & Lifestyle

P E R F O R M A N C E M E A S U R E S 154 Stock market performance measures 156 Financial performance measures 158 Non-financial performance measures