“Throughout 2023, all our business

groups and Maisons – each in their own

way and following their own inspiration –

deepened, pushed the boundaries

and transcended their creative legacy,

reaching new milestones.”

The truer the LVMH Group remains to its guiding principles, the more responsive

it can be to both the cyclical and transitory shocks that may buffet one or other

of its business groups, or the economic regions where its activities are located.

While these headwinds may have affected some of them in the past, the Maisons’

teams have always drawn on their boundless adaptability and managed to curb

their costs and protect their margins.

Remarkable dynamism across all our Maisons

Throughout 2023, all our business groups and Maisons – each in their own way

and following their own inspiration – deepened, pushed the boundaries and tran-

scended their creative legacy, reaching new milestones. Louis Vuitton once again

revealed the full breadth of its untapped potential through Nicolas Ghesquière’s

designs, Pharrell Williams’ groundbreaking shows and a fresh new range of time-

pieces. Christian Dior, whose Carousel of Dreams lit up the façade of the Saks

Fifth Avenue department store in New York, showcasing Maria Grazia Chiuri and

Kim Jones’ creativity, continued its robust development. The Group’s flagship

jewelry and watches Maisons – Tiffany & Co., Bulgari, TAG Heuer – showed remark-

able creative dynamism, as did their peers in Perfumes & Cosmetics, while Sephora

posted its best-ever performance. Wines & Spirits, which had a mixed year, continued

to pursue a value strategy, marrying tradition with innovation. Last year, they

welcomed one of Provence’s most renowned wine estates: Château Minuty.

Lastly, many of our Maisons are contributing, each in their own area of expertise,

to the Olympic and Paralympic Games that Paris is hosting in summer 2024, as

part of a partnership LVMH has forged to support this unique opportunity to help

France shine brightly on the world stage for all to see.

Looking to the future with confidence

Let’s look to the future with confidence. While our past three years have sparkled

like champagne, the years ahead hold the lasting promise and intensity of

the finest wines. This commitment to stay firmly focused on the long term is

something that our teams highly value and appreciate: LVMH combines the status

of a premier private-sector employer with one of the lowest staff turnover rates

of large groups – especially in France. It is backed by one of the world’s most

ambitious training policies, with flagship initiatives like our Institut des Métiers

d’Excellence (IME), which has trained 2,700 apprentices since 2014, as well as a

“While our past three years have

sparkled like champagne, the years

ahead hold the lasting promise

and intensity of the finest wines.”