The Selective Retailing business group’s growth was

driven by momentum and continued growth at

Sephora. DFS experienced mixed trends between

different regions.

Sephora achieved another remarkable year, with double-

digit growth in both revenue and profit, continuing

to gain market share. The Maison consolidated its

leadership in North America – its largest market – and

delivered an exceptional performance in France, other

European countries and the Middle East, as well as in

emerging markets such as Brazil, Mexico, Turkey and

Thailand. The United Kingdom, where Sephora began

to develop its operations in 2021, had a particularly

buoyant year in 2024, with sustained growth and five

new store openings, including an iconic store in

Birmingham. In China, the differentiation strategy

proved its relevance in a challenging environment, as

demonstrated by the successful launch of Fenty

Beauty in the spring.

While makeup remained the leading product category

in terms of revenue, growth was robust in fragrances,

buoyed by a number of innovations. Haircare and

skincare also saw strong growth. Sephora launched

its global “Clean at Sephora” and “Planet Aware at

Sephora” programs, which offer a selection of brands

based on very strict criteria in terms of product for-

mulation and environmental impact.

Growth was driven by the store network thanks to

ambitious renovations and a flurry of innovations to

further enhance the customer experience, including

new AIpowered diagnostic tools to help sales asso

ciates make better recommendations to customers

promotional events with partner brands and the con

tinued rollout of the omnichannel strategy More

than 120 directly operated stores were opened in

2024 including a number of flagship stores most

notably in Florence Italy Sephora continued its suc

cessful partnership with Kohls in the United States

with major benefits for both companies. Meanwhile,

online sales accounted for nearly one-quarter of its

revenue, with specific investment in the web app.

Sephora continued to innovate to inspire its commu-

nity of 70 million loyal customers – the largest in the

beauty sector worldwide. The global rollout of the

SEPHORiA event continued.

The Maison renewed its involvement with the Rare

Beauty brand to coincide with World Mental Health

Day and published its first impact report setting out

its environmental and social commitments around the

world. Lastly, as part of LVMH’s partnership with the

Paris Olympic and Paralympic Games, 2024 was

an exceptional year for Sephora as a partner of the

Torch Relay and the official makeup partner for the

Champions Park and Club France.

DFS saw business activity remain below its 2019

pre-Covid level, with marked differences between its

various destinations. Strong growth in Japan and at US

airports was not enough to make up for declining sales

at key destinations such as Hong Kong and Macao,

affected by the impact of China’s economic slowdown

on Chinese customers’ buying behavior. DFS under-

took a series of structural initiatives to boost its com-

petitiveness, streamlining operations and reallocating

resources to the most profitable regions to secure its

long-term growth potential. Highlights of the year

included the official opening of the Lombok Airport

store in Indonesia and the launch of the Galleria pro-

ject at Yalong Bay on the island of Hainan. In Paris,

La Samaritaine was transformed into an enchanting

winter garden for the endofyear holiday season

Buoyed by its loyal Parisian clientele and an increasing

number of domestic and international customers

revenue at Le Bon Marché continued to grow driven

by the department stores differentiation strategy with

its exclusive innovative concepts and continuously

renewed selection of products and services Business

2024

Highlights

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SEPHORA LAUNCHES ITS NEW

SUSTAINABILITY CERTIFICATIONS

Launched worldwide in April 2024

at the ChangeNOW sustainability expo in Paris,

Sephora has developed two new certifications

to inform its customers about product

formulation and the environmental commitments

of certain Sephora partner brands Clean

at Sephora and Planet Aware at Sephora

To be eligible for the second certification

brands must meet at least 32 criteria such

as reducing packaging sourcing sustainable

ingredients and respecting biodiversity and

animal welfare To date 40 brands distributed

worldwide by Sephora meet these criteria