6 7

Solid performance in an unfavorable environment

Some years see new beginnings. I am convinced that all the work done by our

Maisons’ employees is laying very firm foundations for the future. Whereas 2023

was the year in which demand began to normalize, 2024 was a year of preparation

and renewed momentum.

LVMH’s solid performance is even more impressive in light of the numerous chal-

lenges overcome to achieve it. Indeed, it is clear that global geopolitical tensions

did not ease during the year: far from it. Exchange rates were also unfavorable to

both our sales momentum and our profitability. LVMH succeeded in adapting to

this environment, diversifying its businesses and locations to harness the resources

to be able to end 2024 having, on the whole, delivered growth. LVMH owes this

performance to the fundamentals underpinning the Group and its Maisons. Once

again last year, this played a powerfully stabilizing role.

If I had to pick a single figure to illustrate this strength, it would be the Group’s cash

flow, which grew 29% year on year to over €10 billion in 2024. This cash flow is both

an outcome and an opportunity. An outcome, of course, of the profitability of our

well-managed businesses and Maisons, which generate high margins. And an oppor-

tunity to pursue multiple new avenues for investment and innovation in our powerful

design and global appeal.

All these outcomes were achieved thanks to our dedicated teams, to whom I would

like to express my congratulations and appreciation. The quality of their work con-

tributes to our Group’s worldwide prestige.

Support for some of the most memorable moments of 2024

In 2024, the whole world’s eyes were on Paris, with the Paris 2024 Olympic and

Paralympic Games and the reopening of Notre-Dame Cathedral. Our Maisons –

Berluti Chaumet Dior Louis Vuitton Moët Hennessy Sephora were honored to

contribute their expertise from the Olympic Torch Relay through to the final days

of the Games to this great celebration of passion and emotion that made the

summer of 2024 so magical Our Group also lent its steadfast support to the res

toration of NotreDame Cathedral as befits such a national treasure Following its

successful reconstruction NotreDame has returned to the City of Light more

vibrant and brighter than ever Through these two historic feats Paris and France

secured their place in the hearts of the entire world

“Whereas 2023 was the year

in which demand began

to normalize, 2024 was a year

of preparation and renewed

momentum.”

Remaining

alert

The LVMH Group’s businesses

delivered a solid performance in 2024,

achieving revenue well above

2021-2023. But more than anything

else, for us, 2024 was a pivotal

year of preparing for the future.