8 9

Meanwhile , our efforts to protect the environment were recognized with

a Triple A score from the Carbon Disclosure Project , attesting to the efficacy of

our sustainability program .

The LVMH Group ’ s model is based on the diversity of its businesses and its

wide geographic footprint . It has once again demonstrated its effectiveness and

robustness . In a shifting , unstable economic and geopolitical environment , some

of our Maisons – such as Sephora , the global leader in selective sales of perfumes

and cosmetics – are experiencing strong , steady growth . More broadly , our success

in certain regions , such as the United States , is making up for temporary difficulties

in regions that are , for the time being , less dynamic .

The Group effectively manages its margins and generates exceptional

investment capacity . LVMH is also a family group which , by definition and by choice ,

has a long - term vision . Agache , which holds our family ’ s stake in the Group ,

has   maintained its sustained investment in LVMH shares , which it began in 1987 ,

with its stake in the Group recently moving above the 50 % mark . And as our

shareholders , you have also chosen to be part of the exceptional experience that

is the LVMH Group . Thank you .

LVMH 2025 • Chairman ’ s message

“ The Group effectively manages

its margins and generates exceptional

investment capacity . LVMH is also

a family group which , by definition

and by choice , has a long - term vision . ”