4 5

LVMH 2025 • Annual Report

6 Chairman ’ s message

12 Interview with the Group Managing Director

The LVMH Group

18 Mission and values

20 Strategy

21 Executive Commit tee

22 Professions

23 Key f igures

24 History

26 Governance

28 Human Resources

LVMH ’ s commitments

32 Ethics

34 Social

40 Environment

46 Art and culture

Business group insights

56 Wines & Spirits

74 Fashion & Leather Goods

100 Perfumes & Cosmetics

118 Watches & Jewelry

142 Selective Retailing

154 Hospitality

Performance measures

169 Stock market performance measures

170 Financial performance measures

172 Non - f inancial performance measures