4 LVMH LETTER TO SHAREHOLDERS AUGUST 2019

FASHION & LEATHER GOODS EXCEPTIONAL PERFORMANCES AT LOUIS VUITTON AND CHRISTIAN DIOR

The Fashion & Leather Goods business group recorded organic revenue growth of 18%. Profit from recurring operations was up 17%. Louis Vuitton achieved remarkable growth in all its businesses and in all regions. The iconic lines and new creations equally contributed to the continued revenue growth. Of note during the first half were the Men s and Women s fashion shows which were enthusiastically received. Christian Dior had a remarkable performance during the first half. The new line, 30 Montaigne, which is a great success, illustrates the timeless elegance and savoir-faire of the Maison. An exceptional new store on the Champs-Élysées in Paris has temporarily taken over from the historic address of Avenue Montaigne, which is undergoing major renovations. Fendi celebrated Karl Lagerfeld s 54 years with the Maison and the Fendi family at several fashion shows which paid tribute to the designer. Celine is beginning to roll out its new store concept. The fashion shows presented in the first half, which were very well received, reflected the new identity of the Maison. Loro Piana recorded steady growth with, in particular, the success of a new personalized shoe service and a temporary boutique in New York. Loewe had an excellent performance, driven in particular by the success of its new collections. Rimowa had a very good start to the year. The other Maisons were further strengthened.

REVENUE

10,425m +18% (1)

PROFIT FROM RECURRING OPERATIONS

3,248m + 17%

OPERATING MARGIN

31.2% (1) With comparable structure and constant exchange rates.

On a reported basis, revenue growth was 21%.

Louis Vuitton