6 LVMH LETTER TO SHAREHOLDERS AUGUST 2019

WATCHES & JEWELRY GOOD GROWTH OF BVLGARI AND FURTHER REPOSITIONING OF TAG HEUER

The Watches & Jewelry business recorded organic revenue growth of 4%, driven by jewelry. Profit from recurring operations was up 5%. Bvlgari made good progress in its stores and continued to gain market share. The iconic lines Serpenti, B.Zero1, Diva and Fiorever contributed to this performance. Its new high-end jewelry collection, Cinemagia, presented in June in Capri, was very well received. At Chaumet, the success of its Bee My Love collection and its iconic Liens and Joséphine lines were the main growth drivers of the Maison. TAG Heuer continued to focus on its flagship lines, while Hublot continued to actively grow and develop its store network. The organisation of the first exhibition of the LVMH Swiss watch Maisons was announced for January 2020 in Dubai.

REVENUE

2,135m +4% (1)

PROFIT FROM RECURRING OPERATIONS

357m +5%

OPERATING MARGIN

16.7% (1) With comparable structure and constant exchange rates.

On a reported basis, revenue growth was 8%.

Bvlgari