In 2022, Louis Vuitton announced a donation of €1 million to UNICEF to help Ukrainian victims of the Russian invasion. [63] On March 2, 2022, the LVMH group pledged €5 million to the Red Cross for people affected by the war. [64] [65] In addition, the company closed 124 of its stores in Russia. [66] In 2010, the Group achieved a turnover of 20.3 billion euros with a net profit of just over 3 billion euros. [41] In 2013, LVMH was ranked as the top luxury goods company in Deloitte`s Global Powers of Luxury Goods report, with revenues of $21.7 billion. [42] As of February 29, 2016, the company had a unit value of €78,126 million, spread over 506,980,299 shares. In 2012, Prada`s former COO, Sebastian Suhl, was hired by Givenchy as the company`s new CEO. [76] The Asian Transnational Corporation Monitoring Network (ATNC), a network of 15 organizations from 12 Asian countries, wrote a letter of concern to Bernard Arnault of the LVMH group, as Suhl was also a key figure in the Prada case of female discrimination, where it described him as complicit in sexual harassment and discriminatory practices. [77] [78] Best known for: Benefit is a cosmetics company best known for its makeup. It is sold at Sephora, which is also a brand of LVMH. In 2020, the company, like the rest of the luxury industry, was economically impacted by the pandemic and store closures around the world.
In the first nine months of the year, the company reported revenue of 30 billion euros ($37 billion), down 21 percent year-on-year. In 2013, Christian Dior SE was LVMH`s main holding company with 40.9% of the shares and 59.01% of the voting rights. [46] Bernard Arnault is Chairman and Chief Executive Officer of LVMH and Chairman of Christian Dior SE. In 2017, Arnault bought all remaining Christian Dior shares in a declared $13.1 billion buyback. [ref. needed] Best known for: Rimowa is a luggage company. The brand made headlines after launching a luggage collection with the Supreme brand in December 2018. In March 2022, LVMH announced the closure of its 120+ stores in Russia, « given the current circumstances in the region »[39] due to the Russo-Ukrainian war. An LVMH spokesman said the company would continue to pay salaries and benefits to its 3,500 employees in Russia. [39] In December 2021, LVMH paid €10 million to settle claims in Paris to end several criminal investigations that a former French intelligence chief, Bernard Squarcini, had spied on for the company, competitors, and others, including an activist who made a film about billionaire owner Bernard Arnault. The prosecution alleges that the intelligence chief used tactics such as influence, invasion of privacy and use of his network in intelligence and policing on behalf of the company. [79] At the end of 2017, the only declared majority shareholder of LVMH was Arnault Family Group, Bernard Arnault`s holding company.
The Group`s control was 46.84% of LVMH shares and 63.13% of its voting rights. [44] Since 2005, when LVMH`s flagship in Paris opened at 3, avenue George V, 75008, the company has maintained close collaborations with contemporary artists. [53] Features included a light sculpture by American James Turrell, a 20-metre (65-foot) « pedestrian staircase » depicting the work of American videographer Tim White-Sobieski, and an elevator connecting the store to the top floor by Icelander Olafur Eliasson. [54] However, in a press release, the company said it showed « significant improvement » in the third quarter. The fashion and leather goods division, whose organic sales fell 11 percent in the first nine months of the year, saw a double-digit recovery of 12 percent in the third quarter. LVMH Moët Hennessy Louis Vuitton (French pronunciation: [moɛt‿ɛnɛsi lwi vɥitɔ̃]),[1] commonly known as LVMH, is a French multinational holding company and luxury goods conglomerate headquartered in Paris. [3] The company was born in 1987 from the merger of the fashion house Louis Vuitton (founded in 1854) with Moët Hennessy, born in 1971 from the merger between the champagne manufacturer Moët & Chandon (founded in 1743) and the cognac manufacturer Hennessy (founded in 1765)[3]. [4] [5] [6] In 2021, LVMH became the most valuable company in Europe with a valuation of $329 billion. [7] The company is listed on Euronext Paris[40] and is part of the CAC 40 index. In addition to Louis Vuitton, LVMH`s universe includes subsidiaries such as Dior (which is also the main holding company), FENTY, Kenzo, Fendi, Loewe and Marc Jacobs in its elite fashion portfolio, Bvlgari, Hublot and TAG Heuer in its watch sector, and Sephora – among others – in its selective distribution sector. The company is represented in more than 70 countries with a total of nearly 5,000 stores and employs more than 156,000 people. Arnault is the richest man in France and the 3rd richest person in the world.
In 2012, LVMH launched LCapitalAsia, a continuation of its Asia-focused private equity arm. [16] In 2012, LVMH`s revenue growth « decreased by about 10% compared to the growth rate of 2011, » and in early 2013, LVMH said it would « stop opening stores in second- and third-tier cities in mainland China. » [16] Xue Shengwen, senior researcher at ChinaVenture, said the growing trend of young people is to take advantage of more acceptable prices. [16] On March 7, 2013, National Business Daily reported that mid-priced clothing brand QDA would open its first store in Beijing as a co-investment between LVMH`s LCapitalAsia and Chinese apparel company Xin Hee Co., Ltd.[16] In 2009, LVMH owned 66% of Moët Hennessy`s beverage division. while the remaining 34% was owned by Diageo. [45] « Our Maisons at LVMH have always defended and embodied a refined art of living. Indeed, the expression art of living that our Houses promote with such passion perfectly embodies everything they have embodied for centuries for our customers as privileged partners in this passionate and constantly evolving quest for sophistication and elegance. » 2001 – LVMH secretly acquires Hermès shares. Following the intervention of a French court, LVMH announces that it will distribute its 23% stake in Hermès among its shareholders. LVMH has not held any stake in Hermès since 2015.
On August 26, 2019, Bernard Arnault said that LVMH would donate $11 million to fight the 2019 fires in Brazil. [61] Vertical integration fosters excellence upstream and downstream, allowing control of every link in the value chain, from sourcing to production facilities and selective selling. This integration also guarantees total control of the image of our Houses. 2013 – The prestigious LVMH Award is created to support young fashion designers around the world. 24. In May 2018, LVMH launched an e-commerce initiative by investing in online fashion research company Lyst to enable LVMH`s luxury brands to expand their online presence and attract younger shoppers. [67] LVMH contributed to Lyst`s $60 million funding round, which included access to LVMH`s international expertise to drive Lyst`s global expansion. [68] LVMH is also known for a number of sustainability initiatives aimed at combating climate change, including LIFE (LVMH Initiatives For the Environment) in 2016, a global program to intensify its environmental efforts to create green businesses and sites powered by renewable energy. The group also announced it would contribute $11 million to fight forest fires in the Amazon.
Dom Pérignon is one of the oldest companies in LVMH`s portfolio.