Can you give us some basic background on LVMH?
The LVMH group was founded in 1987 as a result of the merger between Moët Hennessy and Louis Vuitton, which served to create the world leader in luxury goods.
LVMH inherited a long history, and brings together noble professions, with deeply-rooted traditions and a unique combination of internationally renowned brands.
The companies which form part of the champagne, spirits and leather goods division are over a century old, and some were established more than two centuries ago. Moët & Chandon dates back to 1743, Veuve Clicquot Ponsardin to 1772, Hennessy to 1765; Johan-Joseph Krug founded his establishment in 1843, while Château d'Yquem and its wines go as far back as 1593. The House of Louis Vuitton was founded in 1854.
In perfumes and cosmetics and in fashions, the companies, sometimes created more recently, have cultivated their international standing over a number of years. Guerlain goes back to 1829, Christian Dior to 1947. Givenchy was founded in 1951, and launched its perfumes in 1957.
So in fact it was a series of successive mergers, motivated by the affinity of their core businesses, which led to the establishment of the LVMH group.