4 5

T H E LV M H G R O U P 06 Chairman s message 12 Interview with the Group Managing Director 14 Governance and organization 16 Our Maisons and business groups 18 Performance and responsibility 20 Key figures and strategy 22 Commitments in 2018 30 Talent 34 Environment 38 Corporate philanthropy 42 Ethics and responsible partnerships

B U S I N E S S G R O U P I N S I G H T S 46 Wines & Spirits 56 Fashion & Leather Goods 66 Perfumes & Cosmetics 76 Watches & Jewelry 86 Selective Retailing

96 LV M H S T O R I E S

P E R F O R M A N C E M E A S U R E S 130 Stock market performance measures 132 Financial performance measures 134 Non-financial performance measures