LVMH 2018 . C h a i r m a n s m e s s a g e

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A shared passion to achieve and inspire drives all our Maisons, and thrives within each of them. It is reflected in the myriad ways they blend tradition with modernity, and excellence with responsibility. They all have a single ambition: to evoke emotion and imagination with artisanal products that are ever more beautiful, exquisitely crafted, and unique.

ANOTHER RECORD YEAR FOR LVMH

LVMH scaled new heights in 2018: our revenue exceeded 46 billion, up 10%, while profit from recurring operations crossed the 10 billion mark, up 21%. This excellent perfor- mance, to which all our business lines contributed, was buoyed by momentum in each of the regions where we operate. In particular, Asia and the United States saw strong growth, because the creativity and quality of our products, along with the unique in-store and online shopping experience we offer our customers, resonate especially well in those markets. The year s many successes are testament to the tremendous vitality of our Maisons: the remarkable performance of our champagne Maisons cuvées de prestige, exceptional grape harvests in terms of both quality and quantity, Hennessy s strong growth, Louis Vuitton s continued series of triumphs, Christian Dior s very strong first year as part of LVMH, creative renewal at Celine and in Menswear for Louis Vuitton, Dior and Berluti, the enthusiastic reception for Parfums Christian Dior s innovations, Bvlgari s new market share gains, Sephora s enriched offering and innovative services, Rimowa s bold collaborations with designers These are the successes that reinforced our leadership position in the global luxury market in 2018.

DESIRABLE BRANDS, TRUE TO THEIR HERITAGE

This leadership position has been achieved thanks to LVMH s roots and heritage. Our Group is essentially a collection of family brands with remarkable histories and identities that provide endless sources of inspiration. In 2018, for example, Louis Vuitton continued to successfully revisit its iconic handbags, while Christian Dior reinterpreted the Toile de Jouy patterns that have been a feature of the Maison since its beginnings. Every season, Guerlain, Loro Piana, Bvlgari and Fendi develop original creations inspired by their rich heritage. There is something eternal about all our Maisons. They draw on their impressive