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Passionate about creativity
ANNUAL REPORT 2010
LVMH

Table of contents

  • Page 1
    LVMH Passionate about creativity ANNUAL REPORT 2010

  • Page 2
    CONTENTS 02 CHAIRMAN'S MESSAGE 06 FINANCIAL HIGHLIGHTS 08 INTERVIEW WITH ANTONIO BELLONI : THE AUTHENTICITY OF OUR BRANDS LINKING HERITAGE AND MODERNITY 10 CORPORATE GOVERNANCE 12 THE LVMH SHARE

  • Page 3
    ... OF OPERATIONS 16 24 32 40 46 Wines & Spirits FASHION & LEATHER GOODS Perfumes & Cosmetics Watches & Jewelry SELECTIVE RETAILING 52 SUSTAINABLE DEVELOPMENT 54 Exchanging, sharing, moving forward 55 Human Resources LVMH - a magic alchemy between the future and tradition 63 Corporate sponsorship...

  • Page 4
    ... motivation of our organization which benefits from the hands-on enterprise culture of the men and women of our Group. It enables us to take the right decisions quickly, invest where needed and seize opportunities to increase our market share. And this applies just as much when global economies are...

  • Page 5
    ...strategy in its key markets and has broken into a promising new market, Latin America. PASSION TO TAKE OUR CREATIONS TO THE HIGHEST ECHELON OF KNOW-HOW The performance of many other brands are also worthy of mention: Hennessy, Moet & Chandon, Fendi, Guerlain, Givenchy, Make Up For Ever, Marc Jacobs...

  • Page 6
    ... for our products: Louis Vuitton is opening a new workshop in France, our watch brands are increasing capacity at their manufactures. We will reach out to all of our customers throughout the world: we will continue to break into new markets (Hennessy in Asia, Sephora in Latin America...), extending...

  • Page 7
    ... DATE MARKING 125 YEARS OF HISTORY BETWEEN LOUIS VUITTON AND THE BRITISH CAPITAL. UNIQUE IN ITS CATEGORY, THIS 1,520 M2 SPACE COVERING THREE FLOORS IS AN OUTSTANDING ACHIEVEMENT. SIMULTANEOUSLY LUMINOUS, OPEN AND INTIMATE, IT PRESENTS THE FULL UNIVERSE AND EXPERTISE OF OUR BRAND. ART ALSO HOLDS...

  • Page 8
    ...OUR BUSINESSES PROFIT FROM RECURRING OPERATIONS EUR million 2010 2009 2008 PROFIT FROM RECURRING OPERATIONS BY BUSINESS GROUP EUR million 2008 2009 2010 Wines and Spirits Fashion and Leather Goods Perfumes and Cosmetics Watches and Jewelry Selective Retailing Other activities and eliminations TOTAL...

  • Page 9
    ... 6% Yen Hong Kong Dollar STORES NETWORK at december 31, 2010 Rest of Europe NUMBER OF STORES 2010 2009 2008 2,545 2,423 2,314 646 stores Rest of Asia 518 stores France 364 stores United States Japan 303 stores 570 stores Other markets 144 stores Passionate about creativity LVMH 06 /07

  • Page 10
    ...the experience within our retail stores is therefore a key aspect of the authenticity and growth of our brands. The luxury market is growing rapidly. Supporting that growth around the world while keeping the dream and the exceptional alive - isn't that the principal challenge for the Group's brands...

  • Page 11
    Passionate about creativity LVMH 08 /09

  • Page 12
    ...of information relating to the Company and the Group, and protect its corporate assets. The Board of Directors of LVMH Moët Hennessy-Louis Vuitton guarantees respect for the rights of each shareholder of the Company and ensures that they fulfill all their duties. As part of its mission, it supports...

  • Page 13
    ... COMMITTEE Bernard Arnault Chairman & Chief Executive Officier Antonio Belloni Group Managing Director Pierre Godé Vice Chairman Nicolas Bazire Development & Aquisitions Ed Brennan Travel retail Yves Carcelle Fashion & Leather Goods Chantal Gaemperle Human Resources, Synergies Jean-Jacques Guiony...

  • Page 14
    ... Industrials index was up 11%. The LVMH share price closed at 123.10 euros on December 31, 2010. LVMH's market capitalization was 60 billion euros, making it fourth in the Paris market. LVMH is included in the major French and European indices used by fund managers: CAC 40, DJ-EuroStoxx 50, MSCI...

  • Page 15
    ...sites adapted for tours (cellars and storehouses) as well as benefit from special priority tickets for exhibits supported by LVMH. Net dividend (â,¬) Growth for the year Payout ratio* * as a percentage of Group share of net profit. 2.10 27.3% 34% 1.65 3.1% 46% 1.60 - 39% DISTRIBUTION OF CAPITAL...

  • Page 16
    16 LVMH Passionate ab 32

  • Page 17
    24 REVIEW OF OPERATIONS 16 24 32 40 46 Wines & Spirits FASHION & LEATHER GOODS Perfumes & Cosmetic Watches & Jewelry SELECTIVE RETAILING bout creativity 40 48 Passionate about creativity LVMH 14 /15

  • Page 18
    ... the LVMH wines and spirits brands sell exceptional products perfectly in harmony with a consumption trend offering good long-term potential. These brands make our Group the world leader in prestigious wines and spirits. Wines & Spirits Highlights In the wines and spirits segment, 2010 was a year...

  • Page 19
    Passionate about creativity LVMH 16 /17

  • Page 20
    ... REGIONS. THE WORLD LEADER IN COGNAC WITH HENNESSY, THE GROUP IS DEVELOPING ITS PRESENCE IN THE LUXURY SPIRITS SEGMENT IN ADDITION TO ITS HISTORICAL BUSINESS. THE PORTFOLIO OF WINES AND SPIRITS BRANDS, COMPOSED OF PRODUCTS POSITIONED IN THE HIGH-END SEGMENTS OF THEIR MARKET, IS SERVED BY A POWERFUL...

  • Page 21
    ... background of severe price pressures, worked to protect their image and maintain their value creation strategy. In 2010, in order to assist the gradual recovery that occurred over the months, we expanded our sales teams in key markets. The significant profitable growth that we achieved proves the...

  • Page 22
    ...limited edition produced with the assistance of Central Saint Martin's College of Art and illustrated with an international advertising campaign. Ruinart, whose strategy is geared primarily to the development of premium cuvées, recorded solid revenue growth in France and abroad. Several new product...

  • Page 23
    ... set up and on a publicity campaign in the new media (internet sites and social networks, expanded relations with bloggers). The end of the year was marked by the happy discovery, reported by the international press, of the oldest bottles of Veuve Clicquot champagne known to date. The intact bottles...

  • Page 24
    ...In China, the top contributor to profit, the brand recorded double-digit growth in all its products. It won new positions as a result of an ambitious distribution policy and the expansion of its prestige product line illustrated particularly by the success of Paradis Horus, a special limited edition...

  • Page 25
    ... Spirits business group intends to continue solid growth in the volume and value of its sales during the coming months and to consolidate its market share. In an increasingly competitive environment, the LVMH brands will continue to capitalize on their powerful fundamentals: excellence, authenticity...

  • Page 26
    ... FAMILY OF BRANDS IN THE LUXURY MARKET FASHION & LEATHER GOODS IN THE FASHION AND LEATHER GOODS SECTOR, LVMH HOLDS A UNIQUE GROUP OF BRANDS SPEARHEADED BY LOUIS VUITTON, THE WORLD'S LEADING LUXURY BRAND. â- It was another year of strong growth for Louis Vuitton, in which all of its businesses...

  • Page 27
    Passionate about creativity LVMH 24 /25

  • Page 28
    ... THAT FORM THE FASHION AND LEATHER GOODS BUSINESS GROUP. LVMH SUPPORTS THE GROWTH OF THESE BRANDS BY RESPECTING THEIR IDENTITY AND THEIR CREATIVE POSITIONING. THE FASHION AND LEATHER GOODS BRANDS CONTINUED TO EXPAND THEIR RETAIL NETWORK. ince 1854, Louis Vuitton has always placed its know-how, its...

  • Page 29
    ... of Europe PROFIT FROM RECURRING OPERATIONS EUR million 2010 2009 2008 18% United States 2,555 1,986 1,927 16% Japan INVESTMENTS EUR million 30% Rest of Asia 7% Other markets 370 262 2010 2009 2008 311 NUMBER OF STORES 2010 2009 2008 1,188 1,164 1,090 Passionate about creativity LVMH 26...

  • Page 30
    .... The brand expanded the creation of models in high-end leather and the activity related to the personalization of certain products. Louis Vuitton also recorded solid successes in its other businesses (including ready-to-wear, footwear, textiles, accessories). While it continued development of its...

  • Page 31
    ...its designs, the growing efficiency of its network of boutiques and the quality of the customer service offered by its teams: the in-depth work initiated in recent years to create value for the brand and consolidate the general organization of the company continued to reap benefits. In leather goods...

  • Page 32
    ... successful with its Collection accessories and its Marc by Marc Jacobs lines of accessories and jewelry. A new men's fragrance was launched in 2010. Marc Jacobs expanded its retail network with the opening of two flagship stores in Hong Kong and Tokyo. The solid performance in 2010 of Spanish brand...

  • Page 33
    ... store, a new advertising campaign and the launch of a new website were the other high points of the year. Outlook In 2011, Louis Vuitton will maintain its innovative momentum and continue to focus on its values of perfection and sophistication. The brand will expand its personalization services...

  • Page 34

  • Page 35
    ... its rapid and profitable growth, illustrating its creativity through the various highly successful new products it launched. / Make Up For Ever completed another year of exceptional growth driven by the development of its two flagship lines, the launch of Rouge Artist, a rich collection of 50...

  • Page 36
    ... & Cosmetics MAKE UP FOR EVER LVMH, A MAJOR PLAYER IN THE PERFUMES, MAKE-UP AND SKINCARE SECTOR, RELIES PRIMARILY ON A PORTFOLIO OF BRANDS REPRESENTING FRENCH COMPANIES WITH AN INTERNATIONAL PRESENCE. CHRISTIAN DIOR, GUERLAIN, GIVENCHY AND KENZO. THE GROUP ALSO SUPPORTS THE DEVELOPMENT OF HIGH...

  • Page 37
    ... markets and continued growth in Asia. Intensifying its strategy to create value, the brand maintained and highlighted a very selective approach in its creations, in the development of its know-how in line with the values of high fashion and in the design and organization of its points of sale...

  • Page 38
    ... and cosmetics market the previous year, Guerlain, one of the world's oldest perfume houses, created in 1828, returned to strong, dynamic growth and established a new record for both revenue and profit. The brand achieved an exceptional performance in France and recorded strong growth in China. The...

  • Page 39
    ... its new advertising campaign and the launch of a woody variant in the Kenzo Homme line. Fendi returned to the perfume market in the second half of 2010 with Fan di Fendi, a new line with a highly identifying design, rolled out by the LVMH Fragrance Brands sales network in around ten countries. The...

  • Page 40
    ... around the world. Make Up For Ever recorded another year of exceptional growth in revenue and profit. The brand grew in all its markets, particularly in North America and Europe. It increased its market share in Asia significantly and resumed control of its distribution in South Korea. In order to...

  • Page 41
    Passionate about creativity LVMH 38 /39

  • Page 42
    ... productivity in the existing stores, the Watches and Jewelry business group expanded the presence of its brands in the world's leading countries with successful new store openings, managed selectively in strategic cities and locations. TAG Heuer intensified its commitment to sustainable development...

  • Page 43
    Passionate about creativity LVMH 40 /41

  • Page 44
    ...States 12% Japan I nve st me nt s EUR million 21% Rest of Asia 2010 2009 2008 46 23 39 17% Other markets THE MOST RECENT OF THE LVMH BUSINESS GROUPS HOLDS A PORTFOLIO OF LUXURY BRANDS WITH HIGHLY COMPLEMENTARY MARKET POSITIONS. THIS BUSINESS GROUP BENEFITS IN PARTICULAR FROM TAG HEUER'S STATURE...

  • Page 45
    .... Finally, TAG Heuer expanded its network with twenty new stores, both owned and franchised, notably in China and Southeast Asia, but in Japan, Russia and Paris as well. The brand now has over one hundred stores worldwide (owned and franchised), the productivity of which increased significantly. The...

  • Page 46
    .... Hublot increased its marketing investment expenditures with original and highly publicized partnerships like the World Cup of Soccer until 2014, the F1 World Championship, and Fashion Week in New York. Hublot continued to steadily improve its positioning as a luxury brand with the King Power line...

  • Page 47
    ... advertising campaign focused on ambassador Kate Moss was expanded. Fred's top priority was to improve the productivity of its network of existing stores. In December, the brand launched its online sale site in the French market, www.fred.com. MONTRES DIOR: focus on high-end Montres Dior continued...

  • Page 48
    Distribution Sélective SELECTIVE RETAILING INTERNATIONALLY SUCCESSFUL CONCEPTS PRESENT IN ALL FOUR CORNERS OF THE WORLD, THE TEAMS DEVELOPING THE LVMH SELECTIVE RETAILING BUSINESSES WORK, EACH IN THEIR OWN AREA, TO OFFER THEIR CUSTOMERS A UNIQUE PRODUCT AND SERVICE EXPERIENCE. THEIR TALENTS HAVE ...

  • Page 49
    ... in online sales of selective perfumes and cosmetics and signed a partnership for operations in Mexico. l Le Bon Marché opened its "Maison d'Edition," a space dedicated to the art of living, on the second floor of the store, and opened its new "Balthazar" department for men. l In France, Sephora...

  • Page 50
    ...GAINED MARKET SHARE IN 2010. INNOVATION AND SELECTIVITY IN OUR OFFER, THE EXCELLENCE OF THE CUSTOMER EXPERIENCE IN OUR STORES, ABSOLUTELY FAULTLESS SERVICE: DIFFERENTIATION AND PERSONALIZATION ARE THE PASSWORDS. FOR DFS, WHICH CONTINUED TO EXPAND ITS HIGH-END PRODUCT LINE, DEVELOPED NEW SERVICES AND...

  • Page 51
    ...markets; and the selective retailing concepts represented by Sephora, the most innovative company in the beauty segment, and Le Bon Marché, the department store with a unique atmosphere located on the Left Bank in Paris. DFS: 50 years- The journey continues DFS: the success of an upscale strategy...

  • Page 52
    ... customers. Sephora relies, finally and particularly, on the continued development of the skills of its sales assistants and managers thanks to a very advanced training policy designed in Paris by Sephora University and adapted around the world. Skincare was a very special focus in 2010. In Europe...

  • Page 53
    ... stores in Europe and the United States and to develop the business generated by the websites. The focus will be increasingly on the innovative aspect of the product offer and services and on expanding loyalty programs. All these measures will be backed by sustained marketing investments. Building...

  • Page 54
    ... form. Sustainable development is inseparable from LVMH's strategy. SOCIAL POLICY TO ENCOURAGE ALL OUR EMPLOYEES TO REACH THEIR FULL CAREER POTENTIAL AND ACHIEVE THEIR ASPIRATIONS, DEVELOP THE DIVERSITY AND THE WEALTH OF HUMAN RESOURCES IN OUR COMPANIES IN ALL THE COUNTRIES WHERE WE OPERATE, AND...

  • Page 55
    ... for the campaign expressing the core values of Louis Vuitton. Ali and Bono work to support the development of fair trade with Africa. ENVIRONMENT TO WORK TOGETHER TO PRESERVE THE RESOURCES OF THE PLANET, TO DESIGN AND DEVELOP PRODUCTS THAT RESPECT THE ENVIRONMENT, TO REPORT ON OUR POLICIES AND...

  • Page 56
    ... AND THE SUPPLIER CODE OF CONDUCT. ONE OF THE STRENGTHS OF LVMH, PRESENT IN SEVERAL BUSINESSES, WITH A BROAD RANGE OF DIFFERENT MARKETS AND CUSTOMERS, LIES IN ITS ENTREPRENEURIAL CULTURE AND THE PRESERVATION OF THE AUTONOMY OF THE BRANDS. RESPECT FOR THEIR HISTORY, THE PERMANENCE OF THEIR TRADES AND...

  • Page 57
    ... PROMOTE EQUAL OPPORTUNITY AND FIGHT DISCRIMINATION. AS PART OF THIS, THE GROUP DEVELOPED A "RECRUITMENT CODE OF CONDUCT" AND A PROCESS FOR MONITORING THE HANDLING OF ITS JOB OFFERS ON AN ONGOING BASIS THROUGH AN INDEPENDENT ORGANIZATION. IT ALSO ESTABLISHED AN ANNUAL SURVEY WITH ITS INTERNATIONAL...

  • Page 58
    ... the strategic challenges identified by all the brands and is designed to provide concrete responses for Human Resources. This review involves the Group companies and proactively considers the positions most critical for the success of our businesses and the talents needed to hold these high-impact...

  • Page 59
    ... practices identified by its executive managers. ENHANCING AND EXPANDING LEADERSHIP SKILLS The LVMH House CORPORATE TRAINING IN THE REGIONS The Corporate Human Resource department in France, as well as in the United States and Japan, proposed new programs which have a shared spirit but which also...

  • Page 60
    ..., managing international mobility, ensuring access to management training, demanding diversity in successions to key positions or in the recruitment of managers, the LVMH Department of Human Resources is developing a variety of programs aimed at facilitating women's access to high-level positions...

  • Page 61
    ...each individual, LVMH animates a network of over 200 managers around the world. They implement the Social Responsibility reporting which covers all companies of the Group. It is designed to: • Identify practices for the management of men and women and respect for the international commitments made...

  • Page 62
    ... awards are the natural culmination of a policy developed in all Group Brands. PREVENTING DISCRIMINATION in several job areas, the companies of LVMH are attentive to specific regional social aspects and have developed partnerships with associations or NGOs aimed at assisting the social and business...

  • Page 63
    ... work led to the creation of a common supplier database for the Perfumes and Cosmetics business group and the implemen- North America Asia BREAKDOWN OF AUDITS BY REGION Other Europe North America Asia Scope = Wines & Spirits, Perfumes & Cosmetics, Sephora, Berluti, Louis Vuitton leather goods...

  • Page 64
    ...OF WOMEN/MEN by business group (regular employees) 100 80 65 % 68 % 60 76 % 76 % 78 % 76 % Women 80 35 % 57 % Women 44 % 73 % 84 % 81 % 60 40 Men 20 32 % 24 % 0 France 24 % 22 % 24 % 35 % 40 65 % 20 27 % 0 Rest of Europe United States Japan Rest of Asia Other markets Wines Fashion & Perfumes...

  • Page 65
    ... future building of the Louis Vuitton Foundation for Creation in the Jardin d'Acclimatation in Paris last fall. CULTURE, HERITAGE AND CONTEMPORARY DESIGN The first component of the LVMH corporate sponsorship program is to preserve artistic heritage in France and throughout the world by supporting...

  • Page 66
    SUSTAINABLE DEVELOPMENT ENVIRONMENT Concern for the environment is a longstanding commitment by the brands of the LVMH Group and is inseparable from their growth strategy. "Green" consumers who are aware of the environmental and social responsibility of businesses have gradually become a very real...

  • Page 67
    ... the vision of the LVMH Group in terms of how to integrate protection of the environment in its businesses. SHARP INCREASE IN AWARENESS PROGRAMS In order to share the best practices of the brands and to improve the exchange of information, the Environmental Department directs a network of nearly 50...

  • Page 68
    SUSTAINABLE DEVELOPMENT - ENVIRONMENT TANGIBLE RESULTS AT ALL OUR SITES The LVMH Group has defined different actions and policies which take into consideration the key environmental challenges of its businesses in the areas of climate change and energy, building management, biodiversity, water and ...

  • Page 69
    ... buildings at La Chaux-de-Fonds. Production is expected to total 100,000 kWh per year. PROTECTION OF BIODIVERSITY For most of the Group brands, the living world is the essential resource that must be preserved and used in product preparation. This is why LVMH is committed to a number of programs...

  • Page 70
    ...that is designed to increase consumer awareness of the environmental impacts of products. The LVMH Group actively participates in this work, particularly for the Perfumes and Cosmetics and Fashion and Leather Goods business groups. • Eco-design of packaging is a major priority for the companies of...

  • Page 71
    .... • Parfums Christian Dior worked with the public transportation network in the Orleans metropolitan area, the location of its production site, to adapt the bus schedules and routes and offer its employees the opportunity to use public transportation. • Louis Vuitton implemented its partnership...

  • Page 72
    ... which works to promote the development of beekeeping. This association helped create the first European genetic conservatory network for the black bee in the Parc de la Brenne. A HIGHLY SUCCESSFUL 3RD FORUM ON AFRICA AND BEAUTY Organized at the initiative of LVMH Research, the International Africa...

  • Page 73
    LVMH Consolidated financial statements 2010 THE CONSOLIDATED FINANCIAL STATEMENTS PRESENTED IN THE FOLLOWING PAGES ARE ABBREVIATED. Passionate about creativity LVMH 70 /71

  • Page 74
    ...129 Brands and other intangible assets - net Goodwill - net Property, plant and equipment - net Investments in associates Non-current available for sale financial assets Other non-current assets Deferred tax NON-CURRENT ASSETS Inventories and work in progress Trade accounts receivable Income taxes...

  • Page 75
    ...reserves Cumulative translation adjustment Net profit, Group share Equity, Group share Minority interests TOTAL EQUITY Long term borrowings Provisions Deferred tax Other non-current liabilities NON-CURRENT LIABILITIES Short term borrowings Trade accounts payable Income taxes Provisions Other current...

  • Page 76
    ... year. These investments mainly relate to the retail networks of Louis Vuitton, Sephora and DFS, as well as to certain real estate assets, located at the heart of cities where the Group's brands enjoy significant recognition. Taken together, investments in associates, non-current available for sale...

  • Page 77
    CONSOLIDATED INCOME STATEMENT (EUR millions, except for net profit per share) REVENUE Cost of sales GROSS MARGIN Marketing and selling expenses General and administrative expenses PROFIT FROM RECURRING OPERATIONS Other operating income and expenses OPERATING PROFIT Cost of net financial debt Other ...

  • Page 78
    ... group. Fashion and Leather Goods posted organic revenue growth of 13%, and 20% based on published figures. This business group's performance continues to be driven by the exceptional momentum achieved by Louis Vuitton, which again recorded double-digit revenue growth. Donna Karan, Marc Jacobs...

  • Page 79
    ...with the positive impact of exchange rate fluctuations, offset the rise in advertising and promotional expenditure focused on strategic markets. The operating margin as a percentage of revenue for this business group increased by 1 point to 29%. Fashion and Leather Goods posted profit from recurring...

  • Page 80
    ...-current available for sale financial assets Impact of purchase and sale of consolidated investments NET CASH FROM (USED IN) FINANCIAL INVESTMENTS (1,724) 70 (61) (1,715) (93) 49 (278) (322) (155) 184 (642) (613) III. TRANSACTIONS RELATING TO EQUITY Capital increases of LVMH Capital increases of...

  • Page 81
    ...on the retail networks of flagship brands and trade names such as Louis Vuitton, Sephora and DFS, reflect the Group's growth momentum. Net cash from operating activities and operating investments thus amounted to 3,073 million euros, compared to 2,205 million euros the previous year. Acquisitions of...

  • Page 82
    ... shares Share Share capital premium account Treasury shares and LVMH-share settled derivatives Cumulative translation adjustment Revaluation reserves Available fore sale financial assets Hedges of future foreign currency cash flows Vineyard land Net profit and other reserves Total equity Group...

  • Page 83
    ... pour la Création / Mazen Saggar, Louis Vuitton / Mazen Saggar, DR, photo archives LVMH and Group Companies. The paper used to prepare this report is PEFC certified (sustainable forest management) and the printer is Imprim'vert certified. Design and production Phénix Telephone 33 1 48 24 61...

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