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LVMH Moët Hennessy Louis Vuitton
S.A. (Euronext:
MC), usually shortened to
LVMH, is a
French holding company and the
world's largest
luxury goods conglomerate. It is
the parent of around 50
sub-companies that each manage a
small number of prestigious
brands. The child companies are
run, to a large extent,
autonomously. The group was formed
after mergers brought together
champagne producer
Moët et Chandon and
Hennessy, a leading manufacturer
of
brandy. In 1987, they merged
with baggage manufacturer
Louis Vuitton
to form the current group.
The group is partly owned by the Christian Dior group, and Bernard Arnault is Chairman and CEO of both companies. His successful integration of various famous brands into the group has inspired other luxury companies into doing the same. Thus Gucci (now part of the French conglomerate PPR), Prada and Richemont have also created extended portfolios of luxury brands. The oldest of the LVMH brands is wine producer Château d'Yquem, which dates its origins back to 1593.
De Beers LV: in 2001 De Beers launched a joint venture with LVMH in order to establish De Beers as a retail brand.
Corporate structure
LVMH is based in Paris, France, and is listed on Euronext Paris and is a constituent of the CAC 40 index. As of 2003, the group had a turnover of approximately 12bn euros with a net income of 2bn euros. The group currently employs 56,000 people. The company is headquartered in Paris, and 40% of the staff work in France. LVMH operates around 1,500 stores worldwide. Its current business plan aims to tightly control the brands it manages in order to maintain and heighten the perception of luxury relating to their products. For example Louis Vuitton products are sold only through Louis Vuitton boutiques found in upmarket locations in wealthy cities and in concessions in other luxury goods shops (such as Harrods in London). This practice contrasts greatly with less exclusive brands, such as Tommy Hilfiger, which can be bought in shopping malls around the world.
Subsidiaries
LVMH's brands include:
- Wines and Spirits
- Watches and Jewellery
- Fashion and leather goods
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| The above article is licensed under the GNU Free Documentation License. From Wikipedia, the free encyclopedia ( http://en.wikipedia.org/wiki/LVMH ). 2/7/06 |
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