About LVMH Moët Hennessy - Louis Vuitton, Société Européenne

LVMH Moët Hennessy - Louis Vuitton, Société Européenne operates as a luxury products company. The company’s brands and trade names are organized into six business groups. Four business groups – Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, and Watches and Jewelry – comprise brands dealing with the same category of products that use similar production and distribution processes. The Selective Retailing business group comprises the company’s own- label retailing activities. Revenue mainly comprises retail sale within the company’s store network (including e-commerce Websites) and sales through agents and distributors. Sales made in stores owned by third parties are treated as retail transactions if the risks and rewards of ownership of the inventories are retained by the company. Direct sales to customers are made through retail stores in Fashion and Leather Goods, and Selective Retailing, as well as certain Watches and Jewelry, and Perfumes and Cosmetics brands. These sales are recognized at the time of purchase by retail customers. Wholesale sales mainly concern the Wines and Spirits businesses, as well as certain Perfumes and Cosmetics and Watches and Jewelry brands. The company recognizes revenue when title transfers to third- party customers. As of December 31, 2018, a total of 4,592 stores were operated by the company worldwide, particularly by Fashion and Leather Goods, and Selective Retailing. Investments in Joint Ventures and Associates As of December 31, 2018, investments in joint ventures and associates primarily consisted of: For joint arrangements, a 50% stake in the Château Cheval Blanc wine estate (Gironde, France), which produces the eponymous Saint- Emilion Grand Cru Classe A. For other companies, such as a 40% stake in Mongoual SA, the real estate company that owns the office building in Paris (France) that serves as the head office of the company; a 45% stake in PT. Sona Topas Tourism Industry Tbk, an Indonesian retail company, which notably holds duty- free sales licenses in airports; a 46% stake in JW Anderson, a London- based ready- to- wear brand; and a 40% stake in L Catterton Management, an investment fund management company created in 2015 in partnership with Catterton. Repossi – an Italian jewelry brand– is fully consolidated, following the acquisition of an additional stake in the company, raising the company’s ownership interest from 41.7% to 68.9%. History LVMH Moët Hennessy - Louis Vuitton, Société Européenne was incorporated in 1923.