Annual Report as of December 31, 2022

Combined Shareholders’ Meeting 
April 20, 2023
Chairman’s message .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 2
History .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 5
Executive and Supervisory Bodies; 
Statutory Auditors as of December 31, 2022 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 6
Financial highlights .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 7
Management Report of the Board 
of Directors: The Christian Dior group .�.�.�.�.�.�.�.�.�.�.�.�.�.9
1.	
Christian Dior’s business model .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 9
2.	
Business overview, highlights and outlook .�.�.�.�.�.�.�.�.�.�.�.�.� 13
3.	
Business and financial review .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 35
4.	
Ethics and responsibility .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 49
5.	
Environment and sustainability .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 75
6.	
Attracting and retaining talent .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 113
7.	
Outreach and giving back .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 133
8.	
Financial and operational risk management 
and internal control .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 141
Management Report of the Board of 
Directors: Christian Dior parent company.�.�.�.�.�.�.�.�.161
1.	
Results of Christian Dior SE .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 162
2.	
Share ownership of the Company .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 164
3.	
Stock option and bonus share plans .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 164
4.	
Summary of transactions in Christian Dior securities 
during the 2022 fiscal year by company officers 
and closely related persons (as defined in 
Article L. 621‑18‑2 of the French Monetary 
and Financial Code) .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 167
5.	
Share repurchase programs .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 168
Board of Directors’ report on 
corporate governance.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�171
1.	
Corporate governance .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 172
2.	
Compensation of company officers .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 195
3.	
Summary of transactions in Christian Dior securities 
during the 2022 fiscal year by company officers 
and closely related persons (as defined in 
Article L. 621‑18‑2 of the French Monetary 
and Financial Code) .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 209
Consolidated financial statements.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�211
1.	
Consolidated income statement .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 212
2.	
Consolidated statement of comprehensive 
gains and losses .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 213
3.	
Consolidated balance sheet .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 214
4.	
Consolidated statement of changes in equity .�.�.�.�.�.�.�.�.� 215
5.	
Consolidated cash flow statement .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 216
6.	
Notes to the consolidated financial statements .�.�.�.�.�.�.�.� 217
7.	
Consolidated companies .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 277
8.	
Companies not included in the scope of consolidation .�.� 286
9.	
Statutory Auditors’ report on the consolidated 
financial statements .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 287
Parent company financial statements: 
Christian Dior.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�293
1.	
Income statement .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 294
2.	
Balance sheet .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 295
3.	
Cash flow statement .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 296
4.	
Notes to the parent company financial 
statements .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 297
5.	
Subsidiaries and equity investments .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 304
6.	
Company results over the last five fiscal years .�.�.�.�.�.�.�.�.� 305
7.	
Statutory Auditors’ report on the parent 
company financial statements �.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 306
8.	
Statutory Auditors’ special report on related‑party 
agreements .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 310
General information regarding the parent 
company and its share capital; stock market 
information .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.  313
1.	
Information regarding the parent company .�.�.�.�.�.�.�.�.�.�.� 314
2.	
Information regarding the capital .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 317
3.	
Breakdown of share capital and voting rights .�.�.�.�.�.�.�.�.�.� 318
4.	
Market for financial instruments issued 
by Christian Dior .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 320
Statement by the person responsible 
for the Annual Report.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�325
As table totals are based on unrounded figures, there may be discrepancies 
between these totals and the sum of their rounded component figures.
This document is a free translation into English of the original French “Rapport annuel”, hereafter referred to as the “Annual Report”. 
It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which 
is the authentic text.

Annual Report as of December 31, 2022
1
Annual Report as of December 31, 2022

2
Annual Report as of December 31, 2022
﻿
Chairman’s message
Forging further ahead
In 2022, another year marked by a mixed economic environment and a disrupted international context, the Group achieved a 
remarkable business performance, driven by sustained creative momentum across all our professions and ongoing investment 
in passing on our expertise.
Unparalleled performance
We should be wary of treating numbers as symbolic milestones. Personally, I view them with satisfaction but not as our primary 
objectives: our staff, products, designers, craftspeople and stores have always meant more to me than numbers. That being said, when we 
reach or surpass certain milestones for the first time, there is no harm in taking a step back and recognizing what we have accomplished. 
In 2022, our Group generated nearly 80 billion euros in revenue, more than 20 billion euros in operating profit and over 10 billion 
euros in cash flow. One of our most time‑honored iconic Maisons, Louis Vuitton, has doubled its revenue in the space of five years to 
more than 20 billion euros. Examples abound of this steady, consistent growth in our businesses. Other indicators, such as the 5 billion 
euros in corporate income tax we paid worldwide, half of it in France, also reflect the extent of our contribution to society. And one 
last example, which perhaps warrants an even more measured approach than the others, but I would be remiss not to mention, as it 
so clearly illustrates the shareholders’ confidence in our family group: LVMH’s market capitalization topped the symbolic 400 billion 
euro threshold, which no other European company had ever come close to reaching before.

Annual Report as of December 31, 2022
3
﻿
Our professions captivate and attract talent
These numerical milestones reflect an even more meaningful human reality. The Group as a whole now has nearly 200,000 employees 
who take on board, pass on and embody the culture of excellence that drives our Maisons, in France and all over the world. Every day, 
the Group – which in 2022 became France’s number‑one private‑sector recruiter – welcomes, trains and promotes people who identify 
with and find fulfillment in the exceptional products designed and sold by our Maisons, but above all in the human qualities needed 
to achieve all this: imagination and audacity, patience and attention to detail, openness to the cultures of the world and a passion for 
nature, which is ultimately the source of everything.
Our professions captivate and attract talent. In 2022, 200,000 visitors in 15 countries came to experience the 96 sites that our Maisons 
opened to the public for the fifth Journées Particulières event, where our craftspeople showcased their skills, shared their passion and 
unveiled the infinite level of detail that they put into each product. We hired 39,000 young people worldwide who, thanks to the 
opportunities offered by our Maisons, will be able to train in their fields and hone their skills before going on to train others in turn. 
This point is worth emphasizing: our Maisons offer all new hires the chance to pursue a comprehensive career path with lifelong learning 
and development opportunities. These opportunities are now sufficiently well‑known that the Group receives a substantial influx of 
applications, not only directly to our Maisons but also to our IME (Institut des Métiers d’Excellence) training programs in France, Italy, 
Switzerland, Japan and the United States, and to our LIVE (L’Institut des Vocations pour l’Emploi) campuses in Clichy, near Paris, and 
in my hometown of Roubaix in northern France. Our more recently launched “You and ME” recruitment events in a number of French 
cities have also attracted strong interest. We now have a total of 33 in‑house and external training centers and programs all over the 
world. This reflects the importance we place not only on preserving and passing on all our expertise but also on enhancing the appeal 
of these professions. I regularly talk to candidates who have applied to our programs, and for me, their enthusiasm and determination 
are compelling reasons to be optimistic about the future. By opening our doors to talented applicants and giving them the chance to 
see their merits rewarded, we secure the Group’s future and forward momentum.
Keeping the creative flame burning bright
All our Maisons pushed their creative boundaries in 2022. Fashion shows by Christian Dior Couture’s Maria Grazia Chiuri, in Seville, and 
Dior Homme’s Kim Jones, against the backdrop of the pyramids of Giza, were acclaimed all over the world as major events embodying 
a level of creative ambition rarely achieved. At Louis Vuitton, Nicolas Ghesquière continued to develop an aesthetic of clean lines and 
timeless looks, as seen in his Cruise show in California. Celine has also been significantly boosted by the fresh inspiration brought 
to the Maison by Hedi Slimane over the past five years, while Jonathan Anderson has continued to reveal Loewe’s potential over the 
past ten years, designing collections hailed for their creative integrity and poetic vision. The Group’s other businesses have enjoyed 
similar success: Sauvage is the world’s best‑selling fragrance, and our Wines and Spirits Maisons continue to gain market share every 
year, building up positions in areas that hold particular promise for the future, such as champagne, rosé wines and cognac. At the most 
recent Watch Week in Singapore, our watchmaking houses showcased their vibrant development in traditional high‑end watchmaking 
and smartwatches alike, met with steadily growing demand. All our efforts are focused on kindling and keeping the creative flame 
burning bright at the heart of our Maisons, with this uninterrupted creativity by far the most important factor enabling our Maisons 
to outpace their competitors year after year.
If I may, I would like to single out two more examples of major creative success. After joining our Group in January 2021, Tiffany 
immediately set out to reinvent its collections and revitalize its brand image, creating new momentum that was instantly reflected 
in growth at the Maison, loved the world over. In the same vein, Louis Vuitton, which has crafted the trophy trunk for the World 
Cup since 2010, teamed up with Annie Leibovitz to produce a picture of two soccer legends that became the world’s most viewed 
ad in just a few days. Lastly, the appointment of Pharrell Williams as Creative Director of Menswear at Louis Vuitton, announced in 
February 2023, was yet another event filled with promise for the future. These examples perfectly illustrate what I see as my primary 
focus: financial performance is simply the corollary of creative success. As you can see, this long‑held conviction of mine was once 
again confirmed in 2022.

4
Annual Report as of December 31, 2022
The path of environmental excellence
Our passion for beautiful craftsmanship and for natural beauty are two branches of the same tree. Our Maisons have always been very 
mindful of their environment – which, for almost all of them, is the bedrock on which they have flourished. They have a long‑standing, 
symbiotic relationship with nature. This can be seen in our many vineyards around the world, of course, but also at the production 
sites of our Maisons that craft fragrances, leather goods and, in many cases, even jewelry and watchmaking. Surrounded by unspoiled 
countryside, they inhabit – in the fullest sense of the word – these natural spaces, protecting and taking care of them. As the years go 
by, this rural element of the Group has become a growing source of inspiration for its urban element: our stores. The efficient use of 
resources that has long been standard practice at our production sites has been extended to all our businesses in record time. Thanks 
to an unprecedented effort, the Group plans to cut its energy use by 10% between October 2022 and October 2023 and to continue 
along this trajectory. This range of initiatives, spearheaded by the LIFE 360 environmental program, was also recognized by the Carbon 
Disclosure Project, which awarded LVMH an AAA rating in 2022 – a score only achieved by 12 companies out of the 15,000 assessed 
around the world. In 2023, the Group will continue to forge ahead on this path of environmental excellence.
Uncertainty and hope
Now that we have left 2022 behind us, I hope we have seen the last of the challenges caused by the pandemic, which for two years 
profoundly changed the world. Yet we have entered into a period of new geopolitical uncertainty. Our diverse range of locations and 
business lines, together with the appeal of our products across all geographic areas, gives us some protection if business should slow 
down in any particular region of the world. We have learned to manage the impact and work around the consequences of extreme 
scenarios that would have been virtually inconceivable three years ago, in particular thanks to the major breakthrough made by 
digitalizing our logistics operations and our online stores. This was reflected in our fourth‑quarter 2022 results: despite the near‑total 
shutdown of China, a major market for our products, the Group as a whole delivered solid growth.
That is why our Group is facing 2023 with confidence. Confidence, because the world, where change comes faster than ever, requires us 
to keep moving while staying inventive, alert, innovative and pioneering. Confidence, because we will continue to pursue our passion 
for what makes life beautiful. Creativity and passion are boundless resources, as infinite as the potential preserved in our Maisons’ 
rich heritage, legendary terroirs and singular craftsmanship. Thanks to our deeply engaged staff and our unique expertise, the Group 
will forge further ahead. Much further.
Bernard Arnault
Chairman of the Board of Directors

Annual Report as of December 31, 2022
5
﻿
History
The history of Christian Dior began in 1946, when Monsieur Christian Dior started his own haute couture establishment in a townhouse 
at 30 Avenue Montaigne in Paris, where the Company still has its headquarters.
In 1984, the Boussac group – which owned Christian Dior at the time – was acquired by Bernard Arnault in association with a group 
of investors. In 1988, through one of its subsidiaries, Christian Dior took a 32% stake in LVMH, an ownership interest that would be 
gradually increased over the years. As of December 31, 2022, Christian Dior thus held 41% of the share capital and 57% of the voting 
rights of LVMH, while the Arnault family group also held about 7% of the share capital and 8% of the voting rights of LVMH as of 
this same date.
The Christian Dior group was formed through successive alliances among companies that, from generation to generation, have 
successfully combined traditions of excellence and creative passion with a cosmopolitan flair and a spirit of conquest. These companies 
now form a powerful, global Group in which the historic companies share their expertise with the newer brands, and continue to 
cultivate the art of growing while transcending time, without losing their soul or their image of distinction.
From the 14th century to the present
14th century
1365
Le Clos des Lambrays
16th century
1593
Château d’Yquem
18th century
1729
Ruinart
 
1743
Moët & Chandon
 
1765
Hennessy
 
1772
Veuve Clicquot
 
1780
Chaumet
19th century
1803
Officine Universelle Buly
 
1815
Ardbeg
 
1817
Cova
 
1828
Guerlain
 
1832
Château Cheval Blanc
 
1837
Tiffany & Co.
 
1843
Krug
 
 
Glenmorangie
 
1846
Loewe
 
1849
Royal Van Lent
 
1852
Le Bon Marché
 
1854
Louis Vuitton
 
1858
Mercier
 
1860
TAG Heuer
 
 
Jardin d’Acclimatation
 
1865
Zenith
 
1870
La Samaritaine
 
1884
Bulgari
 
1895
Berluti
 
1898
Rimowa
20th century
1908
Les Echos
 
1914
Patou
 
1916
Acqua di Parma
 
1923
La Grande Épicerie de Paris
 
1924
Loro Piana
 
1925
Fendi
 
1936
Dom Pérignon
 
 
Fred
 
1944
Le Parisien-Aujourd’hui en France
 
1945
Celine
 
1946
Christian Dior Couture
 
1947
Parfums Christian Dior
 
 
Emilio Pucci
 
1952
Givenchy
 
 
Connaissance des Arts
 
1955
Château Galoupet
 
1957
Parfums Givenchy
 
 
Repossi
 
1958
Starboard Cruise Services
 
1959
Chandon
 
1960
DFS
 
1969
Sephora
 
1970
Kenzo
 
1972
Perfumes Loewe
 
1973
Joseph Phelps
 
1974
Investir-Le Journal des Finances
 
1975
Ole Henriksen
 
1976
Benefit Cosmetics
 
 
Belmond
 
1977
Newton Vineyard
 
1980
Hublot
 
1983
Radio Classique
 
1984
Marc Jacobs
 
 
Make Up For Ever
 
1985
Cloudy Bay
 
1988
Kenzo Parfums
 
1991
Fresh
 
1992
Colgin Cellars
 
1993
Belvedere
 
1996
Terrazas de los Andes
 
1998
Bodega Numanthia
 
1999
Cheval des Andes
21st century
2006
Armand de Brignac
 
 
Château d’Esclans
 
 
Maisons Cheval Blanc
 
2008
KVD Vegan Beauty
 
2009
Maison Francis Kurkdjian
 
2010
Woodinville
 
2013
Ao Yun
 
2017
Fenty Beauty by Rihanna
 
 
Volcán de mi Tierra
 
2020
Eminente
 
2022
Stella by Stella McCartney

6
Annual Report as of December 31, 2022
﻿
Executive and Supervisory Bodies; 
Statutory Auditors as of December 31, 2022
 (1)	 Renewal proposed at the Shareholders’ Meeting of April 20, 2023.
 (2)	 Ratification of the co-optation proposed at the Shareholders’ Meeting of April 20, 2023.
 (3)	 Independent Director.
Board of Directors
Bernard ARNAULT (1)
Chairman of the Board of Directors
Antoine ARNAULT (1) (2)
Vice-Chairman and Chief Executive Officer
Delphine ARNAULT
Nicolas BAZIRE
Hélène DESMARAIS (3) 
Renaud DONNEDIEU de VABRES (3)
Ségolène GALLIENNE (3)
Christian de LABRIFFE (3)
Maria Luisa LORO PIANA (1)
Advisory Board member
Jaime de MARICHALAR y SÁENZ de TEJADA
Performance Audit Committee
Christian de LABRIFFE (3) 
Chairman
Nicolas BAZIRE
Renaud DONNEDIEU de VABRES (3)
Governance & Compensation Committee
Hélène DESMARAIS (3) 
Chairman
Nicolas BAZIRE
Christian de LABRIFFE (3)
Statutory Auditors
DELOITTE & Associés 
represented by Guillaume Troussicot
MAZARS 
represented by Isabelle Sapet and Guillaume Machin

Annual Report as of December 31, 2022
7
﻿
Financial highlights
Key consolidated data
(EUR millions and as %) 
2022
2021
2020
Revenue
79,184 
64,215
44,651
Gross margin
54,196 
43,860
28,780
Gross margin as a percentage of revenue
68% 
68%
65%
Profit from recurring operations
21,050 
17,139
8,300
Current operating margin as a percentage of revenue
26.6% 
26.7%
18.6%
Net profit, before minority interests
14,702 
12,664
4,970
Net profit, minority interests’ share
8,905 
7,718
3,037
Net profit, Group share
5,797 
4,946
1,933
Cash from operations before changes in working capital
26,765 
22,611
13,990
Operating investments
4,969 
2,664
2,478
Operating free cash flow (a) 
10,110 
13,518
6,093
Equity, Group share
19,038 
15,372
11,270
Minority interests
35,276 
30,995
24,974
Total equity
54,314 
46,367
36,244
Net financial debt (b) 
8,867 
9,521
4,213
Net financial debt/Total equity ratio
16.3% 
20.5%
11.6%
(a)	 See the consolidated cash flow statement in the consolidated financial statements for the definition of “Operating free cash flow”.
(b)	 Excluding “Lease liabilities” and “Purchase commitments for minority interests” included in “Other non‑current liabilities”.
Data per share
(EUR) 
2022
2021
2020
Earnings per share
 
 
 
Basic Group share of earnings per share
32.13 
27.41
10.72
Diluted Group share of earnings per share
32.11 
27.40
10.70
Dividend per share
 
 
 
Interim
5.00 
3.00
2.00
Final
7.00 
7.00
4.00
Gross amount paid for fiscal year (a) 
12.00 (b) 
10.00
6.00
(a)	 Gross amount excluding the impact of tax regulations applicable to recipients.
(b)	 For fiscal year 2022, amount proposed at the Shareholders’ Meeting of April 20, 2023.

8
Annual Report as of December 31, 2022
﻿
Information by business group
Change in revenue by business group 
(EUR millions and as %) 
2022
2021
Change
2020
Published
Organic (a) 
Wines and Spirits
7,099 
5,974
+19%
+11%
4,755
Fashion and Leather Goods
38,648 
30,896
+25%
+20%
21,207
Perfumes and Cosmetics
7,722 
6,608
+17%
+10%
5,248
Watches and Jewelry
10,581 
8,964
+18%
+12%
3,356
Selective Retailing
14,582 
11,754
+26%
+17%
10,155
Other activities and eliminations
281 
19
-
-
(70)
Total
79,184 
64,215
+23%
+17%
44,651
(a)	 On a constant consolidation scope and currency basis. For 2022, the net exchange rate impact was +6%, and the net impact of changes in the scope of consolidation was nil. 
The principles used to determine the net impact of exchange rate fluctuations on the revenue of entities reporting in foreign currencies and the net impact of changes in the scope 
of consolidation are described on page 39.
Profit from recurring operations by business group (EUR millions) 
2022
2021
2020
Wines and Spirits
2,155 
1,863
1,388
Fashion and Leather Goods
15,709 
12,842
7,188
Perfumes and Cosmetics
660 
684
80
Watches and Jewelry
2,017 
1,679
302
Selective Retailing
788 
534
(203)
Other activities and eliminations
(279) 
(463)
(455)
Total
21,050 
17,139
8,300
Information by geographic region
Revenue by geographic region of delivery (as %) 
2022
2021
2020
France
8 
6
8
Europe (excl. France)
16 
15
16
United States
27 
26
24
Japan
7 
7
7
Asia (excl. Japan)
30 
35
34
Other markets
12 
11
11
Total
100 
100
100
Revenue by invoicing currency (as %) 
2022
2021
2020
Euro
19 
17
19
US dollar
30 
28
27
Japanese yen
7 
7
7
Hong Kong dollar
2 
3
4
Other currencies
42 
45
43
Total
100 
100
100
Number of stores
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
France
518 
522
512
Europe (excl. France)
1,108 
1,203
1,175
United States
1,054 
1,014
866
Japan
496 
477
428
Asia (excl. Japan)
1,829 
1,746
1,514
Other markets
659 
594
508
Total
5,664 
5,556
5,003

Annual Report as of December 31, 2022
9
Management Report 
of the Board of Directors: 
The Christian Dior group
1.	
Christian Dior’s business model
1.	
Business group overview
10
2.	
Group values
11
3.	
Operating model
11

10
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Christian Dior’s business model
The Group helps its Maisons grow over the long term, based on 
respect for their specific strengths and individuality, underpinned 
by common values and a shared business model. In addition to 
being a responsible corporate citizen which conducts its business 
in the most exemplary way, the Group decided, in conjunction 
with its Maisons, to implement a number of initiatives not 
directly related to their business activities in support of society, 
the environment and culture. These longstanding commitments 
contribute to a long‑term vision and provide a powerful response 
to the role a group like Christian Dior should play within society.
1.	
Business group overview
Christian Dior is the only group that operates simultaneously, 
through its Maisons, in all the following major luxury sectors:
Wines and Spirits: Based in Champagne, Bordeaux and other 
renowned wine‑growing regions, the Group’s Maisons – some 
of which are hundreds of years old – all have their own unique 
character, backed by a shared culture of excellence. The Group’s 
Wines and Spirits activities are divided between the Champagne 
and Wines segment and the Cognac and Spirits segment. This 
business group focuses on growth in high‑end market segments 
through a powerful, agile international distribution network. 
The Group is the world leader in cognac, with Hennessy, and 
in champagne, with an outstanding portfolio of brands and 
complementary product ranges. It also produces high-end still 
and sparkling wines from around the world.
Fashion and Leather Goods: The Group includes established 
Maisons with their own unique heritage and more recent brands 
with strong potential. Whether they are part of haute couture or 
luxury fashion, the Christian Dior group’s Maisons have based 
their success on the quality, authenticity and originality of 
their designs, created by talented, renowned designers. All the 
Group’s Maisons are focused on the creativity of their collections, 
building on their iconic, timeless lines, achieving excellence in 
their retail networks and strengthening their online presence, 
while maintaining their identity.
Perfumes and Cosmetics: The Christian Dior group is a key 
player in the perfume, makeup and skincare sector, with a 
portfolio of world‑famous established names as well as younger 
brands with a promising future. Its Perfumes and Cosmetics 
business group boasts exceptional momentum, driven by 
growing and securing the long‑term future of its flagship lines 
as well as boldly developing new products. The Maisons cultivate 
their individuality, a differentiating factor for their followers in a 
highly competitive global market. At the same time, they are all 
driven by the same values: the pursuit of excellence, creativity, 
innovation and complete control of their brand image.
Watches and Jewelry: The Maisons in Watches and Jewelry – 
the Christian Dior group’s youngest business group – operate in 
the high‑end watchmaking, jewelry and high jewelry sectors. 
The Group features some of the most dynamic brands on the 
market, positioned to complement each other’s strengths. These 
Maisons rely on their outstanding expertise, creativity and 
innovation to surprise their customers all over the world and 
respond to their aspirations.
Selective Retailing: The Group’s Selective Retailing brands all 
pursue a single objective: transforming shopping into a unique 
experience. From elegant interior design to a specialist selection 
of high‑end products and services, combined with personalized 
relationships, customers are the focus of their attention on a daily 
basis. Operating all over the world, the Maisons are active in two 
spheres: selective retail and travel retail (selling luxury goods to 
international travelers).
Other activities: The Maisons in this business group are all 
ambassadors for culture and an art de vivre that is emblematic 
of the Christian Dior group. This approach is taken by Maisons 
including the Les Echos group, which – in addition to Les 
Echos, the leading daily financial newspaper in France – owns 
several business and arts titles; the Royal Van Lent shipyard, 
which builds and markets custom‑designed yachts under the 
prestigious Feadship name; Belmond, which has a large portfolio 
of hotels, trains, cruise lines and safari lodges that combine 
heritage, expertise, authenticity and impeccable service; and 
the exceptional Cheval Blanc hotels, which operate worldwide.

Annual Report as of December 31, 2022
11
Management Report of the Board of Directors: The Christian Dior group
Christian Dior’s business model
2.	
Group values
The Christian Dior group and its Maisons put heart and soul 
into everything the Group does. Its core identity is based on the 
fundamental values that run through the entire Group and are 
shared by everyone in it.
Being creative and innovative: Creativity and innovation are 
part of the Group’s DNA; throughout the years, they have been the 
keys to the Maisons’ success and the basis of their solid reputations. 
These fundamental values of creativity and innovation are 
pursued in tandem by the Group’s Maisons as they focus on 
achieving the ideal balance between continually renewing their 
offer while resolutely looking to the future, always respecting 
their unique heritage.
Delivering excellence: Within the Group, quality can never 
be compromised. Because the Maisons embody everything 
that is most noble and accomplished in the world of fine 
craftsmanship, they pay extremely close attention to detail and 
strive for perfection: from products to services, it is in this quest 
for excellence that the Group differentiates itself.
Cultivating an entrepreneurial spirit: The Group’s agile, 
decentralized structure fosters efficiency and responsiveness. 
It encourages individuals to take initiative by giving everyone 
a significant level of responsibility. The entrepreneurial spirit 
promoted by the Group makes risk‑taking easier and encourages 
perseverance. It requires a pragmatic approach and the ability to 
mobilize staff towards achieving ambitious goals.
Taking action to make a difference: Every action taken by 
the Group and its employees reflects its commitment to ethics, 
corporate social responsibility and respect for the environment. 
These commitments drive our Maisons’ performance and ensure 
their longevity. Firmly convinced that truly desirable products 
can only come from sustainable businesses, we are committed 
to ensuring that our products and the way they are made have 
a positive impact on our entire ecosystem and the places the 
Group operates, and that the Group is actively working to build 
a better future.
3.	
Operating model
The Christian Dior group’s unique operating model is based on 
six pillars, and contributes to the Group’s long‑term success by 
combining profitable growth, sustainability and a commitment 
to excellence:
Decentralized organization: The structure and operating 
principles adopted ensure that Maisons are both autonomous and 
responsive. As a result, they are able to build close relationships 
with their customers, make fast, effective and appropriate 
decisions, and motivate Group employees for the long term by 
encouraging them to take an entrepreneurial approach.
Internal growth: The Group prioritizes internal growth and 
is committed to developing its Maisons, and encouraging and 
protecting their creativity. Staff play a critical role in a model of 
this kind, so supporting them in their career and encouraging 
them to exceed their own expectations is essential.
Vertical integration: Designed to cultivate excellence both up- 
and downstream, vertical integration ensures control of every 
stage of the value chain, from sourcing to production facilities 
and Selective Retailing. It also guarantees strict control of each 
Maison’s brand image.
Creating synergies: Resources are pooled at Group level to 
create intelligent synergies while respecting each Maison’s 
independence and autonomy. Christian Dior’s shared strength 
as a Group is used to benefit each Maison individually.
Securing expertise for the long term: The Maisons that make 
up the Christian Dior group cultivate a long‑term vision. To 
protect their identity and excellence, the Group and its Maisons 
have implemented numerous tools to pass on expertise and 
promote artisanal and creative skills in the next generation.
Balance across business segments and geographies: The 
Group has the resources to sustain regular growth thanks to 
the balance across its business activities and a well‑distributed 
geographic footprint. This balance means that the Group is 
well‑positioned to withstand the impact of shifting economic 
factors.

12
Annual Report as of December 31, 2022

Annual Report as of December 31, 2022
13
Management Report 
of the Board of Directors: 
The Christian Dior group
2.	
Business overview, highlights and outlook
1.	
Wines and Spirits
14
1.1.
Champagne and Wines .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 14
1.2.
Cognac and Spirits .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 16
1.3.
Wines and Spirits distribution .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 18
1.4.
Highlights of 2022 and outlook for 2023 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 18
2.	
Fashion and Leather Goods
19
2.1.
The brands of the Fashion and Leather Goods business group .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 19
2.2.
Competitive position .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 20
2.3.
Design .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 20
2.4.
Distribution .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 21
2.5.
Supply sources and subcontracting .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 21
2.6.
Highlights of 2022 and outlook for 2023 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 22
3.	
Perfumes and Cosmetics
24
3.1.
The brands of the Perfumes and Cosmetics business group .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 24
3.2.
Competitive position .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 25
3.3.
Research .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 25
3.4.
Manufacturing, supply sources and subcontracting .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 25
3.5.
Distribution and communication .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 25
3.6.
Highlights of 2022 and outlook for 2023 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 26
4.	
Watches and Jewelry
27
4.1.
The brands of the Watches and Jewelry business group .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 27
4.2.
Competitive position .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 28
4.3.
Distribution .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 28
4.4.
Supply sources and subcontracting .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 28
4.5.
Highlights of 2022 and outlook for 2023 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 29
5.	
Selective Retailing
31
5.1.
Travel retail .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 31
5.2.
Selective retail .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 31
5.3.
Competitive position .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 32
5.4.
Highlights of 2022 and outlook for 2023 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 32
6.	
Other activities
33

14
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
1.	
Wines and Spirits
In 2022, revenue for the Wines and Spirits business group represented 9% of the Christian Dior group’s total revenue. Champagne and 
wines made up 49% of this revenue, while cognacs and spirits accounted for 51%.
1.1	
Champagne and Wines
1.1.1  Champagne and Wine brands
The Group produces and sells a very broad range of high‑quality 
champagnes. Beyond the Champagne region, the Group 
develops and distributes a range of high‑end still and sparkling 
wines produced in nine countries spanning four continents: 
France, Spain, the United States (California), Argentina, Brazil, 
Australia, New Zealand, India and China.
Moët & Chandon was founded in 1743 by Claude Moët and 
elevated to international renown by his descendant Jean-Rémy 
Moët, who dreamed of “sharing the effervescence of champagne 
with the world”. From royal court to red carpet and from Studio 
54 to grand slams, Moët & Chandon brings people together to 
share thrilling and extraordinary moments. With the region’s 
largest and most diversified vineyards, the Maison offers a 
universal and versatile portfolio of champagnes to suit every 
occasion and palette. Easy to love, each creation – from the 
iconic Moët Impérial to the refined Grand Vintage collection, 
from the glamorous Moët Rosé Impérial to the refreshing Moët Ice 
Impérial – dazzles and delights with a broad range of flavors and 
aromas capturing the surprising extent of its terroir. Through 
its long‑term sustainable development program, Natura Nostra, 
Moët & Chandon is working to protect biodiversity in the region. 
The Maison has also been supporting philanthropic initiatives 
through Toast for a Cause since 2009. For nearly three centuries, 
Moët & Chandon has been the champagne of choice to mark 
key events in history and personal celebrations, adding a spark 
of effervescence to each toast.
Dom Pérignon carries on the legacy of Dom Pierre Pérignon, 
the 17th‑century Benedictine monk whose ambition was to make 
“the best wine in the world”. Dom Pérignon only releases vintage 
champagnes. Cellar Master Vincent Chaperon has total control 
over the process of blending and maturing wines, which are the 
expression of his creative vision. The wine evolves in successive 
phases, each one a window of expression, called Plénitudes.
Veuve Clicquot, which will celebrate its 250th anniversary in 
2022, is highly acclaimed for its work with Pinot Noir and its 
expertise in reserve wines, accounting for between 30% and 45% 
of its Brut Yellow Label and Rosé cuvées. Since its founding in 1772, 
the champagne house has stayed true to its motto, “Only one 
quality: the finest”, as illustrated by its prestige cuvée La Grande 
Dame, a blend bringing together its eight classic grands crus. 
Innovations are also an essential part of its DNA, as Madame 
Clicquot was behind several still in use today. Among other 
breakthroughs, she created the first vintage champagne (1810), 
invented the riddling table process to clarify champagne (1816), 
and created the first blended rosé champagne (1818). Paying 
homage to her legacy, in 1972 Veuve Clicquot established what 
is now known as the Bold Woman Award, which has recognized 
women entrepreneurs around the world for 50 years.
Ruinart, founded in 1729, is the oldest of the champagne 
houses. Each of its cuvées expresses the distinctive personality of 
Chardonnay, the Maison’s dominant grape variety. Born in 1843 
out of the dream of one man with a vision, Krug stands out for 
the indisputable excellence of its expertise and its unending quest 
to deliver poetic sensory experiences. Joseph Krug dreamed of 
offering the most generous expression of champagne each and 
every year, whatever the vagaries of the climate. Krug Grande 
Cuvée is the embodiment of this raison d’être: the Krug family 
has created a new edition of this cuvée every year going back 
six generations. Mercier, founded in 1858, offers the simplest of 
tasting experiences. A reflection of its era, it adapts traditional 
ways of tasting, putting the focus on spontaneity over ceremony, 
while remaining faithful to the vision of quality espoused by 
its founder Eugène Mercier. Mercier champagne is all about 
boldness, spontaneity and authenticity. The Maison’s full range 
consists of Mercier Brut, Mercier Brut Rosé, Mercier Demi-Sec, Mercier 
Brut Réserve and Mercier Blanc de Noirs.
In 2021, the Group acquired a 50% stake in the share capital of 
Armand de Brignac. Jointly owned with Shawn “Jay-Z” Carter, 
the brand continued its growth and confirmed its super‑luxury 
positioning.
The Group’s portfolio of wines beyond champagne includes a 
number of prestigious appellations in France, Spain, America, 
Asia and Oceania.
The Group owns the following wineries outside of France: 
Cloudy Bay in New Zealand; Cape Mentelle in Australia; 
Newton Vineyard, the iconic Colgin Cellars (founded by Ann 
Colgin 30 years ago and acquired by LVMH in 2017) and Joseph 
Phelps (one of the most acclaimed wine estates in Napa Valley 
and acquired by LVMH in 2022) in California; Terrazas de los 
Andes and Cheval des Andes in Argentina; Ao Yun in China; 
and Numanthia Termes in Spain. The Chandon brand (created 
in 1959 in Argentina) includes the Moët Hennessy sparkling 
wines developed in California, Argentina, Brazil, Australia, India 
and China by Chandon Estates.
In France, since 1999 the Group has owned Château d’Yquem, 
the most celebrated Sauternes and the only Premier Cru Supérieur 
in the 1855 classification. Since 2009, the Group has held a 
50% stake in the prestigious winery Château Cheval Blanc, 
Premier Grand Cru classé A Saint‑Émilion, accounted for using 
the equity method. In 2014, the Group acquired Domaine du

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
Clos des Lambrays, one of the oldest and most prestigious 
Burgundy vineyards, and Grand Cru of the Côte de Nuits. Lastly, 
Château Galoupet (which has held the acclaimed Cru Classé 
des Côtes‑de-Provence designation since 1955) and Château 
d’Esclans (the US market leader in Provence rosé wines, headed 
by Sacha Lichine) also joined the portfolio of wines in 2019.
1.1.2  Competitive position
In 2022, shipments of LVMH champagne brands were up 
6.2% from 2021, while shipments from the Champagne region 
increased by 1.6% (source: CIVC). LVMH’s market share thus rose 
to 22.5% of the total shipments, compared to 21.5% in 2021.
Champagne shipments, for the whole Champagne region, break down as follows:
(in millions of bottles and percentage) 
2022
2021
2020
Sales volume
Market 
share 
(%) 
Sales volume
Market 
share 
(%) 
Sales volume
Market 
share 
(%) 
Region
Group
Region
Group
Region
Group
France
138.4 
9.1 
6.5 
140.8
8.6
6.1
113.3
6.8
6.0
Export
187.5 
64.4 
34.3 
180.0
60.4
33.6
130.8
45.4
34.7
Total
325.9 
73.4 
22.5 
320.8
69.0
21.5
244.1
52.2
21.4
(Source: Comité Interprofessionnel du Vin de Champagne – CIVC).
The geographic breakdown of the Group’s champagne sales 
in 2022 is as follows (as a percentage of total sales expressed in 
number of bottles):
(as %) 
2022
2021
2020
Germany
5 
5
5
United Kingdom
7 
7
8
United States
23 
25
24
Italy
4 
4
4
Japan
10 
9
10
Australia
5 
5
4
Other
34 
32
32
Total export
88 
87
87
France
12 
13
13
Total
100 
100
100
1.1.3  The champagne production method
The Champagne appellation covers a defined geographic area 
classified A.O.C. (Appellation d’Origine Contrôlée), which covers the 
34,000 hectares that can be legally used for production. There 
are essentially three main types of grape varietals used in the 
production of champagne: Chardonnay, Pinot Noir and Pinot 
Meunier.
In addition to its effervescence, the primary characteristic of 
champagne is that it is the result of blending wines from different 
years and/or different varieties and land plots. The best brands 
are distinguished by their masterful blend and consistent quality, 
achieved thanks to the talent of their wine experts.
Weather conditions significantly influence the grape harvest 
from one year to the next. The production of champagne also 
requires aging in cellars for two years or more for premium, 
vintage and/or prestige cuvées. To protect themselves against crop 
variations and manage fluctuations in demand, but also to ensure 
consistent quality year after year, the Group’s champagne houses 
regularly adjust the quantities available for sale and keep reserve 
wines in stock, mainly in storage tanks. As maturation times 
vary, the Group constantly maintains significant champagne 
inventories in its cellars. An average of 229 million bottles are 
stored in the Group’s cellars in the Champagne region, equivalent 
to about three years of sales; in addition to this bottled inventory, 
the Group has wines still in storage tanks waiting to be drawn 
(equivalent to 98 million bottles), including the quality reserve 
withheld from sale in accordance with applicable industry rules 
(equivalent to 6 million bottles).
The making of champagne involves extremely rigorous processes 
in order to ensure absolute consistency in quality from year to 
year. Moët et Chandon fully operates its Mont Aigu site, with its 
vat room, bottling line, cellars, disgorging area and packaging 
workshop supplementing the production capacity of Moët & 
Chandon’s historic facilities in Epernay, which are undergoing 
renovation work. The historic production sites of Veuve Clicquot, 
Ruinart and Krug are in Reims. Veuve Clicquot continued 
construction of its new Comète production facility located in 
Saint-Léonard, near Reims, while Krug finalized construction 
of a new winemaking site in Ambonnay.
In order to drive innovation and develop expertise in its 
production processes, the Group inaugurated its research and 
development facility in Oiry in 2021, which is open to all its 
Maisons.
1.1.4  Grape supply sources 
and subcontracting
The Christian Dior group owns 1,650 hectares under production, 
which provide 20% of its annual needs. In addition, the Group’s 
Maisons purchase grapes and wines from wine growers and 
cooperatives on the basis of multi‑year agreements; the largest 
supplier of grapes and wines represents less than 10% of total 
supplies for the Group’s Maisons.

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Business overview, highlights and outlook
The Group’s champagne houses, along with their partner grape 
suppliers, are steadily building up their use of sustainable 
winegrowing practices.
Since 1996, industry agreements have established a qualitative 
reserve in order to cope with variable harvests. The surplus 
inventories stockpiled this way can be sold in years with a poor 
harvest. Each year, the INAO (the French governing body for 
appellations of origin) sets the maximum harvest that can be 
made into wine and sold under the Champagne appellation, as 
well as the ceiling known as the PLC (plafond limite de classement), 
the quantity by which the appellation’s marketable yield can 
be exceeded. For the 2022 harvest, the marketable yield for the 
Champagne appellation was set at 12,000 kg/ha. The maximum 
level of the stockpiled reserve is set at 8,000 kg/ha.
The price paid for each kilogram of grapes in the 2022 harvest 
ranged between 5.85 euros and 6.75 euros depending on the 
vineyard, an average increase of 9% compared to the 2021 harvest. 
Premiums may be paid on top of the basic price in line with the 
special conditions agreed under each partnership, including for 
sustainable winegrowing.
Dry materials (bottles, corks, etc.) and all other components 
of containers and packaging are purchased from non-Group 
suppliers. In 2022, the champagne houses used subcontractors 
for about 31 million euros of services, notably pressing, handling 
and storing bottles.
1.2	
Cognac and Spirits
1.2.1  Cognac and Spirits brands
The Group holds the most powerful brand in the cognac 
sector with Hennessy. The company was founded by Richard 
Hennessy in 1765. Historically, the brand was most prominent in 
the Irish and British markets, but Hennessy rapidly expanded its 
presence in Asia, which represented nearly 30% of its shipments 
as early as 1925. The brand became the world cognac leader in 
1890. Hennessy created X.O (Extra Old) in 1870, and since then it 
has developed a range of high‑end cognac for which it is highly 
renowned.
In 2005, the Group acquired The Glenmorangie Company, 
which owns the single malt whisky brands Glenmorangie, 
distilled in northeastern Scotland in Europe’s tallest stills, and 
Ardbeg, distilled on the Isle of Islay in the southern Hebrides.
Since 2007, the Group has owned the luxury vodka Belvedere, 
founded in 1993 in order to bring a luxury vodka for connoisseurs 
to the American market. It is made at the Polmos Żyrardów 
distillery in Poland, which was founded in 1910.
Since 2017, Volcán de mi Tierra tequila, which was created 
in collaboration with Mexican entrepreneur Juan Gallardo 
Thurlow, has been primarily available in the United States and 
Mexico. Volcán de mi Tierra is accounted for using the equity 
method.
Acquired in 2017, Woodinville Whiskey Company – which was 
established in 2010 by Orlin Sorensen and Brett Carlile and is now 
the largest craft whiskey distillery in Washington State – finished 
work on a major production capacity expansion program in 2022.
In 2020, the Group expanded its portfolio of spirits with the 
launch of Eminente, an exceptional Cuban rum aimed at the 
European market.
1.2.2  Competitive position
In 2022, the volumes shipped from the Cognac region were 
down 4.7% from 2021 (source: BNIC), while volumes of 
Hennessy shipped increased by 0.9%. Hennessy’s market share 
of volumes shipped from the Cognac region improved by 
3 points to 48% in 2022 from 45% in 2021. The Company is the 
world leader in cognac and premium international spirits, with 
particularly strong positions in the United States, China and 
other important markets for cognac (South Africa, Nigeria, the 
United Kingdom, etc.).
The leading geographic markets for cognac, both for the industry and for the Group, on the basis of shipments in number of bottles, 
excluding bulk, are as follows:
(in millions of bottles and percentage) 
2022
2021
2020
Sales volume
Market 
share 
(%) 
Sales volume
Market 
share 
(%) 
Sales volume
Market 
share 
(%) 
Region
Group
Region
Group
Region
Group
France
5.1 
2.3 
45.2 
5.3
2.4
45.4
4.1
1.8
44.3
Europe (excl. France)
27.7 
7.4 
26.7 
28.9
6.6
22.8
27.7
6.5
23.6
United States
110.6 
63.5 
57.4 
114.5
62.6
54.7
103.0
61.1
59.3
Asia
50.1 
17.3 
34.5 
57.2
19.2
33.6
42.8
15.7
36.8
Other markets
15.2 
9.3 
61.6 
12.9
8.0
62.0
10.4
6.2
59.9
Total
208.7 
99.8 
47.8 
218.9
98.9
45.2
188.0
91.4
48.6
(Source: Bureau National Interprofessionnel du Cognac – BNIC).

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
The geographic breakdown of Group cognac sales, as a percentage 
of total sales expressed in number of bottles, is as follows:
(as %) 
2022
2021
2020
United States
60 
65
69
Japan
1 
-
1
Asia (excl. Japan)
19 
18
15
Europe (excl. France)
8 
7
7
Other
12 
10
8
Total export
100 
100
100
France
- 
-
-
Total
100 
100
100
1.2.3  The cognac production method
The Cognac region is located around the Charente basin. The 
vineyard, which currently extends over more than 83,000 hectares, 
consists almost exclusively of the Ugni Blanc varietal which yields 
a wine that produces the best eaux‑de‑vie. This region is divided 
into six vineyards, each of which has its own qualities: Grande 
Champagne, Petite Champagne, Borderies, Fins Bois, Bons Bois 
and Bois Ordinaires. Hennessy selects its eaux‑de‑vie essentially 
from the first four vineyards, where the quality of the wines is 
more suitable for the preparation of its cognacs.
Charentaise distillation is unique because it takes place in two 
stages: a first distillation (première chauffe) and a second distillation 
(seconde chauffe). The eaux‑de‑vie obtained are aged in oak barrels. 
Cognac results from the gradual blending of eaux‑de‑vie selected 
on the basis of vintage, origin and age.
Hennessy – which carries out all of its production in Cognac 
– inaugurated a state‑of‑the‑art bottling and packaging plant 
named Pont Neuf in 2017. With the inauguration of a second 
production line at the Pont Neuf plant in 2021, the Maison’s 
production capacity has been raised to 10 million cases per 
year. The design of this 26,000‑square‑meter facility reduces its 
environmental footprint and optimizes working conditions to 
an extent never achieved previously.
1.2.4  Supply sources for wines 
and cognac eaux‑de‑vie 
and subcontracting
Most of the cognac eaux‑de‑vie that Hennessy needs for its 
production are purchased from a network of approximately 
1,600 independent producers, a collaboration which enables 
the Company to ensure that exceptional quality is preserved as 
part of an ambitious sustainable winegrowing policy. Hennessy 
directly operates about 180 hectares, providing for less than 1% 
of its eaux‑de‑vie needs.
Purchase prices for eaux‑de‑vie are agreed on between the 
company and each producer based on supply and demand and 
the quality of the eaux‑de‑vie. In 2022, eaux‑de‑vie harvest 
prices were 6% above their level in the previous harvest, with this 
increase following on from a 3.5% increase in 2021.
With an optimized inventory of eaux‑de‑vie, the Maison can 
manage the impact of price changes by adjusting its purchases 
from year to year under the contracts with its partners. Hennessy 
continues to control its purchase commitments and diversify its 
partnerships to prepare for its future growth across the various 
quality grades.
Like the Champagne and Wine businesses, Hennessy obtains 
its dry materials (bottles, corks and other packaging) from non-
Group suppliers. The barrels and casks used to age the cognac are 
also obtained from non-Group suppliers. Hennessy makes only 
very limited use of subcontractors for its core business: aging, 
blending and bottling eaux‑de‑vie.
1.2.5  The vodka production method, 
supply sources and subcontracting
Belvedere vodka is made using only two ingredients – Polish 
rye and pure water – and is produced at one of Poland’s oldest 
distilleries, which has been making vodka since 1910. Belvedere 
contains no additives according to Polish laws governing 
vodka production, which stipulate that nothing may be added. 
Belvedere, an expert in rye distilling, draws upon more than 
600 years of Polish tradition to produce extraordinary vodka 
with a distinct flavor and character. Overall, Belvedere’s top raw 
eaux‑de‑vie supplier represents less than 35% of the Company’s 
supplies.
1.2.6  The Scotch whisky production 
method
As required by law to receive the Scotch whisky designation, the 
Glenmorangie and Ardbeg single malt whiskies are produced 
in Scotland from water and malted barley, fermented using 
yeast, and distilled and matured in Scotland for at least three 
years, in oak casks whose capacity may not exceed 700 liters. As 
single malt whiskies, they are the product of only one distillery. 
Glenmorangie’s stills are the tallest in Scotland at 5.14 meters 
and allow only the lightest vapors to ascend and condense. The 
spirit still at Ardbeg has a unique spirit purifier. Glenmorangie 
whiskies are normally matured for a minimum of 10 years in very 
high‑quality casks, while Ardbeg whiskies can be sold earlier as 
their uniquely peaty flavor has already developed.

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Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
1.3	
Wines and Spirits distribution
 (1)	 Diageo has a 34% stake in Moët Hennessy, which is the holding company of the LVMH group’s Wines and Spirits businesses.
Moët Hennessy has a powerful and agile global distribution 
network, thanks to which the Wines and Spirits business group 
continues to expand the presence of its portfolio of brands in 
a balanced manner across all geographies. Part of this network 
consists of joint ventures with the Diageo spirits group  (1), 
governed by agreements that have been in place since 1987, 
which help strengthen the positions of the two groups, improve 
distribution control, enhance customer service and increase 
profitability by sharing distribution costs. This mainly involves 
Japan, China and France. In 2022, 26% of champagne and cognac 
sales were made through this channel.
1.4	
Highlights of 2022 and outlook for 2023
 
2022
2021
2020
Revenue (EUR millions) 
7,099 
5,974
4,755
Of which: Champagne and wines
3,474 
2,793
2,119
Cognac and spirits
3,625 
3,181
2,636
Sales volumes 
(in millions of bottles)
 
 
 
Champagne
70.9 
66.8
52.4
Cognac
94.3 
102.6
94.6
Other spirits
23.9 
20.8
16.1
Still and sparkling wines
56.5 
51.5
41.8
Revenue by geographic 
region of delivery (%) 
 
 
 
France
6 
6
5
Europe (excl. France)
18 
18
18
United States
37 
38
41
Japan
6 
5
6
Asia (excl. Japan)
20 
21
19
Other markets
13 
12
11
Total
100 
100
100
Profit from recurring operations 
(EUR millions) 
2,155 
1,863
1,388
Operating margin (%) 
30.4 
31.2
29.2
Highlights
Turning in another record year, the Wines and Spirits business 
group reaffirmed its position as a leader in luxury wines 
and spirits. Amid an extremely volatile environment, this 
performance reflected three key priorities of the business group’s 
value‑enhancing strategy: brand appeal; portfolio diversification, 
particularly in wines; and balanced geographic expansion. 
2022 was also a year marked by the desire to connect more 
directly with customers by offering them unique experiences at 
the Maisons, at European department stores and on the island 
of Hainan in China. Online sales made further gains, while 
the Private Sales business had an outstanding year, with several 
exceptional sales of rare casks. Moët Hennessy demonstrated 
its environmental and social commitment by holding the first 
World Living Soils Forum in Arles in June, an initiative aimed 
at accelerating the development and sharing of knowledge to 
combat the loss of fertile soil.
Driven by strong demand, which led to mounting pressure 
on supply, champagne sales volumes were up 6%. All regions 
saw substantial growth, in particular at high‑energy events 
and drinking establishments and fine dining venues. Moët & 
Chandon turned in a record year while taking part in ambitious 
sustainable development projects for its region, focused in 
particular on protecting biodiversity. Selected as the official 
champagne partner for Queen Elizabeth II’s Platinum Jubilee 
celebrations, the Maison presented its Grand Vintage 2015 and 
opened its first eponymous champagne bar at Harrods in London. 
Dom Pérignon augmented its appeal with its “Révélations” 
campaign to mark the launch of Dom Pérignon 2004 Plénitude 2, 
and through the renewal of its collaboration with world‑famous 
star Lady Gaga. For its 250th anniversary, Veuve Clicquot 
turned in stellar results, buoyed by a worldwide marketing 
campaign, a traveling exhibition and a unique experience aboard 
the legendary Venice Simplon-Orient-Express luxury train. 
The Maison also celebrated the 50th anniversary of both its 
prestige cuvée La Grande Dame and its women’s entrepreneurship 
program. Ruinart recorded strong growth in all its markets, with 
the launch of Dom Ruinart Blanc de Blancs 2010, named Supreme 
World Champion for 2022 at the Champagne & Sparkling Wine 
World Championships. The Maison continued the rollout of 
its sustainably designed case and its agroforestry winegrowing 
pilot project. Krug confirmed the success of its unique model 
with the release of Krug Grande Cuvée 170e Édition and Krug Rosé 
26e Édition, and the launch of an immersive musical experience 
by acclaimed composer Ryuichi Sakamoto, inspired by tastings 
of 2008 vintages. Jointly owned with Shawn “Jay-Z” Carter, 
Armand de Brignac completed its first full year as part of the 
Group, recording solid sales growth in all regions.
The Estates & Wines Maisons saw strong demand, especially 
Cloudy Bay (New Zealand) and Terrazas de los Andes (Argentina). 
Among Provence rosé wines, Château d’Esclans continued 
to expand its reach to international markets at a rapid pace, 
while the launch by Château Galoupet of its 2021 Cru Classé 
illustrated the success of its revival, with the estate receiving 
accolades in the press for the superior quality of its wines and 
its firm commitment to sustainable development. Ao Yun 
became the first Chinese vintage to be sold via wine distribution

Annual Report as of December 31, 2022
19
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
network La Place de Bordeaux, confirming its excellence and 
its ability to win over fine wine lovers around the world. Lastly, 
the acquisition of Joseph Phelps Vineyards, one of the most 
acclaimed wine estates in Napa Valley, California, strengthened 
and rounded out its portfolio of exceptional wines. Chandon 
further cemented its leadership position in quality sparkling 
wines, supported by the redesign of its marketing and packaging 
in 2021. Its all‑natural product Chandon Garden Spritz continued 
its worldwide development, with launches in Southern Europe 
and the Asia-Pacific region.
Given the exceptionally high comparison base in 2020 and 2021, 
Hennessy cognac volumes were down slightly year on year, 
affected in China by the public health situation and in the United 
States by supply chain disruptions. The Maison’s proactive 
approach to value creation and firm pricing helped offset these 
circumstances and achieve a further increase in revenue over 
the course of the year. The world leader in premium spirits for 
the fourth consecutive year, Hennessy further strengthened its 
appeal through initiatives such as the renewal of its partnership 
with the NBA, several openings of attractive stores, a stunning 
redesign for V.S.O.P packaging and a new marketing campaign for 
its premium qualities entitled “Paradis is on Earth”. The Maison 
has made its sustainable development activities a central part 
of its 10‑year roadmap through three key priorities: protecting 
living soils, reducing its carbon footprint by 50% by 2030, and 
demonstrating its commitment to society.
Glenmorangie and Ardbeg whiskies generated record sales, 
fueled by high‑impact marketing campaigns, new packaging 
at Glenmorangie, launches of innovative products such as 
Glenmorangie Azuma Makoto and Ardbeg Fermutation, as well as 
exceptional sales of rare casks. The San Francisco World Spirits 
Competition and International Spirits Challenge saw them win 
25 gold medals. Ardbeg connected more directly with customers, 
with its acquisition of a hotel on the Isle of Islay and the launch 
of an e‑commerce platform in the United Kingdom.
Belvedere vodka benefited from enthusiasm among consumers, 
particularly at high‑energy clubs, and turned in a record 
performance. A new marketing campaign, featuring actor Daniel 
Craig, conveyed the Maison’s vision and boldness.
Woodinville continued its development in the United States 
and invested in its production capacity to support its future 
growth. Volcán de mi Tierra capitalized on strong growth in 
the tequila market and continued its move upmarket with the 
creation of Volcán X.A, an ultra‑premium blend. Eminente rum 
gained ground in the ultra‑premium market.
Outlook
The economic and geopolitical environment remains uncertain 
in key markets, due in particular to the effects of inflation and 
developments relating to the public health situation in China. 
Against this backdrop, the Wines and Spirits business group is 
going into 2023 with confidence and determination, mindful 
of the need to maintain a pragmatic, agile approach. Excellence, 
authenticity, innovation and sustainability remain central to 
the business group’s value‑enhancing strategy that helps fuel its 
growth, as does the diversification of Moët Hennessy’s portfolio. 
Backed by the strength of its highly appealing brands as well 
as its vibrant, diverse and highly committed staff, the business 
group remains resolutely optimistic about the medium- and 
long‑term development prospects of its Maisons. In line with 
Moët Hennessy’s overarching focus on crafting experiences, the 
business group will build stronger ties with customers by taking 
a selective approach to points of sale, launching bold innovations 
and collaborations, crafting experiences that are ever more 
meaningful and unique for enjoying its products, and stepping 
up its digital presence. More aware than ever of the value of their 
heritage and their responsibility, all of the Maisons are taking 
greater steps to act sustainably, protect the environment and 
reduce their carbon footprint.
2.	
Fashion and Leather Goods
In 2022, the Fashion and Leather Goods business group represented 49% of the Christian Dior group’s total revenue.
2.1	
The brands of the Fashion and Leather Goods business group
In the luxury fashion and leather goods sector, the Group holds 
a portfolio of brands that are primarily French, but also include 
Italian, Spanish, British, German and American companies.
Since 1854, Louis Vuitton’s success has been built on the flawless 
execution of its trunk‑making craftsmanship, its complete 
control over distribution and its exceptional creative freedom, 
a source of perpetual renewal and innovation. By ensuring the 
right balance between new designs and iconic leather goods 
lines, between constantly perfected unique artisanal expertise 
and the dynamics of fashion designed in perfect symbiosis with 
the brand universe, the Maison is committed to surprising its 
customers, and making its stores inspiring. For over 150 years, 
its product line has continuously expanded with new models – 
from luggage to handbags and more – and new materials, shapes 
and colors. Famous for its originality and the high quality of its 
creations, today Louis Vuitton is the world leader in luxury goods 
and offers a full range of products: fine and high‑end leather 
goods, ready‑to‑wear for men and women, shoes and accessories, 
watches, jewelry, eyewear and, since 2017, a collection of women’s 
and men’s fragrances.

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Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
Christian Dior Couture was founded in 1946. Ever since its 
first New Look show, the Maison has continued to assert its vision 
through elegant, structured and infinitely feminine collections, 
becoming synonymous around the world with French luxury. 
Christian Dior’s unique vision is conveyed today with bold 
inventiveness throughout the Maison’s entire range, from haute 
couture, leather goods and ready‑to‑wear to footwear and 
accessories for both men and women as well as Watches and 
Jewelry. Parfums Christian Dior is included in the Perfumes and 
Cosmetics business group.
Founded in Rome by Adele and Edoardo Fendi in 1925, Fendi 
initially seduced its clientele of elegant Italian women, before 
conquering the rest of the world. Fendi has been part of 
the Group since 2000. Particularly well‑known for its skill 
and creativity in furs, the brand is also present in accessories 
– including the iconic Baguette bag and the timeless Peekaboo – as 
well as ready‑to‑wear and footwear.
Loewe, the Spanish Maison founded in 1846 and acquired by 
the Group in 1996, originally specialized in very high‑quality 
leather work. Today it operates in leather goods, ready‑to‑wear 
and footwear. Perfumes Loewe is part of the Perfumes and 
Cosmetics business group.
Marc Jacobs, created in New York in 1984, is named after its 
founder and has been part of the Group since 1997. Through its 
collections of men’s and women’s ready‑to‑wear, leather goods 
and shoes, it aims to be the symbol of an irreverent urban fashion 
movement that is culturally driven but also socially engaged.
Celine, founded in 1945 by Céline Vipiana and owned by the 
Group since 1996, offers women’s and men’s ready‑to‑wear, 
leather goods, shoes, accessories and fragrances.
Kenzo, formed in 1970, joined the Group in 1993. Renowned for 
its lavish prints and vibrant colors, the Maison operates in the 
areas of ready‑to‑wear for men and women, fashion accessories 
and leather goods. Its perfume business is part of the Perfumes 
and Cosmetics business group.
Givenchy was founded in 1952 by Hubert de Givenchy and has 
been part of the Group since 1988. The Maison is rooted in a 
tradition of excellence in haute couture and is also known for its 
collections of men’s and women’s ready‑to‑wear and its fashion 
accessories. Parfums Givenchy are included in the Perfumes and 
Cosmetics business group.
Emilio Pucci, an Italian brand founded in 1947, is a symbol of 
casual fashion in luxury ready‑to‑wear, a synonym of escape and 
refined leisure. Emilio Pucci joined the Group in 2000.
Berluti, an artisan bootmaker established in 1895 and held by 
the Group since 1993, designs and markets very high‑quality 
men’s shoes, as well as a line of leather goods and ready‑to‑wear 
items for men.
Loro Piana, an Italian company founded in 1924 and held by 
the Group since 2013, creates exceptional products and fabrics, 
particularly from cashmere, of which it is the world’s foremost 
processor. The brand is famous for its dedication to quality and 
the noblest raw materials, its unrivaled standards in design and 
its expert craftsmanship.
Rimowa, founded in Cologne in 1898, is the first German brand 
to be owned by the Group. Renowned for its prestigious luggage, 
its products feature an iconic design and reflect its constant quest 
for excellence.
2.2	
Competitive position
In the Fashion and Leather Goods sector, the luxury market is 
highly fragmented, consisting of a handful of major international 
groups plus an array of smaller independent brands. The 
Christian Dior group’s brands are present all around the world, 
and it has established itself as one of the most international 
groups. All these groups compete in various product categories 
and geographic areas.
2.3	
Design
Working with the best designers, while respecting the spirit of 
each brand, is a strategic priority: the creative directors promote 
the Maisons’ identities, and are the artisans of their creative 
excellence and their ability to reinvent themselves. As a means to 
continually renew this precious resource, the Group has always 
been committed to supporting young designers and nurturing 
tomorrow’s talent, in particular through the LVMH Prize for 
Young Fashion Designers, which each year honors the work of 
an up‑and‑coming designer displaying exceptional talent and 
outstanding creativity.
The Christian Dior group believes that one of its essential assets is 
its ability to attract a large number of internationally recognized 
designers to its Maisons. In 2022, Louis Vuitton’s Menswear 
collections were presented by the Maison’s studio team following 
the tragic loss at the end of 2021 of Virgil Abloh, who had served 
as Creative Director of Menswear since 2018.
In 2021, Tomoaki Nagao, known as Nigo, was named Creative 
Director of Kenzo, taking over from Felipe Oliveira Baptista who 
had been at the helm since 2019, while Camille Miceli became the 
first female designer to lead Emilio Pucci and Kris Van Assche 
departed as Creative Director of Berluti. In 2020, Kim Jones

Annual Report as of December 31, 2022
21
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
succeeded Karl Lagerfeld to continue driving the success of the 
Rome‑based fashion house alongside Silvia Fendi. Matthew 
M. Williams was named as Creative Director of all Givenchy’s 
women’s and men’s collections. Since 2018, Kim Jones has been 
Creative Director of Menswear at Christian Dior and Hedi 
Slimane has been Artistic, Creative and Image Director at Celine. 
Since 2016, Maria Grazia Chiuri has been the first female Creative 
Director of Dior’s Womenswear collections. At Louis Vuitton, 
Nicolas Ghesquière has been creating designs for women’s 
collections in perfect symbiosis with the values and spirit of the 
brand since 2013. Jonathan Anderson has been Loewe’s Creative 
Director since 2013. Marc Jacobs continues to lead the design 
team at the brand he founded in 1984.
2.4	
Distribution
Controlling the distribution of its products is a core strategic 
priority for the Christian Dior group, particularly in the luxury 
fashion and leather goods sector. This control allows the Group 
to benefit from distribution margins, and guarantees strict 
control of the brand image, sales reception and environment that 
the brands require. It also gives the Group closer contacts with 
its customers so that it can better anticipate their expectations, 
thereby offering them unique shopping experiences.
In order to meet these objectives, the Group has the premier 
international network of exclusive boutiques under the banner 
of its Fashion and Leather Goods brands. This network included 
more than 2,000 stores as of December 31, 2022.
2.5	
Supply sources and subcontracting
In 2022, Louis Vuitton continued to invest in production capacity 
in France, notably by opening a second workshop in Beaulieu 
(Maine‑et-Loire) and a new workshop in Charmes‑sur‑l’Herbasse 
(Drôme). At the same time, a second workshop was opened 
in Italy’s Abruzzo region. Including these additions, Louis 
Vuitton’s twenty‑seven leather goods workshops – nineteen 
in France, three in Spain, three in the United States and two 
in Italy – manufacture most of the Maison’s leather goods. In 
addition to manufacturing and model making for leather goods, 
Louis Vuitton’s workshops in Italy handle all development 
and manufacturing processes for all types of footwear, as 
well as development for certain accessories (textiles, jewelry 
and eyewear). In addition to leather goods manufacturing, 
Louis Vuitton’s workshops in Spain also handle all leather 
goods accessories (belts and straps). Louis Vuitton uses external 
manufacturers only to supplement its manufacturing.
Louis Vuitton purchases its materials from suppliers located 
around the world, with whom the Maison has established 
sustainable partnership relationships. The supplier strategy 
implemented over the last few years has enabled the Maison to 
meet its requirements in terms of volume, quality and innovation 
while engaging its suppliers in a CSR approach. This strategy 
is the result of a policy of focusing on and supporting the 
best suppliers while limiting Louis Vuitton’s reliance on them. 
Accordingly, the leading supplier in the leather market accounts 
for nearly 22% of Louis Vuitton’s leather supplies, while the 
leader in the metal parts market also represents about 20% of its 
metal parts supplies.
Christian Dior’s production capacity and use of outsourcing 
vary very widely depending on the product. In leather goods, 
Christian Dior works with companies outside the Group to 
increase its production capacity and provide greater flexibility in 
its manufacturing processes. In ready‑to‑wear and high jewelry, 
it purchases supplies mainly from non-Group businesses.
Fendi and Loewe have leather workshops in their countries of 
origin, and in Italy for Celine and Berluti, which cover only 
a portion of their production needs. Rimowa manufactures 
a large proportion of its products in Germany. Generally, the 
subcontracting used by the business group is diversified in terms 
of the number of subcontractors and is located primarily in the 
brand’s country of origin, France, Italy and Spain.
Loro Piana manages all stages of production of its ready‑to‑wear 
collections, from the sourcing of natural fibers to the delivery 
of finished products to stores. Loro Piana procures its unique 
materials (baby cashmere from northern China and Mongolia, 
vicuña from the Andes, and extra‑fine Merino wool from 
Australia and New Zealand) through exclusive partnerships with 
suppliers all over the world. Its exquisite textiles and products are 
then manufactured in Italy.
Moreover, in order to safeguard and develop the Fashion and 
Leather Goods companies’ access to the high‑quality raw 
materials and expertise they need, the LVMH Métiers d’Art 
business segment created in 2015 invests in, and provides 
long‑term support to, its best suppliers. In leather, for example, 
LVMH has worked with the Koh brothers since 2011 to develop 
the business of the Heng Long tannery in Singapore. Founded 
in 1950, it is now a leading crocodilian leather tannery. In 2012, 
the Group acquired Tanneries Roux, founded in 1803 and one 
of the last French tanneries specializing in calfskin. In 2017, the 
Group formed Thélios, a joint venture with Marcolin, combining 
the latter’s eyewear expertise with the know‑how of LVMH. At 
the end of 2021, the Group purchased the stake held by Marcolin 
and became the sole owner of Thélios.
Lastly, fabric suppliers for the different Maisons are often Italian, 
but on a non‑exclusive basis. The designers and style departments 
of each Maison ensure that manufacturing does not generally 
depend on patents or exclusive expertise owned by third parties.

22
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
2.6	
Highlights of 2022 and outlook for 2023
 
2022
2021
2020
Revenue (EUR millions) 
38,648 
30,896
21,207
Revenue by geographic 
region of delivery (%) 
 
 
 
France
7 
5
5
Europe (excl. France)
17 
16
18
United States
21 
21
19
Japan
9 
9
10
Asia (excl. Japan)
36 
41
39
Other markets
10 
8
9
Total
100 
100
100
Type of revenue 
(% of total revenue)
 
 
 
Retail
95 
94
93
Wholesale
5 
6
6
Licenses
- 
-
1
Total
100 
100
100
Profit from recurring operations 
(EUR millions) 
15,709 
12,842
7,188
Operating margin (%) 
40.6 
41.6
33.9
Highlights
The Fashion and Leather Goods business group delivered an 
outstanding performance, buoyed by the creative momentum of 
its Maisons and strong demand from their customers. Powerful 
brand appeal, continued enhancements to the customer 
experience and new digital inroads were key growth drivers. 
The business group continued to proactively develop centers of 
excellence for craftsmanship.
Louis Vuitton had a terrific year, once again buoyed by its 
exceptional creativity, the quality of its products, and its strong 
ties to art and culture. Nicolas Ghesquière broke new ground 
by presenting his collections at the Musée d’Orsay in Paris, and 
chose the Salk Institute in San Diego, California, for his 2023 
Cruise show. In a tribute to Virgil Abloh, who passed away in 
2021, Louis Dreamhouse, his final Men’s collection, was shown 
in Paris and Bangkok, while the Coming of Age exhibition at the 
Fondation Louis Vuitton paid homage to the designer’s world. 
Highlighting its commitment to grow its footprint in France 
and champion excellent craftsmanship, the Maison opened two 
new workshops, including one for precious leather at Trinity 
Abbey, a historic monument in Vendôme. Between them, the 
two workshops will employ 400 leatherworkers. As part of a 
continued quest for excellence in its retail network, in France, 
Louis Vuitton relocated its Lille store into the iconic Huitrière, 
a former Art Deco restaurant listed as a historic monument. A 
new Louis Vuitton Maison store was inaugurated in Chengdu, 
China, on a site that typifies the historic architecture of 
Sichuan, and opened a flagship store in Kobe whose decor is 
heavily influenced by Japanese art and design. To celebrate 
the 20th anniversary of its iconic Tambour watch, Louis Vuitton 
unveiled the Tambour Twenty collector’s edition, modeled by 
Bradley Cooper, which sold out immediately. Highlighting the 
Maison’s passion for innovation in watchmaking, La Fabrique 
du Temps Louis Vuitton launched the Louis Vuitton Watch Prize 
for Independent Creatives, aimed at recognizing and supporting 
up‑and‑coming talent. The 200 Trunks, 200 Visionaries traveling 
exhibition was presented at the founder’s historic family home 
in Asnières and then in Singapore, Los Angeles and New York. 
In December, the LV Dream exhibition opened in Paris, paying 
tribute to the many creative partnerships that have shaped the 
Maison’s history. A store offering exclusive products, a café, 
and a pastry and chocolate shop offering gourmet creations by 
Maxime Frédéric, pastry chef at Cheval Blanc Paris, rounded out 
the experience at this unique location, making it a new cultural 
and culinary destination in the French capital.
Christian Dior achieved remarkable growth across all its product 
lines. Following a three‑year transformation, the reopening 
of its 30 Montaigne location at the beginning of the year was 
a resounding success. With the historic Maison, haute couture 
workshops and salons as well as a restaurant, gardens and much 
more, this legendary address offers a unique experience of the 
Dior universe. The Maison’s fashion shows were truly unique 
experiences as well, drawing on a wealth of inspiration season 
after season. Maria Grazia Chiuri’s women’s collections combine 
artistic vision with the finest expertise, as demonstrated by the 
2023 Cruise show in Seville, designed as a tribute to Andalusian 
craftsmanship. The Dior Homme Fall/Winter 2023 Collection 
by Kim Jones was unveiled in a night‑time show against the 
backdrop of the Pyramids of Giza in Egypt: a spectacular 
futuristic odyssey and a world first in the history of fashion at 
this legendary site. The Dioriviera summer capsule collection was 
launched worldwide in stores and pop‑up locations at resort 
destinations. In jewelry, the new La Rose Dior collection stars 
actress Elizabeth Debicki. After opening its first Scandinavian 
store in Oslo in July, Dior ended the year with a spectacular event 
at Harrods in London, illuminating and decorating the windows 
and facades of the iconic department store with a dazzling array 
of gingerbread creations. The Christian Dior: Designer of Dreams 
exhibition arrived at the Museum of Contemporary Art in Tokyo.
Celine had another record year, continuing to deliver strong 
growth. Driven by Hedi Slimane’s modern and exacting creative 
vision, high‑impact fashion shows and powerful marketing 
campaigns, the Maison’s appeal was reflected across all its 
product categories. After a fashion show shot in Saint-Tropez 
for the Indie Summer collection, the final part of the year saw the 
Women’s Winter 2023 show at the legendary Wiltern Theater in 
Los Angeles. Leather goods were buoyed by the iconic Triomphe 
and 16 lines, enriched with new models and promoted by 
summer capsule collections. Ready‑to‑wear sales picked up, with 
footwear and fragrances also enjoying strong momentum.

Annual Report as of December 31, 2022
23
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
For Fendi, 2022 was marked by the success of collections 
designed by Kim Jones and Silvia Venturini Fendi, and by strong 
momentum in all of the Maison’s business lines. In September, 
a New York fashion show celebrated the 25th anniversary of 
the iconic Baguette bag, featuring numerous reinterpretations, 
including a charm version developed with Tiffany and a 
collaboration with Marc Jacobs that was an instant hit. Two new 
workshops were opened: one, for leather goods and accessories, 
in the Tuscan hills near Florence, and the other, for footwear, 
in Fermo in the Marche region. These investments, together 
with the acquisition of a majority stake in knitwear producer 
Maglificio Matisse, are testament to Fendi’s commitment to 
Italian expert craftsmanship. Selective development of the store 
network also continued.
New form, new image: it was a milestone year for Loro Piana, as 
demonstrated by the success of its two 2022 collections, its new 
Cocooning lifestyle line made with undyed natural cashmere, and 
its iconic white‑soled shoes. Once again buoyed by its unique 
expertise and its world‑class materials such as vicuña wool, 
the Maison continued to raise its profile by showcasing this 
craftsmanship and its capacity for innovation, mainly illustrated 
in 2022 by the new CashDenim, a blend of cotton and cashmere 
woven by Japanese artisans on traditional looms.
Loewe, which experienced strong growth, cultivated the art of 
surprise through collections infused with Jonathan Anderson’s 
bold creativity and highly modern vision. The success of JW 
Anderson’s fashion shows and communication boosted brand 
awareness and the Maison’s appeal. Already very strong in 
Europe, Loewe strengthened its positioning in the United States, 
opening new stores in New York and Los Angeles. The Maison 
continued to develop its leather goods school.
Marc Jacobs confirmed its fresh momentum, with an impressive 
performance in the United States and remarkably robust online 
sales. Buoyed by high levels of social media engagement, the 
Maison saw strong growth in demand for its best‑selling bags, 
particularly its Tote Bag.
At Givenchy, Matthew Williams held his first Menswear show in 
Paris in June. The Maison opened new directly operated stores 
in the Middle East and the United States. Sales of the iconic Shark 
Lock boot in particular grew strongly.
Following the excellent response to Nigo’s first fashion show in 
Paris in January, Kenzo continued to affirm the creative vision 
of its new Creative Director, launching a series of monthly 
mini‑capsules and unveiling the complete collection in June.
Berluti was boosted by a focus on its iconic lines, in particular 
its Alessandro and Andy shoes and the Un Jour leather goods line. 
Its new “Live Iconic” marketing campaign channeled historic 
style icons Marcello Mastroianni and Andy Warhol. The Playoff 
sneaker was launched, inspired by the world of 1980s basketball 
and paying homage to the Maison’s very first sneaker. Retail 
network expansion was mainly focused on Asia, where the 
Maison opened new stores in Chengdu (China) and Kobe (Japan), 
and renovated a historic store in Tokyo.
Rimowa achieved record revenue as tourism and business travel 
picked up, with this performance fueled by the unique quality 
of its products and the expansion of its network of directly 
operated stores. The Maison launched a new campaign dubbed 
“Ingenieurskunst” (“The Art of Engineering”), celebrating 
German expert craftsmanship and paying tribute to its iconic 
aluminum suitcase. Rimowa now offers a lifetime guarantee 
on all its suitcases. A collaboration was launched with startup 
RTFKT, which specializes in the metaverse, to create an NFT 
collection and a limited‑edition physical suitcase.
Pucci unveiled Camille Miceli’s first collections at presentations 
in Capri and St. Moritz that adopted a bold new format.
Outlook
With the vigilance required by an economic and geopolitical 
context that remains uncertain, the Fashion and Leather Goods 
Maisons will continue investing for ever more appealing 
designs, unique customer experiences and further progress 
in corporate social responsibility. Louis Vuitton will spur 
momentum over the months ahead by focusing on the quest for 
perfection and creativity that runs through all its professions. 
The Maison will continue to anchor its growth in the constant 
reinvention of its iconic product lines and the quality‑driven 
development of its retail network and its manufacturing sites. 
It will continue its dialogue with art and artists, as already 
demonstrated at the beginning of 2023 by a second colorful 
collaboration with Japanese artist Yayoi Kusama. It will actively 
pursue its commitment to promoting and passing on excellence 
in craftsmanship, sales and design professions. Christian Dior 
will aim to sustain its remarkable growth. To this end, the Maison 
will continue to showcase its timeless modernity and Monsieur 
Dior’s unique values, which continue to inspire its designers, 
season after season. The months ahead will feature a number 
of exceptional shows, openings and events worldwide. Driven 
by its powerful creative vision, Celine will continue enhancing 
its appeal, guided by Hedi Slimane, and will expand its retail 
network with the opening of several flagship stores and the 
resumption of direct control over its distribution. All the Maisons 
will focus on selectively expanding and cultivating excellence in 
their retail networks.

24
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
3.	
Perfumes and Cosmetics
In 2022, the Perfumes and Cosmetics business group posted revenue of 7,722 million euros, representing 10% of the Christian Dior 
group’s total revenue.
3.1	
The brands of the Perfumes and Cosmetics business group
Parfums Christian Dior – which was born in 1947, the year 
Christian Dior held his first fashion show – introduced the 
revolutionary concept of “total beauty” with the launch of Miss 
Dior perfume, followed by makeup with Rouge Dior lipstick in 
1953 and Dior’s first line of skincare products in 1973. Today, 
Parfums Christian Dior allocates 1.8% of its revenue to research 
and is on the cutting edge of innovation. Dior’s perfumer 
Francis Kurkdjian, who took over from François Demachy, and 
Creative Director for makeup Peter Philips are building on 
Christian Dior’s rich heritage and legacy by combining bold 
vision and unique expertise, in harmony with the Maison’s 
couture collections.
Guerlain, founded in 1828 by Pierre-François-Pascal Guerlain, 
has created more than 700 perfumes since its inception, and 
enjoys an exceptional brand image in the world of perfume. 
Heir to an olfactory repository of more than 1,100 fragrances, 
the Maison’s perfumer Thierry Wasser travels the world today 
in search of the most exclusive raw materials. Violette, Creative 
Director of Makeup, aims to help women reveal and enhance 
their natural beauty. The Maison’s iconic perfumes include Aqua 
Allegoria, L’Art et La Matière, La Petite Robe Noire and Shalimar.
Founded in 1957, Parfums Givenchy continues to honor the 
values of its founder, Hubert de Givenchy, through its perfumes, 
makeup and skincare products. From L’Interdit to Givenchy 
Gentleman, the Maison’s fragrances embody Givenchy’s unique 
vision, inspired by the avant‑garde spirit and sensual aura of the 
fashion house’s couture collections.
The first women’s fragrance by Kenzo Parfums was released 
in 1988. Kenzo Parfums went on to create a series of fragrances 
whose unique and offbeat spirit has made its mark on the world 
of perfume, including Flower by Kenzo, Kenzo Homme, and L’eau 
Kenzo.
Benefit Cosmetics, founded in San Francisco in 1976 by twins 
Jean and Jane Ford, joined the Group in late 1999. Benefit has 
forged its own distinctive identity among cosmetics brands, 
thanks to the relevance and effectiveness of its products, bursting 
on the scene with playful, plucky names, creative packaging, and 
custom services.
Fresh, which started out in 1991 as a humble apothecary shop, 
joined the Group in September 2000. Remaining true to its roots 
by using natural ingredients, the Maison continues to develop 
its unique approach combining innovative ingredients with 
time‑honored techniques to transform everyday routines into 
holistic sensorial experiences.
Perfumes Loewe introduced its first perfume in 1972. Perfumes 
Loewe embodies the quintessentially Spanish spirit: elegant, 
refined, strong and unpredictable, with floral, woody and 
lemony essences.
Make Up For Ever, which was created in 1984 and joined the 
Group in 1999, is a professional makeup brand with an innovative 
range of exceptional products designed for stage actors and other 
performers, makeup artists, and makeup lovers around the world.
Founded in Parma in 1916, Acqua di Parma was acquired by 
the Group in 2001. Through its fragrances and beauty products 
imbued with elegance, Acqua di Parma – synonymous with 
Italian excellence and fine living – embodies discreet luxury.
Kendo is a cosmetics brand incubator set up in 2010, which 
now houses six brands: KVD Vegan Beauty, Ole Henriksen, 
Fenty Beauty by Rihanna, which was launched in 2017, Fenty 
Skin, Fenty Fragrance and Lip Lab. These brands are primarily 
distributed by Sephora, as well as increasingly via the Brands’ 
own sites.
Maison Francis Kurkdjian was founded in 2009 by the 
renowned perfumer to explore new territories for perfume 
by creating custom fragrances for his private clientele and by 
collaborating with artists for installation projects involving 
scents. This acquisition, which was completed in 2017, has 
established the Group in the fast‑growing field of niche perfumes.
Officine Universelle Buly passes on and updates the heritage 
of beauty every day, drawing on the excellence of the past to 
offer the best of the present. Boldness, precision and curiosity 
combine to create rare, planet‑conscious and iconic products 
inspired by history and travel. The Maison, committed to French 
expertise and excellent service, was acquired by LVMH in 2021.
STELLA, launched in 2022, is a skincare range developed 
in partnership with designer Stella McCartney, a pioneer 
of responsible fashion. STELLA aims to offer a responsible 
alternative in the selective skincare market through an essential 
range of three products. The brand, launched in the United 
Kingdom on the Space NK website and at the designer’s flagship 
store, is also available internationally from the brand’s website.

Annual Report as of December 31, 2022
25
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
3.2	
Competitive position
The Group’s brands have maintained their global competitive 
position thanks to the success of their fragrances, particularly in 
Europe and the United States, and the recovery in makeup in the 
United States, despite the ongoing impact on the skincare market 
of the public health situation in China.
3.3	
Research
Established in 1981, the LVMH Recherche GIE (economic interest 
group) is a research and innovation center for the brands that 
make the Group’s perfumes and cosmetics, including Parfums 
Christian Dior, Guerlain, Givenchy, Kenzo, Make Up For Ever 
and Fresh.
LVMH Recherche aims to create the sustainable digital beauty 
of the future by working on aspects as varied as wellbeing, social 
and environmental impact, personalized propositions, unrivaled 
product performance, brand new sensory experiences and new 
uses. LVMH Recherche is thus moving into not just one but many 
exciting new areas.
Spread across five sites around the world (Hélios in Saint-
Jean‑de-Braye, Kosmo in Paris, and Asian innovation centers in 
Tokyo, Shanghai and Seoul), LVMH Recherche’s 670 employees 
(including researchers, chemists, biologists, toxicologists, 
pharmacists and others) deliver over a thousand exceptional 
products in the skincare, makeup and fragrance categories every 
year. These very high‑quality products are developed with the 
greatest respect for the environment and in keeping with each 
Maison’s sensory signature and unique identity.
Innovation and openness to the world are at the heart of the 
strategy pursued by LVMH Recherche (400 patent families), 
which works with a number of public bodies (including 
universities, the French National Scientific Research Center and 
the French National Institute of Health and Medical Research) 
and private sector organizations (notably startups, SMEs and 
mid‑tier enterprises) in France and abroad. LVMH Recherche 
has gradually created a genuine innovation ecosystem whose 
aim is to identify the most promising technological advances and 
accelerate their development by building strategic partnerships 
in new scientific fields as varied as agroecology, biotechnology, 
cellular biology, advanced materials, new processes, Big Data, 
artificial intelligence, and so on.
Through this strategy of fostering open innovation in multiple 
fields, LVMH Recherche aims to position itself at the cutting 
edge of innovation in areas like using environmentally friendly 
technologies to source the Group’s natural raw materials, 
generating new high‑performance assets through the use of 
revolutionary processes, adopting circular packaging principles, 
revolutionizing anti‑ageing treatments and developing advanced 
diagnostics.
3.4	
Manufacturing, supply sources and subcontracting
The six French production centers of Guerlain, Parfums 
Christian Dior and LVMH Fragrance Brands meet almost all the 
manufacturing needs of the four major French brands, including 
Kenzo Parfums, in fragrances as well as makeup and beauty 
products. Make Up For Ever, Maison Francis Kurkdjian, Acqua 
di Parma, Benefit, Perfumes Loewe and Fresh have some of their 
products manufactured by the Group’s other brands, with the 
remainder subcontracted externally.
Dry materials, such as bottles, stoppers and any other items that 
form the containers or packaging, are acquired from suppliers 
outside the Group, as are the raw materials used to create the 
finished products. In certain cases, these materials are available 
only from a limited number of French or foreign suppliers.
Most product formulas are developed at the LVMH Recherche 
laboratories in Saint-Jean‑de-Braye (France), but the Group can 
also acquire or develop formulas from specialized companies, 
particularly for perfume essences.
3.5	
Distribution and communication
The presence of a broad spectrum of brands within the business 
group generates synergies and represents a market force. The 
volume effect means that advertising space can be purchased 
at competitive rates, and better locations can be negotiated in 
department stores. The use of shared services by subsidiaries 
increases the effectiveness of support functions for worldwide 
distribution and facilitates the expansion of the newest brands 
and their access to new markets. These economies of scale permit 
larger investments in design and advertising, two key factors for 
success in the Perfumes and Cosmetics business group.

26
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
Excellence in retailing is key to the Group’s Perfumes and Cosmetics 
Maisons. It requires expertise and attentiveness from beauty 
consultants, as well as innovation at points of sale. The Group’s 
perfumes and cosmetics brand products are sold mainly through 
“selective retailing” channels (as opposed to mass‑market retailers 
and drugstores), although certain brands also sell their products 
in their own stores and on their own e‑commerce sites.
Parfums Christian Dior mainly distributes its products to 
selective retail chains, such as Sephora, and department stores, 
as well as increasingly to its own store network and e‑commerce 
sites. Guerlain’s products are distributed through its network 
of directly operated stores, enabling it to develop its unique 
expertise, supplemented by a network of partner retail outlets. 
In addition to sales through its exclusive boutiques around the 
world, Benefit currently retails in some 50 countries worldwide. 
Make Up For Ever products are sold through exclusive boutiques 
around the world, and through a number of Selective Retailing 
circuits, particularly in France, Europe and the United States 
(markets developed in partnership with Sephora), as well as 
in China, South Korea and the Middle East. Now based in 
Milan, Acqua di Parma relies on an exclusive retailing network, 
including its directly operated stores. The Kendo brands are 
primarily distributed by Sephora, as well as increasingly by 
their own sites. Maison Francis Kurkdjian mainly operates in 
department stores in the United States and through a network of 
department stores and proprietary stores in Europe.
To meet the expectations of younger generations, who are 
looking for originality, as well as demand for a connected 
in‑store and online experience, all brands are accelerating the 
implementation of their online sales platforms, particularly on 
their own sites, and stepping up their digital content initiatives. 
Our brands are actively incorporating digital tools to enhance the 
customer experience and attract new consumers.
3.6	
Highlights of 2022 and outlook for 2023
 
2022
2021
2020
Revenue (EUR millions) 
7,722 
6,608
5,248
Revenue by geographic 
region of delivery (%) 
 
 
 
France
9 
9
9
Europe (excl. France)
20 
19
18
United States
19 
16
14
Japan
5 
4
5
Asia (excl. Japan)
35 
42
45
Other markets
12 
10
9
Total
100 
100
100
Profit from recurring operations 
(EUR millions) 
660 
684
80
Operating margin (%) 
8.5 
10.3
1.5
Highlights
Retaining its focus on its highly selective distribution strategy, 
the Perfumes and Cosmetics business group was boosted by the 
ongoing success of iconic fragrances and the rebound in makeup. 
Skincare, which had seen rapid growth in China, was hit by the 
public health situation in the country. Innovation played a key 
role in the progress made by LVMH’s Maisons.
Parfums Christian Dior achieved remarkable growth worldwide. 
The Maison reinforced its leading positions in Europe and Japan, 
and confirmed its strong momentum in its other key markets, 
in particular the United States, South Korea, Southeast Asia 
and the Middle East. All the iconic lines drove this strong 
performance, backed by a strong social media presence. 
Fragrances were buoyed by the success of the Maison’s core 
collections: Sauvage, which saw very strong growth, confirmed its 
position as the world’s best‑selling fragrance across all categories; 
J’adore benefited from the successful global launch of Parfum 
d’Eau; Miss Dior continued its ongoing success and Dior Homme 
was boosted by the relaunch of Dior Homme Sport. The Collection 
Privée range of exceptional fragrances accentuated its growth and 
was enriched with the first scents crafted by Francis Kurkdjian, 
the Maison’s new Creative Director of Fragrances, who revisited 
two historic signatures. Skincare was buoyed by the vitality of 
the premium category, in particular the Prestige range, boosted by 
the new version of La Crème, presented in sustainably designed 
packaging, as well as rapid growth in the L’Or de Vie range and the 
launch of La Mousse OFF/ON foaming cleanser as part of a new 
range of water lily‑infused makeup removers. Growth in makeup 
was fueled by the success of new lipsticks (refillable Dior Addict 
and transfer‑proof Rouge Dior Forever) and the solid performance 
of the new version of its Forever liquid foundation. The Maison 
ramped up the development of its spa business. Online sales grew 
rapidly through directly operated sites. The Maison adopted 
an omnichannel marketing approach spanning all traditional 
and digital channels to place itself among the most visible 
and appealing beauty brands. In connection with its “Beauty 
as a Legacy” CSR mission, it stepped up its efforts to promote 
biodiversity through the cultivation of flowers as a source of 
environmental regeneration, and ambitiously committed to 
cutting its greenhouse gas emissions by 46% by 2030.
Guerlain continued its growth, buoyed by a strong performance 
in fragrances. The L’Art et la Matière collection, which embodies 
the Maison’s excellence in high perfumery, was enriched with 
new fragrances, while the Aqua Allegoria collection maintained 
its strong momentum and equally powerful commitments, with 
the launch of the Aqua Allegoria Forte range of more intense eau de 
parfum scents and a lush new video in the marketing campaign 
directed by Yann Arthus-Bertrand. Skincare also turned in a 
strong performance, with the Abeille Royale range invigorated by 
the relaunch of its star product, Double R Renew & Repair Advanced 
Serum. Guerlain’s fifteen years of commitment to sustainability 
through its “In the Name of Beauty” program were recognized 
with a number of prestigious awards. This commitment is now 
incarnated by Angelina Jolie to give it even greater resonance 
worldwide.

Annual Report as of December 31, 2022
27
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
Parfums Givenchy saw good momentum among its iconic 
fragrances: L’Interdit confirmed its success, while Irresistible made 
further headway, driven by its Eau de Toilette Fraîche version, and 
Gentleman broke ground with Réserve Privée, a bold collaboration 
with Glenmorangie whisky, bringing together and celebrating 
two emblems of expert craftsmanship. Makeup saw the relaunch 
of Le Rouge Interdit lipstick. Benefit pursued growth through 
high‑impact initiatives. The brow category, in which the brand is 
the world leader, was boosted by the launch of the Gimme Brow+ 
Volumizing Pencil and the rollout of the innovative Brow Lamination 
service at its Brow Bars. Another success was the launch of 
Wanderful World, a comprehensive collection of powder blushes. 
Its The Porefessional range was expanded with an ultra‑lightweight 
version. Fresh reaffirmed its expertise in the use of natural 
ingredients with the launch of Tea Elixir, a new serum that boosts 
skin’s resilience to stressors. Make Up For Ever saw business 
driven by an innovation program developed with its collective 
of makeup artists. Its HD Skin undetectable foundation was 
a major success. The Maison presented its first exhibition of 
body and face art, showcasing the work of its Academy’s most 
talented students. Growth at Kenzo Parfums was driven by 
the new L’Absolue version of its Flower by Kenzo flagship line and 
its marketing campaign. Maison Francis Kurkdjian achieved 
remarkable growth in the United States and Europe, fueled by 
the success of its Baccarat Rouge 540 fragrance and the launch 
of its new 724 scent. The Maison partnered with the Palace of 
Versailles as part of a patronage project and opened its first 
store in China. Acqua di Parma continued to grow at a brisk 
pace, driven by the momentum of its Signatures of the Sun line, 
with the launch of Magnolia Infinita and the Zafferano exclusive 
limited edition for Harrods. Its new Colonia C.L.U.B. fragrance 
was an instant bestseller. For Perfumes Loewe, international 
expansion through a new point‑of‑sale concept was the main 
growth driver. The Maison’s first store was opened in China and 
its e‑commerce site is now available in forty countries. Fenty 
Beauty doubled its revenue in 2022 through its expanded 
distribution and successful launches. Fenty Skin saw strong 
growth in the body care category. Officine Universelle Buly 
continued its expansion, in particular in Japan, with five new 
points of sale. In Paris, the Maison’s officines, or dispensaries, 
benefited from growing brand awareness. A new version of the 
website was launched.
Outlook
While remaining vigilant, as called for by the uncertainty of the 
current environment, the Perfumes and Cosmetics Maisons will 
continue to invest selectively in their strengths: brand appeal, 
accelerated innovation and digital initiatives, and a selective 
approach to retail networks. Parfums Christian Dior, building 
on the brand’s excellent momentum, has set ambitious leadership 
targets that will draw on innovation to enrich its iconic lines, 
Sauvage, Miss Dior, Rouge Dior, J’adore, La Collection Privée, Capture 
and Prestige, in particular. Reflecting its desire to connect more 
directly with its customers, the Maison will continue expanding 
its network of directly operated stores, while increasing the 
share of digital in its sales and marketing. Lastly, Dior will 
maintain its commitment to corporate social responsibility 
through its holistic “Beauty as a Legacy” program. Guerlain 
will see a flurry of exciting developments, with the reinvention 
of its star product, the Micro-Lift Concentrate version of Orchidée 
Impériale, and large‑scale initiatives including a collaboration 
with the prestigious Maison Matisse, founded by the family of 
the renowned French painter, for the L’Art et la Matière collection, 
as well as the launch of a natural, no‑transfer matte foundation 
in the iconic Terracotta range. Parfums Givenchy will launch a 
major initiative in men’s fragrances and move its skincare lines 
further upmarket. While implementing a plan focused on major 
innovations and boosting its flagship products, Maison Francis 
Kurkdjian will roll out the new store concept it revealed in 2022. 
Acqua di Parma will unveil an exceptional collaboration with 
designer Samuel Ross.
4.	
Watches and Jewelry
In 2022, the Watches and Jewelry business group represented 13% of the Christian Dior group’s total revenue.
4.1	
The brands of the Watches and Jewelry business group
TAG Heuer, a pioneer of Swiss watchmaking since 1860, which was 
acquired by the Group in November 1999, combines innovative 
technology with the ultimate in precision timekeeping and 
avant‑garde designs to create extremely accurate watches. Its most 
coveted traditional and automatic watches and chronographs 
are the Carrera, Aquaracer, Formula 1, Link and Monaco lines. 
In 2010, TAG Heuer launched the first automatic movement 
developed and built in‑house, followed, in 2015, by the launch 
of a smartwatch.
Hublot, founded in 1980 and part of the Group since 2008, 
has always been an innovative brand, creating the first watch 
in the industry’s history fitted with a natural rubber strap. 
Relying on a team of top‑flight watchmakers, the brand is widely 
renowned for its original concept combining noble materials 
with state‑of‑the‑art technology and for its iconic Big Bang model 
launched in 2005. Along with the many versions of this model, 
Hublot has launched the Classic Fusion and the more recent Spirit 
of Big Bang lines.

28
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
Zenith, founded in 1865 and established in Le Locle near the Swiss 
Jura region, joined the Group in November 1999. Zenith belongs 
to the very select group of watch movement manufactures. 
In the watchmaking sector, the term “manufacture” designates a 
company that provides the entire design and manufacturing of 
mechanical movements. The two master movements of Zenith, 
the chronograph El Primero and the extra‑flat movement Elite, 
absolute benchmarks for Swiss watchmaking, are provided on 
the watches sold under this brand.
Tiffany & Co., founded in New York in 1837 and acquired by 
the Group in 2021, is a global icon of luxury, famous for its 
innovative jewelry designs, extraordinary craftsmanship and 
unrivaled creativity. The brand’s optimism, legendary wit and 
distinctive New York energy inspire dreams that begin with the 
opening of one of its coveted Blue Boxes. In 1886, Charles Lewis 
Tiffany introduced the Tiffany® Setting, the world’s most iconic 
engagement ring. With this innovation, Tiffany & Co. quickly 
made its name as more than a jewelry house – it has become a 
destination for timeless designs and unparalleled craftsmanship.
Bulgari, founded in 1884, stands for creativity and excellence 
worldwide and is universally recognized as one of the major 
players in its sector. The long‑celebrated Italian brand occupies 
a strong leadership position in jewelry, with an outstanding 
reputation for its expertise in combining colored gemstones and 
watches, while also playing an important role in the fragrance 
and accessories segments. Iconic lines include Serpenti, B.Zero1, 
Diva and Octo. The Group acquired Bulgari in 2011.
Chaumet, a jeweler established in 1780, has maintained its 
prestigious expertise, which is reflected in all its designs, from 
high jewelry and fine jewelry to watch collections. Its major lines 
are Joséphine and Liens. The Group acquired Chaumet in 1999.
Fred, founded in 1936 and part of the Group since 1995, is present 
in high jewelry, fine jewelry and watchmaking. Since joining 
the Group, Fred has completely revamped its design, image and 
distribution. This revival can be seen in the bold, contemporary 
style exemplified by the brand’s iconic Force 10 line.
4.2	
Competitive position
The jewelry market is highly fragmented, consisting of a 
handful of major international groups plus an array of smaller 
independent brands from many different countries. The 
Christian Dior group’s brands are present all around the world, 
and it has established itself as one of the international leaders.
4.3	
Distribution
The business group, which enjoys a strong international presence, 
has reaped the benefits of its excellent coordination and pooling 
of administrative, sales and marketing teams. A worldwide 
network of after‑sale multi‑brand services has been gradually 
put in place to improve customer satisfaction. The Watches and 
Jewelry business group has a regional organization that covers 
all European markets, the Americas, northern Asia, Japan, and 
the Asia-Pacific region.
This business group is focusing on the quality and productivity of 
its retail networks and is also developing its online sales. It selects 
multi‑brand retailers very carefully and builds partnerships 
so that retailers become genuine brand ambassadors when 
interacting with end‑customers. In an equally selective approach, 
the Maisons also continue to refurbish and open their own 
directly operated stores in buoyant markets in key cities.
The Watches and Jewelry brands’ directly operated store network 
comprised 865 stores as of year‑end 2022 at prestigious locations 
in the world’s largest cities. The Watches and Jewelry business 
group also developed a network of franchises.
4.4	
Supply sources and subcontracting
In watchmaking, manufacturing has been coordinated through 
the use of shared resources, such as prototype design capacities, 
and by sharing the best methods for preparing investment plans, 
improving productivity and negotiating purchasing terms with 
suppliers. In jewelry, centralized checking has been introduced 
for diamonds, alongside technical cooperation between brands 
for the development of new products.
At its Swiss workshops and manufacturing centers, located in 
Le Locle, La Chaux‑de-Fonds, Neuchâtel, Cornol, Tramelan, Le 
Sentier, Chevenez and Nyon, the Group assembles a substantial 
proportion of the watches and chronographs sold under the 
TAG Heuer, Hublot, Zenith, Bulgari, Montres Dior, Chaumet 
and Fred brands; it also designs and manufactures mechanical 
movements such as El Primero and Elite by Zenith, Heuer 01 by 
TAG Heuer, UNICO by Hublot and Solotempo by Bulgari; and it 
manufactures some critical components such as dials, cases and 
straps. Zenith’s manufacturing facility in Le Locle underwent 
a major renovation in 2012. In 2013, TAG Heuer inaugurated a 
new movement manufacturing facility in Chevenez, and in 2015 
Hublot opened a second one at its Nyon site.

Annual Report as of December 31, 2022
29
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
Bulgari opened a jewelry manufacturing facility in Valenza, Italy, 
at the end of 2016, and in 2019 inaugurated a new watch casing 
manufacturing facility in the Jura canton of Switzerland. It also 
operates a high jewelry workshop in Rome.
Tiffany operates several jewelry manufacturing workshops in the 
United States, as well as its own diamond polishing workshops in 
Belgium, Botswana, Cambodia, Mauritius and Vietnam.
Even though the Watches and Jewelry group can sometimes use 
third parties to design its models, they are most often designed 
in its own studios.
4.5	
Highlights of 2022 and outlook for 2023
 
2022
2021
2020
Revenue (EUR millions) 
10,581 
8,964
3,356
Revenue by geographic 
region of delivery (%) 
 
 
 
France
3 
2
4
Europe (excl. France)
15 
15
20
United States
26 
25
8
Japan
11 
11
12
Asia (excl. Japan)
32 
36
43
Other markets
13 
11
13
Total
100 
100
100
Profit from recurring operations 
(EUR millions) 
2,017 
1,679
302
Operating margin (%) 
19.1 
18.7
9.0
Highlights
The Watches and Jewelry business group showed strong 
momentum in 2022, driven by the powerful appeal of the 
jewelry Maisons and the creativity of their iconic collections, as 
well as the expertise and capacity to innovate of the watchmaking 
Maisons. Emphasis continued to be placed on the selective 
development of their retail networks, marketing, and brand 
activation through events and digital engagement.
In a year featuring many initiatives, Tiffany turned in an excellent 
performance and continued to grow its appeal. Its Lock jewelry 
collection, launched in North America in August, was very well 
received. A number of celebrities – including singer‑songwriter 
Beyoncé, K-pop star Rosé, and model and entrepreneur Hailey 
Bieber – appeared in campaigns wearing the iconic T and 
HardWear collections, building a strong following among Tiffany’s 
customers. Revenue from high jewelry sales doubled, fueled 
by a flurry of events and the launch of a marketing campaign 
featuring the Maison’s brand ambassador Gal Gadot. This success 
has positioned Tiffany as a major player in the world of high 
jewelry. The events celebrating Tiffany’s 185th anniversary and 
its creative heritage joining tradition and modernity culminated 
in the Vision & Virtuosity exhibition at the Saatchi Gallery in 
London, which completely sold out. The Maison also marked the 
occasion by illuminating the facades of the legendary Harrods 
department store in Tiffany Blue. The Maison unveiled several 
bold innovations and collaborations, including the creation of 
NFTiffs x CryptoPunks pendants and the limited‑edition Daniel 
Arsham x Lock, an end‑of‑year campaign recalling a historic 
partnership with Andy Warhol. With openings of more than a 
dozen new or renovated stores featuring its latest retail concept 
in the fourth quarter, Tiffany demonstrated its commitment to 
ramping up the redesign of its store network.
Bulgari maintained its solid momentum, particularly in the 
United States, Europe, the Middle East, and Southeast Asia. 
Growth was driven by the iconic Serpenti collection, high jewelry 
and high‑end watches, in particular the new Eden: The Garden of 
Wonders collection, launched in Paris in June and subsequently 
presented in Shanghai, Tokyo, San Diego, New York, Bangkok 
and Dubai, achieving record sales. The Maison’s move further 
upmarket was reflected in a marketing campaign directed by 
Paolo Sorrentino, starring brand ambassadors Anne Hathaway, 
Zendaya, Blackpink’s Lisa, and Prianka Chopra. Its many other 
initiatives included the release of the documentary Inside the 
Dream, which traces the path of a raw emerald all the way to the 
red carpet at the Venice Film Festival. Bulgari broke new ground 
in the digital realm with the first NFT contemporary artworks 
inspired by the Octo Finissimo Ultra, which set a new record for 
the world’s thinnest mechanical watch, and Metamorphosis, an 
extraordinary diamond and ruby necklace that can be worn 
nine different ways, each one a masterpiece. The Bulgari Hotel 
Paris opened its doors in December 2021 and became one of 
the French capital’s most acclaimed hotels in the space of just a 
few months.
TAG Heuer had a year brimming with innovation, as evidenced 
in particular by the creation of its first solar‑powered timepiece 
in the Aquaracer collection and the Carrera Plasma, an avant‑garde 
fusion of watchmaking and lab‑grown diamonds. Another 
highlight was the release of its latest generation of smartwatches. 
The Monaco x Gulf won the Iconic Watch Prize at the Geneva 
Watchmaking Grand Prix. The Maison expanded its family of 
ambassadors and launched a highly eventful series of initiatives 
built around its partnership with Porsche and the film The Gray 
Man, which stars the Maison’s brand ambassador Ryan Gosling.
Hublot had an excellent year, driven by the latest additions to 
the Big Bang collection, the launch of the Square Bang collection at 
the Watches & Wonders trade show, and the solid performance 
achieved by its store network, which continued to grow around 
the world. The Maison demonstrated its capacity for innovation, 
releasing a large number of exceptional pieces and creating NFTs 
in collaboration with artist Takashi Murakami. Raising its strong 
profile even further as the Official Timekeeper of the 2022 Soccer 
World Cup, Hublot launched its third‑generation smartwatch 
Big Bang e FIFA World Cup Qatar 2022™, the most powerful yet 
in its Big Bang e watch collection, and unveiled its “Hublot Loves 
Football” campaign, designed in collaboration with Franco-
Lebanese artist Mira Mikati and featuring 15 of the Maison’s 
brand ambassadors, including Kylian Mbappé.

30
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
Zenith had a year marked by several headline events, including 
the launch of the Defy Skyline at LVMH Watch Week and the 
“Master of Chronographs” campaign, which showcased the 
Maison’s heritage and major innovations in the field of mechanical 
chronographs. Zenith’s strategic ambition of connecting directly 
with its customers was reflected in the opening of 11 new directly 
operated stores and its expansion into 17 new e‑commerce 
markets. The Maison unveiled its “Zenith Horizon” CSR program 
and reaffirmed its support for the fight against breast cancer by 
donating unique timepieces to raise funds for this cause.
Chaumet had an excellent year and raised its profile with several 
key events, including the Botanical exhibition at the Palais 
des Beaux-Arts in Paris, which attracted a record number of 
visitors. With a concept extending beyond jewelry and the 
history of the Maison, this event, featuring 400 works loaned 
by over 90 museums and other institutions, celebrated nature 
by exploring 5,000 years of art and design across a range of 
disciplines, illustrating Chaumet’s support for culture and its 
desire to share its vision of a highly relevant contemporary issue 
with a wide audience. Another prominent exhibition, Tiara 
Dream, was held in Riyadh. The new Ondes et Merveilles (Waves 
and Wonders) high jewelry collection pays tribute to the sea, 
a perennial source of inspiration for the Maison. The Maison’s 
iconic collections showed good momentum, in particular the 
increasingly successful Bee My Love. Chaumet continued the 
targeted expansion of its retail network.
Fred, buoyed by its “Live the Joy” marketing campaign, saw very 
strong growth. Its main collections achieved record revenue. The 
Maison’s first retrospective exhibition, Fred: Jewelry Designer Since 
1936, presented at the Palais de Tokyo in Paris, and the launch 
of its new high jewelry collection Monsieur Fred Inner Light were 
the headline events of 2022. As a Special Olympics partner, Fred 
lent its support for the 10th edition of the organization’s National 
Summer Games in June, dedicated to the empowerment of 
people with intellectual disabilities through sports.
Outlook
In 2023, the Watches and Jewelry business group will aim to 
continue gaining market share and boosting its production 
chains. Given the challenges that may arise in the months 
ahead, the Maisons will continue to manage costs and remain 
selective in their investments. They will continue to prioritize 
innovation, targeted expansion of their networks of directly 
operated stores and e‑commerce, and their capacity to seize 
opportunities unlocked by their rapidly expanding digital 
presence. Their strategies will continue to focus on sustainability 
and responsibility, particularly in terms of traceability for gems 
and precious metals. Tiffany will add new designs to its unisex 
Lock collection, which it will roll out to all its markets. The 
Maison will also ramp up the redesign of its retail network. 
One of the highlights of this program will be the reopening 
of its landmark New York flagship store following a four‑year 
transformation, which will offer an unparalleled customer 
experience and a new vision of Tiffany. Bulgari will bolster its 
positions in high‑end lines, celebrate the 75th anniversary of its 
iconic Serpenti collection and open two new hotels, including one 
in Rome. The Maison will start construction on its new jewelry 
manufacturing facility in Valenza, which, once completed, will 
double its production capacity at this site, where it has operated 
since 2017, creating 750 new jobs for jewelry artisans trained at 
its own academy. The site also aims to become the world’s first 
jewelry manufacturing facility powered entirely by renewable 
energy, 40% of which will be generated internally. Chaumet 
will continue expanding and renovating its store network, and 
will launch a number of corporate giving initiatives, in particular 
its new Echo Culture Award, which will recognize women‑led 
projects that promote access to culture for as many people as 
possible. TAG Heuer will celebrate the 60th anniversary of its 
Carrera collection and continue its slate of events relating to its 
smartwatches and its partnership with Porsche. In 2023, Hublot 
will begin construction on its new manufacturing facility, 
built to the highest environmental standards, which will help 
accommodate the Maison’s growth, in particular by significantly 
boosting its capacity to produce in‑house movements and cases 
made of high‑tech materials.

Annual Report as of December 31, 2022
31
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
5.	
Selective Retailing
In 2022, the Selective Retailing business group represented 19% of the Christian Dior group’s total revenue.
5.1	
Travel retail
Duty Free Shoppers (DFS), which joined the Group in 1997, is 
the pioneering world leader in the sale of luxury products to 
international travelers. Its activity is closely linked to tourism 
cycles.
Since it was formed in 1960 as a duty‑free concession in the 
Kai Tak airport in Hong Kong, DFS has acquired an in‑depth 
knowledge of the needs of traveling customers, built solid 
partnerships with Japanese and international tour operators 
as well as with the world’s leading luxury brands, and has 
significantly expanded its business, particularly in tourist 
destinations in the Asia-Pacific region.
To accompany the rise of travel retail, DFS has also focused on 
the development of its city‑center Galleria stores, which currently 
account for half of its revenue. The 24 DFS Gallerias, each with 
a floor area of between 6,000 and 12,000 square meters, are 
centrally located in top tourist destinations for airline passengers 
in the Asia-Pacific region, the United States and Japan, but also in 
Europe, with the 2016 opening of T Fondaco dei Tedeschi in Venice, 
Italy, and the opening in June 2021 of La Samaritaine in Paris. 
In 2022, DFS opened Galleria stores in Queenstown, New Zealand 
and at The Londoner Macao. Each space combines in one site, 
close to the hotels where travelers are lodged, two different but 
complementary retail spaces: a general luxury product offering 
(including perfumes and cosmetics, fashion and accessories) 
and a gallery of prestigious boutiques, some of which belong to 
the Group (including Louis Vuitton, Hermès, Bulgari, Tiffany, 
Christian Dior Couture, Chanel, Prada, Fendi and Celine).
While continuing with the development of its Gallerias, DFS 
maintains its strategic interest in the airport concessions if these 
can be obtained or renewed under good financial terms. DFS 
currently operates at around ten international airports in the 
Asia-Pacific region, the United States, Japan, Abu Dhabi, and 
China, where DFS won the Chongqing Jiangbei International 
Airport concession in 2022.
Starboard Cruise Services, acquired by LVMH in 2000, is an 
American company founded in 1958 and one of the world leaders 
in the sale of duty‑free luxury items on board cruise ships. It 
provides services to around 80 ships representing several cruise 
lines. It also publishes tourist reviews, catalogs and advertising 
sheets available on board.
5.2	
Selective retail
Sephora, founded in 1969, has developed over time a perfume 
and beauty format that combines direct access and customer 
assistance. This concept led to a new generation of stores with 
a sober and luxurious architecture, divided into areas mainly 
dedicated to perfume, makeup and skincare. Based on the 
quality of this concept, Sephora has gained the confidence of 
selective perfume and cosmetics brands. In addition, Sephora has 
offered products sold under its own brand name since 1995 and 
has developed a line of exclusive products thanks to its close ties 
with brands selected for their bold ideas and creativity.
Since it was acquired by the Group in July 1997, Sephora has 
recorded rapid growth in Europe by opening new stores and 
acquiring companies that operated perfume retail chains. 
Sephora is present in 15 European countries. The Sephora 
concept also crossed the Atlantic in 1998, with a strong presence 
in the United States, the sephora.com website, and a store 
network in Canada. Sephora entered the Chinese market in 2005. 
The retailer also has locations in the Middle East, Latin America 
(Brazil and Mexico) and Southeast Asia. In 2021, Sephora moved 
into the United Kingdom by acquiring the Feelunique website, 
which in October 2022 became sephora.co.uk. Sephora also 
withdrew from Russia in 2022.
Sephora is at the forefront of the retail industry’s unstoppable 
digital transformation. Sephora builds on the complementarity 
of its in‑store and online shopping offerings and its strong 
social media presence to maximize customer touchpoints 
and opportunities to build loyalty. With its websites, digitally 
equipped stores, customer mobile apps and beauty consultants, 
the Maison creates an omnichannel beauty experience that is 
increasingly innovative and personalized and offers customers 
an interactive, seamless, flexible shopping journey.
Le Bon Marché Rive Gauche – the world’s first department store 
– opened its doors in 1852, with entrepreneur Aristide Boucicaut 
at the helm. Both a forerunner and trendsetter, Le Bon Marché 
Rive Gauche presents a selection of sophisticated and exclusive 
labels, in a space with a strong architectural concept. Customers 
from around the world looking for a true Parisian experience 
rub shoulders with locals, all drawn to the department store’s 
unique vibe and the quality of its service. The sole department 
store located on the Left Bank in Paris, it was acquired by LVMH 
in 1998.

32
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
Newly inaugurated in late 2013, La Grande Épicerie de Paris 
is a trailblazing gourmet food emporium. La Grande Épicerie 
de Paris offers its customers a culinary shopping experience 
like no other, made possible by the expertise of the artisans, 
architects and artists selected for this project, and has become 
an absolute must for food lovers. In 2017, La Grande Épicerie de 
Paris – historically located on the ground floor of Le Bon Marché 
– added a location on Rue de Passy in the 16th arrondissement 
of Paris.
5.3	
Competitive position
In 2022, Sephora gained market share in its key countries, in particular the United States, France, Canada, Italy and Spain.
5.4	
Highlights of 2022 and outlook for 2023
 
2022
2021
2020
Revenue (EUR millions) 
14,852 
11,754
10,155
Revenue by geographic 
region of delivery (%) 
 
 
 
France
12 
12
13
Europe (excl. France)
9 
9
9
United States
44 
39
35
Japan
1 
-
1
Asia (excl. Japan)
16 
24
27
Other markets
18 
16
15
Total
100 
100
100
Profit from recurring operations 
(EUR millions) 
788 
534
(203)
Operating margin (%) 
5.3 
4.5
(2.0)
Highlights
The Selective Retailing business group saw solid growth despite 
the impact of the public health situation in China. The Maisons 
demonstrated flexibility and agility, focusing their efforts on 
the markets where recovery was the strongest and stepping up 
the pace of their digital inroads. Growth at the Maisons was 
powered by excellence and innovation driving improvements 
in the customer experience, differentiation and loyalty policies, 
and the ramp‑up of omnichannel strategies.
In 2022, Sephora achieved its strongest year ever with record 
sales and profits. The Maison recorded market share gains in 
all of its core markets, with especially robust performances in 
North America, Europe, the Middle East, Latin America and 
most Southeast Asian countries. Retail sales were strong as traffic 
improved in all markets except China, due to the public health 
situation. E-commerce was also extremely strong. This growth 
was supported by continued rapid innovation, both in‑store 
and online, but also sustained investment in logistics. In terms 
of categories, makeup, haircare and fragrances drove growth. 
Sephora’s own brand, Sephora Collection, performed well behind 
impactful new product launches. Sephora continued to expand 
its store network, especially thanks to its partnership with Kohl’s 
in the United States. Sephora also launched a new “store of the 
future” concept at Raffles City in Singapore, specifically designed 
to offer an experiential shopping journey. A new iconic store 
was opened in the Place Vendôme mall in Doha, Qatar. Sephora 
also entered the UK, a year after its acquisition of Feelunique, a 
UK favorite in the online beauty and wellness space. The Maison 
was also able to finalize the sale of its Russian activities to its 
local general manager, aimed at providing continuity for local 
employees.
In parallel, Sephora continued to build its brand and reinforce 
its culture. The Maison organized exciting physical, digital and 
hybrid events dedicated to its clients, such as “Sephoria: Virtual 
House of Beauty”, featuring multiple virtual rooms to explore 
and exclusive content from some of Sephora’s most‑loved brands. 
True to its commitment to a more diverse and inclusive world, 
Sephora has continued to support causes it deeply believes 
in. In the United States, Sephora pursued its Accelerate brand 
incubator program in particular, aimed at supporting beauty 
entrepreneurs, with a focus on supporting founders of color to 
increase their representation in prestige beauty and in Sephora’s 
product assortment. In France, Sephora pursued its partnership 
with Toutes à l’École, to support the education of girls in 
Cambodia.
DFS remained hampered during the year by the public health 
situation in China. Flagship destinations Hong Kong and 
Macao were particularly hard‑hit in 2022 with the suspension 
of domestic travel and total absence of tourists. Against this 
backdrop, DFS focused on revitalizing its network, innovating 
in the digital space and selectively expanding. The Maison 
celebrated its 50th anniversary at San Francisco International 
Airport with an event to unveil its renovated stores, and also 
celebrated the reopening of its airport stores in Vietnam and 
Singapore and of its T Galleria store on the island of Bali. 
A number of new sites were opened in 2022: DFS won the 
fashion, watch and jewelry concessions at the domestic terminal 
of China’s Chongqing Jiangbei International Airport – the 
Maison’s first successful bid for a Chinese airport concession. 
In October, a new T Galleria store opened in Queenstown,

Annual Report as of December 31, 2022
33
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
New Zealand, introducing the “Resort” concept. In Macao, the 
reopening of the T Galleria Beauty by DFS store at the Galaxy resort 
was followed by the opening of a new T Galleria at The Londoner 
resort. Destinations not affected by the public health situation 
performed well, including in particular Japan, the Middle East 
and France, where La Samaritaine Pont-Neuf confirmed its 
appeal. The Maison continued to focus on employee well‑being 
by implementing health programs and adapting working hours, 
and offered financial support to those whose families were 
affected by quarantine measures in Hong Kong in particular. 
Lastly, DFS maintained its support for local communities through 
volunteer activities, and launched a partnership with the World 
Health Organization to combat unequal access to vaccines.
Starboard Cruise Services was boosted by the rebound in 
the cruise sector after a difficult start to the year and a very 
gradual recovery. By the end of 2022, the Maison had resumed 
operations on 82 ships, with an occupancy rate reaching 90%. 
New contracts were also signed, adding 11 ships to its portfolio.
Le Bon Marché had an excellent year, with revenue exceeding 
its 2019 level. Parisian customers faithfully returned to the store, 
which remained open throughout the year, joined by many 
customers from other parts of France and around the world. 
Business was buoyed by a busy program of events, reaffirming its 
unique profile as a trend‑setting department store and a cultural 
venue. The beginning of the year featured the Su exhibition 
by artist Mehmet Uysal, an installation with a powerful 
message, questioning contemporary climate priorities. Philippe 
Katerine then made his mark on the store’s design with his X 
exhibition, while May saw the 30th anniversary of the Vieilles 
Charrues music festival. In the fall, Le Bon Marché celebrated its 
170th anniversary, with commemorations including the launch 
of an unprecedented experience for a department store: an 
immersive theater performance inspired by Emile Zola’s famous 
novel Au Bonheur des Dames, played to a full house. La Grande 
Épicerie de Paris experienced strong growth.
Outlook
Offering customers the best shopping experience possible across 
all distribution channels remains the goal shared by all the 
Maisons. In an uncertain and volatile global environment, 
Sephora is optimistic but cautious for 2023, and will clearly 
focus on differentiating further and continuing to build “the 
world’s most loved beauty community”. Sephora will continue 
to develop its omnichannel capabilities and will open over 
100 new points of sale to win in its key markets of the United 
States, Canada, the Middle East, France and China. Sephora will 
continue to drive preference through product differentiation, 
with its carefully selected assortment of brands and products 
tailored to each unique customer profile, all while pursuing the 
Diversity & Inclusion initiatives that bring Sephora’s purpose 
to life. DFS should benefit from the upturn in business and the 
return of travelers to Hong Kong and Macao. Operations will 
begin at China’s Chongqing Jiangbei International Airport in 
the first quarter, and its new T Galleria store is set to open in 
Brisbane, Australia towards the end of the year. The Maison will 
also continue to focus on opportunities to grow and diversify 
its customer base. Le Bon Marché will continue to enhance the 
quality of its exclusive selection and its customer experience, 
while capitalizing on its innovative approach and unique cultural 
dimension. The highlight of the beginning of the year will be 
the Sangam exhibition by artist Subodh Gupta. In light of the 
success of the immersive theater experience that debuted in 
2022, further performances will be held in March and April 2023.
6.	
Other activities
Les Echos group
The Christian Dior group acquired the Les Echos group in 
2007. The Les Echos group includes Les Echos, France’s leading 
financial newspaper, LesEchos.fr, the top business and financial 
website in France, the business magazine Enjeux-Les Echos, as 
well as other specialized business services. The Les Echos group 
also holds several other financial and cultural media titles that 
were previously owned directly by LVMH: Investir – Le Journal 
des Finances, resulting from the 2011 merger of two financial 
weeklies; Connaissance des Arts; and the French radio station 
Radio Classique. The Les Echos group also publishes trade 
journals, with titles produced by SID Presse, and is active in the 
business‑to‑business segment, with the organizations Les Echos 
Formation and Les Echos Conférences, the trade show Le Salon 
des Entrepreneurs, and Eurostaf market studies. Since late 2015, 
Les Echos has also encompassed the Le Parisien daily newspaper 
and its Aujourd’hui en France magazine.
La Samaritaine
La Samaritaine is a real estate complex located at the heart of 
Paris, beside the Seine river. Following a large‑scale program to 
renovate and restore 70,000 square meters in space to the latest 
environmental standards, La Samaritaine reopened to shoppers 
in June 2021. With diversity at the heart of the redesign, the 
buildings now house an 80‑crib daycare facility, plus 96 social 
housing units (operated by Paris Habitat). Designed and operated 
by DFS, the Samaritaine Pont-Neuf department store in Paris 
is guided by a bold vision: to create a rich blend of experiences 
and wonder, authenticity and modernity. In another of La 
Samaritaine’s projects, Cheval Blanc Paris, the Maison’s first 
urban hotel, welcomed its first guests in September 2021.

34
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business overview, highlights and outlook
Royal Van Lent
Founded in 1849, Royal Van Lent designs and builds luxury 
yachts according to customers’ specifications and markets them 
under the Feadship brand, one of the most prestigious in the 
world for yachts over 50 meters.
LVMH Hotel Management
LVMH Hotel Management is the spearhead of the Group’s 
business development in hotels, under the Cheval Blanc brand. 
The Cheval Blanc approach, based on the founding values of 
craftsmanship, exclusivity, creativity and hospitality, is applied 
at all of its hotels, whether proprietary or independently 
managed. Cheval Blanc has locations in Courchevel (France), 
Saint-Barthélemy (French Antilles) with the hotel acquired in 
2013, the Maldives and Saint-Tropez. In 2021, Cheval Blanc 
opened its new luxury hotel in Paris at the La Samaritaine site.
Belmond
Founded in 1976, with the acquisition of Hotel Cipriani in Venice, 
Belmond is a pioneer in luxury tourism. For more than 40 years, 
the Maison has aimed to offer its customers one‑of‑a-kind trips 
and experiences in inspirational locations. Belmond has a large 
portfolio of hotels, trains, cruises and safaris that bring together 
heritage, expertise, authenticity and exacting customer service.
Le Jardin d’Acclimatation
Imagined as an emblem of modern Paris by Napoleon III 
and opened in 1860, the Jardin d’Acclimatation is the oldest 
leisure and amusement park in France. The Group has held 
the concession to the park since 1984. Following the renewal 
of this concession in 2016, an ambitious modernization project 
was launched, culminating in the reopening of the entirely 
refurbished and redesigned park in June 2018.

Annual Report as of December 31, 2022
35
Management Report 
of the Board of Directors: 
The Christian Dior group
3.	
Business and financial review
1.	
Comments on the consolidated income statement
36
1.1.
Breakdown of revenue .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 36
1.2.
Profit from recurring operations .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 37
1.3.
Other income statement items .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 39
2.	
Comments on the consolidated balance sheet
40
3.	
Comments on the consolidated cash flow statement
41
4.	
Financial policy
42
5.	
Operating investments
43
5.1.
Communication and promotion expenses .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 43
5.2.
Research and development costs .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 43
5.3.
Investments in production facilities and retail networks .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 44
6.	
Main locations and properties
44
6.1.
Production .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 44
6.2.
Distribution .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 46
6.3.
Administrative sites and investment property .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 46
7.	
Stock option and bonus share plans
47
8.	
Subsequent events
47
9.	
Recent developments and outlook
47

36
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
1.	
Comments on the consolidated income statement
1.1	
Breakdown of revenue
Change in revenue per half‑year period 
(EUR millions and as %)
7%
6%
17%
21%
13%
6%
28%
19%
23%
36,729
42,454
79,184
Fiscal year 2022
2nd half-year
1st half-year
Organic growth
Changes in the scope of consolidation (a) (b)
Exchange rate ﬂuctuations (a)
(a)	 The principles used to determine the impact of exchange rate fluctuations on the 
revenue of entities reporting in foreign currencies and the impact of changes in the 
scope of consolidation are described on page 39.
(b)	 0% in full‑year 2022.
Revenue for the 2022 fiscal year was 79,184 million euros, up 
23% from the previous fiscal year. Revenue was boosted by the 
Group’s main invoicing currencies strengthening on average 
against the euro, in particular the US dollar, which appreciated 
by 11%, and the Chinese renminbi, by 7%.
The following changes to the Group’s consolidation scope took 
place after January 1, 2021: in the Wines and Spirits business 
group, the consolidation of Armand de Brignac as of May 28, 
2021, and the consolidation of Joseph Phelps Vineyards in 
August 2022; in the Fashion and Leather Goods business group, 
the consolidation of Off-White in June 2021; in the Perfumes 
and Cosmetics business group, the consolidation of Officine 
Universelle Buly as of January 1, 2022; these changes in the scope 
of consolidation had a negligible effect on the Group’s full‑year 
revenue growth.
On a constant consolidation scope and currency basis, revenue 
increased by 17%.
Revenue by invoicing currency
(as %) 
2022
2021
2020
Euro
19 
17
19
US dollar
30 
28
27
Japanese yen
7 
7
7
Hong Kong dollar
2 
3
4
Other currencies
42 
45
43
Total
100 
100
100
The breakdown of revenue by invoicing currency changed as 
follows with respect to the previous fiscal year: the contributions 
of the euro and the US dollar rose by 2 points to 19% and 30%, 
respectively, while those of the Hong Kong dollar and “Other 
currencies” fell by 1 point and 3 points, respectively, to 2% and 
42%. The contribution of the Japanese yen remained stable at 7%.
Revenue by geographic region of delivery
(as %) 
2022
2021
2020
France
8 
6
8
Europe (excl. France)
16 
15
16
United States
27 
26
24
Japan
7 
7
7
Asia (excl. Japan)
30 
35
34
Other markets
12 
11
11
Total
100 
100
100
By geographic region of delivery, the relative contribution of Asia 
(excluding Japan) to Group revenue fell by 5 points to 30% as a 
result of partial lockdowns enacted in 2022, especially in China. 
The relative contribution of France rose by 2 points to 8%, and 
those of the United States, Europe (excluding France) and “Other 
markets” grew by 1 point each to 27%, 16% and 12%, respectively. 
The relative contribution of Japan remained stable at 7%.
Revenue by business group
(EUR millions) 
2022
2021
2020
Wines and Spirits
7,099 
5,974
4,755
Fashion and Leather Goods
38,648 
30,896
21,207
Perfumes and Cosmetics
7,722 
6,608
5,248
Watches and Jewelry
10,581 
8,964
3,356
Selective Retailing
14,852 
11,754
10,155
Other activities and eliminations
281 
19
(70)
Total
79,184 
64,215
44,651

Annual Report as of December 31, 2022
37
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
By business group, the breakdown of Group revenue changed 
as follows: the contributions of Fashion and Leather Goods and 
of Selective Retailing increased by 1 point each to 49% and 19%, 
respectively, while the contribution of Watches and Jewelry 
decreased by 1 point to 13%. The contributions of Wines and 
Spirits and of Perfumes and Cosmetics both remained stable at 
9% and 10%, respectively.
Revenue for Wines and Spirits increased by 19% based on 
published figures. Boosted by a positive 7‑point exchange rate 
impact and a positive 1‑point impact of changes in scope arising 
from the consolidation of Armand de Brignac, revenue for this 
business group was up 11% on a constant consolidation scope and 
currency basis. Revenue from champagnes and wines was up 24% 
based on published figures and 18% on a constant consolidation 
scope and currency basis. Revenue from cognac and spirits 
was up 14% based on published figures and 5% on a constant 
consolidation scope and currency basis. This performance was 
achieved through a firm price increase policy, in line with the 
Group’s value‑enhancing strategy. All regions showed excellent 
performance, with the exception of the United States, where sales 
were affected in particular by the supply chain issues observed 
at the beginning of the year.
Revenue for Fashion and Leather Goods increased by 20% in 
terms of organic growth and by 25% based on published figures. 
Europe and Japan delivered an excellent performance, while the 
United States saw more moderate growth, as did Asia, affected 
by the public health situation in mainland China. Virtually all 
the brands achieved outstanding results.
Revenue for Perfumes and Cosmetics increased by 10% in terms 
of organic growth and by 17% based on published figures. The 
United States, Japan, Europe and the Middle East were the 
regions where revenue increased the most.
Revenue for Watches and Jewelry increased by 12% in terms of 
organic growth and by 18% based on published figures. All the 
business group’s brands performed very well. Europe, Japan and 
the United States were the most dynamic regions.
Revenue for Selective Retailing increased by 17% on a constant 
consolidation scope and currency basis, and by 26% based on 
published figures. Sephora turned in an excellent performance, 
particularly in Europe and the United States. Asia remained 
the region most heavily affected by the lack of recovery in 
international travel and the partial closure of the store network 
in certain regions.
1.2	
Profit from recurring operations
(EUR millions) 
2022
2021
2020
Revenue
79,184 
64,215
44,651
Cost of sales
(24,988) 
(20,355)
(15,871)
Gross margin
54,196 
43,860
28,780
Marketing and selling expenses
(28,150) 
(22,306)
(16,790)
General and administrative expenses
(5,033) 
(4,427)
(3,648)
Income/(Loss) from joint 
ventures and associates
37 
13
(42)
Profit from recurring operations
21,050 
17,139
8,300
Current operating margin (%) 
26.6 
26.7
18.6
The Group’s gross margin came to 54,196 million euros, up 24% 
compared to the previous fiscal year; as a percentage of revenue, 
the gross margin was 68%, remaining stable with respect to 2021.
Marketing and selling expenses totaled 28,150 million euros, 
up 26% based on published figures and up 20% on a constant 
consolidation scope and currency basis. The level of these 
expenses expressed as a percentage of revenue came to 35.6%, up 
0.8 points from the previous fiscal year.
This increase in marketing and selling expenses was mainly 
due to higher communications investments as well as the 
development of retail networks. Among these marketing and 
selling expenses, advertising and promotion costs amounted to 
12% of revenue, increasing by 25% on a constant consolidation 
scope and currency basis.
The geographic breakdown of stores is as follows:
(number) 
2022
2021
2020
France
518 
522
512
Europe (excl. France)
1,108 
1,203
1,175
United States
1,054 
1,014
866
Japan
496 
477
428
Asia (excl. Japan)
1,829 
1,746
1,514
Other markets
659 
594
508
Total
5,664 
5,556
5,003
General and administrative expenses totaled 5,033 million euros, 
up 14% based on published figures and up 10% on a constant 
consolidation scope and currency basis. They amounted to 6.4% 
of revenue.

38
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
Profit from recurring operations by business group
(EUR millions) 
2022
2021
2020
Wines and Spirits
2,155 
1,863
1,388
Fashion and Leather Goods
15,709 
12,842
7,188
Perfumes and Cosmetics
660 
684
80
Watches and Jewelry
2,017 
1,679
302
Selective Retailing
788 
534
(203)
Other activities and eliminations
(279) 
(463)
(455)
Total
21,050 
17,139
8,300
The Group’s profit from recurring operations was 21,050 million 
euros, up 23% from the previous fiscal year. The Group’s operating 
margin as a percentage of revenue was 26.6%, remaining stable 
with respect to the previous fiscal year.
Overall, exchange rate fluctuations had a positive 928 million 
euro impact on profit from recurring operations compared to 
the previous fiscal year. This total comprises the following three 
items: (i) the impact of exchange rate fluctuations on export and 
import sales and purchases by Group companies; (ii) the change 
in the net impact of the Group’s policy of hedging its commercial 
exposure to various currencies; and (iii) the impact of exchange 
rate fluctuations on the consolidation of profit from recurring 
operations of subsidiaries outside the eurozone.
Wines and Spirits
 
2022
2021
2020
Revenue (EUR millions) 
7,099 
5,974
4,755
Profit from recurring operations 
(EUR millions) 
2,155 
1,863
1,388
Current operating margin (%) 
30.4 
31.2
29.2
Profit from recurring operations for Wines and Spirits was 
2,155 million euros, up 16% relative to 2021. Champagne and 
wines contributed 981 million euros, while cognacs and spirits 
accounted for 1,174 million euros. The business group’s current 
operating margin as a percentage of revenue came to 30.4%.
Fashion and Leather Goods
 
2022
2021
2020
Revenue (EUR millions) 
38,648 
30,896
21,207
Profit from recurring operations 
(EUR millions) 
15,709 
12,842
7,188
Current operating margin (%) 
40.6 
41.6
33.9
Fashion and Leather Goods posted profit from recurring 
operations of 15,709 million euros, up 22% relative to previous 
fiscal year. Louis Vuitton and Christian Dior Couture maintained 
an exceptional level of profitability. All the brands showed 
improved profit from recurring operations despite the impact 
of partial store closures in certain regions, particularly in China. 
The business group’s current operating margin as a percentage 
of revenue was 40.6%.
Perfumes and Cosmetics
 
2022
2021
2020
Revenue (EUR millions) 
7,722 
6,608
5,248
Profit from recurring operations 
(EUR millions) 
660 
684
80
Current operating margin (%) 
8.5 
10.4
1.5
Profit from recurring operations for Perfumes and Cosmetics was 
660 million euros, influenced by a highly selective distribution 
policy. The business group’s current operating margin as a 
percentage of revenue was 8.5%.
Watches and Jewelry
 
2022
2021
2020
Revenue (EUR millions) 
10,581 
8,964
3,356
Profit from recurring operations 
(EUR millions) 
2,017 
1,679
302
Current operating margin (%) 
19.1 
18.7
9.0
Profit from recurring operations for Watches and Jewelry was 
2,017 million euros, up 20% from fiscal year 2021. The business 
group’s current operating margin as a percentage of revenue was 
19.1%.
Selective Retailing
 
2022
2021
2020
Revenue (EUR millions) 
14,852 
11,754
10,155
Profit from recurring operations 
(EUR millions) 
788 
534
(203)
Current operating margin (%) 
5.3 
4.5
(2.0)
Profit from recurring operations for Selective Retailing was 
788 million euros, up 48% from fiscal year 2021. The business 
group’s current operating margin as a percentage of revenue 
was 5.3%.

Annual Report as of December 31, 2022
39
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
Other activities
The loss from recurring operations of “Other activities and 
eliminations” was 279 million euros, compared with a loss of 
463 million euros as of December 31, 2021. This improvement 
mainly reflected the impact of hotel reopenings in 2022 
compared with 2021. In addition to headquarters expenses, this 
heading includes the results of the hotel and media divisions, 
Royal Van Lent yachts, and the Group’s real estate activities.
1.3	
Other income statement items
(EUR millions) 
2022
2021
2020
Profit from recurring operations
21,050 
17,139
8,300
Other operating income and expenses
(54) 
4
(333)
Operating profit
20,996 
17,143
7,967
Net financial income/(expense)
(901) 
52
(611)
Income taxes
(5,393) 
(4,531)
(2,385)
Net profit before minority interests
14,702 
12,664
4,970
Minority interests
(8,905) 
(7,718)
(3,037)
Net profit, Group share
5,797 
4,946
1,933
“Other operating income and expenses” amounted to a net expense 
of 54 million euros, compared with net income of 4 million 
euros in 2021. As of December 31, 2022, this item mainly included 
depreciation, amortization and impairment charges for brands, 
goodwill, gains and losses on disposals, and transaction costs 
relating to acquisitions during the fiscal year.
The Group’s operating profit was 20,996 million euros, up 22% 
from the previous fiscal year.
“Net financial income/(expense)” amounted to a net expense of 
901 million euros in fiscal year 2022, compared with net income 
of 52 million euros in fiscal year 2021. This item comprised the 
following:
•	 the aggregate cost of net financial debt, which was a cost of 
15 million euros, versus a gain of 40 million euros in fiscal 
year 2021, representing a negative change of 55 million euros 
mainly due to the increase in interest rates;
•	 interest on lease liabilities recognized under IFRS 16, which 
amounted to an expense of 254 million euros, compared with 
an expense of 242 million euros a year earlier;
•	 other financial income and expenses, which amounted to a 
net expense of 632 million euros, compared to net income of 
254 million euros in 2021. Included in this amount was the 
expense related to the cost of foreign exchange derivatives, 
358 million euros, versus an expense of 206 million euros a 
year earlier. In addition, fair value adjustments of available 
for sale financial assets reflected the deterioration in stock 
markets and amounted to a net expense of 240 million 
euros, compared to net income of 499 million euros in fiscal 
year 2021.
The Group’s effective tax rate was 26.8%, up 0.5 points from 
fiscal year 2021, mainly due to the impact of taxes on intra-Group 
dividends.
Net profit came to 14,702 million euros in 2022, compared with 
12,664 million euros in 2021.
Profit attributable to minority interests came to 8,905 million 
euros, compared with 7,718 million euros in 2021. Minority 
interests are essentially composed of LVMH SE shareholders 
excluding Christian Dior’s controlling interest, i.e. shareholders 
owning 59% of LVMH SE, and minority interests in Moët 
Hennessy and DFS.
The Group’s share of net profit was 5,797 million euros in 2022, 
compared with 4,946 million euros in 2021.
Comments on the determination of the impact of exchange rate fluctuations and changes in the scope of consolidation
The impact of exchange rate fluctuations is determined by translating the financial statements for the fiscal year of entities with a functional currency other than the euro at the prior fiscal year’s 
exchange rates, without any other restatements.
The impact of changes in the scope of consolidation is determined by deducting from revenue for the fiscal year:
	–
for the fiscal year’s acquisitions, revenue generated during that fiscal year by the acquired entities, as of their initial consolidation;
	–
for the prior fiscal year’s acquisitions, revenue generated over the months during which the acquired entities were not consolidated in the prior fiscal year;
and by adding:
	–
for the fiscal year’s disposals, prior fiscal year revenue generated over the months during which the divested entities were no longer consolidated in the fiscal year;
	–
for the prior fiscal year’s disposals, revenue generated in the prior fiscal year by the divested entities.
Profit from recurring operations is restated in accordance with the same principles.

40
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
2.	
Comments on the consolidated balance sheet
(EUR millions) 
2022
2021
Change
Intangible assets
47,815 
48,055
(239)
Property, plant and equipment
22,414 
19,543
2,871
Right‑of‑use assets
14,609 
13,699
910
Other non‑current assets
7,023 
6,657
366
Non‑current assets
91,861 
87,954
3,907
Inventories
20,319 
16,549
3,771
Cash and cash equivalents
7,588 
8,122
(534)
Other current assets
12,183 
9,731
2,452
Current assets
40,090 
34,402
5,688
Assets
131,951 122,356
9,595
(EUR millions) 
2022
2021
Change
Equity
54,314 
46,367
7,946
Long‑term borrowings
10,380 
12,165
(1,786)
Non‑current lease liabilities
12,776 
11,887
889
Other non‑current liabilities
22,908 
23,924
(1,016)
Non‑current liabilities
46,064 
47,976
(1,913)
Short‑term borrowings
9,375 
8,091
1,284
Current lease liabilities
2,632 
2,387
244
Other current liabilities
19,566 
17,535
2,031
Current liabilities
31,573 
28,013
3,560
Liabilities and equity
131,951 122,356
9,595
The Group’s consolidated balance sheet totaled 132.0 billion 
euros as of December 31, 2022, up 9.6 billion euros from 
December 31, 2021.
Intangible assets totaled 47.8 billion euros, remaining stable with 
respect to year‑end 2021. The negative 2.2 billion euro impact 
on goodwill of the revaluation of purchase commitments for 
minority interests was offset by the positive 1.2 billion euro 
impact of exchange rate fluctuations on the intangible assets 
of entities outside the eurozone, and by the positive 0.8 billion 
impact of changes in the scope of consolidation. The impact of 
exchange rate fluctuations mainly arose from the US dollar’s 
significant appreciation against the euro between January 1 and 
December 31. Changes in the scope of consolidation mainly 
arose from goodwill recorded following the consolidation of 
Joseph Phelps, Officine Universelle Buly, Feelunique and various 
investments in manufacturing facilities for the Fashion and 
Leather Goods business group.
Property, plant and equipment were up 2.9 billion euros 
and totaled 22.4 billion euros as of the fiscal year‑end. This 
increase resulted from investments, net of depreciation charges, 
provisions and disposals during the fiscal year, which amounted 
to 2.2 billion euros (the comments on the cash flow statement 
provide further information on investments), as well as the 
reclassification of 0.3 billion euros in investments in joint 
ventures and associates following the acquisition of a controlling 
interest in the real estate company that owns the building that 
houses the Group’s headquarters in Paris. Changes in the scope 
of consolidation for the fiscal year contributed an additional 
0.2 billion euro increase.
Right‑of‑use assets totaled 14.6 billion euros, up 0.9 billion euros 
from 13.7 billion euros as of year‑end 2021. The impact of leases 
entered into was 0.7 billion euros more than depreciation for 
the fiscal year, with the remainder of the increase resulting from 
exchange rate fluctuations. Store leases represented the majority 
of right‑of‑use assets, for a total of 11.2 billion euros.
Other non‑current assets increased by 0.4 billion euros, 
amounting to 7.0 billion euros, mainly due to the 0.5 billion euro 
increase in deferred tax assets, with this change partly offset 
by the 0.3 billion euro decrease in non‑current available for 
sale financial assets, following changes in market value and 
the reclassification of shares in newly consolidated companies 
acquired prior to 2022.
Inventories were up 3.8 billion euros, mainly due to increased 
business activity during the fiscal year. See also the “Comments 
on the consolidated cash flow statement” section.
Other current assets increased by 2.5 billion euros, mainly due to 
the following changes: 1.1 billion euros resulting from purchases 
of current available for sale financial assets, net of disposals, 
during the fiscal year; 0.5 billion euros from the increase in trade 
accounts receivable; 0.4 billion euros from the increase in tax 
receivables; and 0.2 billion euros from the increase in the market 
values of hedging instruments.
Lease liabilities recognized under IFRS 16 were up 1.1 billion 
euros, including 0.9 billion euros related to the net increase in 
leases entered into and 0.3 billion euros related to exchange rate 
fluctuations.
Other non‑current liabilities totaled 22.9 billion euros, down 
1.0 billion euros from 23.9 billion euros as of year‑end 2021. This 
change included the 1.2 billion euro impact of the decrease in 
the liability in respect of purchase commitments for minority 
interests’ shares, which amounted to 12.5 billion euros, following 
changes in the metrics used to measure these commitments. 
It also included the 0.2 billion euro impact of the decrease in 
provisions. These impacts were partially offset by the 0.2 billion 
euro increase in deferred tax liabilities and by the 0.2 billion euro 
increase in the market value of derivative hedging instruments.

Annual Report as of December 31, 2022
41
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
Lastly, other current liabilities increased by 2.0 billion euros, 
amounting to 19.6 billion euros, following the 1.7 billion euro 
increase in trade accounts payable and the 0.3 billion euro 
increase in tax and social security liabilities, both of which were 
related to the increase in business activity.
Net financial debt and equity
(EUR millions or as %) 
2022
2021
Change
Long‑term borrowings
10,380 
12,165
(1,786)
Short‑term borrowings 
and derivatives
9,689 
8,023
1,666
Gross borrowings after derivatives
20,069 
20,188
(119)
Cash, cash equivalents and current 
available for sale financial assets
(11,202) 
(10,667)
(535)
Net financial debt
8,867 
9,521
(654)
Total equity (Group share 
and minority interests)
54,314 
46,367
7,946
Net financial debt/Total equity ratio
16.3% 
20.5%
-4.2 pts
Total equity amounted to 54.3 billion euros as of year‑end 2022, 
up 7.9 billion euros from year‑end 2021. Net profit for the fiscal 
year, after the distribution of dividends, contributed 8.6 billion 
euros to this increase. It also included a 1.7 billion euro gain 
recognized in equity, resulting from the 1.3 billion euro impact 
of exchange rate fluctuations, particularly with regard to the 
US dollar, as well as the 0.2 billion euro decrease in provisions 
for pensions and other benefit commitments due to higher 
interest rates moderated by a decline in the market value of the 
investments backing these commitments, and the 0.3 billion 
euro increase in the market value of foreign exchange hedges. 
Conversely, acquisitions and disposals of minority interests 
had a negative net impact of 16 billion euros, mainly due to the 
share repurchase program set up during the fiscal year. Changes 
in purchase commitments for minority interests’ shares had a 
negative impact of 1.0 billion euros.
As of end-December 2022, net financial debt was equal to 16.3% 
of total equity, compared to 20.5% as of year‑end 2021, down 
4.2 points.
Gross borrowings after derivatives totaled 20.1 billion euros as 
of year‑end 2022, down slightly (0.1 billion euros) compared 
with year‑end 2021. This decrease arose from two opposing 
effects. The first was the repayment of 3.0 billion euros in 
several of LVMH’s bonds maturing during the year (1.8 billion 
euro bond issued in 2020; 0.8 billion euro bond and 0.4 billion 
pound sterling bond issued in 2017), and the repayment of 
0.3 billion euros in bank borrowings by LVMH. The second was 
the 3.1 billion euro increase in euro- and US dollar‑denominated 
commercial paper (ECP and USCP) outstanding. Cash, cash 
equivalents, and current available for sale financial assets totaled 
11.2 billion euros as of year‑end 2022, remaining relatively stable 
with respect to their 10.7 billion euro level as of year‑end 2021. 
Net financial debt thus decreased by 0.7 billion euros during 
the fiscal year.
As of year‑end 2022, the Group’s undrawn confirmed credit 
lines amounted to 11.2 billion euros. This amount exceeded the 
outstanding portion of its euro- and US dollar‑denominated 
commercial paper (ECP and USCP) programs, which came to 
7.2 billion euros as of year‑end 2022.
3.	
Comments on the consolidated cash flow statement
(EUR millions) 
2022
2021
Change
Cash from operations before changes in working capital
26,765 
22,611
4,153
Cost of net financial debt: Interest paid or received
(73) 
68
(141)
Lease liabilities: Interest paid
(240) 
(231)
(9)
Tax paid
(5,603) 
(4,239)
(1,364)
Change in working capital
(3,019) 
426
(3,445)
Net cash from operating activities
17,830 
18,636
(806)
Operating investments
(4,969) 
(2,664)
(2,305)
Repayment of lease liabilities
(2,751) 
(2,453)
(298)
Operating free cash flow (a) 
10,110 
13,518
(3,408)
Financial investments and purchase and sale of consolidated investments
(950) 
(13,315)
12,365
Equity‑related transactions
(8,462) 
(5,080)
(3,382)
Change in cash before financing activities
697 
(4,877)
5,574
(a)	 Operating free cash flow is defined in the consolidated cash flow statement. In addition to net cash from operating activities, it includes operating investments and repayment of lease 
liabilities, both of which the Group considers as components of its operating activities.

42
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
Cash from operations before changes in working capital totaled 
26,765 million euros for the fiscal year, up 4,153 million euros 
from 22,611 million euros a year earlier, mainly due to the 
increase in operating profit.
After tax and interest paid on net financial debt and lease 
liabilities, and after the change in working capital, net cash from 
operating activities amounted to 17,830 million euros, compared 
with 18,636 million euros in fiscal year 2021.
Interest paid on net financial debt amounted to a net cash outflow 
of 73 million euros, compared to a net inflow of 68 million euros 
a year earlier, due to the increase in interest rates over the course 
of the fiscal year.
Tax paid came to 5,603 million euros, 1,364 million euros more 
than the 4,239 million euros paid in 2021, in connection with the 
increase in business activity and profit.
The change in working capital (a requirement of 3,019 million 
euros) was 3,445 million euros higher than in 2021. The high 
change in working capital in 2022 primarily arose from the 
increase in inventories (4,169 million euros) and the increase 
in trade accounts receivable (394 million euros); these effects 
were partly offset by the increase in trade accounts payable 
(1,532 million euros). The Fashion and Leather Goods, Watches 
and Jewelry, and Wines and Spirits business groups were the 
main drivers of these increases. All of these changes arose from 
the surge in business activity during the year and from measures 
taken to secure access to certain critical supplies.
Operating investments net of disposals resulted in an outflow of 
4,969 million euros in 2022, up 2,305 million euros relative to the 
outflow of 2,664 million euros in 2021. Purchases of property, 
plant and equipment mainly include investments by the Group’s 
brands – notably Christian Dior, Louis Vuitton, Tiffany and 
Sephora – in their retail networks. They also included purchases 
of buildings as well as investments by the champagne houses, 
Hennessy and Louis Vuitton in their production equipment.
 (1)	 “Operating free cash flow” is defined in the consolidated cash flow statement. In addition to net cash from operating activities, it includes operating investments and repayment of lease 
liabilities, both of which the Group considers as components of its operating activities.
Repayment of lease liabilities totaled 2,751 million euros in 2022, 
up 298 million euros with respect to the 2,453 million euros 
recorded as of year‑end 2021.
As of year‑end 2022, “Operating free cash flow”  (1) amounted to a 
net inflow of 10,110 million euros, down by 3,408 million euros 
relative to year‑end 2021, mainly due to the increase in operating 
investments, the working capital requirement and tax paid.
During the fiscal year, financial investments accounted for 
an outflow of 950 million euros, including an outflow of 
809 million euros for purchases of consolidated investments, 
mainly Joseph Phelps Vineyards.
Equity‑related transactions generated an outflow of 8,462 million 
euros. A portion of this amount, 2,165 million euros, arose 
from dividends paid during the fiscal year by Christian 
Dior SE, excluding the amount attributable to treasury shares. 
3,944 million euros in dividends were paid to minority interests 
of consolidated subsidiaries (essentially the shareholders of 
LVMH SE, excluding Christian Dior’s controlling interest, i.e. 
59% of LVMH SE, and Diageo as a result of its 34% stake in Moët 
Hennessy), as well as tax related to dividends paid between Group 
companies for 356 million euros. Net cash used in purchases of 
minority interests’ shares, resulting from transactions in LVMH 
shares following the share repurchase programs set up during the 
fiscal year, came to 2,010 million euros.
The cash surplus after all transactions relating to operating 
activities, investing activities and equity‑related transactions 
came to 697 million euros. Financing activities relating to loans 
and borrowings, as well as current available for sale financial 
assets, generated an outflow of 1,282 million euros in the fiscal 
year, mainly due to purchases of current available for sale 
financial assets. After the positive 55 million euro impact of 
exchange rate fluctuations on cash balances, the period‑end cash 
balance was down 530 million euros compared to year‑end 2021. 
It totaled 7,388 million euros as of the period‑end.
4.	
Financial policy
During the fiscal year, the Group’s financial policy focused on 
the following areas:
•	 improving the Group’s financial structure and flexibility, as 
evidenced by the following key indicators:
	
– a significant reserve of undrawn confirmed credit lines 
totaling 11.2 billion euros,
	
– the Group’s access to liquidity under euro- and US 
dollar‑denominated commercial paper programs, as well 
as its ability to tap the bond markets for medium- to 
long‑term maturities, with issue spreads holding steady 
overall during the year despite an environment of steeply 
rising interest rates and high volatility,
	
– the increase in total equity before appropriation of profit, 
totaling 54.3 billion euros as of year‑end 2022, versus 
46.4 billion euros a year earlier;

Annual Report as of December 31, 2022
43
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
•	 preserving the Group’s assets:
	
– maintaining the necessary level of cash and cash equivalents 
with a diversified range of top‑tier banking partners 
as well as money market funds and other short‑term, 
very high‑quality credit assets. With interest rates on the 
rise, particular attention is paid to the return on these 
investments,
	
– maintaining a prudent foreign exchange and interest rate 
risk management policy designed primarily to hedge the 
risks generated directly and indirectly by the Group’s 
business activity and to hedge its debt. With regard to 
foreign exchange risks, the Group continued to hedge 
the risks of its exporting companies by buying options 
or collars, which protect against the negative impact of 
currency depreciation while retaining some of the gains 
in the event of currency appreciation,
	
– greater concentration of Group liquidity owing to the 
rollout of cash pooling practices worldwide, ensuring 
the fluidity of cash flows across the Group and optimal 
management of surplus cash;
•	 a dynamic dividend policy for shareholders, enabling them 
to share in the 2022 results:
	
– an interim dividend for 2022 of 5 euros was paid in 
December 2022,
	
– a total dividend per share of 12 euros is proposed for fiscal 
year 2022 (i.e. a final dividend of 7 euros to be distributed 
in 2023). The distribution to shareholders of Christian 
Dior SE in respect of 2022 thus totals 2.2 billion euros, 
before the impact of treasury shares.
Net debt came to 8.9 billion euros as of year‑end 2022, as against 
9.5 billion euros a year earlier. Net financial debt decreased by 
0.7 billion euros, with increased cash flow from operations partly 
offset by increases in operating investments, working capital 
and tax paid. In December 2022, Standard & Poor’s upgraded 
LVMH’s credit rating to AA-/A1+ with stable outlook, while 
Moody’s added a positive outlook to its A+/A1 rating, both 
applauding the Group’s excellent operating performance and 
financial strength.
5.	
Operating investments
5.1	
Communication and promotion expenses
Over the last three fiscal years the Group’s total investments 
in communication, in absolute values and as a percentage of 
revenue, were as follows:
Communication and 
promotion expenses:
2022
2021
2020
	—
in millions of euros
9,584
7,291
4,869
	—
as % of revenue
12.1
11.4
10.9
These expenses mainly correspond to advertising campaign 
costs, especially for the launch of new products, public relations 
and promotional events, and expenses incurred by marketing 
teams responsible for all of these activities.
5.2	
Research and development costs
The Group’s research and development investments in the last 
three fiscal years were as follows:
(EUR millions) 
2022
2021
2020
Research and development costs
172 
147
139
Most of these amounts cover scientific research and development 
costs for skincare and makeup products of the Perfumes and 
Cosmetics business group.

44
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
5.3	
Investments in production facilities and retail networks
Operating investments are geared towards improving and 
developing retail networks as well as guaranteeing adequate 
production capabilities.
Acquisitions of property, plant and equipment and intangible 
assets for the last three fiscal years were as follows, in absolute 
values and as a percentage of the Group’s cash from operations 
before changes in working capital:
Acquisitions of intangible assets 
and property, plant and equipment:
2022
2021
2020
	—
in millions of euros
4,948
3,071
2,526
	—
as % of cash from operations 
before changes in working capital
18
14
18
Following the model of the Group’s Selective Retailing companies, 
which directly operate their own stores, Louis Vuitton distributes 
its products exclusively through its own stores. The products of 
the Group’s other brands are marketed by agents, wholesalers, or 
distributors in the case of wholesale business, and by a network 
of directly operated stores or franchises for retail sales.
In 2022, apart from acquisitions of property assets, operating 
investments mainly related to points of sale. The total number 
of stores in the Group’s network rose from 5,556 in 2021 to 5,664 
in 2022.
In Wines and Spirits, in addition to necessary replacements 
of barrels and production equipment, investments in 2022 
were related to ongoing investments in the Champagne region 
(initiated in 2012) as well as the construction of cognac cellars, 
primarily for Hennessy and Glenmorangie.
6.	
Main locations and properties
6.1	
Production
6.1.1  Wines and Spirits
The surface areas of vineyards in France and abroad that are owned by the Group are as follows:
(in hectares) 
2022
2021
Total
Of which: 
Under 
production
Total
Of which: 
Under 
production
France
 
 
 
 
Champagne appellation
1,843 
1,644 
1,836
1,697
Cognac appellation
185 
164 
187
161
Vineyards in Provence
164 
122 
166
129
Vineyards in Bordeaux
205 
164 
193
156
Vineyards in Burgundy
13 
13 
13
13
International
 
 
 
 
California (United States)
639 
455 
444
274
Argentina
1714 
917 
1,714
916
Australia, New Zealand
724 
683 
691
626
Brazil
198 
121 
198
110
Spain
118 
73 
119
78
China
60 
60 
68
60
India
4 
2 
4
2

Annual Report as of December 31, 2022
45
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
In the table above, the total number of hectares owned is 
determined exclusive of areas not usable for winegrowing. The 
difference between the total number of hectares owned and the 
number of hectares under production represents areas that are 
planted but not yet productive, and areas left fallow.
The Group also owns industrial and office buildings, wineries 
and distilleries, cellars, warehouses, offices and visitor and 
customer centers for each of its main Wines and Spirits brands 
or production operations in France, the United Kingdom, the 
United States, Poland, Argentina, Australia, China, New Zealand, 
Brazil, India and Spain. The total surface area is approximately 
1,087,700 square meters in France and 346,400 square meters 
abroad.
6.1.2  Fashion and Leather Goods
Louis Vuitton owns thirty‑two leather goods and shoe 
production facilities, in addition to its fragrance laboratory. 
Most of them are in France, but there are also major workshops 
located in Spain (near Barcelona), Italy (in Fiesso) and the United 
States (in San Dimas, California, and Alvarado, Texas). Overall, 
production facilities and warehouses owned by the Group 
represent approximately 238,900 square meters.
Fendi owns its leather goods and shoe manufacturing facilities 
near Florence and in Fermo, Italy, as well as the Palazzo Fendi 
building in Rome, which houses its historic boutique and a hotel.
Celine also owns manufacturing and logistics facilities at Radda 
and Greve in Chianti (Italy).
Berluti’s shoe production factory in Ferrara, Italy is owned by 
the Group.
Rossimoda owns its office premises and its production facility 
in Vigonza, Italy.
Loro Piana has several manufacturing workshops in Italy as well 
as a site in Ulaanbaatar, Mongolia.
Rimowa owns its offices, production facilities and warehouses 
in Germany, the Czech Republic and Canada. This property 
represents approximately 70,500 square meters.
Christian Dior Couture owns five manufacturing workshops 
(three in Italy, one in Germany and one in France) and a warehouse 
in France. Overall, this property represents approximately 
39,000 square meters.
LVMH Métiers d’Art owns several farms in Australia and the 
United States, with a total surface area of about 220 hectares, 
as well as a tannery and a production facility covering about 
16,000 square meters in France.
The other facilities used by this business group are leased.
6.1.3  Perfumes and Cosmetics
Buildings located near Orléans and in Chartres, France, housing 
the Group’s Research and Development operations for Perfumes 
and Cosmetics as well as the manufacturing and distribution 
activities of Parfums Christian Dior, are owned by Parfums 
Christian Dior and total around 165,600 square meters.
Guerlain has a 20,000‑square‑meter production site in Chartres. 
The brand also owns another production site in Orphin, France, 
measuring 10,500 square meters.
Parfums Givenchy owns two plants in France – one in Beauvais 
and the other in Vervins – with a total surface area of 19,000 square 
meters. The Vervins plant handles the production of Givenchy 
and Kenzo product lines. The Company also owns distribution 
facilities in Hersham, in the United Kingdom.
Make Up For Ever owns a 2,300‑square‑meter warehouse in 
Gennevilliers, France.
6.1.4  Watches and Jewelry
TAG Heuer has two workshops in Switzerland, one in Cornol 
and the other in Chevenez, together totaling about 4,700 square 
meters.
Zenith owns the manufacture which houses its movement and 
watch manufacturing facilities in Le Locle, Switzerland.
Hublot owns its production facilities in Switzerland and its office 
premises.
Bulgari owns its production facilities in Italy and Switzerland as 
well as around 54,300 square meters of land in Italy.
Chaumet owns a jewelry workshop in Valenza (Italy) that totals 
around 2,900 square meters.
Tiffany owns its production facilities in the United States, 
Cambodia, Vietnam, Mauritius and Botswana, as well as a 
warehouse in the United States. Overall, this property represents 
approximately 65,000 square meters.
The facilities used by the business group’s other brands (Fred) 
are leased.

46
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
6.2	 Distribution
Retail distribution of the Group’s products is most often carried out through exclusive stores. Most of the stores in the Group’s retail 
network are leased and only in exceptional cases does the Group own the buildings that house its stores.
6.2.1  Fashion and Leather Goods
Louis Vuitton owns certain buildings that house its stores in 
Tokyo, Osaka, Hawaii, Guam, Seoul, Cannes, Saint-Tropez and 
Genoa, for a total surface area of nearly 15,000 square meters.
Christian Dior Couture owns certain buildings that house 
its stores in France, South Korea, Japan, England, Australia, 
Switzerland and Spain, for a total surface area of approximately 
18,700 square meters.
Celine, Fendi and Berluti also own stores in Paris and Italy.
6.2.2  Watches and Jewelry
Tiffany owns the premises of one of its stores in the United 
States.
6.2.3  Selective Retailing
Le Bon Marché owns its stores, which total approximately 
79,800 square meters.
La Samaritaine owns the store with around 30,700 square meters 
in space in Paris that is leased by DFS.
DFS owns its stores in Guam, the Mariana Islands and Hawaii.
6.2.4  Other activities
The Group owns the Cheval Blanc hotels in Saint-Barthélemy and Paris and the Résidence de la Pinède in Saint-Tropez, France.
Belmond owns twenty‑eight hotels, eight of which are in Italy.
As of December 31, 2022, the Group’s store network broke down as follows:
(number) 
2022
2021
2020
France
518 
522
512
Europe (excl. France)
1,108 
1,203
1,175
United States
1,054 
1,014
866
Japan
496 
477
428
Asia (excl. Japan)
1,829 
1,746
1,514
Other markets
659 
594
508
Total
5,664 
5,556
5,003
(number of stores) 
2022
2021
2020
Fashion and Leather Goods
2,155 
2,080
2,007
Perfumes and Cosmetics
536 
469
434
Watches and Jewelry
865 
836
471
Selective Retailing
2,086 
2,150
2,072
Of which: Sephora
2,037 
2,100
2,021
Other, including DFS
49 
50
51
Other
22 
21
19
Total
5,664 
5,556
5,003
6.3	
Administrative sites and investment property
Most of the Group’s administrative buildings are leased, with 
the exception of the headquarters of certain brands, particularly 
those of Louis Vuitton, Christian Dior Couture, Parfums 
Christian Dior, and Zenith.
The Group owns the building housing the LVMH headquarters 
on Avenue Montaigne in Paris. It also owns three buildings in 
New York with about 19,800 square meters of office space and 
four buildings in London with about 3,500 square meters of 
office space. These buildings are occupied by Group entities.
The Group also owns investment properties with office space 
in Paris, Osaka and London, which total about 17,000, 3,000 and 
1,400 square meters, respectively. These buildings are leased to 
third parties.
La Samaritaine and Le Bon Marché own office space in Paris 
totaling 32,600 and 18,800 square meters, respectively.

Annual Report as of December 31, 2022
47
Management Report of the Board of Directors: The Christian Dior group
Business and financial review
7.	
Stock option and bonus share plans
Detailed information on the stock option and bonus share plans is provided on pages 164 et seq. in the “Christian Dior parent company” 
section of the Management Report of the Board of Directors.
8.	
Subsequent events
No significant subsequent events occurred between December 31, 2022 and January 26, 2023, the date at which the financial statements 
were approved for publication by the Board of Directors.
9.	
Recent developments and outlook
The Group is confident in its ability to maintain the growth 
seen in 2022. The Group will pursue its strategy focused 
on developing its brands by continuing to build on strong 
innovation and investments as well as a constant quest for quality 
in their products and their appeal and distribution.
Driven by the agility of its teams, their entrepreneurial spirit, 
the balance between its different businesses and the geographic 
diversity of its customers, the Group enters 2023 with confidence 
and sets an objective of further developing its global leadership 
position in luxury goods.

48
Annual Report as of December 31, 2022

Annual Report as of December 31, 2022
49
Management Report 
of the Board of Directors: 
The Christian Dior group
4.	
Ethics and responsibility
1.	
Background
50
2.	
Standards
50
2.1.
International instruments .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 50
2.2.
Internal standards .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 51
3.	
Governance
52
4.	
Risk identification
53
5.	
Risk management
54
5.1.
Comprehensive program to protect ecosystems and natural resources .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 54
5.2.
Supplier assessment and support .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 54
5.3.
Unrelenting focus on quality and safety .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 57
5.4.
Ongoing efforts to attract and support talent .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 58
5.5.
Constant focus on employee inclusion and fulfillment .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 58
5.6.
Integrity in business �.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 58
5.7.
Responsible management of personal data .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 61
6.	
Report by one of the Statutory Auditors, designated as an 
Independent Verifier, on the verification of the consolidated 
statement of non‑financial performance
63
7.	
Cross‑reference tables
68
7.1.
Statement of non‑financial performance .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 68
7.2.
Vigilance plan .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 72

50
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
1.	
Background
Given the Group’s structure and organization, the Group’s policy 
with respect to ethics and responsibility is primarily led by 
LVMH and its Maisons, which cover all of the Group’s operating 
activities.
The Group is deeply committed to adopting and promoting 
ethical behavior and acting with integrity in all its relationships 
with its partners. This principle has led it to establish rules 
of conduct and principles for action relating to ethics, social 
responsibility and respect for the environment that guide the 
behavior of all employees, suppliers and other stakeholders.
The Group has always sought to:
•	 ensure that its practices reflect the highest standards of 
integrity, responsibility and respect for its partners;
•	 offer a working environment that allows its employees to fully 
express their talents and implement their skills and expertise;
•	 ensure that its Maisons define and adapt their production 
processes, habits and behaviors in order to continuously 
improve their response to the environmental challenges they 
face;
•	 participate in the regional development of the areas in which 
it operates through its activities;
•	 mobilize resources and skills to serve philanthropic initiatives 
and projects of general interest, and promote access to art and 
culture for as many people as possible.
As a responsible and committed stakeholder, the Group seeks to 
anticipate and meet the expectations of civil society in relation 
to corporate social and environmental responsibility, which 
include the following:
•	 taking into account changing career expectations and helping 
employees navigate, in particular, new unique career paths, 
technological changes and new demographics;
•	 responding to environmental challenges in light, in particular, 
of urgent changes called for by climate change;
•	 greater transparency in supply management to ensure that 
every stakeholder in the value chain offers satisfactory living 
and working conditions and uses environmentally friendly 
production methods;
•	 demanding integrity in business, underpinned by the 
implementation of procedures to prevent corruption, money 
laundering and breaches of international sanctions and 
human rights;
•	 sensitivity to the use of personal data, a key issue in safeguarding 
the fundamental right to privacy.
Information about the Group’s Statement of Non-Financial 
Performance and LVMH’s Vigilance Plan can be found in the 
cross‑reference tables at the end of this section.
2.	
Standards
The Group stays true to its uniqueness through a meticulous 
dedication to excellence. This dedication requires an unwavering 
commitment to the highest standards in terms of ethics, 
corporate social responsibility and respect for the environment.
In recent years, the Group has supported or signed up for a 
number of international standards, implementation of which 
it promotes within its sphere of influence, as well as putting in 
place its own internal standards.
2.1	
International instruments
For many years now, the Group, via LVMH, has demonstrated 
its desire to act as a responsible corporate citizen and align 
its operations and strategy to support various internationally 
recognized benchmarks, including the following:
•	 the Universal Declaration of Human Rights;
•	 the United Nations Global Compact, to which LVMH signed 
up in 2003, as well as the Caring for Climate initiative;
•	 OECD Guidelines;
•	 the International Labour Organization (ILO)’s Fundamental 
Conventions;
•	 the 17 Sustainable Development Goals drawn up and 
developed by the United Nations;
•	 the French Diversity Charter, signed by LVMH in 2007;
•	 the United Nations Women’s Empowerment Principles, 
signed by LVMH in 2013;
•	 France’s national biodiversity protection strategy;
•	 the Kimberley Process, an international system for certifying 
rough diamonds;

Annual Report as of December 31, 2022
51
Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
•	 the Convention on International Trade in Endangered Species 
of Wild Fauna and Flora (CITES);
•	 UNESCO’s intergovernmental scientific program, “Man and 
the Biosphere” (MAB), aimed at protecting global biodiversity;
•	 the United Nations’ standards of conduct for business tackling 
discrimination against lesbian, gay, bi, trans and intersex 
(LGBTI) people;
•	 the International Labour Organization (ILO) Global Business 
and Disability Network Charter.
2.2	
Internal standards
Codes of Conduct
The Christian Dior and LVMH Codes of Conduct are designed 
to provide a common ethical foundation for the Group and its 
Maisons. They outline the rules to be followed by all employees 
as they go about their work and are structured around the 
following six core principles:
•	 acting responsibly and compassionately;
•	 offering a fulfilling work environment and valuing talent;
•	 committing to protect the environment;
•	 winning the trust of customers;
•	 winning the trust of shareholders;
•	 embodying and promoting integrity in the conduct of 
business by working to prevent corruption, money laundering 
and breaches of international sanctions and human rights.
Backed by all of the governing bodies, they promote consistency 
and continuous improvement across the Group’s various entities. 
They do not replace existing codes and charters within Maisons, 
but serve as a shared foundation and source of inspiration. Where 
appropriate, their policies are defined in greater detail by each 
Maison according to its business sector or location.
These Codes are widely disseminated across the Group, in 
particular to new employees. Supplementary tools have also been 
developed to help employees better understand and apply the 
principles set out in them, including an onboarding module and 
various communication materials developed by LVMH.
In order to ensure that the Group continues to adhere to the 
highest ethics standards, these Code will be revised in 2023.
Supplier Codes of Conduct
The Christian Dior and LVMH Supplier Codes of Conduct set 
out the Group’s expectations of its partners (suppliers, service 
providers, distributors, specialist trades, lessors and any third 
parties in a business relationship with a Group entity) and their 
subcontractors in various areas, including social responsibility and 
upholding human rights (banning forced labor and child labor, 
banning illegal or undeclared work, harassment, discrimination, 
measures relating to wages, working hours, freedom of 
association, health and safety, protecting local communities), 
respecting the environment and integrity in business conduct 
(combating corruption and influence‑peddling, combating 
money laundering, fair competition, preventing insider trading, 
customs legislation, protecting assets and personal information).
The Group’s partners are required to respect the principles of 
these Codes and must also ensure that their own subcontractors 
and suppliers do the same when performing their activities 
for the Group. Work was undertaken in 2021 to revise the 
LVMH Supplier Code of Conduct. The Code, which has been 
translated into 27 languages, was approved by LVMH’s Executive 
Committee in April 2022 and then rolled out within the Group.
The Supplier Codes of Conduct also give each Group entity the 
ability to check that its partners and subcontractors comply with 
these principles.
If a partner or one of its subcontractors should violate the 
Supplier Codes of Conduct, each Group entity in a business 
relationship with that partner reserves the right to demand 
that the compliance failures be remedied or that the business 
relationship be suspended or terminated, as laid down in 
applicable law and commensurate with the severity of the 
violations identified.
LVMH Environmental Charter
Adopted in 2001, the LVMH Environmental Charter is the 
founding document for the Group’s five main aims with regard 
to the environment:
•	 striving for high environmental performance;
•	 encouraging collective commitment;
•	 managing environmental risks;
•	 designing products that factor in innovation and environmental 
creativity;
•	 making a commitment that goes beyond the Company.
It encourages the President of each Maison to demonstrate 
commitment to this approach through concrete actions.
The Charter was given a significant boost by the strategic LIFE 
(LVMH Initiatives for the Environment) program, launched in 
2011, described in the “Environment and sustainability” section.

52
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
LVMH Recruitment Code of Conduct
The LVMH Recruitment Code of Conduct, implemented in 
2009, has been widely disseminated to all employees involved 
in recruitment processes across the Group. It sets forth the 
ethical hiring principles to be observed in the form of fourteen 
commitments. Special emphasis is placed on preventing any 
form of discrimination and on promoting diversity. Work to 
update this Code has begun with a view to better taking into 
account the changing recruitment environment and priorities; 
this work is due to be completed in 2023.
LVMH Animal-Based Raw Materials Sourcing Charter
In 2019, the Group launched the LVMH Animal-Based Raw 
Materials Sourcing Charter. This charter is the result of a long 
process of scientific research and collaboration between LVMH’s 
environmental experts, its Maisons and their suppliers. The 
exhaustive charter covers the full range of issues concerning the 
sourcing of fur, leather, exotic leather, wool and feathers. It allows 
the Group to make long‑term commitments to achieving progress 
in three areas: full traceability in supply chains; animal farming 
and trapping conditions; and respect for local populations, the 
environment and biodiversity. Under the charter, a scientific 
committee has been formed, and each year it will support and 
supervise a number of research projects aimed at driving progress 
in this area.
LVMH Charter on Working Relations with 
Fashion Models
In 2017, LVMH drew up a Charter on Working Relations with 
Fashion Models in consultation with the Kering group and sector 
professionals motivated by a shared desire to promote dignity, 
health and well‑being among fashion models.
The Charter, which applies to all Maisons worldwide, aims to 
bring about genuine change in the fashion world by rooting out 
certain behaviors and practices not in keeping with the Group’s 
values and raising awareness among fashion models that they are 
full‑fledged stakeholders in these changes.
To help spread the principles laid down in the Charter, the 
LVMH and Kering groups have set up a dedicated website, 
wecareformodels.com. The site provides fashion models with 
best practice and advice from independent nutritionists and 
coaches.
LVMH Internal Competition Law Compliance Charter
In 2012, LVMH formalized its commitment to uphold free and 
fair competition by adopting an Internal Competition Law 
Compliance Charter. The Charter aims to help develop a true 
culture of compliance with competition rules within the Group. 
This charter sets out the main rules that should be known by 
all employees in conducting commercial relationships on a 
day‑to‑day basis, and defines in a pragmatic way the standards 
of conduct expected of them. In particular, the Group prohibits 
any abuse of dominant position, concerted practice or unlawful 
agreement, through understandings, projects, arrangements or 
behaviors which have been coordinated between competitors 
concerning prices, territories, market shares or customers.
LVMH’s Health and Safety Charter
Signed by the LVMH group’s Executive Committee in April 2021, 
the LVMH Health and Safety Charter serves as the basis for a 
comprehensive approach across all the Group’s operations with 
the aim of developing a “zero accident” culture.
The Group and its Maisons undertake to protect employee 
health and safety through five pillars of action: identify their 
priorities in order to structure their approach; draw up an 
action plan to be reviewed regularly; report on progress made 
using the approach, in particular by submitting frequency rate 
results to each Maison’s Management Committee; engage every 
employee in the approach, notably by raising awareness about 
first aid measures; and maintain a virtuous culture by ensuring 
strong collaboration between the Group and the Maisons. Each 
commitment is associated with a target to be met by 2025. 
The charter will be covered by an annual reporting process.
3.	
Governance
Dedicated governance arrangements are in place at LVMH to 
ensure the Group’s values and ethical standards are put into 
practice.
LVMH’s Board of Directors’ Ethics & Sustainable Development 
Committee – the majority of whose members are Independent 
Directors – ensures compliance with the individual and shared 
values on which the Group bases its actions. The committee 
provides leadership on matters of ethics as well as environmental, 
workforce‑related and social responsibility.
Christian Dior’s Board of Directors verifies the work performed 
by LVMH with respect to ethics and compliance, notably at 
presentations that are made to it by LVMH’s Privacy, Ethics & 
Compliance Director.
The LVMH Privacy, Ethics & Compliance Department steers and 
coordinates procedures with regard to anti‑corruption, personal 
data protection, respecting international sanctions, human 
rights and anti‑money laundering. It is part of LVMH’s General 
Administration & Legal Affairs Department, which reports 
directly to the Chairman and Chief Executive Officer and is now 
represented on the LVMH Executive Committee.

Annual Report as of December 31, 2022
53
Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
It has its own budget and headcount and is also supported 
by the representatives of various LVMH departments so as to 
promote coordination on cross‑functional projects led by it. 
An Ethics & Compliance Committee groups together the main 
centralized functions: finance, human resources, legal, audit and 
internal control, communications and IT systems security. Each 
function head contributes their expertise to support the work of 
the Privacy, Ethics & Compliance Department. The committee 
meets periodically and when necessary.
The Privacy, Ethics & Compliance Department is supported 
by a network of over one hundred officers within the Maisons. 
Appointed by the Presidents of each Maison, their role is to 
implement the Group’s ethics and compliance standards within 
their organization. They regularly report to their Maisons’ 
governing bodies, notably at Ethics & Compliance Committee 
meetings, as well as to LVMH’s Privacy, Ethics & Compliance 
Director. It is supported by a network of more than 50 personal 
data protection officers and privacy officers within each of the 
Maisons, who are responsible for ensuring that their Maisons 
abide by the Code, managing their own network and raising 
awareness. The network allows for sharing of best practices and 
other feedback.
Each year, LVMH’s Privacy, Ethics & Compliance Department 
reports to the Ethics & Sustainable Development Committee 
about the Group’s progress on these issues. In 2022, LVMH’s 
Privacy, Ethics & Compliance Director appeared twice before this 
committee to present the Group’s progress on anti‑corruption, 
personal data protection, anti‑money laundering, human rights 
and international sanctions.
In addition, various communities have been set up to foster 
coordination between the Maisons and drive shared initiatives 
in the areas of ethics and environmental, social and societal 
responsibility, in particular:
•	 the network of CSR Officers at Maisons, who help organize the 
measures to be implemented and facilitate their application by 
the Maisons, who will then make the necessary adjustments 
in line with their own values, their environment, and the 
expectations of their employees and customers. These officers 
are led by a network of CSR Officers in major geographic areas;
•	 the Environment Committee, which brings together a network 
of Environment Officers from the Maisons. This body 
provides a forum for reflection and discussion about major 
objectives (LIFE 360 program), environmental challenges and 
opportunities;
•	 Maison representatives in charge of purchasing, certain supply 
chains and supplier relations, who come together at the 
Responsible Purchasing Committee to review priority issues, 
launch new initiatives and share best practices within the 
Group;
•	 the network of Internal Control Officers led by LVMH’s 
Audit & Internal Control Department, which coordinates 
the implementation of internal control and risk management 
systems. These officers are responsible, within the Maisons, 
for ensuring compliance with the Group’s internal control 
procedures and preparing controls tailored to their business.
4.	
Risk identification
The Group’s activities involve exposure to various risks that are 
the object of regular risk management and identification, notably 
within the context of regulatory reforms.
A global risk analysis focused primarily on risks associated 
with the Group’s supply chain was carried out by LVMH 
with the assistance of Verisk Maplecroft, an external service 
provider specialized in analyzing political, economic, social and 
environmental risks. A new general risk analysis exercise was 
conducted in 2022 on the basis of figures for 2021.
The approach is based on an assessment comparing external 
assessments of risk levels by this external service provider with 
the quantitative information provided internally by a number 
of the Group’s Maisons, especially the amount of purchases 
by category and supplier. This work has allowed the Group to 
categorize suppliers by criticality (a critical supplier is one playing 
a major role in a company process, i.e. any supplier that if affected 
by a failure, disruptions or other issues would lead to a complete 
or partial suspension of the Company’s operations).
The exercise analyzes a wide variety of factors by geography and 
sector:
•	 Human rights: Decent pay and working hours, workplace 
discrimination, freedom of association and trade union 
membership, health and safety, forced labor, etc.
•	 Environment: Air quality, waste management, water stress, 
water quality, deforestation, climate change, risk of drought, 
CO2 emissions indicator, etc.
The analysis of all these risk factors highlights the severity of risks 
arising from the Group’s activities and those of its supply chain.
With regard to the risk of corruption, the Group’s Maisons 
have each identified and ranked risk scenarios relating to their 
operations within the framework of specific risk mapping 
exercises based on interviews with representatives of the various 
functions and regions. These risk maps show their “gross” and 
“net” exposure to corruption risk (to take into account risk 
management measures in place). The results were presented 
to the Maisons’ governing bodies and action plans have been 
defined to manage the risks identified. In 2022, these risk maps 
were consolidated by business sector.

54
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
In addition, the list of risks classified as “key risks” in the statement 
of non‑financial performance in light of the Group’s activities 
has remained unchanged this year:
•	 impact on ecosystems, the climate and natural resources;
•	 setting up and maintaining responsible supply chains;
•	 safeguarding health and safety at work;
•	 transfer of key skills and expertise;
•	 implementation of a policy to promote employee inclusion 
and fulfillment;
•	 shortcomings in the implementation of personal data 
protection rules;
•	 shortcomings in the implementation of business practice 
compliance arrangements.
5.	
Risk management
In keeping with its aim of constantly improving its management 
of non‑financial risks, the Group has set up a system for regularly 
monitoring risks relating to ethical, social and environmental 
responsibility.
The general risk analysis exercise (described in the previous 
section) helps the Group’s Maisons identify which countries and 
types of purchases are particularly at risk with respect to human 
rights violations and environmental impact. This exercise is now 
one of the key components of LVMH’s Convergence program. 
The aim of this program is to ensure the best possible alignment 
between the gross risks identified by the risk‑mapping exercise 
and supplier audit programs as well as risk mitigation actions.
This information is taken into account in letters of representation 
concerning risk management and internal control arrangements 
under the “ERICA” approach, an overview of which can be found 
in the “Financial and operational risk management and internal 
control” section.
The policies put in place to manage the key risks identified 
above, together with their results, where relevant, are set out in 
this section. Readers are referred to the “Attracting and retaining 
talent” and “Environment and sustainability” sections where 
applicable.
5.1	
Comprehensive program to protect ecosystems and natural resources
Because its businesses celebrate nature at its purest and most 
beautiful, the Group sees preserving the environment as a 
strategic imperative. The fact that this imperative is built into all 
the Group’s activities constitutes an essential driver of its growth 
strategy, enabling it to respond to stakeholders’ expectations and 
constantly stimulate innovation.
Built around nine key aspects of the Group’s environmental 
performance, the global LIFE (LVMH Initiatives for the 
Environment) program provides a structure for this approach, 
from design through to product sale. It is presented in detail in 
the “Environment and sustainability” section.
5.2	
Supplier assessment and support
The Group considers it very important that the Maisons and the 
Group’s partners abide by a shared body of rules, practices and 
principles in relation to ethics, corporate social responsibility 
and environmental protection. The complexity of global supply 
chains means there is a risk of exposure to practices that run 
counter to these rules and values.
The Group’s responsible supply chain management approach 
therefore aims to motivate suppliers and every link in the 
supply chains involved to meet ethical, social and environmental 
requirements.
Supporting suppliers has long been a strategic focus for the 
Group, with a view to maintaining sustainable relationships 
based on a shared desire for excellence. The Group pursues an 
overarching approach aimed at ensuring that its partners adopt 
practices that are environmentally friendly and respect human 
rights.
This approach is based on a combination of the following:
•	 identifying priority areas, informed in particular by the 
multiple non‑financial risk‑mapping exercises covering the 
activities of the Group and its direct suppliers by type of 
activity;
•	 site audits of suppliers (Tier 1 and higher) to check that 
the Group’s requirements are met on the ground, and 
implementation of corrective action programs in the event 
of compliance failures;
•	 supplier support and training;
•	 actively participating in cross‑sector initiatives covering 
high‑risk areas.
To a large extent, actions implemented address issues connected 
with the environment, human rights and risk of corruption.

Annual Report as of December 31, 2022
55
Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
Identifying priority areas
The non‑financial general risk analysis exercise described 
under §4 helps determine which suppliers should be audited 
as a priority. It takes into account risks related to the country, 
purchasing category and amount of purchases in question.
As part of LVMH’s Convergence project, the Group continued 
to expand its use of the EcoVadis platform in 2022. Following 
the completion of the risk‑mapping exercise each year, the main 
suppliers identified as at risk may be assessed using the EcoVadis 
methodology. This allows for the assessment of their ethical, 
social and environmental performance through the collection 
of documentary data, external intelligence and online research.
More than 1,700 suppliers were invited to join the platform in 
2022: 72% of suppliers were reassessed and 73% of these improved 
their score. The average improvement since the first assessment 
is now 55.5 points (compared with the overall EcoVadis average 
of 44.9 points). Joining the platform’s existing participants – 
LVMH’s Group Purchasing Department, Louis Vuitton, the 
Perfumes and Cosmetics business group, Sephora, the Wines 
and Spirits business group, Bulgari, Fendi and Loewe – new 
participants Celine, Christian Dior Couture and Chaumet came 
on board in 2022.
Assessment and corrective action plans
The Group’s Maisons are unique in that they undertake much 
of their own manufacturing in house, with subcontracting 
accounting for only a small proportion of the cost of sales. The 
Group is therefore able to directly ensure that working conditions 
are safe and human rights respected across a significant part of 
its production.
The Maisons apply reasonable due diligence measures and audit 
their suppliers – and, above Tier 1, their subcontractors – to 
ensure they meet the requirements laid down in the Group’s 
Supplier Codes of Conduct.
Contracts entered into with suppliers of raw materials and 
product components with whom the Group maintains a direct 
relationship include a clause requiring them to be transparent 
about their supply chain by disclosing their subcontractors.
Some Maisons, such as Loewe, use preselection questionnaires.
Maisons maintain collaborative, active working relationships 
with direct suppliers by helping them conduct audits and draw 
up any corrective action plans that might be required.
The Group uses specialist independent firms to conduct these 
audits. In 2022, 1,625 audits (not including EcoVadis assessments) 
were undertaken at 1,384 suppliers and subcontractors. Thanks 
to an improvement in the health situation in the countries where 
production facilities are located, this figure was higher than in 
2021, when 1,512 audits were carried out.
Of all the audits undertaken, 69% covered both workforce‑related 
aspects (health and safety, forced labor, child labor, decent pay, 
working hours, discrimination, freedom of association and 
collective bargaining, the right to strike, anti‑corruption, etc.) 
and environmental aspects (environmental management system, 
water usage and pollution, gas emissions and air pollution, 
management of chemicals, waste management, types of raw 
materials used, etc.). A total of 16% of audits covered only 
workforce‑related aspects, and 15% only environmental aspects. 
There was a significant increase in the number of audits covering 
all environmental aspects thanks to the introduction of new 
LVMH guidelines in January 2022.
The figures shown below are for 2021:
 
Europe
North 
America
Asia
Other
Breakdown of suppliers by volume of purchases (as %) 
64
18
17
1
Breakdown of suppliers by number (as %) 
78
10
10
2
Breakdown of audits (as %) 
66
3
30
2
Some Maisons have supplemented their audits using measures 
to directly ask their suppliers’ employees about their working 
conditions. These surveys help gain a clearer vision of working 
conditions at the sites concerned and check for problems such as 
forced labor or harassment, which may not be detected during 
audits. These fully anonymous, confidential surveys are offered 
through a mobile instant messaging application.
In 2022, 7% of suppliers audited failed to meet the Group’s 
requirements based on a four‑tier performance scale that takes 
into account the number and severity of critical compliance 
failures. The majority of compliance failures identified had 
to do with health and safety. In such cases, the Group always 
works with the supplier to draw up a corrective action plan, 
implementation of which is monitored by the buyer responsible 
for the relationship within the relevant Maison. Some Maisons, 
such as Berluti, Fendi, Tiffany & Co. and Parfums Christian Dior, 
also offered personalized coaching to help suppliers correct 
compliance failures identified during audits.

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Ethics and responsibility
Following work carried out in 2020 with the aim of establishing 
a shared set of workforce‑related audit guidelines for all the 
Group’s Maisons, these guidelines – which also include a 
section concerned with the assessment of environmental and 
anti‑corruption risks – were applied starting in January 2021. 
Environmental audit guidelines were updated in January 2022 
in order to collect essential data for the purposes of the LIFE 360 
initiative.
Supplier and buyer training
In keeping with its aim of providing support and fostering 
continuous improvement, the Group regularly offers its suppliers 
training opportunities.
In addition to training on responsible purchasing practices held 
at certain Maisons in previous years, the decision was made in 
2021 to create an LVMH-wide training program on this subject. 
Delivery of this training program, developed with the support 
of consulting firm Des Enjeux et Des Hommes, began in 2022, 
with sessions having taken place in France and North America.
An anti‑corruption training program for Group buyers was also 
developed in 2022 and will be rolled out within the Maisons 
during 2023.
Participation in multi‑party initiatives covering 
high‑risk areas
In addition to its actions aimed at direct suppliers, the Group, 
via LVMH, takes part in initiatives intended to improve visibility 
along supply chains and throughout subcontractor networks, to 
ensure that it can best assess and support all stakeholders.
Working groups have been put in place and targeted programs 
rolled out to address issues specific to the Group’s individual 
business groups. To maximize efficiency and optimize influence 
over subcontractors’ practices, preference is generally given to 
sector‑specific initiatives covering multiple purchasing entities.
For Maisons in the Watches and Jewelry business group, the 
mining sector, which is highly fragmented and relies substantially 
on the informal economy, carries significant risks to human 
rights. As such, the Maisons have formally committed under the 
LIFE 360 program to ensuring that all gold supplies are certified 
by the Responsible Jewellery Council (RJC).
Alongside suppliers and other pioneering competitors, the 
Group also participates in the Coloured Gemstones Working 
Group (CGWG) run by sustainable development consultancy The 
Dragonfly Initiative, aimed at optimizing oversight of supply 
arrangements for colored gemstones. In 2020, a shared platform 
for the CGWG’s member companies was created and made 
available to the Maisons. Tiffany & Co.’s diamond supply policy 
goes beyond the obligations of the Kimberley Process (which 
defines “conflict‑free” diamonds), and requires its suppliers to 
comply with the Diamond Source Warranty Protocol.
Maisons in the Perfumes and Cosmetics business group have 
signed up for the Responsible Beauty Initiative run by EcoVadis, 
working with major sector players to develop action plans in 
response to business‑specific issues. The business group is also 
involved in the Responsible Mica Initiative, which aims to pool 
sector stakeholders’ resources to ensure acceptable working 
conditions in the sector from 2022 onwards. Work to map Indian 
mica supply chains began in 2015, followed by a program of 
audits down to the individual mine level. Over 80% of the supply 
chain has been covered to date.
The business group also joined Action for Sustainable Derivatives 
(ASD), a collaborative initiative jointly managed and overseen by 
BSR and Transitions. ASD brings together large companies in the 
cosmetics sector and the oleochemical industry to achieve their 
shared goal of improving traceability, working conditions and 
practices throughout the entire palm derivatives supply chain.
For Maisons in the Fashion and Leather Goods business group, 
specific traceability requirements applicable to the leather and 
cotton sectors have been incorporated into the LIFE 360 program. 
Leather traceability is taken into account via the score resulting 
from audits of the Leather Working Group standard. A leather 
coordination seminar attended by 30 participants was held in 
November 2022 in Italy at one of the tanneries supplying the 
Group’s Maisons. Targets for the certification of raw materials 
like cotton and leather were set as part of the LIFE 360 program; 
the results are presented in the “Environment and sustainability” 
section, §3.2 “Key achievements in 2022: Biodiversity”.
For all Maisons, particular attention is paid to purchases of 
packaging materials due to fragmentation of production 
processes in this sector. Specific tools are used to assess and 
improve the environmental performance of packaging.
In 2021, LVMH set up a team to develop a fair wage policy 
applicable to all its employees and suppliers. These principles 
were adopted by its Human Resources Department in 2022.
For several years, LVMH has taken part in Utthan, an embroidery 
industry initiative bringing together major luxury brands. This 
initiative aims to empower artisans in Mumbai’s hand embroidery 
cluster, where many of the embroiderers partnering with the 
Maisons are based, and help them gain recognition for their 
skills. The initiative also includes an on‑site training program 
for embroiderers. Audit guidelines and levels of compliance were 
reviewed and simplified in 2021, and updated to be brought in 
line with new regulations in India.

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
5.3	
Unrelenting focus on quality and safety
The Group’s Maisons are continuously looking to offer products 
of the highest quality, through research and innovation and high 
standards in the selection of materials and the implementation of 
expertise in their activities. The Group is motivated by a constant 
desire to protect the health and safety of its stakeholders.
As regards its own employees, the Group pursues a health, safety 
and well‑being at work policy that is set out in the “Attracting 
and retaining talent” section.
As regards its suppliers’ employees, the assessment criteria used 
in workforce audits of suppliers at Tier 1 and above include 
aspects related to health and safety (see §5.2).
As regards its customers, the Group is particularly attentive 
to two key issues: prudent use of chemical compounds in 
production processes and promoting responsible consumption 
of wines and spirits.
Prudent use of chemical compounds in production 
processes
The Group is committed to safeguarding against risks inherent in 
the use of chemical compounds, and complies with regulations, 
industry group recommendations and opinions issued by 
scientific committees in this field. The Group is constantly 
seeking to anticipate changes in this area, drawing on its 
employees’ expertise to produce only the safest products.
The Group’s experts regularly take part in working groups set up 
by domestic and European authorities and play a very active role 
within industry groups. Their ongoing monitoring of changes in 
scientific knowledge and regulations has regularly led the Group 
to prohibit the use of certain substances and make efforts to 
reformulate some of its products.
The Group’s Maisons have customer relations departments that 
analyze customer complaints, including those relating to adverse 
effects.
The Perfumes and Cosmetics business group has a dedicated team 
of specialists who provide the Maisons with access to a European 
network of healthcare professionals able to quickly respond to 
help consumers experiencing side effects. Such post‑market 
surveillance makes it possible to explore new avenues of research 
and constantly improve the quality and tolerance with respect to 
the Group’s products. The Maisons in this business group comply 
with the most stringent international safety laws, including the 
EU regulation on cosmetic products. Their products must meet 
very strict internal requirements covering development, quality, 
traceability and safety.
Maisons in the Fashion and Leather Goods, and Watches 
and Jewelry business groups abide by the LVMH Restricted 
Substances List, an in‑house standard that prohibits or restricts 
the use of certain substances in products placed on the market, 
as well as their use by suppliers. This standard, which applies 
to all raw materials used by the Maisons, goes beyond global 
regulatory requirements and is regularly updated in response to 
ongoing monitoring of scientific developments. In 2019, LVMH 
joined the ZDHC (Zero Discharge of Hazardous Chemicals) trade 
association, which aims to promote best practices concerning 
the use of dangerous substances and the quality of discharged 
wastewater at textile and leather manufacturing sites. The 
actions implemented in 2022 by the Group and the Fashion and 
Leather Goods Maisons are presented in §3.2.3 “Protecting water 
resources” in the “Environment and sustainability” section.
To help suppliers eliminate the substances on this list, LVMH’s 
Environment Department has produced specific technical 
guides suggesting alternatives. Training is regularly offered on 
this subject.
Another in‑house tool, the LVMH Testing Program, reinforces 
the control system of Maisons in the Fashion and Leather Goods 
business group, allowing them to test the highest‑risk substances 
for different materials at nine partner laboratories.
Moët Hennessy: An ambassador for responsible 
consumption of wines and spirits
The Group’s Wines and Spirits Maisons promote the art of 
enjoyment of their drinks and invite their consumers to learn 
about their heritage and expertise. The Maisons are also fully 
aware that their primary responsibility to society is to safeguard 
against risks relating to the harmful use of alcohol.
Moët Hennessy has made a commitment to promote moderate 
consumption and responsible choices with regard to alcohol 
among its employees and consumers.
The Maisons need to help consumers who are old enough to 
consume the Group’s products to make responsible choices when 
drinking, such as deciding whether to drink or not, choosing 
when to drink and how much to drink.
Raising awareness and educating its consumers, customers 
and employees about risky behaviors such as excessive alcohol 
consumption or driving under the influence is a priority for 
the Group.
Some people should not consume alcohol at all. Moët Hennessy 
has adopted a firm stance against alcohol consumption amongst 
minors and also believes that pregnant women should be better 
informed about the risks of alcohol consumption for their child.
Moët Hennessy fully supports the World Health Organization’s 
goal of reducing harmful use of alcohol by 20% worldwide 
by 2030.

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Ethics and responsibility
In October 2021, Moët Hennessy joined the IARD (International 
Alliance for Responsible Drinking), a group bringing together 
leading names from the beers, wines and spirits industry, 
dedicated to promoting responsible consumption. Moët 
Hennessy is committed to abiding by the standards set by 
the IARD in relation to its digital marketing practices, the 
information it shares with consumers (particularly in its product 
labeling), online sales and home deliveries. The Group is also 
committed to working with the industry as a whole to take the 
concept of responsible consumption even further.
Action plans are rolled out based on prior commitments.
For example, Moët Hennessy developed a Responsible Marketing 
and Communications Code more than 15 years ago. This code 
has been regularly updated and recently incorporated the 
IARD’s digital principles and principles for digital influencers. 
Marketing teams are trained on the basis of this code, which is also 
systematically shared with external agencies. In addition, Moët 
Hennessy is a member of the World Federation of Advertisers’ 
Responsible Marketing Pact, an industry standard aimed at 
preventing minors from being exposed to alcohol marketing.
Moët Hennessy’s company culture is based on moderation 
and responsible enjoyment of its products. Its employees are 
responsible and exemplary ambassadors of this.
Moët Hennessy is aware of the need to raise awareness within 
the Company about responsible consumption and has developed 
specific training programs for employees, as well as individual 
instructions for events held within the Maisons and on the 
markets.
Moët Hennessy is involved in industry‑level initiatives and 
is an ambassador of the “Wine in Moderation – Art de Vivre” 
international program, bringing together members of the wine 
industry from all over the world to convey a message of social 
and societal responsibility.
On a local level, Moët Hennessy also supports national industry 
initiatives to promote responsible consumption such as 
Responsibility.org in the United States, Prevention & Moderation 
in France, and other initiatives around the world.
5.4	
Ongoing efforts to attract and support talent
The pursuit of our strategy of growth, international expansion 
and digitalization relies on the Group’s ability to identify talented 
individuals with the skills it needs and attract them in a highly 
competitive environment. In particular, the highly specific 
and demanding nature of the luxury goods industry means 
the Group must recruit staff with outstanding craftsmanship. 
Promoting the Group’s business lines, passing on skills and 
training the designers and craftspeople of the future are therefore 
key issues for the Group.
This is why innovative recruitment initiatives, academic 
partnerships and professional education programs are key 
components of the Group’s human resources policy, detailed in 
the “Attracting and retaining talent” section.
5.5	
Constant focus on employee inclusion and fulfillment
The Group is constantly seeking to create conditions that enable 
its employees to realize their full potential and succeed within 
the business. At a time of shifting career expectations, it is vitally 
important to foster employees’ aspirations and their fulfillment 
and to promote diversity.
This is why ensuring well‑being at work, offering career 
guidance, reducing gender inequality, promoting employment 
for people with disabilities and retaining older employees are all 
priorities within the Group’s human resources policy, detailed in 
the “Attracting and retaining talent” section.
5.6	
Integrity in business
In 2020, commitment was added to the Group’s shared values, 
forming the basis for the Group’s ethics and compliance.
Integrity and responsibility have always been central to the 
Group, which is committed to ensuring ethical behavior in all 
its activities and business relationships, and requires exemplary 
performance from its employees and partners in this regard. 
Any lapse in prevention and detection in its operations, or any 
practices contrary to applicable laws and regulations, may bring 
serious harm to the Group’s reputation, cause disruptions in its 
business activities, and, in certain cases, expose the Group to 
administrative and/or judicial penalties.
The Group is steadfast in its determination to adhere to its ethical 
principles at all times and act in accordance with applicable 
laws and regulations concerning preventing corruption and 
money laundering and respecting international sanctions and 
human rights. It implements compliance programs devised and 
rolled out by LVMH’s Ethics & Compliance Department and its 
network of officers within the Maisons.

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
In 2022, reinforcing LVMH’s Ethics & Compliance became one 
of the criteria for payment of variable compensation to LVMH’s 
Group Managing Director, which will also be the case in 
2023, with the addition of new criteria relating to ethics and 
compliance.
Accordingly, LVMH’s Ethics & Compliance Department develops 
and coordinates the rollout of cross‑departmental initiatives to 
strengthen compliance programs already in place within the 
Group and ensure their consistency. It implements shared tools 
and rules to help to prevent, detect and address prohibited 
conduct, in terms of combating corruption as well as preventing 
money laundering and respecting international sanctions and 
human rights. Given the diversity of the Group’s ecosystem and 
its decentralized organizational model, Maisons have developed 
their own policies and tools adapted to their specific business 
contexts.
The Group also undertakes communications, awareness and 
training activities aimed at instilling a culture of integrity and 
boosting employee vigilance.
Risk identification and management
The Maisons identify the corruption risks specific to their 
operations within the framework of corruption risk mapping 
exercises. These risk maps enable the Maisons to better manage 
their risk and ensure that their policies are rolled out effectively 
and with the appropriate knowledge, particularly in terms of 
preventing corruption.
As mentioned in §4, “Risk identification”, the results of these risk 
mapping exercises have been used to define action plans adopted 
by the Maisons to effectively manage the risks identified.
Due to the nature of its business model, the Group does not enter 
into any significant contracts with governments. Consequently, 
it is not exposed to the corruption risks associated with public 
procurement procedures. However, the Group’s business 
activities involve contacts with government agencies, including 
for the granting of various authorizations and permits. Similarly, 
out of a willingness to discuss and cooperate with authorities 
and decision‑makers, the Group contributes to public debate in 
countries where to do so is authorized and relevant. The Group’s 
contributions in the public space always abide by the laws and 
regulations applicable to the institutions and organizations in 
question, and LVMH is registered as an interest representative 
where its activities so require.
Internal rules and procedures
The Christian Dior group has in place procedures to prevent 
and detect breaches of probity in financial life and follows a 
zero‑tolerance policy on corruption and influence‑peddling. 
Accordingly, the Christian Dior and LVMH Codes of Conduct 
define and illustrate prohibited behaviors, in particular those 
that may constitute corruption or influence‑peddling.
In addition to the Codes of Conduct, the Group has internal 
guidelines, a set of documents that apply to all entities, intended 
to be used as a reference guide to help employees adopt 
appropriate behaviors in various areas to do with business ethics. 
In particular, these principles cover the following:
•	 preventing corruption and influence‑peddling by defining 
these concepts and providing examples of prohibited 
behaviors against which staff should be on their guard;
•	 mandatory rules on gifts and entertainment;
•	 rules for preventing, reporting and resolving conflicts of 
interest; in this regard, annual conflict of interest reporting 
campaigns are undertaken within the Group and the Maisons;
•	 preventing money laundering, financial fraud and violations 
of economic and trade sanctions;
•	 use of assets belonging to the Group and the Maisons, 
including the fact that such assets are made available only for 
a temporary period and the requirement that they be used in 
a professional and conscientious manner;
•	 loans of clothes and accessories by Maisons to employees or 
individuals outside the Group.
These internal guidelines help employees recognize risky 
situations and act responsibly and appropriately, by drawing 
their attention to a number of key points to watch out for. It 
includes everyday examples to illustrate how to react in risky 
situations.
The Codes of Conduct and LVMH’s internal guidelines will be 
revised in 2023.
LVMH’s anti‑corruption compliance policy, the Group’s policy 
on travel and security, and the Group’s guidelines within the 
various areas of compliance provide a useful addition to the 
Codes of Conduct and LVMH’s internal guidelines. For example, 
in April 2022, LVMH published its anti‑money laundering 
guidelines, which aim to provide the Maisons with tools and 
recommendations to reduce their exposure to potential money 
laundering risks.
To take things further, the Maisons have implemented their 
own rules and procedures, particularly with regard to combating 
corruption, gifts and entertainment, and conflicts of interest.
Failure by employees to abide by rules laid down in the Code 
of Conduct, the internal guiding principles or the applicable 
policies of their employing Maison, will lead to the appropriate 
steps being taken to put an end to the infringement in question, 
including appropriate disciplinary sanctions proportionate 
to the severity of the infringement, in accordance with the 
provisions of the Rules of Procedure (or equivalent document) 
and applicable laws and regulations.

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Annual Report as of December 31, 2022
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Ethics and responsibility
Communications, awareness and training
The above‑mentioned rules and policies are made available to 
all employees.
LVMH’s Ethics & Compliance department shares a range 
of documents (summary reports, examples of best practice, 
awareness videos, guides, etc.) with its network of Ethics & 
Compliance Officers via a dedicated LVMH Ethics & Compliance 
Intranet, a new version of which is due to go live in 2023.
The Codes of Conduct are communicated to employees, notably 
when they first join the Group. At LVMH, an onboarding 
module entitled “Our shared ethical framework” was gradually 
rolled out within the Maisons starting in 2022 with the aim of 
allowing new joiners to familiarize themselves with the Code 
of Conduct, the accompanying guidelines and the Group’s 
whistleblowing system. Available in 10 languages, this module 
makes it possible monitor employees’ familiarization with these 
documents.
In addition to the training and awareness initiatives implemented 
by the Group and its Maisons, the Group has also developed 
a specific online anti‑corruption training module, which is 
available to all Maisons and serves as a common core meant for 
all employees. Between its launch in late 2018 and the end of 2021, 
the updated module, available in 13 languages, was successfully 
completed by 31,000 employees all over the Group. Specifically, 
this module:
•	 reiterates the Group’s zero‑tolerance policy on corruption;
•	 expresses the Group’s senior executives’ commitment to 
promoting exemplary, responsible behavior;
•	 defines and illustrates the notions of corruption and 
influence‑peddling;
•	 provides an overview of the policies, governance and tools 
involved in the Group’s anti‑corruption compliance program;
•	 illustrates the negative consequences of corruption on civil 
society and companies;
•	 provides information on anti‑corruption laws in force around 
the world and obligations for businesses in combating 
corruption;
•	 introduces the concept of due diligence on third parties to 
combat corruption and the main items to check;
•	 includes a number of case studies and questionnaires to 
ensure that employees have fully understood the key concepts 
involved.
The Group has also developed specific training programs for 
certain roles that are most exposed to the risk of corruption. For 
example, a buyer training program was developed in 2022 that 
will be rolled out by the Maisons in 2023 on the basis of their 
specific risks.
In 2022, the Group’s store planners also benefited from a 
dedicated anti‑corruption training program.
The Group’s internal control staff are informed each year about 
the Group’s compliance and anti‑corruption procedures.
Lastly, the Group’s Ethics & Compliance officers benefit from 
in‑depth ongoing training. In September 2022, more than 
30 officers from the European Maisons attended a training day 
on the Group’s anti‑corruption procedures organized for the 
first time by the Ethics & Compliance Academy. In addition, 
Compliance Days are held each year for around 100 members of 
the Group’s Ethics & Compliance community, with the aim of 
providing training, discussing the best practices implemented 
within the Maisons – in particular in terms of anti‑corruption 
measures and fostering a culture of ethics in general – and 
communicating on the ethics and compliance goals for the year 
ahead. In 2022, this event was held in Rome on November 9 
and 10.
Alongside this, various training and awareness initiatives are 
undertaken by the Maisons.
Group whistleblowing system
The Group encourages a culture of dialogue and communication. 
Any employees and external stakeholders who have questions 
about how to interpret internal regulations or have any ethical 
concerns are invited to make this known or ask for advice.
In addition to the usual existing communication and warning 
channels within the Group and the Maisons, LVMH has set up 
the “LVMH Alert Line”, a secure centralized whistleblowing 
system that guarantees confidentiality, available in 14 languages. 
This online platform, which can be accessed from the Group’s 
website (https://alertline.lvmh.com), serves to collect and process 
reports from any employee or external stakeholder concerning 
potential or actual infringements of laws, regulations, provisions 
of the LVMH Code of Conduct or other principles, guidelines 
and internal policies.

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Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
The system includes coverage of the following behaviors:
•	 corruption and influence‑peddling;
•	 money laundering, fraud and falsification of accounting 
records;
•	 embezzlement;
•	 anti‑competitive practices;
•	 data protection breaches;
•	 discrimination, harassment, violence and threatening behavior;
•	 infringements of workers’ rights and labor law, illegal 
employment;
•	 infringements of occupational health and safety regulations;
•	 violation of environmental protection laws;
•	 human rights violations.
New employees are given specific information about this 
whistleblowing system on joining, and then receive regular 
updates at the Maisons and the Group’s entities. Employees are 
informed in particular about how they can access the system and 
the fact that the Group strictly prohibits any retaliation against 
whistleblowers using the system in good faith.
In 2022, 327 reports were received through this whistleblowing 
system, of which 65% had to do with human resources matters. 
Of these 327 reports, 202 were submitted anonymously. These 
reports are handled in accordance with the applicable law and 
result in an inquiry if applicable.
Once alerts have been handled, they can be used to help 
improve risk identification and prevention procedures, as part 
of a continuous improvement approach. This is in addition to 
reports received via the existing usual communications and 
whistleblowing channels within the Maisons.
Compliance control procedure
Since 2019, each Maison has reported annually to LVMH’s Privacy, 
Ethics & Compliance Department on progress made on its 
compliance program via a detailed reporting questionnaire.
In addition, the Group’s internal control framework includes a 
set of minimum requirements for ethics and compliance, which 
are checked through self‑assessments concerning design and 
efficiency at the Group’s various entities (as described in the 
“Financial and operational risk management and internal 
control” section).
The following aspects of the anti‑corruption system are regularly 
verified under the “ERICA” approach (an overview of which can 
be found in the “Financial and operational risk management and 
internal control” section):
•	 observance of the Code of Conduct and its communication 
to employees of the Maisons;
•	 appointment of an Ethics & Compliance officer and creation 
of an Ethics & Compliance Committee within the Maisons;
•	 the existence of a corruption risk map validated by the 
Maisons’ governing bodies;
•	 providing information about the existence of the internal 
whistleblowing system and how it works;
•	 the existence of a procedure for declaring conflicts of interest 
and gifts and entertainment;
•	 completion of an anti‑corruption module by employees 
identified as particularly exposed to corruption risk;
•	 the existence of a third‑party evaluation procedure to assess 
the risk of corruption;
•	 the existence of anti‑corruption accounting control procedures.
Lastly, LVMH’s Internal Audit Department carries out compliance 
audits on certain aspects of the anti‑corruption program.
5.7	
Responsible management of personal data
The Group and its Maisons are required to collect and process 
personal data in connection with their business activities, 
primarily relating to customers and employees. This is needed 
chiefly in order to offer exceptional products and experiences 
that meet their customers’ expectations or to successfully fulfill 
their role as employer. This means the Group’s Maisons must 
have access to high‑quality customer data and are committed 
to ensuring that all data entrusted to them is kept secure. This 
commitment also applies to employee data, with the same 
requirements.
In an era of innovation for the Group – which is moving ahead 
with an ambitious digital strategy, resolutely focused on its 
customers and their aspirations – every Maison takes steps to 
comply with the regulations applicable to the protection of 
personal data, including the General Data Protection Regulation 
(GDPR) in Europe, among others. A number of regulations have 
been adopted around the world over the last few years, such as 
the Personal Information Protection Law (PIPL) in China and the 
California Privacy Rights Act in the United States. All of these 
regulations need to be taken into account.
To ensure full compliance with personal data protection 
regulations in countries where the Group’s Maisons operate, it 
is essential that adequate governance arrangements be in place. 
Accordingly, each Group Maison has appointed a personal 
data protection and privacy officer, generally recognized as 
a Data Protection Officer (DPO) to ensure that its operations 
are compliant, with support from the legal and cybersecurity 
departments and in close cooperation with staff in a range of 
roles (including IT, digital, marketing and HR).

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Ethics and responsibility
This also means building and promoting a personal data 
protection culture that permeates all the Group’s business 
lines and activities as well as taking into account technical and 
methodological developments. To this end, the Group and its 
Maisons regularly hold in‑person and/or e‑learning training and 
awareness sessions on personal data protection‑related issues for 
all its employees, regardless of their position.
Furthermore, information about the use of personal data has 
been put together for customers and employees of the Group’s 
Maisons and brought to the attention of those concerned. This 
information is updated as necessary and describes in detail how 
personal data is used, the security measures in place and the 
rights of each individual, in accordance with the principle of 
transparency advocated by the GDPR in particular.
A strict cybersecurity policy is also applied within the Group 
to ensure a fresh customer experience without compromising 
on data security, privacy, integrity or availability requirements. 
Under this policy, the Group and its Maisons monitor not only 
the security of their own information systems but also assess 
the security levels of the products and services offered by the 
third‑party providers they use. Providers that have access to 
the personal data entrusted to the Group and/or its Maisons 
are assessed to ensure that the technical and organizational 
measures they have implemented provide a level of security that 
is sufficient and well suited to their work. Specific cybersecurity 
incident prevention, detection and response policies are also 
applied within the Group; they include a stricter procedure if 
the incident has the potential to cause a personal data breach.
Third‑party service providers are assessed for their maturity with 
regard to the GDPR and other significant applicable laws, as well 
as measures taken to ensure the compliance of the solution or 
service to be provided to the Group and/or its Maisons.
As a general rule, projects carried out by the Group and/or its 
Maisons must complete a preliminary “Privacy by Design” study 
covering any personal data protection and security‑related issues 
from the outset of projects. They must ensure that only personal 
data that is necessary for the project’s purposes is actually 
collected and that this data is processed in accordance with the 
highest professional standards (“privacy by default”), notably in 
relation to retention periods, access and rules governing transfers 
of data. This study identifies impact analyses that need to be 
performed in relation to data protection. From a data security 
standpoint, a risk analysis is carried out and an action plan drawn 
up incorporating technical, organizational and contractual 
measures to address the risks identified.
To ensure a consistent, effective approach, a general data 
protection policy is shared with all Maisons in order to provide 
them with a common framework of rules and recommendations, 
helping ensure that appropriate measures are taken to protect 
personal data within the Group, in compliance with applicable 
regulations.
This policy defines a Group compliance program on personal 
data protection, aimed at putting in place clear and transparent 
governance arrangements to manage issues concerning data 
protection, together with a range of common directives, bodies 
and processes. Sample data processing records, impact analyses, 
privacy notices, security questionnaires and personal data clauses 
to be added to contracts signed with subcontractors who process 
personal data are also provided by the Group to the Maisons 
who then adapt them to their own context.
To support its Maisons, the Group has implemented a tool that 
allows DPOs to manage their activities from day to day and ensure 
their ongoing compliance. This tool makes it possible to automate 
a number of tasks that need to be done by DPOs as well as data 
controllers, such as managing data processing records, carrying 
out various assessments in the form of questionnaires and 
managing customers’ and employees’ requests to exercise their 
rights. The business lines use the tool to play their part in GDPR 
compliance and ensure that the data controller complies with 
EU regulations. LVMH also has Binding Corporate Rules (BCR) 
approved by France’s Commission Nationale de l’Informatique et 
des Libertés (CNIL), which govern international transfers within 
the Group of the personal data of employees and job candidates.
An annual audit and assessment campaign is run as part of 
internal control or the Maisons’ internal audit work, in order 
to assess compliance with their personal data protection 
obligations. Under the Group’s Enterprise Risk and Internal 
Control Assessment (ERICA) approach, control points in relation 
to compliance and Data Protection Officers are included in the 
framework.
Lastly, a community of personal data protection and privacy 
officers has been set up, comprising the Group’s main points of 
contact and their local representatives. It meets monthly to discuss 
and share experience on common issues relating to personal data 
protection and privacy, with the aim of continuously improving 
practices in this area. In addition to these monthly meetings, 
LVMH organizes an annual seminar for the Maisons’ DPOs, 
legal directors and heads of security to address common issues 
from a different angle in order to continue to enhance personal 
data protection expertise.

Annual Report as of December 31, 2022
63
Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
6.	
Report by one of the Statutory Auditors, designated 
as an Independent Verifier, on the verification of the 
consolidated statement of non‑financial performance
To the Shareholders’ Meeting,
In our capacity as Statutory Auditor of your company Christian Dior (hereinafter “the Company”), designated as an Independent 
Verifier (“third party”) accredited by COFRAC (COFRAC Inspection Accreditation No. 3‑1886, Rev. 0; scope available at www.cofrac.fr), 
we undertook work with the aim of expressing a reasoned opinion reflecting a limited assurance conclusion on the historical 
information (whether recorded or extrapolated) included in the consolidated statement of non‑financial performance, prepared 
in accordance with the Company’s procedures (hereinafter “the Guidelines”), for the fiscal year ended December 31, 2022 (hereinafter 
“the Information” and “the Statement”, respectively), as set out in the Group’s Management Report pursuant to the provisions laid 
down in Articles L. 225‑102‑1, R. 225‑105 and R. 225‑105‑1 of the French Commercial Code (Code de commerce).
I.  Conclusion
On the basis of the procedures we performed, as described in the “Nature and scope of work” section, and the information we 
obtained, we found no material misstatements that might have led us to believe that the statement of non‑financial performance is 
not compliant with applicable regulatory requirements or that the Information, taken as a whole, is not fairly presented, in accordance 
with the Guidelines.
II.  Preparation of the Statement
The lack of a generally accepted and commonly used framework or established practice on which to base the assessment and 
measurement of Information allows for the use of different, but acceptable, measurement techniques that may affect comparability 
between entities and over time.
The Information should therefore be read and understood in relation to the Guidelines, the key elements of which are available on 
the Company’s website.
III.  Limitations inherent in the preparation of the Information
The Information may be subject to uncertainty inherent in the state of scientific or economic knowledge and the quality of external 
data used. Some information is sensitive to methodological choices, assumptions and/or estimates used in its preparation and set out 
in the Statement.
IV.  Responsibility of the Company
It is the Board of Directors’ responsibility to:
•	 select and define appropriate criteria for the preparation of Information;
•	 prepare a Statement compliant with legal and regulatory requirements, including an overview of the business model, a description 
of key non‑financial risks and an overview of the policies adopted in light of those risks, together with the results of those policies, 
including key performance indicators and furthermore the information provided for in Article 8 of Regulation (EU) 2020/852 
(green taxonomy);
•	 and for such internal control as management determines is necessary to enable the preparation of Information that is free from 
material misstatement, whether due to fraud or error.
The Statement was prepared by applying the Company’s Guidelines as mentioned above.

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Ethics and responsibility
V.  Responsibility of the Statutory Auditor designated as an Independent Verifier
It is our responsibility, on the basis of our work, to express a reasoned opinion reflecting a limited assurance conclusion that:
•	 the Statement complies with the requirements laid down in Article R. 225‑105 of the French Commercial Code;
•	 the information provided is fairly presented in accordance with Point 3 of Sections I and II of Article R. 225‑105 of the French 
Commercial Code, namely the results of policies, including key performance indicators, and actions in relation to key risks 
(hereinafter “the Information”).
As it is our responsibility to reach an independent conclusion regarding the Information as prepared by management, we are not 
allowed to be involved in the preparation of this Information, as this could compromise our independence.
It is not our responsibility to express an opinion on:
•	 whether the Company complies with other applicable legal and regulatory provisions, notably concerning the information required 
by Article 8 of Regulation (EU) 2020/852 (green taxonomy), the vigilance plan and the prevention of corruption and tax evasion;
•	 the fair presentation of the information required by Article 8 of Regulation (EU) 2020/852 (green taxonomy);
•	 whether products and services comply with applicable regulations.
Regulatory provisions and applicable professional guidelines
The work described below was carried out in accordance with our audit program and the provisions of Articles A. 225‑1 et seq. of the 
French Commercial Code, the professional guidelines of the French National Institute of Statutory Auditors (Compagnie Nationale des 
Commissaires aux Comptes), and ISAE 3000 (revised – Assurance Engagements Other than Audits or Reviews of Historical Financial 
Information).
Independence and quality control
Our independence is defined by the provisions of Article L. 822‑11‑3 of the French Commercial Code and the French Code of Ethics 
for Statutory Auditors (Code de déontologie de la profession de commissaire aux comptes). In addition, we have implemented a quality control 
system, including documented policies and procedures designed to ensure compliance with applicable laws and regulations, ethical 
standards and professional guidelines of the French National Institute of Statutory Auditors applicable to this engagement.
Means and resources
Our work was undertaken by a team of two people between January and February 2023, for a period of about two weeks.
We conducted around fifteen interviews with those responsible for preparing the Statement, notably representing Executive 
Management and the Administration & Finance, Risk Management, Privacy, Ethics & Compliance, Human Resources, Environmental 
Development and Purchasing Departments.
In the course of our work, we made use of information and communication technologies to conduct work and interviews remotely, 
with no adverse effect on the performance of the work.

Annual Report as of December 31, 2022
65
Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
Nature and scope of work
We planned and performed our work with due regard to the risks of material misstatement of the Information.
We consider that the procedures we performed using our professional judgment allow us to formulate a limited assurance conclusion:
•	 we familiarized ourselves with the business of all entities falling within the scope of consolidation and the key risks;
•	 we assessed the suitability of the Guidelines in terms of their relevance, completeness, reliability, objectivity and comprehensible 
nature, taking the sector’s best practices into consideration, where applicable;
•	 we checked that the Statement covers each category of information laid down in Section III of Article L. 225‑102‑1 with regard to 
social and environmental impact, as well as the information required by the second paragraph of Article L. 22‑10‑36 regarding 
compliance with human rights and the prevention of corruption and tax evasion;
•	 we checked that the Statement provides the information required by Section II of Article R. 225‑105 wherever relevant with 
respect to the key risks and, where applicable, includes an explanation of the reasons for the absence of information required by 
Section III, Paragraph 2 of Article L. 225‑102‑1;
•	 we checked that the Statement provides an overview of the business model and a description of the key risks associated with the 
business of all entities falling within the scope of consolidation, including, where relevant and proportionate, risks arising from 
business relationships, products and services as well as policies, actions and results, including key performance indicators related 
to key risks;
•	 we consulted source documents and conducted interviews to:
	
– assess the process used to select and validate key risks, as well as the consistency of results, including key performance indicators 
related to the key risks and policies presented
	
– corroborate what we considered the most important qualitative information (actions and results) set out in Appendix 1. For all 
risks, our work was carried out at the level of the consolidating entity and on a selection of the entities listed below:
	– for environmental risks: Wines and Spirits: MHCS Maison and sites (Epernay, France); Hennessy Maison and sites (Cognac, 
France); Glenmorangie: site (Tain, Scotland); Chandon Argentina: sites (Argentina). Perfumes and Cosmetics: Parfums Christian 
Dior: Maison and site (Saint-Jean‑de-Braye, France); Guerlain: Maison and site (Chartres, France). Fashion and Leather Goods: 
Loro Piana: Maison and site (Quarona, Italy); Christian Dior Couture: Maison and site (France); Loewe: Maison (Spain); Louis 
Vuitton Malletier: Maison and site (Saint-Pourçain, France). Watches and Jewelry: Bulgari: Maison and site (Valenza, Italy); 
Tiffany: Maison (United States). Selective Retailing: DFS stores (Hong Kong); Sephora Europe: Maison and stores (France). 
Other activities: Belmond hotels (Grand Hotel Timeo, Italy and Copacabana, Brazil),
	– for workforce‑related risks: Wines and Spirits: Hennessy (France). Perfumes and Cosmetics: Parfums Christian Dior (China). 
Fashion and Leather Goods: Christian Dior Couture SA (France), Louis Vuitton China (China), Louis Vuitton USA (United 
States). Watches and Jewelry: Tiffany (United States), Laurelton Diamonds (Cambodia). Selective Retailing: Sephora (France). 
Other activities: Royal Van Lent (Netherlands), Belmond (United Kingdom),
	– for social risks: Responsible supply chains: Wines and Spirits: MHCS (France). Fashion and Leather Goods: Christian Dior 
Couture (France) et Loewe (Spain);
•	 we checked that the Statement covers the scope of the consolidated Group, i.e. all entities falling within the scope of consolidation 
in accordance with Article L. 233‑16, within the limits set out in the Statement;
•	 we reviewed the internal control and risk management procedures put in place by the Company and assessed the collection process 
aimed at ensuring that the Information is complete and fairly presented;

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Ethics and responsibility
•	 for key performance indicators and those other quantitative results we considered the most significant, set out in Appendix 1, 
we carried out the following:
	
– analytical procedures that consisted in checking that all data collected had been properly consolidated, and that trends in that 
data were consistent,
	
– detailed, sample‑based tests or other means of selection that consisted in checking that definitions and procedures had been 
properly applied and reconciling data with supporting documents. This work was carried out on a selection of contributing 
entities listed above and covers between 7% and 70% of the consolidated data selected for these tests (12% of the workforce, 
41% of energy consumption and 50% of certified supplies);
•	 we assessed the Statement’s overall consistency with our knowledge of all the entities falling within the scope of consolidation.
The procedures performed for a limited assurance engagement are less extensive than those required for a reasonable assurance 
engagement performed in accordance with the professional guidelines of the French National Institute of Statutory Auditors; a higher 
level of assurance would have required more extensive audit procedures.
Paris-La Défense, March 24, 2023
One of the Statutory Auditors,
Deloitte & Associés
French original signed by
	
Guillaume Troussicot	
Olivier Jan
	
Audit Partner	
Sustainable Development Partner
This is a free translation into English of the Independent Verifier’s report issued in French and is provided solely for the 
convenience of English‑speaking users. This report should be read in conjunction with, and construed in accordance with, French 
law and professional auditing standards applicable in France.

Annual Report as of December 31, 2022
67
Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
Appendix 1: Information considered the most important
Workforce‑related information
Quantitative information (including key performance indicators)
Qualitative information (actions and results)
	—
Breakdown of the workforce as of December 31, 2022 
by gender and job category
	—
Recruitment on permanent contracts from January 1 
to December 31, 2022 (breakdown by gender)
	—
Turnover among employees on permanent contracts from 
January 1 to December 31, 2022 (total, voluntary and involuntary)
	—
Proportion of employees on permanent contracts who received 
training between January 1 and December 31, 2022 by job category
	—
Average number of days’ training for employees on permanent contracts
	—
Absence rate by reason
	—
Work‑related accident frequency rate
	—
Work‑related accident severity rate
	—
Workplace health and safety
	—
Inclusion and diversity among employees
	—
Implementing the employer policy and attracting 
and retaining students and recent graduates
	—
Training and support for employees throughout their careers
Environmental information
Quantitative information (including key performance indicators)
Qualitative information (actions and results)
	—
Proportion of manufacturing sites certified ISO 14001 (%)
	—
Total energy consumption (MWh)
	—
Energy‑related greenhouse gas emissions – Scope 1 and 2 
(metric tons of CO2 equivalent)
	—
Greenhouse gas emissions generated by outbound transport 
– Scope 3 (metric tons of CO2 equivalent)
	—
Total water consumption for process requirements (m³)
	—
Total water consumption for agricultural requirements (m³)
	—
Total waste produced (metric tons)
	—
Total hazardous waste produced (metric tons)
	—
Waste recovery rate (%)
	—
Total packaging that reaches customers (metric tons)
	—
Quantity of COD after treatment (metric tons)
	—
Organization of the environmental approach, particularly 
governance and commitments, including the LIFE 360 program
	—
Environmental impact of packaging and monitoring of the LIFE 
“Circular Design” target
Social information
Quantitative information (including key performance indicators)
Qualitative information (actions and results)
	—
Proportion of supplies of grapes, eaux‑de‑vie and still wines (in kg), 
from the Group’s own vineyards or from purchases, with sustainable 
winegrowing certification (%)
	—
Proportion of supplies of palm oil, palm kernel oil and their derivatives 
(in kg) certified RSPO Mass Balance or Segregated (%)
	—
Proportion of sheep and cow leather supplies (in m²) sourced
 from LWG-certified tanneries (%)
	—
Proportion of exotic leather (crocodilian) supplies (number of skins) 
sourced from LWG-certified tanneries (%)
	—
Proportion of gold supplies (in kg) certified RJC CoC (excluding Tiffany)
	—
Proportion of gold supplies (in kg) sourced from RJC CoP-certified 
suppliers (excluding Tiffany)
	—
Proportion of diamond supplies (in carats) sourced from RJC CoP-certified 
suppliers (excluding Tiffany)
	—
Proportion of cotton supplies (in metric tons) certified (%)
	—
Proportion of fur supplies (mink and fox) (in kg) certified (%)
	—
Proportion of sheep’s wool (merino and other species) and cashmere 
(in kg) certified (%)
	—
Number of social and/or environmental audits 
carried out on suppliers and subcontractors
	—
Supplier assessment and support
	—
Business conduct and ethics

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Ethics and responsibility
7.	
Cross‑reference tables
7.1	
Statement of non‑financial performance
Like any other economic actor, the Christian Dior group is 
exposed to a number of non‑financial risks that may affect 
its performance, cause harm to its reputation, and impact its 
stakeholders and/or the environment. The following risks have 
been classified as “key risks” in light of the Group’s activities (see 
§4 of the “Ethics and responsibility” section):
•	 impact on ecosystems, the climate and natural resources;
•	 setting up and maintaining responsible supply chains;
•	 safeguarding health and safety at work;
•	 transfer of key skills and expertise;
•	 implementation of a policy to promote employee inclusion 
and fulfillment;
•	 shortcomings in the implementation of personal data 
protection rules;
•	 shortcomings in the implementation of business practice 
compliance arrangements.
The Group is committed to addressing each of these risks by 
putting the appropriate policies in place. The cross‑reference 
tables below provide a summary presentation of the information 
constituting the Group’s statement of non‑financial performance, 
as required by Article L. 225‑102‑1 of the French Commercial 
Code, indicating for each item the section of this Management 
Report where further details may be found. They include 
cross‑references to the specific disclosures required by this article 
with regard to respect for human rights and measures to combat 
corruption, climate change, and discrimination.
The remaining disclosures required by this article may be found 
in the following sections:
•	 with regard to the Group’s business model, in the sections 
entitled “The Christian Dior business model” and “Business 
overview, highlights and outlook” in the introduction to this 
report;
•	 with regard to the presentation of the workforce for each 
business group and geographic region, in §1.3 of the 
“Attracting and retaining talent” section;
•	 with regard to collective bargaining agreements signed at the 
level of companies across the Group, in §3.2 of the “Attracting 
and retaining talent” section;
•	 with regard to efforts to promote the circular economy, in 
§2 of the “Environment and sustainability” section;
•	 with regard to combating food waste, in §2.2.3 of the 
“Environment and sustainability” section;
•	 with regard to social commitments to promote sustainable 
development, apart from the topics covered by the 
cross‑reference tables below in terms of social consequences, 
respect for human rights and the environment, in §1 and §2 of 
the “Outreach and giving back” section;
•	 with regard to protecting animal welfare, in §3 of the 
“Environment and sustainability” section.
Lastly, given the nature of the Group’s business activities, topics 
relating to the fight against food insecurity or efforts to promote 
responsible and sustainable food production as well as fair food 
systems are not discussed in this Management Report.

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
7.1.1  Social consequences
Risk
Policies
Results
Transfer of key 
skills and expertise
 — Academic partnerships (§2.1 of the “Attracting 
and retaining talent” section)
 — Institut des Métiers d’Excellence (§2.2 of the 
“Attracting and retaining talent” section)
 — Employee training and support (§2.3 of the
 “Attracting and retaining talent” section)
 — Specific initiatives to promote training 
and employment for people with disabilities 
(§4.3 of the “Attracting and retaining talent” section)
 — Support for high‑potential female employees
 to help them move into key positions (§4.4 of the 
“Attracting and retaining talent” section)
 — Joiners by business group and geographic region 
(§2.1 of the “Attracting and retaining talent” section)
 — Investment in training (§2.3 of the “Attracting 
and retaining talent” section)
 — Internal mobility data (§2.3 of the “Attracting 
and retaining talent” section)
 — Awards, recognition and rankings obtained as an 
employer (§2.1 of the “Attracting and retaining talent” 
section)
Health and safety 
issues faced in the 
Group’s business 
activities
 
 — Codes of Conduct (§2.2 of the “Ethics 
and responsibility” section)
 — LVMH Alert Line whistleblowing system 
(§5.6 of the “Ethics and responsibility” section)
 — LVMH Charter on Working Relations with Fashion 
Models (§2.2 of the “Ethics and responsibility” section)
 — Investments in health, safety and security 
(§3.1 of the “Attracting and retaining talent” section)
 — Employee training in health, safety and security 
(§3.1 of the “Attracting and retaining talent” section)
 — Social audits of suppliers and subcontractors 
including a health and safety dimension 
(§5.2 of the “Ethics and responsibility” section)
 — Measures relating to the use of chemicals 
and cosmetovigilance (§5.3 of the “Ethics 
and responsibility” section)
 — Promoting responsible consumption of wines and 
spirits (§5.3 of the “Ethics and responsibility” section)
 — Breakdown, frequency and severity of work‑related 
accidents (§3.1 of the “Attracting and retaining talent” 
section)
 — Data relating to social audits that include a health 
and safety dimension (§5.2 of the “Ethics and 
responsibility” section)
 — Training for employees and suppliers focusing 
on the LVMH Restricted Substances List (§5.3 of the 
“Ethics and responsibility” section)
Implementation 
of a policy of 
employee inclusion 
and fulfillment 
(aspects related to 
fulfillment at work)
 — Codes of Conduct (§2.2 of the “Ethics 
and responsibility” section)
 — LVMH Alert Line whistleblowing system 
(§5.6 of the “Ethics and responsibility” section)
 — LVMH Heart Fund (§3.4 of the “Attracting 
and retaining talent” section)
 — Specific training for managers (§2.3 of the 
“Attracting and retaining talent” section)
 — Group Works Council and SE Works Council 
(§3.2 of the “Attracting and retaining talent” section)
 — Number of meetings held by employee representative 
bodies in 2022 (§3.2 of the “Attracting and retaining talent” 
section)
 — Endowment and number of support requests 
received in connection with the LVMH Heart Fund 
(§3.4 of the “Attracting and retaining talent” section)

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7.1.2  Respect for human rights
Risk
Policies
Results
Setting up and 
maintaining 
responsible supply 
chains (aspects 
relating to respect 
for human rights)
 — Codes of Conduct (§2.2 of the “Ethics 
and responsibility” section)
 — Supplier Codes of Conduct (§2.2 of the 
“Ethics and responsibility” section)
 — LVMH Charter on Working Relations with Fashion 
Models (§2.2 of the “Ethics and responsibility” section)
 — LVMH Alert Line whistleblowing system
 (§5.6 of the “Ethics and responsibility” section)
 — Risk analysis (§4 of the “Ethics and responsibility” 
section)
 — Social audits of suppliers and subcontractors 
(§5.2 of the “Ethics and responsibility” section)
 — Collection of information on suppliers’ social 
and ethical performance via the EcoVadis platform 
(§5.2 of the “Ethics and responsibility” section)
 — Participation in multi‑party initiatives covering 
high‑risk areas (§5.2 of the “Ethics and responsibility” 
section)
 
— Breakdown of suppliers and audits (§5.2 of the 
“Ethics and responsibility” section)
 
— Data on combined audits and audits examining only 
social aspects carried out at suppliers (§5.2 of the 
“Ethics and responsibility” section)
 
— Proportion of follow‑up audits (§5.2 of the “Ethics 
and responsibility” section)
 
— Proportion of suppliers not meeting the Group’s standards 
(§5.2 of the “Ethics and responsibility” section)
 
— Number of contracts terminated following audits 
(§5.2 of the “Ethics and responsibility” section)
 
— Number of business relationships not initiated following 
audits (§5.2 of the “Ethics and responsibility” section)
Implementation of a 
policy of employee 
inclusion and 
fulfillment (aspects 
relating to the fight 
against discrimination 
and the promotion 
of diversity)
 — Codes of Conduct (§2.2 of the “Ethics 
and responsibility” section)
 — LVMH Alert Line whistleblowing system 
(§5.6 of the “Ethics and responsibility” section)
 — LVMH Recruitment Code of Conduct 
(§2.2 of the “Ethics and responsibility” section)
 — Specific training for recruiters (§4.2 of the 
“Attracting and retaining talent” section)
 — Independent review of hiring practices (§4.2 of the 
“Attracting and retaining talent” section)
 — Specific initiatives to promote training and 
employment for people with disabilities (§4.3 of the 
“Attracting and retaining talent” section)
 — Support for high‑potential female employees 
to help them move into key positions (§4.4 of the 
“Attracting and retaining talent” section)
 
— Proportion of employees with disabilities 
(§4.3 of the “Attracting and retaining talent” section)
 
— Proportion of women among joiners and in the 
Group’s workforce (§4.4 of the “Attracting and retaining 
talent” section)
Shortcomings in 
the implementation 
of personal data 
protection rules
 — Codes of Conduct (§2.2 of the “Ethics 
and responsibility” section)
 — Data protection policy (§5.7 of the 
“Ethics and responsibility” section)
 
— Creation of a network of Data Protection Officers 
(§5.7 of the “Ethics and responsibility” section)

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Ethics and responsibility
7.1.3  Environmental consequences
Risk
Policies
Results
Business impacts 
on ecosystems, the 
climate and natural 
resources (including 
aspects relating to 
the fight against 
climate change)
 — LVMH Environmental Charter (§1.1 and §1.2 
of the “Environment and sustainability” section)
 — LIFE program and LIFE 360 targets (§1.1 and §1.2 
of the “Environment and sustainability” section)
 — Combating climate change and the LVMH Carbon 
Fund (§5 of the “Environment and sustainability” 
section)
 — Improvement in the Environmental Performance 
Index scores of product packaging for Perfumes 
and Cosmetics and Wines and Spirits companies 
(§2.2 of the “Environment and sustainability” section)
 — Accelerated and expanded rollout of sustainable 
and organic winegrowing (§3.1 of the “Environment 
and sustainability” section)
 — Certification of materials used in products 
(§3.1 of the “Environment and sustainability” section)
 — Amounts raised via the Carbon Fund and metric tons of 
carbon‑equivalents via the innovative projects supported 
(§5.2 of the “Environment and sustainability” section)
 — Increase in the proportion of renewable energy 
in the Group’s energy mix (§5.2 of the “Environment 
and sustainability” section)
 — Implementation of an environmental management 
system at manufacturing sites (§2.1.4 and §2.2.4 
of the “Environment and sustainability” section)
Setting up 
and maintaining 
responsible 
supply chains 
(environmental 
aspects)
 — Codes of Conduct (§2.2 of the “Ethics 
and responsibility” section)
 — Supplier Codes of Conduct (§2.2 of the 
“Ethics and responsibility” section)
 — LVMH Environmental Charter (§1.1 and §1.2 
of the “Environment and sustainability” section)
 — LIFE program and LIFE 360 targets (§1.1 and §1.2 
of the “Environment and sustainability” section)
 — LVMH Alert Line whistleblowing system 
(§5.6 of the “Ethics and responsibility” section)
 — Collection of information on suppliers’ environmental 
performance via the EcoVadis platform (§5.2 of the 
“Ethics and responsibility” section)
 — Participation in multi‑party initiatives covering 
high‑risk areas (§5.2 of the “Ethics and responsibility” 
section)
 — Data on environmental audits carried out at suppliers, both 
combined audits and audits examining only environmental 
aspects (§5.2 of the “Ethics and responsibility” section)
 — LIFE 360 program – “Biodiversity” target, particularly 
relating to supply chains for grapes, leather, skins and 
pelts, gemstones and precious metals, palm oil derivatives 
and regulated chemicals (§3.1 of the “Environment and 
sustainability” section)

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Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
7.1.4  Fight against corruption
Risk
Policies
Results
Shortcomings in the 
implementation of 
business practice 
compliance 
arrangements
 — Codes of Conduct (§2.2 and §5.6 of the
 “Ethics and responsibility” section)
 — Supplier Codes of Conduct (§2.2 of the 
“Ethics and responsibility” section)
 — LVMH Alert Line whistleblowing system 
(§5.6 of the “Ethics and responsibility” section)
 — Group Ethics & Compliance Intranet site 
(§5.6 of the “Ethics and responsibility” section)
 — Corruption risk mapping (§4 and §5.6 of the 
“Ethics and responsibility” section)
 — Anti‑corruption assessment of third parties 
(§5.6 of the “Ethics and responsibility” section)
 — Role of the Ethics & Compliance Department, 
officers and committees (§3 and §5.6 of the 
“Ethics and responsibility” section)
 — Internal guidelines (§5.6 of the “Ethics 
and responsibility” section)
 — Anti‑corruption training (§5.6 of the “Ethics 
and responsibility” section)
 — Compliance rules included in the internal 
audit and control framework (§5.6 of the 
“Ethics and responsibility” section)
 — Reports to the Ethics & Sustainable Development 
Committee of LVMH’s Board of Directors and 
to Christian Dior’s Board of Directors (§5.6 of the 
“Ethics and responsibility” section)
 
— Number of reports made to the LVMH Alert Line 
(§5.6 of the “Ethics and responsibility” section)
 
— Number of times the anti‑corruption training module 
has been passed (§5.6 of the “Ethics and responsibility” 
section)
 
— Number of Ethics & Compliance Officers (§3 of the 
“Ethics and responsibility” section)
7.2	
Vigilance plan
The Group is unique in terms of the variety of business areas in 
which it operates around the world. Risk management needs to 
be appropriate to the diverse range of situations encountered. 
The Group coordinates the actions of its Maisons in order to 
prevent any human rights violations that may occur within the 
framework of their operations or those of their suppliers and 
subcontractors.
The duty of care policy aims to set out the frameworks for action 
and shared commitments, ensure that these are implemented 
and help the Maisons to identify and manage their risks. This is 
coordinated across the Group, with each Maison implementing 
its own specific measures.
This chapter aims to provide a summary presentation of the 
information constituting LVMH’s vigilance plan, as required by 
Article L. 225‑102‑4 of the French Commercial Code.
7.2.1  Organization and governance
The Group’s duty of care policy is coordinated by LVMH’s 
Privacy, Ethics & Compliance Department, working in close 
collaboration with LVMH’s CSR, Environment and Purchasing 
departments. It relies on the parties involved and governance 
teams of these various departments to identify and manage the 
risks associated with duty of care (see §3, “Governance”).
7.2.2  Risk identification
Analysis of gross risks was carried out in 2020. This analysis is 
based on comparing external risk indicators (supplied by Verisk 
Maplecroft) with quantitative information provided by the 
Group’s Maisons (location, number of employees, volume of 
purchases, types of suppliers, etc.).

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Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
This data enables each Maison to map its gross risks in terms of 
human rights and the environment in order to prioritize its risk 
control measures. Purchasing data was updated in 2022.
In addition and in order to refine this analysis, the Privacy, 
Ethics & Compliance Department appointed a law firm in 2021 
to review existing practices and their compliance with duty of 
care requirements. Following on from this review, since 2022, 
specific analysis has been conducted with a selection of Maisons 
representing the business sectors in which the Group operates. 
The results will be used to define an operating roadmap for 
the Group.
Comprehensive analysis of the environmental risks associated 
with the Group’s various operations has also been carried 
out (see §1.1.2, “Risk identification” of the “Environment and 
sustainability” section).
7.2.3  Risk control and assessment 
procedures
Risks associated with the duty of care are managed within the 
framework of its own commitments as well as internal and external 
standards regarding ethics, human rights and the environment 
(see §2, “Standards” of the “Ethics and responsibility” section).
The Group ensures that these are correctly applied by means of 
ethics compliance procedures and its responsible supply chain 
management policy helps to prevent and address any risks. In 
addition to these general measures, specific measures have been 
developed for certain business areas that are particularly exposed 
to risk.
The table below summarizes all of these risk control measures 
(for more details, refer to the corresponding sections).
Risk mitigation and prevention measures
 
Group activities
Activities of suppliers and subcontractors
Human rights 
and fundamental 
freedoms
 — Specific training for recruiters to prevent 
discrimination (§2.4 of the “Attracting 
and retaining talent” section)
 — Independent review of hiring practices (§2.4 of 
the “Attracting and retaining talent” section)
 — Supplier Codes of Conduct (§2.2 of the “Ethics 
and responsibility” section)
 — Training for suppliers and buyers (§5.2 of the 
“Ethics and responsibility” section)
 — Participation in multi‑party initiatives covering high‑risk 
areas (§5.2 of the “Ethics and responsibility” section)
 — Supply chain certification targets (§5.2 of the “Ethics 
and responsibility” section)
Individuals’ 
health and safety
 — LVMH Restricted Substances List (§5.3 of the “Ethics 
and responsibility” section)
 — LVMH Testing Program (§5.3 of the “Ethics and 
responsibility” section)
 — Promoting responsible consumption of wines and 
spirits (§5.3 of the “Ethics and responsibility” section)
 — Third‑party liability insurance (§2.3 of the 
“Financial and operational risk management 
and internal control” section)
 — Specific insurance policies in countries where 
work‑related accidents are not covered by social 
security systems (§2.3 of the “Financial and operational 
risk management and internal control” section)
 — Supplier Codes of Conduct (§2.2 of the “Ethics 
and responsibility” section)
 — Training for suppliers and buyers (§5.2 of the 
“Ethics and responsibility” section)
 — Participation in multi‑party initiatives covering high‑risk 
areas (§5.2 of the “Ethics and responsibility” section)
 — Supply chain certification targets (§5.2 of the “Ethics 
and responsibility” section)
 — LVMH assistance guides provided to suppliers for 
the elimination/substitution of chemicals whose use is 
restricted or prohibited by the Group (§5.3 of the “Ethics 
and responsibility” section)
 — LVMH Charter on Working Relations with Fashion Models 
(§2.2 of the “Ethics and responsibility” section)
Environment
 — LIFE 360 objectives (§2 to §5 of the “Environment 
and sustainability” section)
 — Insurance for environmental damage (§2.3 and 
§2.4 of the “Financial and operational risk 
management and internal control” section)
 — Supplier Codes of Conduct (§2.2 of the “Ethics 
and responsibility” section)
 — Training for suppliers and buyers (§5.3 of the 
“Ethics and responsibility” section)
 — Participation in multi‑party initiatives covering high‑risk 
areas (§5.2 of the “Ethics and responsibility” section)
 — Supply chain certification targets (§5.2 of the 
“Ethics and responsibility” section)

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Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Ethics and responsibility
Follow‑up and assessment measures
 
Group activities
Activities of suppliers and subcontractors
Common 
to all issues
 — Internal control and audit framework 
(§3.5 of the “Financial and operational risk 
management and internal control” section)
 — Regular updates to the risk analysis
 — Accident analysis and prevention (§3.2 of the 
“Attracting and retaining talent” section)
 — Environment management system (§2.1.4 and 
§2.2.4 of the “Environment and sustainability” section)
 — Tracking achievement of LIFE 360 targets (§2 to §5 
of the “Environment and sustainability” section)
 
— Audits and follow‑up audits (§5.2 of the “Ethics 
and responsibility” section)
 
— Corrective action plans following audits (§5.2 of the 
“Ethics and responsibility” section)
Individuals’ 
health and safety
 — Accident analysis and prevention (§3.2 of the 
“Attracting and retaining talent” section)
Specific to the 
environment
 — Environment management system (§2.1.4 and 
§2.2.4 of the “Environment and sustainability” section)
 — Tracking achievement of LIFE 360 targets (§2 to §5 
of the “Environment and sustainability” section)
7.2.4  Management of whistleblowing
LVMH, which comprises all of the Group’s operating activities, has 
set up the LVMH Alert Line, a secure centralized whistleblowing 
system that guarantees confidentiality. Available in 14 languages and 
accessible on the Group’s website (https://alertline.lvmh.com), 
it is open to both employees and external stakeholders. In 2022, 
327 reports were received through LVMH’s whistleblowing 
system, of which 65% had to do with human resources matters.
In general and in addition to this system, the Group’s Ethics & 
Compliance Department helps the Maisons to deal with any 
reports concerning human rights and ensures that appropriate 
corrective measures are taken.

Annual Report as of December 31, 2022
75
Management Report 
of the Board of Directors: 
The Christian Dior group
5.	
Environment and sustainability
1.	
General environmental policy
76
1.1.
Organization of the Group’s environmental approach .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 76
1.2.
The LIFE program .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 79
1.3.
2022 reporting scope .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 81
2.	
LIFE 360 – Circular Design
81
2.1.
Overview of the Circular Design policy .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 81
2.2.
Key achievements in 2022: Circular Design .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 83
3.	
LIFE 360 – Biodiversity
86
3.1.
Overview of the Biodiversity policy .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 86
3.2.
Key achievements in 2022: Biodiversity .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 89
4.	
LIFE 360 – Traceability and Transparency
94
4.1.
Overview of the Traceability and Transparency policy .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 94
4.2.
Key achievements in 2022: Traceability and Transparency .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 95
5.	
LIFE 360 – Climate
96
5.1.
Overview of the Climate policy .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 96
5.2.
Key achievements in 2022: Climate .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 98
5.3.
Supporting the principles of the Task Force on Climate-Related 
Financial Disclosures (TCFD) .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 102
6.	
Environmental taxonomy
104
6.1.
KPIs relating to operating investments (capex) .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 104
6.2.
KPIs relating to turnover and maintenance, R&D and rental expenses (opex) .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 105

76
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
The Group’s policy with respect to the environment and sustainability is pursued via LVMH and its Maisons, which comprise all of 
the Group’s operating activities.
1.	
General environmental policy
In 2022, which again saw record‑breaking heatwaves leading 
to droughts, floods and fires, the expectations of civil society 
worldwide with respect to the protection of biodiversity and 
the fight against global warming were communicated more 
clearly and strongly than ever before. With a fourth value 
of commitment (to inclusiveness and solidarity and to the 
environment) now added to the Group’s three enduring values 
of creativity, excellence and entrepreneurial spirit, the Group 
unveiled its new environmental roadmap, LIFE 360 (LVMH 
Initiatives for the Environment 360), at its Shareholders’ Meeting 
on April 21, 2022. This new phase in the Group’s environmental 
policy, which itself dates back as far as 1992, follows on from 
LIFE 2020, LVMH’s program of commitments covering the 
period 2016‑2020. To speed up progress, LIFE 360 includes 
2023, 2026 and 2030 targets for all the Group’s Maisons, with the 
aim of nurturing the emergence of a new vision for luxury as a 
balanced combination of nature on the one hand and creativity 
and artisanal excellence on the other.
1.1	
Organization of the Group’s environmental approach
1.1.1  Governance
Reporting directly to Antoine Arnault, a member of LVMH’s 
Board of Directors, the 10‑member Environmental Development 
Department has the following objectives:
•	 implement the four action plans (circular design, traceability, 
biodiversity and climate) of the LIFE (LVMH Initiatives for 
the Environment) program across all Maisons;
•	 guide Group companies’ environmental policies, in compliance 
with the LVMH Environmental Charter;
•	 report on the Group’s environmental strategy through a 
dedicated report and specific impact indicators;
•	 identify world‑class environmental analyses, tools and 
methodologies and share them with the Maisons;
•	 build the environment into design processes and nurture 
innovation;
•	 carry out forward‑looking analysis to help the Maisons 
safeguard against risks and seize opportunities in each of the 
main business groups (Wines and Spirits, Fashion and Leather 
Goods, Perfumes and Cosmetics, Watches and Jewelry, and 
Selective Retailing), and in hotel activities;
•	 train employees and raise environmental awareness at every 
level of the organization;
•	 share the Group’s environmental experience at international 
summits and build proactive partnerships;
•	 uphold the Group’s reputation and contribute to its 
non‑financial performance.
Each Maison also draws on its own in‑house expertise in 
environmental matters. These experts make up a network of 
nearly 200 Environment Officers from Maisons, known as the 
Environment Committee, which meets several times a year, in 
particular to share and discuss best practices.
In 2003, LVMH joined the United Nations Global Compact, 
which aims to promote responsible corporate citizenship through 
business practices and policies based on ten universal principles, 
including the following three relating to the environment:
•	 adopt a precautionary approach to environmental challenges;
•	 promote greater environmental responsibility;
•	 encourage the development and widespread adoption of 
environmentally friendly technologies.

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
In addition, LVMH’s ability to drive continuous improvement 
is closely tied to the Group’s success at making sure that its 
196,006 employees understand their role as active participants 
in its approach to environmental matters. The Environment 
Department thus works to inform, train and raise awareness 
among employees with regard to the conservation of natural 
resources and biodiversity, as well as climate change. Since 2016, 
the Group’s in‑house Environment Academy has served this 
role and its actions are continually being adapted to meet new 
requirements. The Academy designs training programs based 
on the major objectives of the LIFE program, using a range of 
learning materials – including face‑to‑face training sessions, 
e‑learning modules and virtual classes.
In 2022, almost all of the Maisons continued with their employee 
environmental training and awareness programs. Numerous 
courses and modules to facilitate the transformation of certain 
business lines were rolled out, particularly relating to sustainable 
design of products and stores. For example, Parfums Christian 
Dior delivered a classroom training course on this subject for 
all teams involved, a total of 200 individuals, as did Louis 
Vuitton as part of its Sustainable Design Day. With respect to 
the environmental performance of its stores, LVMH runs a 
program of webinars for the Store Planning and Environment 
community mainly focusing on sustainable building design in 
accordance with Group and LIFE 360 guidelines. The Group also 
stepped up the deployment of the Climate Fresk in 2022, with 
training sessions for in‑house trainers and more awareness days. 
A growing number of Maisons now include an environmental 
training target in their incentive agreements.
These training programs totaled 31,238 hours in 2022, a significant 
increase relative to 2021 (20,106 hours).
In 2022, LVMH was included in the main indices based on 
responsible investment criteria: FTSE4Good Global 100, Moody’s 
ESG (68/100) and S&P Global ESG (70/100). In addition, LVMH 
was awarded a Triple A by CDP for its leadership, transparency 
and action relating to climate change, forests and water security.
1.1.2  Risk identification
In 2022, LVMH further refined its materiality analysis of the 
most important issues for the Group:
•	 for the Group’s climate impacts, the ongoing analysis of 
physical and transition risks relating to climate change was 
continually updated by applying the scenario analysis method 
and studying the related financial consequences;
•	 for water and biodiversity impacts, the Group tested and 
rolled out methodologies currently under development by 
SBT for Nature and the TNFD.
The main environmental risks identified at the Group level relate 
to the following topics:
1.	 impacts on ecosystems;
2.	 depletion of natural resources;
3.	 setting up and maintaining responsible supply chains;
4.	 climate change risks.
While the Group is exposed to climate‑related risks, it may 
also benefit from opportunities related to climate change. 
The policies implemented and their results are set out in the 
following sections.

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Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
The full materiality matrix of risks and opportunities provides detailed information on the following environmental issues relating 
to the Group’s business activities:
 
Wines and 
Spirits
Fashion and 
Leather Goods
Perfumes and 
Cosmetics
Watches and 
Jewelry
Selective 
Retailing
State of energy 
resources and 
climate change
	- Grape growing and yield
	- Packaging production
	- Distillation
	- Transportation 
of products
	- Soil erosion
	- Store lighting, air 
conditioning and location
	- Transportation 
of products and 
carbon taxes
	- Production of 
resources needed to 
manufacture products:
	- Plant fibers used for 
textiles (cotton, etc.)
	- Leather, including 
exotic leather
	- Fur
	- Wool
	- Customer expectations 
in relation to more 
sustainable products
	- Renewable energy costs
	- Packaging production
	- Store lighting, air 
conditioning and location
	- Transportation 
of products and 
carbon taxes
	- Customer expectations 
in relation to more 
sustainable products
	- Renewable energy costs
	- Store lighting, air 
conditioning and location
	- Renewable energy costs
	- Store lighting, air 
conditioning and location
	- Transportation of products
	- Renewable energy costs
Impact on water 
resources
	- Water consumption 
(vineyard irrigation in 
Australia, New Zealand, 
Argentina and California)
	- Production of effluents 
containing organic matter 
during winemaking 
and distillation
	- Water consumption 
(crocodilian farms 
and tanneries)
	- Production of effluents 
containing organic matter
	- Water consumption 
(production and 
transformation of 
raw materials)
	- Water consumption during 
the extraction of mineral 
resources needed to 
manufacture products
	- Production of effluents 
containing mineral matter
Impact on 
ecosystems 
(including 
deforestation and 
desertification) 
and depletion of 
natural resources
	- Production of plant 
resources needed 
for other production 
processes (grape vines, 
barley, rye, etc.)
	- Protecting biodiversity
	- Production of 
resources needed to 
manufacture products:
	- Plant fibers used for 
textiles (cotton, etc.)
	- Leather, including exotic 
leather
	- Fur
	- Wool
	- Eider down
	- Farming and trapping 
practices concerning raw 
materials of animal origin
	- Protecting biodiversity
	- Production of plant 
resources needed to 
manufacture products 
(rose, jasmine, etc.)
	- Protecting biodiversity
	- Extraction of resources 
needed to manufacture 
products:
	- Gems and precious 
metals
	- Exotic leather
	- Farming and trapping 
practices concerning raw 
materials of animal origin
	- Protecting biodiversity
Waste 
production
	- Production of residues 
from winemaking or 
distillation processes 
and packaging waste
	- Circular economy
	- Unused raw materials, 
obsolete and unsold 
products, window 
displays and events
	- Customer expectations 
in relation to more 
sustainable products
	- Circular economy
	- Point‑of‑sale advertising, 
packaging waste, 
and obsolete and 
unsold products
	- Circular economy
	- Scrap metal
	- Circular economy
	- Point‑of‑sale advertising, 
packaging waste, 
and obsolete and 
unsold products
	- Circular economy

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Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
1.1.3  Environmental expenses
Environmental expenses are recognized in accordance with 
the recommendations of the Autorité des Normes Comptables, 
France’s accounting standards authority. Operating expenses and 
capital expenditure are recognized against each of the following 
items:
•	 air and climate protection;
•	 wastewater management;
•	 waste management;
•	 soil protection and purification;
•	 noise and vibration reduction;
•	 conservation of biodiversity and other environmental 
protection measures;
•	 research and development.
In 2022, expenses related to environmental protection broke 
down as follows:
•	 operating expenses: 42.5 million euros (2021: 32 million euros);
•	 capital expenditure: 17.3 million euros (2021: 16.6 million euros).
Provisions for environmental risks amounted to 12.4 million euros 
as of December 31, 2022. This amount corresponds to the 
financial guarantees required by law for Seveso upper‑tier 
establishments.
Furthermore, in accordance with Regulation (EU) 2020/852 
establishing criteria for determining whether an economic 
activity qualifies as environmentally sustainable, the Group 
has identified those of its activities that qualify as contributing 
to climate change adaptation and mitigation objectives (see §6, 
“Environmental taxonomy”).
1.2	
The LIFE program
Signed in 2001 by the Group’s Chairman, the Environmental 
Charter is the founding document for LVMH’s five main aims 
with regard to the environment:
•	 striving for high environmental performance;
•	 encouraging collective commitment;
•	 managing environmental risks;
•	 designing products that factor in innovation and environmental 
creativity;
•	 making a commitment that goes beyond the Company.
The LVMH Environmental Charter also encourages all Maison 
Presidents to become directly involved in the approach through 
concrete actions, and requires each Maison to set up an effective 
environmental management system, create think tanks to 
assess the environmental impacts of its products, manage risks, 
and adopt environmental best practices. The Environmental 
Charter has guided LVMH’s environmental commitments and 
its program of actions.
1.2.1  Overview of the LIFE program
Launched in 2011, the LIFE (LVMH Initiatives for the 
Environment) program is designed to reinforce the incorporation 
of environmental concerns into brand strategy, facilitate the 
development of new coordination tools, and take into account 
developments and improvements arising from innovative 
practices at Maisons.
The Maisons have incorporated the LIFE program into their 
strategic plans since 2014. The LIFE program was implemented 
by a Steering Committee at each Maison and is based on nine key 
aspects of environmental performance:
•	 taking account of the environment in product design;
•	 securing access to strategic raw materials and supply chains;
•	 traceability and compliance of materials;
•	 suppliers’ environmental and social responsibility;
•	 preserving critical expertise;
•	 reducing greenhouse gas emissions;
•	 environmental excellence in manufacturing processes;
•	 product life span and reparability;
•	 keeping customers and key stakeholders informed.
1.2.2  The LIFE 360 program
Preparations for the new program
LIFE 2020, the first roadmap resulting from the LIFE program 
and risk mapping, which in 2016 set out four targets common 
to all the Maisons, was completed in 2020. Preparations for 
the Group’s new program of commitments, drawn up from 
November 2020 with the intention – shared by the Maisons – 
of making even faster progress, included analyzing the results 
of LIFE 2020. Other work was involved in preparing the new 
program:
•	 priorities set jointly with the Maisons and via the various 
consultative bodies: the LVMH Science Committee; the 
Future of Luxury Commission (established in July 2020 and 
made up of leading outside figures from various disciplines); 
and work sessions with students and young employees;
•	 updates to the analysis of risk factors;
•	 analysis of the Sustainable Development commitments made 
by certain LVMH Maisons. This is the case for Louis Vuitton, 
which has committed to achieve the following by 2025: set 
up or maintain responsible supply chains for 100% of its 
raw materials; map out a climate trajectory approved by the 
Science Based Targets initiative; and promote circular design 
by committing to sustainable design for all its products. At 
the end of 2020, Moët Hennessy had made all of its own 
vineyards in the Champagne region herbicide‑free as part of 
its “Living Soils” program and plans to do the same by 2028 
for its independent grape suppliers;

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Environment and sustainability
•	 the 2020 LVMH Climate Week offered a week‑long program 
of discussions and meetings with experts on climate and 
biodiversity‑related topics for the Group’s employees;
•	 the calculation of the Group’s environmental footprint for 
its entire value chain, including Scope 1, 2 and 3 emissions, 
covering issues relating to climate change, biodiversity and 
water;
•	 analyzing the extent to which LVMH’s environmental policy 
has contributed to the achievement of the United Nations 
Sustainable Development Goals (SDGs), in particular SDG 3 
(“Good health and well‑being”), SDG 6 (“Clean water and 
sanitation”), SDG 9 (“Industry, innovation and infrastructure”), 
SDG 12 (“Responsible consumption and production”), SDG 15 
(“Life on land”) and SDG 17 (“Partnerships for the goals”);
•	 securing approval for the prioritization of objectives and 
their terms of implementation at presentations to members 
of the Executive Committee and the Ethics & Sustainable 
Development Committee.
LIFE 360 objectives
LVMH’s new LIFE 360 roadmap, the fruit of this work, was 
unveiled at the 2021 Shareholders’ Meeting and the results for 
fiscal year 2021 were presented at the Shareholders’ Meeting 
of April 21, 2022. It sets out 2023, 2026 and 2030 targets and 
charts a course for creating products that embody the Group’s 
environmental ambitions: products that exist in harmony with 
nature, do not damage biodiversity or the climate, and mobilize 
stakeholders. It is structured around four strategic action plans:
•	 Circular Design: Harnessing the circular economy 
(sustainable design, repair, reuse and upcycling) and 
innovation (research into new materials) to fuel creativity, 
with a target of all new products being sustainably designed 
by 2030 and having a managed environmental footprint 
from extraction of materials through to their transformation. 
Packaging strategy will follow this same trajectory, with a 
target of zero fossil‑based virgin plastic by 2026;
•	 Biodiversity: The Group’s activities are intimately linked to 
nature. The targets laid down in this action plan are designed 
to limit impacts and restore to the environment whatever is 
taken from it: zero deforestation and conversion of ecosystems 
within its operations and supply chains by 2025 (target 
updated in 2022 to include certain requirements established 
as part of the Science Based Targets for Nature initiative); all 
strategic supply chains to be subject to the most rigorous 
standards by 2026; a regenerative agriculture plan to restore 
5 million hectares of flora and fauna habitats between now 
and 2030. The Group continues to roll out its Animal Welfare 
Charter published in 2019 and is in the process of drawing up 
a dedicated policy to protect water resources which will be 
published in summer 2023;
•	 Climate: LVMH’s new carbon trajectory, in line with the 
Paris Agreement was approved by the Science Based Targets 
initiative (SBTi) in December 2021. It aims to achieve a 50% 
reduction in energy‑related greenhouse gas emissions by 2026 
(baseline: 2019) and a 55% reduction in Scope 3 emissions per 
unit of added value by 2030. Actions to achieve these targets 
are concentrated in four key areas: exclusive use of renewable 
or low‑carbon energy by production sites and stores, an action 
plan dedicated to green e‑commerce, increase in the share of 
maritime transportation for freight, and a supplier carbon 
footprint plan;
•	 Traceability and Transparency: The action plan aims to roll 
out dedicated traceability initiatives covering all strategic raw 
materials by 2030 and tools for sharing environmental and/or 
social information at product level (see §5.2.2).
These four strategic action plans are broken down to business 
segment and individual Maison level. They are accompanied 
by targets designed to mobilize stakeholders around the 
LIFE 360 priorities, in particular:
•	 employees, with the aim of designing environmental training 
programs tailored to the specific characteristics of the Group’s 
businesses;
•	 customers, with a target of all new products having a 
dedicated information system by 2026;
•	 strategic suppliers, with CSR clauses to be included in all 
contracts and subject to verification by 2030, Targets have 
been set for the certification of purchased raw materials 
and production sites, the environmental management of 
water and hazardous substances (see §3.2.3), and the energy 
transition;
•	 researchers, with a dedicated sustainable luxury research and 
innovation program for 2023.

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Environment and sustainability
1.3	
2022 reporting scope
The environmental indicator reporting process covered the 
following scope in 2022:
Production sites, warehouses, hotels 
and administrative sites (number) 
2022
Sites covered (a) 
327 
Sites not covered (b) (c) 
150 
Total number of sites
477 
(a)	 Includes certain sites of Belmond, Bulgari, Celine, Christian Dior Couture, DFS, 
Guerlain, Louis Vuitton and Tiffany.
(b)	 Main components: certain regional administrative sites of Louis Vuitton and Moët 
Hennessy as well as administrative sites with fewer than 20 employees.
(c)	 Belmond is included in reporting for indicators relating to energy and associated 
greenhouse gas emissions.
93% of production sites are covered. The manufacturing, logistics 
and administrative sites that are not covered by environmental 
reporting are essentially excluded for operational reasons and 
their environmental impact is not material. A plan to gradually 
include them is underway.
The guidelines for the addition or exclusion of entities or sites 
joining or leaving the Group are as follows:
•	 new entities and new sites are added to the reporting scope 
one year after their integration;
•	 entities and sites sold during the fiscal year (between January 1 
and December 31) are excluded from the reporting scope.
The total store floor space used to calculate energy consumption and greenhouse gas emissions is as follows, expressed as a percentage 
of the Group’s total store floor space:
 
% of Group’s total store floor space taken into 
account in calculating energy consumption 
and greenhouse gas emissions (a) 
2022
2021
Group total
73 
74
(a)	 The reporting scope does not cover the stores operated under franchise by Fashion and Leather Goods, Perfumes and Cosmetics, and Watches and Jewelry.
Calculations of energy consumption and greenhouse gas 
emissions also include certain stores operated by all Maisons 
in the Fashion and Leather Goods, Perfumes and Cosmetics, 
Watches and Jewelry, and Selective Retailing business groups.
Sephora South East Asia, Rimowa, Parfums Francis Kurkdjian, 
Pucci and Parfums Givenchy stores have been excluded.
For waste production and water consumption, only certain stores 
operated by DFS and stores operated by the Le Bon Marché group 
are included.
For the 27% of stores not taken into account in calculating energy 
consumption and greenhouse gas emissions, data is estimated 
and presented separately.
2.	
LIFE 360 – Circular Design
2.1	
Overview of the Circular Design policy
LVMH’s Maisons work to limit the impact of their products on 
the natural environment by taking each product’s entire life cycle 
into account. Through its LIFE 360 strategy, LVMH is bringing 
together all its Maisons around the concept of circular design, 
based on four convictions:
•	 inventiveness: selecting innovative new materials such as 
those that are recycled, bio‑sourced, certified and/or derived 
from regenerative agriculture (see §2.1.1 and 3.1);
•	 simplicity: selecting the most demanding transformation 
and manufacturing processes at Maisons’ and suppliers’ sites 
to reduce environmental impacts (climate, water, waste, 
biodiversity) (see §2.1.4);
•	 eternity: guaranteeing long product life by ensuring high 
quality, thanks to expertise in repairs and the art of patina, 
new technologies such as product recharges, refills and 
refurbishment, and the promotion of new services (see §2.1.3);
•	 rebirth: helping give materials and products a new lease of life 
through reuse, recovery, recycling and upcycling (see §2.2.2).
These convictions are translated into action plans with tangible 
targets:
•	 all new products sustainably designed by 2030;
•	 zero fossil‑based virgin plastic to be used in packaging by 
2026;

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Environment and sustainability
•	 new circular services to be rolled out;
•	 as key drivers of circular design, Maisons’ production sites are 
also subject to specific targets, for example to roll out certified 
environmental management systems across all production 
and logistics sites by 2026. Ambitious policies are also in place 
covering water consumption, wastewater and general waste.
2.1.1  All products to be covered by 
a sustainable design process
To meet this sustainable design challenge, the Group and its 
Maisons have together identified criteria encompassing at least 
the following:
•	 use of raw materials that are certified, recycled or derived 
from regenerative agriculture;
•	 traceability: knowing the supplier and country of origin for 
each primary material;
•	 product life span and end‑of‑life treatment.
Each business group has tailored these sustainable design criteria 
to its own specific environmental challenges; tools are currently 
being rolled out to monitor performance against these criteria 
and assess each product’s environmental footprint.
•	 Perfumes and Cosmetics: The Maisons have implemented 
the EFI (Eco-Formulation Index) and the EPI (Environmental 
Performance Index for packaging). The EFI score spans six 
dimensions: traceability, clean beauty (with certain substances 
banned from use), naturally occurring raw materials, smart 
formulation to reduce the number of substances used, 
sustainability, and overall environmental impact. The EPI 
score takes into account a number of criteria including 
packaging weight and volume, recycled and bio‑sourced raw 
material content, recyclability and refill capability.
•	 Fashion and Leather Goods: Maisons in the Fashion and 
Leather Goods business group apply the traceability criteria 
identified by the Group, a requirement for a minimum of 
50% raw materials to be certified, recycled or derived from 
regenerative agriculture, and a reparability index. Following 
successful tests, a sector‑based tool for tracking indicators 
and calculating the environmental footprint of products is 
currently being rolled out. It has been designed to meet the 
requirements of France’s new anti‑waste law for a circular 
economy, known as the AGEC law, and specifically its Article 
13 relating to the sharing of environmental and traceability 
information at the time of purchase.
•	 Wines and Spirits and Watches and Jewelry: After being 
defined, sustainable design criteria are tested by the Maisons. 
The Wines and Spirits business group has set up an indicator 
for the environmental performance of packaging and is testing 
a tool to assess the environmental footprint of packaging.
2.1.2  Zero fossil‑based virgin plastic in 
customer packaging by 2026
LVMH aims to have stopped using fossil‑based virgin plastic in 
packaging that reaches customers by 2026. To achieve this target, 
the Maisons are working to:
•	 use recycled plastics;
•	 use bio‑sourced plastics;
•	 replace plastics with other materials.
LVMH has also set the following targets for 2030: 70% of 
packaging materials used by the Maisons (in packaging that 
reaches customers) is to be recycled, and all packaging that 
reaches customers is to be recyclable, compostable or reusable.
2.1.3  Results for new circular services
LVMH’s 75 Maisons offer a vast range of opportunities to explore 
potential new cross‑sector circular design practices, a priority 
action of LIFE 360. They have given rise to new services, which 
were implemented at a faster pace in 2022:
•	 to make products more sustainable through repairs and 
refills;
•	 to donate unsold products to nonprofits, reuse (i.e. use a product 
for the same purpose for which it was originally designed), 
recover (i.e. use products and materials now considered as 
waste) and recycle (i.e. reintroduce waste directly into the 
production cycle that produced it to completely or partially 
replace a new raw material);
•	 to exchange raw and other materials between Maisons through 
innovative projects (see §3.2.3).
2.1.4  All manufacturing and logistics 
sites to have certified environmental 
management systems by 2026
The Maisons’ products are mainly manufactured at 250 production 
sites and distribution hubs. Reducing their environmental impact 
and fostering a circular approach also helps shrink products’ 
environmental footprint.
The Group has set a target of having all its sites covered by 
environmental certification by 2026; this kind of certification is 
a dynamic, unifying and motivating approach for continuously 
improving performance in building use. This approach 
to certification is not new for the Maisons: the LVMH 
Environmental Charter already requires that they put in place 
an environmental management system reporting to Executive 
Management. Hennessy has played a pioneering role in this 
regard, becoming the world’s first wines and spirits company to 
obtain ISO 14001 certification in 1998.

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Environment and sustainability
2.2	
Key achievements in 2022: Circular Design
2.2.1  Sustainable packaging design
The Maisons are working on sustainable packaging design to 
reduce the amount of raw materials used, facilitate recycling 
and help put a stop to the use of fossil‑based virgin plastics. For 
example, Parfums Christian Dior is working with Eastman to 
develop packaging using materials like copolyester produced 
with molecular recycling technologies.
The quantities of packaging consolidated by the Maisons concern 
the following items:
•	 Wines and Spirits: bottles, boxes, caps, etc.
•	 Fashion and Leather Goods: boutique bags, pouches, 
cases, etc.
•	 Perfumes and Cosmetics: bottles, cases, etc.
•	 Watches and Jewelry: cases, boxes, etc.
•	 Selective Retailing: boutique bags, pouches, cases, etc.
Packaging used for transport is not included in this breakdown.
The amount of packaging used Group‑wide was higher than in 
2021 but 3.4% lower than in 2019. Sustainable packaging design 
efforts have also resulted in a reduction in the proportion of 
plastic and an increase in the proportion of glass and paper, as 
shown by the change in the EPI (Environmental Performance 
Index) for packaging used by Maisons in the Perfumes and 
Cosmetics business group (see §2.1.1).
Perfumes and Cosmetics and Wines and Spirits business groups – EPI scores over time:
Indicators
Baseline
Performance 
in 2022
Performance 
in 2021
Change
EPI score for Perfumes and Cosmetics packaging
8.32
13 (a) 
10.71
+21.4%
EPI score for Wines and Spirits packaging
Champagne: 16.03
16.5
16.5
-
 
Cognac: 10.60
12.1
13.4
- 9.7%
(a)	 Maisons included: Guerlain, Parfums Christian Dior and LVMH Fragrance Brands.
The weight of packaging that reaches customers changed as follows between 2021 and 2022:
(in metric tons) 
2022
2021
2022 
pro forma (a) 
Change (b) 
(as %) 
Wines and Spirits
171,156 
170,166
171,121
1
Fashion and Leather Goods
23,145 
19,149
23,145
21
Perfumes and Cosmetics
25,966 
26,890
25,966
(3)
Watches and Jewelry
4,761 
3,390
3,959
17
Selective Retailing
3,425 
4,053
3,425
(15)
Other activities
- 
1
-
-
Total
228,453 
223,649
227,616
2
(a)	 Value and change at constant scope.
(b)	 This change was a result of the upturn in business.
The total weight of packaging that reaches customers, by type of material, broke down as follows in 2022:
(in metric tons) 
Glass
Paper/
Cardboard
Plastic
Metal
Fabric
Other packaging 
materials
Wines and Spirits
155,340
12,589
924
1,430
27
846
Fashion and 
Leather Goods
359
19,238
453
122
2,968
5
Perfumes and Cosmetics
13,688
5,515
5,344
1,407
12
-
Watches and Jewelry
1,721
1,792
864
223
97
64
Selective Retailing
235
2,227
920
40
1
2
Other activities
-
-
-
-
-
-
Total
171,343
41,361
8,505
3,222
3,105
917

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Environment and sustainability
2.2.2  Reducing and recovering waste
The weight of waste generated changed as follows between 2021 and 2022:
(in metric tons) 
Waste 
produced 
in 2022
Of which: 
Hazardous 
waste produced 
in 2022 (a) 
Waste 
produced 
in 2021
Waste 
produced
 in 2022 
pro forma (a) 
Change 
in waste 
produced (a) 
(as %) 
Wines and Spirits
83,629 
290 
78,881
86,679
9
Fashion and Leather Goods
17,171 
3,812 
19,422
17,260
(12)
Perfumes and Cosmetics
10,856 
2,208 
10,297
10,785
4
Watches and Jewelry
1,408 
541 
985
1,396
29
Selective Retailing
3,077 
10 
2,373
2,863
17
Other activities
2,191 
32 
1,625
2,190
26
Total
118,332 
6,893 
113,584
121,173
6
(a)	 Waste that must be sorted and processed separately from non‑hazardous waste (such as cardboard, plastic and paper).
Waste was recovered as follows in 2022:
(as % of waste produced) 
Re‑used
Recovery 
of materials
Waste‑to‑energy 
recovery
Total 
recovery
Wines and Spirits
7
88
3
99 
Fashion and Leather Goods
3
45
40
87 
Perfumes and Cosmetics
1
79
14
94 
Watches and Jewelry
-
40
29
69 
Selective Retailing
4
37
32
73 
Other activities
23
47
16
86 
Total
6
79
11
95 
The Maisons are working to reduce and recycle production waste. 
As regards circular waste management, in 2022, 95% of waste was 
recovered (91% in 2021). Recovered waste is waste for which the 
final use corresponds to, listed in descending order of interest 
in accordance with European and French laws: reuse, recovery 
of materials (i.e. recycling, composting or land treatment) or 
incineration for energy production.
As another example, the Group has set a target of ensuring that 
all site waste from store construction and renovation is locally 
recycled or reused by 2026. To achieve this, the Maisons complete 
the store construction process by implementing a recycling 
indicator for construction waste.
2.2.3  Results for new circular services
Annual reporting tracks the number of new projects at each 
Maison as well as the proportion of total sales accounted for by 
new circular offerings. In France, the Perfumes and Cosmetics 
Maisons, as well as Sephora, have used the CEDRE (Centre 
Environnemental de Déconditionnement, Recyclage Ecologique) 
recovery and recycling facility to handle all the waste generated by 
the manufacturing, packaging, distribution and sale of perfumes 
and cosmetic products. CEDRE accepts several types of articles: 
obsolete packaging, obsolete alcohol‑based products, advertising 
materials, store testers, and empty packaging returned to stores 
by customers. In 2022, around 3,144 metric tons of waste were 
processed (3,717 metric tons in 2021). The various materials (glass, 
cardboard, wood, metal, plastic, alcohol and cellophane) are 
resold to a network of specialized recyclers.
In addition, CEDRE now handles textile waste from the fashion 
Maisons, for which it has become the core of a new ecosystem of 
closed- or open‑loop recycling facilities able to received unsold 
items that cannot be donated or reused. LVMH is working to 
develop a textile recycling system for all of the Maisons with 
the aim of offering an end of life with the lowest possible 
environmental impact for production offcuts, unsold textiles 
and unused fabric rolls. In line with developments in technology, 
this system will involve new partners to handle larger volumes of 
material and to be able to use the upcycled and recycled materials 
to create new products.

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Environment and sustainability
In 2022, Nona Source, the platform developed by the Group to 
facilitate the resale of unused textiles by its Maisons, confirmed 
its status as a circularity accelerator in the fashion industry 
and as an effective means to support young designers by 
offering high‑quality fabrics at very competitive prices. Over 
190,000 meters of fabric (versus 60,000 meters in 2021) from 
more than 10 of the Group’s fashion Maisons was upcycled in this 
way in 2022. In 2022, Christian Dior Couture and Louis Vuitton 
launched recycling projects with WeTurn, the first dedicated 
service for recycling unsold textiles, fabric rolls and production 
offcuts from prestigious Maisons protected by intellectual 
property rights by transforming them into new, fully traceable 
high‑quality European thread. Louis Vuitton launched its first 
closed‑loop recycling project for more than four metric tons of 
textiles to reuse the resulting materials in its own ecosystem.
In the spring of 2022, Christian Dior Couture launched a 
men’s collection in collaboration with the NGO Parley for the 
Oceans. Resulting from several years of joint research, the entire 
collection is developed using high‑performance textiles created 
from upcycled marine plastic debris and fishing gear recovered 
at islands around the world, particularly the Maldives, the 
Dominican Republic and Sri Lanka.
At the end of 2022, LVMH inaugurated Heristoria, a luxury 
e‑shop for items from the archives of the Group’s Maisons, all 
emblematic of their heritage and expertise. Each unique piece 
offered has its own special story, which Heristoria shares on the 
site, and is sold along with an exclusive customer experience. 
To help combat food waste and promote food donations, La 
Grande Épicerie de Paris put in place a process to accurately 
monitor sales so that production can be adjusted accordingly. 
The French Red Cross collects any unsold products each day. 
In 2018, a partnership was launched with Too Good To Go, an 
app that lets stores give their unsold items to its users. In light 
of the Group’s business activities, food insecurity and actions 
promoting responsible, fair and sustainable food use do not 
constitute key risks.
2.2.4  Environmental management
In 2022, the Group continued to roll out certified environmental 
management systems across its 477 sites. By the end of 2022, 74% 
of its industrial sites will be ISO 14001 certified. Biodiversity 
protection is a key part of these environmental management 
systems. As an example, Veuve Clicquot’s Comète production 
facility launched a biodiversity audit in 2022, carried out by 
an ecology consultant, which has already given rise to various 
improvements at the site.
Sustainable design and environmental management are also 
relevant to the Group’s stores. For instance, the Sustainable Store 
Planning working group is encouraging all the Maisons to use 
the LIFE in Stores in‑house rating system for environmental 
performance criteria, which has been rolled out to date at 
Christian Dior, Chaumet and Bulgari. Today the Stores community 
has over 600 members around the world. It is coordinated by the 
Sustainable Store Planning ambassadors selected by each of the 
Maisons. Steering committees meet each month to assess the 
level of achievement of LIFE 360 targets and to explore the best 
ways to disseminate tools. At the end of 2022, the central team 
sent Version 5 of the rating system to the ambassadors for their 
comments and approval. Topical workshops were organized in 
order to lay down the new rating guidelines to enter into effect 
from January 2023. The guidelines include a chapter on water 
management and can now apply to hotels and offices.
The fourth edition of the LIFE in Stores Awards was held on 
October 25, 2022 at the Avenue Montaigne headquarters to 
recognize the best stores in each category of environmental 
performance covered by the rating system. Audited by external 
experts, the 21 stores applying for the awards presented their 
achievements in relation to the 36 criteria. The winners of the 
2022 edition were:
•	 “Envelope Design”: Hublot, Geneva, Switzerland;
•	 “Lighting”: Children’s Department, Le Bon Marché, Paris, 
France;
•	 “Indoor Air Quality”: Fendi, Galleria Vittorio Emanuele II, 
Milan, Italy;
•	 “Energy and Water”: DFS, Galaxy Galleria, Macao, China;
•	 “Interior Design”: Berluti, via Monte Napoleone, Milan, Italy;
•	 “Maintenance”: Loewe, Casa Loewe, Barcelona, Spain.
2.2.5  Summary of LIFE 360 “Circular Design” achievements in 2022
Objectives
Performance 
in 2022
Performance
 in 2021
Target
Zero fossil‑based virgin plastic in packaging that reaches customers
Quantity of fossil‑based virgin plastic in packaging that reaches customers 
(in metric tons) 
7,942
8,632
0 (2026)
70% recycled materials in packaging that reaches customers
Percentage of recycled materials in packaging that reaches customers 
for glass and plastic (by weight) (a) 
39%
38% (b) 
70% (2030)
Presence of ISO 14001‑compliant environmental management systems 
(at manufacturing sites and distribution hubs)
74%
70%
100% (2026)
(a)	 Data from a report currently under development.
(b)	 Data recalculated for 2021 as a result of an improvement in the calculation process at Domaine Chandon Argentina.

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Environment and sustainability
3.	
LIFE 360 – Biodiversity
3.1	
Overview of the Biodiversity policy
Protecting natural ecosystems is of vital importance to the Group, 
whose business is heavily dependent on natural raw materials 
(such as flowers, grapes, cotton, leather and gems). This concern 
is part and parcel of a long‑term view that places a priority on 
preserving nature, from which the exceptional quality of its 
Maisons’ products is ultimately derived.
The first step in the process is to measure impacts. This can serve 
as a powerful lever for identifying priorities, targets and actions. 
However, measuring impacts on biodiversity is a complex matter. 
The Group undertakes to update and improve its measurement 
of impacts on a yearly basis, and to take part in the improvement 
of methods. To this end, the Group rolled out two methods: the 
Global Biodiversity Score and an environmental footprint for its 
entire value chain calculated using the Impact World+ method, 
including Scope 1, 2 and 3 emissions, covering issues relating to 
climate change, biodiversity and water. Some biodiversity impact 
indicators are geolocalized to allow for analysis at a more granular 
level and the implementation of specific action plans for some 
regions. Biodiversity impact indicators are updated each year and 
shared with the scientific community in order to contribute to 
the refinement of methods.
The Group’s commitments and actions are in keeping with the 
reference framework drawn up by Science Based Targets for 
Nature, which is currently under development. The framework 
aims to align companies’ actions with international biodiversity 
protection goals. In this context, LVMH updated its biodiversity 
commitments in 2022 to include certain requirements defined 
under this framework.
Taking into account the results of these measurements, the 
Group is taking action and making protecting and regenerating 
biodiversity a major focus of its LIFE 360 environmental strategy, 
whose three targets aim to reduce impacts and regenerate 
biodiversity:
•	 zero deforestation and conversion of natural ecosystems 
within its operations and supply chains by 2025 (using the 
baseline provided by Science Based Targets for Nature for the 
definition of natural ecosystems in 2020);
•	 all strategic raw materials to be certified by 2026;
•	 5 million hectares of flora and fauna habitat to be preserved, 
regenerated or restored by 2030.
3.1.1  Avoiding and reducing impacts 
on biodiversity
Zero deforestation and conversion of natural 
ecosystems within operations and supply chains 
by 2025
In 2022, the Group updated its deforestation target, raising its 
goal and aligning with the future requirements of the Science 
Based Targets for Nature framework. Among the raw materials 
considered at risk in terms of deforestation, the Group makes use 
of wood and wood derivatives (paper, cardboard and viscose), 
palm oil derivatives and leather. These materials have been 
identified with the help of environmental footprints from 
LVMH’s value chain. In 2022, LVMH quantified the potential 
deforestation intensity of its supply chains for these three 
materials in relation to countries of origin and production 
practices: it amounts to 70 hectares per year (including animal 
feed). By calculating this intensity, the Group is able to establish 
priorities for action and measure the progress made.
In addition, the Group continues to take proactive steps:
•	 in spring 2021, LVMH entered into a partnership with 
Canopy, an NGO whose program aims to avoid deforestation 
in the wood, cardboard and viscose sectors;
•	 like many of the Group’s Maisons, LVMH is a member of 
FSC France, whose strategy is aimed at certifying sustainably 
managed forests, transforming markets and acting as a catalyst 
for change;
•	 the Group’s Maisons ask their partner tanneries not to accept 
any hides sourced from the Amazon basin;
•	 LVMH has kicked off agroforestry projects in the Indonesian 
palm oil sector.
All strategic raw materials to be certified by 2026
The LVMH group has put in place a strategy for sourcing and 
preserving raw materials, covered by LIFE 360 targets for 2026, 
that commits the Maisons to ensuring that all strategic raw 
materials they purchase and produce are certified as complying 
with the most stringent environmental standards covering 
both the materials themselves and production sites, and that 
guarantees that ecosystems and water resources are properly 
protected. At the close of the LIFE 2020 environmental program,

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the list of strategic raw materials was expanded. This list now 
includes the following:
•	 grapes, rye and barley;
•	 leathers, raw lamb and calf skins, exotic leathers and furs;
•	 cotton;
•	 wool;
•	 down and feathers;
•	 viscose;
•	 silk;
•	 wood, paper and cardboard;
•	 gems and precious metals;
•	 palm oil and its derivatives;
•	 soya and its derivatives for cosmetic use;
•	 alcohol;
•	 iconic ingredients used by Maisons in the Perfumes and 
Cosmetics business group;
•	 regulated chemicals. All the Maisons have incorporated the 
requirements of international regulations, including REACH, 
into their contractual documents so as to engage all suppliers 
in this undertaking.
Furthermore, the Maisons have implemented procedures to 
ensure that all of their products comply with CITES, a convention 
on international trade in endangered species. Through a system 
of import‑export permits, this convention was set up to prevent 
overexploitation of certain species of endangered fauna and 
flora. In keeping with the Animal-Based Raw Materials Sourcing 
Charter published in 2019, the Maisons committed not to 
source any supplies of materials listed in Appendix 1 of CITES 
or identified as under threat by the International Union for 
Conservation of Nature (IUCN) with effect from 2020.
The Group proactively supports certification programs not only 
by purchasing certified materials but also by sitting on expert 
committees, in partnership with other stakeholders, to ensure 
that the aims of the required standards are both neutral and 
sufficiently stringent.
Wines and Spirits
The Wines and Spirits business group is actively committed 
to sustainable, organic and/or regenerative winegrowing, both 
of which are helping to considerably reduce its environmental 
impact, in particular by limiting the use of plant protection 
products.
Stepping up the roll‑out of sustainable, organic and/or regenerative 
winegrowing at the Maisons’ vineyards and among independent 
grape suppliers has thus been adopted as a LIFE 360 target. 
Various certification systems have been established across 
winegrowing regions: Viticulture Durable en Champagne for 
champagne houses, environmental certification for cognac 
(Haute Valeur Environnementale), organic farming for certain 
vineyards, Napa Green in California, etc. LIFE 360 targets are 
as follows:
•	 for vineyards owned by the Group: all grapes to be from 
sustainable, organic or regenerative winegrowing by 2026;
•	 for partner/supplier vineyards (champagne, cognac, wines): 
80% of grapes to be from sustainable, organic or regenerative 
winegrowing by 2026.
Fashion and Leather Goods
The Fashion and Leather Goods business group has adopted nine 
major targets for 2026:
•	 90% by volume of supplies of cow, sheep and exotic leathers 
to be purchased from Tier 1 LWG-certified tanneries, 
with 50% to be purchased from Tier 2 and above LWG- or 
ISO 14001‑certified tanneries. LWG certification is a standard 
created by the Leather Working Group to improve the 
environmental performance of tanneries (energy, water, 
waste, traceability);
•	 supplies of exotic leather to be purchased from abattoirs and/or 
farms certified in accordance with standards covering animal 
and human welfare and care for the environment, such as the 
LVMH Standard for Responsible Crocodilian Production, 
the International Crocodilian Farmers Association (ICFA), 
the South African Business Chamber of Ostriches (SAOBC) 
and the forthcoming standard to be issued by the South East 
Asian Reptile Conservation Alliance (SARCA). The Group is 
also seeking certification for all crocodile farms supplying the 
Group’s tannery;
•	 all supplies of pelts to be purchased from certified fur farms, 
notably by rolling out certifications recognized under the 
FurMark program;
•	 all supplies of cotton to be purchased from sustainable 
cotton sources. Organic, regenerative and recycled cottons 
are preferred;
•	 all supplies of wool to be purchased from sustainable sources. 
Sustainable wool is either recycled or sourced from farms 
certified as complying with animal welfare and environmental 
protection standards such as the Responsible Wool Standard 
(RWS), the Responsible Mohair Standard (RMS), the Code of 
Practice of the Sustainable Fibre Alliance (SFA) and the Global 
Recycle Standard (GRS);
•	 all supplies of viscose to be sustainable, whether recycled or 
purchased from suppliers with a Canopy “green shirt” rating;
•	 all supplies of silk to be purchased from sustainable sources 
(certified GOTS or a mix of GOTS and GRS);
•	 all supplies of feathers and down to be either recycled or 
purchased from suppliers certified in accordance with the 
Responsible Down Standard (RDS);
•	 Animal-Based Raw Materials Sourcing Charter to be 
incorporated into supplier relationships. The Group shares 
civil society’s aim of improving animal welfare, as reflected 
in the charter unveiled by the Group in 2019. It is supported 
by a consultative Science Committee that helps support 
scientific research. This work is the result of a long process of 
research and collaboration between LVMH’s environmental 
experts, its Maisons and its suppliers. Taking a comprehensive 
approach, the charter addresses the full range of issues 
involved in the sourcing of fur, leather, exotic leather, wool 
and feathers, with commitments to achieving progress in 
three areas: full traceability in supply chains; animal farming 
and trapping conditions; and respect for local communities, 
the environment and biodiversity.

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Perfumes and Cosmetics
The Perfumes and Cosmetics business group has set itself three 
key LIFE 360 targets in relation to its supply chain to be achieved 
by 2026:
•	 all supplies of palm oil to be purchased from sustainable 
sources, including RSPO-certified palm oil and palm oil from 
regenerative agriculture;
•	 all supplies of alcohol to be purchased from sustainable 
sources, including organic beet and regenerative agriculture 
as well as alternative and innovative solutions;
•	 all iconic ingredients used by the Maisons to be EUBT-certified.
The business group also takes part in specific initiatives related to 
the sourcing of mica (RMI). The Group’s Research & Development 
Department and Maisons have been carrying out ethnobotanical 
studies for a number of years. They seek to identify plant species 
with a particular interest as components of cosmetic products 
while contributing to the preservation of these species and 
to local economic development. This partnership can take a 
variety of forms such as financial support, technical or scientific 
assistance, or skills sponsorship, sharing the expertise of the 
Group’s staff with its partners. As part of this initiative, Parfums 
Christian Dior’s Dior Gardens are plots dedicated to cultivating 
plant species chosen for their exceptional properties. Guerlain 
has also launched a number of partnerships focused on orchids in 
China, vetiver in India, honey in Ouessant in France, sandalwood 
in Asia and lavender from the south of France.
Watches and Jewelry
The Watches and Jewelry business group has set itself three key 
LIFE 360 targets in relation to its supply chain to be achieved 
by 2026:
•	 all supplies of gold to be purchased from sustainable sources, 
including Responsible Jewellery Council Chain‑of-Custody 
(RJC CoC) or equivalent certification for recycled gold and 
RJC CoC or equivalent certification for mines for new gold. 
The Group is currently working to recognize other standards 
for future adoption such as the Initiative for Responsible 
Mining Assurance (IRMA), Fairmined, Fairtrade and the 
CRAFT and Swiss Better Gold Association (SBGA) initiatives;
•	 all supplies of diamonds to be purchased from RJC CoP-
certified suppliers;
•	 all supplies of colored gemstones to be purchased from 
suppliers certified RJC CoP or equivalent or verified via the 
Gemstones and Jewellery Community Platform (GJCP).
All of the Watches and Jewelry Maisons have received certification 
under the Responsible Jewellery Council’s Code of Practices 
standard, known as RJC CoP. As part of the LIFE 2020 and 
LIFE 360 targets, and in line with this certification, which applies 
to their gold and diamond supply chains, they expanded their 
responsible sourcing efforts. Bulgari is particularly active in this 
area, and has become the first company in its market to obtain 
the Chain of Custody (CoC) certification for its jewelry business. 
The Group and its Maisons are also involved in the Coloured 
Gemstones Working Group (CGWG) run by The Dragonfly 
Initiative. The CGWG aims to roll out environmental and social 
best practice across the colored gemstone sector by making all 
tools developed by the initiative available to the industry on an 
open‑source basis and allowing industry players to assess the 
maturity of their practices.
All business groups
Wood and wood derivatives: Given its strong commitment to 
combating deforestation, the Group has set an additional target 
applicable to all business groups: all supplies of wood, paper 
and cardboard to be FSC-certified (including FSC Mix and FSC 
Recycled) by 2026. For example, all wood for use in store fittings 
and decorations will be FSC-certified by 2026.
Chemicals: LVMH has also implemented many tools to improve 
and monitor the use of chemicals in products:
•	 in relation to the finished products and raw materials supplied 
to the Maisons, by maintaining its Product Restricted 
Substances List (PRSL), which details the chemical restrictions 
applicable to these products and materials (updated at least 
twice a year);
•	 in relation to supply chains, by monitoring the compliance 
of chemical formulations with the Manufacturer Restricted 
Substances List (MRSL) maintained by the multi‑stakeholder 
organization ZDHC of which LVMH is a member.
Further information is provided in §5.3.
3.1.2  Protecting and restoring 
biodiversity
The Group is committed to regenerating the equivalent of 
5 million hectares of flora and fauna habitat by 2030, either 
within its supply chains by rolling out regenerative agriculture 
programs for strategic agricultural commodities like grapes, 
cotton, wool and leather, or by contributing to collective efforts 
to regenerate and preserve ecosystems and protect particularly 
endangered plants and animals.

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Regenerative agriculture
Regenerative agriculture is defined as agriculture that can 
regenerate soil health and ecosystem function (biodiversity/water 
cycle) while ensuring socioeconomic stability for stakeholders 
(farmers and communities) and yielding high‑quality raw 
materials. The Group has selected a number of raw materials 
for which it is keen to roll out regenerative agriculture practices. 
These include grapes for Wines and Spirits, cotton, wool and 
leather for Fashion and Leather Goods, and palm, beet and iconic 
ingredients for Perfumes and Cosmetics. In 2022, LVMH joined 
One Planet Business for Biodiversity (OP2B), a business coalition 
focused on scaling up regenerative agriculture and protecting 
high‑value ecosystems.
 (1)	 Source: “Chain of Custody models and definitions”, ISEAL Alliance, V 1.0, September 2016 (page 2).
Preserving and restoring ecosystems
As responsible corporate citizens keen to make a net positive 
contribution to biodiversity, the Group and its Maisons are 
committed to funding projects that help preserve or restore 
ecosystems that fall outside their supply chains. In this context, 
LVMH and UNESCO have launched a program with 5 million 
euros of funding over five years to combat causes of deforestation 
in the Amazon. The program aims to attack the root causes 
of deforestation and water pollution in the Amazon basin by 
working with eight biosphere reserves in Bolivia (Pilón-Lajas 
and Beni), Ecuador (Yasuní, Sumaco and Podocarpus-El Cóndor), 
Brazil (Central Amazon) and Peru (Manu and Oxapampa-
Asháninka-Yanesha).
3.2	
Key achievements in 2022: Biodiversity
The Group has been active for more than 10 years alongside many 
partners working to conserve biodiversity. The Group was the 
first private‑sector entity to join the eight public research bodies 
on the Board of Directors of the French Foundation for Research 
on Biodiversity (FRB). In 2019, LVMH stepped up its involvement 
by signing a five‑year partnership with UNESCO to support its 
intergovernmental scientific program, “Man and the Biosphere”. 
This tool for international cooperation is aimed at protecting 
global biodiversity. For example, the Group’s Maisons draw on 
UNESCO’s scientific expertise and its network of 686 biosphere 
reserves to develop their sustainable sourcing policies. LVMH 
is actively involved in the Act4Nature International initiative. 
In June 2022, LVMH shared its biodiversity commitments at 
the Future Fabrics Expo in London. LVMH also took part in the 
Stockholm+50 international meeting and gave a presentation 
at the Transformers event organized by the United Nations 
Environment Programme (UNEP). In December 2022, LVMH 
attended COP15 in Montreal along with Guerlain, Moët 
Hennessy and Parfums Christian Dior, taking the floor to share 
its best practices at several parallel events, including the Nature 
and Culture Summit and the Business and Biodiversity Forum.
In November 2022, LVMH was named as an active member of 
the TNFD Forum of the Taskforce on Nature‑related Financial 
Disclosures (TNFD), a grouping of over 900 partners, including 
a broad range of institutions. Its mission is to develop a specific 
risk management framework to be used by its members to better 
map positive and negative actions relating to nature to help 
guide their strategic planning and asset allocation decisions. 
As a member of the TNFD Forum, LVMH will be taking part 
in the development of standards, in particular the one for the 
“Consumer Goods” category, with a focus on textiles.
LVMH also partnered with the French magazine and online 
community Usbek & Rica to host the latter’s most recent Tribunal 
for Future Generations event, held at France’s National Museum 
of National History in May 2022, taking as its theme “Can 
we give back to the living world what we’ve taken from it?” 
Featuring expert witnesses and a jury of leading figures from 
the Group and advocacy groups, the aim was to raise awareness 
of the interdependency of the Group’s businesses and nature, 
while debating ways to ensure that human activities can coexist 
with biodiversity.
3.2.1  Certification of strategic 
supply chains
In 2022, the level of certification increased significantly in some 
supply chains, for example sheep and cow leather (up from 81% 
in 2021 to 91% in 2022) and cotton (up from 61% in 2021 to 71% 
in 2022). As part of the LIFE 360 program, the Group has set 
certification targets for supply chains in which standards may 
have yet to stabilize. This is the case, for example, of the wool 
and cashmere supply chains. Against this backdrop, the Group’s 
Maisons are working in partnership with their suppliers to ensure 
that wool and cashmere is purchased from farms certified as 
complying with animal welfare and environmental protection 
standards.
In the fur sector, the Group and its Maisons are actively involved 
in drawing up new certification standards under the FurMark 
program (which follows the ISEAL rules)  (1).
As regards exotic leather, all hides purchased by the Heng Long 
tannery now come from farms certified as complying with the 
standard developed by the Group in 2018 and reviewed in 2021 
to take into account the latest research findings on the welfare 
of farm‑reared crocodilians so as to align with the International 
Crocodilian Farmers Association (ICFA) standard.
Along with other luxury brands, LVMH is taking part in the 
Responsible French Calfskin initiative, which aims to pool and 
roll out verification audits on animal welfare across the entire 
production chain for French calfskin, in collaboration with 
stakeholders (breeders, integrators, slaughterhouses) in France.

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In 2022, a shared audit protocol jointly created by all those 
having signed on to the initiative, along with veterinary experts 
and the Institut de l’Elevage (Idele), was validated and pilot audits 
were carried out by an external party at 50 farms.
This audit protocol is built on the widely adopted Five Freedoms 
outlining five aspects of animal welfare under human control 
– freedom from discomfort; freedom from hunger or thirst; 
freedom from pain, injury or disease; freedom from fear and 
distress; freedom to express normal behavior – and includes 
63 items to be verified, relating in particular to the observation 
of calves.
The initiative aims to roll out its audit program nationally at 
1,200 farms by 2025. Apart from assessing the animal welfare 
performance of farms, this approach will help identify measures 
to be put in place to improve performance in this area, by way 
of financial and technical assistance provided to breeders by the 
initiative.
Certification of strategic supply chains: LIFE 360 achievements in 2022
Indicators
Performance in 2022
Performance in 2021
Target for 2026
Wines and Spirits
 
 
 
Grapes – Sustainable winegrowing certification 
(% certified grapes by weight; figures include still wines and eaux‑de‑vie)
LVMH vineyards: 94%
LVMH vineyards: 92%
LVMH vineyards: 100%
French vineyards:100%
French vineyards: 100%
 
Rest of the world: 87%
Rest of the world: 86%
 
Independent grape 
suppliers: 20%
Independent grape 
suppliers: 16%
Independent grape 
suppliers: 50%
Fashion and Leather Goods
 
 
 
LWG certification of tanneries for bovine and ovine leather 
(leather from certified tanneries by weight, as %)
91%
81%
100%
LWG certification of tanneries for crocodilian skin leather 
(crocodilian skin leather from certified tanneries by weight, as %)
86%
70%
100%
Certified cotton 
(% GOTS, Better Cotton, GRC, OCS and Supima certified cotton by weight)
71%
61%
100%
Certified paper, cardboard and wood (a)  
(% FSC- and PEFC-certified paper, cardboard and wood by weight)
82%
77%
100%
Certified fur (mink and fox) 
(% fur from farms certified as complying with one of the standards 
recognized by the FurMark program)
98%
92%
100%
Certified sheep’s wool (merino and other species) 
(wool from farms certified RWS, ZQ, Authentico, New Merino, SustainaWOOL, 
Nativa or SFA, as %)
29%
24%
100%
Certification for all crocodilian farms supplying the Group’s tannery 
(crocodilian skin from farms certified as complying with LVMH’s crocodilian 
standard, as %)
100%
100%
100%
Perfumes and Cosmetics
 
 
 
Palm oil derivatives 
(RSPO-certified Mass Balance or Segregated palm oil derivatives 
by weight, as %)
94%
95%
100%
Watches and Jewelry
 
 
 
Diamonds: RJC COP certification 
(carats of diamonds from COP-certified direct suppliers, as %)
99.5%
99.9%
100%
Gold: RJC COP certification
96%
98%
100%
RJC CoC certification 
For Maisons without CoC certification, gold is included within 
the reported indicator if it is sourced from CoC-certified precious 
metal refiners, regardless of any intermediate subcontractors 
between the precious metal refiner and the Maison. 
Note: in 2022, the Maisons reported exclusively on their 
Watches and Jewelry business units. 
Not including Tiffany data.
81%
93%
100%
(a)	 It should be noted that, since the reporting process is currently under development, data reported by the Maisons is subject to a high degree of uncertainty.

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3.2.2  Regenerative agriculture and 
preserving ecosystems
The Group developed practical guides on how to put regenerative 
agriculture into practice and surrounded itself with a network 
of experts such as Biosphères, Renature, Earthworm, Circular 
Bioeconomy Alliance, Pour une Agriculture du Vivant and 
Savory. The overall approach and individual projects are signed 
off by a Science Committee, which meets annually. Practice 
and performance indicators have been put in place for each 
raw material. In 2022, LVMH joined One Planet Business for 
Biodiversity (OP2B), a business coalition focused on scaling up 
regenerative agriculture and protecting high‑value ecosystems.
The Maisons are continuing the roll out of projects in Turkey 
for cotton, in Uruguay and Australia for merino wool, in South 
Africa for mohair, in Indonesia for palm oil, and in France 
for some iconic perfume ingredients. For example, Parfums 
Christian Dior has set itself a target of implementing regenerative 
agriculture practices for each of the essences in its Dior Gardens 
program: nine essences for skincare (such as Granville rose, 
longoza from Madagascar and red hibiscus from Koro) and four 
for perfumes (such as rose, jasmine and neroli from Grasse). The 
Maison is also partnering with the Hectar project, which runs a 
center for dedicated research into horticulture and regenerative 
practices. LVMH and its Maisons are working closely with a 
Turkish cotton producer to implement regenerative agriculture 
practices. Positive results have already been noted in 2022, with a 
significant increase in concentrations of soil carbon and nitrogen. 
The Group has teamed up with the French startup Genesis to 
measure soil environmental quality. Projects have been launched 
by Fashion and Wine businesses. Lastly, all Moët Hennessy 
vineyards have also launched regenerative agriculture programs 
to expand the practice of cover cropping, for example. Having 
partnered with the non‑profit organization Pour une Agriculture 
du Vivant, some wines Maisons are testing its regeneration 
indicator, designed to measure soil regeneration and biodiversity 
and guide the development of actions.
Outside these supply chains, the Group and its Maisons are 
committed to financing projects that help preserve or restore 
ecosystems, such as the joint LVMH and UNESCO program 
to combat the causes of deforestation in the Amazon and 
Moët Hennessy’s partnership with Reforest’Action to launch 
reforestation programs in Kenya, China, the United States and 
South Africa as well as on its own vineyards.
Now a partner of the Circular Bioeconomy Alliance, established 
in 2020 by His Majesty King Charles III when he was Prince of 
Wales, LVMH unveiled two new action plans in 2022:
•	 in the Amazon region, LVMH is working to strengthen efforts 
to combat deforestation in the Amazon basin and restore forest 
cover in the southern part of the Ecuadorian Amazon and the 
northern part of the Peruvian Amazon, while also supporting 
and reinforcing the development of a regenerative economy 
among the Amazon’s indigenous communities. The main 
aims of the project, in collaboration with Reforest’Action, are 
to restore forest ecosystems, promote natural medicine, and 
ensure food security for populations;
•	 in Chad, LVMH is pursuing a project unveiled at COP27 
taking up one of the major challenges facing Africa today, 
the fight against desertification. This large‑scale agroforestry 
initiative in the Lake Chad region is being carried out as part 
of the Great Green Wall project. Under the initiative, farmers 
in the Lake Chad region receive assistance to implement new 
sustainable and regenerative cotton production methods that 
restore biodiversity and create economic opportunities for the 
local population.
In 2022, the joint Amazon Biospheres Reserves Project launched 
with UNESCO in 2019 made significant headway, with the 
introduction of about a dozen agroforestry training courses; the 
launch with local populations of economic activities that do not 
contribute to deforestation such as the production of essential 
oils; the creation of forest nurseries, especially in Bolivia, to 
accelerate reforestation; and the collection of field data across 
11 categories and 48 indicators to improve scientific knowledge 
relating to the protection and regeneration of ecosystems.
A total of 1.37 million hectares was preserved or restored in 2022 
(LIFE 360 target).

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3.2.3  Protecting water resources
Water consumption is broken down into the following 
requirements:
•	 process requirements: Use of water for cleaning purposes 
(tanks, products, equipment, floors), air conditioning, 
employees, product manufacturing, etc. Such water 
consumption generates wastewater;
•	 agricultural requirements: Use of water for vineyard irrigation, 
for the most part outside France. Water is taken directly 
from the natural environment for irrigation purposes, with 
water use from year to year closely linked to changes in 
weather conditions. However, it should be noted that water 
consumption for agricultural requirements is assessed by sites 
with a higher level of uncertainty than water consumption for 
process requirements.
Water consumption changed as follows between 2021 and 2022:
(in m³) 
2022
2021
2022 
pro forma (a) 
Change (a) 
(as %) 
Process requirements
3,992,223 
3,406,813
3,571,580
5
Agricultural requirements (vineyard irrigation)
7,158,488 
5,131,434
7,158,488
39 (b) 
(a)	 Value and change at constant scope.
(b)	 Increase due to a drought year for the Group’s Argentine vineyards as well as the transition to cover cropping, which raises water requirements.
Water consumption for process requirements broke down as follows by business group:
Process requirements (in m³) 
2022
2021
2022 
pro forma (a) 
Change (a) 
(as %) 
Wines and Spirits
1,286,010 
1,314,226
1,286,360
(2)
Fashion and Leather Goods
1,956,057 
1,494,457
1,565,028
5
Perfumes and Cosmetics
211,961 
184,933
206,912
12
Watches and Jewelry
63,752 
73,397
59,774
(19)
Selective Retailing
265,602 
188,727
244,664
30
Other activities
208,842 
151,073
208,842
38
Total
3,992,223 
3,406,813
3,571,580
5
(a)	 Value and change at constant scope.
The Group calculated its environmental footprint for its entire 
value chain, including Scope 1, 2 and 3 emissions, covering 
issues relating to climate change, biodiversity and water use. As 
part of this exercise, an in‑depth analysis of sensitivity to local 
constraints was carried out at each of the Group’s Maisons using 
the AWARE method. This analysis was based on measurements 
of each geographic area’s sensitivity, obtained by comparing 
water consumption to available resources at the local level. 
Water consumption related to the Group’s Scope 3 activities was 
measured at 126 million cubic meters of water, more than 95% 
of which was used for the production of raw materials, mainly 
luxury wool fibers (47%), cotton (17%), and grapes, wines and 
spirits (15%). In 2022, LVMH launched the update of its water 
footprint and tested the first phases of the SBT for Nature 
guidance for water issues. LVMH plans to set new targets and 
draw up a program of related actions, which will be announced 
in the summer of 2023.
Four vineyards whose water consumption is significant relative 
to the Group as a whole are located in areas where water stress is 
close to 100%, meaning that water requirements in these areas 
are close to the level of available resources:
•	 the Domaine Chandon Argentina vineyards (Agrelo and 
Terrazas), which represent 79% of the Group’s agricultural 
water requirements;
•	 the Domaine Chandon California and Newton vineyards, 
which represent 8% of the Group’s agricultural water 
requirements.
Vineyard irrigation requires authorization and is regulated in 
California and Argentina due to the climate. Such irrigation is 
necessary for winegrowing. Nevertheless, the Group has taken 
the following measures to limit water consumption: harvesting 
rainwater; implementing protocols to measure and specify 
water requirements; standardizing drip irrigation practices in 
California; using weather forecasts to optimize irrigation; and 
adopting the “regulated deficit irrigation” technique, which 
reduces water consumption and improves grape quality and 
grapevine size, yielding an enhanced concentration of aroma 
and color.

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Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
Preventing pollution
The only significant, relevant indicator related to preventing 
water pollution is the release of substances into water by Wines 
and Spirits, Fashion and Leather Goods, and Perfumes and 
Cosmetics operations contributing to eutrophication. The 
Group’s other activities have only a very limited impact on 
water quality. Eutrophication is the excessive buildup of algae 
and aquatic plants caused by excess nutrients in the water 
(particularly phosphorus), which reduces water oxygenation and 
adversely affects the environment. The parameter used is the 
Chemical Oxygen Demand (COD) calculated after treatment of 
effluents from the Group’s own plants or external plants with 
which the Group has agreements. The following operations are 
considered treatment: city and county wastewater collection 
and treatment, independent collection and treatment (aeration 
basin), and land application.
COD after treatment changed as follows between 2021 and 2022:
COD after treatment (metric tons/year) 
2022
2021
2022 
pro forma (a) 
Change (a) 
(as %) 
Wines and Spirits
1,768 
1,354
1,768
31
Fashion and Leather Goods
30 
19
30
58
Perfumes and Cosmetics
23 
21
23
10
Total
1,821 
1,394
1,821
31 (b) 
(a)	 Value and change at constant scope.
(b)	 Change related to the upturn in business and exceptional cleaning operations at a distillery.
Measurement frequencies at the highest‑contributing Maisons 
are compliant with local regulations but remain limited with 
regard to the changes observed in quantities discharged.
LVMH also joined the ZDHC (Zero Discharge of Hazardous 
Chemicals) trade association, which aims to promote best 
practices concerning the use of dangerous substances and 
the quality of discharged wastewater at textile and leather 
manufacturing sites. LVMH has drawn up a detailed roadmap 
that encompasses the Group’s production sites concerned as well 
as key suppliers of Maisons in the Fashion and Leather Goods 
business group. The following targets are in place for 2023:
•	 rollout of ZDHC’s Supplier to Zero program, designed 
to ensure awareness and implementation of sustainable 
chemical management by suppliers, through certification at 
the program’s Foundational Level, with a minimum coverage 
rate of 50% by volume of leather and textiles purchased by the 
Group’s Maisons;
•	 verification of compliance of chemical formulations with 
ZDHC MRSL, with a recommended compliance rate of 50%;
•	 control on wastewater quality at targeted sites operated by the 
Group’s suppliers, with at least one ZDHC ClearStream report 
per year. The aim is to cover at least 20% by volume of leather 
and textiles purchased by the Group’s Maisons.
In 2022, the Riba Guixa and Masoni tanneries thus reached the program’s Foundational Level and verified the compliance of their 
chemical formulations. At the same time, the Maisons have begun the rollout of measures with targeted suppliers using wet processes. 
The results are detailed in the table below:
Rollout of the ZDHC program
Performance 
in 2022
Target for 2023
Fashion and Leather Goods (as % of quantities purchased in 2022)
 
 
Participation by leather suppliers
83%
 
Participation by textile suppliers
41%
 
Quantity of leather from suppliers having received a Foundational Level certificate
19%
50%
Quantity of textiles from suppliers having received a Foundational Level certificate
18%
50%
Quantity of leather from suppliers having generated a ClearStream report
20%
20%
Quantity of textiles from suppliers having generated a ClearStream report
18%
20%
Volatile Organic Compound (VOC) emissions are addressed through specific action plans, notably for Perfumes and Cosmetics 
operations and the tanneries.

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Environment and sustainability
4.	
LIFE 360 – Traceability and Transparency
4.1	
Overview of the Traceability and Transparency policy
 (1)	 Source: “Chain of custody models and definitions”, ISEAL Alliance, V 1.0, September 2016 (page 2).
Tracing a material – be it gold, cotton or leather – from source 
through to finished product is no simple matter. However, it is a 
vital step in ensuring the adoption of responsible practices. If the 
Group is to reduce its carbon impact, introduce ecosystem‑friendly 
farming practices and ensure that its suppliers use responsible 
practices, it must first have end‑to‑end knowledge of the value 
chains of all materials that go into the exceptional products made 
by the artisans it works with. Traceability is thus a prerequisite 
for identifying issues, implementing responsible practices and 
transparently sharing those practices with stakeholders. This is 
known by the Group as the Chain of Custody system, defined by 
ISEAL  (1) as “the complete set of documents and mechanisms used 
to verify the traceability between the verified unit of production 
and the claim about the final product”.
Building on the formal certification policy put in place for its 
supply chains as early as 2016, the Group has set itself new targets 
to perfect product traceability and boost its progress in relation 
to customer transparency:
•	 all strategic supply chains to be covered by a dedicated 
traceability system by 2030;
•	 all new products to come with a dedicated customer 
information system by 2026.
4.1.1  Traceability
What action is required to ensure traceability across the entire 
value chain depends on the characteristics of the supply 
chain in question: whether or not it is integrated (one of the 
Group’s distinctive features is that it owns a large number of 
manufacturing businesses, enabling it to ensure traceability and 
responsible practices through direct control); how structurally 
mature it is; and whether the materials produced are compound.
Traceability is a key concern for the following strategic raw 
materials:
•	 grapes, rye and barley;
•	 leathers, raw lamb and calf skins, exotic leathers and furs;
•	 cotton;
•	 wool;
•	 down and feathers;
•	 viscose;
•	 silk;
•	 wood, paper and cardboard;
•	 gems and precious metals;
•	 palm oil and its derivatives;
•	 soya and its derivatives for cosmetic use;
•	 alcohol;
•	 iconic ingredients used by Maisons in the Perfumes and 
Cosmetics business group.
To ensure that all strategic supply chains are covered by a 
dedicated traceability system enabling full traceability from raw 
material to finished product by 2030, three sub‑goals have been 
put in place:
•	 2023: country of origin to be known for all strategic supply 
chains;
•	 2026: all strategic supply chains to have a dedicated 
traceability system;
•	 2030: all strategic supply chains to be fully traceable from raw 
material to finished product with the help of the dedicated 
traceability system.
To achieve these targets, the Group is implementing an ambitious 
certification process for its strategic supply chains based on the 
most stringent standards, as set out in §3.1.1. These standards 
are mainly based on Chain of Custody models and strengthen 
the upstream traceability process for the most complex supply 
chains.
In 2021, LVMH’s Environmental Development and Purchasing 
departments launched a joint Upstream Traceability Working 
Group with members drawn from over 25 Maisons. This working 
group’s goals are as follows:
•	 to raise awareness of upstream traceability issues for supply 
chains and work together to build solutions to them;
•	 to initiate and/or accelerate upstream traceability projects 
within each Maison;
•	 to manage cross‑functional requirements and standardize 
upstream traceability practices across the industry for selected 
materials.
In 2022, efforts to raise awareness of traceability requirements 
and methods continued. A comprehensive review of existing 
standards, given the goal to strengthen upstream traceability, was 
carried out for gold suppliers in particular. Work to identify the 
best traceability tools was completed. Some of them were tested 
specifically for the most complex supply chains, such as those for 
leather and cotton, and are now entering their operational phase.

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
4.1.2  Transparency
Sharing information about products’ environmental performance 
with customers has become a key requirement for the Group, 
which has set a target of ensuring that each product comes with 
a dedicated information system by 2030. With this in mind, the 
Group is involved in ongoing discussions on environmental 
labelling at both the French and European levels, notably in 
respect of fashion products where quality and lifespan are of 
critical importance. Over the next three years, each business 
group will be equipped with the tools it needs to produce 
environmental indicators to be shared with customers. All the 
associated targets are set out in §1.2.2.
4.2	
Key achievements in 2022: Traceability and Transparency
4.2.1  Adoption of new traceability tools
The Group continued the rollout of a system for mapping 
its strategic supply chains. The objectives of this system are 
to monitor flows of materials along value chains, to collect 
information directly from the parties involved in supply chains 
and to identify and mitigate environmental and social risks 
as well as risks to ethics and animal welfare. In taking this 
approach, the Group aims to optimize synergies and streamline 
information management for Maisons and their suppliers. In 
2021, the Group and its Maisons chose a specific solution and 
a pilot project was coordinated in 2022. Involving 12 Maisons 
and nearly 450 suppliers, the pilot project allows participants 
to test the solution’s various features in multiple scenarios. The 
Group aims to extend the use of the tool in 2023 to cover several 
strategic materials.
In 2021, LVMH, together with Prada Group and Cartier, 
announced the launch of the Aura Blockchain Consortium: 
a unique, global blockchain solution, open to all luxury 
brands worldwide to address shared challenges in responsible 
sourcing. For example, Hublot has introduced a system to create 
e‑warranties registered on the Aura network, which can be used 
by customers to recognize their watch and certify its authenticity 
by simply taking a photo of it with their smartphone. Among its 
highlights in 2022, the consortium announced a partnership with 
Sarine, a diamond authentication specialist, to provide full supply 
chain traceability for diamonds, thus encouraging the adoption 
of responsible practices. This partnership offers yet another 
opportunity for the Maisons to strengthen the traceability of 
their products. In 2022, Louis Vuitton took advantage of this 
partnership to launch the LV Diamonds certificate, a unique and 
secure digital certificate that lists the main characteristics of the 
central diamond set in a piece of jewelry and tracks its journey 
from its extraction to the final purchase.
In 2021, Tiffany & Co. introduced full traceability for all rough 
diamonds used in its pieces all the way back to the mine of origin. 
They come mainly from Botswana, Canada, Namibia and South 
Africa. All of the gold, silver and platinum used is also traceable 
to the mine or the recycler. In addition, the Maison purchased 
its first Fairmined‑certified gold from mines in Peru. Lastly, 
for colored gemstones, Tiffany & Co. published the Colored 
Gemstone and Pearl Source Warranty Protocol in 2021 to serve 
as a practical, operational tool shared with suppliers to help them 
improve traceability as well as their social and environmental 
practices. The Maison operates five polishing workshops around 
the world, where nearly 1,500 artisans ensure the excellence of its 
jewelry creations. Having embedded traceability in its operating 
procedures thanks to its vertically integrated business model, 
Tiffany & Co now provides information on every link in its 
supply chain for newly sourced diamonds. With its Diamond 
Craft Journey initiative, launched in 2020, thus one year ahead 
of schedule, the Maison became the first global luxury jeweler to 
disclose the countries where all recently sourced and individually 
registered diamonds are crafted.
In 2022, Fendi was still one of the highest‑ranking companies 
in the Fashion Transparency Index, with a score of 53/100. 
This index evaluates performance with regard to transparency, 
environmental and societal policies together with impacts in 
their own operations and in their supply chains. Fendi has 
adopted ambitious goals in these areas and reports on its progress 
via its website.
In keeping with the Animal Materials Supply Charter published 
in 2019, the Group’s Maisons are working to ensure that their 
raw materials are traceable; in 2022, the source of materials of 
animal origin was known for 89% of exotic leathers, 89% of furs 
and 64% of wools.
Summary of LIFE 360 “Traceability and Transparency” targets for 2022:
Traceability indicators
Performance 
in 2022
Performance 
in 2021
Target 
for 2023
Fashion and Leather Goods (as % of quantities purchased in 2022)
 
 
 
Sheep and cow leather – Country of origin known
86%
76%
100%
Exotic leather – Country of slaughter known
89%
90%
100%
Fur – Country of rearing or trapping known
89%
87%
100%
Wools (merino sheep and other breeds, and cashmere) – Country of rearing known
64%
62%
100%

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Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
4.2.2  New information systems
The Group and its Maisons have begun rolling out systems 
that measure the environmental impact of products as well as 
monitoring the sustainability of their design (see §2.1.1). For 
several years, LVMH has taken part in French and European 
methodological work on environmental labelling. Two Maisons, 
Louis Vuitton and Patou, took part in official testing of the 
European apparel standard currently under development. In 
2022, LVMH also responded, in collaboration with the 
Fédération de la haute couture et de la Mode, to the call for 
methodology proposals issued by the French government. 
LVMH and its fashion Maisons began the rollout of a tool to meet 
the requirements of France’s new anti‑waste law for a circular 
economy, known as the AGEC law, and specifically its Article 
13 relating to the sharing of environmental and traceability 
information at the time of purchase.
LVMH is also one of the founding members of the Eco-Beauty 
Score Consortium, which aims to develop a shared methodology 
for measuring and communicating the environmental footprint 
of cosmetic products. The development of this methodology 
continued in 2022.
In 2022, more than 9,500 products sold by the Group’s Maisons 
were already covered by an information system.
5.	
LIFE 360 – Climate
Combating climate change is a major focus of the Group’s 
environmental policy, and the Group has often played a 
pioneering role in this area. In the early 2000s, for example, it 
took part in testing the carbon assessment method that would 
later become the Bilan Carbone®. In 2015 it was also the first 
luxury company to set up an internal carbon fund.
5.1	
Overview of the Climate policy
Based on its overall carbon footprint updated annually by an 
outside firm, LVMH mapped out a carbon trajectory in line with 
the Paris Agreement. This carbon trajectory was approved in 
December 2021 by leading international third‑party organization 
the Science Based Targets initiative (SBTi), a coalition that brings 
together the Carbon Disclosure Project (CDP), the United Nations 
Global Compact (UNGC), the World Resources Institute (WRI) 
and the World Wildlife Fund (WWF). In July 2022, LVMH pledged 
to submit its net‑zero pathway for approval by the SBTi within 
the next 24 months and to set a target in relation to two new 
frameworks, the SBTi’s FLAG Guidance and the GHG Protocol’s 
Land Sector and Removals Guidance.
Over and above the Group’s overall commitment, in 2021 four of 
its Maisons: Louis Vuitton, Moët Hennessy, Parfums Christian 
Dior and Guerlain – secured approval from the SBTi for their 
carbon trajectories across their own scopes, confirming their 
goals built into each Maison’s strategy: “Our Committed Journey” 
for Louis Vuitton, “Living Soils” for Moët Hennessy, “Beauty as a 
Legacy” for Parfums Christian Dior and “In the Name of Beauty” 
for Guerlain. For its part, Tiffany & Co. has pledged to reach net 
zero by 2050, in particular by procuring 100% of electricity for 
its own operational requirements from renewable sources and 
removing commodity‑driven deforestation from all its supply 
chains.
The Group’s current targets are to:
•	 reducing energy‑related greenhouse gas (GHG) emissions at 
its sites and stores by 50% in absolute terms by 2026 (baseline: 
2019) thanks to a policy of 100% renewable or low‑carbon 
energy;
•	 reducing or avoiding 55% of Scope 3 GHG emissions (raw 
materials, purchases, transportation, waste, product usage 
and end‑of‑life treatment) per unit of added value by 2030 
(baseline: 2019).
5.1.1  Key levers for reducing Scope 1 
and 2 emissions
The Group’s actions to mitigate the impact of its activities on 
energy consumption are concentrated in two key areas:
•	 the improvement in the environmental profile of stores, 
which represent the main source of the Group’s energy 
consumption;
•	 greater use of renewable energies at production and logistics 
sites, administrative sites and stores.
To halve GHG emissions from stores (CO2 emitted by energy 
generation and refrigerant gases used in air conditioning systems), 
the Group has set tangible and ambitious targets for the first two 
milestones in 2023 and 2026.
•	 2023: all sites and stores to have the ability to report their 
energy consumption (bills or meters);
•	 2026: all stores to be equipped with LED lighting, with stores 
over seven years old undergoing partial renovation of their 
lighting systems.

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Environment and sustainability
Alongside actions to reduce its fossil fuel consumption, LVMH 
is rapidly expanding its use of renewable energy with a target 
of exclusive use of renewable or low‑carbon energy by 2026. 
Framework agreements signed with energy suppliers in different 
regions have been one of the main drivers of the Group’s progress 
in the area of electricity and gas since 2015.
In addition, the Group sets an electricity consumption threshold 
for its stores. In 2020, the relevant threshold was 700 kWh per 
square meter. Set at 600 kWh per square meter in 2021 and 2022, 
this will fall to 500 kWh in 2023, 400 kWh in 2026 and 300 kWh 
in 2030. The Better Stores program helps to identify the causes 
of excess consumption by way of a precise analysis of electricity 
consumption data, particularly at night and over the weekend. 
The installation of smart electricity meters, with access to data 
at a much more granular level, resulted in energy savings of 25% 
on average.
5.1.2  Key levers for reducing Scope 3 
emissions
The Group’s actions to reduce Scope 3 emissions are concentrated 
in three key areas:
•	 a lower carbon footprint for raw materials, products and 
packaging: dedicated policies on sustainable product design 
and packaging (see §2.1.1) and the sourcing of certified raw 
materials (see §3.1.1) are being implemented by each business 
group, with the involvement of suppliers, such as independent 
grape suppliers, livestock farmers and growers;
•	 sustainable transport, using several different methods: an 
emphasis on local sourcing, use of trains and boats where 
possible, supply chain optimization, biofuel use for air freight 
and electric vehicles for last‑mile deliveries;
•	 a lower carbon footprint for computer use: based on the 
success of initiatives already launched by the main Maisons, 
LVMH has created a Green IT working group to draw on 
existing approaches to propose a shared approach in order 
to accelerate progress towards LIFE 360 targets for energy 
consumption, sustainable design and product life spans.
The Group is also continuing with its work in the following areas: 
the adoption of a green e‑commerce approach; collaboration with 
the livestock industry to establish a position on methane, which 
has significant warming potential; and the implementation of a 
responsible advertising policy.
5.1.3  Key levers for adapting 
to climate change
The Group is also conducting a review of the various issues 
involved in adapting to climate change. Winegrowing activities 
are notably included in the review. In the medium term, changing 
winegrowing practices is the main component of the Group’s 
adaptation strategy. Several solutions are available for European 
vineyards depending on the climate scenario, from altering 
harvest dates to developing different methods of vineyard 
management (such as widening rows, increasing the size of 
grapevine stocks and employing irrigation in certain countries) 
and testing new grape varieties. For vineyards in Argentina and 
California, the main issue is the availability of water (see §3.2.3).
More broadly, innovation – a key component of the Group’s 
mitigation policy – also plays a part in its adaptation policy: 
new regenerative farming practices (see §3.1.2), the switch to 
new materials derived from biotechnologies and the use of 
biomimetics provide opportunities for reducing greenhouse 
gas emissions while simultaneously diversifying procurement 
sources and reducing the Group’s exposure to climate change. 
The program to jointly develop clean technologies with Bertrand 
Piccard’s Solar Impulse Foundation, the Matières à Penser (Food 
for Thought) materials library, and the Maison/0 partnership with 
Central Saint Martins dedicated to innovation and sustainable 
creativity will help drive new solutions at the Group’s Maisons.
These ambitious reduction and adaptation objectives have raised 
questions as to the relevance of certain solutions, notably carbon 
offsetting. To maximize leverage in reducing emissions, LVMH 
had previously refrained from making use of large‑scale carbon 
offsetting (i.e. buying carbon credits linked to projects to avoid 
or sequester emissions to offset those emissions still produced 
by the Group). However, the goal of achieving global net‑zero 
emissions by 2050 raises the question of the role of carbon 
credits, which the SBTi Net Zero standard proposes should 
be used once reduction targets have been met. Against this 
backdrop, the Maisons are trialing various types of offsetting.

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Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
5.2	
Key achievements in 2022: Climate
In 2022, to strengthen its approach to climate impacts in the 
management of the Group’s various operations (production, 
investments), the Group updated its analysis of physical and 
transition risks relating to climate change by applying the scenario 
analysis method and studying the related financial consequences.
At a time when combating climate change is of vital importance, 
and corporate citizens must play a decisive role in this fight, 
LVMH participated in COP27 to present its actions and engage 
in dialogue with stakeholders:
•	 the Group took part in a round table at the French Pavilion, 
in association with OP2B and Genesis, on the theme “For a 
regenerative agriculture with positive outcomes for farmers, 
nature and the climate”;
•	 at this event, Moët Hennessy spoke about the work of the 
Coalition of Action 4 Soil Health (CA4SH), whose main 
objective is to improve soil health globally. Moët Hennessy, 
which has made soil protection and regeneration a cornerstone 
of its sustainable development approach, held the inaugural 
edition of its World Living Soils Forum in June 2022;
•	 LVMH, the Circular Bioeconomy Alliance (CBA) and the 
International Rescue Committee (IRC) announced a large‑scale 
agroforestry project in the Lake Chad region (see §3.2.2).
As part of its policy to reduce energy consumption and particularly 
in its stores, LVMH announced the launch of a pioneering 
partnership with Hang Lung Properties, a leading owner of 
shopping malls, aimed at implementing joint actions to promote 
energy conservation and exchange sustainability data, while 
pursuing projects together in areas such as the protection 
of biodiversity and improvements in waste treatment. This 
announcement was followed by the partnership’s inaugural Real 
Estate and Climate Forum, held in Hong Kong, Shanghai and 
Paris. The aim was to bring together 96 changemakers from the 
two groups, along with external experts, to discuss solutions at 
12 workshops on 12 sustainability topics selected by both LVMH 
and Heng Lung. At this two‑day event, and after completing a 
training session online, the participants were able to develop 
36 concrete ideas in three categories: “Ideas for impact”, “Ideas 
for collaboration”, and “Ideas for innovation”.
In addition to a program to jointly develop clean technologies 
with the Solar Impulse Foundation, in 2022 LVMH’s Carbon 
Fund invested 9 million euros in 95 innovation projects that 
would together avoid more than 81,000 metric tons of CO2 
equivalent. Lastly, to bring creativity and innovation to the fore 
in the development of climate change adaptation strategies, 
the Sustainable Store Planning team proposed partnerships 
with two design schools, Central Saint Martins in London and 
Strate in Lyon and Paris, to the Maisons. Workshops attended by 
representatives of various Maisons resulted in the development 
of many ideas, including a proposal for a store using only 
5 watts per square meter and ways to keep stores cool without 
air conditioning. These two projects were presented at the LIFE 
in Stores Awards.
5.2.1  Energy consumption
Improving energy efficiency and expanding the use of renewable 
energy are the main thrusts of the Group’s strategy to limit its 
carbon footprint, an approach that also entails better energy 
management, which is vital to help reduce overall energy 
consumption. Measures to reduce these emissions have been 
in place for a number of years at Maisons’ production sites. 
Responding to the French government’s call to action, LVMH 
announced the adoption of its energy conservation plan in 
September 2022, in order to contribute rapidly and in a concrete 
manner to the national effort. The plan includes three key 
measures aimed at reducing energy consumption by 10% 
between October 2022 and October 2023, first in France, then 
in Europe and finally around the world:
•	 turning off lights in all stores operated by the Group’s Maisons 
between 10 p.m. and 7 a.m. and those at administrative sites 
at 9 p.m.;
•	 changing thermostat temperatures for all industrial sites, 
administrative sites and stores, lowered by 1°C in the winter 
and raised by 1°C in the summer.
•	 adopting new energy efficiency measures such as reducing 
screen brightness and deleting unused documents.
This energy conservation plan, which came into effect on 
October 1, 2022, had an immediate impact at a certain number 
of Maisons. Among these, Sephora managed to reduce energy 
consumption at its stores and offices in France by 19.6% between 
October and December 2022, thanks to a specific plan mobilizing 
the efforts of teams working in more than 300 French stores. 
Owing to this achievement, Sephora was the winner of the 
Energy Conservation prize at the LIFE in Stores Awards (a new 
category introduced in 2022).
In 2022, total energy consumption amounted to 1,346,593 MWh 
in for the Group’s subsidiaries included in the reporting scope. 
This corresponds to primary energy sources (such as fuel oil, 
butane, propane and natural gas) added to secondary energy 
sources (such as electricity, steam and ice water) mainly used 
for the implementation of manufacturing processes in addition 
to buildings and stores’ air conditioning and heating systems. 
Power consumption by stores not covered by reporting (27% 
of the total sales floor area) estimated based on consolidated 
figures stands at 184,586 MWh. To optimize how stores’ energy 
consumption is managed, the Maisons install the most advanced 
lighting systems offered by the LVMH Lighting program and 
follow the LVMH Store Guidelines: 77% of the sales floor area is 
already covered by full LED lighting, based on the scope of stores 
that report this data.
Alongside action to reduce consumption and boost energy 
efficiency, LVMH is increasing the proportion of renewable 
energy in its energy mix.

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
Consumption of renewables rose from 1% to more than 47% of 
the Group’s total energy mix between 2013 and 2022. Framework 
agreements signed with energy suppliers have been one of the 
main drivers of the Group’s progress in this area. The first of 
these dates back to 2015 and supplies green electricity to more 
than 90% of the Group’s sites in France, belonging to 23 of its 
Maisons. A similar agreement was signed in 2016 for the supply 
of electricity to a number of the Group’s Italian Maisons, while 
some sites in Spain and Portugal now use renewable energy. 
Many sites have also installed solar panels or geothermal systems. 
As of 2019, all of Sephora’s sites in the United States are powered 
by green electricity. The other driver is the use of biogas, which 
is either produced from production waste (Glenmorangie since 
2017) or purchased (biomethane with a regional guarantee of 
origin sourced by Hennessy in 2020 and Guerlain in 2021). The 
Group has chosen SAVE Energies, France’s second‑largest buyer 
of biomethane, to supply all its French production facilities 
and sites with biomethane for three years starting in 2023. 
Biomethane, which is produced from organic waste, generates 
81% fewer greenhouse gas emissions than conventional gas. To 
maximize local benefits, methanation units will be located as 
close to Maisons’ sites as possible.
In 2022, Hennessy used biogas exclusively as fuel at all of its 
administrative and industrial sites. For its part, Belvedere now 
generates enough renewable energy to cover 95% of its needs 
thanks to its biomass capture facility and the solar panels 
installed at its distillery.
Energy consumption by business group changed as follows between 2021 and 2022:
(in MWh) 
2022
2022 
Estimated 
store scope (b) 
2021
2022 
pro forma (a) 
Change (a) (c) 
(as %) 
Wines and Spirits
245,961 
-
233,665
246,699
5
Fashion and Leather Goods
409,896 
85,000
398,686
405,767
2
Perfumes and Cosmetics
99,760 
4,232
99,267
96,504
(3)
Watches and Jewelry
102,060 
34,498
46,869
44,162
(6)
Selective Retailing
338,092 
60,478
308,582
317,150
3
Other activities
150,824 
378
111,075
117,231
6
Total
1,346,593 
184,586
1,198,144
1,227,513
2
(a)	 Value and change at constant scope.
(b)	 Estimated power consumption by stores not covered by reporting (27% of total sales floor area).
(c)	 Excludes estimated store power consumption.
Energy consumption by business group and by energy source was as follows in 2022:
(in MWh) 
Electricity
Natural gas, 
butane and 
propane
Fuel oil 
and heavy 
fuel oil
Steam
Ice water
Renewable
 energies
% renewable 
energies (a) 
Wines and Spirits
10,871
60,885
34,622
-
-
139,583
57
Fashion and 
Leather Goods
152,248
105,322
11,399
2,804
3,391
134,732
33
Perfumes and Cosmetics
10,879
28,193
2,731
429
-
57,528
58
Watches and Jewelry
6,065
5,040
381
1,334
333
88,907
87
Selective Retailing
151,433
15,778
1,053
5,761
7,310
156,757
46
Other activities
49,780
32,342
10,816
4,329
3,761
49,796
33
Total
381,276
247,560
61,002
14,657
14,795
627,303
47
(a)	 Not including estimated data for stores not covered by reporting.

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Environment and sustainability
5.2.2  Greenhouse gas emissions
Direct emissions (Scope 1) and indirect emissions (Scope 2)
Scope 1 emissions are those generated mainly through the 
combustion of fuel oil and natural gas. Scope 2 emissions are 
those generated indirectly from energy use, mainly electricity 
used in stores and at the Group’s production sites. In 2022, the 
emissions factors were updated on the basis of the most recent 
databases (IEA, Ecoinvent, etc.).
Energy‑related CO2 emissions by business group changed as follows between 2021 and 2022:
(in metric tons of CO2 equivalent) 
CO2
 emissions 
in 2022 (e) 
Of which:
CO2 
emissions 
in 2022 
estimated 
store scope (c) 
CO2 
emissions 
in 2021
CO2 
emissions in 
2022 
pro forma (a) 
Change (a) (b) (d) 
(as %) 
Direct CO2 
emissions
Indirect CO2 
emissions
Wines and Spirits
25,939 
21,743 
4,196 
-
34,470
26,111
(24)
Fashion and Leather Goods
97,875 
24,731 
73,145 
33,154
107,301
93,677
(13)
Perfumes and Cosmetics
12,696 
6,475 
6,221 
2,449
14,285
11,140
(22)
Watches and Jewelry
7,779 
1,137 
6,642 
13,461
8,965
7,071
(21)
Selective Retailing
85,134 
3,504 
81,630 
22,835
96,315
81,650
(15)
Other activities
28,020 
9,803 
18,217 
75
28,842
27,989
(3)
Total
257,444 
67,393 
190,051 
71,973
290,177
247,638
(15)
(a)	 Value and change at constant scope.
(b)	 Update of emissions factors.
(c)	 CO2 emissions by stores not covered by reporting (27% of total sales floor area).
(d)	 Excludes estimated store power consumption.
(e)	 This figure does not include estimated emissions generated by stores in 2021.
Scope 3 emissions
In 2022, LVMH enlisted the services of an external firm to assess 
the carbon footprint of its entire value chain based on 2021 data. 
The 2019 baseline was revised to take into account additional 
emissions, in particular relating to fixed assets; this revision 
was approved by SBTi. The total carbon footprint thus stood 
at 6.1 million metric tons of CO2 equivalent (tCO2e), including 
5.7 million metric tons from Scope 3 emissions, broken down 
as follows:
•	 more than 50% of Scope 3 emissions are generated by 
the sourcing of raw materials (products and packaging). 
The main sources of greenhouse gas emissions are the 
production of luxury wool fibers (599,100 tCO2e); leather 
(357,000 tCO2e); grapes, wines and spirits (94,960 tCO2e, 
which includes vineyards belonging to the Group’s Maisons 
as well as independent grape suppliers); glass for packaging 
(97,800 tCO2e); and cotton (187,000 tCO2e);
•	 inbound and outbound transport of components and 
finished products is the second‑largest area, generating 14% 
of Scope 3 emissions;
•	 employees’ commutes were assessed using average figures by 
geographic region and accounted for 3% of Scope 3 emissions.

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Greenhouse gas emissions generated by inbound transport (transport of raw materials and components toward production sites; only 
the main components and raw materials are taken into account) broke down as follows in 2022:
(in metric tons of CO2 equivalent) 
Road
Air
Ship
Rail
Liquid 
natural gas
Total
Wines and Spirits
28,114
258
720
8
67
29,167 
Fashion and Leather Goods
10,586
6,615
490
 
18
17,709 
Perfumes and Cosmetics
1,322
43,558
424
-
29
45,333 
Watches and Jewelry
188
1,752
-
-
 
1,940 
Selective Retailing
-
-
-
-
 
- 
Other activities
5
16
-
-
 
21 
Total
40,215
52,199
1,634
8
114
94,170 
Greenhouse gas emissions generated by outbound transport (transport of finished products from production sites to distribution 
centers) broke down as follows in 2022:
(in metric tons of CO2 
equivalent) 
Road
Rail
Air
Ship
Inland 
barge
Electric 
vehicle
Liquid 
natural gas
Total
Wines and Spirits
28,120
573
6,488
21,209
 
3
340
56,733 
Fashion and Leather Goods
6,088
12
202,566
2,091
-
6
1,121
211,884 
Perfumes and Cosmetics
3,382
-
177,103
1,512
-
-
143
182,140 
Watches and Jewelry
516
-
23,122
139
-
-
-
23,777 
Selective Retailing
4,524
-
2,601
77
-
42
9
7,253 
Other activities
185
-
-
-
-
 
-
185 
Total
42,815
585
411,880
25,028
-
51
1,613
481,972 
The following Maisons did not report any data for transport-
related indicators: Rimowa, DFS, Royal Van Lent, Pucci, Thélios 
and Château Cheval Blanc. Furthermore, the reporting process in 
respect of inbound transport is still under development at some 
Maisons, with the result that inbound transport indicators are 
subject to a high degree of uncertainty.
Louis Vuitton is working to reduce its dependence on air freight 
and contributed to the aviation sector’s transition, by increasing 
the use of sustainable aviation fuel (SAF) and by supporting 
its development. This biofuel is made exclusively from used 
cooking oil, with the potential to reduce CO2 emissions by 80% 
compared with fossil kerosene. In 2022, Louis Vuitton was one 
of the leading contributors to SAF development worldwide, due 
to its strong advocacy in this area. The Maison’s CO2 emissions 
due to air freight have been reduced by 20%.
5.2.3  Results for LIFE 360 “Climate” targets
The three LIFE 2020 climate targets were already met in 2019: 
the increase in the proportion of renewable energy in the energy 
mix and the improvement in store energy efficiency together 
had enabled a 25% reduction in emissions compared with 2013.
With LIFE 360, the target reduction in energy‑related greenhouse 
gas emissions (Scopes 1 and 2) is measured relative to a new 
baseline year (2019). The baseline value will be recalculated at 
each significant change in scope to better reflect changes, in 
accordance with the GHG Protocol.
Between 2019 and 2022, Scope 1 and 2 emissions declined by 11% 
and the proportion of renewable energies rose from 39% to 47%. 
The reduction in greenhouse gas emissions was mainly the result 
of the higher proportion of renewable energy used and energy 
efficiency improvements by stores.
Energy efficiency at the Group’s stores has been steadily improving 
since 2013 thanks to a specific lighting policy, audits of the least 
energy‑efficient stores and a sustainable design policy (see §5.1.1). 
To drive continued strong performance, the LIFE 360 program 
has endeavored to set more ambitious targets such as full LED 
lighting across all of the Group’s retail floor space.

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Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
Summary of LIFE 360 “Climate” targets for 2022
Indicators
Performance 
in 2022
Performance 
in 2021
Target 
for 2026
Energy‑related CO2 emissions (Scopes 1 and 2, baseline year: 2019)
-11.3% (a) 
- 6%
- 50%
Proportion of renewable energy in the Group’s energy mix
47%
39%
100%
Proportion of stores lit entirely by LED lighting
77% (b) 
57%
100%
(a)	 In accordance with the GHG protocol, performance between 2019 and 2022 is based on a recalculated 2019 scope that takes into account changes since 2022: inclusion of emissions 
from Maisons that joined the LVMH reporting scope; inclusion of emissions related to new sites opened since 2019; exclusion of emissions from sites present in 2019 but absent in 2022; 
inclusion of changes since 2019 in retail floor space, to which average 2019 emissions per square meter are applied. For entities for which 2019 data is not available, emissions for 2020, 
2021 or 2022 are used instead, constituting a relatively conservative approach.
(b)	 Based on the scope of data available, which covers around 47% of all data.
5.3	
Supporting the principles of the Task Force on Climate-Related 
Financial Disclosures (TCFD)
In June 2017, the Financial Stability Board, established by the 
G20, published recommendations issued by the Task Force 
on Climate-Related Financial Disclosures (TCFD) aimed at 
providing a clear, comparable and consistent framework for 
the assessment and disclosure of climate‑related information 
while enabling companies to disclose more information to 
stakeholders. Understanding that inadequate information can 
lead to assets and capital allocation being incorrectly assessed, 
financial decision‑makers are increasingly asking companies to 
(i) manage their exposure to climate‑related risks and (ii) reduce 
their contribution to climate change.
In 2019, as part of its previous LIFE 2020 program, LVMH 
commissioned a survey to establish how closely the Group’s 
practices were aligned with the TCFD recommendations. This 
survey highlighted both the robustness of the targets that had 
been set and how much progress remained to be made on 
incorporating climate‑related issues into governance, corporate 
strategy and risk management. These conclusions were taken into 
account when the LIFE 360 action plan was drawn up.
At the end of 2020, LVMH committed to support the TCFD 
principles and embarked on a process of continuous improvement 
to implement its recommendations. In 2022, LVMH updated its 
analysis of physical and transition risks relating to climate change 
by applying the scenario analysis method and studying the 
related financial consequences. The disclosures resulting from 
this update are provided in this report, in the public response to 
the CDP Climate Change 2022 Questionnaire, for which LVMH 
earned an A score (https://www.cdp.net/en/responses).

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Environment and sustainability
A breakdown of the corresponding information is set out in the following table:
Category
TCFD recommended disclosures
References in Annual Report (AR) and response to CDP 2022 questionnaire
Governance
Describe the 
organization’s 
governance around 
climate‑related risks 
and opportunities
a)	 Describe the board’s oversight of 
climate‑related risks and opportunities
	—
AR: Organization of the Group’s environmental approach, p. 76
	—
CDP C1.1b (Details on the board’s oversight of climate‑related issues)
b)	 Describe management’s role 
in assessing and managing 
climate‑related risks and opportunities
	—
CDP C.1.2a (Describe where in the organizational structure… 
and/or committees lie, what… responsibilities are, and how 
climate‑related issues are monitored)
Strategy
Describe the actual 
and potential impacts 
of climate‑related risks 
and opportunities 
on the organization’s 
businesses, strategy, 
and financial planning 
where such information 
is pertinent
a)	 Describe the climate‑related risks 
and opportunities the organization 
has identified over the short, 
medium, and long term
	—
AR: Risk analysis matrix, p. 142; Strategic, operational and 
financial risks, p. 142
	—
CDP C2.3a (details of risks identified with the potential to have a 
substantive financial or strategic impact on your business) and 
C2.4a (details of opportunities identified with the potential to have 
a substantive financial or strategic impact on your business)
b)	 Describe the impact of climate‑related 
risks and opportunities on 
the organization’s businesses, 
strategy, and financial planning
	—
AR: Risks arising from access to and pricing of raw materials, p. 144; 
Climate change‑related risks, p. 148
	—
CDP: C 2.3a and C2.4a
c)	 Describe the resilience of the 
organization’s strategy, taking 
into consideration different 
climate‑related scenarios, including 
a 2°C or lower scenario
	—
AR: Risks arising from access to and pricing of raw materials, p. 144; 
Climate change‑related risks, p. 148
	—
CDP 3.2 (Details of your organization’s use of climate‑related 
scenario analysis)
Risk management
Disclose how the 
organization identifies, 
assesses, and manages 
climate‑related risks
a)	 Describe the organization’s 
processes for identifying and 
assessing climate‑related risks
	—
AR: Risk identification, p. 53; Risk analysis matrix, p. 142
	—
CDP: C2.2 (Describe your process(es) for identifying, assessing and 
responding to climate‑related risks and opportunities)
b)	 Describe the organization’s processes 
for managing climate‑related risks
	—
AR: Risk management, p. 54
	—
CDP: C2.2
c)	 Describe how processes for 
identifying, assessing, and 
managing climate‑related risks are 
integrated into the organization’s 
overall risk management
	—
AR: Strategic, operational and financial risks, p. 142
	—
CDP: C2.2a
Metrics and targets
Disclose the metrics 
and targets used to 
assess and manage 
relevant climate‑related 
risks and opportunities 
where such information 
is material
a)	 Disclose the metrics used by the 
organization to assess climate‑related 
risks and opportunities in line with its 
strategy and risk management process
	—
CDP: C2.3a (Details of risks identified with the potential to have a 
substantive financial or strategic impact on your business) and C2.4a 
(Details of opportunities identified with the potential to have a 
substantive financial or strategic impact on your business)
b)	 Disclose Scope 1, Scope 2, and, 
if appropriate, Scope 3 greenhouse gas 
(GHG) emissions, and the related risks
	—
AR: Reduce energy‑related GHG emissions by 50% in absolute terms, 
p. 100; Reduce Scope 3 GHG emissions by 55%, p. 100
	—
CDP: C6 (Emissions data); C7 (Emissions breakdowns)
c)	 Describe the targets used by the 
organization to manage climate‑related 
risks and opportunities and 
performance against targets
	—
AR: Climate targets in line with the Paris Agreement, p.96; 
Key achievements in 2022: Climate, p. 98
	—
CDP: C4 (Targets and performance)

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Annual Report as of December 31, 2022
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Environment and sustainability
6.	
Environmental taxonomy
In accordance with Regulation (EU) 2020/852 establishing criteria 
for determining whether an economic activity qualifies as 
environmentally sustainable (“the Regulation”), the Group has:
(i)	
identified those of its activities that qualify as contributing 
to climate change adaptation and mitigation objectives (“the 
Climate Objectives”);
(ii)	 analyzed the contribution made by eligible activities to the 
Climate Objectives, while ensuring that this contribution 
does not cause significant harm to any of the other climate 
objectives and that the activity complies with the minimum 
safeguards outlined below, thus permitting the validation of 
the activity’s “alignment”.
Activities considered as eligible in relation to the climate 
objectives established by the Regulation are those having the 
greatest impact on climate change, thus offering the greatest 
potential for reducing greenhouse gas emissions. Given the 
objectives involved and the activities targeted at present in 
relation to these objectives, only LVMH’s operating investments 
in the real estate sector have been analyzed for the purposes of 
this reporting as of December 31, 2022. In accordance with the 
Regulation, they correspond to the total of:
•	 acquisitions of property, plant and equipment and intangible 
assets;
•	 capitalized fixed lease payments;
•	 and assets and capitalized fixed lease payments relating to 
changes in the scope of consolidation (excluding goodwill).
As of December 31, 2022, the Regulation calls for the disclosure 
of two key performance indicators (KPIs) determined in relation 
to financial items and defined as follows:
•	 KPI 1: Capex relating to eligible activities (“eligible capex” or 
“real estate capex”);
•	 KPI 2: Eligible capex meeting the criteria for substantial 
contribution to climate change mitigation without causing 
significant harm to any other Climate Objectives and while 
complying with the minimum safeguards (“aligned capex”).
Eligible capex and aligned capex are presented below, as amounts 
and percentages of total capex and, for aligned capex, as a 
percentage of eligible capex.
The Group’s environmental actions are only reflected to a 
limited extent in its business activities and the indicators to be 
disclosed at this stage under the Regulation, which are presented 
below (further information on the Group’s actions to promote 
the circularity of its products and to protect biodiversity, in 
particular, is presented in §2, “LIFE 360 – Circular Design” and 
§3, “LIFE 360 – Biodiversity”).
6.1	
KPIs relating to operating investments (capex)
In accordance with the criteria set out in the Regulation, the 
contribution to climate change mitigation of activities 
corresponding to real estate capex was evaluated on the basis of 
the energy efficiency of buildings involved in purchases, leases 
and renovation projects during the fiscal year. For buildings 
constructed before December 31, 2020, only the premises 
purchased or leased whose energy efficiency is at least equivalent 
to that of 15% of the most energy efficient buildings in the 
countries where they are located are included in KPI 2. For 
buildings constructed after this date, only zero‑energy buildings 
are included in KPI 2. The thresholds applicable in France were 
used to evaluate the energy efficiency of buildings located in 
countries that lack data relating to the energy efficiency of their 
buildings as a whole. The figures presented in the “Real estate 
capex deemed energy‑efficient” columns correspond to aligned 
capex as defined above.

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
KPI 1 and KPI 2 relating to real estate capex break down as follows for fiscal year 2022:
(EUR millions or as %) 
2022
Total capex
Real estate capex 
(KPI 1 – Eligible capex) (c)  
KPI 2 – Real estate capex deemed energy 
efficient (KPI 2 – Aligned capex) (a) (c) (d)  
Amount
Amount
as % of 
total capex
Amount
as % of 
total capex
as % of
 eligible capex
Purchases relating to the real estate 
sector, of which:
4,604 
4,604 
50% 
345 
3.7% 
7.5% 
	—
Purchases of buildings (e) 
420
420
5%
39
0.4%
0.8%
	—
Capitalized fixed lease payments
3,591
3,591
39%
185
2.0%
4.0%
	—
Buildings
156
156
2%
81
0.9%
1.8%
	—
Renovations and green initiatives
437
437
5%
40
0.4%
0.9%
	—
Other acquisitions of property, plant 
and equipment and intangible assets
4,070
-
0%
-
0.0%
-
Purchases of assets and capitalized fixed 
lease payments
8,675 
4,604 
50% 
345 
3.7% 
7.5% 
Changes in the scope of consolidation
590 
- 
- 
- 
- 
- 
Total (b) 
9,264 
4,604 
50% 
345 
3.7% 
7.5% 
(a)	 The analysis of real estate capex taken into account for KPI 2 confirmed that, in addition to compliance with an energy consumption threshold, the corresponding activities:
	– do not cause any significant harm to any of the Regulation’s other objectives (climate change adaptation, sustainable use and protection of water and marine resources, transition to a 
circular economy, pollution prevention and control, and protection and restoration of biodiversity and ecosystems); 
	– comply with the minimum safeguards stipulated in the Regulation in the areas of human rights (including labor and consumer rights), bribery and corruption, fair competition and taxation.
(b)	 See Notes 3, 6 and 7 to the consolidated financial statements.
(c)	 Since a breakdown of acquisitions of property, plant and equipment in respect of Taxonomy‑eligible activities is not available within the Group’s financial reporting, this information has 
only been collected for those Maisons contributing significantly to purchases during the period; these Maisons accounted for 88% of the Group’s total capex in 2022 (60% in 2021). No 
extrapolations were performed for the other Maisons, whose acquired fixed assets were considered “ineligible” for the requirements of this reporting.
(d)	 The analysis of the energy efficiency of leased premises for the fiscal year was only carried out for the Maisons contributing significantly to capital fixed lease payments, corresponding 
to 84% of the Group’s capitalized fixed lease payments in 2022. The capitalized fixed lease payments of the remaining Maisons were deemed as not aligned for the purposes of this 
reporting.
(e)	 When a building is acquired, the land is considered ineligible. Its acquisition cost is included in total capex.
Most of the Group’s purchases or leases involve its network of 
stores, which are generally situated in buildings in historic city 
centers. However, the building standards in force when they 
were constructed made little or no mention of energy efficiency 
and they have for the most part not recently undergone thermal 
renovation work, which results in a low rate of compliance with 
the energy efficiency levels stipulated by the Regulation. For 
this reason, KPI 2 for purchases and leases of buildings in 2022 
respectively stood at 0.4% and 2.0% of total capex, and 0.8% and 
3.9% of real estate capex.
Nevertheless, whenever buildings with inadequate energy 
efficiency are purchased or leased, the Group aims to include 
energy efficiency improvement as part of the renovation projects 
for these buildings to the extent possible, and these efforts 
should be reflected in the improvement in KPI 2 relating to 
building renovation and construction. In 2022, construction and 
renovation projects complying with the thresholds for energy 
efficiency set out in the Regulation together accounted for 1.3% 
of total capex and 2.6% of eligible capex.
6.2	 KPIs relating to turnover and maintenance, R&D and rental expenses (opex)
Since the Group’s main activities are not at this stage cited by 
the Regulation in relation to the achievement of the Climate 
Objectives, the turnover indicators are nil in respect of fiscal 
years 2022 and 2021.
Maintenance of real estate assets, R&D and rental expenses (in 
respect of short‑term leases) represent a non‑material proportion 
of the Group’s total operating expenditure. That being the case, 
the Group has applied the materiality exemption to opex.
The tables required by the Regulation are set out in the 
Appendices below.

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Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
Table 1 – Revenue
Percentage of revenue derived from products or services associated with Taxonomy‑aligned 
economic activities – 2022 information
 
Substantial contribution criteria
Economic activities
Code(s)
Absolute 
revenue
Percentage 
of revenue
Climate 
change 
mitigation
Climate 
change 
adaptation
Water 
and marine 
resources
Circular 
economy
Pollution
Biodiversity 
and 
ecosystems
(EUR millions) 
%
%
%
%
%
%
%
A.	 TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally 
sustainable activities 
(Taxonomy‑aligned)
 
 
 
 
 
 
 
 
 
-
Revenue from environmentally 
sustainable activities 
(Taxonomy‑aligned) (A.1)
 
-
 
 
 
 
 
 
 
A.2. Activities that are eligible 
for the Taxonomy but not 
environmentally sustainable 
(non-Taxonomy‑aligned)
 
 
 
 
 
 
 
 
 
-
Revenue from activities that are 
eligible for the Taxonomy but 
not environmentally sustainable 
(non-Taxonomy‑aligned) (A.2)
 
-
 
 
 
 
 
 
 
Total (A.1 + A.2)
 
-
 
 
 
 
 
 
 
B.	 ACTIVITIES NOT ELIGIBLE FOR THE TAXONOMY
 
 
 
 
 
 
Revenue from non-Taxonomy-
eligible activities (B)
 
79,184
100%
 
 
 
 
 
 
Total (A + B)
 
79,184
100%

Annual Report as of December 31, 2022
107
Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
Do No Significant Harm criteria (DNSH)
 
 
Climate  
change 
mitigation
Climate  
change 
adaptation
Water  
and marine 
resources
Circular  
economy
Pollution
Biodiversity 
and 
ecosystems
Minimum 
safeguards
Percentage 
of Taxonomy-
aligned 
 revenue,  
year Y
Percentage 
of Taxonomy-
aligned  
revenue, 
 year Y-1
Category 
(enabling 
activity)
Category 
(transition 
activity)
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
 
 
 
 
 
 
 
 
 
 
 
-
 
 
 
 
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
-
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
-
 
-

108
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
Table 2 – Capex
Percentage of capex from products or services associated with Taxonomy‑aligned economic activities – 2022 information
 
Substantial contribution criteria
Economic activities
Code(s)
Absolute 
capex
Percentage 
of capex
Climate 
change 
mitigation
Climate 
change 
adaptation
Water and 
marine 
resources
Circular 
economy
Pollution
Biodiversity 
and 
ecosystems
(EUR millions) 
%
%
%
%
%
%
%
A.	 TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable 
activities (Taxonomy‑aligned)
 
 
 
 
 
 
 
 
 
Renovation of existing buildings
7.2
13
0%
100%
 
 
 
 
 
Installation, maintenance and repair 
of energy efficiency equipment
7.3
20
0%
100%
 
 
 
 
 
Installation, maintenance and repair 
of instruments and devices for 
measuring, regulation and controlling 
energy performance of buildings
7.5
8
0%
100%
 
 
 
 
 
Acquisition and ownership of buildings
7.7
304
3%
100%
 
 
 
 
 
Capex of environmentally sustainable 
activities (Taxonomy‑aligned) (A.1)
 
345
4%
100%
 
 
 
 
 
A.2. Activities that are eligible 
for the Taxonomy but not 
environmentally sustainable 
(non-Taxonomy‑aligned)
 
 
 
 
 
 
 
 
 
Renovation of existing buildings
7.2
357
4%
 
 
 
 
 
 
Installation, maintenance and repair 
of energy efficiency equipment
7.3
40
0%
 
 
 
 
 
 
Installation, maintenance and repair 
of instruments and devices for 
measuring, regulation and controlling 
energy performance of buildings
7.5
-
0%
 
 
 
 
 
 
Acquisition and ownership of buildings
7.7
3,862
42%
 
 
 
 
 
 
Capex of activities that are 
eligible for the Taxonomy but 
not environmentally sustainable 
(non-Taxonomy‑aligned) (A.2)
 
4,259
46%
 
 
 
 
 
 
Total (A.1 + A.2)
 
4,604
50%
 
 
 
 
 
 
B.	 ACTIVITIES NOT ELIGIBLE FOR THE TAXONOMY
 
 
 
 
 
 
Capex of non-Taxonomy‑
eligible activities (B)
 
4,661
50%
 
 
 
 
 
 
Total (A + B)
 
9,265
100%

Annual Report as of December 31, 2022
109
Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
Do No Significant Harm criteria (DNSH)
 
 
Climate 
change 
mitigation
Climate 
change 
adaptation
Water and 
marine 
resources
Circular 
economy
Pollution
Biodiversity 
and 
ecosystems
Minimum 
safeguards
Percentage 
of Taxonomy-
aligned  
capex,  
year Y
Percentage 
of Taxonomy-
aligned  
capex, 
year Y-1
Category 
(enabling 
activity)
Category 
(transition 
activity)
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
 
 
 
 
 
 
 
 
 
 
 
 
Yes
Yes
Yes
Yes
Yes
Yes
0%
 
 
T
 
Yes
 
 
Yes
 
Yes
0%
 
E
 
 
Yes
 
 
 
 
Yes
0%
 
E
 
 
Yes
 
 
 
 
Yes
3%
 
 
 
 
 
 
 
 
 
 
4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4%

110
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
Table 3 – Opex
Percentage of opex from products or services associated with Taxonomy‑aligned economic activities – 2022 information
 
Substantial contribution criteria
Economic activities
Code(s)
Absolute 
opex
Percentage 
of opex
Climate 
change 
mitigation
Climate 
change 
adaptation
Water and 
marine 
resources
Circular 
economy
Pollution
Biodiversity 
and 
ecosystems
(EUR millions) 
%
%
%
%
%
%
%
A.	 TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally 
sustainable activities 
(Taxonomy‑aligned)
 
 
 
 
 
 
 
 
 
Opex of environmentally 
sustainable activities 
(Taxonomy‑aligned) (A.1)
 
 
 
 
 
 
 
 
 
A.2. Activities that are eligible 
for the Taxonomy but not 
environmentally sustainable 
(non-Taxonomy‑aligned)
 
 
 
 
 
 
 
 
 
Opex of activities that are 
eligible for the Taxonomy but 
not environmentally sustainable 
(non-Taxonomy‑aligned) (A.2)
 
 
 
 
 
 
 
 
 
Total (A.1 + A.2)
 
 
 
 
 
 
 
 
 
B.	 ACTIVITIES NOT ELIGIBLE FOR THE TAXONOMY
 
 
 
 
 
 
Opex of non-Taxonomy‑
eligible activities (B)
 
 
 
 
 
 
 
 
 
Total (A + B)
 
875
100%
 
 
 
 
 
 
Since this data is not available within the Group’s financial reporting, it has been extrapolated based on the 2021 analysis undertaken 
on a sample of the main Maisons.

Annual Report as of December 31, 2022
111
Management Report of the Board of Directors: The Christian Dior group
Environment and sustainability
Do No Significant Harm criteria (DNSH)
 
 
Climate 
change 
mitigation
Climate 
change 
adaptation
Water and 
marine 
resources
Circular 
economy
Pollution
Biodiversity 
and 
ecosystems
Minimum 
safeguards
Percentage 
of Taxonomy-
aligned opex, 
year Y
Percentage 
of Taxonomy-
aligned opex, 
year Y-1
Category 
(enabling 
activity)
Category 
(transition 
activity)
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T

112
Annual Report as of December 31, 2022

Annual Report as of December 31, 2022
113
Management Report 
of the Board of Directors: 
The Christian Dior group
6.	
Attracting and retaining talent
1.	
General policy
114
1.1.
Committed to developing talent .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 114
1.2.
Organization and quality of workforce‑related reporting .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 114
1.3.
Key workforce data .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 115
1.4.
Pursuing an attractive and fair compensation policy .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 117
2.	
Ambitious talent development
118
2.1.
Implementing an attractive employer policy .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 118
2.2.
Passing on know‑how and talents to the next generation .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 119
2.3.
Improving agility and employability .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 121
3.	
A work environment that accommodates employees’ expectations
123
3.1.
An approach to ensure health and safety for all staff .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 123
3.2.
Fostering constructive labor relations .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 125
3.3.
Work‑life balance and well‑being at work .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.  126
4.	
Building a culture of inclusion
128
4.1.
Promoting diversity and inclusion .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.  128
4.2.
Embracing the full spectrum of talent .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.  128
4.3.
Taking action to promote employment for people with disabilities .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 129
4.4.
Ensuring gender equality .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 129
4.5.
Fighting discrimination against lesbian, gay, bisexual, transgender 
and intersex (LGBTI+) people .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 131
4.6.
Supporting older employees .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 131

114
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Attracting and retaining talent
1.	
General policy
 (1)	 This article resulted from the transposition into French law of European Directive 2014/95/EU on disclosure of non-financial and diversity information by certain large undertakings 
and groups.
The Group’s approach to workforce‑related responsibility is 
led by LVMH and its subsidiaries, which employ the entire 
workforce of the Christian Dior group.
Through their talent and commitment, the Group’s employees 
create unforgettable experiences for all customers and drive the 
success of the Group and its Maisons. They safeguard and build 
on an invaluable range of expertise, particularly in craftsmanship 
and design professions.
In a constantly changing competitive environment, the Group 
seeks to attract the most talented people on every continent. 
The Group welcomes new hires and supports all its staff 
based solely on their talent and skills, embracing diversity as 
a source of cultural enrichment. Offering employees career 
development opportunities helps ensure the long‑term future 
of this exceptional expertise. Guaranteeing the health, safety 
and well‑being of employees is key to their fulfillment and their 
engagement, both of which drive the Group’s success. Lastly, 
promoting constructive labor relations helps create a fulfilling 
work environment where everyone has a voice and a key role 
within the team.
1.1	
Committed to developing talent
Our people’s talent drives strong performance and helps secure 
the Group’s long‑term future. Responsible people management 
is structured around four key priorities identified through 
stakeholder consultation and a mapping of issues and risks:
•	 developing diversity by respecting every individual’s dignity 
and promoting uniqueness;
•	 supporting our employees by taking action for their safety 
and well‑being;
•	 passing on skills and expertise that are an integral part of our 
world’s cultural heritage;
•	 working to build a better society.
Within this shared social responsibility program, each of the 
Maisons implements its own action plan.
The Group’s business again performed at a high level in 2022 
despite the lingering impact of the pandemic in certain 
geographical regions and on tourism traffic. It maintained its 
ambitious policy of attracting talented people and supporting 
them on every continent. This policy is underpinned by 
commitments made by the Group and its Maisons to step 
up efforts with a focus on diversity and inclusion, talent 
recognition and rewards, the development of expertise and 
knowledge‑sharing, health, safety, work‑life balance and 
well‑being at work initiatives.
The Group continued to unite its employees around its values. 
Creativity, a passion for innovation, a quest for excellence and 
entrepreneurial spirit form the bedrock of collective performance.
1.2	
Organization and quality of workforce‑related reporting
The Group works hard to ensure the quality and completeness 
of workforce‑related data. The Group follows a rigorous process 
to gather and check this data within its Maisons. Data covers the 
Group’s consolidated companies, providing a comprehensive 
view of talent management.
1.2.1  Collection and validation of 
workforce‑related reporting data
Within each Maison, a reporter collects and reports workforce-
related data, a controller checks and validates its accuracy, and 
the Maison’s Human Resources Director provides final sign‑off.
Everyone involved in workforce‑related reporting is provided 
with an instructional guide. This guide sets out the aims and 
requirements both for the approach as a whole and for each 
indicator: its relevance, how the associated data is defined, how 
the information is to be gathered, the calculation method if 
applicable, and checks to be carried out when data is reported. 
Manual checks on the reliability and consistency of the data input 
are backed up by automated checks throughout the procedure.
Since 2007, selected employee‑related disclosures for the Group 
have been verified each year by an independent third party. 
For fiscal year 2022, workforce‑related data was verified by 
Deloitte, in accordance with Article R. 225‑105‑2 of the French 
Commercial Code  (1).
In addition, the Corporate Social Responsibility Department 
reports on qualitative aspects of workforce management and 
development in order to monitor the implementation of the 
Group’s CSR targets, listing progress made under the policies 
adopted and action plans put in place by the Maisons. The 
reporting template is sent to all Human Resources Departments 
at the Maisons, which are responsible for the data entered. 
Each Maison submits its completed reporting template to the 
Corporate Social Responsibility Department, which verifies and 
then consolidates all the data submitted at Group level.

Annual Report as of December 31, 2022
115
Management Report of the Board of Directors: The Christian Dior group
Attracting and retaining talent
1.2.2  Scope of workforce‑related 
reporting
The reconciliation of organizational and legal entities ensures 
consistency between the workforce and financial reporting 
systems. Accordingly, the scope of reporting on employee‑related 
issues covers all staff employed by fully consolidated Group 
companies, but does not include equity‑accounted associates.
Workforce information set out below includes all consolidated 
companies as of December 31, 2022, including LVMH’s share 
in joint ventures, with the exception of certain companies 
that have been part of the Group for less than a year. Other 
employee‑related indicators were calculated for a scope of 
958 organizational entities covering over 99% of the global 
workforce and encompass staff employed during the fiscal year, 
including those employed by joint ventures.
The Group’s employees in China and its regions are included in 
the number of staff working under permanent contracts (28,320 
as of December 31, 2022). Although Chinese labor law limits 
the duration of employment contracts, which can only become 
permanent after several years, the Group considers employees 
working under such contracts as permanent.
1.3	
Key workforce data
Total headcount as of December 31, 2022 stood at 196,006 employees, 
an increase of 12% compared with 2021. Of this total, 
177,297 employees were working under permanent contracts 
and 18,709 under fixed‑term contracts. Part‑time employees 
represented 16% of the total workforce, or 30,818 individuals. 
Staff outside France represented 81% of the global workforce.
The Group’s average total full‑time equivalent (FTE) workforce in 
2022 comprised 173,492 employees, up 10% compared with 2021.
1.3.1  Breakdown of the workforce by business group, geographic region 
and job category
Breakdown by business group
Total workforce as of December 31 (a) 
2022
%
2021
%
2020
%
Wines and Spirits
8,398 
4 
7,898
4
7,530
5
Fashion and Leather Goods
67,034 
34 
57,689
33
53,002
35
Perfumes and Cosmetics
29,549 
15 
27,774
16
28,017
19
Watches and Jewelry
26,369 
14 
24,348
14
9,078
6
Selective Retailing
55,471 
28 
48,807
28
43,741
29
Other activities
9,185 
5 
9,131
5
9,111
6
Total
196,006 
100 
175,647
100
150,479
100
(a)	 Total permanent and fixed‑term headcount.
Breakdown by geographic region
Total workforce as of December 31 (a) 
2022
%
2021
%
2020
%
France
36,346 
19 
33,887
19
32,813
22
Europe (excl. France)
41,846 
21 
39,343
22
37,693
25
United States
41,936 
21 
34,930
20
24,749
16
Japan
8,924 
5 
8,013
5
7,012
5
Asia (excl. Japan)
47,860 
24 
43,705
25
35,382
23
Other markets
19,095 
10 
15,769
9
12,830
9
Total
196,006 
100 
175,647
100
150,479
100
(a)	 Total permanent and fixed‑term headcount.

116
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Attracting and retaining talent
Breakdown by job category
Total workforce as of December 31 (a) 
2022
%
2021
%
2020
%
Executives and managers
41,504 
21 
36,807
21
32,713
22
Technicians and supervisors
17,421 
9 
16,952
10
14,575
9
Administrative and sales staff
105,100 
54 
91,691
52
79,059
53
Production workers
31,981 
16 
30,197
17
24,132
16
Total
196,006 
100 
175,647
100
150,479
100
(a)	 Total permanent and fixed‑term headcount.
1.3.2  Average age and breakdown by age
The average age of the global workforce employed under permanent contracts is 37. The youngest age ranges are found among sales 
staff, mainly in Asia, the United States and “Other markets”.
(as %) 
Global 
workforce
France
Europe 
(excl. France)
United 
States
Japan
Asia 
(excl. Japan)
Other 
markets
Age:	 Under 25
10.7
5.3
6.6
18.9
4.3
10.1
17.5
25‑29
18.3
16.1
13.9
18.4
11.5
24.0
19.4
30‑34
20.3
18.2
17.4
16.8
16.3
27.4
20.8
35‑39
16.3
14.5
15.9
12.6
19.0
20.4
16.3
40‑44
11.8
12.7
13.7
9.7
19.6
10.1
10.6
45‑49
8.7
11.1
12.6
6.9
16.7
4.4
6.5
50‑54
6.6
9.9
10.2
6.3
8.7
2.1
3.8
55‑59
4.7
8.7
6.7
5.0
3.7
1.0
2.9
60 and up
2.7
3.5
3.0
5.3
0.2
0.5
2.2
 
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Average age
37
40
39
36
39
34
35
1.3.3  Average length of service and breakdown by length of service
The average length of service within the Group is 9 years in France and ranges from 5 to 8 years in other geographic regions. This 
difference is mainly due to the predominance in these other regions of retail activities characterized by a higher rate of turnover.
(as %) 
Global 
workforce
France
Europe 
(excl. France)
United 
States
Japan
Asia 
(excl. Japan)
Other 
markets
Length of service: Less than 5 years
60.8
47.6
49.3
71.5
53.1
69.8
68.7
5‑9 years
18.6
18.9
22.1
15.1
19.5
18.2
18.4
10‑14 years
8.7
10.6
11.8
6.1
8.7
7.9
6.4
15‑19 years
5.2
7.2
7.9
3.8
9.8
2.4
3.0
20‑24 years
3.5
7.1
5.1
2.0
6.3
1.0
2.0
25‑29
1.5
3.3
2.0
0.9
1.8
0.5
0.6
30 years and up
1.7
5.3
1.8
0.6
0.9
0.2
0.9
 
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Average length of service
6
9
8
5
8
5
5

Annual Report as of December 31, 2022
117
Management Report of the Board of Directors: The Christian Dior group
Attracting and retaining talent
1.4	
Pursuing an attractive and fair compensation policy
The Group is keen to recognize, attract and motivate talented 
people by offering compensation that is generous relative to 
employee and market expectations. Salaries are benchmarked 
annually, taking into account the specific characteristics of 
business lines and segments, to ensure that the Maisons are 
positioned appropriately, both in France and abroad.
The Group takes care to ensure that performance is rewarded. 
Variable compensation is linked to the financial results of each 
employee’s company and the achievement of individual targets.
In 2021, LVMH set up a team to devise a pay equity policy 
applicable to all its employees and to suppliers. In 2022, the 
Human Resources Department adopted the fair wage principles 
established with the support of the Fair Wage Network’s 
expertise. The Group’s Maisons were all asked to verify that these 
principles had been implemented, and the network of Human 
Resources, Compensation & Employee Benefits and CSR Officers 
is responsible for their coordination.
1.4.1  Average compensation
The table below shows the average monthly gross compensation paid to Group employees in France under full‑time permanent 
contracts who were employed throughout the year:
Employees concerned (as %) 
2022
2021
2020
Less than 1,500 euros
0.8 
2.0
1.4
1,501 to 2,250 euros
12.1 
17.7
18.6
2,251 to 3,000 euros
21.2 
20.5
21.6
Over 3,000 euros
65.9 
59.8
58.4
Total
100.0 
100.0
100.0
1.4.2  Personnel costs (a)
Worldwide personnel costs break down as follows:
(EUR millions) 
2022
2021
2020
Gross payroll – Fixed‑term and permanent contracts
9,369.2 
7,562.4
6,509.8
Employer social security contributions
2,182.0 
1,725.2
1,629.8
Temporary staffing costs
409.8 
298.7
315.7
Total personnel costs
11,961.0 
9,586.4
8,455.3
(a)	 Indicators are taken from the HR reporting system, which covers 958 legal entities. Unlike for financial reporting, workforce‑related reporting excludes certain items when calculating 
total payroll: incentives and profit‑sharing, bonus share awards and similar awards, and provisions related to bonuses.
Outsourcing and temporary staffing costs decreased slightly year over year, accounting for 6.2% of the total worldwide payroll 
(versus 6.3% in 2021), including employer social security contributions.
1.4.3  Profit‑sharing, incentive and company savings plans
All companies in France with at least 50 employees have a profit‑sharing, incentive or company savings plan. These plans accounted 
for a total expense of 388.4 million euros in 2022, paid in respect of 2021, an increase compared to the previous year.
(EUR millions) 
2022
2021
2020
Profit sharing
183.8 
120.8
139.3
Incentive
164.1 
106.1
139.4
Employer’s contribution to company savings plans
40.5 
39.3
32.2
Total
388.4 
266.2
310.9

118
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Attracting and retaining talent
2.	
Ambitious talent development
Through their excellence and their diversity, employees have 
been instrumental in the success of the Group and its Maisons. 
In its recruitment drive, the Group focuses on its key strengths 
as an employer – its values, its commitments and the wealth of 
career opportunities it can offer. For younger generations, the 
Group offers the chance to learn new skills, and it runs ambitious 
programs introducing them to jobs in the luxury goods industry 
and its ecosystem. Mindful of employees’ expectations, the 
Group and its Maisons are introducing innovative and in many 
cases digital participation‑based programs so they can each take 
ownership of their own personal growth and career development 
plans.
2.1	
Implementing an attractive employer policy
LVMH’s human resources policy, underpinned by a firm belief 
that people make all the difference, sets great store by the Group’s 
appeal and its recruitment. It’s imperative for LVMH to hire the 
best external talent so it can strengthen its existing teams and 
achieve enduring success.
2022 was a very busy year, with more than 60,000 new hires 
worldwide, and over 17,000 new positions created. With today’s 
business world in the throes of far‑reaching social and economic 
change, becoming an attractive employer is a top priority. 
To achieve this, the recruitment teams are paying increasing 
attention to prospective candidates’ expectations and search 
for meaningful roles. Our teams have helped to spotlight 
the Group’s social and environmental commitments and the 
possibility employees have of building unique, diversified 
career paths. They are in a prime position to showcase the 
Group’s values and they place special emphasis on those 
embodying a contemporary and listening management style. 
Excellence, creativity, entrepreneurial spirit and engagement are 
what motivate them. Rather confining themselves solely to the 
universe in which LVMH operates, they also draw on expertise 
in the most innovative and creative sectors.
Attracting talent
In 2022, LVMH continued to roll out “Craft the Future”, its 
new employer brand promise. It showcases the unique range 
of opportunities the LVMH group can offer its employees. Its 
employer promise is built on four pillars: Inspire, Challenge, 
Connect and Support.
The Group has continued to train thousands of internal 
ambassadors. The campaign to launch the employer brand 
continued with three social media episodes in which employees 
were given a chance to have their say. These episodes brought to 
a close a series of nine, which had begun in 2021.
In line with its commitment to pass on knowledge, the Group 
continues to provide practical guidance to young people as they 
build their career plans. As a result of its various initiatives, it was 
again voted the top employer among business school students in 
France for the 18th year in a row (Universum 2022 survey), and it 
moved up the rankings in a large number of key countries: 9th in 
Italy, 36th in the United States, 6th in Switzerland and the United 
Kingdom, and 14th in Spain.
Engagement and opportunities
In a constantly evolving world, professions are being reinvented 
and created at an unprecedented pace. Seeking out, developing 
and retaining talent is essential to LVMH’s continued success, 
now and over the long term.
Individual support provided to employees, organizational 
reviews, a range of human resources initiatives, and the 
transformation of managerial culture are all necessary elements 
contributing to the Group’s growth and that of its staff.
To anticipate and prepare for future challenges and opportunities, 
human resources staff, working closely with the Group’s senior 
executives and managers, have put the annual organizational 
and talent review at the cornerstone of the human resources 
strategy. For the past 13 years, this review has built on the 
Maisons’ strategic plans. It considers the required organizational 
changes and talent required in view of the strategic development 
priorities of the Group’s operations. It evolves every year as a 
function of external business and human resources trends and 
helps shape the strategic human resources plan.
This strategic plan aimed at fostering LVMH’s development 
shares the Group’s vision, goals and commitments for its human 
resources. The plan’s core pillars are the organizational structures, 
existing and future key positions, competency development 
initiatives and key talent pathways.
The data analyzed also shed light on the dynamic management 
of talent across the Group. In 2022, nearly 80% of key positions 
within the Group were covered by a succession plan and 70% of 
the most strategic roles were filled internally.

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Turnover by geographic region
(as %) 
2022
France
Europe 
(excl. 
France)
United 
States
Japan
Asia 
(excl. 
Japan)
Other 
markets
2021
2020
Total turnover (a) 
24.1 
13.2
17.2
40.8
10.8
25.2
28.6
23.3
24.5
Of which: Voluntary turnover (b) 
18.3 
6.4
12.4
33.1
9.9
20.8
21.0
17.2
11.7
Involuntary turnover (c) 
5.2 
5.7
4.2
7.1
0.7
4.3
7.3
5.5
12.2
(a)	 All reasons. Excluding internal mobility and non-Group transfers.
(b)	 Resignations.
(c)	 Dismissals/end of trial period.
Breakdown of movements (a) of employees working under permanent contracts by business group
(number) 
Joiners
Leavers
2022
2021
2020
2022
2021
2020
Wines and Spirits
1,154 
902
481
823 
615
609
Fashion and Leather Goods
19,223 
15,431
7,777
12,081 
9,992
7,458
Perfumes and Cosmetics
7,418 
6,045
3,486
6,109 
6,605
5,165
Watches and Jewelry
7,393 
5,246
924
5,508 
4,102
1,036
Selective Retailing
23,234 
15,908
9,190
17,159 
14,989
17,503
Other activities
2,350 
1,544
1,064
1,518 
1,554
3,369
Total
60,772 
45,076
22,922
43,198 
37,857
35,140
(a)	 Under permanent contracts, including conversions of fixed‑term contracts to permanent contracts and excluding internal mobility within the Group.
In 2022, a total of 43,198 employees working under permanent contracts left the Group (all reasons combined); of these, nearly 40% 
were employed within the Selective Retailing business group, which traditionally experiences a high turnover rate.
2.2	
Passing on know‑how and talents to the next generation
The Group boasts a unique heritage of excellence – its expertise 
in design, craftsmanship and customer experience. The Group 
and its Maisons play a key role in passing on the secrets of these 
professions. They are keen to make young people aware of the 
opportunities from secondary education onwards and to open 
the eyes of students and young professionals to the luxury goods 
world and its potential career paths. Within the Group, passing 
on excellence continues through the work of the Académie des 
Métiers d’Excellence and the Maisons’ schools, as well as by the 
Virtuoso cohort themselves who strive to pass on their passion.
2.2.1  Passing on our expertise 
to all generations
Within its six business groups, the Group brings together a wide 
range of unique skills and expertise. Vital to the success of its 
Maisons, these skills and expertise make the Group a key player in 
protecting this heritage and passing it on. The Group boasts more 
than 280 métiers d’excellence (professions of excellence) in the fields 
of design, craftsmanship and the customer experience. Today, 
over 100,000 employees around the world are the custodians of 
this living heritage.
2.2.1.1  Passing on skills: A virtuous circle
Safeguarding the future for exceptional professions 
that are essential to the luxury value chain
In 2021, the 75 LVMH Maisons signed up to the WE for ME pact 
(“Worldwide Engagements for Métiers d’Excellence”), reaffirming 
the commitment to society of the Group, which assumes full 
responsibility for keeping the living heritage alive. It aims to 
foster a virtuous circle of skill‑sharing based on three objectives: 
passing on unique expertise, honing and nurturing apprentices’ 
talents so that they become virtuosos, and leading its teams and 
their professions – on which the excellence and success of the 
Maisons depend – to new heights.
Guiding people towards our professions and hiring 
from a broader pool
To spur interest in its professions and attract top talent, LVMH 
reaches out to young people from an early age. More than 
1,600 middle school students in France, Italy and Spain learned 
about them under the “Excellent!” program thanks to the efforts 
of human resources teams and the Maisons’ expert professionals. 
Building on this initiative, the Métiers d’Excellence reached out 
to future talent by organizing the “You and ME” nationwide tour 
that traveled to five cities in France (Clichy‑sous-Bois, Reims,

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Valence, Orléans and Paris) between February and April 2022. 
This career guidance and recruitment to expert professions event 
provided access to more than 1,200 internship, work‑linked 
training, fixed‑term and permanent contract opportunities 
in partnership with 33 leading schools and universities and 
39 Maisons.
Training our future talent
2022 was a record year for the Institut des Métiers d’Excellence, 
which welcomed a cohort of more than 450 new students 
in seven countries (France, Switzerland, Italy, Spain, Japan, 
Germany and the United States). This intake reflects the diverse 
nature of career paths and profiles. Students were aged between 
15 and 51 years old, and one third of them were retraining. Since 
2014, through its 42 programs, the IME has trained more than 
2,000 apprentices in 30 professions. In 2022, 91% of apprentices 
obtained an LVMH Brevet d’Excellence vocational diploma. Their 
job placement rate at LVMH’s Maisons and their partners was 75%.
Developing the best talents and establishing 
a reputation for excellence
Employees continuously develop and refine their talents 
within the Académie des Métiers d’Excellence and the Maisons’ 
36 training schools. In 2022, more than 30,000 employees in 
these professions received over 200,000 hours of development 
training.
The LVMH Community of Virtuosos, which was founded 
in 2021, expanded during the year with the arrival of a new 
cohort of 63 Virtuosos. Their arrival was celebrated in Paris and 
Milan at the second edition of the Show ME event attended 
by Chantal Gaemperle. These Virtuosos, all of whom boast 
an outstanding track record within the Maisons, encapsulate 
the Group’s expertise. Personal development programs are run 
for them, and they are invited to share their passion and their 
expertise, especially with younger generations, to keep the 
virtuous knowledge‑sharing circle alive.
2.2.1.2  Supporting and promoting the Group’s 
expertise
As an engaged corporate citizen, the Group establishes artistic 
collaboration between an artisan and an artist in a bid to support 
the artisans whose expertise is under threat. For the second, 
exclusively Italian season, artist Francesca Pasquali sparked some 
challenging conversations and highlighted Simona Ianini’s lace 
technique known as tombolo.
For the second year in a row in France, LVMH held the Prix Elle 
Artisane awards in conjunction with Elle magazine. This award 
recognizes and promote the talents of highly skilled women 
working in expert professions and professions of excellence 
in the fashion, design, food and wine, and French heritage 
protection sectors.
2.2.2  Spreading the word about our 
professions to students and 
graduates via Inside LVMH
Inside LVMH builds on and gives extra resonance to the Group’s 
initiatives targeting students and young professionals. The 
program aims to help young people better understand the luxury 
industry, LVMH and its 75 Maisons, and to gain a clearer picture 
of the professions and careers available so they can more easily 
see a future for themselves in the business world. It takes an 
inclusive approach and is open to all young people, irrespective 
of their chosen path or where they live.
LVMH has continued to strengthen its partnerships with leading 
international schools and universities (12 Group partnerships). 
Around the world, its employees take part every year in over 
250 campus and online events, including conferences, panel 
discussions, job fairs, and case studies. A large number of the 
Group’s leaders have spoken at conferences, such as Laurent 
Boillot (Hennessy), Charles de Lapalme (Dior), Berta de Pablos 
Barbier (Moët & Chandon), Kim Jones (Christian Dior), and 
Anish Melwani (LVMH Inc.).
Inside LVMH, an educational digital hub, contains more than 
100 hours of content about the luxury industry and LVMH, its 
professions and careers. It also shares tips from LVMH’s leading 
figures. Young talent, managers, leaders and CEOs have provided 
more than 100 items of content. The hub, which is online 
at www.insidelvmh.com, is open to all students and young 
professionals around the world.
At year‑end 2022, it had signed up more than 130,000 users from 
close to 2,500 schools.
The Inside LVMH certificate is awarded by the hub free‑of‑charge 
twice a year. The unique 30‑hour‑long self‑study course 
combines academic and business content with practical case 
studies. Everyone who completes the course is given a certificate. 
This certificate demonstrates extensive knowledge of the luxury 
industry and LVMH. It prepares young people for the business 
world, and enhances their CV’s appeal and their preparedness 
for job interviews.
Since its May 2021 launch, four cohorts have already taken the 
course, with 40,000 of the over 91,000 who signed up gaining 
the certificate of completion (an average success rate of 43%). 
The course will open for its next intake in April 2023.
The Inside LVMH program has won awards from businesses and 
universities. It picked up three accolades in 2022 – the Coup de 
Cœur special award (HR innovation of the year for 2022 from 
Cadremploi, Le Figaro and Sciences Po Exec Education), the 
AGIRES Synergie Campus Coup de Cœur special award (panel 
of 200 universities and schools in France) and the Impact Digital 
HR Award Deloitte prize.

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2.2.3  Opening up our jobs to the younger 
generations and offering them 
stimulating, innovation‑led careers
The Group is a major advocate of access‑to‑employment 
initiatives for young people. This strategy has spawned various 
initiatives over the course of the years. In 2022, the Group hired 
nearly 39,000 young people under 30 worldwide, including 
9,373 internship or apprenticeship contracts and 2,630 permanent 
contracts in France.
To take efforts up to the next level, the Group and several Maisons 
have introduced career acceleration programs. The goal is to 
attract, hire and develop high‑potential job applicants poised to 
become future leaders in LVMH’s ecosystem and to support the 
Group’s succession planning. Spring, LVMH’s first graduate entry 
program intended as a career springboard and accelerator, was 
launched in 2022. It provides participants with multidimensional 
experience spanning the Group’s ecosystem of more than 
75 Maisons. For the pilot program, 14 graduates were recruited, 
and they joined the Group in September 2022. They will be given 
the opportunity to take on three different assignments during 
the first three years of their career at three different professions 
and in three different Maisons. Each graduate on the program 
will be mentored by a Group senior executive and have access to 
an individual or collective development and training offering.
The Spring concept has been adapted in China, where the LVMH 
Retail Management Trainee Program gave around 20 graduates 
the chance to learn about the retail professions as they undertook 
three different assignments in two Maisons.
Further programs will be built up at Maison or Division level 
in 2023, such as Beauty Bloom, the Beauty Division’s graduate 
program.
2.3	
Improving agility and employability
2.3.1  Co‑constructing the future 
by learning
The Group, its Maisons and its divisions are investing in 
high‑impact learning initiatives both to meet the aspirations of 
its employees and to address the challenge of embracing change 
and staying agile that organizations face today.
Employees are displaying a revitalized and enduring interest 
in development and learning opportunities, both to maintain 
their employability and out of curiosity and personal interest. 
The increasing speed at which the needs of the luxury industry’s 
demanding customers and working methods are changing have 
made upskilling and reskilling initiatives imperative.
The Group works to foster a culture focused on personal 
development to instill a growth mindset among its employees 
and their leaders. In 2022, for example, the Group developed 
a MyDevelopment module as part of its new Rise performance 
management system. The module gives every employee the 
chance to think systematically and consistently about the learning 
and development opportunities they need to meet their goals.
To encourage and support employees more effectively 
throughout the learning process and help them make the most 
of learning situations, LVMH House has devised an Employee 
Learning Proposition. It caters for employees and also their 
managers and leaders in their supporting role, helping to guide 
learning efforts in a manner that will yield maximum impact in 
terms of their personal development.
The way in which jobs are developing within the Group has 
made it all the more crucial for new arrivals to learn about their 
work environment. More than ever before, the Group is investing 
in large‑scale onboarding initiatives accommodating all levels 
in the organization. The goal is to make sure the strength of the 
Maisons’ and the Group’s culture is understood and valued. In 
practical terms, they make sure every new arrival is acquainted 
with their work environment and the Group’s values and beliefs 
so they can rapidly find their feet and realize their potential in 
their daily tasks.
Various diversity, equity & inclusion (DE&I) training initiatives 
are currently in the works. These will include even more 
systematic sessions addressing unconscious bias in more than 
eight languages. Various Maisons are also developing their 
own training initiatives in these areas. These go beyond awareness-
raising efforts, reflecting their own cultures. Fendi, for example, 
is encouraging its employees to work on their empathy and 
respect to help entrench its DE&I culture. Moët Hennessy 
supports up‑and‑coming talent from Asian cultures to achieve 
rapid promotion within the cultural environments of the 
European Maisons’ headquarters.
In addition, learning initiatives, predominantly led by the 
Maisons, remain vitally important in the retail and omnichannel 
segments. The Brand Education Community, a new international 
forum, was established in 2022. It aims to provide a hub for the 
various learning initiatives related to products, services and 
brand appeal. It encompasses leaders in the domain across the 
various Maisons, divisions and regions. The community, which 
fosters discussions about best practices, draws on the wealth of 
knowledge, excellence and ability to innovate of all the Maisons 
and all the sectors, as well from the diverse environments in 
which they operate.
LVMH House is also rolling out “Think Retail”, a development 
program aimed at managers of the Group’s key stores. The goal 
is to give them a sense of their importance within the Group, to 
inspire them and to support their personal development. Each 
session runs for a period of six months. The key store managers 
are coached and mentored individually and complete a course 
teaching them about different professions, which is taught by 
employees from the Group and its Maisons. Originally launched 
in Europe and China, the program is now being extended to all 
regions from 2024.

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At Group level, the LVMH House teams continued to run 
initiatives for employees that feature a combination of learning, 
open innovation and workplace culture transformation. These 
approaches help to ramp up the impact of the test & learn 
methodology in a novel manner, while building on the values 
that have underpinned the Group’s success – innovation and 
creativity, excellence, entrepreneurship and engagement. They 
enable employees to gain skills and expertise while setting the 
stage for the Group’s future success.
The pandemic necessitated an overhaul of learning formats, 
and the diverse new offering now consists of virtual workshops, 
so‑called blended learning pathways (with remote and 
face‑to‑face components), self‑directed modules, peer coaching, 
mentoring by local executives, learning action groups, discussions 
between the Maisons and in‑person courses. The strength of the 
LVMH House network is that it can offer seminars on business 
fundamentals, such as management, leadership and excellence, 
while also providing an agile response to learning requirements 
based on local priorities.
2.3.2  Giving everyone ownership of their 
career mobility and development
The Group aims to develop agility and employability across its 
workforce by empowering employees to build their knowledge 
and skills every day and to continue learning in the workplace, to 
help them take ownership of their careers and their development.
Due to its diversity and uniqueness, the LVMH ecosystem – 
through its 75 Maisons across six business groups in 81 countries – 
offers multiple career combinations and many opportunities for 
job mobility across its different geographic regions, professions 
and business areas: Wines and Spirits, Perfumes and Cosmetics, 
Fashion and Leather Goods, Watches and Jewelry, and Selective 
Retailing.
The Group encourages its employees to shape their own career 
paths within this ecosystem. This commitment is reflected in a 
well‑established mobility policy and related processes in place 
across the Group. Careers committees operate at every level 
(Maison, division, global, regional, functional) under the aegis of 
the heads of talent management and human resources. Employees 
also benefit from career development interviews. Vacancies are 
now systematically advertised internally and digitally on the 
Voices shared platform. Various mobility initiatives are already 
in place. The Group also intends to further expand internal 
mobility in the coming years, particularly between Maisons.
In 2022, nearly 18,000 employees were able to take advantage of 
an internal transfer opportunity.
LVMH and all of the Group’s Maisons have introduced a new 
approach to performance management and development, 
developed jointly with Louis Vuitton. This approach aims to bring 
about a shift in organization culture and management practices 
and promotes three core leadership values: empowerment, 
cooperation and agility. It provides employees with vital 
new ways to plan development and progression pathways for 
themselves. It also leads to more regular conversations about 
their performance and their accomplishments.
Rise, the new performance management and development 
system, champions a culture of leadership based on continuous 
feedback and collaboration. Thanks to its innovative approach, 
employees can take the initiative by having a discussion with their 
manager as and when their needs and professional imperatives 
arise, without having to wait for the next yearly meeting. This 
easy‑to‑use application is also resolutely contemporary.
The new performance management program has now been 
extended to cover 70,000 employees.
Training investment
In 2022, training expenses incurred by Group companies 
throughout the world represented a total of 213.7 million euros, 
or 2.3% of total payroll. On top of this investment and everyday 
workplace training, the Group continues to develop new forms 
of learning. With approaches like digital learning, webinars, 
peer‑to‑peer learning and learning community workshops all 
being pursued within the Group, these new, faster and more 
collaborative forms of learning are so diverse that it is not 
possible to list them all here. However, the Group is convinced 
of their impact and relevance.
 
2022
2021
2020
Training investment (EUR millions) 
213.7 
129.2
90.7
Proportion of total payroll (as %) 
2.3 
1.7
1.4
Number of days of training per employee
1.8 
1.8
1.2
Average cost of training per employee (EUR) 
1,194.0 
796.0
631.0
Employees trained during the year (as %) 
52.2 
46.7
40.8
Note: Indicators are calculated on the basis of the total number of employees under permanent contracts present at the workplace as of December 31 of that fiscal year.

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Attracting and retaining talent
The average training spend per full‑time equivalent was 
1,194 euros. In 2022, the total number of training days was 
316,265, equivalent to 1,375 people receiving full‑time training 
for the entire year. In 2022, 52.2% of employees received training 
and the average number of days of training was 1.8 days per 
employee. The Group has opted here to count only training 
events lasting over three hours. As an illustration, if online 
remote training lasting under three hours is included, the Group 
estimates that 78% of its workforce received training.
The training investment is spread across all job categories and geographic regions as presented in the table below:
 
France
Europe 
(excl. France)
United
 States
Japan
Asia 
(excl. Japan)
Other 
markets
Training investment (EUR millions) 
46.2
26.8
84.4
5.9
41.7
8.7
Proportion of total payroll (as %) 
2.3
1.3
3.3
1.5
2.4
1.5
Employees trained during the year (as %) 
57.1
49.9
39.5
57.4
58.4
54.5
Of which: Executives and managers
54.6
61.9
38.2
52.6
62.8
57.4
Technicians and supervisors
72.0
56.2
29.6
65.6
55.4
58.5
Administrative and sales staff
54.4
54.5
41.4
57.1
59.5
52.8
Production workers
54.4
31.4
37.7
14.3
46.0
57.0
Note: Indicators are calculated on the basis of the total number of employees under permanent contracts present at the workplace as of December 31 of that fiscal year.
3.	
A work environment that accommodates employees’ expectations
The Group is committed to offering all its employees a high‑quality work environment. Everyone’s health and safety are priorities for 
the Group, along with its employees’ well‑being at work and work‑life balance. The Group also aims to foster constructive labor relations.
3.1	
An approach to ensure health and safety for all staff
The Group has expanded its scope of action to protect all of its 
employees. In 2020, a dedicated working group was formed, 
comprised of health and safety experts as well as human resources 
managers. It assessed the situation and proposed an action plan 
including the creation of a health and safety charter.
In 2021, the LVMH Health and Safety Charter, signed by the 
Group’s Executive Committee and all the Maisons’ Presidents, 
sparked a comprehensive and ambitious drive to develop a “zero 
accident” culture across all its operations.
The Maisons undertake to protect employee health and safety 
through five pillars of action:
•	 identify their priorities in order to structure their approach; 
•	 draw up an action plan and review it regularly; 
•	 report on progress made using the approach, in particular 
by submitting their results to each Maison’s Management 
Committee; 
•	 engage every employee in the approach, notably by raising 
awareness about first aid measures; 
•	 maintain a virtuous culture by ensuring strong collaboration 
between the Group and the Maisons.
Each commitment is associated with a performance indicator 
and target to be met by 2025. As part of a focus on continuous 
improvement, the LVMH group’s Executive Committee monitors 
progress on a regular basis.
Each Maison having signed the charter has appointed a Health 
and Safety Ambassador who reports to the Group. These 
Ambassadors form the Health and Safety Community, which 
meets on a regular basis to discuss and raise awareness of the tools 
needed to implement a “zero accident” culture. It met five times 
in 2022.
LVMH and its Ambassador network provide all employees with a 
health and safety toolbox on the Group’s Intranet. It holds all the 
information for deploying policies and positive action, including 
the catalog of best practices from the Maisons.

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Attracting and retaining talent
Performance indicators and targets associated with the five commitments of the new LVMH Health 
and Safety Charter
 
 
Result 
in 2022 (a) 
Target
 for 2025
Commitment 1
Each Maison structures its own approach to employee health and safety.
81%
100%
Commitment 2
Each Maison reviews its health and safety approach on a regular basis.
88%
Commitment 3
Each Maison’s Management Committee reviews the past year’s results for health and safety 
performance indicators, in particular the change in the accident frequency rate.
87%
Commitment 4
All employees are engaged in prevention and trained in first aid measures.
32%
Commitment 5
The Group dedicates a day each year to the promotion of health, safety 
and quality of life at work.
100%
(a)	 Employee coverage rate (Number of employees covered by the commitment/Total number of Group employees).
Governed by this Charter, the Maisons implement their own 
approaches to ensure workplace health and safety and prevent 
accidents. They therefore put in place specific actions as part 
of the Group’s overall investment, certification and training 
program. Health, safety and ergonomics assessments are regularly 
conducted at workshops, vineyards, stores and headquarters, 
following which action plans are drawn up to address any needs 
identified and the targets set by the Charter.
Workshops and production facilities took action to improve 
ergonomics and reduce physical strain for those positions 
most exposed to physical or mental stress. The Group is also 
particularly attentive to working conditions for staff members 
over 50 and those with disabilities, aiming to enable them to 
continue working under optimal conditions.
In 2022, the Group invested over 43.3 million euros in health 
and safety. These investments were allocated to occupational 
health, protective equipment, and continuous improvement 
programs covering compliance for new equipment, signage, 
replacement of protective equipment, fire prevention training 
and noise reduction. More generally, the total amount spent on 
and invested in improving working conditions came to more 
than 139 million euros, or 1.5% of the Group’s gross payroll 
worldwide.
LVMH also maintained its initiatives for awareness‑raising 
and training in workplace safety and risk prevention. In 2022, 
78,482 employees received training in these areas.
 
Number of 
accidents
Frequency 
rate (a) (b) 
Severity 
rate (b) (c) 
Breakdown by business group
 
 
 
Wines and Spirits
109
7.72
0.13
Fashion and Leather Goods
445
3.85
0.11
Perfumes and Cosmetics
115
2.19
0.11
Watches and Jewelry
85
1.77
0.05
Selective Retailing
372
4.23
0.20
Other activities
258
12.50
0.24
Breakdown by geographic region
 
 
 
France
513
9.64
0.35
Europe (excl. France)
353
5.53
0.11
United States
194
3.06
0.19
Japan
15
1.08
0.02
Asia (excl. Japan)
138
1.33
0.04
Other markets
171
4.15
0.07
LVMH group 2022
1,384
4.08
0.13
2021
1,298
4.23
0.14
2020
1,158
4.52
0.15
(a)	 The frequency rate is equal to the number of accidents resulting in leave of absence, multiplied by 1,000,000 and divided by the total number of hours worked.
(b)	 The calculation of hours worked is based on actual data for France; for other countries, it is based on the number of full‑time equivalent (FTE) employees present within the Group 
as of December 31 of the fiscal year and a ratio of hours worked per FTE employee per country taken from OECD knowledge bases. Theoretical 2020 data from the OECD does 
not include hours not worked as a result of the public health crisis, with the result that frequency and severity rates are understated.
(c)	 The severity rate is equal to the number of workdays lost, multiplied by 1,000 and divided by the total number of hours worked.

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Attracting and retaining talent
In calculating its overall absence rate, the Group has opted to 
include all absences related to the Covid‑19 crisis, including sick 
leave and paid or unpaid leave. The public health crisis had an 
impact, bringing the overall absence rate to 6.2% in 2022.
The Group estimated the effect of the public health crisis on 
its overall absence rate: 1.1 percentage points were attributable 
to the extraordinary circumstances linked to the public health 
crisis and its impacts, including lockdowns, family obligations, 
illness and quarantine. Excluding factors linked to the Covid‑19 
crisis, the estimated overall absence rate was therefore 5.1% in 
2022, reflecting employees’ strong commitment, motivation and 
trust in the Group and its Maisons. In 2021, the absence rate was 
7.1% including the Covid‑19 effect and 5.3% excluding that effect.
Absence rate (a) by region and by reason
(as %) 
Global 
workforce
France
Europe 
(excl. France)
United 
States
Japan
Asia 
(excl. Japan)
Other 
markets
Illness
3.0
4.6
5.0
2.0
1.2
1.6
2.2
Work/commuting accidents
0.1
0.3
0.1
0.1
0.0
0.1
0.1
Parental leave
1.4
1.2
2.7
0.7
1.4
1.2
0.7
Paid leave (personal leave 
and other paid leave)
1.1
0.5
0.8
0.5
0.7
2.6
0.4
Unpaid leave
0.6
0.6
0.6
0.4
0.4
0.7
0.5
Overall absence rate
6.2
7.3
9.1
3.6
3.7
6.2
3.8
Estimated overall absence 
rate excl. Covid effect
5.1
6.6
8.6
3.3
3.0
3.5
3.2
(c)	 Number of days’ absence divided by theoretical number of days worked.
3.2	
Fostering constructive labor relations
At the European level, the SE Works Council is an employee 
representative body consisting of 28 members from the 
22 European countries in which the Group’s Maisons operate. 
The rules governing this body are laid down in an agreement 
that was unanimously approved by employee representatives 
from those 22 countries and by Group management on July 7, 
2014. The SE Works Council handles transnational issues at the 
European level. It held one plenary meeting in 2022, on June 9.
LVMH’s Group Works Council covers France. This body, which 
currently has 29 members, holds one plenary meeting each year. 
Through this representative body, delegates meet with the heads 
of all of the Group’s business areas. They exchange information 
on strategic direction, business and financial issues, employment 
trends within the Group and prospects for the current year. The 
Group Works Council met on October 19, 2022. The members of 
the Group Works Council were reappointed in 2022 for another 
four‑year term.
In keeping with the Group’s decentralized approach, 
representatives at each Maison deal with workforce‑related issues 
specific to their entity.
In France, the Maisons have employee representative bodies 
known as CSEs (Comités Sociaux et Économiques). Each CSE’s remit 
depends on the size of the Company’s workforce. In companies 
with fewer than 50 employees, they present the employer 
with employees’ individual or collective claims in relation to 
pay, compliance with the French Labor Code, and so on. In 
entities with 50 or more employees, CSEs ensure that employees’ 
collective interests are taken into account in decisions relating 
to the Company’s management, business development and 
financial performance, as well as working methods, professional 
training and production techniques.
In 2022, Group companies allocated a budget totaling over 
41 million euros (2% of total payroll) to social and cultural 
activities in France via contributions to CSEs.
In 2022, employee representatives attended 873 meetings in 
France:
Type of meeting
Number
CSE: 50 or more employees
645
CSE: Fewer than 50 employees
228
Total
873
As a result of these meetings, 161 company‑wide agreements were 
signed in France.
Worldwide, 40.6% of the Group’s workforce is covered by an 
employee representative body or trade union.

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Attracting and retaining talent
3.3	
Work‑life balance and well‑being at work
Adjustments to working conditions and flexible working hour 
arrangements meet the growing expectations of employees in the 
area of physical and emotional well‑being and the management 
of their personal and family responsibilities. The Group’s Maisons 
developed a set of initiatives to cultivate a high quality of life at 
work, a vital factor for employee engagement.
Work‑life balance is one of the key components of a high quality 
of life at work. In France, the Maisons were encouraged to 
take part in the Quality of Life at Work Week. The “desire to 
do meaningful work” was the theme for the 2022 edition. An 
individualized approach to working hours will always be a key 
component of the policies put in place at the Maisons. It serves to 
address issues relating to parenting (pregnancy, young children, 
returning from parental leave), end‑of‑career adjustments or 
disabilities as well as situations faced by family caregivers. For 
example, Berluti adopted a Quality of Life at Work Charter in 
France. It covers all the aspects of the work‑life balance. Likewise, 
Tiffany & Co.’s global policy encourages all the practical flexible 
working methods, such as remote working, part‑time working, 
staggered hours, job sharing, unpaid leave and flexible working 
hours. Workplace concierge services and childcare are becoming 
more and more widespread within the Group, in particular 
through nationwide programs such as Ma place en crèche (“My 
Daycare Spot”) or inter‑company daycares. In France, the Group 
provides more than 250 places for young parents. Lastly, some 
of the Maisons, including Louis Vuitton, Parfums Christian 
Dior and the Les Echos-Le Parisien media group, or those in the 
Selective Retailing business group, offer special arrangements 
to support employees who wish to work on Sundays and in the 
evenings.
The implementation of remote working was facilitated by 
collective bargaining agreements and charters relating to 
remote working and the right to disconnect from work. The 
Group organized talks on the new modes of working and time 
management to raise employee awareness about connecting to 
and disconnecting from work. Fendi established a Smart Working 
program championing local innovation to increase flexibility and 
remote working. In Spain, Parfums Christian Dior developed a 
tool that analyzes employees’ views and expectations. The 
nine measurement criteria include working hours, autonomy, 
workload, psychological and social support, variety and nature 
of work, participation, supervision and compensation.
The Group promotes physical activity to its employees. It 
encourages sports activities by paying a percentage of employees’ 
sports club membership fees (including online classes). Various 
Maisons provide access to conferences on the importance of 
looking after your health. The Group’s Maisons also promote 
participation in running events (often for charity) for which 
employees train and compete in teams. Alongside these 
initiatives, they are advocates of a healthy and balanced diet 
and arrange for deliveries of fruit baskets and an appropriate 
catering offering.
The Group’s Maisons are also focusing on another issue relating 
to well‑being at work: protecting mental health. They are 
supporting their employees on a day‑to‑day basis by using 
various tools: emergency assistance units (in particular the LVMH 
Heart Fund), training platforms, and alert and sentinel systems. 
In China, Chaumet has developed mental health training for 
all employees and a wellbeing webinar. Loro Piana launched 
an assistance program that provides practical information and 
advice about on a variety of issues via a professional team. In 
China, Make Up For Ever has also developed an employee 
assistance program. It is managed by a partner and provides 
round‑the‑clock phone support and a monthly newsletter. 
For its part, LVMH Fragrance Brands rolled out five personnel 
management workshops covering “managing stress”, “managing 
emotions”, “adapting to a changing world”, “providing 
inspiration” and “developing empathy and listening skills”. 
During 2022, DFS introduced Eutelmed, an intuitive, secure, 
versatile and multilingual digital platform dedicated to mental 
health that operates 24/7. A workforce‑related risk commission 
was set up to analyze reports made by whistleblowers about stress 
or employee harassment.
In France, the Maisons have appointed a harassment officer to 
inform, guide and support employees in the fight against sexual 
harassment and sexist attitudes, while others have developed 
specific listening tools in conjunction with the Group’s 
whistleblowing system, in particular in sensitive geographic 
regions. In Spain, Perfumes Loewe designed an action protocol 
that can be used by all its employees to tackle psychological, 
sexual and gender‑based harassment. It has been deployed via 
The Holistic Concept, a wellbeing platform, and the Gympass 
program. All employees can also access mental health support 
delivered by Más Vida Red.
In another example, Loro Piana launched an ethical time bank. 
This groundbreaking initiative gives employees time out from 
work to look after the health of the children, spouses, partners, 
cohabitees and first‑degree relations of people with an officially 
recognized serious illness.
Worldwide, 16% of employees have variable or adjusted working 
hours, and 50% have shift work or alternating working hours.

Annual Report as of December 31, 2022
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Attracting and retaining talent
Global workforce affected by various forms of working time adjustments: Breakdown by geographic region
Employees concerned (a) 
(as %) 
Global 
workforce
France
Europe 
(excl. France)
United 
States
Japan
Asia 
(excl. Japan)
Other 
markets
Variable or adjusted 
working hours
15%
27%
24%
1%
22%
11%
6%
Part‑time
16%
7%
17%
34%
6%
5%
19%
Shift work or alternating hours
50%
11%
36%
67%
73%
70%
67%
(a)	 Percentages for France are calculated on the basis of the total headcount (employees under both permanent and fixed‑term contracts). For the other regions, they are calculated 
in relation to the number of employees under permanent contracts, except for part‑time workers, in which case the percentages are calculated with respect to the total headcount.
Workforce in France affected by various forms of working time adjustments: Breakdown by job category
Employees concerned (a) 
(as %) 
Workforce 
in France
Executives and 
managers
Technicians and 
supervisors
Administrative 
and sales staff
Production 
workers
Variable or adjusted working hours
27%
17%
55%
47%
4%
Part‑time
7%
2%
7%
16%
7%
Shift work or alternating hours
11%
1%
12%
12%
30%
Employees given time off in lieu
6%
1%
10%
8%
12%
(a)	 Percentages are calculated on the basis of the total headcount (employees under both permanent and fixed‑term contracts).
The total cost of overtime was 165.9 million euros, averaging 1.8% of the worldwide payroll.
Overtime by region
(as % of total payroll) 
Global 
workforce
France
Europe 
(excl. France)
United 
States
Japan
Asia
 (excl. Japan)
Other 
markets
Other markets
1.8%
1.4%
1.8%
1.7%
3.8%
2.0%
1.1%
In spite of a sometimes challenging public health and economic situation, the Group’s priority is to protect its employees’ health by 
working closely with occupational health, social services and innovative initiatives such as medical concierge services.
3.3.1  The LVMH Heart Fund
In consideration of the difficult or unexpected circumstances 
that may be faced by Group employees, LVMH set up the LVMH 
Heart Fund. Launched on June 8, 2021, it illustrates the Group’s 
commitment to reaching out and offering support to all its 
employees and communities.
This Group program includes two types of free, anonymous and 
confidential services. The first is social and psychological support 
open to all employees (not subject to any eligibility criteria) to 
help them deal with all sorts of day‑to‑day issues. The second is 
rapid, exceptional financial support (subject to eligibility criteria) 
to aid employees faced with an exceptional, unforeseeable, 
urgent and serious personal situation.
Any employee worldwide can reach out to the LVMH Heart 
Fund by calling the hotline for their country, available in the 
local language. This free, anonymous and confidential hotline 
is available to all, 24/7. Both services may also be accessed by 
visiting the website managed by the Group’s external partner 
WPO or by downloading the free mobile app iConnectYou.
Information about the LVMH Heart Fund was circulated in 
several newsletters to all the Group’s employees and in regular 
updates from the human resources teams in each of the Maisons.
Since its launch, the LVMH Heart Fund has received nearly 
4,000 requests (including 2,700 in 2022) for psychological, social 
or financial support across five continents.
It has an initial endowment of 30 million euros.

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Attracting and retaining talent
4.	
Building a culture of inclusion
4.1	
Promoting diversity and inclusion
The Group fundamentally believes that all its employees and 
their diversity are the source of its performance and success. 
Recognizing that each person’s unique contribution is a valuable 
asset, the Group is keen to ensure that its workforce is drawn 
from all backgrounds, reflecting the diversity of its customer 
base. The Group is diverse by nature and inclusive by choice, 
and it has made diversity and inclusion its top commitments. It 
believes everyone needs to play their part to achieve these goals. 
The recruitment and talent development policy ensures that the 
Group remains intently focused on diversity. It makes sure each 
and every new recruit feels welcome, respected and represented 
and benefits from equal opportunities throughout their career. 
The Group implements practices to prohibit any discrimination 
on the basis of skin color, sex, religion, political convictions, 
national or social origin, age, disability, trade union membership, 
sexual orientation, gender identity, etc. These principles are set 
out in the Code of Conduct.
Spurred on by a desire for all its employees and customers to 
be represented at every level of the Group, LVMH introduced 
several representation targets. These include gender parity for 
key positions, people with a disability to account for 2% of its 
global workforce by 2025 and 30% of leadership positions in the 
United States to be held by BIPOC (black, indigenous and people 
of color) individuals by 2026.
The general approach at the Group level was consolidated by 
fleshing out the strategy and setting more ambitious targets. 
Under the LVMH Executive Committee’s global leadership, 
it has been communicated to all employees. The Group‑wide 
objectives are underpinned by three major action priorities: 
employee experience via all the human resources practices, the 
impact on its ecosystem via relationships with suppliers and 
value chain participants and, lastly, the experience of all the 
Group’s stakeholders via external communications, corporate 
image and customer relationships. Since the Maisons and the 
regions are very active in the field, the role of the Group is 
primarily to coordinate actions and guide them towards the key 
common objectives, develop and cultivate synergies and capture 
the impact achieved.
In 2022, LVMH celebrated the LVMH Voices of Inclusion Week, 
the Group’s first worldwide week‑long inclusion event. To make 
sure all voices are heard across the Group on the issue of diversity 
and inclusion, the week was spent highlighting commitments and 
initiatives by the Maisons and the regions. More than 100 local, 
regional and international diversity and inclusion initiatives 
were organized to spread the word, including awareness‑raising 
conferences and workshops, launches of new employee networks 
and unconscious bias training.
In a drive to catalog all the diversity and inclusion initiatives 
being pursued Group‑wide, LVMH created the Inclusion 
Index, which aims to monitor and accelerate diversity and 
inclusion. This tool, sponsored by Chantal Gaemperle, LVMH’s 
Executive Vice President Human Resources & Synergies, Jean-
Jacques Guiony, LVMH’s Group Chief Financial Officer, and 
Antoine Arnault, LVMH’s Chief Image & Environment Officer, 
brings together and encourages the Maisons and regions to 
pursue diversity and inclusion initiatives. In 2022, more than 
120 initiatives were entered, and for the first year, all Group 
employees took part in selecting the winning initiatives in the 
“gender equity” and “LGBTI+ inclusion” categories. The Beyond 
Women’s Career – EllesVMH initiative, a Group‑wide mentoring 
program for high‑potential women led by the Maisons in Spain, 
picked up the prize in the “gender equity” category. Sephora was 
victorious in the “LGBTI+” category for its support for the Grand 
Bal des Fiertés, an event organized by MAG Jeune.
LVMH maintained its commitment to advancing and cultivating 
an inclusive culture right across the Group, the Maisons and 
the regions. Programs were piloted at Group level, such as 
non‑discrimination training and the new digital training 
program on unconscious bias. It was launched in 2022 and is 
now available to all Group employees, production and sales 
teams, and senior executives. Working closely with the Maisons, 
LVMH is also rolling out intercultural awareness in‑store training 
programs at several Maisons.
4.2	
Embracing the full spectrum of talent
Starting in 2011, the Group and the Maisons have periodically 
held mandatory anti‑discrimination training for their recruiters. 
Digital offerings were set up to complement the courses held 
across the regions and the Maisons. Between 2020 and 2022, 
73% of recruitment staff received non‑discrimination training. 
As part of the broader rollout of inclusion and diversity policies 
in line with changes in society, they attended in‑depth sessions 
reminding them about the commitments under the Group’s 
Codes of Conduct, the employer brand priorities and the risks 
of acting on preconceptions and stereotyping.
LVMH assesses its recruitment processes on a regular basis 
to ensure that they are free of discrimination. The Group 
brought in ISM Corum, an independent organization, to audit 
its practices. These audits were introduced in 2008 and have 
covered its worldwide operations since 2014. The audits take 
three main forms, all of which were implemented in 2022: 
(i) discrimination testing on job offers published in campaigns 
used for long periods and at regular intervals; (ii) statistical 
surveys on discrimination risk in the hiring process; (iii) and 
a compliance analysis of job offers and evaluations. The audit

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Attracting and retaining talent
findings were presented to human resources directors at the 
level of the Group and the Maisons, CSR officers and Diversity 
& Inclusion managers, and have been followed by appropriate 
action plans.
In 2021, the LVMH group launched a comprehensive update 
for its Recruitment Code of Conduct, whose final version is 
expected to be released in 2023.
4.3	
Taking action to promote employment for people with disabilities
For around 15 years, LVMH has been committed to the 
employment and integration of people with disabilities, resulting 
in an ambitious program to promote their inclusion through 
recruitment, retention and accessibility. The Group has made 
it clear that a disability is perfectly compatible with the luxury 
industry and also helps to promote excellence. The Group is a 
member of the Global Business and Disability Network of the 
International Labour Organization (ILO) and has signed its 
Charter. At the event celebrating the Group’s involvement in good 
causes in December 2021, Chantal Gaemperle, Group Executive 
Vice President, Human Resources & Synergies, announced 
LVMH’s target of having people with disabilities make up 2% 
of the workforce worldwide by 2025. In 2022, this objective was 
complemented by another concerning the accessibility of the 
Group’s and the Maisons’ websites.
Since 2007, Mission Handicap has coordinated the Group’s 
international approach in this area, and has helped it to formulate 
its ambitions. In this work it is supported by a network of 90 CSR 
and disability officers at the various Maisons, who meet regularly.
In all of the regions in which it operates around the world, 
the Group is taking action to address specific challenges. The 
Maisons promote the employment of people with disabilities 
through their own initiatives (internships, recruitment and 
training programs, workstation adjustments, etc.). In the United 
States, Sephora has pursued a program in place since 2017 
whose goal is to have people with disabilities make up 30% of 
the company’s workforce across its five distribution centers. 
Following 109 hires during the year, employees with a disability 
account for 10% of the distribution center workforce. In China, 
the Louis Vuitton Maison hired 35 employees with a disability 
to handle product personalization. In South Korea, the Group’s 
Maisons have innovated with a recruitment program aimed at 
advancing both inclusion and employee well‑being. In 2022, 
LVMH Perfumes and Cosmetics Korea hired 11 employees with 
disabilities (accounting for nearly 5% of all new hires).
In France, a work‑linked training program was launched to 
promote the employability of people with disabilities. Since 
2014, 102 people with disabilities have thus been offered a 
work‑linked training contract at the Group’s Maisons. Since 
2020, 43 people with disabilities have been hired on work‑linked 
training contracts under Sephora’s program. During recruitment 
campaigns, work‑based role‑play exercises are used to select 
candidates, thus providing for an objective evaluation of each 
individual’s aptitudes, skills and potential, whatever their 
background. Certain Maisons, such as Hennessy and Christian 
Dior Couture, and soon the Les Echos-Le Parisien media group, 
have signed company‑wide agreements for the employment of 
people with disabilities.
LVMH also supports its employees who report that they have 
a disability. The Maisons offer solutions on a case-by-case basis 
to help people keep their jobs, where necessary by making 
adjustments to their workspaces or helping them transition 
to a different role. To help certain employees with disabilities 
remain in their jobs, Moët & Chandon created MHEA, a 
disability‑friendly company, in 2011. Eligible employees can 
therefore continue working under conditions specifically 
designed to meet their needs. Since it was founded, MHEA has 
hired more than 90 people. Guerlain has rolled out an innovative 
approach to workplace accessibility in partnership with two 
nonprofit organizations active in this area, Vivre et Travailler 
Autrement and PEP 28. It assessed and adapted workstations, 
trained individuals and their supervisors so individuals with 
severe autism were able to join the Chartres production site. 
Since 2021, three employees with severe autism have been hired 
on permanent contracts.
In 2022, people with disabilities made up 1.4% of the Group’s 
workforce worldwide, with a total of 2,787 employees.
4.4	
Ensuring gender equality
Gender equality is an integral part of the Group’s culture, 
especially since women account for 71% of its employees. The 
Group has made formal commitments to gender equity and 
gender balance at the highest level and it has put the professional 
development of women, and more broadly achievement of their 
full potential, at the cornerstone of its human resources strategy. 
The Group aims to achieve gender parity in its key positions by 
2025. The Group and its Maisons made a public commitment 
in 2022 to achieve pay equity by 2025 on a worldwide basis 
after laying the foundations for this target over the past several 
years. The Group also signed the United Nations Women’s 
Empowerment Principles in 2013, establishing itself as a leader 
and pioneer in this area.

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Attracting and retaining talent
LVMH aims to achieve its target of parity via its EllesVMH 
program, which celebrated its 15th anniversary in 2022. The 
Group has been working with its Maisons to implement specific 
programs to boost women’s presence at every level of the 
organization and to support them at each stage in their career. 
In 2022, 45% of key positions at LVMH were held by women, 
compared with 23% in 2007, and 17 of the Group’s Maison 
Presidents were women. LVMH scored 91.8 points out of 100 on 
the French government’s Gender Equality Index in 2022.
Via EllesVMH, the Group aims to implement a number of 
training programs and tools to underpin and accelerate women’s 
development at every level. These range from EllesVMH 
Mentoring & Coaching to LVMH House for high‑potential 
women, plus regional programs, such as Futur’Elles in Asia-
Pacific and Beyond Women’s Career – EllesVMH in Spain. 
Aside from its dedicated programs, LVMH also established 
SHERO, a global internal digital platform created by employees. 
It houses articles, videos and podcasts empowering female 
employees throughout their career. Since its launch in 2019, it 
has been used by over 70,000 employees. In 2021, the Group 
followed this up with the launch of the SHERO Academy. This 
new platform offers training available online and regular new 
models supporting employees and enabling them to fulfill their 
professional ambitions.
Lastly, EllesVMH would not amount to much without the 
support of its international network of women and men. They 
serve as genuine ambassadors for this major commitment by 
the Group, helping to raise awareness continuously, supporting 
and mentoring talent and organizing opportunities for 
knowledge‑sharing with internal and external experts. The 
EllesVMH employee networks, already present in the United 
States, the United Kingdom and Asia, plus France since 2022, 
have made a significant contribution to actions aimed at 
fostering gender equity within the Group and achieving parity 
in key positions.
As it does every year, the Group marked International Women’s 
Day with an internal campaign. It gave rise to a consultation 
of all the Group’s employees concerning the future of the 
EllesVMH initiative and action priorities for the coming years. All 
employees were also asked to help select the best gender equity 
initiatives rolled out by the Maisons and the regions. To extend 
this approach and boost its positive impact on society outside 
the workplace, LVMH forged a partnership in France with make.
org, Europe’s first citizen‑led engagement and collaboration 
platform. The Group aims to take concrete steps to make a 
positive difference on society by linking up citizens’ ideas with a 
network of nonprofits and institutions. The make.org campaign 
brings civil society together around new solutions striving 
to achieve greater gender equity. Lastly, the Group’s senior 
executives have used the Group’s social media accounts to share 
their experiences, pass on knowledge to the next generations 
and provide inspiration for them in their capacity as role models.
Proportion of women among joiners and in the Group’s workforce (a)
(% women) 
Joiners
Group workforce
2022
2021
2020
2022
2021
2020
Breakdown by business group
 
 
 
 
 
 
Wines and Spirits
51 
49
49
40 
39
38
Fashion and Leather Goods
63 
66
66
66 
67
67
Perfumes and Cosmetics
83 
85
84
82 
82
82
Watches and Jewelry
61 
67
58
64 
65
59
Selective Retailing
85 
84
82
84 
83
83
Other activities
50 
45
37
45 
39
38
Breakdown by job category
 
 
 
 
 
 
Executives and managers
65 
67
64
65 
65
64
Technicians and supervisors
65 
68
67
65 
67
66
Administrative and sales staff
79 
78
79
78 
78
79
Production workers
56 
62
56
61 
60
57
Breakdown by geographic region
 
 
 
 
 
 
France
67 
65
64
66 
64
64
Europe (excl. France)
68 
72
72
69 
70
71
United States
80 
77
80
75 
74
75
Japan
68 
65
71
72 
72
73
Asia (excl. Japan)
69 
74
73
75 
76
76
Other markets
75 
72
70
67 
66
67
Group
73 
74
73
71 
71
71
(a)	 Under permanent contracts, including internal mobility and conversions of fixed‑term contracts to permanent contracts.

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Attracting and retaining talent
4.5	
Fighting discrimination against lesbian, gay, bisexual, transgender 
and intersex (LGBTI+) people
The Group works to promote and ensure a work environment 
where people are treated with dignity and respect, where 
everyone can contribute and develop their skills and talents 
to their full potential, regardless of their sexual orientation or 
gender identity. Since 2019, the Group has been a signatory of the 
United Nations’ Standards of Conduct to support the business 
community in tackling discrimination against LGBTI+ people. 
The Group and 20 of its Maisons reaffirmed their commitment 
in 2022 by signing up to the LGBT+ Engagement Charter of 
L’Autre Cercle, France’s leading nonprofit promoting inclusive 
workplaces for LGBT+ professionals.
LVMH has been committed to making progress on LGBTI+-
inclusive workplaces for several years now and spoke about 
this issue on several occasions during 2022. On International 
Day Against Homophobia, Transphobia and Biphobia, the 
Group supported a film production concerning commonplace 
LGBT phobias faced by the community. For the general public, 
this mini‑film backed by têtu magazine spotlights examples of 
everyday micro‑aggressions and the real consequences these can 
have on people. During the Pride Month celebrations, LVMH 
produced a series of interviews with the Group’s employees, 
who committed to strive for greater diversity and inclusion on a 
daily basis. Antoni Porowski, the Group’s special correspondent, 
interviewed members of the community and their allies in 
their work environments, from stores to offices in New York, 
Paris and Singapore. LVMH Pride – the employee network for 
LGBTI+ employees and their allies created in the United States 
in 2019 – expanded into the Asia-Pacific region in 2020 and the 
United Kingdom in 2021. It expanded to include France in 2022 
to mark International Day Against Homophobia, Transphobia 
and Biphobia. Through their members, these networks run 
educational, training, mentoring and networking initiatives.
The Group’s Maisons break new ground every day on the 
front line. They are pushing ahead with their own initiatives, 
including the establishment of employee networks at Celine and 
Sephora, nonprofit partnerships at Belmond and the educational 
programs set up by Glenmorangie, Starboard Cruise Services 
and Loro Piana.
4.6	
Supporting older employees
The most experienced employees play an especially important 
role in passing on knowledge and expertise, but also the 
Group’s values. Issues relating to older employees are addressed 
using specific approaches for each geographic region. In 2022, 
employees aged 50 and up represented 22% of the workforce in 
France and 14% of the workforce outside France.
The Group aims to keep older employees in work by 
continuing to offer them a motivating and fulfilling work 
environment. The Group has committed to offering professional 
development opportunities through initiatives aligned with its 
forward‑looking management of jobs and skills. The options 
it has proposed include longer working lives, adjustments to 
workstations or working hours and specific health check‑ups in 
the context of the pandemic. The Group also provides assistance 
in preparation for retirement. For instance, in 2021, the Group’s 
holding company launched SWITCH, a program for employees 
reaching the end of their careers. It provides information about 
their retirement plans and supports them during this transition. 
The Hennessy Maison set up a generation contract program that 
aims to retain employees aged 57 and over in their jobs and to 
provide adjustments for those nearing the end of their working 
life. Glenmorangie organized retirement preparation workshops 
for its employees and offers shorter working hours for its senior 
employees without any reduction in their salary. Other Maisons 
held celebrations for employees whose career with the Group had 
reached the 10-, 20- or 30‑year mark.

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of the Board of Directors: 
The Christian Dior group
7.	
Outreach and giving back
1.	
Local involvement and social impact
134
1.1.
Supporting job creation, entrepreneurship and regional development .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 134
1.2.
Facilitating access to employment and social inclusion for people 
who have been marginalized on the job market .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 135
1.3.
Facilitating employment for people with disabilities .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 135
2.	
Supporting humanitarian and social causes
136
2.1.
Helping young people get an education .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 136
2.2.
Helping those in need .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 137
3.	
Corporate philanthropy to support culture and the arts
137
3.1.
Culture, heritage and contemporary creative arts .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 138
3.2.
Opportunities for arts education initiatives .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 139
3.3.
Backing medical research and certain social causes .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.  139

134
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Outreach and giving back
The Christian Dior group hopes to extend its positive social 
impact beyond the scope of its own operations and its value 
chain. To this end, the Group and its Maisons focus on initiatives 
in three areas: local involvement, supporting humanitarian and 
social causes, and corporate philanthropy in support of culture 
and creativity. Maisons pursue their own initiatives according to 
their specific priorities and operating environments, while the 
Group coordinates and provides overall leadership.
The Group and its Maisons help support professional integration 
for people who have been marginalized on the job market and 
people with disabilities. They steadfastly support a number of 
humanitarian causes, working closely with organizations on a 
local and international level. Lastly, the Group and its Maisons 
remain committed to corporate philanthropy initiatives, as 
firm believers in the cultural and social impact of democratizing 
access to heritage, art and fashion and with the goal of nurturing 
future talent. In doing so, they pay particular attention to 
promoting equal opportunity in favor of young people and those 
from disadvantaged backgrounds.
In 2022, in addition to its corporate philanthropy, the Group’s 
Maisons supported more than 900 partnerships with nonprofits, 
foundations and initiatives thanks to the efforts of more than 
45,800 employees working actively on the ground.
1.	
Local involvement and social impact
To express their loyalty to the regions in which they historically operate, the Group and its Maisons create jobs in local areas. They 
strive to support entrepreneurship and facilitate access to business creation, also working with initiatives known to help people who 
have been marginalized on the job market to find work.
1.1	
Supporting job creation, entrepreneurship and regional development
The Group helps drive economic growth and social development 
in the areas in which it operates. Its business activity contributes 
to taxes in the countries and regions in which it and its partners 
operate and pursues steady growth for its Maisons. These 
companies create many jobs in their regions, particularly as a 
result of the expansion of the network of directly operated stores.
A number of Group companies have been established for many 
years in specific regions of France and play a major role in creating 
local jobs: Hennessy in the Cognac region, Moët & Chandon and 
Veuve Clicquot in the Champagne region, Louis Vuitton and 
its 17 workshops across France and Parfums Christian Dior in 
Saint-Jean‑de-Braye (near Orléans) and in Chartres along with 
Guerlain. Working in collaboration with local government, they 
play a part in drawing up regional development policies in the 
areas of culture, education and employment.
The Group is a long‑standing supporter of entrepreneurship. 
Since 2018, the Group has helped connect open innovation and 
business development with new ways of learning through La 
Maison des Startups in France. This startup accelerator for the 
luxury industry is housed at Station F, the world’s largest startup 
campus. La Maison des Startups can be a stepping stone to the 
Group’s Maisons. It illustrates the Group’s entrepreneurial spirit 
by giving entrepreneurs the opportunity to reflect on the future 
of luxury and the Group, together with colleagues from varying 
backgrounds, within an innovative ecosystem.
Through its international BOLD program, Veuve Clicquot is 
encouraging generations of female entrepreneurs to be bold and 
providing them with tangible support. On the fifth anniversary 
of the program on December 1, 2022, two winners received 
recognition in the form of the Bold Woman Award and the 
Bold Future Award. On this occasion, the Maison announced 
the launch of a brand new tool to break down cultural and 
geographical barriers to female entrepreneurship: the Bold Open 
Data Base. Sephora also supports female entrepreneurs, who are 
not as well represented as their male counterparts. The Maison 
supports women who have started their own businesses in all 
segments of the beauty industry and in countries all over the 
world. In 2022, the Sephora Accelerate program stepped up its 
efforts to support Black women who miss out on mentoring and 
financial support. Sephora has supported 96 women through 
the program since its launch in 2016. Some traditionally more 
male‑dominated sectors have taken steps to attract female 
applicants. There are a number of initiatives in the wines and 
spirits sector to improve gender equality. For example, in 2022, 
Hennessy organized the ninth Vignoble au Féminin, a networking 
event for 200 female winegrowers aiming to encourage women 
into the industry. In November 2022, LVMH and Elle magazines 
organized the second Prix des Artisanes award, supported by 
Institut National des Métiers d’Art and the Artisans d’Avenir 
network. The award promotes the expertise of highly skilled 
women working in the arts in the areas of fashion, design 
and decorative arts, vineyards and wine, and French heritage 
protection. The four winners were selected from 600 applicants 
by a panel of experts.

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Management Report of the Board of Directors: The Christian Dior group
Outreach and giving back
1.2	
Facilitating access to employment and social inclusion for people 
who have been marginalized on the job market
As major employers in many labor markets, the Group and its 
Maisons pay close attention to each region’s specific employment 
situation, and have forged partnerships with nonprofits and 
NGOs to promote social inclusion and employment for people 
who have been marginalized or are underrepresented in the job 
market.
In France, the Group has built up a long‑term partnership 
with nonprofit Nos Quartiers ont des Talents, which aims to 
support equal opportunity in employment, and has served on 
its board since it was founded. A growing number of employees 
are involved in supporting this partnership each year. In 2022, 
197 executives and managers sponsored and mentored young 
graduates from underprivileged areas. Since 2007, 858 young 
people have found jobs after being mentored by a Group 
employee. To speed up access to employment, LVMH has put in 
place job coaching sessions. Recruiters and beauty consultants 
from the Group’s Maisons offer guidance to job seekers and 
help them build self‑confidence. Participants are made aware 
of the program by partners of the Group working to help 
underrepresented groups integrate into the job market.
The LIVE (L’Institut des Vocations pour l’Emploi) campus, set 
up by Brigitte Macron with the help of the Group, is aimed at 
over‑25s who want to get back into the world of work after a long 
period of unemployment or personal challenges. Three campuses 
have already been opened: one in Clichy‑sous-Bois (Paris suburb) 
in 2019, then one in Valence (southeastern France) and one 
in Roubaix (northern France) in 2021. More than 500 people 
have received help since the inauguration of the first campus, 
four‑fifths of whom have succeeded in finding relevant work 
or training. In September 2022, 160 new people were welcomed 
to the three campuses for an 18‑week support program. Each 
campus receives two intakes per year.
Through the exemplary Classes for Confidence program, 
Sephora offers both beauty classes and coaching to help people 
facing major life transitions – including cancer survivors, people 
who have been marginalized on the job market, and transgender 
and non‑binary people – show themselves in the best light and 
express confidence. Many of these classes have been held around 
the world. They have been launched in the United States and 
Canada and are being expanded in Europe (France, Poland, 
Spain, Italy, Greece, Denmark and Portugal). Since the program 
was launched in 2015, more than 126,000 participants have taken 
nearly 2,800 classes.
In 2022, Loro Piana launched the second Women’s Way to 
Independence (WWTI) program, providing financing support 
for nonprofits and NGOs working to empower underprivileged 
women in the areas in which it operates around the world. 
The project helped more than 190 women in 2021. Working in 
collaboration with old and new nonprofits, it helped a further 
44 women on their path towards independence in 2022.
In keeping with its commitment to preserving and passing 
on expertise and creativity, LVMH renewed its support for La 
Fabrique Nomade for the fourth consecutive year. Founded 
in 2016, the nonprofit helps migrant and refugee craftspeople 
in France to find work and use their skills to have a place 
in society. With its “Traits d’union” annual collections, it 
offers craftspeople a unique space to express themselves. The 
partnership between LVMH and La Fabrique Nomade provides 
meetings, training programs, skills sponsorship, opportunities 
for certain craftspeople to find work, collaborations with the 
Maisons and synergies with other Group initiatives.
1.3	
Facilitating employment for people with disabilities
Supporting access to employment and employing people with 
disabilities are two of the Group’s long‑standing commitments 
in terms of social responsibility. They are an apt reflection of the 
Group’s key principles of respect for individual differences and 
fair treatment, guaranteeing equal opportunity on the basis of 
objective criteria.
LVMH works with organizations that specialize in training 
young people with disabilities and fostering social integration 
and access to employment.
In France, the Group is a co‑founder of the nonprofit organization 
ARPEJEH, which brings together over 100 companies committed 
to providing training for young people with disabilities. 
Employees volunteer for these programs, which benefited 
425 young people in 2022.
The Group also encourages its Maisons to develop their 
relationships with companies specifically employing people with 
temporary or permanent severe disabilities, and provide them 
with special facilities and support (known as the “secteur protégé et 
adapté” in French). The value of services entrusted to companies 
specifically employing people with disabilities totaled 13 million 
euros in 2022, in line with 2021.
For the third year in a row, Moët Hennessy Diageo helped 
disabled artists in Japan to live autonomously.

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Outreach and giving back
2.	
Supporting humanitarian and social causes
The Group strives to support equal opportunity, offering young 
people the chance to forge their own path towards excellence. 
With their employees, the Group and its Maisons help students 
from all backgrounds in a number of ways, such as scholarships, 
sponsorship, mentoring and meetings, while also remaining 
steadfast to their commitment to helping those in need wherever 
they are around the world.
2.1	
Helping young people get an education
The Group aims to put the renowned excellence of its Maisons 
to work in support of equal opportunity and wider access to 
education for young people. To stay in touch with the local 
reality in the areas in which they operate, the Maisons have 
developed numerous partnerships with schools.
The Group encourages access to higher education for all students, 
whatever their social class, family situation or ethnic background. 
As a partner of the priority education program run by Institut 
d’Etudes Politiques (Sciences Po Paris), LVMH funds scholarships 
and encourages Group managers to mentor recent graduates 
of the program. In 2021, LVMH renewed its commitment to 
this program for another five years. A total of 26 students were 
mentored by Group managers in 2022 (compared with 26 in 2021 
and 17 in 2020).
In 2022, LVMH also continued its partnership with Clichy‑sous-
Bois and Montfermeil, two Paris suburbs with young, diverse 
populations. Driven by a shared commitment to excellence, 
this program helps facilitate employment for young people 
from underprivileged neighborhoods and social inclusion. It 
encompasses a wide range of initiatives, including “business 
discovery” internships – which continued despite the public 
health situation – for 78 middle school students in 2022, visits 
to the Group’s Maisons, help finding work, and so on. Young 
people from these schools were also invited to LVMH’s Journées 
Particulières open house event and the annual Show ME event, 
bringing together and celebrating all those involved in LVMH’s 
métiers d’excellence (professions of excellence), from apprentices 
to virtuosos, where they were able to learn about design, 
craftsmanship and customer experience. In March 2022, LVMH 
launched You and ME, a dedicated event for finding out about 
and joining the Métiers d’Excellence. The event was attended 
by international basketball star and You and ME sponsor Tony 
Parker, and traveled to five cities in France, starting in Clichy‑sous-
Bois, where LVMH has long‑standing links. The Group met 
with middle and high school students, university students and 
people looking for a career change, telling them about its expert 
professions. It offered 1,200 internships, work‑linked training 
contracts, fixed‑term and permanent contracts in its Métiers 
d’Excellence. LVMH also supports the Cultures et création fashion 
show in Montfermeil, which showcases the region’s creative 
talent. Leading up to the event, the Group provides training for 
young people through masterclasses and organizes events where 
they can meet designers and craftspeople. At the fashion show, 
LVMH awards the LVMH CSR Young Talent Prize and the Young 
Talent Prize to help young people who are passionate about 
design but have limited access to the fashion world gain wider 
recognition within the profession. For the first time in 2022, 
Guerlain selected a passionate young person applying to the 
Alfred Nobel vocational high school in Clichy-Sous-Bois for its 
new Mise en Beauté award, offering the opportunity to learn about 
working as a makeup artist and leading to an apprenticeship at 
the Guerlain boutique at 68 Champs‑Élysées.
As part of the partnership formed in 2021 with Harlem’s Fashion 
Row (HFR) to encourage and promote diversity and inclusion 
in the fashion world, LVMH North America celebrated the 
fifteenth anniversary of the HFR Fashion Show & Style Awards 
(FSSA) in New York on September 6, in partnership with Moët 
Hennessy North America, Christian Dior, Louis Vuitton, Benefit 
Cosmetics, Tiffany & Co. and Sephora. The evening was also the 
opportunity to launch the first Virgil Abloh Award Presented by 
LVMH, which was awarded to actor Issa Rae by Shannon Abloh. 
A number of initiatives were launched under this long‑term 
partnership in 2022. For example, in May 2022, 75 designers 
from HFR traveled to Louis Vuitton’s offices for a discussion 
panel and mentoring day, providing the opportunity for both 
the designers and the Maison’s employees to make empowering 
connections. Louis Vuitton also provided financial support for 
the three designers selected to present their collections at Fashion 
Week in September 2022. Tiffany joined forces with HFR for 
the ICON 360 HBCU summit, continuing its commitment to 
expanding initiatives to help HBCUs. This entailed primarily 
joint sponsorship of the Tenacity Talks series, as well as inviting 
students from North Carolina A&T State University to visit the 
jewelry design and innovation studio.
Lastly, in partnership with BeyGOOD and the Shawn Carter 
Foundation, Tiffany & Co. awarded scholarships worth 2 million 
dollars to students from five Historically Black Colleges and 
Universities (HBCUs). A total of 57 talented students were 
recipients of the “About Love” scholarship.
A number of Maisons are involved in programs to help young 
people from minority backgrounds. For example, Hennessy 
supports artistic collaborations in Barbados, Hong Kong, Taiwan, 
South Africa, Nigeria, Ghana, Tanzania and Mexico. In the United 
States, the wines and spirits Maison provided 2.4 million dollars 
to support the Hennessy Fellows and Never Stop Never Settle 
Society programs, helping Afro-American students graduating 
from HBCUs or entrepreneurs launching projects with impact. 
In 2022, 40 students and 20 entrepreneurs received financial 
support, were mentored by managers and directors from the 
Maison and benefited from media coverage for their projects.

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Management Report of the Board of Directors: The Christian Dior group
Outreach and giving back
Dior renewed its commitment to helping young women by 
organizing the Women@Dior international conference at the 
UNESCO headquarters in Paris on March 23, 2022. Women@
Dior is a unique mentoring and education program that helps 
young female students to establish their career and their role as 
future leaders of a more sustainable world. This year, 380 women 
were mentored around the world.
In France, Parfums Givenchy partnered with the École Nationale 
Supérieure des Beaux-Arts in Paris, in particular with its Via 
Ferrata preparatory class, providing three‑year support for 
students from different social and cultural backgrounds and 
helping them prepare for the competitive entrance examination 
for universities specializing in art. Thanks to the partnership, the 
number of people taking the preparatory class has doubled from 
25 students per year.
In July 2022, Tiffany & Co. launched Tiffany Atrium, a 
social impact platform offering opportunities for historically 
underrepresented communities. Its aim is to make the jewelry 
industry more diversified and inclusive by means of commitment, 
leadership and learning, as reflected in Tiffany Atrium’s three 
core values of creativity, education and community.
2.2	
Helping those in need
The Group and its Maisons are committed to helping 
disadvantaged communities in the regions where they operate. 
Their contribution may take the form of employee involvement, 
product donations or financial support.
The urgent situation in Ukraine has inevitably prompted the 
Group and its Maisons to take action. The LVMH group has 
donated 5 million euros to the International Committee of 
the Red Cross. The Maisons have also added to these efforts. 
For example, Loro Piana provided 650,000 euros of aid for 
the United Nations International Children’s Emergency Fund 
(UNICEF), which helped create 20 logistics centers in countries 
bordering Ukraine to receive families and provide schooling for 
children and unaccompanied minors. A total of 40,000 children 
received educational kits. Hennessy donated 600,000 euros to 
various nonprofits working to help refugees in France.
Tiffany & Co. made a grant to international humanitarian 
organization CARE to help women achieve economic justice 
and equality, with the aim of reaching more than 5,000 women. 
Thanks to Tiffany & Co.’s support, CARE offers training in 
entrepreneurial skills to help women become economically 
independent and develop their own small businesses in 
Botswana, Lesotho, Sierra Leone, South Africa and Tanzania.
As a reminder, in 2016, Louis Vuitton entered into an international 
partnership with the United Nations International Children’s 
Emergency Fund (UNICEF). It has collected a total of over 
20 million dollars since its launch, in support of vulnerable 
children facing emergencies. Since 2021, employees in France have 
been voluntarily supporting this cause through microdonations 
deducted at source from their salaries.
In Italy in 2009, Bulgari decided to get involved with Save the 
Children. Through its custom‑designed Save the Children 
jewelry collection launched in 2022, and through 122 other 
initiatives around the world, the Maison has so far donated over 
110 million dollars, helping more than two million children. 
Sales from the Bulgari x Save the Children jewelry collection 
went towards supporting this initiative, enabling the partnership 
to achieve increasingly ambitious goals. Through this major 
financial support, Bulgari’s top priority is helping ensure a 
quality education for children around the world.
Fendi has partnered with the Lai Momo social cooperative and 
its sustainable fashion laboratory Cartiera since 2017. The two 
organizations work in the field of immigration and intercultural 
dialogue within the framework of the United Nations Alliance 
for Sustainable Fashion. They offer training in sewing and 
leatherwork to provide new job opportunities and chances for 
social integration for migrants and political asylum seekers.
In 2022, at the tenth Engaged Maisons Dinner, LVMH continued 
to provide financial and human support for efforts to combat 
sickle cell anemia through its partnership with the Robert-Debré 
Hospital in Paris.
3.	
Corporate philanthropy to support culture and the arts
The Group has been pursuing corporate philanthropy initiatives 
to express the values of creativity and solidarity shared by the 
Group and its Maisons for over 25 years. It plays a key role in 
the world of culture and artistic education, supporting and 
bringing together artistic, intellectual and scientific talent. Its 
corporate philanthropy efforts promote cultural heritage, art, 
fashion, dissemination of knowledge and artistic education 
among the wider public. Corporate philanthropy is also a means 
of expressing the Group’s awareness of the need to help others, 
supporting medical research and social programs to help the 
most vulnerable.

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Management Report of the Board of Directors: The Christian Dior group
Outreach and giving back
3.1	
Culture, heritage and contemporary creative arts
3.1.1  Restoring and enriching historical 
heritage
Over the last four years, LVMH has continued to back the effort 
to save Notre-Dame de Paris Cathedral, whose restoration will 
take several more years. The day after the fire that devastated 
the monument in 2019, Bernard Arnault pledged a donation of 
200 million euros – to be donated in equal parts by LVMH and 
Agache – to contribute to Notre-Dame’s reconstruction process.
3.1.2  Commitments to culture and 
expanding access to it
LVMH continued to support the production of Tennessee 
Williams’ The Glass Menagerie (in French) at the Théâtre de 
l’Odéon in Paris, directed by Ivo van Hove. Having twice been 
interrupted by the pandemic, the production was able to enjoy 
a complete run in 2022.
LVMH has been a loyal patron of the Nuit Blanche nighttime 
arts festival since its inception, supporting the French and 
international arts scene, giving center stage to contemporary 
artists for a celebration open to all in the heart of Paris. In 2022, 
LVMH once again partnered with the City of Paris to support 
this major cultural event. Contemporary art installations and 
special events were held to mark the festival’s 20th anniversary, 
attracting more than 1 million visitors.
LVMH also renewed its support for the Giacometti Institute in 
Paris, helping it develop its scientific and cultural program as well 
as its temporary exhibitions.
LVMH also supports the Fondation du Collège de France.
3.1.3  LVMH Prize
In 2022, the final event for the ninth edition of the LVMH Prize 
for Young Fashion Designers was once again held in public. 
The eight finalists were selected by the panel of experts.
The LVMH Prize went to 25‑year‑old British designer Steven 
Stokey Daley, founder of men’s and women’s ready‑to‑wear brand 
S.S. Daley. He won a 300,000 euro award and a year of mentoring 
within the LVMH group. The Karl Lagerfeld Prize was awarded 
to two American designers: Eli Russell Linnetz for his brand ERL, 
and Idris Balogun for Winnie New York. Each won a 150,000 euro 
award and will receive a year’s mentoring.
The LVMH Prize for Young Fashion Designers aims to help 
prizewinners incorporate environmental concerns into their 
design and production processes. Each winner will benefit from 
specific support and 20,000 euros and 10,000 euros respectively 
to spend on the Nona Source platform, which gives a second 
life to deadstock fabrics from the Group’s Fashion and Leather 
Goods Maisons.
Between 2014 and 2022, the LVMH Prize received more than 
10,000 applications from designers from every continent.
3.1.4  Fondation Louis Vuitton
Since it was opened in 2014, the Fondation Louis Vuitton (1) 
has consolidated its position as a leading institution on the 
international arts scene and has been a resounding success with 
a French and international audience. In eight years, it has already 
welcomed more than seven million visitors from all over the 
world.
Throughout 2022, the Fondation Louis Vuitton continued 
to pursue its core missions of supporting artists and building 
dialogue between key figures in modern art, leading lights of 
the international contemporary art scene and a wide audience, 
especially young people.
(1)	 Fondation Louis Vuitton
The Fondation Louis Vuitton is a “fondation d’entreprise” (corporate foundation) established by prefectural order published in the Journal Officiel (official gazette) on November 18, 2006, 
and governed by French Law No. 87‑571 of July 23, 1987 on the development of corporate philanthropy. The Fondation is a nonprofit organization that pursues a diverse range of initiatives 
aimed at promoting artistic and cultural activities in France and abroad, as well as expanding access to works of art; these initiatives include exhibitions, educational activities for schools 
and universities, seminars and conferences.
The members of the Fondation are the Group’s main French companies. The Fondation is overseen by a Board of Directors, one‑third of whose members are non-Group individuals chosen 
for their expertise in its fields of activity, and the other two‑thirds of which are company officers and employees of the Group’s Maisons. It is funded in part by contributions from Fondation 
members as part of multi‑year programs, as required by law, as well as external financing guaranteed by LVMH.
It is subject to verification by a Statutory Auditor, which carries out its assignment under the same conditions as those that apply to commercial companies, and to the general supervisory 
authority of the Prefect of Paris and the Paris region.

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Outreach and giving back
The Morozov Collection: Icons of Modern Art, an exhibition initially due 
to be held in October 2020, ultimately opened on September 22, 
2021 and closed on April 3, 2022. In partnership with the State 
Hermitage Museum in Saint Petersburg and two Moscow 
institutions, the Pushkin State Museum of Fine Arts and the State 
Tretyakov Gallery, it unveiled, for the first time outside Russia, 
more than 200 masterpieces from the prestigious collection of 
French and Russian modern art amassed by the brothers Mikhail 
and Ivan Morozov. It welcomed 1,250,000 visitors.
The Hantaï exhibition ran from May 18 to August 29. To mark the 
centenary of the artist’s birth (1922‑2008), the Fondation held a 
brand new retrospective of more than 130 of the artist’s works, 
many of which had never been exhibited before.
The Monet-Mitchell exhibition and the Joan Mitchell retrospective 
opened on October 5, 2022, allowing the general public in France 
and Europe to discover the work of Joan Mitchell.
Lastly, the Fondation Louis Vuitton continued its international 
Hors Les Murs (“Beyond the Walls”) program of events, with an 
exhibition dedicated to Andy Warhol in Seoul, the showcasing 
of Gilbert & George’s monumental triptych Class War, Militant, 
Gateway in Tokyo and abstract paintings by Gerhard Richter in 
Osaka.
3.2	
Opportunities for arts education initiatives
Once again this year, LVMH’s patronage of programs for young 
people focused on music. LVMH renewed its support for 
Orchestre à l’École, a nonprofit that enables hundreds of children 
to start playing a musical instrument. The Group also continued 
its actions to promote access for young people to performances 
at the Opéra-Comique in Paris. LVMH also once again loaned 
out the Stradivariuses in its collection.
3.3	
Backing medical research and certain social causes
Lastly, LVMH supported numerous institutions well known for 
their work with children, the elderly and people with disabilities, 
and for their efforts to combat major causes of suffering and 
exclusion. In particular, LVMH has supported: the Fondation des 
hôpitaux de Paris-Hôpitaux de France; Save the Children Japan, 
which advocates for children’s rights; the Robin Hood Foundation 
in New York, which combats poverty and implements initiatives 
for children; the Fondation Claude Pompidou, which provides 
support in France for seniors and people with disabilities; 
Association Fraternité Universelle, which works in Haiti to 
improve access to health care and education alongside actions 
in favor of agricultural development, especially in the Central 
Plateau; and Institut Curie in France, which carries out research 
and efforts to combat childhood cancers. For many years, the 
Group has also been a supporter of a number of scientific teams 
and foundations engaged in cutting‑edge public health research.

140
Annual Report as of December 31, 2022

Annual Report as of December 31, 2022
141
Management Report 
of the Board of Directors: 
The Christian Dior group
8.	
Financial and operational risk 
management and internal control
1.	
Strategic, operational and financial risks
142
1.1.
Operational and business risks .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 142
1.2.
Risks arising from the external environment .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 146
1.3.
Financial risks .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 149
2.	
Insurance policy
151
2.1.
Property and business interruption insurance .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 152
2.2.
Transportation insurance .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 152
2.3.
Third‑party liability .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 152
2.4.
Coverage for special risks .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 152
3.	
Assessment and control procedures in place
153
3.1.
Organization .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 153
3.2.
Internal standards and procedures .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.  157
3.3.
Information and communication systems .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.  157
3.4.
Internal and external accounting control procedures .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 158
3.5.
Formalization and monitoring of risk management and internal control systems .�.�.�.�.�.�.�.�.�.�.�.�.�.�. 158
3.6.
Fraud prevention and detection .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 159

142
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Financial and operational risk management and internal control
1.	
Strategic, operational and financial risks
The risk factors to which the Christian Dior group is exposed, 
the occurrence of which could jeopardize its ability to carry 
on its normal business activities and to execute its strategy, are 
presented under the following three headings:
•	 operational and business risks;
•	 risks arising from the external environment;
•	 financial risks.
Only major risks, classified as such based on their probability of 
occurrence and their adverse impact on the Group are presented 
below. Risk magnitude was assessed after taking into account the 
preventive measures and risk management procedures put in 
place by the Group. The severity of the risks has been rated on a 
scale from 3 (moderate risk) to 1 (critical risk).
Type of risk
Risk description
Degree of 
severity (a) 
See §
Operational 
and business 
risks
Risks related to products or communication at odds with the Maisons’ image
1 
1.1.1
Risks arising from the loss of strategic competencies
3 
1.1.2
Risks arising from access to and pricing of raw materials
2 
1.1.3
Risks related to cybersecurity
2 
1.1.4
Risks arising 
from the external 
environment
Counterfeit and parallel retail network‑related risks
2 
1.2.1
Risks related to legal and regulatory compliance
2 
1.2.2
Risks arising from the public‑health, political and economic environment
1 
1.2.3
Climate change‑related risks
2 
1.2.4
Risks arising from business interruptions
3 
1.2.5
Financial risks
Foreign exchange risks
1 
1.3.1
Liquidity risks and risks linked to fluctuations in interest rates
3 
1.3.1
Risks arising from tax policy
3 
1.3.2
(a)	 1: Critical; 2: Major; 3: Moderate.
1.1	
Operational and business risks
Operational risks are mainly present – and managed – at the level of LVMH and its subsidiaries.
1.1.1  Risks related to products or communication at odds with the Maisons’ image
Risk description
Risk management
The reputation of the Group’s brands rests 
on the quality and exclusiveness of its 
products, their distribution networks and 
the marketing strategy applied. Products, 
production methods, distribution networks 
or marketing methods not in line with 
brand image could affect brand awareness 
and adversely impact revenue. The net 
value of brands, trade names and goodwill 
recorded in the Group’s balance sheet 
as of December 31, 2022 amounted to 
48.7 billion euros.
•	 The Group is highly vigilant with regard to the inappropriate use by third parties 
of its brand names, in particular through the systematic registration of brands and 
main product names and communications to limit the risk of confusion between the 
Group’s brands and others with similar names.
•	 The Group supports and develops the reputations of its Maisons by working 
with seasoned and innovative professionals in various fields (creative directors, 
oenologists, cosmetics research specialists, etc.), with the involvement of the most 
senior executives in strategic decision‑making processes (collections, distribution 
and communication). In this regard, the Group’s key priority is to respect and bring 
to the fore each Maison’s unique characteristics.
•	 At every stage in the production process, the Group implements an exacting control 
and quality audit process and selects its subcontractors based on the most stringent 
product quality and production method standards.
•	 Lastly, the Group is introducing a strict approval process for its advertising spending 
(visual, types of medium, media, etc.).

Annual Report as of December 31, 2022
143
Management Report of the Board of Directors: The Christian Dior group
Financial and operational risk management and internal control
Risk description
Risk management
Circulation of information prejudicial to 
the Group in the media or on social media.
•	 The Group conducts an ongoing media watch and monitors social media. Where 
appropriate, it takes legal action, and has a crisis management unit on permanent 
stand‑by.
•	 Initiatives pursued by the Group aim to promote an environment and a legal 
framework suited to the digital world, prescribing the responsibilities of all those 
involved and instilling a duty of care with regard to unlawful acts online to be shared 
by all actors at every link in the digital value chain.
Inappropriate conduct by brand ambassadors, 
employees, distributors or Group suppliers, 
and breaches of compliance rules (Sapin II 
Act, GDPR, etc.).
•	 Employees and the Maisons are made aware of the ethical rules in force at the Group 
through codes of conduct, charters and other guidelines including the Christian 
Dior and LVMH Codes of Conduct, the Christian Dior and LVMH Supplier Codes 
of Conduct and the LVMH Charter on Working Relations with Fashion Models. 
Additional arrangements have been put in place to provide guidance on how to 
interpret and apply these principles (see the Management Report of the Board of 
Directors – “Ethics and responsibility”, §2.2).
•	 The Group’s distribution agreements include strict guidelines on these matters, which 
are also regularly monitored by the Maisons through on‑site audits.
•	 LVMH has also implemented a responsible supply chain management approach (see 
the Management Report of the Board of Directors – “Ethics and responsibility”, §5.2).
1.1.2  Risks arising from talent management and the loss of strategic competencies
Risk description
Risk management
The Group is known for its Maisons, whose 
success is based on unique and often 
time‑honored expertise. This range of 
skills underpins both the high quality 
of the Group’s products, sold all over the 
world, and the reputation of its Maisons. 
The loss of these strategic skills and 
expertise, especially in leather goods and 
watchmaking, could severely affect 
product quality.
•	 To avoid any dissipation of this expertise, the Group implements a range of measures 
to encourage the passing on and promotion of its professions, notably by promoting 
the recognition of the luxury trades as métiers d’excellence (professions of excellence), 
with criteria specific to the luxury sector and geared to increase the public’s awareness 
of them, attract future talent and ensure the continued development of internal 
employees’ skills (see the Management Report of the Board of Directors – “Attracting 
and retaining talent”, §2.2).
•	 In order to safeguard and develop the Fashion and Leather Goods Maisons’ access to 
the high‑quality raw materials and expertise they need, LVMH Métiers d’Art invests 
in, and provides long‑term support to, its best suppliers (see the Management Report 
of the Board of Directors – “Business overview, highlights and outlook”, §2.5).
The pursuit of our strategy of growth, 
international expansion and digitalization 
relies on the Group’s ability to identify 
talented individuals with the skills it needs 
and attract and retain them in a highly 
competitive environment.
•	 The Group is constantly seeking to create conditions that enable its employees to 
realize their full potential and succeed within the business. The Group devotes 
special care to matching employee profiles and responsibilities, formalizing annual 
performance reviews, developing skills through ongoing training, and promoting 
internal mobility (see the Management Report of the Board of Directors – “Attracting 
and retaining talent”, §2.3).

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Management Report of the Board of Directors: The Christian Dior group
Financial and operational risk management and internal control
1.1.3  Risks arising from access to and pricing of raw materials
Risk description
Risk management
The Group relies heavily on certain raw 
materials, and the natural resources used to 
design products are often in short supply, 
valuable, hard to access and threatened by 
the impact of climate change on natural 
ecosystems and local communities. 
Likewise, the Group is heavily exposed to 
fluctuations in the price of raw materials 
(grapes, leather, cotton, gold and other 
constituents of cost prices such as energy 
[oil, gas and electricity], labor and other 
inputs, etc.). This environment fuels 
inflationary pressure on raw material prices.
•	 Just as for its strategic expertise, the Group has adopted a policy of sourcing a 
portion of its strategically important raw materials in‑house (Champagne vineyards, 
investments made by LVMH Métiers d’Art in Fashion and Leather Goods).
•	 The quality and consistency of supplies of strategic raw materials depends in 
particular on the Group’s ability to protect plant and animal resources and associated 
ecosystems. With this in mind, the Group has developed traceability and biodiversity 
strategies as part of its LIFE 360 program. In this way, the Group is engaged in a 
process of continuous improvement with regard to its ability to trace materials back 
to their source, so as to gain a better understanding of supply risks.
•	 The Group also has a policy of achieving certification of all supplies of strategic 
raw materials by 2026, selecting those standards that reflect the highest social 
and environmental practices, such as protecting ecosystems and working against 
deforestation and climate change. LVMH works with sector‑specific initiatives such 
as Textile Exchange and the Leather Working Group to ensure that standards are 
always rising.
•	 The Group has also kicked off an ecosystem protection program with a goal of 
covering 5 million hectares by 2030, in particular through an ambitious plan to roll 
out regenerative agriculture across its supply chains.
•	 In 2019, the Group adopted a specific charter that sets out requirements applicable 
to supplies of raw materials of animal origin.
•	 The Group is pursuing an ambitious policy of having its suppliers undergo 
environmental and social audits, with the aim of building long‑term partnerships.
•	 Since 1996, industry agreements have established a qualitative reserve in order to 
cope with variable harvests and secure grape supplies in the Champagne region (see 
the Management Report of the Board of Directors – “Business overview, highlights 
and outlook”, §1.1.4).
•	 The Maisons seek to build longstanding partnerships with their suppliers. The 
Perfumes and Cosmetics Maisons do so via the Research and Development 
Department, the Fashion and Leather Goods Maisons forge partnerships with 
farmers, and the Wines and Spirits business group enter into multi‑year sourcing 
agreements for grapes and eaux‑de‑vie.
•	 The Group has secured the precious metals component of its production costs for 
Watches and Jewelry, either by purchasing hedges from banks or by negotiating the 
forecast price of future deliveries of alloys with precious metal refiners or producers.
•	 The geopolitical environment (the war in Ukraine) and the public health situation 
(Covid lockdowns in China) meant supply chains were disrupted throughout the year. 
Against this volatile backdrop, the Group’s teams worked to increase the flexibility of 
supplies of the most sensitive and critical materials and products.

Annual Report as of December 31, 2022
145
Management Report of the Board of Directors: The Christian Dior group
Financial and operational risk management and internal control
1.1.4  Risks related to cybersecurity
Risk description
Risk management
The Group is exposed to cyber risks arising 
from opportunistic or targeted cyberattacks, 
malicious acts or indirect damage caused 
by third parties, and internal breaches or 
unintentional incidents. The occurrence 
of these risks may result in the loss, 
corruption or disclosure of sensitive 
data, including information relating to 
products, customers or financial data. Such 
risks may also involve the partial or total 
unavailability of some systems, impeding 
the normal operation of the processes and 
business activities concerned. They may 
have financial, reputational, contractual or 
legal consequences.
 
•	 The Group has developed an end‑to‑end methodology for analyzing cyber risks, 
which it analyzes and maps both at its various Maisons and at consolidated Group 
level. This analysis is based on a taxonomy of around twenty risks common to all 
the Maisons, four of which have emerged as major risks for the Group. This has 
resulted in the drawing up or strengthening of cybersecurity guidelines, which are 
translated into a governance structure, policies and Group‑wide security solutions 
and services implemented through major security programs. Over and above these 
common analyses and action plans, cybersecurity is now built into all new projects 
(security “by design”).
•	 Furthermore, security is assessed across the Group as a whole through periodic 
compliance assessments based on both international standards and in‑house 
standards adjusted to suit the Group’s particular context and policies, as well as 
programs of audits including, in particular, penetration testing and “red teams”. 
Incident response performance is also measured and monitored.
•	 Group‑wide cybersecurity programs have strengthened security in terms of not only 
protecting against but also detecting and responding to incidents. While it is not 
possible to prevent the occurrence of all potential risk scenarios, efficient detection 
and response when an incident does occur can significantly reduce its impact.
•	 Systems and procedures have been put in place to secure collaborative tools, networks 
and access to the Internet and Active Directory installations. Workstation and server 
security has been reinforced by rolling out and tightening up solutions such as EPP, 
EDR and local firewalls. The public health crisis has also prompted the development 
of additional protective measures to cover remote working and remote logins.
•	 Growing numbers of software flaws over the past two years have prompted the 
Group to bolster its processes and solutions for managing vulnerabilities in terms of 
monitoring, scanning, and applying patches.
•	 Significant security improvements have also been made to cloud environments to 
support the general transition of information systems to the cloud. This involves 
monitoring environments’ architecture and configuration to detect any policy 
breaches, undesired exposure and various other vulnerabilities. Significant efforts 
have been made in relation to identity and access management, including in 
particular identity federation, multifactor authentication and single sign‑on (SSO), as 
well protecting privileged accounts through bastion‑type solutions.
•	 These various systems and procedures serve to prevent and/or detect and respond 
to incidents.

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Management Report of the Board of Directors: The Christian Dior group
Financial and operational risk management and internal control
Risk description
Risk management
 
•	 In addition to these solutions, steps have been taken to reduce the impact of 
potential cyberattacks. Examples include segmenting networks more finely to isolate 
and contain lateral movements in the event of an attack and protecting backup 
mechanisms to mitigate the potential impact of ransomware attacks.
•	 The Group has set up shared services coordinated by an internal cyber defense unit 
(SOC, CERT and SecOps) to continuously monitor and detect compliance failures, 
system vulnerabilities and suspicious security events. These services also provide 
support to each Maison by responding to verified incidents and cyber crises.
•	 The Group organizes frequent educational and training actions to improve cyber 
crisis management and has launched a worldwide awareness campaign.
•	 See also §3.3 “Information and communication systems” regarding the role of 
cybersecurity teams and the CISO (Chief Information Security Officer), the 
completion of audit campaigns and penetration testing, and the dissemination of 
the “Business Continuity Plan” methodology toolkit.
The Group may be exposed to shortcomings 
in the implementation of rules governing 
personal data protection.
•	 The Group takes steps to comply with the regulations applicable to personal data, 
including the General Data Protection Regulation (GDPR), and requires adequate 
governance arrangements to be implemented within the Group. Accordingly, each 
Group Maison has appointed a Data Protection Officer. This role involves ensuring 
that the Maison’s operations are compliant, with the support of the legal and 
cybersecurity departments and close cooperation from the relevant functions (IT, 
digital, marketing, HR, etc.) (see the Management Report of the Board of Directors – 
“Ethics and responsibility”, §5.7).
1.2	
Risks arising from the external environment
1.2.1  Counterfeit and parallel retail network‑related risks
Risk description
Risk management
Counterfeiting or copying the brands’ 
products or the Group’s expertise or 
production methods can have an immediate 
adverse effect on revenue and profit, and 
over time may damage the brand image 
of the products concerned and erode 
consumer confidence.
Similarly, some Group products – leather 
goods, perfumes and cosmetics in particular 
– may be distributed through parallel retail 
networks, including online sales networks, 
without the Group’s consent.
•	 To address the counterfeiting of products, the Group systematically registers 
intellectual property rights (for example, its trademarks, designs and models) in 
France and in other countries. This involves close cooperation with governmental 
authorities, customs officials and specialists of such matters (for example, lawyers 
and investigators) in the countries concerned, as well as with market participants in 
the digital world (for example, e‑commerce platforms), whom the Group also ensures 
are made aware of the adverse consequences of counterfeiting.
•	 The Group plays a role in all of the trade bodies representing the major names in 
the luxury goods industry, in order to promote cooperation and a consistent global 
message.
•	 The Group and several Internet companies work together to better protect the 
Group’s intellectual property rights and combat the online advertising and sale of 
counterfeit products.
•	 In addition, the Group fights the sale of its products through parallel retail networks, 
in particular by developing product traceability, prohibiting direct sales to those 
networks, and taking specific initiatives aimed at better controlling retail channels.

Annual Report as of December 31, 2022
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Management Report of the Board of Directors: The Christian Dior group
Financial and operational risk management and internal control
1.2.2  Risks arising from laws and regulations in force
Risk description
Risk management
The Group’s activities in France and abroad 
are subject to a complex and ever‑changing 
range of laws and regulations. Failure to 
comply with laws and regulations can lead 
to disputes and proceedings and result in 
financial penalties – some affecting the 
Group as a whole – as well as adversely 
affecting the Maisons’ activities and the 
reputation of both the Group and its 
Maisons.
•	 The Group monitors legal developments in the various areas of law relevant to its 
activities so as to anticipate and take into account regulatory developments both 
in France and abroad. This monitoring is undertaken both in‑house through the 
Group’s legal departments and externally. The Group has a community of legal 
specialists spread across many countries, based both at LVMH SE and at the Group’s 
Maisons. LVMH’s Legal Department is structured into different areas of expertise 
(stock market and corporate law, M&A and business law, intellectual property, IT and 
digital privacy) and has teams in the United States, China (Shanghai and Hong Kong), 
South Korea and Japan. The Group also draws on specialist lawyers around the world 
recognized for excellence in their particular areas of expertise.
•	 The Legal Department works closely with the Corporate Affairs, Privacy, Ethics 
& Compliance, and Anti-Counterfeiting Departments, which play an active role 
in monitoring legal developments and ensuring legal and regulatory compliance. 
These four departments form part of the General Administration & Legal Affairs 
Department, which reports directly to LVMH Executive Management.
•	 Among its various areas of interest, the Group closely monitored the revision of the 
EU regulation authorizing the use of selective distribution, including for online 
sales. The new Commission Regulation (EU) 2022/720 reaffirms and modernizes this 
legislation, which provides legal protection in Europe for the Group and its customers 
and gives the Group additional resources to combat counterfeiting and the parallel 
distribution of its products, both offline and online.
1.2.3  Risks arising from the public‑health, political and economic environment
Risk description
Risk management
Health crises along with geopolitical and 
macroeconomic instability that disrupts 
production activities, logistics, tourism 
and access to retail outlets by customers 
can have a negative impact on the Group’s 
business activities.
•	 In an uncertain geopolitical and economic environment, the Group’s strategy remains 
focused on continuously boosting the appeal of its brands, delivering excellence in 
distribution and having a responsive organization. The Group’s main advantages 
in facing these types of crises are the exacting quality standards applied to all its 
operations, combined with the incomparable dynamism and creativity of its teams.
•	 Moreover, the distribution of the Group’s business activities across all geographic 
regions and a wide range of industry sectors serves to limit its exposure to and acts as 
a buffer against the shocks and disruptions caused by this type of crisis, in particular 
thanks to the carryover to the domestic market of purchases normally made as part 
of tourist travel.
•	 Lastly, the Group maintains very few operations in politically unstable regions. 
It is important to note that the Group’s activity is spread for the most part between 
three geographic regions – Asia, Western Europe and the United States – favoring a 
geographic balance between its businesses and regions that offset one another.

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Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Financial and operational risk management and internal control
1.2.4  Climate change‑related risks
Risk description
Risk management
Environmental risks, and climate change 
chief among them, may impact ecosystems, 
causing depletion of the natural resources 
essential for the manufacture of the Group’s 
products, pose a threat to the continued 
operation of its supply chains and interrupt 
business.
 
•	 The effects of climate change are liable to impact the Group’s activities, and 
in particular its supply chains. The LIFE 360 program structures the Group’s 
commitment to climate change mitigation and adaptation and is aligned with 
the TCFD recommendations: a cross‑reference table is set out in the statement of 
non‑financial performance.
•	 The Group has put in place a governance structure at its highest level, with climate 
strategy signed off and monitored by LVMH’s Executive Committee and Board of 
Directors and monitoring by Christian Dior’s Performance Audit Committee.
•	 The Group conducts annual risk assessments, measuring the carbon footprint of 
its entire value chain every year. It analyzes physical and transition risks relating to 
climate change by applying the scenario‑based analysis method and studying the 
associated financial consequences.
•	 The Group set itself Scope 1, 2 and 3 greenhouse gas emissions reduction targets 
approved by the Science Based Targets initiative in 2021. The Group also has in place a 
certification plan for those raw materials with the greatest impact on the environment 
and an action plan to reduce energy consumption on sites and in stores, promote 
more sustainable modes of transportation and continue the actions of the LVMH 
Carbon Fund. In 2015, LVMH launched a Carbon Fund to help finance greenhouse 
gas emissions reduction initiatives.
•	 The Group is putting an action plan in place for the various issues involved in 
adapting to climate change. In the medium term, changing winegrowing practices 
is the main component of the Group’s adaptation strategy, such as by altering harvest 
dates and developing different methods of vineyard management (widening rows, 
increasing the size of grapevine stocks, employing irrigation in certain countries and 
more generally considering the key issue of water availability).
•	 Given its heavy reliance on natural resources, the Group has for several years had 
in place a sustainable sourcing and raw material protection policy covering in 
particular its Perfumes and Cosmetics, Fashion and Leather Goods and Watches and 
Jewelry business groups (see the Management Report of the Board of Directors – 
“Environment and sustainability”, §3). This policy also aims to accelerate the rollout 
of regenerative agriculture practices to boost the ability of soil to store carbon and 
have a positive impact on the climate. The Group is also involved in protecting high 
added‑value ecosystems outside of its supply chain, for example in the Amazon basin.

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Financial and operational risk management and internal control
1.2.5  Risks arising from business interruptions
Risk description
Risk management
In its production, storage and distribution 
activities, the Group is exposed to the risk 
of accidents and losses from events such 
as fires, water damage or natural disasters, 
which may lead to a suspension of these 
operations.
•	 To identify, analyze and provide protection against industrial and environmental 
risks, the Group relies on a combination of independent experts and qualified 
professionals from the Group (in particular safety, quality and environmental 
managers).
•	 Protecting the Group’s assets is part of an industrial risk prevention policy that meets 
the highest safety standards (FM Global and NFPA fire safety standards).
•	 Working with its insurers, the Group has adopted HPR (Highly Protected Risk) 
standards, in order to significantly reduce fire risk and resulting business interruption. 
Continuous improvement in the quality of risk prevention is an important factor taken 
into account by insurers in evaluating these risks and, accordingly, in the granting 
of comprehensive coverage at competitive rates. This approach is combined with an 
industrial and environmental risk‑monitoring program (see also the Management 
Report of the Board of Directors – “Environment and sustainability”).
•	 Preventive audits also serve to identify and quantify risks of natural catastrophe or 
“NatCat” (storms, floods, earthquakes, forest fires, etc.). These types of risks can give 
rise to significant additional insurance costs.
•	 In addition, prevention and protection plans include contingency planning to ensure 
business continuity.
1.3	
Financial risks
1.3.1  Foreign exchange, interest rate 
and liquidity risks
The Group applies a foreign exchange and interest rate risk 
management strategy mainly aimed at reducing the negative 
impact of any foreign currency or interest rate fluctuations related 
to its business, financing and investments. For LVMH and its 
subsidiaries, this management is centralized for the most part at 
the level of LVMH SE and the subsidiary responsible for LVMH’s 
cash pooling arrangement. The risks and their management are 
presented to LVMH’s Performance Audit Committee. Hedging 
decisions are made according to a clearly established process 
and are covered in regular presentations to LVMH’s Executive 
Committee, along with detailed documentation. For the rest of 
the Group, management is centralized at the level of Christian 
Dior SE. The risks and their management are presented to 
Christian Dior’s Performance Audit Committee. The Group 
has implemented a stringent policy and rigorous management 
guidelines to measure, manage and monitor these market risks. 
These activities are organized based on a segregation of duties 
between risk measurement, hedging (middle and front office), 
administration (back office), and financial control. The backbone 
of this organization is an integrated information system that 
allows transactions to be monitored very quickly.

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Foreign exchange risk
Risk description
Risk management
Exchange rate fluctuations between the euro 
(the currency in which most of the Group’s 
production expenses are denominated) and 
the main currencies in which the Group’s 
sales are denominated (in particular the US 
dollar, pound sterling, Hong Kong dollar, 
Chinese renminbi and Japanese yen) 
can significantly impact its revenue and 
earnings reported in euros. See Note 23.8 
to the consolidated financial statements for 
the analysis of the sensitivity of the Group’s 
net profit to fluctuations in the main 
currencies to which the Group is exposed.
The Group is exposed to foreign exchange 
risk with respect to the its net assets, as it 
owns substantial assets denominated in 
currencies other than the euro. See the 
analysis of the Group’s exposure to foreign 
exchange risk related to its net assets for the 
main currencies involved in Note 23.8 to 
the consolidated financial statements.
•	 Exposure to foreign exchange risk is actively managed in order to reduce sensitivity 
to unfavorable currency fluctuations by implementing hedges, which primarily 
comprise options, and in certain cases forward sales. The levels of forecast cash 
flow hedging for 2023 relating to the main invoicing currencies are disclosed in 
Note 23.8 to the consolidated financial statements. These levels averaged 78% for 
the three currencies to which the Group is most exposed: the US dollar, the Chinese 
renminbi and the Japanese yen.
•	 This foreign exchange risk may be hedged either partially or in full using borrowings 
or financial futures denominated in the same currency as the underlying asset.
Liquidity risks and risks linked to fluctuations in interest rates
Risk description
Risk management
The Group could have difficulty accessing 
the liquidity it needs to meet its financial 
obligations; see Note 23.9 to the consolidated 
financial statements for the breakdown of 
financial liabilities by contractual maturity.
The Group could have to pay higher 
borrowing costs if interest rates were to rise. 
See Notes 19.3 and 19.6 to the consolidated 
financial statements for the analysis of 
borrowings by maturity and type of rate 
applicable as well as an analysis of the 
sensitivity of the cost of net financial debt 
to changes in interest rates.
•	 As of December 31, 2022, the amount of short‑term borrowings excluding derivatives, 
i.e. 9.4 billion euros, was lower than the 10.9 billion euro balance of cash and cash 
equivalents and current available for sale financial assets.
•	 In addition, the Group has access to undrawn confirmed credit lines totaling 
11.2 billion euros.
•	 The Group has access to a diversified investor base (bonds and private short‑term 
investments), long‑term financing and strong banking relationships, whether 
evidenced or not by confirmed credit lines. LVMH has a very high level of credit 
quality, as reflected by its credit ratings (A1/P1 by Moody’s and AA-/A1+ by Standard 
& Poor’s).
•	 Interest rate risk is managed using swaps or by purchasing options (protection against 
an increase in interest rates) designed to limit the adverse impact of unfavorable 
interest rate fluctuations. Contracts for loans and borrowings do not include any 
specific clauses likely to significantly modify their terms and conditions.

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1.3.2  Risks arising from tax policy
Risk description
Risk management
Due to its worldwide operations, the Group 
is subject to a complex and diverse set of tax 
regulations. As an exporter, it is exposed 
to the risk of a lack of consensus in the 
countries where it operates, in particular 
concerning the definition and location 
of value creation for the purposes of 
apportioning the tax base. This may lead 
to situations of double taxation.
The multiplicity, complexity and instability 
of tax regulations and their interpretation 
in each country, particularly within the 
context of international tax competition 
and the reform of international taxation 
rules initiated by the OECD, the European 
Union and national governments, give rise 
to multiple risk factors faced by the Group.
•	 The Group’s tax policy is in line with the guiding principles described in its Codes 
of Conduct. The Group undertakes to comply with applicable laws and regulations 
in the countries where it operates, supported by the Maisons’ finance departments 
and the Tax Department, with the assistance of outside consultants when necessary.
•	 The Group’s tax policy reflects its real activities and the Group’s development, while 
preserving its competitiveness. Through its activities, the Group plays a key role in 
local and regional development in the areas where it operates, in particular by means 
of its tax payments. Apart from corporate income tax, the Group pays and collects 
a number of other taxes and contributions, including taxes on revenue, customs 
duties, excise taxes, payroll taxes, land taxes, and other local taxes specific to each 
country, which are all part of the Group’s economic contribution to the regions where 
it operates.
•	 The Group adopts an attitude of transparency in its relations with tax authorities and 
undertakes to consistently provide them with relevant information enabling them 
to successfully carry out their duties. The Group complies with country‑by‑country 
reporting obligations and sends the required information to the tax authorities in 
accordance with applicable provisions.
•	 With effect from fiscal year 2022, LVMH has entered into a “tax partnership” with 
the French tax authorities. This cooperative compliance program demonstrates the 
Group’s long‑term commitment to transparency and dialogue with the French tax 
authorities in exchange for advance certainty on key tax positions.
2.	
Insurance policy
The Group has a dynamic global risk management policy based 
primarily on the following:
•	 systematic identification and documentation of risks;
•	 risk prevention and mitigation procedures for both human 
risk and industrial assets;
•	 implementation of international business continuity and 
contingency plans;
•	 a comprehensive risk financing program to limit the 
consequences of major events on the Group’s financial position;
•	 optimization and coordination of global “master” insurance 
programs.
The Group’s overall approach is primarily based on transferring 
its risks to the insurance markets at reasonable financial terms, 
and under conditions available in those markets both in terms of 
scope of coverage and limits. The extent of insurance coverage 
is directly related either to a quantification of the maximum 
possible loss, or to the constraints of the insurance market.
Compared with the Group’s financial capacity, its level of 
self‑insurance is not significant. The deductibles payable by 
Group companies in the event of a claim reflect an optimal 
balance between coverage and the total cost of risk. Insurance 
costs borne by Group companies are around 0.13% of consolidated 
revenue.
As the global insurance market slowed and tightened in 2022, the 
Group faced moderate increases in its premiums apart from for 
cyber insurance, the cost of which has continued to rise sharply.
The financial ratings of the Group’s main insurance partners 
are reviewed on a regular basis, and if necessary one insurer may 
be replaced by another.
The main insurance programs coordinated by the Group are 
designed to cover losses due to property damage, business 
interruption, terrorism, political violence, cybercrime, 
construction, transportation, credit and third‑party liability.

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Financial and operational risk management and internal control
2.1	
Property and business interruption insurance
Most of the Group’s manufacturing operations are covered under 
a consolidated international insurance program for property 
damage and resulting business interruption.
Property damage insurance limits are in line with the values 
of assets insured. Business interruption insurance limits reflect 
gross margin exposures of the Group companies for a period of 
indemnity extending from 6 to 24 months based on actual risk 
exposures. The coverage limit of this program is 1.2 billion euros 
per claim, an amount determined based on an analysis of the 
Group’s maximum possible losses.
Coverage for “natural events” provided under the Group’s 
international property insurance program decreased on 
July 1, 2021 and now totals between 40 and 100 million euros 
(depending on geographic area) per claim and per year.
Alongside this cover, a dedicated parametric insurance program 
has also been put in place to cover certain very expensive risks 
for which limited cover is available in the traditional insurance 
market. The risks covered by this program are earthquakes in 
Japan and California and storms in the United States. Cover is 
limited to 260 million US dollars per year.
These coverage levels are in line with Group companies’ exposure 
to such risks.
2.2	
Transportation insurance
The Group’s operating entities are covered by an international cargo and transportation (goods in transit) insurance contract. 
The coverage limit of this program is 55 million euros, which corresponds to the maximum possible transport loss arising as a result 
of transportation in progress at a given moment.
2.3	
Third‑party liability
The Group has established a third‑party liability insurance 
program for all its subsidiaries throughout the world. This 
program is designed to provide the most comprehensive coverage 
for the Group’s risks, given the insurance capacity and coverage 
available internationally. Coverage levels are in line with those of 
companies with comparable business operations.
Accidental and gradual environmental damage (Directive 
2004/35/EC) is covered under this program.
Specific insurance policies have been implemented for countries 
where work‑related accidents are not covered by social security 
systems, such as the United States. Coverage levels are in line with 
the various legal requirements imposed by the different states. 
Subject to certain conditions and limitations, the Group covers 
its senior executives and employees either directly or via an 
insurance policy for any individually or jointly incurred personal 
liability to third parties in the event of professional misconduct 
committed in the course of their duties.
2.4	
Coverage for special risks
Insurance coverage for political risks, company officers’ liability, 
fraud and malicious intent, trade credit risk, acts of terrorism 
and political violence, loss or corruption of computer data and, 
more broadly, all cyber risks, real estate construction project risks 
and environmental risks is obtained through specific worldwide 
or local policies.

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Financial and operational risk management and internal control
3.	
Assessment and control procedures in place
3.1	
Organization
3.1.1  Risk management and control 
activities within Christian Dior SE
Control environment
Given the fact that it belongs to a group with the necessary 
administrative skills, Christian Dior uses the specialized services 
of Agache SCA, which mainly relate to strategic, legal, financial 
and accounting matters. A service agreement has been entered 
into with Agache SCA for this purpose.
Regarding the Group’s external services, the Shareholders’ 
Meeting of Christian Dior appointed two first‑tier accounting 
firms as Statutory Auditors, which also serve in the same capacity 
on behalf of LVMH.
Key elements of internal control procedures
Risk management is based first and foremost on a regular review 
of the risks incurred by the Company so that internal control 
procedures can be adapted. Given the nature of the Company’s 
activity, the primary objective of internal control systems is to 
mitigate risks of error and fraud in accounting and finance. 
The following principles form the basis of the Company’s 
organization:
•	 very limited, very precise delegations of power, which are 
known by the counterparties involved, with sub‑delegations 
reduced to a minimum;
•	 upstream legal control before signing agreements;
•	 separation of the expense and payment functions;
•	 secure payments;
•	 procedural rules known by potential users;
•	 integrated databases (single entry for all users);
•	 frequent audits (internal and external).
Internal controls relating to the preparation of the 
parent company’s financial and accounting information
The parent company and consolidated financial statements 
are subject to a detailed set of instructions and a specially 
adapted data submission system designed to facilitate complete 
and accurate data processing within suitable timeframes. The 
exhaustive controls performed at the LVMH sub‑consolidation 
level ensure that information is integrated.
Legal control
Securities held by the subsidiaries are subject to reconciliation 
between the Company’s Accounting Department and the Legal 
Department on a regular basis.
3.1.2  Organization of LVMH’s risk 
management and internal 
control system
LVMH comprises five main business groups: Wines and Spirits, 
Fashion and Leather Goods, Perfumes and Cosmetics, Watches 
and Jewelry, and Selective Retailing. “Other activities” mainly 
consists of the media business unit, luxury yacht building 
and marketing, hotel and real estate activities, and holding 
companies. These business groups consist of entities of 
various sizes that own prestigious brands, established on every 
continent. The autonomy of the brands, decentralization, and the 
responsibilities of senior executives are among the fundamental 
principles underlying the Group’s organization.
The risk management and internal control policies applied across 
the Group are based on the following organizational principles:
•	 Group companies – including the parent company, LVMH SE 
– are responsible for their own risk management and internal 
control systems. LVMH SE also helps lead and coordinate the 
entire Group in this area by providing guidelines, methods 
and a risk assessment and internal control application 
platform. In addition, initiatives to raise awareness of internal 
control‑related matters are held throughout the year;
•	 each Maison’s President is responsible for risk management 
and internal control at all subsidiaries that contribute to 
brand development worldwide; each subsidiary’s President 
is similarly responsible for that subsidiary’s own operations.
3.1.3  System stakeholders
Stakeholders are presented according to the three lines of defense 
model explained below, whereby the control and supervision of 
systems is provided by governing bodies.

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3.1.4  Group governing bodies
The Boards of Directors of Christian Dior and LVMH 
contribute to the general control environment through their 
members’ expertise and oversight, their help in clarifying issues 
and their transparent decision‑making processes. The Boards are 
kept informed on a regular basis of the maturity of the internal 
control system, and oversee the effective management of major 
risks, which are disclosed in their Management Reports.
The Boards and their Performance Audit Committees are regularly 
informed of the results of the operation of these systems, any 
shortcomings and the action plans drawn up to address them.
The Christian Dior and LVMH Performance Audit Committees 
ensure in particular that the Group’s accounting policies comply 
with the standards in force, review the parent company and 
consolidated financial statements, and monitor effective 
implementation of the Group’s internal control and risk 
management procedures.
The LVMH Ethics & Sustainable Development Committee 
monitors observance of the individual and collective values 
on which the Group’s actions are based, with the aim of 
helping to define rules of conduct to inspire the behavior of 
senior executives and employees in terms of ethics, social and 
environmental responsibility, ensuring observance of these 
rules, and reviewing the Group’s strategy in these areas and the 
contents of related reports.
The LVMH Executive Committee, which consists of the Group’s 
operational and functional executives, lays down strategic 
objectives within the framework of the direction set by 
LVMH’s Board of Directors, coordinates their implementation, 
ensures that the organization adapts to changes in the business 
environment, defines senior executives’ responsibilities and 
delegated authority, and ensures that the latter are properly 
applied.
3.1.5  First line of defense
All Group employees help enhance and maintain the internal 
control system.
Operational management: a key aspect of the internal control 
system applied to business processes is ownership of internal 
control within each entity by operational managers, who 
implement appropriate controls on a day‑to‑day basis for those 
processes for which they are responsible and pass on appropriate 
information to the second line of defense.
The Management Committees of the Maisons and subsidiaries 
are responsible for implementing and ensuring the smooth 
running of internal control systems across all operations within 
their scope. The Management Committees of the Maisons are 
also in charge of the system for managing major risks; they review 
the risk mapping each year and assess the level of control as well 
as the progress of risk coverage strategies and the associated 
action plans.
3.1.6  Second line of defense
The second line of defense is provided by LVMH’s functional 
departments.
The Privacy, Ethics & Compliance Department steers and 
coordinates LVMH’s procedures with regard to anti‑corruption, 
personal data protection, respecting international sanctions and 
human rights and anti‑money laundering. It is part of LVMH’s 
General Administration and Legal Affairs Department, which 
reports directly to the Chairman and Chief Executive Officer and 
is now represented on LVMH’s Executive Committee.
It takes part in the updating of the internal control framework for 
ethics and compliance issues, to make sure that its requirements 
are met by all entities. It also administers the Group’s centralized 
whistleblowing system and contributes to the identification and 
assessment of the main risks. The department is supported by 
representatives from departments across the Group to help it 
coordinate Group‑wide projects for which it is responsible, as 
well as by a network of over 100 Ethics & Compliance Officers and 
more than 50 Data Protection Officers in place within each of the 
Group’s Maisons. The Privacy, Ethics & Compliance Department 
reports to LVMH’s Ethics & Sustainable Development Committee 
several times a year on the implementation of its policy.
The Legal Department helps with the legal aspects of LVMH’s 
activities and development. It conducts negotiations relating to 
acquisitions, disposals and partnerships. It determines the legal 
strategy for major disputes in which the Group’s companies are 
involved. It helps to define and implement multi‑disciplinary 
projects concerning the Group as a whole. Through its 
Intellectual Property team, it helps protect trademarks and 
patents, which are among the Group’s key assets. It handles 
stock market law and corporate law‑related matters. It promotes 
Group‑wide compliance with the laws and regulations applicable 
to its activities.
Lastly, the Legal Department prepares tools for the Maisons 
to help them comply with various regulations, including in 
particular the European Union’s General Data Protection 
Regulation (GDPR).
The role of the Corporate Affairs Department is to protect 
and promote the business model of the Group and its Maisons. 
With teams based in Paris and Brussels, the department keeps 
a watchful eye on developments and, where applicable, plays 
an active role in discussions on any topics that may have an 
impact on the Group’s business priorities and its reputation. To 
this end, the department analyzes relevant policies and laws, 
considers the strategic issues at stake, coordinates actions in 
support of the Group’s external positioning, and participates, in 
conjunction with the Maisons and LVMH’s regional divisions, 
in the decision‑making processes of authorities in Europe, 
the Americas and Asia, directly and/or in collaboration with 
representative associations. Key fields for its businesses include 
intellectual property, the digital economy, distribution and 
competition, corporate governance, issues relating to supply 
chains (raw materials, production, etc.), as well as the promotion 
and protection of high‑end cultural and creative industries.

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The Environmental Development Department helps the 
Group and its Maisons work to achieve excellent environmental 
performance aligned with the new targets laid down in the 
LIFE 360 environmental program communicated since 2021, 
which cover four strategic pillars: circular design, traceability 
and transparency, climate, and biodiversity. The department’s 
structure and actions, and how these are reflected within the 
Maisons, can be found in the Management Report of the Board 
of Directors: the Group – “Environment and sustainability” 
section.
The Group Risk Management and Insurance Department, 
alongside operational managers responsible for risks inherent 
in their businesses, is particularly involved at Group level in 
cataloguing risks, preventing losses, and determining the risk 
coverage and financing strategy.
The other functional departments, presented in the “Financial 
and accounting information: Organization and parties involved” 
section below, help manage risks related specifically to financial 
and accounting information.
The Internal Control Department, which reports to the Audit 
& Internal Control Director, coordinates the implementation of 
internal control and risk management systems. It monitors and 
anticipates regulatory changes in order to adapt mechanisms. It 
coordinates a network of internal controllers responsible, within 
the Maisons and under the responsibility of their Management 
Committees, for ensuring compliance with the Group’s internal 
control procedures and preparing controls tailored to their 
businesses. They also take part in various projects related to 
the internal control and risk management systems, thereby 
promoting the dissemination and application of guidelines. 
The Group’s Internal Control Department set up the LVMH 
Internal Control Academy, the aim of which is to coordinate 
and develop the entire international network of controllers and 
internal auditors. This center developed online training courses 
during the year on specific topics and the fundamentals of 
internal control.
The Anti-Counterfeiting Department determines and 
implements anti‑counterfeiting and anti‑gray‑market policy 
on behalf of 26 of the Group’s Maisons for both offline and 
online markets. Its worldwide efforts aim to dismantle criminal 
networks that breach intellectual property rights and damage the 
reputation of our brands. Efforts to protect these 26 Maisons are 
continuously coordinated with each Maison’s legal department.
The Employee Safety Committee meets to analyze the 
effectiveness of systems designed to ensure the safety of travelers 
and employees of the Group working abroad, and make any 
decisions required in exceptional situations.
Equivalent departments at brand or business group level: 
The organizational structure described above at Group level is 
mirrored at the main business groups and brands.
3.1.7  Third line of defense
The LVMH Audit & Internal Control Department covers the 
entire LVMH group and operates according to an audit plan, 
which is revised annually. The audit plan is used to monitor and 
reinforce the understanding and correct application of expected 
control activities. The audit plan is prepared on the basis of an 
analysis of potential risks, either existing or emerging, by type 
of business (such as size, contribution to profits, geographical 
location, quality of local management, etc.) and on the basis 
of meetings held with the operational managers concerned; 
it can be modified during the year in response to changes in the 
political and economic environment or internal strategy.
The audit teams conduct internal control assessments covering 
various operational and financial processes. They also undertake 
accounting audits as well as audits of cross‑functional issues 
within a given business group. Regular follow‑ups are run on 
the internal control recommendations resulting from past audits 
at subsidiaries with the most significant internal control issues.
Internal Audit reports on its findings to the management of the 
entity concerned and to Executive Management of the LVMH 
group by way of an audit report explaining its assessment, 
presenting its recommendations and setting out managers’ 
commitments to apply them within a reasonable period of 
time. Internal Audit sends copies of the reports it issues to the 
Statutory Auditors and meets with them periodically to discuss 
current internal control issues. The main features of the audit 
plan, the primary conclusions of the current year, and the 
follow‑up of the principal recommendations of previous 
assignments are presented to the Performance Audit Committees 
of LVMH and Christian Dior.
3.1.8  External stakeholders
The external auditors and the various certifying bodies (RJC, 
ISO 14001, etc.) help to reinforce the current system through their 
work and recommendations.

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3.1.9  Financial and accounting information: 
Organization and parties involved
At Christian Dior level
As noted above, Christian Dior is a holding company that 
directly owns a 41% equity stake in LVMH. LVMH is a listed 
company with a governance structure that checks the integrity 
and relevance of its own financial information. Its organization 
is described in detail below. At the Christian Dior SE level, 
financial information intended for the financial markets 
(financial analysts, investors, individual shareholders, market 
authorities) is provided under the supervision of the Company’s 
Finance Department, which also oversees the production of the 
parent company and consolidated financial statements as well as 
the publication of the Annual Report and the Interim Financial 
Report. This information is strictly defined by current market 
rules, specifically the principle of equal treatment of investors.
At LVMH level
Risk management and internal controls of accounting and 
financial information are the responsibility of the following 
departments, which are all part of the LVMH group’s Finance 
Department: Accounting & Consolidation, Management 
Control, Corporate Finance and Treasury, Tax, and Financial 
Communication. Accounting and financial reporting procedures 
rely on information systems overseen by the Group’s Executive 
Management, who take part in ensuring that the risk inherent in 
this function is managed appropriately.
Accounting & Consolidation is responsible for preparing and 
producing the individual company accounts of LVMH SE and 
the holding companies that control LVMH’s equity holdings, the 
consolidated financial statements, and interim and annual results 
publications, in particular the Interim Financial Report and the 
Universal Registration Document. To this end, the Accounting 
Standards & Practices team defines and disseminates the Group’s 
accounting policies, monitors and enforces their application and 
organizes any necessary training. The Consolidation Department 
also coordinates the LVMH group’s Statutory Auditors.
Management Control is responsible for coordinating the 
budget process, updating budget estimates during the year and 
the five‑year strategic plan, as well as impairment testing of fixed 
assets. Management Control produces the monthly operating 
report and all reviews required by Executive Management; it also 
tracks capital expenditures and cash flow, as well as producing 
statistics and specific operational indicators. By virtue of its 
responsibilities and the structure of the reports it produces, 
Management Control plays a key role in internal control and 
financial risk management.
Corporate Finance & Treasury is responsible for implementing 
the LVMH group’s financial policy, which includes balance sheet 
optimization, financing strategy, management of borrowing 
costs, investment of cash surpluses, and the management of 
liquidity risk, market risk (interest rate and foreign exchange 
risk) and counterparty risk (see §4 “Financial policy” in the 
“Business and financial review” section and §1.3.1 “Foreign 
exchange, interest rate and liquidity risks” above). In particular, 
this department coordinates the pooling of the Group’s surplus 
cash and meets subsidiaries’ short- and medium‑term liquidity 
and financing requirements. It is also responsible for applying 
a centralized foreign exchange risk management strategy. A 
specific organization and procedures have been put in place to 
measure, manage, consolidate and monitor these market risks. 
Accordingly, the separation of front office, back office and middle 
office activities, combined with an independent control team 
reporting to LVMH’s Group Controlling and Reporting Director, 
help ensure proper segregation of duties. The backbone of this 
organization is an integrated information system that allows 
hedging transactions to be monitored efficiently. The hedging 
strategy is presented regularly to the LVMH group’s Executive 
Committee and LVMH’s Performance Audit Committee.
The Tax Department ensures compliance with applicable 
laws and regulations, advises the various business groups and 
companies, and proposes tax solutions appropriate to the LVMH 
group’s operational requirements. It organizes relevant training 
to adapt to major changes in tax law and ensures uniform 
reporting of tax data.
The Financial Communications Department is responsible for 
coordinating and disseminating LVMH’s financial information. 
In particular, it maintains relationships with the financial 
community (financial and ESG analysts, institutional and 
individual investors), with the aim of providing it with a clear, 
transparent and accurate understanding of LVMH’s performance 
and outlook. It works closely with Executive Management and 
the business groups to define key messages, and harmonizes 
and coordinates the dissemination of those messages through 
various channels (publications such as the annual and interim 
reports, financial presentations, meetings with shareholders and 
analysts, the website, Shareholders’ Club, etc.). It also provides 
LVMH’s Executive Management and the Audit Committee with 
the perspectives of the financial community on the Group’s 
strategy and its positioning within its competitive environment.
The Information Systems Department designs and implements 
information systems needed by the Group’s central functions. 
It disseminates the Group’s technical standards, which are 
indispensable given the decentralized structure of the Group’s 
equipment, applications, networks, etc., and identifies any 
potential synergies between businesses, while respecting 
brand independence. It develops, operates and maintains 
global telecommunications networks and systems, IT hosting 
platforms, and cross‑functional applications shared by all entities 
in the Group. In cooperation with the subsidiaries, it supervises

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the creation of three‑year plans for all information systems by 
business group and by entity. It defines strategic orientations 
in the area of cybersecurity, draws up and circulates internal 
security policies and shared action plans, sets out documented 
security requirements for all new projects (security “by design”), 
coordinates awareness campaigns, operates shared cyber defense 
services by means of security platforms as well as trace processing 
and security alert detection systems, incident response and crisis 
management procedures, and audit operations (audits to assess 
compliance with security policies and penetration testing, for 
example).
Each of these departments is responsible for ensuring the quality 
of internal control in its own area of activity via the finance 
departments and the Information Systems Department of 
business groups, companies and subsidiaries, which are in 
turn responsible for similar functions within their respective 
entities. In this way, each of the central departments runs its 
control mechanism through its functional chain of command 
(Controller, Head of Accounting, Consolidation Manager, 
Treasurer, etc.). The finance departments of the main companies 
of the Group and the departments of the parent company, LVMH, 
described above, periodically hold joint finance committee 
meetings. These committee meetings deal in particular with 
applicable standards and procedures, financial performance 
and any corrective action needed, together with internal control 
relating to accounting and management data.
3.2	
Internal standards and procedures
The Ethics & Compliance function ensures that compliance 
rules and policies are available to all Group employees. It shares 
a range of documents (summary reports, examples of best 
practice, awareness videos, guides, etc.) with its network of Ethics 
& Compliance Officers via a dedicated Ethics & Compliance 
Intranet, a new version of which is due to go live in 2023.
All rules and procedures concerning accounting and financial 
information, applicable to all subsidiaries, can be accessed on 
a dedicated financial reporting Intranet: notably procedures 
applying to accounting policies and standards, consolidation, 
taxation, investments, reporting (budgets and strategic plans), 
cash management and financing (cash pooling, foreign exchange 
and interest rate hedging, etc.); these procedures also specify the 
format, content and frequency of financial reporting.
Internal control principles and best practice are also shared 
via IC Base, a core internal control base of 68 controls. IC Base 
is reviewed and updated annually to include new standards 
and new regulatory requirements. Ten controls (the “LVMH 
10 IC Essentials”) were made mandatory for all Maisons and 
subsidiaries in 2020 and are tested annually. These controls 
were defined as critical within the internal control systems of 
the Group and all its subsidiaries. Another seven mandatory 
controls were added in 2022. Other business line guidelines have 
also been developed to reflect the specific characteristics of the 
Group’s activities (Wines and Spirits and Perfumes and Cosmetics).
The “Major Risks” section of the Finance Intranet brings 
together procedures and tools for assessing, preventing and 
protecting against such risks. Best practices for the operational 
risk families selected are also available on the site. This material 
is available to everyone involved in risk management.
3.3	
Information and communication systems
Strategic plans for developing the Group’s information and 
communication systems are coordinated by LVMH’s Information 
Systems Department, which ensures that solutions are 
implemented consistently across the Group and do not disrupt 
operations. Aspects of internal control (segregation of duties, 
access rights, etc.) are integrated when implementing new 
information systems and then regularly reviewed.
Information and telecommunications systems and their associated 
risks (physical, technical, internal and external security, etc.) are 
covered by special procedures: a “Business Continuity Plan” 
methodology toolkit has been disseminated within the Group 
to define, for each significant entity, the broad outline of a 
Business Continuity Plan as well as a Disaster Recovery Plan. 
A Business Continuity Plan and a Disaster Recovery Plan have 
been developed and tested at the level of the French holding 
companies.
Each major entity has a cybersecurity team in place, led by a 
Chief Information Security Officer (CISO). The Group CISO 
supervises the policy, monitors projects and shared services, and 
coordinates the network of CISOs at entities across the Group. 
The Group CISO also provides cybersecurity support to smaller 
entities that lack their own cybersecurity teams. CISOs across the 
Group are responsible for the management of cyber risks. They 
put procedures in place to provide protection against these risks, 
based on various approaches to prevention, detection, response 
and reconstruction, depending on the type of risk, its likelihood 
and its potential impact.
Audit campaigns, penetration testing and vulnerability audits are 
performed by entities and by the Group’s Information Systems 
Department. LVMH also has an operations center to monitor 
and assess information systems security for all of the Group’s 
Maisons.

158
Annual Report as of December 31, 2022
Management Report of the Board of Directors: The Christian Dior group
Financial and operational risk management and internal control
3.4	
Internal and external accounting control procedures
3.4.1  Accounting and management 
policies
Subsidiaries adopt the accounting and management policies 
communicated by the Group for the purposes of the published 
consolidated financial statements and internal reporting; they 
all use the same framework (the chart of accounts and manual 
of accounting policies) and the accounting and management 
reporting system administered by the Group, thus ensuring 
consistency between internal and published data.
3.4.2  Consolidation process
The account consolidation process is covered by regular detailed 
instructions; a specially adapted data submission system facilitates 
consistent, comprehensive and reliable data processing within 
the appropriate timeframes. The Chairman and CFO of each 
company undertake to ensure the quality and completeness of 
financial information sent to the Group – including off‑balance 
sheet items – in a signed letter of representation which gives 
added weight to the quality of their financial information.
Sub‑consolidations are carried out at the level of each Maison 
and business group, which act as primary control filters and help 
ensure consistency.
At the level of LVMH, the teams in charge of consolidation are 
organized by type of business and are in permanent contact with 
the business groups and companies concerned, thereby enabling 
them to better understand and validate the reported financial 
data and anticipate the treatment of complex transactions.
The quality of financial information, and its compliance with 
standards, are also guaranteed through ongoing exchanges with 
the Statutory Auditors whenever circumstances are complex and 
open to interpretation.
3.4.3  Management reporting
Each year, all of the consolidated entities at the LVMH 
sub‑consolidation level produce a strategic plan, a full budget 
and annual forecasts. Detailed instructions are sent to the 
companies for each process.
These key steps represent opportunities to perform detailed 
analyses of actual data compared with budget and prior year 
data, and to foster ongoing communication between subsidiaries 
and their parent company – an essential feature of the financial 
internal control mechanism.
A team of controllers at LVMH, specialized by business, is in 
permanent contact with the business groups and companies 
concerned, thus ensuring better knowledge of performance and 
management decisions, as well as appropriate controls.
Specific meetings to close out the interim and annual financial 
statements are attended by the Finance Department teams 
concerned; during those meetings the Statutory Auditors present 
their conclusions with regard to the quality of financial and 
accounting information and the internal control environment 
of the different companies of the Group.
3.5	
Formalization and monitoring of risk management and internal control systems
3.5.1  The Enterprise Risk and Internal 
Control Assessment (ERICA) 
approach
In line with EU directives, the Group has implemented an 
approach, at LVMH, known as ERICA (Enterprise Risk and 
Internal Control Assessment), a comprehensive process for 
improving and integrating systems for managing major risks and 
internal control related to its day‑to‑day activities.
This approach has been rolled out across all of the Group’s 
Maisons. It includes annual mapping of the major risks carried 
out by each Maison and self‑assessment of the key controls taken 
from the internal control framework by all Group entities.
The internal control assessment as of June 30, 2022 covering 
all Group entities generating over 20 million euros in revenue 
focused on the LVMH 10 IC Essentials (10 key controls) and on 
the Ethics & Compliance program’s 10 controls.
The results of the ERICA campaign, which takes place annually, 
are shared with the Group’s entire network of internal control 
staff. The results of dedicated anti‑corruption controls and 
action plans are also presented by LVMH’s Ethics & Compliance 
Director to his or her correspondents.
Recently acquired entities are allowed two years to implement 
this approach once the integration process has been completed.

Annual Report as of December 31, 2022
159
Management Report of the Board of Directors: The Christian Dior group
Financial and operational risk management and internal control
The Maisons and business groups acknowledge their 
responsibility in relation to this process each year by signing 
two letters of representation:
•	 an ERICA letter of representation concerning risk management 
and internal control systems, signed on June 30. By signing this 
letter, the President, CFO and/or members of the Management 
Committee at each entity confirm their responsibility for 
these systems, and give their assessment of them, identifying 
major weaknesses and the corresponding remediation plans. 
These letters are analyzed, followed up on and “consolidated” 
at each higher level of the Group’s organizational structure 
(region, Maison and business group); they are forwarded to 
LVMH’s Finance Department and to its Audit & Internal 
Control Department. They are also made available to the 
Statutory Auditors;
•	 the annual letter of representation on financial reporting, 
which includes a paragraph devoted to internal control.
Depending on the circumstances, Presidents of Maisons are 
required to present the LVMH Performance Audit Committee 
with an update on achievements, action plans in progress, and 
the outlook for their area of responsibility in terms of internal 
control and risk management.
3.5.2  Monitoring of major risks 
and internal control
Major risks relating to the Group’s brands and businesses 
are managed at the level of the Maisons and of each business 
group. As part of the budget cycle and in connection with the 
preparation of the three‑year plan, major risks affecting strategic, 
operational and financial objectives are identified and evaluated, 
and formalized in specific chapters.
Once an acceptable risk level has been determined and validated, 
risks are handled via preventive and protective measures; 
the latter include business continuity plans (BCPs) and crisis 
management plans in order to organize the best response to risks 
once they have occurred. Lastly, depending on the types of risk 
to which a particular brand or entity is exposed and the amount 
of residual risk, the entity may decide, in collaboration with the 
Group, to use the insurance market to transfer part or all of the 
residual risk and/or assume this risk.
Ongoing monitoring of the internal control system and 
periodic reviews of its functioning take place on a number of 
levels:
•	 managers and operational staff at the Maisons, with support 
from internal control staff, are given responsibility for 
assessing the level of internal control on the basis of key 
controls, identifying weaknesses, and taking corrective action. 
Exception reports allow for the enhancement of detective 
controls in addition to preventive measures;
•	 a formal annual assessment process, based on a list of key 
controls taken from the internal control framework, integrated 
into the ERICA system;
•	 the Statutory Auditors are kept informed of this approach, 
as are the LVMH and Christian Dior Performance Audit 
Committees, by means of regular briefings;
•	 reviews are carried out by Internal Audit and the Statutory 
Auditors, the findings and recommendations of which are 
passed on to entities’ management and LVMH Executive 
Management;
•	 a review of the ERICA system and the quality of assessments 
is an integral part of the work of the Internal Audit team at 
all audited entities.
3.6	
Fraud prevention and detection
Over the past few years, fraud risk has dramatically transformed, 
with an upsurge in fraud through identity theft and an increase 
in attacks using social engineering to gain access and steal data. 
The Group and its Maisons have stepped up their vigilance, 
adapting internal procedures, awareness campaigns and training 
programs to the changing scenarios encountered or that might 
reasonably be predicted.
Given the large number of controls intended to prevent and 
detect this risk, the internal control framework is the backbone 
of the Group’s fraud prevention mechanism.
Another essential component of this system is the obligation 
for each entity to report any instances of actual or attempted 
fraud to LVMH’s Audit & Internal Control Director: as well as 
supervising actions and decisions in response to each reported 
case, the Director endeavors to draw lessons from incidents so as 
to relay them, once anonymized, to the chief financial officers 
of all the Maisons.
LVMH’s Audit & Internal Control Department has therefore 
introduced a program to raise awareness of the risk of fraud 
through periodic newsletters identifying scenarios of actual 
and attempted fraud within the Group. A prevention plan is 
presented for each scenario. The Maisons and subsidiaries are 
responsible for verifying whether or not these scenarios apply 
to their operations. These communiqués are widely circulated 
within the Group to ensure heightened awareness among staff 
most exposed to this risk.
Campaigns were conducted throughout 2022 to raise awareness 
of fraud risk across the Group’s internal control community, 
in particular through the continued rollout to all Maisons of 
a dedicated fraud e‑learning module. In addition, the LVMH 
Internal Control Academy training course entitled “The 
Fundamentals” includes a specific module on fraud.

160
Annual Report as of December 31, 2022
﻿

Annual Report as of December 31, 2022
161
Management Report 
of the Board of Directors: 
Christian Dior parent company
1.	
Results of Christian Dior SE
162
1.1.
Comments on the financial statements as of December 31, 2022 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 162
1.2.
Presentation of the income statement .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 162
1.3.
Appropriation of net profit .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 162
2.	
Share ownership of the Company
164
2.1.
Main shareholders .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 164
2.2.
Shares held by members of the management and supervisory bodies .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 164
2.3.
Employee share ownership .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 164
3.	
Stock option and bonus share plans
164
3.1.
Options granted by the parent company, Christian Dior .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 164
3.2.
Options granted by the Group’s subsidiary, LVMH .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 164
3.3.
Awards of bonus shares and performance shares by the parent company, Christian Dior .�.�.�.�.�.�. 165
3.4.
Awards of bonus shares and performance shares by the Group’s subsidiary, LVMH .�.�.�.�.�.�.�.�.�.�.�. 165
3.5.
Bonus shares and bonus performance shares allocated during the fiscal year to the 
Group’s top ten employee recipients, other than company officers, having received 
the largest number of shares .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 167
4.	
Summary of transactions in Christian Dior securities during the 2022 
fiscal year by company officers and closely related persons (as defined 
in Article L. 621‑18‑2 of the French Monetary and Financial Code)
167
5.	
Share repurchase programs
168
5.1.
Information on share repurchase programs .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 168
5.2.
Key features of the share repurchase program presented for approval 
at the Combined Shareholders’ Meeting of April 20, 2023 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 168
5.3.
Summary table disclosing transactions undertaken by the issuer in its own shares 
from January 1 to December 31, 2022 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 169

162
Annual Report as of December 31, 2022
Management Report of the Board of Directors: Christian Dior parent company
Results of Christian Dior SE
1.	
Results of Christian Dior SE
1.1	
Comments on the financial statements as of December 31, 2022
The balance sheet, income statement and notes to the financial statements of Christian Dior SE for the fiscal year ended December 31, 2022 
have been prepared in accordance with current French legal requirements.
1.2	
Presentation of the income statement
The income statement includes three main components of profit 
or loss: “Net financial income/(expense)”, “Operating profit/
(loss)” and “Net exceptional income/(expense)”. The total of 
“Net financial income/(expense)” and “Operating profit/(loss)” 
corresponds to “Recurring profit before tax”.
“Net financial income/(expense)” includes net income from 
managing subsidiaries and investments as well as the net 
proceeds or cost of cash and financial debt.
“Operating profit/(loss)” includes costs related to the management 
of the Company and personnel costs.
“Net financial income/(expense)” and “Operating profit/(loss)” 
include items relating to the financial management of the 
Company or administrative operations.
“Net exceptional income/(expense)” thus comprises only those 
transactions that, due to their nature, may not be included in 
“Net financial income/(expense)” or “Operating profit/(loss)”.
1.3	
Appropriation of net profit
In 2022, the results of Christian Dior SE mainly consisted of 
dividend income related to its investment in LVMH Moët 
Hennessy Louis Vuitton SE.
Net financial income was 2,488.4 million euros, compared with 
1,457.0 million euros in 2021. It mainly consisted of dividends 
received from subsidiaries totaling 2,501.4 million euros, less the 
impairment of securities in the amount of 13.9 million euros and 
plus financial income of 1.1 million euros.
“Operating profit/(loss)” was a net loss of 6.4 million euros, 
compared with a net loss of 6.1 million euros in the previous year.
The tax expense was 30.9 million euros, compared with 
18.0 million euros a year earlier.
Net profit was 2,451.1 million euros, compared with 1,432.8 million 
euros a year earlier.
The following appropriation of the amount available for 
distribution in respect of the fiscal year ended December 31, 
2022, is proposed:
Amount available for distribution 
(EUR) 
 
Net profit
2,451,062,744.33
Retained earnings
1,916,891,220.78
Distributable earnings
4,367,953,965.11
Proposed appropriation
 
Distribution of a gross dividend 
of 12.00 euros per share
2,166,090,192.00
Retained earnings
2,201,863,773.11
Total
4,367,953,965.11
For information, as of December 31, 2022, the Company held 96,936 of its own shares, 
corresponding to an amount not available for distribution of 16.7 million euros, equivalent 
to the acquisition cost of these shares.
If this appropriation is approved at the Shareholders’ Meeting 
of April 20, 2023, the total gross cash dividend in respect of 
the fiscal year ended December 31, 2022 will be 12 euros per 
share. As an interim cash dividend of 5 euros per share was 
paid on December 5, 2022, the final dividend per share will be 
7 euros. The ex‑dividend date will be April 25, 2023 and the final 
dividend paid on April 27, 2023.
Based on the tax legislation applicable to securities income as it 
stands since January 1, 2019, these dividends carry an entitlement 
to a tax deduction of 40% for French tax residents who have 
opted for their income on all eligible securities income to be 
taxed at a progressive rate.
Lastly, should the Company hold any treasury shares at the time 
of payment of this final dividend, the corresponding amount of 
unpaid dividends will be allocated to retained earnings.

Annual Report as of December 31, 2022
163
Management Report of the Board of Directors: Christian Dior parent company
Results of Christian Dior SE
Distribution of dividends
As required by law, we remind you that the gross cash dividends per share paid out in respect of the past three fiscal years were as follows:
Fiscal year
Type
Payment date
Gross dividend (EUR) 
December 31, 2021
Interim
December 2, 2021
3.00
 
Final
April 26, 2022
7.00
 
Total
 
10.00
December 31, 2020
Interim
December 3, 2020
2.00
 
Final
April 22, 2021
4.00
 
Total
 
6.00
December 31, 2019
Interim (ordinary)
December 10, 2019
2.20
 
Interim (exceptional)
December 10, 2019
29.20
 
Final
July 9, 2020
2.60
 
Total
 
34.00
Invoices received or issued, not yet paid and past due at the fiscal year‑end date 
(Table provided for in Article D. 441‑4 I of the French Commercial Code)
 
Article D. 441 I.- 1°: Invoices received, not yet paid 
and past due at the fiscal year‑end date
Article D. 441 I.- 2°: Invoices issued, not yet paid 
and past due at the fiscal year‑end date
0 days
1 to 
30 days
31 to 
60 days
61 to 
90 days
91 days 
and up
Total 
(1 day 
and up)
0 days
1 to 
30 days
31 to 
60 days
61 to 
90 days
91 days 
and up
Total 
(1 day 
and up)
(A)	 Past‑due invoices
 
 
 
 
 
 
 
 
 
 
 
 
Number of invoices concerned
-
2
 
1
 
3 
-
-
-
-
-
- 
Total amount of invoices 
concerned including VAT
-
€1,549
 
€360
 
€1,909 
-
-
-
-
-
- 
Percentage of total purchases for 
the fiscal year including VAT
-
0.028%
 
0.006%
 
0.0347% 
-
-
-
-
-
- 
Percentage of revenue for the 
fiscal year including VAT
 
 
 
 
 
 
-
-
-
-
-
- 
(B)	 Invoices excluded from (A) 
relating to payables and 
receivables that are disputed or 
not recognized in the accounts
 
 
 
 
 
 
 
 
 
 
 
 
Number of invoices excluded
-
-
-
-
-
- 
-
-
-
-
-
- 
Total amount of invoices excluded
-
-
-
-
-
- 
-
-
-
-
-
- 
(C)	 Standard payment terms 
(contractual or legal deadline – 
Article L. 441‑14 or Article L. 443‑1 
of the French Commercial Code)
 
 
 
 
 
 
 
 
 
 
 
 
Standard payment terms used 
to calculate late payments
7 Contractual deadline:
3 Legal deadline: 60 days from invoice date
7 Contractual deadline:
3 Legal deadline: 60 days from invoice date

164
Annual Report as of December 31, 2022
Management Report of the Board of Directors: Christian Dior parent company
Share ownership of the Company
2.	
Share ownership of the Company
2.1	
Main shareholders
Information on the Company’s main shareholders as of December 31, 2022 is provided in the “Other information” section under §3.1, 
“Share ownership of the Company” on page 318 of this Annual Report.
2.2	
Shares held by members of the management and supervisory bodies
Information on the shares held by members of the management and supervisory bodies as of December 31, 2022 is provided in the 
“Other information” section under §3.1, “Share ownership of the Company” on page 318 of this Annual Report.
2.3	
Employee share ownership
Information on employee share ownership as of December 31, 2022 is provided in the “Other information” section under §3.1, “Share 
ownership of the Company” on page 318 of this Annual Report.
3.	
Stock option and bonus share plans
3.1	
Options granted by the parent company, Christian Dior
No option plans have been set up by the Company since 
the May 14, 2009 share purchase option plan, which carried 
performance conditions and expired on May 13, 2019.
No share subscription or purchase option plans were in effect as 
of December 31, 2022.
For the plans set up with effect from 2007, the Chairman of the 
Board of Directors and the Chief Executive Officer, if they are 
recipients of such options, must retain possession, in registered 
form, of a number of shares resulting from the exercise of 
their options representing a sliding percentage of between 
50% and 30% (according to the date at which the options were 
exercised) of the notional capital gain, net of tax and social 
security contributions (determined on the basis of the closing 
share price on the day before the exercise date), until the total 
value of the shares held exceeds twice the gross amount of their 
most recently disclosed fixed and variable compensation as of 
the date the options are exercised. This holding requirement 
ends upon termination of the recipient’s duties at Christian Dior; 
given the change of Chief Executive Officer in 2022, this means 
this provision now applies only to the Chairman of the Board 
of Directors.
3.2	
Options granted by the Group’s subsidiary, LVMH
No option plans have been set up by LVMH SE since the May 14, 
2009 share subscription option plan, which carried performance 
conditions and expired on May 13, 2019.
No share purchase or subscription option plans were in effect as 
of December 31, 2022.

Annual Report as of December 31, 2022
165
Management Report of the Board of Directors: Christian Dior parent company
Stock option and bonus share plans
3.3	
Awards of bonus shares and performance shares by the parent company, 
Christian Dior
No bonus share plans have been set up by the Company since 
the December 6, 2016 plan, which expired on December 6, 2019.
No bonus share plans were in effect as of December 31, 2022.
For plans set up since 2010, if their shares vest, the Chairman 
of the Board of Directors and the Chief Executive Officer, 
recipients of such shares, must retain possession, in registered 
form, of a number of shares corresponding to one‑half of the 
notional capital gain, net of tax and social security contributions, 
calculated at the vesting date of those shares (determined on the 
basis of the opening share price on the vesting date for plans set 
up before 2013, and on the basis of the closing share price on 
the day before the vesting date for plans set up since 2013). This 
holding requirement ends upon termination of the recipient’s 
duties at Christian Dior; given the change of Chief Executive 
Officer in 2022, this means this provision now applies only to 
the Chairman of the Board of Directors.
3.4	
Awards of bonus shares and performance shares by the Group’s subsidiary, LVMH
Date of Shareholders’ Meeting
04/12/2018
06/30/2020
06/30/2020
06/30/2020
06/30/2020
06/30/2020
06/30/2020
 
Date of Board of 
Directors’ meeting
10/24/2019
10/22/2020
01/26/2021
01/26/2021
04/15/2021
07/26/2021
07/26/2021
 
 
Performance 
shares
Performance 
shares
Bonus 
shares
Performance 
shares
Performance 
shares
Bonus 
shares
Performance 
shares
Subtotal
Total number of shares 
provisionally allocated 
at plan inception
200,077
177,034
84,187
40,000
40,000
4,225
40,000
585,523
Of which: Company officers (a)  
27,956
24,215
-
-
-
-
-
52,171
Of which: Top ten 
employee recipients (b)  
33,103
28,837
84,187
40,000
40,000
4,225
40,000
270,352
Number of recipients
1,039
1,031
4
1
1
1
1
 
Vesting date
10/24/2022
10/22/2023
01/26/2022 (c) 
01/26/2023 (d) 
04/16/2023 (e) 
07/26/2022 (f) 
04/16/2023 (e) 
 
Date as of which the 
shares may be sold
10/25/2022
10/23/2023
01/26/2023 (c) 
01/26/2023 (d) 
04/01/2024
07/27/2023
04/01/2024
 
Unit value as of initial 
grant date (EUR) 
353.68
408.37
495.68
489.01
598.93
664.97
661.65
 
Performance condition
Not met in 
2020 (g) but 
met in 2021
Met 
in 2021 
and 2022
-
Met
 in 2022
Met 
in 2022
-
Met 
in 2022
 
Number of share allocations 
vested in 2022
92,255
-
74,187
-
-
4,225
-
170,667
Number of share allocations 
expired in 2022
3,209
5,118
-
-
-
-
-
8,327
Total number of share allocations 
vested as of 12/31/2022
92,255
-
74,187
-
-
4,225
-
170,667
Total number of share allocations 
expired as of 12/31/2022
107,822
8,478
-
-
-
-
-
116,300
Remaining allocations 
as of fiscal year‑end
-
168,556
10,000
40,000
40,000
-
40,000
298,556
(a)	 Performance shares allocated to LVMH company officers serving as of the provisional allocation date.
(b)	 Bonus shares and performance shares allocated to employees – other than LVMH company officers – in service as of the provisional allocation date.
(c)	 Of which 44,187 bonus shares vesting on January 26, 2022 and not subject to any conditions; 40,000 bonus shares, of which 30,000 shares vesting on January 26, 2022, as the continued 
service condition was met as of December 31, 2021; and 10,000 shares vesting on January 26, 2023, as the continued service condition was met as of December 31, 2022; all these 
shares must be held for at least one year with effect from their vesting date (the unit value of the 10,000 shares being 489.01 euros).
(d)	 The 40,000 shares will vest on January 26, 2023 given the recipient’s continued service as of December 31, 2022 and the fact that conditions relating specifically to the achievement 
of targets by a subsidiary in respect of the fiscal year ended December 31, 2022 have been met, with the shares becoming available as soon as they vest.
(e)	 The 80,000 shares will vest on April 16, 2023 given the recipients’ continued service as of December 31, 2022 and the fact that conditions relating specifically to the achievement 
of targets by a subsidiary in respect of the fiscal year ended December 31, 2022 have been met, with the shares becoming available as from April 1, 2024.
(f)	 Bonus shares for which vesting was not subject to any conditions.
(g)	 Since the performance condition was not met in 2020, given the exceptional circumstances related to the Covid‑19 pandemic, but was met in 2021, in accordance with the LVMH Board 
of Directors’ decision on October 22, 2020, grantees received a number of shares equal to 50% of their initial allocation on October 24, 2022, provided that the continued service 
condition was met.

166
Annual Report as of December 31, 2022
Management Report of the Board of Directors: Christian Dior parent company
Stock option and bonus share plans
Date of Shareholders’ 
Meeting
06/30/2020
06/30/2020
06/30/2020
06/30/2020
04/21/2022
04/21/2022
04/21/2022
 
 
Date of Board of 
Directors’ meeting
10/28/2021
10/28/2021
01/27/2022
01/27/2022
07/26/2022
07/26/2022
10/27/2022
 
 
 
Bonus 
shares
Performance 
shares
Bonus 
shares
Performance 
shares
Bonus 
shares
Performance 
shares
Performance 
shares
Subtotal
Total 
Total number of shares 
provisionally allocated 
at plan inception
4,674
184,291
10,790
1,308
11,032
26,682
139,592
378,369
963,892 
Of which: Company officers (a)  
-
15,568
-
-
-
-
15,803
31,371
83,542 
Of which: Top ten 
employee recipients (b)  
4,674
73,151
10,790
1,308
11,032
26,682
21,667
149,304
419,656 
Number of recipients
2
1,203
1
3
1
3
1,263
 
 
Vesting date
10/28/2022 (f) 
10/28/2024 (h) 
01/27/2023 (i) 
10/28/2024
07/26/2023 (i) 
10/28/2024 (j) 
10/27/2025
 
 
Date as of which the 
shares may be sold
10/29/2023
10/28/2024 (h) 
01/28/2024
10/28/2024
07/27/2024
10/28/2024 (j) 
10/28/2025
 
 
Unit value as of initial 
grant date (EUR) 
655.28
635.23
673.38
635.23
625.45
612.84 (j) 
625.87
 
 
Performance condition
-
Met in 2022 
except for 
25,000 
shares (h) 
-
Met 
in 2022
-
Met in 2022 
except for 
25,000 
shares (j)  
Not 
applicable 
in 2022
 
 
Number of share allocations 
vested in 2022
4,674
158
-
-
-
-
-
4,832
175,499 
Number of share allocations 
expired in 2022
-
3,298
-
-
-
-
-
3,298
11,625 
Total number of share 
allocations vested 
as of 12/31/2022
4,674
158
-
-
-
-
-
4,832
175,499 
Total number of share 
allocations expired 
as of 12/31/2022
-
3,298
-
-
-
-
-
3,298
119,598 
Remaining allocations 
as of fiscal year‑end
-
180,835
10,790
1,308
11,032
26,682
139,592
370,239
668,795 
(h)	 Includes 30,000 shares that will vest on April 16, 2023, as the continued service condition was met as of December 31, 2022, as were conditions specifically related to the performance of 
a subsidiary in respect of the fiscal year ended December 31, 2022 (unit value: 652.07 euros), with shares becoming available with effect from April 1, 2024; and 25,000 shares for which 
vesting on March 31, 2025 is subject to the recipients’ continued service as of December 31, 2024 and conditions specifically related to the performance of LVMH group subsidiaries 
if the targets are met in respect of the fiscal years ending December 31, 2023 and 2024 (unit value: 631.61 euros), with shares becoming available with effect from their vesting date.
(i)	 Bonus shares for which vesting on January 27, 2023 (10,790 shares) and July 26, 2023 (11,032 shares) is subject to their recipients not having resigned from the LVMH group as of 
January 27 and July 26, 2023, respectively.
(j)	 Includes 25,000 shares for which vesting on March 31, 2025 is subject to the recipients’ continued service as of December 31, 2024 and conditions relating specifically to the 
performance of LVMH group subsidiaries if targets are met in respect of the fiscal year ending December 31, 2024 (unit value: 607.27 euros), with shares becoming available with effect 
from their vesting date.

Annual Report as of December 31, 2022
167
Management Report of the Board of Directors: Christian Dior parent company
Summary of transactions in Christian Dior securities during the 2022 fiscal year by company officers and closely related persons
3.5	
Bonus shares and bonus performance shares allocated during the fiscal year to the 
Group’s top ten employee recipients, other than company officers, having received 
the largest number of shares
3.5.1  Bonus shares and bonus performance shares provisionally allocated to the Group’s 
top ten employee recipients, other than company officers, having received 
the largest number of shares
See §3.4 above.
3.5.2  Bonus shares and bonus performance shares vested to the Group’s top 
ten employee recipients, other than company officers (a), having received 
the largest number of shares
Company having allocated the shares
Plan date
Number 
of bonus 
shares
Number of 
performance 
shares
LVMH Moët Hennessy Louis Vuitton
10/24/2019
-
15,282
” 
01/26/2021
71,508
-
” 
07/26/2021
4,225
-
(a)	 Employees in service as of the vesting date.
Information on non‑senior‑executive company officers can be found in §2.2.1.3 and, for senior executive officers, in §2.2.2.6 of the 
Board of Directors’ report on corporate governance.
4.	
Summary of transactions in Christian Dior securities during the 2022 
fiscal year by company officers and closely related persons (as defined 
in Article L. 621‑18‑2 of the French Monetary and Financial Code)
A summary of transactions in fiscal year 2022 in the shares, debt 
securities and financial instruments of the Company carried out 
by company officers and closely related persons, as defined in 
Article L. 621‑18‑2 of the French Monetary and Financial Code, 
of which the Company is aware, is provided in Section 3 of the 
Board of Directors’ report on corporate governance.

168
Annual Report as of December 31, 2022
Management Report of the Board of Directors: Christian Dior parent company
Share repurchase programs
5.	
Share repurchase programs
5.1	
Information on share repurchase programs
The purpose of this subsection is to inform the shareholders of purchases of treasury shares made by the Company between 
January 1, 2022 and December 31, 2022 as part of the share repurchase programs authorized at the Company’s Combined Shareholders’ 
Meetings held on April 15, 2021 and April 21, 2022.
The Company did not purchase or sell any shares.
(number of shares unless 
otherwise stated) 
Liquidity 
contract
Coverage 
of plans
Coverage of 
securities 
giving access to 
Company shares
Exchange or 
payment in 
connection with 
acquisitions
Shares pending 
retirement
Total
Balance as of January 1, 2022
-
96,936
-
-
-
96,936 
Purchases
-
-
-
-
-
- 
Average price (EUR) 
-
-
-
-
-
- 
Sales
-
-
-
-
-
- 
Average price (EUR) 
-
-
-
-
-
- 
Share purchase options exercised
-
-
-
-
-
- 
Average price (EUR) 
-
-
-
-
-
- 
Call options exercised
-
-
-
-
-
- 
Average price (EUR) 
-
-
-
-
-
- 
Bonus share awards
-
-
-
-
-
- 
Reallocations for other purposes
-
-
-
-
-
- 
Shares retired
-
-
-
-
-
- 
Balance as of April 21, 2022
-
96,936
 
 
 
96,936 
Purchases
-
-
-
-
-
- 
Average price (EUR) 
-
-
-
-
-
- 
Sales
-
-
-
-
-
- 
Average price (EUR) 
-
-
-
-
-
- 
Share purchase options exercised
-
-
-
-
-
- 
Average price (EUR) 
-
-
-
-
-
- 
Call options exercised
-
-
-
-
-
- 
Average price (EUR) 
-
-
-
-
-
- 
Bonus share awards
-
-
-
-
-
- 
Reallocations for other purposes
-
-
 
-
-
- 
Shares retired
-
-
-
-
-
- 
Balance as of December 31, 2022
-
96,936
 
 
 
96,936 
5.2	
Key features of the share repurchase program presented for approval 
at the Combined Shareholders’ Meeting of April 20, 2023
•	 Securities concerned: Shares issued by Christian Dior SE.
•	 Maximum proportion of capital that may be purchased by 
the Company: 10%.
•	 Maximum number of its own shares that may be acquired 
by the Company, based on the number of shares making up 
the share capital as of December 31, 2022: 18,050,751 shares; 
however, taking into account the 96,936 shares held in 
treasury as of December 31, 2022, only 17,953,815 treasury shares 
are available to be acquired (i.e. 9.94% of the share capital).
•	 Maximum purchase price per share: 1,200 euros.
•	 Objectives:
Shares may be acquired to meet any objective compatible with 
provisions in force at the time, and in particular to:
	
– buy or sell shares by enlisting the services of an investment 
services provider acting independently under a liquidity 
contract set up by the Company and in compliance with 
the AMF-approved AMAFI ethics charter,

Annual Report as of December 31, 2022
169
Management Report of the Board of Directors: Christian Dior parent company
Share repurchase programs
	
– buy shares to cover stock option plans, awards of bonus 
shares or of any other shares, or share‑based payment plans 
for employees or company officers of the Company or of 
any related undertaking under the conditions provided 
by the French Commercial Code, in particular its Articles 
L. 225‑180 and L. 225‑197‑2,
	
– buy shares to cover debt securities that may be exchanged 
for Company shares, and more generally securities 
giving access to the Company’s shares, notably by way 
of conversion, tendering of a coupon, reimbursement or 
exchange,
	
– be retired subject to the approval of the seventeenth 
resolution,
	
– buy shares to be held and later presented for consideration 
as an exchange or payment in connection with external 
growth operations, up to a maximum of 5% of the share 
capital,
	
– more generally, carry out any transactions that are either 
currently authorized or become authorized in the future 
under regulations in force at that time, involving market 
practices that are either already accepted or become 
accepted by the AMF.
•	 Program duration: 18 months as of the Combined Shareholders’ 
Meeting of April 20, 2023.
5.3	
Summary table disclosing transactions undertaken by the issuer in its own shares 
from January 1 to December 31, 2022
The table below, prepared in accordance with the provisions of AMF Instruction 2017‑03 of February 2, 2017, issued pursuant to Article 
241‑2 of the AMF’s General Regulation, summarizes transactions undertaken by the Company in its own shares from January 1 to 
December 31, 2022:
As of December 31, 2022
 
Percentage of own share capital held directly or indirectly
0.05%
Number of shares retired in the last 24 months
None
Number of shares held in the portfolio
96,936
Carrying amount of the portfolio (EUR) 
16,675,987
Market value of the portfolio (EUR) 
66,013,416
 
Cumulative gross transactions
Open positions as of December 31, 2022
Purchases
Sales/
Transfers
Open “buy” positions
Open “sell” positions
Call options 
purchased
Forward 
purchases
Call options 
sold
Forward 
sales
Number of shares
-
-
-
-
-
-
Of which:
 
 
 
 
 
 
 - Liquidity contract
-
-
-
-
-
-
 - Purchases to cover plans
-
-
-
-
-
-
 - Share purchase options exercised
-
-
-
-
-
-
 - Call options exercised
-
-
-
-
-
-
 - Bonus share awards
-
-
-
-
-
-
 - Purchases of shares to be retired
-
-
-
-
-
-
 - Shares retired
-
-
-
-
-
-
Average maximum maturity
-
-
-
-
-
-
Average trading price (a) (EUR) 
-
-
-
-
-
-
Average exercise price (EUR) 
-
-
-
-
-
-
Amounts (a) (EUR) 
-
-
-
-
-
-
(a)	 Excluding bonus share awards and share retirements.

170
Annual Report as of December 31, 2022
﻿

Annual Report as of December 31, 2022
171
Board of Directors’ report 
on corporate governance
1.	
Corporate governance
172
1.1.
Board of Directors .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 172
1.2.
Code of Corporate Governance – Implementation of recommendations .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 173
1.3.
Membership and operating procedures of the Board of Directors .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 174
1.4.
Terms of office of the management and supervisory bodies .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 180
1.5.
Executive Management .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 187
1.6.
Board committees .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 187
1.7.
Vice-Chairman of the Board of Directors .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.  191
1.8.
Advisory Board .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.  191
1.9.
Participation in Shareholders’ Meetings .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 192
1.10.
Summary of existing delegations and financial authorizations and use made of them .�.�.�.�.�.�.�.�.�. 192
1.11.
Authorizations requested at the Shareholders’ Meeting of April 20, 2023 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 194
1.12.
Information on the related‑party agreements covered by Article L. 225‑37‑4 2° 
of the French Commercial Code .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 194
1.13.
Information that could have a bearing on a takeover bid or exchange offer .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 194
1.14.
Presentation of the policy for assessing agreements entered into in the normal 
course of the Company’s business and at arm’s length by the Board of Directors, 
and its implementation .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.  195
2.	
Compensation of company officers
195
2.1.
Compensation policy .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 196
2.2.
Compensation paid during fiscal year 2022 and compensation awarded 
in respect of fiscal year 2022 .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 199
2.3.
Presentation of the draft resolutions concerning the compensation of company officers .�.�.�.�.�.�. 207
3.	
Summary of transactions in Christian Dior securities during the 2022 
fiscal year by company officers and closely related persons (as defined 
in Article L. 621‑18‑2 of the French Monetary and Financial Code)
209

172
Annual Report as of December 31, 2022
Board of Directors’ report on corporate governance
Corporate governance
This report, which was drawn up in accordance with the provisions of Articles L. 225‑37 et seq. of the French Commercial Code, 
was approved by the Board of Directors at its meeting of January 26, 2023, and will be submitted for shareholder approval at the 
Shareholders’ Meeting of April 20, 2023.
1.	
Corporate governance
1.1	
Board of Directors
LVMH’s Board of Directors is the strategic body of the Company 
that is primarily responsible for driving its long‑term value 
creation and protecting its corporate interests, focusing in 
particular on the social, environmental and climate issues facing 
its business.
Its main missions involve adopting the overall strategic 
orientations of the Company and the Group and ensuring these 
are implemented; verifying the reliability and fair presentation of 
information concerning the Company and the Group; protecting 
the Company’s assets; and verifying that the major risks to which 
the Company is exposed with regard to its structure and targets 
(whether financial, legal, operational, social or environmental) 
are taken into account in the Company’s management.
The Board of Directors sees to it that procedures to prevent 
corruption and influence‑peddling risks are implemented. It 
also ensures that procedures are followed with regard to data 
protection and ethics.
The Board of Directors acts as guarantor of the rights of each of 
its shareholders and ensures that shareholders fulfill all of their 
duties.
A Charter has been adopted by the Board of Directors which 
outlines rules governing its membership, duties, procedures, 
and responsibilities.
Two committees have been established by the Board of Directors: 
the Performance Audit Committee and the Governance & 
Compensation Committee. Each has rules of procedure setting 
forth its composition, role and responsibilities.
The Charter of the Board of Directors and the Rules of Procedure 
governing the committees are communicated to all candidates for 
appointment as Director and, where applicable, to all permanent 
representatives of a legal entity before assuming their duties. 
These documents are presented in full on the website, www.
dior-finance.com. They are regularly revised to take into account 
changes in laws and regulations and good governance practices.
Pursuant to the provisions of the Board of Directors’ Charter, 
all Directors must bring to the attention of the Chairman of 
the Board any instance, even potential, of a conflict of interest 
that may exist between their duties and responsibilities to the 
Company and their private interests and/or other duties and 
responsibilities, and should in such a situation abstain from 
taking part in any discussions or voting on the proposed matter 
in question. They must also provide the Chairman with details 
of any formal judicial inquiry, fraud conviction, any official 
public incrimination and/or sanctions, any disqualifications 
from acting as a member of an administrative or management 
body imposed by a court and any bankruptcy, receivership or 
liquidation proceedings to which they have been a party. No 
information has been communicated to the Company with 
respect to this obligation during the fiscal year.
The Company’s Bylaws require each Director to hold, directly 
and personally, at least 200 of its shares.

Annual Report as of December 31, 2022
173
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Corporate governance
1.2	
Code of Corporate Governance – Implementation of recommendations
The Company refers to the AFEP/MEDEF Code of Corporate 
Governance for Listed Companies for guidance. This document 
may be viewed on the AFEP/MEDEF website: www.afep.com.
The following table contains the Company’s explanations 
concerning points of the AFEP/MEDEF Code with which it has 
not strictly complied:
Recommendations of the AFEP/MEDEF Code
Explanations
Article 10 of the Code: Independent Directors
§10.5.6: Not to have been a Director of the Company for more than 
12 years.
After analyzing the individual situation of each Director concerned, the 
Board of Directors deemed that term of office was not a sufficient criterion 
in itself for Directors to lose the independence they have consistently 
had. The Board noted the valuable contribution made by each of these 
Directors to the work of the Board and any committees of which they are 
members, reinforced by their ability to take a long‑term view in analyzing 
decisions and issues, which is essential in assessing the strategy of a 
controlled group. Furthermore, the Board has carefully taken into account 
the personality, experience, profile and professional situation of each of 
the Directors concerned and concluded that the length of their term 
of office has not affected their integrity, competence, involvement or 
judgment in performing their duties as Directors.
Article 26 of the Code: Compensation of senior executive officers
§26.3.3: Provision specific to stock options and performance shares: 
Resolution authorizing the plan put to a vote at the Shareholders’ Meeting 
must state a sub‑ceiling for awards to senior executive officers.
In the resolutions put to the vote at the Shareholders’ Meeting, the 
Board of Directors decided not to include a sub‑ceiling on the allocation 
of options or bonus performance shares to senior executive officers, 
considering that the Governance & Compensation Committee – which 
consists mostly of Independent Directors according to the criteria applied 
by the Company, and is tasked with making proposals on the granting of 
options or bonus performance shares to senior executives – ensures an 
adequate degree of control over allocation policy.

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Corporate governance
1.3	
Membership and operating procedures of the Board of Directors
1.3.1  Membership as of December 31, 2022
The Board of Directors has nine members who are appointed for three‑year terms, as stipulated in the Bylaws.
Personal information
Experience
Name
Nationality
Age as of 
12/31/2022
Number of 
shares held in a 
personal capacity
Number of 
directorships 
at non-Group 
listed companies
Office held
Bernard ARNAULT
French
73
534,249
-
Chairman of the 
Board of Directors
Antoine ARNAULT
French
45
182,787
-
Director and Vice-
Chairman of the 
Board of Directors
 
 
 
 
 
Chief Executive Officer
Delphine ARNAULT
French
47
279,715
1
Director
Nicolas BAZIRE
French
65
200
1
Director
Hélène DESMARAIS
Canadian
67
375
-
Director
Renaud DONNEDIEU de VABRES
French
68
200
-
Director
Ségolène GALLIENNE
Belgian
45
200
1
Director
Christian de LABRIFFE
French
75
204
2
Director
Maria Luisa LORO PIANA
Italian
61
200
-
Director
(a)	 See §1.2 above for details of how the Company applies the independence criteria laid down in the AFEP/MEDEF Code.
(b)	 According to the independence criteria applied by the Company.
1.3.2  Main areas of expertise and experience of members of the Board of Directors
 
Experience 
in Executive 
Management/
Governance
Finance
Strategy/
Consulting
Communications/
Digital/
Innovation
International
Luxury 
sector
CSR and 
climate issues
Bernard ARNAULT
3
3
3
3
3
3
3
Antoine ARNAULT
3
 
3
3
3
3
3
Delphine ARNAULT
3
 
3
3
3
3
3
Nicolas BAZIRE
3
3
3
3
3
3
 
Hélène DESMARAIS
3
 
3
3
3
3
 
Renaud DONNEDIEU de VABRES
3
3
3
3
3
3
 
Ségolène GALLIENNE
3
 
 
3
3
3
 
Christian de LABRIFFE
3
3
3
 
3
3
3
Maria Luisa LORO PIANA
3
 
 
3
3
3
3
Percentage
100%
44%
78%
89%
100%
100%
56%

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Board of Directors’ report on corporate governance
Corporate governance
Position on the Board
Attendance at Board committee meetings
Date of first 
 appointment
Independence (a) 
End of term
Board committees
Performance Audit  
Committee
Governance & Compensation 
Committee
03/20/1985
No
2023
 
 
12/08/2022
No
2023
 
 
12/08/2022
-
 
 
 
04/05/2012
No
2024
 
 
07/26/2017
No
2025
Member
Member
04/05/2012
Yes
2024
 
Chairman
02/05/2009
Yes (b)  
2025
Member
 
04/15/2010
Yes (b)  
2025
 
 
05/14/1986
Yes (b)  
2025
Chairman
Member
04/13/2017
No
2023

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Corporate governance
1.3.3  Changes in membership of the Board of Directors and its committees
Changes during 2022
The following table summarizes the changes in membership of the Board of Directors and its committees during fiscal year 2022.
 
Departures
Appointments
Renewal of term of office/Reappointment
Board of Directors
Sidney TOLEDANO 
(resigned December 8, 2022)
Antoine ARNAULT 
(co‑opted as Director, 
Vice-Chairman of the 
Board of Directors and 
Chief Executive Officer 
on December 8, 2022)
	—
Nicolas BAZIRE 
(Shareholders’ Meeting of April 21, 2022)
	—
Renaud DONNEDIEU de VABRES 
(Shareholders’ Meeting of April 21, 2022)
	—
Ségolène GALLIENNE 
(Shareholders’ Meeting of April 21, 2022)
	—
Christian de LABRIFFE 
(Shareholders’ Meeting of April 21, 2022)
Performance Audit 
Committee
None
None
	—
Nicolas BAZIRE
	—
Renaud DONNEDIEU de VABRES
	—
Christian de LABRIFFE
Governance & 
Compensation Committee
None
None
	—
Nicolas BAZIRE
	—
Christian de LABRIFFE
To make the renewal of Directors’ appointments as balanced over 
time as possible, and in any event to make them complete for 
each three‑year period, the Board of Directors set up a system of 
rolling renewals that has been in place since 2010.
At its meeting of January 26, 2023, the Board of Directors 
reviewed the terms of office of Maria Luisa Loro Piana, Antoine 
Arnault and Bernard Arnault as Directors, all due to expire 
at the close of the Shareholders’ Meeting of April 20, 2023, 
and decided, on the recommendation of the Governance 
& Compensation Committee, to submit a resolution at said 
Shareholders’ Meeting to (i) ratify the co‑optation of Antoine 
Arnault as a Director to replace Sidney Toledano, who has 
resigned, for the latter’s remaining term of office, expiring at the 
close of the Shareholders’ Meeting of April 20, 2023; and (ii) to 
renew these terms of office for an additional three‑year term. It 
is also specified that the Company does not fall within the scope 
of the obligation concerning the representation of employees on 
the Board of Directors.
Subject to the resolutions being passed at the Shareholders’ 
Meeting of April 20, 2023, the Board of Directors will thus 
consist of nine members: Delphine Arnault, Hélène Desmarais, 
Ségolène Gallienne, Maria Luisa Loro Piana, Antoine Arnault, 
Bernard Arnault, Nicolas Bazire, Renaud Donnedieu de Vabres 
and Christian de Labriffe.
Personal information about the Directors is set out in §1.4 below.
Since each gender is represented by at least 40% of Board members, 
the composition of the Board of Directors will continue to 
comply with the provisions of the French Commercial Code 
relating to gender equality on boards of directors.
Bernard Arnault (Chairman of the Board of Directors) and Antoine 
Arnault (Chief Executive Officer) do not hold directorships at 
non-Group listed companies, including foreign companies.

Annual Report as of December 31, 2022
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Corporate governance
1.3.4  Independence
At its meeting of December 8, 2022, the Board of Directors 
reviewed the status of each Director currently in office, based 
on the work of the Governance & Compensation Committee, 
in particular with respect to each of the independence criteria 
defined in Articles 10.5 to 10.7 of the AFEP/MEDEF Code and 
set out below:
Criterion 1 – Employee or company officer within the 
previous five years: Not to be and not to have been during 
the course of the previous five years an employee or executive 
officer of the Company, or an employee, senior executive officer 
or a Director of a company that it consolidates, or of its parent 
company or a company consolidated by this parent.
Criterion 2 – Cross‑directorships: Not to be a senior executive 
officer of a company in which the Company holds a directorship, 
directly or indirectly, or in which an employee appointed as such 
or an executive officer of the Company (currently in office or 
having held such office during the last five years) is a Director.
Criterion 3 – Material business relationships: Not to be a 
customer, supplier, commercial banker, investment banker or 
advisor who is material to the Company or its group, or for a 
significant part of whose business the Company or its group 
accounts.
Criterion 4 – Family ties: Not to be related by close family ties 
to a company officer.
Criterion 5 – Statutory Auditor: Not to have been an auditor 
of the Company within the previous five years.
Criterion 6 – Term of office exceeding 12 years: Not to have 
been a Director of the Company for more than 12 years.
Criterion 7 – Non‑executive senior executive officer: Not to 
receive variable compensation in cash or in the form of shares or 
any compensation linked to the performance of the Company 
or Group.
Criterion 8 – Controlling shareholder: Not to represent 
shareholders with a controlling interest in the Company.
At the end of this review, the Board of Directors concluded that:
(i)	
Hélène Desmarais meets all these criteria; 
(ii)	
Ségolène Gallienne should be considered an Independent 
Director notwithstanding the fact that she will have been 
a member of the Board of Directors for more than 12 years 
and her service on the Board of Directors of Château 
Cheval Blanc. In this case, the Board has set aside the 
recommendation of the AFEP/MEDEF Code with regard 
to the business relations resulting from the joint and equal 
ownership of Château Cheval Blanc by the LVMH group 
and the Frère-Bourgeois group, of which she is a Director, 
considering that these relations are not material in view 
of the size of the two groups and are not likely to call into 
question her independence; 
(iii)	
Renaud Donnedieu de Vabres should be considered an 
Independent Director notwithstanding his service on 
the Company’s Board of Directors for more than 12 years 
and his service on the Board of Directors of Fondation 
d’Entreprise Louis Vuitton, a non‑profit institution 
established to pursue cultural public interest initiatives 
not falling within the scope of application of the AFEP/
MEDEF Code, which only applies to appointments held in 
companies. Furthermore, he is not paid any compensation 
for this position; 
(iv)	
Christian de Labriffe should be considered an Independent 
Director notwithstanding his service on the Board of 
Directors of the Company for more than 12 years and 
his former appointment as a Director of Christian Dior 
Couture SA, for which he received no compensation.
Having reviewed their situation, on the recommendation of the 
Governance & Compensation Committee, the Board deemed, 
after analyzing the individual situation of each Director concerned 
and their respective contributions to the Board’s work, that term 
of office, as defined by the AFEP/MEDEF Code among a set of 
eight criteria, was not a sufficient criterion in itself for Ségolène 
Gallienne, Renaud Donnedieu de Vabres and Christian de 
Labriffe to lose the independence they have consistently had. 
The Board noted the valuable contribution made by each of 
these Directors to the work of the Board and any committees 
of which they are members, reinforced by their ability to take a 
long‑term view in analyzing decisions and issues, which is essential 
in assessing the strategy of a controlled group. Furthermore, 
the Board has carefully taken into account the personality, 
experience, profile and professional and personal situations of 
each of these three Directors and concluded that the length of 
their term of office has not affected their integrity, competence, 
involvement or judgment in performing their duties as Directors.
As of the date of this report, four out of the nine Directors 
who make up the Board of Directors are thus considered to be 
independent and to hold no interests in the Company. They 
represent 44% of the Board of Directors’ membership.

178
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Corporate governance
Table summarizing Directors’ independent status following the Board of Directors’ review of January 26, 2023 
of the criteria for independence
In this table, “3” represents an independence criterion that is met, while “-” represents an independence criterion that is not met.
Name
AFEP/MEDEF criteria (a)  Considered an 
Independent 
Director?
Criterion 1 
Employee 
or company 
officer during 
previous 
five years
Criterion 2 
Cross-
directorships
Criterion 3
 Material 
business 
relationships
Criterion 4 
Family ties
Criterion 5 
Statutory 
Auditor
Criterion 6 
Term of 
office 
exceeding 
12 years
Criterion 7 
Non-
executive 
senior 
executive 
officer
Criterion 8 
Major 
shareholder
Bernard ARNAULT
-
-
3
-
3
-
-
-
No
Antoine ARNAULT
-
-
3
-
3
3
-
-
No
Delphine ARNAULT
-
3
3
-
3
3
-
-
No
Nicolas BAZIRE
-
3
3
3
3
3
-
-
No
Hélène DESMARAIS
3
3
3
3
3
3
3
3
Yes
Renaud DONNEDIEU 
de VABRES
3
3
3
3
3
-
3
3
Yes (b)  
Ségolène GALLIENNE
3
3
3
3
3
-
3
3
Yes (b)  
Christian de LABRIFFE
-
3
3
3
3
-
3
3
Yes (b)  
Maria Luisa LORO PIANA
-
3
3
3
3
3
3
3
No
(a)	 See §1.2 above for details of how the Company applies the independence criteria laid down in the AFEP/MEDEF Code.
(b)	 According to the criteria applied by the Company.
1.3.5  Operating procedures
•	 Over the course of the 2022 fiscal year, the Board of Directors 
met five times as convened by its Chairman. Directors’ overall 
attendance rate at these meetings was 87% on average.
The Board of Directors approved the annual and interim parent 
company and consolidated financial statements, monitored 
quarterly business activity, voted to distribute an interim 
dividend, and heard the reports presented by the Chairmen of 
the two committees working under its authority. It reviewed 
related‑party agreements that remained in effect during the 
fiscal year and familiarized itself with the conclusions of the 
report prepared by Christian Dior’s Legal Department on the 
routine agreements entered into during the past fiscal year 
or during prior fiscal years that remained in effect during 
the past fiscal year. It defined the procedures for the share 
repurchase program and authorized its implementation, 
subject to approval at the Shareholders’ Meeting, and it 
gave its opinion on the compensation of senior executive 
officers, based on the recommendation of the Nominations 
& Compensation Committee (now called the Governance & 
Compensation Committee). It renewed the authorization to 
give sureties, collateral and guarantees to third parties and the 
authorization to issue bonds.
The Board of Directors, after being informed of the 
resignation of Ernst & Young et Autres and having heard 
the recommendation of the Performance Audit Committee, 
resolved to submit a resolution to the Shareholders’ Meeting 
to appoint Deloitte as Principal Statutory Auditor, to replace 
Ernst & Young et Autres, for the remaining term of its 
predecessor’s appointment, that is until the close of the 
Ordinary Shareholders’ Meeting to be convened in 2025 to 
approve the financial statements for the fiscal year ending 
December 31, 2024.
It was informed by a presentation by LVMH’s Ethics and 
Compliance Director on the progress of LVMH’s arrangements 
for complying with the Sapin 2 Act and steps taken to combat 
money laundering and protect human rights.
In view of the resignation of Sidney Toledano, the Board of 
Directors decided on December 8, 2022, at the proposal of 
the Governance & Compensation Committee, (i) to co‑opt 
Antoine Arnault to serve as a Director in Mr. Toledano’s place 
and (ii) to appoint Antoine Arnault Vice-Chairman of the 
Board of Directors and Chief Executive Officer. The Board 
also decided on the fixed compensation payable to the Chief 
Executive Officer.

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Corporate governance
In accordance with the provisions of the AFEP/MEDEF Code, 
the Board of Directors also conducted an evaluation of its 
capacity to meet the expectations of shareholders, reviewing 
its membership, organization and procedures and those of its 
two committees. The operating procedures of the Board and 
its committees were assessed using an in‑depth questionnaire 
provided by AFEP/MEDEF and sent to Directors prior to the 
meeting.
Based on the responses to the questionnaire, the Board 
concluded that its composition is balanced with regard to the 
proportion of Directors from outside the Company, given the 
ownership of the Company’s share capital, and with regard 
to the diversity (professional experience and qualifications, 
gender balance, nationalities, age) and complementarity of its 
members’ expertise and experience.
The Board noted that:
	– the frequency of Board meetings and the quality of 
information provided to Directors (on such topics as 
strategic direction, current business activity, financial 
statements, raising Directors’ awareness of ethics and 
compliance rules) are satisfactory; 
	
– Directors’ attendance was stable with respect to 2021, and 
each Director’s contribution to the Board of Directors’ 
work was in line with expectations; 
	
– the areas of expertise, qualifications, professional 
experience and diversity of the Directors, as well as the 
presence of different nationalities, ensure a diverse range 
of approaches and views, as is essential to a global group; 
	
– the Board is fulfilling its role with respect to its missions 
and objectives of increasing the Company’s value and 
protecting its interests; 
	
– the Directors had no particular comments to make concerning 
the membership of the two committees, the quality of their 
work, the minimum number of shares that each Director 
must hold or the rules governing the allocation of Directors’ 
compensation in respect of their service.
On the recommendation of the Nominations & Compensation 
Committee and to better reflect this committee’s role, the 
Board of Directors also decided to change the committee’s 
name to the “Governance & Compensation Committee”. 
Lastly, the Board of Directors also reviewed the Group’s 
policy of preparing itself for future economic and financial 
developments.
•	 At its meeting of January 26, 2023, the Board decided to 
amend the Charter of the Board of Directors to (i) specify its 
duties in terms of social and environmental issues; (ii) provide 
the option of holding joint meetings or working sessions 
between the different committees; and (iii) give Directors 
the option, if they consider it necessary, of having additional 
training on specific features of the company, its business lines, 
its business sector and its priorities concerning environmental 
and social responsibility, particularly with regard to climate 
issues.
It also decided to amend the two committees’ Rules of 
Procedure in order to introduce the option of commissioning 
outside technical studies on matters falling within their areas 
of expertise.
In particular, it specified the procedure for selecting future 
Independent Directors as described in the Governance & 
Compensation Committee’s Rules of Procedure.
It also familiarized itself with the conclusions of the report 
prepared by Christian Dior’s Legal Department on the routine 
agreements entered into during fiscal year 2022 or during 
prior fiscal years that remained in effect during that fiscal 
year. In accordance with Article L. 22‑10‑12 of the French 
Commercial Code, it also examined the implementation 
of the classification and assessment procedure for routine 
agreements and decided that there was no need to make any 
amendments to make them more effective.

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Corporate governance
1.4	
Terms of office of the management and supervisory bodies
 (1)	 Listed company.
1.4.1  List of positions and offices held by members of the Board of Directors
1.4.1.1  Directors whose terms of office expire at the Shareholders’ Meeting
Bernard ARNAULT, Chairman of the Board of Directors
Date of birth: March 5, 1949.
Business address: LVMH – 22 avenue Montaigne – 75008 Paris 
(France).
After graduating from École Polytechnique, Bernard Arnault 
decided to pursue a career in engineering, and worked in this 
role at Ferret-Savinel, where he became Senior Vice-President for 
construction in 1974, Chief Executive Officer in 1977 and finally 
Chairman and Chief Executive Officer in 1978.
He remained with the Company until 1984, when he became 
Chairman and Chief Executive Officer of Financière Agache 
and of Christian Dior. Shortly thereafter, he spearheaded a 
reorganization of the Financière Agache group following a 
development strategy focusing on luxury brands. Christian Dior 
was to become the cornerstone of this new structure.
In 1989, he became the leading shareholder of LVMH Moët 
Hennessy Louis Vuitton, and thus created the world’s leading 
luxury products group. He assumed the position of Chairman 
in January 1989.
Current positions and offices
Christian Dior group
France
Christian Dior SE  (1) 
Chairman of the Board of Directors
 
Château Cheval Blanc SC
Chairman of the Board of Directors
 
Christian Dior Couture SA
Director
 
LVMH Moët Hennessy Louis Vuitton SE (1)  
Chairman and Chief Executive Officer
 
Louis Vuitton, Fondation d’Entreprise
Chairman of the Board of Directors
Agache group
France
Agache SCA
Managing Director – General Partner (associé commandité)
Positions and offices that have ended since January 1, 2018
France
Agache SEDCS
Chairman of the Executive Board
 
Carrefour SA (1)  
Director
 
Financière Jean Goujon SAS
Member of the Supervisory Committee
International
LVMH Moët Hennessy Louis Vuitton Inc. (United States)
Director
 
LVMH Moët Hennessy Louis Vuitton Japan KK (Japan)
Director
 
LVMH Services Limited (United Kingdom)
Director

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Corporate governance
Antoine ARNAULT, Vice-Chairman and Chief Executive Officer  (2)
 (1)	 Listed company.
 (2)	 At the Shareholders’ Meeting of April 20, 2023, the shareholders will be asked to ratify the co-optation of Antoine Arnault as a Director before this directorship is renewed.
Date of birth: June 4, 1977.
Business address: Berluti – 120 rue du Faubourg Saint-Honoré – 
75008 Paris (France).
Antoine Arnault graduated from HEC Montreal and INSEAD. 
In 2000 he created an Internet company, specialized in the 
registration of domain names. He subsequently sold his stake 
in this company and joined the LVMH group, working at Louis 
Vuitton, where he was named Director of Communications.
In 2011, he was appointed Chief Executive Officer of Berluti 
and the same year launched the Journées Particulières, a three‑day 
open‑house event that gives the general public a glimpse behind 
the scenes of the Group’s Maisons and their expert craftsmanship. 
For the fifth event, held in October 2022, 57 Maisons opened 
their doors in more than 14 countries, welcoming over 
200,000 visitors. Since the end of 2013, Antoine Arnault has also 
served as Chairman of Loro Piana.
In addition to his positions at these two Maisons, he is the LVMH 
group’s Head of Image and Environment.
In December 2022, he was named Chief Executive Officer and 
Vice-Chairman of the Board of Directors of Christian Dior SE.
Current positions and offices
Christian Dior group
France
Christian Dior SE (1)  
Chief Executive Officer and Vice-Chairman of the Board of Directors
 
Berluti SA
Chairman of the Executive Board
 
Les Echos SAS
Member of the Supervisory Board
 
LVMH Moët Hennessy Louis Vuitton SE (1) 
Director
International
Berluti LLC (United States)
Managing Director
 
Berluti Hong Kong Company Limited (Hong Kong)
Director
 
Berluti Monaco SA (Principality of Monaco)
Permanent Representative of LVMH Miscellanées SA, Director
 
Berluti (Shanghai) Company Limited (China)
Director
 
Loro Piana SpA (Italy)
Chairman of the Board of Directors
 
Manifattura Berluti Srl (Italy)
Director
Other
 
 
France
Comité Colbert
Director
 
GoodPlanet Foundation
Director
 
Marbeuf Capital SC
Managing Director
International
Eniotna LLP (United Kingdom)
Partner
 
INNOVA E2 (Luxembourg)
Director
Positions and offices that have ended since January 1, 2018
France
Agache SEDCS
Member of the Executive Board
 
Association du Musée Louis Vuitton
Permanent Representative of LV Group, Director
 
LV Group SA
Chairman and Chief Executive Officer
 
LVMH Moët Hennessy Louis Vuitton SE (1) 
Member of the Performance Audit Committee
 
Vandelay Industrie SC
Managing Director
International
Fendi Srl (Italy)
Director

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Corporate governance
Maria Luisa LORO PIANA
 (1)	 Listed company.
Date of birth: November 15, 1961.
Business address: Laprima Holding Srl – Via Paolo Andreani 4 – 
20122 Milan (Italy).
Maria Luisa Decol Loro Piana was born and grew up in Venice. 
After living in London for a number of years, she worked for 
Krizia, initially in the press department and later on the product 
team. After meeting Sergio Loro Piana, she worked with him for 
over 20 years to successfully create and position the Loro Piana 
brand, opening more than 100 stores worldwide.
She is currently a Director of Loro Piana SpA, as well as an 
ambassador for the company’s brand and image.
Current positions and offices
Christian Dior group
France
Christian Dior SE  (1) 
Director
Italy
Loro Piana SpA
Director
Other
 
 
Italy
Palma Società Semplice
Partner and Director
Positions and offices that have ended since January 1, 2018
Italy
Fondation Sergio Loro Piana
Director
1.4.1.2  Currently serving Directors
Delphine ARNAULT
Date of birth: April 4, 1975.
Business address: Christian Dior Couture – 127 avenue des 
Champs‑Élysées – 75008 Paris (France).
Delphine Arnault began her career at international strategy 
consultancy firm McKinsey. In 2000, she moved to designer 
John Galliano’s company, which she helped develop, acquiring 
hands‑on experience in the fashion industry. In 2001, she 
joined Christian Dior Couture, where she served as Deputy 
Managing Director from 2008 to 2013. From September 2013 to 
February 2023, she was Executive Vice-President of Louis Vuitton, 
in charge of supervising all of the Maison’s product‑related 
activities. Since January 2019, Delphine Arnault has been a 
member of the Executive Committee of the LVMH group.
Since February 1, 2023, Delphine Arnault has served as Chairman 
and Chief Executive Officer of Christian Dior Couture.
Current positions and offices
Christian Dior group
France
Christian Dior SE (1) 
Director
 
Celine SA
Director
 
Château Cheval Blanc SC
Director
 
Christian Dior Couture SA
Chairman and Chief Executive Officer
 
LVMH Moët Hennessy Louis Vuitton SE (1) 
Director and Member of the Ethics & Sustainable Development 
Committee
International
Emilio Pucci Srl (Italy)
Director
 
Loewe SA (Spain)
Director
Agache group
France
Agache Commandité SAS
Chairman
Other
International
Ferrari SpA (Italy) (1) 
Director
 
Gagosian Gallery Inc. (United States)
Director
 
Phoebe Philo Limited plc (United Kingdom)
Director

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Corporate governance
Positions and offices that have ended since January 1, 2018
 (1)	 Listed company.
France
Agache SEDCS
Vice-Chairman of the Supervisory Board and Member of the 
Compensation Committee
 
Havas SA (1) 
Director
 
Métropole Télévision “M6” SA (1) 
Member of the Supervisory Board
International
21st Century Fox Corporation (United States) (1) 
Director
 
Actar International SA (Luxembourg)
Permanent representative of Ufipar, Director
 
Emilio Pucci International BV (Netherlands)
Director
Nicolas BAZIRE
Date of birth: July 13, 1957.
Business address: LVMH – 22 avenue Montaigne – 75008 Paris 
(France).
Nicolas Bazire became Chief of Staff of Prime Minister Edouard 
Balladur in 1993. Between 1995 and 1999, he was Managing 
Partner at Rothschild & Cie Banque. He has served as Managing 
Director of Financière Agache SA since 2008 and as a member 
of LVMH’s Executive Committee since 1999.
Current positions and offices
Christian Dior group
France
Christian Dior SE  (1) 
Director, Member of the Performance Audit Committee and Member 
of the Governance & Compensation Committee
 
Groupe Les Echos SA
Director
 
Jean Patou SAS
Member of the Advisory Committee
 
Les Echos SAS
Vice-Chairman of the Supervisory Board, Chairman of the Compensation 
Committee and Member of the Appointments Committee
 
Louis Vuitton Malletier SAS
Permanent Representative of Ufipar, Member of the Steering Committee
 
LVMH Moët Hennessy Louis Vuitton SE (1)  
Director
 
Louis Vuitton, Fondation d’Entreprise
Director
Agache group
France
Agache Développement SA
Director
 
Financière Agache SA
Group Managing Director and Permanent Representative 
of Agache SCA, Director
Other
France
Madrigall SA
Director
International
Société des Bains de Mer de Monaco SA (1) 
(Principality of Monaco)
Permanent Representative of Ufipar, Director and Rapporteur 
to the Finance and Audit Directors’ Commission
Positions and offices that have ended since January 1, 2018
France
Agache SEDCS
Member of the Executive Board and Chief Executive Officer
 
Arjil Commanditée – Arco – SA
Permanent Representative of Financière Agache, Director
 
Atos SE (1)  
Director and Chairman of the Nominations & Compensation Committee
 
Carrefour SA (1)  
Director, Member of the Audit Committee, the Compensation 
Committee and the Strategy Committee
 
Europatweb SA
Director
 
GA Placements SA
Permanent Representative of Montaigne Finance, Director
 
LV Group SA
Director and Member of the Compensation Committee
 
Montaigne Finance SAS
Member of the Supervisory Committee
 
Semyrhamis SA
Non-Director Managing Director and Permanent Representative 
of Agache SEDCS, Director
 
Suez SA (1)  
Director, Member of the Audit & Accounts Committee and the 
Nominations, Compensation & Governance Committee

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Hélène DESMARAIS
 (1)	 Listed company.
Date of birth: June 7, 1955.
Business address: Centre d’Entreprises et d’Innovation de 
Montréal (CEIM) – 751 square Victoria – Montreal (Quebec) H2Y 
2J3 (Canada).
Hélène Desmarais has been Chairman of the Board of Directors 
and Chief Executive Officer of Centre d’Entreprises et 
d’Innovation de Montréal – the biggest technology enterprise 
incubator in Canada – since it was founded in 1996. She holds 
directorships at a large number of companies and organizations 
in both the public and private sectors and has led initiatives in 
the areas of economics, education and health care. Ms. Desmarais 
is Chairman of the Boards of Directors of Scale AI, the HEC 
Montréal business school, and the Montreal Economic Institute. 
She also serves on the Board of Directors of Garda World Security 
Corporation and is a member of the Board of Governors of 
the International Economic Forum of the Americas. Hélène 
Desmarais is Executive Chairman of IVADO Labs, a tech 
consulting firm which she founded in 2018, specializing in the 
design and build of cutting‑edge artificial intelligence software.
Current positions and offices
Christian Dior group
France
Christian Dior SE  (1) 
Director and Chairman of the Governance & Compensation Committee
Other
 
 
Canada
C.D. Howe Institute
Director
 
Centre d’Entreprises et d’Innovation de Montréal (CEIM)
Founder and Chairman of the Board of Directors
 
Garda World Security Corporation
Director and member of the Verification Committee and the Corporate 
Governance Committee
 
International Economic Forum of the Americas
Member of the Board of Governors and Chairman of the Strategic 
Orientation Committee
 
Hautes Études Commerciales de Montréal (HEC Montreal)
Chairman of the Board of Directors
 
Montreal Economic Institute
Chairman of the Board of Directors
 
Institute for Governance of Private and Public 
Organizations
Founder and Director
 
Ivado Labs
Founder and Executive Chairman of the Board of Directors
 
Scale AI
Chairman of the Board of Directors
Positions and offices that have ended since January 1, 2018
France
Christian Dior Couture SA
Director
Canada
PME MTL Centre-Ville
Founder and Chairman of the Board of Directors
Renaud DONNEDIEU de VABRES
Date of birth: March 13, 1954.
Business address: 50 rue de Bourgogne – 75007 Paris (France).
After serving in the prefectural administration as a sub‑prefect, 
Renaud Donnedieu de Vabres was appointed as a member of 
France’s highest administrative body, the Council of State, and 
embarked on a political career in 1986, notably serving as an aide 
to the Minister of Defense. He was elected as a deputy to the 
National Assembly representing the Indre‑et-Loire département 
in 1997 and remained in this post until 2007. In 2002, he was 
appointed as Minister Delegate for European Affairs and then 
as Minister of Culture and Communication, from 2004 to 2007. 
In 2008, he was named the Ambassador for Culture during the 
French presidency of the European Union. He is now Chairman 
of RDDV Partner SAS.

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Current positions and offices
 (1)	 Listed company.
Christian Dior group
France
Christian Dior SE (1)  
Director and Member of the Performance Audit Committee
 
Louis Vuitton, Fondation d’Entreprise
Director
Other
France
RDDV Partner SAS
Chairman
Positions and offices that have ended since January 1, 2018
None.
Ségolène GALLIENNE
Date of birth: June 7, 1977.
Business address: 17 allée des Peupliers – 6280 Gerpinnes (Belgium).
Ségolène Gallienne holds a Bachelor of Arts in Business and 
Economics from Collège Vesalius in Brussels. She has worked 
as Public Relations Manager at Belgacom and as Director of 
Communications for Dior Fine Jewelry.
She currently serves on the Boards of Directors of various 
companies, in France and abroad, and is Chairman of the Board 
of Directors of Diane, a company specializing in the purchase, 
sale and rental of art objects.
Current positions and offices
Christian Dior group
France
Christian Dior SE  (1) 
Director
 
Château Cheval Blanc SC
Director
Other
France
Cheval Blanc Finance SAS
Director
International
Compagnie Nationale à Portefeuille SA (Belgium)
Director
 
Diane SA (Switzerland)
Chairman of the Board of Directors
 
Domaine Frère Bourgeois SA (Belgium)
Director
 
Esso SDC (Belgium)
Managing Director
 
Frère Bourgeois SA (Belgium)
Director
 
Fonds Charles Albert Frère ASBL (Belgium)
Director
 
Groupe Bruxelles Lambert SA (Belgium) (1)  
Director and Member of the Standing Committee
Positions and offices that have ended since January 1, 2018
International
Erbé SA (Belgium)
Director
 
Pargesa Holding SA (Switzerland) (1)  
Director
 
Stichting Administratiekantoor Frère-Bourgeois 
(Netherlands)
Director
 
Stichting Administratiekantoor Peupleraie 
(Netherlands)
Chairman of the Board of Directors

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Christian de LABRIFFE
 (1)	 Listed company.
Date of birth: March 13, 1947.
Business address: Tikehau Capital – 32 rue de Monceau – 
75008 Paris (France).
Christian de Labriffe began his career with Lazard Frères & 
Cie, where he was Managing Partner from 1987 to 1994. He 
then served as Managing Partner of Rothschild & Cie Banque 
until September 2013, then Chairman and Chief Executive 
Officer of Salvepar SA until March 31, 2017. He has served as 
Chairman of the Supervisory Board of Tikehau Capital SCA 
since March 31, 2017.
Current positions and offices
Christian Dior group
France
Christian Dior SE  (1) 
Director, Chairman of the Performance Audit Committee and Member 
of the Governance & Compensation Committee
Other
 
 
France
Bénéteau SA (1) 
Advisory member of the Supervisory Board
 
Forges de Baudin SAS
Chairman
 
Parc Monceau SARL
Managing Director
 
TCA Partnership SAS
Chairman
 
Tikehau Ace Capital SAS
Chairman of the Supervisory Board
 
Tikehau Capital SCA (1) 
Chairman of the Supervisory Board
 
Fondation Nationale des Arts Graphiques et Plastiques
Director
International
TC Belgium Investments (Belgium)
Director
Positions and offices that have ended since January 1, 2018
France
Bénéteau SA (1)  
Permanent Representative of Parc Monceau, Advisory Board member
 
Christian Dior Couture SA
Director
 
DRT SA
Permanent Representative of Tikehau Capital, Director
1.4.2  Statutory Auditors
 
Start date 
of first term
Current term
Date of appointment/
renewal
End of term
DELOITTE & Associés
6 place de la Pyramide – 92908 Paris-La Défense Cedex
Represented by Guillaume Troussicot
April 21, 2022
April 21, 2022
Annual Meeting 
convened to approve 
the financial statements 
for the 2024 fiscal year (a)  
MAZARS
Tour Exaltis – 61 rue Henri Regnault – 92400 Courbevoie
Represented by Isabelle Sapet and Guillaume Machin
May 15, 2003
April 18, 2019
Annual Meeting 
convened to approve 
the financial statements 
for the 2024 fiscal year
(a)	 At the Shareholders’ Meeting of April 21, 2022, Deloitte was appointed Principal Statutory Auditor to replace Ernst & Young et Autres, following the latter’s resignation and for its 
remaining term of office.

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1.5	
Executive Management
1.5.1  Mode of Executive Management
In 2020, the Board of Directors reappointed Bernard Arnault 
as Chairman of the Board of Directors. At its meeting of 
December 8, 2022, the Board of Directors decided, at the 
proposal of the Governance & Compensation Committee, not 
to alter its decision to separate the roles of Chairman of the Board 
of Directors and Chief Executive Officer, and appointed Antoine 
Arnault as Chief Executive Officer of the Company to replace 
Sidney Toledano following the latter’s resignation.
At its meeting following the Shareholders’ Meeting of April 20, 
2023, the Board of Directors will be asked to decide whether to 
reappoint him as Chairman of the Board of Directors, subject to 
his being reappointed as a Director at that Shareholders’ Meeting.
1.5.2  Balance of powers
The balance of powers within the Board of Directors is ensured 
by the provisions of the Charter of the Board of Directors and the 
rules governing the two committees formed by it, which specify 
the duties of each of those committees.
It is also ensured by (i) the composition of the Board of Directors, 
whose very highly qualified members have a diverse range of 
complementary expertise, providing a sound understanding of 
all the Group’s operations and priorities; and by (ii) the duties, 
rules of procedure and composition of the Board’s committees, 
whose preparatory work informs the decisions made by the 
Board of Directors. Furthermore, in light of the criteria applied 
by the Company, as of the date of this report, at least 40% of the 
Directors on the Board are Independent Directors.
The Board of Directors may also establish one or more ad hoc 
committees for specific or important matters.
Lastly, Independent Directors may meet separately from the 
other members of the Board of Directors.
1.6	
Board committees
The Board of Directors has set up several committees, each 
specializing in a matter of importance: a committee in charge 
of performance audit and a committee in charge of governance 
and compensation.
These committees consist of at least three members, appointed 
by the Board of Directors. The Chairman of each committee is 
appointed by the Board of Directors and selected from among 
its members.
These two committees may work together, in particular on matters 
concerning corporate social and environmental responsibility.
1.6.1  Performance Audit Committee
The main responsibilities of the Performance Audit Committee 
are to:
•	 monitor the process of preparing financial and non‑financial 
information, in particular the parent company and 
consolidated financial statements and, where applicable, 
make recommendations to ensure their integrity;
•	 monitor the work of the Statutory Auditors, taking into 
account, where applicable, the observations and findings 
of the Haut Conseil du Commissariat aux Comptes (the 
supervisory body for the French audit industry) on checks 
carried out by it pursuant to Articles L. 821‑9 et seq. of the 
French Commercial Code;
•	 ensure the existence, pertinence, application and effectiveness 
of internal control, risk management including risks of a social 
and environmental nature, and internal audit procedures; 
monitor the ongoing effectiveness of those procedures; 
and make recommendations to Executive Management on 
the priorities and general direction of the work of the internal 
audit function; analyze the Company’s and the Group’s 
exposure to risks, and in particular to those risks identified 
by internal control and risk management systems, including 
those of a social and environmental nature, as well as material 
off‑balance sheet commitments of the Company and the Group;
•	 examine risks to the Statutory Auditors’ independence and, 
where applicable, safeguards put in place to minimize 
the potential of risks to compromise their independence; 
issue an opinion on fees paid to the Statutory Auditors, as 
well as those paid to the network to which they belong, by 
the Company and companies it controls or by which it is 
controlled, in relation to either their statutory audit duties 
or ancillary services; oversee the procedure for selecting the 
Company’s Statutory Auditors; and make recommendations 
on appointments to be proposed at Shareholders’ Meetings 
pursuant to the outcome of such consultation;
•	 approve services, other than certifying the financial statements, 
provided by the Statutory Auditors or members of the 
network to which they belong to the Company, or to persons 
or entities that control or are controlled by the Company 
within the meaning of the first and second paragraphs 
of Article L. 233‑3 of the French Commercial Code, after 
analyzing risks to the Statutory Auditors’ independence and 
safeguards adopted by them;

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•	 review key agreements entered into by Group companies 
and agreements entered into by any Group company with a 
third‑party company in which a Director of Christian Dior SE 
is also a senior executive or principal shareholder. Significant 
transactions falling within the scope of the provisions of 
Article L. 225‑38 of the French Commercial Code require an 
opinion issued by an independent expert appointed at the 
proposal of the Performance Audit Committee;
•	 review the conclusions of the Legal Department’s report on 
the annual review of all agreements entered into in the normal 
course of Christian Dior SE’s business and at arm’s length, 
either during the fiscal year under review or previously and 
still in effect during the fiscal year under review;
•	 assess any conflicts of interest that may affect a Director and 
recommend appropriate measures to prevent or correct them.
The committee consists of three members appointed by the 
Board of Directors: Christian de Labriffe (Chairman), who served 
as Managing Partner at Lazard Frères & Cie and at Rothschild 
& Cie Banque; Renaud Donnedieu de Vabres, who has held 
high public office and government positions; and Nicolas 
Bazire, LVMH’s Senior Vice-President for Development and 
Acquisitions. By virtue of their professional experience (see 
also §1.4.1 “List of positions and offices held by members of the 
Board of Directors”) and their familiarity with financial and 
accounting procedures applicable to corporate groups, each of 
these three members has the expertise necessary to fulfill their 
responsibilities.
The Performance Audit Committee met four times in fiscal year 
2022, with all of its members in attendance. All of these meetings 
were held without any members of the Company’s Executive 
Management in attendance.
Two meetings were devoted to the review of the financial 
statements in advance of their examination by the Board of 
Directors. These meetings were also attended by LVMH’s 
Statutory Auditors, Chief Financial Officer, Deputy Chief 
Financial Officer and Head of Management Control and 
Accounting. Audit Committee members were able to discuss 
matters with the Statutory Auditors without any members of the 
Company’s Finance Department in attendance.
On the basis of presentations made by Christian Dior’s 
Finance Department, the work of the Performance Audit 
Committee mainly covered the following areas: the process 
for the preparation and publication of financial information; 
a review of the Group’s operations; a review of significant 
financial transactions of the Company; a detailed review of the 
parent company and consolidated financial statements for the 
fiscal year ended December 31, 2021 and the interim financial 
statements for the six months ended June 30, 2022; a review of 
the accounting position serving as the basis for the distribution 
of an interim dividend; an assessment of the Group’s exposure 
to risk, risk management procedures and off‑balance sheet 
commitments; related‑party agreements involving Christian 
Dior; and the Christian Dior share repurchase program. The 
committee also verified the independence of the Statutory 
Auditors and monitored the statutory audit of Christian Dior’s 
parent company and consolidated financial statements, on the 
basis of presentations and summary reports by the Statutory 
Auditors. Following the tender process it had launched and 
having interviewed the candidates, the committee also issued 
a recommendation to the Board of Directors on a candidate for 
the office of Statutory Auditor in order to cover the potential 
resignation of Ernst & Young et Autres.
As part of the review of the parent company and consolidated 
financial statements, the Statutory Auditors gave a presentation 
covering, in particular, internal control, major events, and 
the main audit issues identified and accounting treatments 
adopted. The Statutory Auditors submitted an additional 
Statutory Auditors’ report on items including the scope of 
and timetable for their work, the materiality thresholds above 
which anomalies are reported, the approach by subsidiary to 
the audit of the consolidated financial statements, the principal 
risks and points requiring attention noted during the audit, the 
accounting adjustments identified by the Statutory Auditors, an 
assessment of the Group’s ability to continue as a going concern, 
and any weaknesses detected in the internal control system or 
the accounting system.
The committee noted the conclusions of the report prepared by 
the Legal Department on the routine agreements entered into 
during the fiscal year ended December 31, 2021, or during prior 
fiscal years that remained in effect during that fiscal year, with 
none of these agreements needing to be recategorized.
The Performance Audit Committee was given the Statutory 
Auditors’ independence declaration as well as the amount of 
the fees paid to the Statutory Auditors’ network by companies 
controlled by the Company or the entity that controls it, in 
respect of services not directly related to the Statutory Auditors’ 
engagement, and was informed of the services provided in 
respect of work directly related to the Statutory Auditors’ 
engagement.
The Performance Audit Committee held a specific meeting 
to review LVMH’s environmental actions (under its LVMH 
Initiatives for the Environment – or LIFE – program), with 
LVMH’s Environment Director in attendance; and another 
meeting to review the effectiveness of internal control, risk 
management and internal audit systems at LVMH, which was 
attended by LVMH’s Audit & Internal Control Director.
Among other items of business, during its meeting of January 25, 
2023, the committee completed a detailed review of the parent 
company and consolidated financial statements to December 31, 
2022, presented by the Statutory Auditors.

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1.6.2  Governance & Compensation 
Committee
The Governance & Compensation Committee is responsible for 
issuing reasoned opinions on applications and renewals for the 
positions of Director and Advisory Board member, making sure 
that the Board of Directors includes prominent independent 
persons from outside the Company.
To this end, the committee introduced a selection process for 
Independent Directors, the content of which is laid down in 
the Rules of Procedure. It aims to achieve a balance among the 
membership of the Board of Directors with regard to the skills 
and diversity (professional experience and qualifications, gender 
balance, nationality, age) of its members. It works to identify, 
on the basis of defined profiles, the financial and non‑financial 
skills and expertise in particular, expected of potential Directors 
and deemed as priorities for the Company.
The committee may hold interviews with each candidate for the 
position of Director in order to issue a substantiated opinion to 
the Board of Directors. It may also set up interviews between 
prospective candidates and any other member of the Board of 
Directors.
The committee maintains strict confidentiality in its dealings 
with all potential candidates.
The committee reports on how the selection procedure for 
Directors is applied in practice in the Company’s Board of 
Directors’ report on corporate governance.
In particular, the committee discusses whether Board members 
may be deemed Independent Directors with regard to 
applicable criteria. It also makes proposals on the appointment 
or reappointment of the Chairman of the Performance Audit 
Committee.
As part of the preparation of the Board of Directors’ report on 
corporate governance, the committee gives its opinion on the 
diversity policy applicable to members of the Board of Directors.
The committee’s opinion may also be sought by the Chairman 
of the Board of Directors, or by any Director serving as Chief 
Executive Officer or Group Managing Director, on candidates 
for Executive Management positions at the Company. It is the 
consultative body responsible for defining the measures to be 
taken in the event that such an office falls prematurely vacant.
The committee issues an opinion on the compensation policy for 
the Company’s company officers and senior executive officers, as 
well as, after seeking the opinion of an independent consulting 
firm, where applicable, on any exception to the application of 
said compensation policy.
After review, the committee makes proposals on the apportionment 
of the maximum overall annual amount set at the Shareholders’ 
Meeting to be allocated to Directors (and Advisory Board 
members, where applicable) as compensation for their work, 
and prepares a summary table of the payments made by the 
Company to each Director and Advisory Board member.
It makes proposals to the Board on the fixed, variable, exceptional, 
immediate and deferred compensation and benefits in kind to 
be awarded to (i) the Chairman of the Company’s Board of 
Directors, its Chief Executive Officer and its Group Managing 
Director(s) and (ii) Directors and Advisory Board members who 
are employees of the Company or any of its subsidiaries by 
virtue of an employment contract; where applicable, it also 
issues an opinion on any consulting agreements entered into, 
either directly or indirectly, with these same individuals. The 
committee issues recommendations regarding the qualitative 
and quantifiable criteria on the basis of which the variable 
portion of compensation for senior executive officers is to be 
determined as well as the performance conditions applicable to 
the exercise of options and the vesting of bonus shares.
The committee expresses its opinion on the general policy for 
the allocation of options and bonus shares by the Company, 
also making proposals on the granting of options and bonus 
shares to senior executive officers and to Directors and Advisory 
Board members who are employees of the Company or any of its 
subsidiaries by virtue of an employment contract.
It adopts positions on any supplementary pension plans set 
up by the Company for its senior executive officers, and issues 
recommendations on any severance pay that may be paid to a 
senior executive officer upon leaving the Company.
The committee issues an opinion on the fixed and variable, 
immediate and deferred compensation, benefits in kind, options 
and bonus shares to be awarded by the Company to its Directors 
and senior executive officers. To this end, the committee may 
request copies of any agreements entered into with those 
individuals and of any accounting information pertaining to 
payments made.
The committee is also entitled to receive information on procedures 
relating to the payment of external contractors’ fees and the 
reimbursement of their expenses, issuing any recommendations 
deemed necessary on this subject.
The committee shall prepare a report each year for the Shareholders’ 
Meeting, which it shall submit to the Board of Directors, on the 
compensation of company officers, any bonus share awards 
granted to them during the fiscal year and any options granted 
to or exercised by them during the same period. The report shall 
also list the number and value of free shares granted during the 
year by the Company or any related companies or groups to the 
Company’s top ten employee recipients, other than company 
officers, having received the largest number of shares.

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The committee consists of three members appointed by the 
Board of Directors: Hélène Desmarais (Chairman), Nicolas Bazire 
and Christian de Labriffe.
The committee met twice in fiscal year 2022, with all of its 
members in attendance. Among other items of business, the 
committee (i) drew up proposals for the fixed compensation to 
be paid to Sidney Toledano in his capacity as Chief Executive 
Officer of Christian Dior SE, and approved and recommended 
for approval his fixed compensation as Chairman of LVMH’s 
Fashion Group; (ii) approved and recommended that the Board 
adopt the decisions of LVMH SE’s Board of Directors concerning 
the fixed compensation for 2022 payable to the Chairman of the 
Board and the Directors in respect of their functions at LVMH; 
(iii) was informed of the decision of the Board of Directors 
concerning the performance criteria applicable to the variable 
compensation of LVMH’s Chairman of the Board of Directors in 
respect of his functions at LVMH in 2022; and (iv) proposed to 
approve the allocation by LVMH of bonus performance shares 
to Sidney Toledano in respect of his functions as Chairman 
of LVMH’s Fashion Group. It also familiarized itself with the 
statement of compensation paid to Directors and the Advisory 
Board member during fiscal year 2021 and reviewed the Board 
of Directors’ draft report on the compensation policy that will 
be submitted for shareholder approval.
In addition, the committee issued an opinion on the status of 
all Directors with regard, in particular, to the independence 
criteria set forth within the AFEP/MEDEF Code. It reviewed 
the directorships of members of the Board of Directors expiring 
at the close of the Shareholders’ Meeting of April 21, 2022 and, 
having reviewed the position of each of the Directors, expressed 
a favorable opinion on the reappointment as Directors of 
Ségolène Gallienne, Nicolas Bazire, Renaud Donnedieu de Vabres 
and Christian de Labriffe. The committee also recommended 
that Christian de Labriffe be reappointed Chairman of the 
Performance Audit Committee, subject to his reappointment 
as a Director.
Having been informed of Sidney Toledano’s decision to resign 
from his positions as Director and Chief Executive Officer, the 
committee proposed (i) that Antoine Arnault be co‑opted to 
replace him as a Director, (ii) that the decision to separate the 
roles of Chairman of the Board of Directors and Chief Executive 
Officer remain unchanged and (iii) that Antoine Arnault be 
appointed Chief Executive Officer and Vice-Chairman of the 
Board of Directors. The committee also recommended that the 
gross annual fixed compensation payable to Antoine Arnault in 
his capacity as Chief Executive Officer be set at the same amount 
as that paid to Sidney Toledano.
Prior to the Board of Directors’ meeting of January 26, 2023, the 
committee reviewed and made proposals related, in particular, 
to the Company’s compensation policy for company officers 
and senior executive officers; in addition, it read through the 
draft Board of Directors’ report on corporate governance and 
the Board of Directors’ report on the resolutions, including 
compensation‑related developments.
It also reviewed the fixed compensation for 2023 of the senior 
executive officers and found that there were no grounds for any 
changes. It approved and recommended that the Board adopt 
decisions made by the Board of Directors of LVMH concerning 
fixed compensation payable for 2023 to the Chairman of the 
Board of Directors in respect of his duties at LVMH and to 
the Chief Executive Officer and those Directors receiving 
compensation, other than that received in respect of their offices 
at Christian Dior, from controlled companies.
The committee also reviewed all directorships expiring in 2023 
and issued a favorable opinion on the reappointment of Maria 
Luisa Loro Piana, Antoine Arnault and Bernard Arnault as 
Directors, as well as on the reappointment of Bernard Arnault 
as Chairman of the Board of Directors and of Antoine Arnault as 
Vice-Chairman of the Board of Directors.

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1.6.3  Committees’ non‑financial responsibilities
Board of Directors
•	 The Board of Directors sets the Company’s and the Group’s broad strategic direction and ensures that it is put into practice, 
as well as, on the recommendation of Executive Management, its overall approach to environmental and social responsibility, 
taking into account the climate issues faced by their businesses.
•	 Each of the Board’s committees is involved in the process of drawing up and monitoring the Company’s and the Group’s 
non‑financial strategy in the areas falling within their fields of expertise.
Performance Audit Committee
•	 Monitors the process of preparing financial and non-
financial information, and makes recommendations 
to ensure their integrity.
•	 Monitors and ensures the existence and pertinence 
of internal control, risk management (including 
social and environmental risks) and internal audit 
procedures, makes recommendations to Executive 
Management on the priorities and general direction 
of Internal Audit, and analyzes the Company’s and 
the Group’s exposure to risks, including social and 
environmental risks.
Governance & Compensation Committee
•	 Identifies, as part of the procedure for selecting Directors 
and in accordance with its diversity policy, on the 
basis of defined profiles, the skills and expertise, 
particularly financial and non‑financial, expected of 
potential Directors and considered key priorities for 
the Company.
•	 Issues recommendations regarding the qualitative 
and quantifiable criteria, in particular of a social and 
environmental nature, used to determine the variable 
portion of compensation for senior executive officers, 
as well as the performance conditions applicable to the 
exercise of options and the vesting of bonus shares.
1.7	
Vice-Chairman of the Board of Directors
The Vice-Chairman is responsible for chairing the meetings 
of the Board of Directors or the Shareholders’ Meeting in the 
absence of the Chairman of the Board of Directors. Antoine 
Arnault was appointed Vice-Chairman of the Board of Directors 
on December 8, 2022. At its meeting following the Shareholders’ 
Meeting of April 20, 2023, the Board of Directors will be asked 
to decide whether to reappoint him as Vice-Chairman of the 
Board of Directors, subject to his being reappointed as a Director 
at that Shareholders’ Meeting.
1.8	
Advisory Board
1.8.1  Membership and operating 
procedures
Advisory Board members are appointed by the Shareholders’ 
Meeting on the proposal of the Board of Directors and are chosen 
from among the shareholders on the basis of their competence. 
Under the Bylaws, they are appointed for three‑year terms.
They are invited to meetings of the Board of Directors and are 
consulted for decision‑making purposes, but do not have a 
vote. They may be consulted by the Chairman of the Board of 
Directors on the Group’s strategic direction and, more generally, 
on any issues relating to the Company’s organization and 
development. The committee Chairmen may also solicit their 
opinion on matters falling within their respective areas of 
expertise. Their absence does not affect the validity of the Board 
of Directors’ proceedings.
The Company currently has one Advisory Board member: Jaime 
de Marichalar y Sáenz de Tejada, whose extensive knowledge 
of the Group and the global luxury goods market represents a 
valuable asset during the Board of Directors’ discussions.
Advisory Board member
Name
Nationality
Date of first appointment
End of term
Jaime de MARICHALAR y SÁENZ de TEJADA
Spanish
05/11/2006 (a)  
2024
(a)	 Date of first appointment to the Board of Directors.

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1.8.2  List of positions and offices held by the Advisory Board member
Jaime de MARICHALAR y SÁENZ de TEJADA
 (1)	 Listed company.
Date of birth: April 7, 1963.
Business address: SCCE – Avenida del Juncal 15‑17 – 28703 
San Sebastián de los Reyes – Madrid (Spain).
Jaime de Marichalar y Sáenz de Tejada began his career in 1986 
in Paris where he worked for Banque Indosuez on the MATIF 
Futures Market. He then joined Credit Suisse, where he worked 
in investment banking and private banking. In January 1998, he 
was appointed Chief Executive Officer of Credit Suisse in Madrid.
Current positions and offices
Christian Dior group
France
Christian Dior SE  (1) 
Advisory Board member
International
Fendi Retail Spain SL (Spain)
Director
 
LVMH group
Advisor to the Chairman for Spain
 
Loewe SA (Spain)
Director
Other
International
Art+Auction Editorial (United States and United Kingdom)
Member of the Supervisory Board
 
La Sociedad General Inmobiliaria 
de Canarias 2000 SA (Spain)
Director
 
La Sociedad General Inmobiliaria de España SA (Spain)
Director
1.9	
Participation in Shareholders’ Meetings
The terms and conditions of participation by shareholders in Shareholders’ Meetings, and in particular conditions for the allocation of 
double voting rights to the holders of registered shares, are set out in the “Other information” section (§1.3 “Additional information”) 
of this 2022 Annual Report.
1.10	 Summary of existing delegations and financial authorizations and use made of them
1.10.1  Share repurchase program 
(Articles L. 22‑10‑62 et seq. of the French Commercial Code) (a)
Type
Authorization 
date
Expiry/
Duration
Amount 
authorized
Use as of 
December 31, 2022
Share repurchase program
Maximum purchase price: 950 euros
SM of April 21, 2022 
(16th resolution)
October 20, 2023 
(18 months)
10% of the share 
capital (b)  
Movements during the fiscal year:
	—
Purchases: None
	—
Disposals: None
96,936 shares held as of 
December 31, 2022
Reduction of capital through the 
retirement of shares purchased 
under a share repurchase program
SM of April 21, 2022 
(17th resolution)
October 20, 2023 
(18 months)
10% of the share 
capital per 24‑month 
period (b) 
Shares retired during the fiscal year: 
None
(a)	 A resolution renewing these authorizations under the terms and conditions mentioned in §1.11 below will be presented at the Shareholders’ Meeting of April 20, 2023.
(b)	 As a guide, this equates to 18,050,751 shares on the basis of the share capital under the Bylaws as of December 31, 2022.

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1.10.2  Increase in the share capital (Articles L. 225‑129, L. 225‑129‑2, L. 228‑92 
and L. 22‑10‑49 to L. 22‑10‑54 of the French Commercial Code)
Type
Authorization 
date
Expiry/
Duration
Amount 
authorized
Issue price 
determination 
method
Use as of 
December 31, 2022
Through the capitalization 
of profit, reserves, additional 
paid‑in capital or other items 
(L. 225‑129‑2, L. 225‑130 
and L. 22‑10‑50)
SM of April 21, 2022 
(18th resolution)
June 20, 2024 
(26 months)
120 million euros (a)  
Not applicable
None
With preferential subscription 
rights: Ordinary shares and 
securities giving access 
to the share capital
SM of April 21, 2022 
(19th resolution)
June 20, 2024 
(26 months)
120 million euros (a) (b)  
Free
None
Without preferential subscription 
rights: Ordinary shares and 
securities giving access 
to the share capital
 
 
 
 
 
	—
by means of public offering 
(L. 225‑135 et seq.)
SM of April 21, 2022 
(20th resolution)
June 20, 2024 
(26 months)
120 million euros (a) (b)  
At least equal 
to the minimum 
price required 
by regulations (c)  
None
	—
for qualified investors or a 
restricted group of investors 
(L. 225‑135 et seq.)
SM of April 21, 2022 
(21st resolution)
June 20, 2024 
(26 months)
120 million euros (a) (b) 
Issue of shares capped at 
20% of the share capital 
per year, determined 
as of the issue date
At least equal 
to the minimum 
price required 
by regulations (c)  
None
Increase in the number of shares 
to be issued in the event that 
the issue is oversubscribed in 
connection with capital increases, 
with or without preferential 
subscription rights, carried out 
pursuant to the 19th, 20th and 
21st resolutions of the Shareholders’ 
Meeting of April 21, 2022
SM of April 21, 2022 
(22nd resolution)
June 20, 2024 
(26 months)
Up to a maximum 
of 15% of the initial issue 
and up to 120 million 
euros (a)  
Same price as 
the initial issue
None
In connection with a public 
exchange offer (L. 225‑148)
SM of April 21, 2022 
(23rd resolution)
June 20, 2024 
(26 months)
120 million euros (a)  
Free
None
In connection with in‑kind 
contributions (L. 225‑147)
SM of April 21, 2022 
(24th resolution)
June 20, 2024 
(26 months)
10% of the share capital 
at the issue date (a) (d)  
Free
None
(a)	 Maximum nominal amount (i.e. 60,000,000 shares based on a nominal value of 2 euros per share). This is an overall cap set by the Shareholders’ Meeting of April 21, 2022 for any issues 
decided upon pursuant to the 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th and 28th resolutions.
(b)	 The amount of the capital increase decided by the Board of Directors may be increased up to a maximum of 15% of the initial issue in the event that the issue is oversubscribed up to 
the overall cap of 120 million euros stated in (a) (Shareholders’ Meeting of April 21, 2022, 22nd resolution).
(c)	 Up to a maximum of 10% of the share capital, the Board of Directors may freely determine the issue price, provided that this price is equal to at least 90% of the weighted average share 
price over the three trading days preceding the date on which the subscription price is determined (Shareholders’ Meeting of April 21, 2022, 20th and 21st resolutions).
(d)	 As a guide, this equates to 18,050,751 shares on the basis of the share capital under the Bylaws as of December 31, 2022.

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1.10.3  Employee share ownership
Type
Authorization 
date
Expiry/
Duration
Amount 
authorized
Issue price 
determination method
Use as of 
December 31, 2022
Share subscription or purchase 
options (Articles L. 225‑177 
et seq. and L. 22‑10‑56 of the 
French Commercial Code)
SM of April 21, 2022 
(25th resolution)
June 20, 2024 
(26 months)
1% of the share 
capital (a) (b)  
Average share price 
over the 20 trading days 
preceding the grant 
date (c), with no discount
	—
Granted: None
	—
Available to 
be granted: 
1,805,075 shares
Bonus share awards (Articles 
L. 225‑197‑1 et seq., L. 22‑10‑59 
and L. 22‑10‑60 of the French 
Commercial Code)
SM of April 21, 2022 
(28th resolution)
June 20, 2024 
(26 months)
1% of the share 
capital (a) (b)  
Not applicable
	—
Granted: None
	—
Available to 
be granted: 
1,805,075 shares
Capital increase reserved for 
employees who are members 
of a company savings plan 
(Article L. 225‑129‑6 of the 
French Commercial Code)
SM of April 21, 2022 
(26th resolution)
June 20, 2024 
(26 months)
1% of the share 
capital (a) (b)  
Average share price over 
the 20 trading days 
preceding the grant 
date, with a maximum 
discount of 30%
None
(a)	 Up to the overall maximum of 120 million euros set at the Shareholders’ Meeting of April 21, 2022 (27th resolution), against which this amount is offset.
(b)	 As a guide, this equates to 1,805,075 shares on the basis of the share capital under the Bylaws as of December 31, 2022.
(c)	 For purchase options, the price may not be less than the average purchase price of the shares.
1.11	 Authorizations requested at the Shareholders’ Meeting of April 20, 2023
Share repurchase program (Articles L. 22‑10‑62 et seq. of the French Commercial Code)
Type
Resolution
Expiry/Duration
Amount authorized
Share repurchase program
Maximum purchase price: 1,200 euros
SM of April 20, 2023 
(16th resolution)
October 19, 2024 
(18 months)
10% of the share capital (a)  
Reduction of capital through the retirement of shares 
purchased under the share repurchase program
SM of April 20, 2023 
(17th resolution)
October 19, 2024 
(18 months)
10% of the share capital 
per 24‑month period (a)  
(a)	 As a guide, this equates to 18,050,751 shares on the basis of the share capital under the Bylaws as of December 31, 2022.
1.12	 Information on the related‑party agreements covered by Article L. 225‑37‑4 2° 
of the French Commercial Code
To the best of the Company’s knowledge, no agreements falling within the purview of Article L. 225‑37‑4 2° were entered into during 
the 2022 fiscal year.
1.13	 Information that could have a bearing on a takeover bid or exchange offer
Pursuant to the provisions of Article L. 22‑10‑11 of the French 
Commercial Code, information that could have a bearing on a 
takeover bid or exchange offer is presented below:
•	 capital structure of the Company: As of December 31, 2022, 
the Arnault family group held 97.50% of the share capital and 
98.41% of voting rights exercisable at Shareholders’ Meetings 
(see also §3.4 in the “Other information” section);
•	 share issues and repurchases under various resolutions:
	
– the shareholders have delegated to the Board of Directors 
the power to:
	– acquire Company shares within the limit of 10% of the 
share capital,

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Compensation of company officers
	– increase the share capital, with or without preferential 
subscription rights and via public offering or for 
qualified investors or a restricted group of investors, 
up to a total nominal amount not exceeding 120 million 
euros, i.e. more than 33% of the Company’s current 
share capital,
	– increase the share capital in connection with a public 
exchange offer or in‑kind contributions.
These delegations of authority are suspended during 
takeover bids or exchange offers;
	
– the shareholders have also delegated to the Board of 
Directors the power to:
	– allocate share subscription options or bonus shares to be 
issued within the limit of 1% of the share capital,
	– increase the share capital through an issue for employees 
within the limit of 1% of the share capital.
These delegations of authority are not suspended during 
takeover bids or exchange offers.
1.14	 Presentation of the policy for assessing agreements entered into in the normal 
course of the Company’s business and at arm’s length by the Board of Directors, 
and its implementation
In accordance with the provisions of the Company’s “Charter 
on control procedures for related‑party agreements and the 
assessment of routine agreements”, once a year, ahead of the 
meeting of the Board of Directors at which the parent company 
financial statements are approved, the Company’s Legal 
Department conducts a review of such agreements concluded 
within the normal course of business in a prior period or 
previously where they remained in force in the previous fiscal 
year. It checks that said agreements still qualify as routine 
agreements as laid down in the Charter, based on the information 
provided by the relevant operational divisions. A report is 
then drafted on the basis of this review and submitted to the 
Performance Audit Committee, which, in turn, after reviewing 
it, presents the report’s findings to the Board of Directors, which 
may reclassify agreements if it deems appropriate. The Legal 
Department conducted a review of all routine agreements 
entered into by the Company during the past fiscal year or 
previously that remained in effect during the past fiscal year and 
concluded that they still satisfy the conditions to be classified as 
routine agreements on the basis of the information submitted to 
it by the relevant operational departments. At its January 26, 2023 
meeting, the Board of Directors, having heard the conclusions of 
the Performance Audit Committee on the report prepared by 
the Legal Department, found that (i) none of the agreements are 
liable to be characterized or recharacterized as a related‑party 
agreement, and (ii) having conducted the annual review of 
how the procedure for determining and assessing the routine 
agreements was conducted, that there were no grounds for 
making amendments to increase its efficacy.
2.	
Compensation of company officers
The compensation policy for company officers and senior 
executive officers is set by the Board of Directors after 
consulting the Governance & Compensation Committee, 
whose responsibilities include (i) making proposals on the fixed, 
variable and exceptional compensation, benefits in kind and 
breakdown of compensation allocated to the members of the 
Board of Directors and the Advisory Board members in respect 
of their terms of office; (ii) giving an opinion on the granting of 
options or bonus performance shares to the Chairman of the 
Board of Directors and the Chief Executive Officer, and on the 
requirement to retain possession of a portion of any such shares; 
(iii) formulating a position on supplementary pension plans set 
up by the Company for its company officers; and (iv) making 
proposals on any severance pay that may be paid to a senior 
executive upon leaving the Company.
Every year, the Board of Directors determines the fixed, 
variable and exceptional compensation of the Chairman of 
the Board of Directors, the Chief Executive Officer, and where 
applicable, the Group Managing Director and the Directors 
who are employees of the Company or any of its subsidiaries 
by virtue of an employment contract, as well as any awards of 
bonus shares to such company officers, after considering the 
recommendations made by the Governance & Compensation 
Committee. It also takes into account their duties and the scope 
of their responsibilities, their individual performance and that 
of the Group during the fiscal year under review, the size of the 
Group and its international standing, the compensation paid 
for performing equivalent duties in comparable businesses, 
and the employment situation and level of compensation within 
the Group.
The Board of Directors is responsible for resolving any conflicts 
of interests brought to its attention.
No compensation of any type whatsoever may be calculated, 
awarded or paid by the Company unless it complies with the 
compensation policy approved at the Shareholders’ Meeting.

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Compensation of company officers
In accordance with the second paragraph of III of Article 
L. 22‑10‑8 of the French Commercial Code, the Board of Directors 
may in exceptional circumstances, after soliciting the opinion 
of the Governance & Compensation Committee, and, where 
appropriate, an independent consulting firm, depart from the 
compensation policy, provided that such derogation is only 
temporary, in the corporate interest and necessary to safeguard 
the sustainability and viability of the Company.
The Board of Directors’ option of departing from the compensation 
policy applies to any and all items of compensation, it being 
agreed that any amendments may lead to either an increase or a 
decrease in the relevant items of compensation.
2.1	
Compensation policy
2.1.1  Non‑senior‑executive company 
officers
Compensation for serving as a company officer
Directors receive compensation for performing their duties, 
the maximum overall annual amount of which is set at the 
Shareholders’ Meeting and the allocation of which is determined 
by the Board of Directors on the recommendation of the 
Governance & Compensation Committee, it being specified that 
Advisory Board members are treated equivalently to Directors in 
this respect. The allocation determined by the Board of Directors 
takes account of Directors’ actual attendance at Board and 
committee meetings, and therefore comprises a predominantly 
variable component.
Annual compensation awarded to each Director is set in 
accordance with the rules indicated below:
(i)	
two units for each Director or Advisory Board member; 
(ii)	
one additional unit for serving as a committee member; 
(iii)	
two additional units for serving as both a committee 
member and a committee Chairman; 
(iv)	
two additional units for serving as Chairman of the 
Company’s Board of Directors; 
with the understanding that the amount corresponding to one 
unit is obtained by dividing the sum allotted at the Shareholders’ 
Meeting by the total number of units to be distributed.
The settlement of a portion of the compensation allocated to 
Directors and Advisory Board members is contingent upon 
their attendance at meetings of the Board of Directors and any 
committees on which they serve. A reduction in the amount to 
be paid is applied to two‑thirds of the compensation described 
under (i) above, proportional to the number of Board meetings 
the Director in question does not attend. In addition, for 
committee members, a reduction in the amount to be paid is 
applied to the additional compensation described under (ii) and 
(iii) above, proportional to the number of committee meetings 
the Director in question does not attend.
The Governance & Compensation Committee is kept informed 
of the amount of compensation for serving as a Director paid to 
senior executive officers of the Company by Group subsidiaries in 
respect of their term(s) of office as a Director at these subsidiaries.
No fixed or variable compensation other than that stated 
hereinabove may be paid by the Company to non‑senior‑executive 
company officers in respect of their appointment.
Exceptional compensation
Exceptional compensation may be awarded by the Board of 
Directors to certain Directors, with respect to specific missions 
with which they have been entrusted. The amount shall be 
determined by the Board of Directors and reported to the 
Company’s Statutory Auditors.
No fixed or variable compensation other than that stated 
hereinabove may be paid by the Company to non‑senior‑executive 
company officers in respect of their appointment.
Employment contracts or service agreements 
entered into with the Company
No employment contract or service agreement may be entered 
into by the Company with non‑senior‑executive company 
officers. Compensation for those among them holding duties 
within companies controlled by the Company is paid by the 
relevant companies.
Severance benefits
Under his employment contract with a controlled company, 
Nicolas Bazire is covered by a non‑compete clause entitling him 
to receive monthly compensation over a period of 12 months 
after his departure equal to his monthly compensation as of the 
date his employment contract ends, plus one‑twelfth of the last 
bonus he received.
Obligations under company pension and provident 
insurance plans
In return for their duties at controlled companies, non‑senior-
executive company officers qualify for the mandatory company 
provident insurance plan and statutory basic and supplementary 
pension plans applicable to these companies’ employees.

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Compensation of company officers
Supplementary pension plan
As from January 1, 1997, LVMH SE set up a supplementary 
pension plan for members of the LVMH group’s Executive 
Committee. The plan’s potential recipients included certain non-
senior-executive company officers of Christian Dior by virtue of 
their status as members of the Executive Committee. Pursuant 
to the Order of July 3, 2019, this supplementary pension plan 
has been closed, and the rights frozen as of December 31, 2019.
This plan provides for the payment of a supplementary pension 
to its members who were employees or senior executives of 
companies covered by the supplementary pension plan rules and 
who had, as of December 31, 2019, been members of the LVMH 
group’s Executive Committee for at least six years, provided they 
begin to draw any pensions built up under external pension 
plans immediately upon ceasing to hold office within the 
LVMH group. However, this condition shall not apply to 
members who leave the LVMH group at its request after the age 
of 55, as long as they do not take up any other professional activity 
until such time as they have begun to draw external pensions.
This supplementary pension is determined on the basis of a 
reference amount of compensation, which is equal to gross 
annual base pay plus the gross annual bonus received by the 
recipient from January 1, 2019 to December 31, 2019. In any 
event, the reference amount of compensation may not exceed 
the average of the three highest amounts of annual compensation 
received during the course of their career with the LVMH 
group, capped at 35 times the annual social security ceiling for 
2019 (i.e. 1,418,340 euros as of December 31, 2019). The annual 
supplementary pension benefit is equal to the difference between 
60% of the aforementioned reference amount of compensation, 
capped if applicable, and all gross annuity payments received 
under external pension plans, as defined in the rules. In any 
event, the amount of this supplementary pension is limited to 
a maximum of 51% of the reference amount of compensation. 
Furthermore, a discount is applied to this amount based on the 
recipient’s age on December 31, 2019.
2.1.2  Senior executive officers
Compensation and benefits awarded to senior executive officers 
mainly reflect the degree of responsibility attached to their 
roles, their individual performance and the Group’s results, 
and the achievement of targets. They also take into account 
compensation paid by companies of a similar size, industry 
sector and international presence.
Compensation payable to senior executive officers is determined 
with reference to the principles laid down in the AFEP/MEDEF 
Code.
This compensation is broken down as follows:
Annual fixed/variable compensation
The Chairman of the Board of Directors waived his entitlement 
to fixed or variable compensation from Christian Dior SE in 
2022. The Chief Executive Officer’s gross annual compensation is 
comprised of fixed compensation, with no variable component; 
it has been decided to keep this compensation stable.
Award of share options and bonus shares
The granting of options to purchase or subscribe for shares as 
well as the granting of bonus share awards are means to reward 
and retain the Group’s employees and senior executive officers 
who contribute most directly to the results of its operations by 
allowing them to share in the Group’s future performance.
No option plan has been set up by the Company since the 
May 14, 2009 plan, which carried performance conditions and 
expired on May 13, 2019.
If any new stock option plans were to be set up by the Board of 
Directors, both the Chairman of the Board of Directors and the 
Chief Executive Officer would be eligible for these plans, the 
vesting of options would be subject to continued service and 
performance conditions, and a specific holding requirement 
would apply to the options exercised by the Chairman of the 
Board of Directors and the Chief Executive Officer, under terms 
to be determined by the Board, until the end of their respective 
terms of office.
The Chairman of the Board of Directors and the Chief Executive 
Officer are eligible for the bonus share plans set up by the Board 
of Directors for the Group’s managers and senior executives.
No bonus share plans have been set up by the Company since 
the December 6, 2016 plan, which expired on December 6, 2019.
If new bonus share plans were set up by the Board of Directors, 
the Chairman of the Board of Directors and the Chief Executive 
Officer would be eligible for such plans. However, they may only 
be granted bonus share awards that vest subject to performance 
conditions as determined by the Board of Directors based on 
a proposal submitted by the Governance & Compensation 
Committee. In the event of the vesting of their shares, they 
would be subject to a specific holding requirement. They must 
retain possession, in registered form and until the end of their 
respective terms of office, of a number of shares, under terms to 
be determined by the Board.
In the resolutions put to the vote at the Shareholders’ Meeting, 
the Board of Directors decided not to include a specific cap 
on the allocation of options or bonus performance shares to 
senior executive officers, considering that the Governance & 
Compensation Committee – which consists mostly of Independent 
Directors according to the criteria applied by the Company and 
is tasked with making proposals on the granting of options or 
bonus performance shares to senior executives – ensures an 
adequate degree of control over allocation policy.

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Compensation of company officers
The Charter of the Board of Directors prohibits senior executive 
officers from engaging in any hedging transactions on their 
share subscription or purchase options, shares acquired from the 
exercise of options, or performance shares; this restriction shall 
apply until the end of their respective holding periods set by the 
Board of Directors.
Benefits in kind
Christian Dior SE does not award any benefits in kind to the 
Chairman of the Board of Directors or the Chief Executive 
Officer.
Compensation for serving as a company officer
Like the other members of the Board of Directors, the Chairman 
of the Board of Directors and Chief Executive Officer receive 
compensation for serving as a Director in accordance with the 
rules for the allocation of this compensation presented in §2.1.1 
“Compensation for serving as a company officer”.
Employment contracts or service agreements 
entered into with the Company
No employment contract or service agreement may be entered 
into by the Company with its senior executive officers.
Severance benefits
Neither the Chairman of the Board of Directors nor the Chief 
Executive Officer benefit from provisions granting them specific 
compensation upon leaving the Company.
Obligations under company pension and provident 
insurance plans
In return for their duties at controlled companies, senior 
executive officers qualify for the mandatory company provident 
insurance plan and statutory basic and supplementary pension 
plans applicable to employees at the companies concerned. The 
Chief Executive Officer also benefits from these plans by virtue 
of his appointment as a company officer at Christian Dior SE.
Supplementary pension plan
On January 1, 1997, LVMH SE set up a supplementary pension 
plan for members of the LVMH group’s Executive Committee. 
Pursuant to the Order of July 3, 2019, this supplementary pension 
plan has been closed, and the rights frozen as of December 31, 
2019.
This plan provides for the payment of a supplementary pension 
to its members who were employees or senior executives of 
companies covered by the supplementary pension plan rules 
and who had, as of December 31, 2019, been members of the 
committee for at least six years, provided they begin to draw 
any pensions built up under external pension plans immediately 
upon ceasing to hold office within the LVMH group. However, 
this condition shall not apply to members who leave the LVMH 
group at its request after the age of 55, as long as they do not take 
up any other professional activity until such time as they have 
begun to draw external pensions.
This supplementary pension is determined on the basis of a 
reference amount of compensation, which is equal to gross 
annual base pay plus the gross annual bonus received by the 
recipient from January 1, 2019 to December 31, 2019. In any 
event, the reference amount of compensation may not exceed 
the average of the three highest amounts of annual compensation 
received during the course of their career with the LVMH 
group, capped at 35 times the annual social security ceiling for 
2019 (i.e. 1,418,340 euros as of December 31, 2019). The annual 
supplementary pension benefit is equal to the difference between 
60% of the aforementioned reference amount of compensation, 
capped if applicable, and all gross annuity payments received 
under external pension plans, as defined in the rules. In any 
event, the amount of this supplementary pension is limited to 
a maximum of 51% of the reference amount of compensation. 
Furthermore, a discount is applied to this amount based on the 
recipient’s age on December 31, 2019.
Given the characteristics of the pension plan presented above and 
Bernard Arnault’s personal circumstances, in 2019 his potential 
supplementary pension no longer entitled him to the annual 
vesting of any additional rights, such that the Order of July 3, 
2019 had no impact on his potential supplementary pension. It 
remains subject to the arrangements presented above that LVMH 
put in place.
On the basis of compensation paid to the Chairman of the Board 
of Directors by the LVMH group in 2022, the supplementary 
pension under the aforementioned system would not exceed 45% 
of the amount of his last annual compensation.

Annual Report as of December 31, 2022
199
Board of Directors’ report on corporate governance
Compensation of company officers
2.2	
Compensation paid during fiscal year 2022 and compensation awarded 
in respect of fiscal year 2022
The Shareholders’ Meeting of April 21, 2022 approved, pursuant to the provisions of Article L. 22‑10‑8 II of the French Commercial 
Code, the compensation policy applicable to company officers.
The information provided hereinafter meets the requirements of the provisions of Article L. 22‑10‑9 I of the French Commercial Code.
2.2.1  Compensation paid during fiscal year 2022 and compensation awarded 
in respect of fiscal year 2022 to non‑senior‑executive company officers
2.2.1.1  Summary of compensation awarded and paid for service on the Board of Directors, other compensation 
and benefits in kind paid, and commitments given to non‑senior‑executive company officers
Compensation for serving as a Director (a)
Directors 
(EUR) 
Gross compensation awarded in respect 
of fiscal year 2022/paid in 2022
Gross compensation awarded in respect 
of fiscal year 2021/paid in 2021
Awarded
Paid
Awarded
Paid
By Christian 
Dior SE
By 
controlled 
companies
By Christian 
Dior SE (b)  
By 
controlled 
companies
By Christian 
Dior SE
By 
controlled 
companies
By Christian 
Dior SE (b) (c)  
By 
controlled 
companies
Delphine Arnault
9,848 
64,096 
9,848 
64,096 
9,848
57,346
6,893
57,346
Nicolas Bazire
19,695 
35,875 
19,695 
35,875 
19,695
32,500
8,559
32,500
Hélène Desmarais
19,695 
- 
19,695 
- 
19,695
-
13,787
-
Renaud Donnedieu de Vabres
14,772 
- 
14,772 
- 
14,772
-
10,340
-
Ségolène Gallienne
8,535 
- 
8,206 
- 
8,206
-
6,893
-
Christian de Labriffe
24,619 
- 
24,619 
- 
24,619
-
17,233
-
Maria Luisa Loro Piana
9,848 
- 
9,848 
- 
9,848
-
4,136
-
(a)	 Gross compensation awarded in respect of the Director’s term of office by the Company and companies controlled by it, as provided for in Article L. 22‑10‑9 of the French Commercial 
Code, and received by the company officer.
(b)	 Amount paid in respect of the prior fiscal year.
(c)	 After the 30% reduction decided on by the Board of Directors at its meeting on April 15, 2020.
In addition, the gross compensation paid in 2022 by the Company to the Advisory Board member in respect of his term of office (a) 
amounted to:
Advisory Board member
(EUR) 
Jaime de Marichalar y Sáenz de Tejada
9,848 
(a)	 Amount paid in respect of the prior fiscal year.
In respect of fiscal year 2022, Christian Dior SE paid a total gross amount of 141,151 euros to the members of its Board of Directors and 
the Advisory Board member.

200
Annual Report as of December 31, 2022
Board of Directors’ report on corporate governance
Compensation of company officers
Compensation, benefits in kind and commitments given to non‑senior‑executive company officers (a)
Delphine Arnault – Compensation, benefits in kind and commitments given (b)
Compensation (EUR) 
2022
2021
Amounts 
allocated
Amounts 
paid
Amounts
 allocated
Amounts 
paid
Fixed compensation
 
 
 
 
	
—
Christian Dior
-
-
 
 
	
—
Controlled companies
970,000
970,000
940,000
940,000
Variable compensation
 
 
 
 
	
—
Christian Dior
 
 
 
 
	
—
Controlled companies
910,000
880,000 (c) 
880,000
0 (d) 
Exceptional compensation
 
 
-
-
	
—
Christian Dior
 
 
 
 
	
—
Controlled companies
3,000,000 (e) 
1,500,000 (e) 
 
 
Benefits in kind (f)  
 
 
 
 
	
—
Christian Dior
 
 
 
 
	
—
Controlled companies
11,536
11,536
10,889
10,889
Total
4,891,536 
3,361,536 
1,830,889
950,889
(a)	 Gross compensation and/or fees and benefits in kind paid or borne by the Company and companies controlled by it, as provided for in Article L. 22‑10‑9 of the French Commercial 
Code, and received by the company officer.
(b)	 A breakdown of equity securities or securities giving access to the Company’s share capital allocated to company officers during the fiscal year is set out in §2.2.1.2 below.
(c)	 Amounts paid in respect of the prior fiscal year.
(d)	 No variable compensation in respect of fiscal year 2020.
(e)	 2019‑2021 medium‑term incentive plan (3 million euros paid out over two fiscal years: the financial component of 1.5 million euros paid out in March 2022 and the qualitative component 
of 1.5 million euros paid out in February 2023).
(f)	 Benefits in kind: Company car.
Nicolas Bazire – Compensation, benefits in kind and commitments given (b)
Compensation (EUR) 
2022
2021
Amounts 
allocated
Amounts 
paid
Amounts 
allocated
Amounts 
paid
Fixed compensation
 
 
 
 
	
—
Christian Dior
 
 
 
 
	
—
Controlled companies
1,235,000
1,235,000
1,235,000
1,235,000
Variable compensation
 
 
 
 
	—
Christian Dior
 
 
 
 
	—
Controlled companies
2,700,000
2,700,000 (c) 
2,700,000
0 (d)  
Exceptional compensation
- 
- 
-
-
	—
Christian Dior
 
 
 
 
	—
Controlled companies
 
 
 
 
Benefits in kind (e) (f) 
 
 
 
 
	—
Christian Dior
 
 
 
 
	—
Controlled companies
12,184
12,184
12,741
12,741
Total
3,947,184 
3,947,184 
3,947,741
1,247,741
(a)	 Gross compensation and/or fees and benefits in kind paid or borne by the Company and companies controlled by it, as provided for in Article L. 22‑10‑9 of the French Commercial 
Code, and received by the company officer.
(b)	 A breakdown of equity securities or securities giving access to the Company’s share capital allocated to company officers during the fiscal year is set out in §2.2.1.2 below.
(c)	 Amounts paid in respect of the prior fiscal year.
(d)	 No variable compensation in respect of fiscal year 2020.
(e)	 Benefits in kind: Company car.
(f)	 Other benefits: Supplementary pension, as described in §2.1.1.

Annual Report as of December 31, 2022
201
Board of Directors’ report on corporate governance
Compensation of company officers
Maria Luisa Loro Piana – Compensation, benefits in kind and commitments given (a)
Compensation (EUR) 
2022
2021
Amounts 
allocated
Amounts
 paid
Amounts
 allocated
Amounts 
paid
Fixed compensation
 
 
 
 
	—
Christian Dior
-
-
-
-
	—
Controlled companies
 
 
458,000
458,000
Variable compensation
- 
- 
-
-
	—
Christian Dior
 
 
 
 
	—
Controlled companies
 
 
 
 
Exceptional compensation
- 
- 
-
-
	—
Christian Dior
 
 
 
 
	—
Controlled companies
 
 
 
 
Benefits in kind
- 
- 
-
-
	—
Christian Dior
 
 
 
 
	—
Controlled companies
 
 
 
 
Total
- 
- 
458,000
458,000
(a)	 Gross compensation and/or fees and benefits in kind paid or borne by the Company and companies controlled by it, as provided for in Article L. 22‑10‑9 of the French Commercial 
Code, and received by the company officer. No compensation was paid or awarded either during or in respect of fiscal year 2022.
2.2.1.2  Options granted to and options exercised by non‑senior‑executive company officers of the Company
No new option plans were set up in 2022, and no option plans were in force in 2022.
2.2.1.3  Performance shares allocated to non‑senior‑executive company officers of the Company 
during the fiscal year
Shares provisionally allocated to non‑senior‑executive company officers of the Company during the fiscal year
Recipients
Company 
having allocated 
the shares
Plan date
Number of 
performance 
shares
Delphine Arnault
LVMH
10/27/2022
1,696
Nicolas Bazire
LVMH
10/27/2022
3,231
Shares vested to non‑senior‑executive company officers of the Company during the fiscal year
Recipients
Company 
having allocated 
the shares
Plan date
Number of 
performance 
shares
Delphine Arnault
LVMH
10/24/2019
1,500
Nicolas Bazire
LVMH
10/24/2019
2,858

202
Annual Report as of December 31, 2022
Board of Directors’ report on corporate governance
Compensation of company officers
2.2.2  Compensation paid during fiscal year 2022 and compensation awarded
in respect of fiscal year 2022 to senior executive officers
2.2.2.1  Summary of compensation, options and bonus shares granted to senior executive officers (a)
Bernard Arnault – Chairman of the Board of Directors
(EUR) 
2022
2021
Compensation awarded in respect of the fiscal year (cf. §2.2.2.2) (b)  
3,472,081 
3,459,546
Valuation of options awarded during the fiscal year
- 
-
Valuation of bonus performance shares provisionally allocated during the fiscal year (c)  
4,483,107 
4,482,818
Sidney Toledano – Chief Executive Officer (d)
 (stepped down December 8, 2022)
(EUR) 
2022
2021
Compensation awarded in respect of the fiscal year (cf. §2.2.2.2)
7,345,149 
3,307,751
Valuation of options awarded during the fiscal year
- 
-
Valuation of bonus performance shares provisionally allocated during the fiscal year (c)  
1,506,469 
1,506,130
Antoine Arnault – Chief Executive Officer (e) 
(took up office December 8, 2022)
(EUR) 
2022
2021
Compensation awarded in respect of the fiscal year (cf. §2.2.2.2)
1,335,913 
1,253,740
Valuation of options awarded during the fiscal year
- 
-
Valuation of bonus performance shares provisionally allocated during the fiscal year (c)  
301,669 
301,099
(a)	 Gross compensation and benefits in kind paid or borne by the Company and companies controlled by it, as provided for in Article L. 22‑10‑9 of the French Commercial Code.
(b)	 Compensation due or paid by the LVMH group, with no compensation being due or paid by Christian Dior.
(c)	 A breakdown of equity securities or securities giving access to the Company’s share capital allocated to senior executive officers during the fiscal year is set out in §2.2.2.5 below 
(see also §3.4 in the “Management Report of the Board of Directors: Christian Dior parent company” section).
(d)	 Resignation effective December 8, 2022.
(e)	 Appointment effective December 8, 2022.

Annual Report as of December 31, 2022
203
Board of Directors’ report on corporate governance
Compensation of company officers
2.2.2.2  Summary of compensation paid to each senior executive officer (a)
Christian Dior SE did not pay any fixed or variable compensation to Bernard Arnault in respect of fiscal year 2022. The amounts 
of fixed and variable compensation listed below correspond solely to compensation due or paid to him by the LVMH group.
Bernard Arnault – Chairman of the Board of Directors
Compensation (EUR) 
2022
2021
Amounts 
allocated
Amounts 
paid
Amounts 
allocated
Amounts 
paid
Fixed compensation (b)  
 
 
 
 
	—
Christian Dior
-
-
-
-
	—
Controlled companies
1,138,307
1,138,307
1,138,307
1,138,307
Variable compensation (b)  
 
 
 
 
	—
Christian Dior
-
-
-
-
	—
Controlled companies
2,200,000 (c)  
2,200,000 (d) 
2,200,000
0 (e) 
Exceptional compensation
- 
- 
-
-
	—
Christian Dior
 
 
 
 
	—
Controlled companies
 
 
 
 
Compensation for serving as a Director (f)  
92,068 
90,755 
80,630
76,691
	—
Christian Dior
14,443
13,130
13,130
9,191 (g)  
	—
Controlled companies
77,625
77,625
67,500
67,500
Benefits in kind (h)  
 
 
 
 
	—
Christian Dior
-
-
-
-
	—
Controlled companies
41,706
41,706
40,609
40,609
Total
3,472,081 
3,470,768 
3,459,546
1,255,607
(a)	 Gross compensation and benefits in kind paid or borne by the Company and companies controlled by it, as provided for in Article L. 22‑10‑9 of the French Commercial Code.
(b)	 Compensation due or paid by the LVMH group, with no compensation being due or paid by Christian Dior.
(c)	 Subject to approval at the LVMH Shareholders’ Meeting of April 20, 2023.
(d)	 Amount approved at the LVMH Shareholders’ Meeting of April 21, 2022 and paid by LVMH in respect of the previous fiscal year.
(e)	 No variable compensation in respect of fiscal year 2020.
(f)	 The rules for awarding compensation for serving as a Director at the Company are presented in §2.1.1 above.
(g)	 After the 30% reduction decided on by the Board of Directors at its meeting on April 15, 2020. Amount paid in respect of the prior fiscal year.
(h)	 Company car.

204
Annual Report as of December 31, 2022
Board of Directors’ report on corporate governance
Compensation of company officers
Sidney Toledano – Chief Executive Officer
Compensation (EUR) 
2022
2021
Amounts 
allocated
Amounts 
paid
Amounts 
allocated
Amounts 
paid
Fixed compensation
1,287,879 
1,287,879 
1,300,000
1,300,000
	—
Christian Dior
187,879 (b) 
187,879 (b) 
200,000
200,000
	—
Controlled companies
1,100,000
1,100,000
1,100,000
1,100,000
Variable compensation
 
 
 
 
	
—
Christian Dior
 
-
-
-
	
—
Controlled companies
1,950,000
3,900,000 (c) 
1,950,000
0 (d) 
Exceptional compensation
 
 
 
 
	
—
Christian Dior
 
 
 
 
	
—
Controlled companies
4,050,000
4,050,000
-
-
Compensation for serving as a Director (e)  
48,573 
49,194 
49,194
46,239
	
—
Christian Dior
9,227
9,848
9,848
6,893 (f)  
	
—
Controlled companies
39,346
39,346
39,346
39,346
Benefits in kind (g)  
 
 
 
 
	
—
Christian Dior
-
-
-
-
	
—
Controlled companies
8,697
8,697
8,557
8,557
Total
7,345,149 
9,295,770 
3,307,751
1,354,796
(a)	 Gross compensation and benefits in kind paid or borne by the Company and companies controlled by it, as provided for in Article L. 22‑10‑9 of the French Commercial Code.
(b)	 Gross annual fixed compensation of 200,000 euros pro rata.
(c)	 Annual variable compensation paid in 2022 in respect of fiscal years 2021 and 2022.
(d)	 No variable compensation in respect of fiscal year 2020.
(e)	 The rules for awarding compensation for serving as a Director at the Company are presented in §2.1.1 above.
(f)	 After the 30% reduction decided on by the Board of Directors at its meeting on April 15, 2020. Amount paid in respect of the prior fiscal year.
(g)	 Company car.
Antoine Arnault – Chief Executive Officer
Compensation (EUR) 
2022
2021
Amounts 
allocated
Amounts
 paid
Amounts 
allocated
Amounts 
paid
Fixed compensation
827,121 
827,121 
 
 
	
—
Christian Dior
12,121 (b) 
12,121 (b) 
-
-
	
—
Controlled companies
815,000
815,000
800,000
800,000
Variable compensation
 
 
 
 
	—
Christian Dior
-
-
 
 
	—
Controlled companies
325,000
300,000 (c) 
300,000
0 (d) 
Exceptional compensation
 
 
 
 
	—
Christian Dior
 
 
 
 
	—
Controlled companies
125,000
100,000 (c) 
100,000
-
Compensation for serving as a Director (e)  
36,496 
35,875 
 
 
	—
Christian Dior
621
-
-
-
	—
Controlled companies
35,875
35,875
32,500
32,500
Benefits in kind (f)  
 
 
 
 
	—
Christian Dior
-
-
-
-
	—
Controlled companies
22,296
22,296
21,240
21,240
Total
1,335,913 
1,285,292 
1,253,740
853,740
(a)	 Gross compensation and benefits in kind paid or borne by the Company and companies controlled by it, as provided for in Article L. 22‑10‑9 of the French Commercial Code.
(b)	 Gross annual fixed compensation of 200,000 euros pro rata.
(c)	 Amounts paid in respect of the prior fiscal year.
(d)	 No variable compensation in respect of fiscal year 2020.
(e)	 The rules for awarding compensation for serving as a Director at the Company are presented in §2.1.1 above.
(f)	 Company car.

Annual Report as of December 31, 2022
205
Board of Directors’ report on corporate governance
Compensation of company officers
The variable portion of compensation paid to senior executive 
officers is based on the achievement of both quantifiable and 
qualitative targets. The variable portion of annual compensation 
paid to the Chairman of the Board of Directors is paid by the 
LVMH group; quantifiable and qualitative targets are weighted 
at 60% and 40%, respectively, for the purposes of determining 
variable compensation.
2.2.2.3  Pay ratios
As Christian Dior SE does not have any employees, it is not subject to the obligations resulting from 6° and 7° of Article L. 22‑10‑9 of 
French Commercial Code.
2.2.2.4  Employment contracts, specific pensions, severance benefits and non‑compete clauses 
for senior executive officers
Senior executive officers
Employment contract
Supplementary 
pension plan
Bonuses or benefits due or 
likely to become due upon 
ceasing or changing duties
Compensation under a 
non‑compete clause
Yes
No
Yes
No
Yes
No
Yes
No
Bernard Arnault
Chairman of the Board of Directors
 
3
3
 
 
3
 
3
Sidney Toledano
Chief Executive Officer
3 (a)  
 
 
3
 
3
3 (a)  
 
Antoine Arnault Chief 
Chief Executive Officer
3 (b) 
 
 
3
 
3
 
3
(a)	 Non‑compete clause, for a period of 12 months, included in Sidney Toledano’s employment contract with LVMH SE, providing for the monthly payment during its application of 
compensation equal to his monthly average gross salary over the 12 months preceding the effective termination of his employment contract.
(b)	 Employment contract with a controlled company.
LVMH SE has set up a defined‑benefit pension plan, in 
accordance with the provisions of Article L. 137‑11 of the French 
Social Security Code, for senior executives, the characteristics of 
which are described in §2.1.2 of this report.
The impact of the plan in fiscal year 2022 is included in the 
amount shown for post‑employment benefits under Note 33.4 to 
the consolidated financial statements.
2.2.2.5  Options granted to and options exercised by senior executive officers
No new option plans were set up in 2022, and no plans were in force in 2022.
See also §3.1 in the “Management Report of the Board of Directors: Christian Dior parent company” section for the holding arrangements 
for senior executive officers’ shares resulting from the exercise of their options for plans set up since 2007.

206
Annual Report as of December 31, 2022
Board of Directors’ report on corporate governance
Compensation of company officers
2.2.2.6  Shares allocated to senior executive officers during the fiscal year
See also §3.3 in the “Management Report of the Board of Directors: Christian Dior parent company” section for the allocation and 
holding arrangements.
Shares provisionally allocated to senior executive officers of the Company during the fiscal year
Recipients
Company 
having allocated 
the shares
Date of 
Shareholders’ 
Meeting
Plan date
Number of 
performance 
shares
% of share 
capital as of 
12/31/2022
Valuation of 
shares (EUR) 
Bernard Arnault
LVMH
04/21/2022
10/27/2022
7,163
0.0014
4,483,107
Antoine Arnault
LVMH
04/21/2022
10/27/2022
482
0.0001
301,669
Sidney Toledano
LVMH
04/21/2022
10/27/2022
2,407
0.0005
1,506,469
Shares vested to senior executive officers of the Company
Recipients
Company 
having allocated 
the shares
Plan date
Number of 
bonus shares
Number of 
performance 
shares
Bernard Arnault
LVMH
10/24/2019
-
6,337
Antoine Arnault
LVMH
10/24/2019
-
425
Sidney Toledano
LVMH
10/24/2019
-
2,129
2.2.2.7  Prior allocations of options
2.2.2.7.1  Share subscription option plans
No share subscription option plans were in effect in 2022.
2.2.2.7.2  Share purchase option plans
No option plans have been set up by the Company since 
the May 14, 2009 share purchase option plan, which carried 
performance conditions and expired on May 13, 2019.
No share purchase option plans were in effect as of December 31, 
2022.
For the plans set up since 2007, the Chairman of the Board of 
Directors and the Chief Executive Officer, if they are recipients 
of such options, must retain possession, in registered form, of 
a number of shares resulting from the exercise of their options 
representing a sliding percentage of between 50% and 30% 
(according to the date at which the options were exercised) of the 
notional capital gain, net of tax and social security contributions 
(determined on the basis of the closing share price on the day 
before the exercise date), until the total value of the shares held 
exceeds twice the gross amount of their most recently disclosed 
fixed and variable compensation as of the date the options are 
exercised. This holding requirement ends upon termination of 
the recipient’s duties at Christian Dior; given the change of Chief 
Executive Officer in 2022, this means this provision now applies 
only to the Chairman of the Board of Directors.
2.2.2.8  Bonus share and performance share 
plans set up in previous years
No bonus share plans have been set up by the Company since 
the December 6, 2016 plan, which expired on December 6, 2019.
No bonus share plans were in effect as of December 31, 2022.
For plans set up since 2010, if their shares vest, the Chairman 
of the Board of Directors and the Chief Executive Officer, 
recipients of such shares, must retain possession, in registered 
form, of a number of shares corresponding to one‑half of the 
notional capital gain, net of tax and social security contributions, 
calculated at the vesting date of those shares (determined on the 
basis of the opening share price on the vesting date for plans set 
up before 2013, and on the basis of the closing share price on 
the day before the vesting date for plans set up since 2013). This 
holding requirement ends upon termination of the recipient’s 
duties at Christian Dior; given the change of Chief Executive 
Officer in 2022, this means this provision now applies only to 
the Chairman of the Board of Directors.

Annual Report as of December 31, 2022
207
Board of Directors’ report on corporate governance

Summary of transactions in Christian Dior securities during the 2021 fiscal year by company officers and closely related person
2.3	
Presentation of the draft resolutions concerning the compensation 
of company officers
2.3.1  Compensation paid during fiscal year 2022 and compensation awarded 
in respect of fiscal year 2022
2.3.1.1  Company officers
Pursuant to Article L. 22‑10‑34 I and II of the French Commercial 
Code, at the Shareholders’ Meeting of April 20, 2023, the 
shareholders will be asked to approve the disclosures relating 
to the compensation of company officers required by Article 
L. 22‑10‑9 I of the French Commercial Code, as presented in 
§2.2 above (ninth resolution).
2.3.1.2  Senior executive officers
Pursuant to Article L. 22‑10‑34 I and II of the French Commercial 
Code, at the Shareholders’ Meeting of April 20, 2023, the 
shareholders will be asked to approve the disclosures required 
under Article L. 22‑10‑9 I of said Code as well as the components 
of the total compensation and any benefits in kind paid during 
the fiscal year ended December 31, 2022 or awarded in respect of 
said fiscal year to Bernard Arnault, as Chairman of the Board; to 
Sidney Toledano, whose term as Chief Executive Officer ended 
on December 8, 2022; and to Antoine Arnault, whose term as 
Chief Executive Officer began on December 8, 2022, it being 
specified that (i) no fixed, variable or exceptional compensation, 
other than that paid or awarded in respect of his term of office, 
was paid or awarded to Bernard Arnault in his capacity as 
Chairman of the Board of Directors of Christian Dior SE during 
or in respect of fiscal year 2022; and (ii) no variable or exceptional 
compensation was paid or awarded to Sidney Toledano or 
Antoine Arnault in their capacity as Chief Executive Officer 
of Christian Dior SE during or in respect of fiscal year 2022 
(tenth to twelfth resolutions).
Summary of compensation paid to each senior executive officer
With the exception of compensation for serving as a Director, Christian Dior SE did not pay any fixed or variable compensation to 
Bernard Arnault in respect of fiscal year 2022.
Bernard Arnault
Items of compensation 
(EUR) 
Gross amount 
awarded in respect 
of fiscal year 2022
Gross amount 
paid during fiscal 
year 2022
Remarks
Fixed compensation
-
-
None
Variable compensation
-
-
None
Medium‑term incentive plan
-
-
None
Exceptional compensation
-
-
None
Bonus performance shares
-
-
None
Compensation for serving as a Director
14,443
13,130 (a) 
 
Benefits in kind
-
-
None
Severance pay
-
-
None
Non‑compete payment
-
-
None
Supplementary pension plan
-
-
None (b) 
(a)	 Amount paid in respect of the prior fiscal year.
(b)	 Supplementary pension at LVMH, as a member of its Executive Committee.

208
Annual Report as of December 31, 2022
Board of Directors’ report on corporate governance
Compensation of company officers
Sidney Toledano
Items of compensation 
(EUR) 
Gross amount 
awarded in respect 
of fiscal year 2022
Gross amount
paid during fiscal 
year 2022
Remarks
Fixed compensation
187,879 (a) 
187,879 (a) 
It was decided to keep fixed 
compensation stable.
Variable compensation
-
-
None
Medium‑term incentive plan
-
-
None
Exceptional compensation
-
-
None
Bonus performance shares
-
-
None
Compensation for serving as a Director
9,227
9,848 (b) 
 
Benefits in kind
-
-
None
Severance pay
-
-
None
Non‑compete payment
-
-
None (c) 
Supplementary pension plan
-
-
None
(a)	 Gross annual fixed compensation of 200,000 euros pro rata.
(b)	 Amount paid in respect of the prior fiscal year.
(c)	 Employment contract with LVMH SE as Chairman of its Fashion Group: non‑compete clause providing for the payment, for a period of 12 months, of compensation equal to his monthly 
average gross salary over the 12 months preceding the effective termination of his employment contract.
Antoine Arnault
Items of compensation 
(EUR) 
Gross amount 
awarded in respect 
of fiscal year 2022
Gross amount 
paid during fiscal 
year 2022
Remarks
Fixed compensation
12,121 (a) 
12,121 (a) 
The Governance & Compensation 
Committee observed that the gross 
annual fixed compensation does not 
entail any change to compensation 
policy in respect of 2022.
Variable compensation
-
-
None
Medium‑term incentive plan
-
-
None
Exceptional compensation
-
-
None
Bonus performance shares
-
-
None
Compensation for serving as a Director
621
-
 
Benefits in kind
-
-
None
Severance pay
-
-
None
Non‑compete payment
-
-
None
Supplementary pension plan
-
-
None
(a)	 Gross annual fixed compensation of 200,000 euros pro rata.

Annual Report as of December 31, 2022
209
Board of Directors’ report on corporate governance

Summary of transactions in Christian Dior securities during the 2022 fiscal year by company officers and closely related persons
2.3.2  Vote on the compensation policy
In accordance with Article L. 22‑10‑8 II of the French Commercial 
Code, at the Shareholders’ Meeting of April 20, 2023, the 
shareholders will be asked to approve the compensation policy 
for Directors (thirteenth resolution), as well as that for senior 
executive officers (fourteenth and fifteenth resolutions).
These compensation policies approved by the Board of Directors 
at its meeting on January 26, 2023, on the recommendation 
of the Governance & Compensation Committee, are set out 
in §2.1 above of the Board of Directors’ report on corporate 
governance. No compensation of any type whatsoever may 
be calculated, awarded or paid unless it complies with the 
compensation policy approved or, where there is no such 
policy, with the compensation or practices set forth in Article 
L. 22‑10‑8 II of the French Commercial Code.
In accordance with the second paragraph of Article L. 22‑10‑8 III 
of the French Commercial Code, the Board of Directors may in 
exceptional circumstances depart from the compensation policy 
under the conditions described in §2 above.
3.	
Summary of transactions in Christian Dior securities during the 2022 
fiscal year by company officers and closely related persons (as defined 
in Article L. 621‑18‑2 of the French Monetary and Financial Code)
To the best of the Company’s knowledge, no transactions were effected in the 2022 fiscal year in the shares, debt securities or financial 
instruments of the Company by company officers or closely related persons, as defined in Article L. 621‑18‑2 of the French Monetary 
and Financial Code.

210
Annual Report as of December 31, 2022

Annual Report as of December 31, 2022
211
Consolidated financial statements
1.	
Consolidated income statement
212
2.	
Consolidated statement of comprehensive gains and losses
213
3.	
Consolidated balance sheet
214
4.	
Consolidated statement of changes in equity
215
5.	
Consolidated cash flow statement
216
6.	
Notes to the consolidated financial statements
217
7.	
Consolidated companies
277
8.	
Companies not included in the scope of consolidation
286
9.	
Statutory Auditors’ report on the consolidated financial statements
287
As table totals are based on unrounded figures, there may be discrepancies 
between these totals and the sum of their rounded component figures.

212
Annual Report as of December 31, 2022
Consolidated financial statements
Consolidated income statement
1.	
Consolidated income statement
(EUR millions, except for earnings per share) 
Notes 
2022
2021
2020
Revenue
24‑25 
79,184 
64,215
44,651
Cost of sales
 
(24,988) 
(20,355)
(15,871)
Gross margin
 
54,196 
43,860
28,780
Marketing and selling expenses
 
(28,150) 
(22,306)
(16,790)
General and administrative expenses
 
(5,033) 
(4,427)
(3,648)
Income/(Loss) from joint ventures and associates
8 
37 
13
(42)
Profit from recurring operations
24‑25 
21,050 
17,139
8,300
Other operating income and expenses
26 
(54) 
4
(333)
Operating profit
 
20,996 
17,143
7,967
Cost of net financial debt
 
(15) 
40
(38)
Interest on lease liabilities
 
(254) 
(242)
(281)
Other financial income and expenses
 
(632) 
254
(292)
Net financial income/(expense)
27 
(901) 
52
(611)
Income taxes
28 
(5,393) 
(4,531)
(2,385)
Net profit before minority interests
 
14,702 
12,664
4,970
Minority interests
18 
8,905 
7,718
3,037
Net profit, Group share
 
5,797 
4,946
1,933
Basic Group share of net earnings per share (EUR) 
29 
32.13 
27.41
10.72
Number of shares on which the calculation is based
 
180,410,580 
180,410,580
180,410,580
Diluted Group share of net earnings per share (EUR) 
29 
32.11 
27.40
10.70
Number of shares on which the calculation is based
 
180,410,580 
180,410,580
180,410,580

Annual Report as of December 31, 2022
213
Consolidated financial statements
Consolidated statement of comprehensive gains and losses
2.	
Consolidated statement of comprehensive gains and losses
(EUR millions) 
Notes 
2022
2021
2020
Net profit before minority interests
 
14,702 
12,664
4,970
Translation adjustments
 
1,311 
2,178
(1,645)
Amounts transferred to income statement
 
(32) 
(4)
(11)
Tax impact
 
(4) 
17
(10)
 
16.5, 18 
1,275 
2,191
(1,666)
Change in value of hedges of future foreign currency cash flows (a) 
 
28 
281
73
Amounts transferred to income statement
 
290 
(303)
(123)
Tax impact
 
(73) 
127
(112)
 
 
245 
105
(162)
Change in value of the ineffective portion of hedging instruments
 
(309) 
(375)
(209)
Amounts transferred to income statement
 
340 
237
232
Tax impact
 
(11) 
33
(9)
 
 
21 
(105)
14
Gains and losses recognized in equity, transferable to income statement
 
1,542 
2,191
(1,814)
Change in value of vineyard land
6 
(72) 
52
(3)
Amounts transferred to consolidated reserves
 
- 
-
-
Tax impact
 
18 
(12)
3
 
 
(53) 
40
-
Employee benefit obligations: 
Change in value resulting from actuarial gains and losses
 
301 
251
(20)
Tax impact
 
(77) 
(58)
6
 
 
223 
193
(14)
Gains and losses recognized in equity, not transferable to income statement
 
170 
233
(14)
Total gains and losses recognized in equity
 
1,712 
2,423
(1,829)
Comprehensive income
 
16,414 
15,087
3,141
Minority interests
 
9,941 
9,180
1,926
Comprehensive income, Group share
 
6,473 
5,907
1,215
(a)	 In 2021, this amount included 477 million euros relating to foreign exchange hedges implemented in anticipation of the acquisition of Tiffany shares and included in the value of the 
investment; see Note 2.2.

214
Annual Report as of December 31, 2022
Consolidated financial statements
Consolidated balance sheet
3.	
Consolidated balance sheet
Assets
(EUR millions) 
Notes 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Brands and other intangible assets
3 
24,565 
23,684
16,143
Goodwill
4 
23,250 
24,371
14,508
Property, plant and equipment
6 
22,414 
19,543
17,575
Right‑of‑use assets
7 
14,609 
13,699
12,515
Investments in joint ventures and associates
8 
1,066 
1,084
990
Non‑current available for sale financial assets
9 
1,109 
1,363
739
Other non‑current assets
10 
1,187 
1,054
845
Deferred tax
28 
3,661 
3,156
2,325
Non‑current assets
 
91,861 
87,954
65,640
Inventories and work in progress
11 
20,319 
16,549
13,016
Trade accounts receivable
12 
4,258 
3,787
2,756
Income taxes
 
375 
338
401
Other current assets
13 
7,550 
5,606
3,846
Cash and cash equivalents
15 
7,588 
8,122
20,358
Current assets
 
40,090 
34,402
40,377
Total assets
 
131,951 
122,356
106,017
Liabilities and equity
(EUR millions) 
Notes 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Equity, Group share
16.1 
19,038 
15,372
11,270
Minority interests
18 
35,276 
30,995
24,974
Equity
 
54,314 
46,367
36,244
Long‑term borrowings
19 
10,380 
12,165
14,065
Non‑current lease liabilities
7 
12,776 
11,887
10,665
Non‑current provisions and other liabilities
20 
3,866 
3,945
3,288
Deferred tax
28 
6,553 
6,302
5,079
Purchase commitments for minority interests’ shares
21 
12,489 
13,677
10,991
Non‑current liabilities
 
46,064 
47,976
44,088
Short‑term borrowings
19 
9,375 
8,091
11,005
Current lease liabilities
7 
2,632 
2,387
2,163
Trade accounts payable
22.1 
8,788 
7,086
5,098
Income taxes
 
1,224 
1,275
721
Current provisions and other liabilities
22.2 
9,554 
9,174
6,698
Current liabilities
 
31,573 
28,013
25,685
Total liabilities and equity
 
131,951 
122,356
106,017

Annual Report as of December 31, 2022
215
Consolidated financial statements
Consolidated statement of changes in equity
4.	
Consolidated statement of changes in equity
(EUR millions) 
Number 
of shares
Share 
capital
Share 
premium 
account
Christian 
Dior 
treasury 
shares
Cumulative 
translation 
adjustment
Revaluation reserves
Net profit 
and other 
reserves
Total equity
Available 
for sale 
financial 
assets 
Hedges 
of future 
foreign 
currency 
cash flows 
and cost of 
hedging
Vineyard 
land
Employee 
benefit 
commit­
ments
Group 
share
Minority 
interests
Total
Notes 
 
16.1
16.1
16.3
16.5
 
 
 
 
 
 
18
 
As of December 31, 2019 
180,507,516
361
194
(17)
362
-
(43)
471
(81)
9,632
10,880
24,837
35,717 
Gains and losses 
recognized in equity 
 
 
 
 
(640)
-
(73)
-
(5)
-
(718)
(1,111)
(1,829) 
Net profit 
 
 
 
 
 
 
 
 
 
1,933
1,933
3,037
4,970 
Comprehensive income 
 
-
-
-
(640)
-
(73)
-
(5)
1,933
1,215
1,926
3,141 
Bonus share 
plan‑related expenses 
 
 
 
 
 
 
 
 
 
26
26
36
62 
(Acquisition)/disposal 
of Christian Dior 
treasury shares 
 
 
 
 
 
 
 
 
 
-
-
-
- 
Capital increase 
in subsidiaries 
 
 
 
 
 
 
 
 
 
-
-
54
54 
Interim and final 
dividends paid 
 
 
 
 
 
 
 
 
 
(830)
(830)
(1,733)
(2,563) 
Changes in control 
of consolidated entities 
 
 
 
 
 
 
 
 
 
(13)
(13)
(10)
(23) 
Acquisition and disposal 
of minority interests’ shares 
 
 
 
 
-
-
-
-
-
(88)
(88)
(29)
(117) 
Purchase commitments for 
minority interests’ shares 
 
 
 
 
 
 
 
 
 
80
80
(107)
(27) 
As of December 31, 2020 
180,507,516
361
194
(17)
(278)
-
(116)
471
(86)
10,740
11,270
24,974
36,244 
Gains and losses 
recognized in equity 
 
 
 
 
857
-
18
12
74
-
961
1,462
2,423 
Net profit 
 
 
 
 
 
 
 
 
 
4,946
4,946
7,718
12,664 
Comprehensive income 
 
-
-
-
857
-
18
12
74
4,946
5,907
9,180
15,087 
Bonus share 
plan‑related expenses 
 
 
 
 
 
 
 
 
 
52
52
80
132 
(Acquisition)/disposal 
of Christian Dior 
treasury shares 
 
 
 
 
 
 
 
 
 
-
-
-
- 
Capital increase 
in subsidiaries 
 
 
 
 
 
 
 
 
 
-
-
12
12 
Interim and final 
dividends paid 
 
 
 
 
 
 
 
 
 
(1,263)
(1,263)
(2,498)
(3,761) 
Changes in control 
of consolidated entities 
 
 
 
 
 
 
 
 
 
(18)
(18)
373
355 
Acquisition and disposal 
of minority interests’ shares 
 
 
 
 
-
-
-
1
-
(568)
(567)
(947)
(1,514) 
Purchase commitments for 
minority interests’ shares 
 
 
 
 
 
 
 
 
 
(9)
(9)
(179)
(188) 
As of December 31, 2021 
180,507,516
361
194
(17)
579
-
(98)
484
(12)
13,880
15,372
30,995
46,367 
Gains and losses 
recognized in equity 
 
 
 
 
506
-
103
(18)
85
-
676 
1,036 
1,712 
Net profit 
 
 
 
 
 
 
 
 
 
5,797
5,797 
8,905 14,702 
Comprehensive income 
 
-
-
-
506
-
103
(18)
85
5,797
6,473 
9,941 16,414 
Bonus share 
plan‑related expenses 
 
 
 
 
 
 
 
 
 
53
53 
79 
132 
(Acquisition)/disposal 
of Christian Dior 
treasury shares 
 
 
 
 
 
 
 
 
 
-
- 
- 
- 
Capital increase 
in subsidiaries 
 
 
 
 
 
 
 
 
 
-
- 
28 
28 
Interim and final 
dividends paid 
 
 
 
 
 
 
 
 
 
(2,165)
(2,165) 
(3,905) (6,070) 
Changes in control 
of consolidated entities 
 
 
 
 
 
 
 
 
 
3
3 
10 
13 
Acquisition and disposal 
of minority interests’ shares 
 
 
 
 
2
-
(1)
2
2
(536)
(531) 
(1,068) (1,599) 
Purchase commitments for 
minority interests’ shares 
 
 
 
 
 
 
 
 
-
(166)
(166) 
(804) 
(970) 
As of December 31, 2022 
180,507,516
361
194
(17)
1,087
-
4
468
75
16,866
19,038 
35,276 54,314

216
Annual Report as of December 31, 2022
Consolidated financial statements
Consolidated cash flow statement
5.	
Consolidated cash flow statement
(EUR millions) 
Notes
2022
2021
2020
I.	 OPERATING ACTIVITIES
 
 
 
 
Operating profit
 
20,996 
17,143
7,967
(Income)/Loss and dividends received from joint ventures and associates
8 
26 
41
64
Net increase in depreciation, amortization and provisions
 
3,219 
3,136
3,478
Depreciation of right‑of‑use assets
7.1 
3,007 
2,691
2,572
Other adjustments and computed expenses
 
(483) 
(400)
(91)
Cash from operations before changes in working capital
 
26,765 
22,611
13,990
Cost of net financial debt: interest paid
 
(73) 
68
(62)
Lease liabilities: interest paid
 
(240) 
(231)
(290)
Tax paid
 
(5,603) 
(4,239)
(2,397)
Change in working capital
15.2 
(3,019) 
426
(369)
Net cash from/(used in) operating activities
 
17,830 
18,636
10,873
II.	 INVESTING ACTIVITIES
 
 
 
 
Operating investments
15.3 
(4,969) 
(2,664)
(2,478)
Purchase and proceeds from sale of consolidated investments
2.4 
(809) 
(13,226)
(536)
Dividends received
 
7 
10
12
Tax paid related to non‑current available for sale financial assets 
and consolidated investments
 
- 
-
-
Purchase and proceeds from sale of non-current available 
for sale financial assets
9 
(149) 
(99)
63
Net cash from/(used in) investing activities
 
(5,920) 
(15,979)
(2,939)
III.	FINANCING ACTIVITIES
 
 
 
 
Interim and final dividends paid
15.4 
(6,465) 
(3,967)
(2,685)
Purchase and proceeds from sale of minority interests
2.4 
(2,010) 
(1,117)
(163)
Other equity‑related transactions
15.4 
12 
4
39
Proceeds from borrowings
19 
3,774 
251
17,499
Repayment of borrowings
19 
(3,891) 
(6,763)
(5,024)
Repayment of lease liabilities
7.2 
(2,751) 
(2,453)
(2,302)
Purchase and proceeds from sale of current available for sale financial assets
14 
(1,165) 
(1,393)
69
Net cash from/(used in) financing activities
 
(12,495) 
(15,438)
7,433
IV.	EFFECT OF EXCHANGE RATE CHANGES
 
55 
498
(1,052)
Net increase/(decrease) in cash and cash equivalents (I+II+III+IV)
 
(530) 
(12,283)
14,315
Cash and cash equivalents at beginning of period
15.1 
7,918 
20,201
5,886
Cash and cash equivalents at end of period
15.1 
7,388 
7,918
20,201
Total tax paid
 
(5,959) 
(4,465)
(2,527)
Alternative performance measure
The following table presents the reconciliation between “Net cash from operating activities” and “Operating free cash flow” for the 
fiscal years presented:
(EUR millions) 
2022
2021
2020
Net cash from operating activities
17,830 
18,636
10,873
Operating investments
(4,969) 
(2,664)
(2,478)
Repayment of lease liabilities
(2,751) 
(2,453)
(2,302)
Operating free cash flow (a) 
10,110 
13,518
6,093
(a)	 Under IFRS 16, fixed lease payments are treated partly as interest payments and partly as principal repayments. For its own operational management purposes, the Group treats all 
lease payments as components of its “Operating free cash flow”, whether the lease payments made are fixed or variable. In addition, for its own operational management purposes, 
the Group treats operating investments as components of its “Operating free cash flow”.

Annual Report as of December 31, 2022
217
6.	
Notes to the consolidated financial statements
Note 1.	
Accounting policies �������������������������������������������������������������������������������������������������������������������������������������������������������������������� 218
Note 2.	
Changes in ownership interests in consolidated entities ������������������������������������������������������� 227
Note 3.	
Brands, trade names and other intangible assets ��������������������������������������������������������������������������� 229
Note 4.	
Goodwill ���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 232
Note 5.	
Impairment testing of intangible assets with indefinite useful lives ������������������������ 232
Note 6.	
Property, plant and equipment ��������������������������������������������������������������������������������������������������������������������������������� 234
Note 7.	
Leases ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������ 237
Note 8.	
Investments in joint ventures and associates ������������������������������������������������������������������������������������������ 241
Note 9.	
Non‑current available for sale financial assets �������������������������������������������������������������������������������������� 242
Note 10.	 Other non‑current assets ���������������������������������������������������������������������������������������������������������������������������������������������������� 242
Note 11.	 Inventories and work in progress ���������������������������������������������������������������������������������������������������������������������������� 242
Note 12.	 Trade accounts receivable ������������������������������������������������������������������������������������������������������������������������������������������������ 243
Note 13.	 Other current assets ����������������������������������������������������������������������������������������������������������������������������������������������������������������� 244
Note 14.	 Current available for sale financial assets ��������������������������������������������������������������������������������������������������� 244
Note 15.	 Cash and change in cash ���������������������������������������������������������������������������������������������������������������������������������������������������� 245
Note 16.	 Equity ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������ 246
Note 17.	 Bonus share and similar plans �������������������������������������������������������������������������������������������������������������������������������������� 248
Note 18.	 Minority interests �������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 249
Note 19.	 Borrowings ���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 251
Note 20.	 Provisions and other non‑current liabilities ����������������������������������������������������������������������������������������������� 254
Note 21.	 Purchase commitments for minority interests’ shares ��������������������������������������������������������������� 255
Note 22.	 Trade accounts payable and other current liabilities ������������������������������������������������������������������� 255
Note 23.	 Financial instruments and market risk management ������������������������������������������������������������������� 256
Note 24.	 Segment information ���������������������������������������������������������������������������������������������������������������������������������������������������������������� 262
Note 25.	 Revenue and expenses by nature ������������������������������������������������������������������������������������������������������������������������� 266
Note 26.	 Other operating income and expenses ���������������������������������������������������������������������������������������������������������� 267
Note 27.	 Net financial income/(expense) ��������������������������������������������������������������������������������������������������������������������������������� 268
Note 28.	 Income taxes ���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 269
Note 29.	 Earnings per share ����������������������������������������������������������������������������������������������������������������������������������������������������������������������� 271
Note 30.	 Provisions for pensions, contribution to medical costs 
and other employee benefit commitments ���������������������������������������������������������������������������������������������� 271
Note 31.	 Off‑balance sheet commitments ����������������������������������������������������������������������������������������������������������������������������� 274
Note 32.	 Exceptional events and litigation ���������������������������������������������������������������������������������������������������������������������������� 275
Note 33.	 Related‑party transactions ������������������������������������������������������������������������������������������������������������������������������������������������ 275
Note 34.	 Subsequent events ���������������������������������������������������������������������������������������������������������������������������������������������������������������������� 276

218
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
Note 1.  Accounting policies
1.1	
General framework and environment
The consolidated financial statements for fiscal year 2022 were 
established in accordance with the international accounting 
standards and interpretations (IAS/IFRS) adopted by the 
European Union and applicable on December 31, 2022.
These standards and interpretations have been applied 
consistently to the fiscal years presented. The consolidated 
financial statements for fiscal year 2022 were approved by the 
Board of Directors on January 26, 2023.
1.2	
Changes in the accounting 
framework applicable to the Group
The Group finished analyzing the impact of the IFRIC agenda 
decision issued in 2021 on accounting for the costs of installing 
software under a Software as a Service (SaaS) contract. As the 
impact of this decision on the amounts of software capitalized 
in the balance sheet as of December 31, 2021 was non‑material, 
equity at the beginning of the period and for comparable periods 
was not restated as of December 31, 2022.
1.3	
Impact of the Russia-Ukraine conflict 
on the consolidated financial 
statements
The Group’s operations in Russia via LVMH have been largely 
suspended since March 2022, due to the conflict between Russia 
and Ukraine. As such, LVMH’s stores in Russia were closed, with 
employees continuing to be paid. Assets held by LVMH in Russia 
and Ukraine primarily relate to fixtures and fittings at stores, 
and right‑of‑use assets under store leases. These assets comprise 
non‑material amounts with respect to the Group’s total assets.
The consequences of the conflict on LVMH’s business activities 
in 2022 were not material, in terms of the direct impact in the 
affected countries and the impact of sanctions imposed by the 
international community on Russia and certain Russian nationals, 
as well as sanctions imposed by Russia in response. Inventories 
and right‑of‑use assets under store leases were reviewed as of 
December 31, 2022 to take into account the context arising from 
the crisis, and resulted in the recognition of partial impairment 
for non‑significant amounts.
1.4	
Taking into account climate 
change risks
The Group’s current exposure to the consequences of climate 
change is limited. As such, at this stage, the impact of climate 
change on the financial statements is not material.
As part of the LIFE 360 program, which puts its environmental 
strategy into practice, the Group – via LVMH, which comprises 
all of its operating activities – has launched a plan to transform 
its value chains.
The implementation of this program is reflected in the financial 
statements in the form of operating investments, research and 
development expenses and corporate philanthropy expenses.
In addition, profit from recurring operations in particular will be 
affected by changes in raw material prices; production, transport 
and distribution costs; and costs related to the end‑of‑life phase 
of its products.
The short‑term effects have been incorporated into the Group’s 
strategic plans, which form the basis for conducting impairment 
tests on intangible assets with indefinite useful lives (see Note 5). 
The long‑term effects of these changes are not quantifiable at 
this stage.
1.5	
First‑time adoption of IFRS
The first accounts prepared by the Group in accordance with IFRS 
were the financial statements for the year ended December 31, 
2005, with a transition date of January 1, 2004. IFRS 1 allowed 
for exceptions to the retrospective application of IFRS at the 
transition date. The procedures implemented by the Group with 
respect to these exceptions include the following:
•	 business combinations: the exemption from retrospective 
application was not applied. The Christian Dior group 
retrospectively restated acquisitions made since 1988, the 
date of the initial consolidation of LVMH, and all subsequent 
acquisitions were restated in accordance with IFRS 3. 
IAS 36 Impairment of Assets and IAS 38 Intangible Assets 
were applied retrospectively as of that date;
•	 foreign currency translation of the financial statements of 
subsidiaries outside the eurozone: translation reserves relating 
to the consolidation of subsidiaries that prepare their accounts 
in foreign currency were reset to zero as of January 1, 2004 and 
offset against “Other reserves”.

Annual Report as of December 31, 2022
219
Consolidated financial statements
Notes to the consolidated financial statements
1.6	
Presentation of the financial statements
Definitions of “Profit from recurring operations” 
and “Other operating income and expenses”
The Group’s main business is the management and development 
of its brands and trade names. “Profit from recurring operations” 
is derived from these activities, whether they are recurring or 
non‑recurring, core or incidental transactions.
“Other operating income and expenses” comprises income 
statement items, which – due to their nature, amount or frequency – 
may not be considered inherent to the Group’s recurring 
operations or its profit from recurring operations. This caption 
reflects in particular the impact of changes in the scope of 
consolidation, the impairment of goodwill, and the impairment 
and amortization of brands and trade names.
It also includes any significant amounts relating to the impact 
of certain unusual transactions, such as gains or losses arising on 
the disposal of fixed assets, restructuring costs, costs in respect 
of disputes, or any other non‑recurring income or expense that 
may otherwise distort the comparability of profit from recurring 
operations from one period to the next.
Cash flow statement
Net cash from operating activities is determined on the basis of 
operating profit, adjusted for non‑cash transactions. In addition:
•	 dividends received are presented according to the nature of 
the underlying investments, thus in “Net cash from operating 
activities” for dividends from joint ventures and associates 
and in “Net cash from financial investments” for dividends 
from other unconsolidated entities;
•	 tax paid is presented according to the nature of the transaction 
from which it arises, thus in “Net cash from operating activities” 
for the portion attributable to operating transactions; in “Net 
cash from financial investments” for the portion attributable 
to transactions in available for sale financial assets, notably 
tax paid on gains from their sale; and in “Net cash from 
transactions relating to equity” for the portion attributable 
to transactions in equity, notably distribution taxes arising 
on the payment of dividends.
1.7	
Use of estimates
For the purpose of preparing the consolidated financial statements, 
the measurement of certain balance sheet and income statement 
items requires the use of assumptions, estimates or other forms 
of judgment. This is particularly true of the valuation of 
intangible assets (see Note 5); the measurement of leases (see 
Note 7) and purchase commitments for minority interests’ 
shares (see Notes 1.14 and 21); the determination of the amount 
of provisions for contingencies and losses, and uncertain tax 
positions (see Note 20) or for impairment of inventories (see 
Notes 1.19 and 11); and, if applicable, deferred tax assets (see Note 28). 
Such assumptions, estimates or other forms of judgment made on 
the basis of the information available or the situation prevailing 
at the date at which the financial statements are prepared may 
subsequently prove different from actual events.
1.8	
Methods of consolidation
The subsidiaries in which the Group holds a direct or indirect de 
facto or de jure controlling interest are fully consolidated.
Jointly controlled companies and companies where the Group 
has significant influence but no controlling interest are accounted 
for using the equity method. Although jointly controlled, those 
entities are fully integrated within the Group’s operating activities. 
The Group discloses their net profit – as well as that of entities 
using the equity method (see Note 8) – on a separate line, which 
forms part of profit from recurring operations.
When an investment in a joint venture or associate accounted 
for using the equity method involves a payment tied to meeting 
specific performance targets, known as an earn‑out payment, 
the estimated amount of this payment is included in the initial 
purchase price recorded in the balance sheet, with an offsetting 
entry under financial liabilities. Any difference between the 
initial estimate and the actual payment made is recorded as 
part of the value of investments in joint ventures and associates, 
without any impact on the income statement.
The assets, liabilities, income and expenses of the Wines and 
Spirits distribution subsidiaries held jointly with the Diageo 
group are consolidated only in proportion to the Group’s share 
of operations (see Note 1.28).
The consolidation on an individual or collective basis of 
companies that are not consolidated (see “Companies not 
included in the scope of consolidation”) would not have a 
significant impact on the Group’s main aggregates.
1.9	
Foreign currency translation of 
the financial statements of entities 
outside the eurozone
The consolidated financial statements are presented in euros; 
the financial statements of entities presented in a different 
functional currency are translated into euros:
•	 at the period‑end exchange rates for balance sheet items;
•	 at the average rates for the period for income statement items.
Translation adjustments arising from the application of these rates 
are recorded in equity under “Cumulative translation adjustment”.

220
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
1.10	 Foreign currency transactions and 
hedging of exchange rate risks
Transactions of consolidated companies denominated in a 
currency other than their functional currencies are translated 
to their functional currencies at the exchange rates prevailing at 
the transaction dates.
Accounts receivable, accounts payable and debts denominated 
in currencies other than the entities’ functional currencies are 
translated at the applicable exchange rates at the fiscal year‑end. 
Gains and losses resulting from this translation are recognized:
•	 within “Cost of sales” for commercial transactions;
•	 within “Net financial income/(expense)” for financial 
transactions.
Foreign exchange gains and losses arising from the translation 
or elimination of intra-Group transactions or receivables and 
payables denominated in currencies other than the entity’s 
functional currency are recorded in the income statement unless 
they relate to long‑term intra-Group financing transactions, 
which can be considered equity‑related transactions. In the 
latter case, translation adjustments are recorded in equity under 
“Cumulative translation adjustment”.
Derivatives used to hedge commercial, financial or investment 
transactions are recognized in the balance sheet at their market 
value (see Note 1.11) at the balance sheet date. Changes in the 
value of the effective portions of these derivatives are recognized 
as follows:
•	 for hedges that are commercial in nature:
	
– within “Cost of sales” for hedges of receivables and payables 
recognized in the balance sheet at the end of the period,
	
– within equity under “Revaluation reserves” for hedges 
of future cash flows; this amount is transferred to cost 
of sales upon recognition of the hedged trade receivables 
and payables;
•	 for hedges relating to the acquisition of fixed assets: within 
equity under “Revaluation reserves” for hedges of future 
cash flows; this amount is transferred to the asset side of 
the balance sheet, as part of the initial cost of the hedged 
item when accounting for the latter, and then to the income 
statement in the event of the disposal or impairment of the 
hedged item;
•	 for hedges that are tied to the Group’s investment portfolio 
(hedging the net worth of subsidiaries whose functional 
currency is not the euro): within equity under “Cumulative 
translation adjustment”; this amount is transferred to the 
income statement upon the sale or liquidation (whether 
partial or total) of the subsidiary whose net worth is hedged;
•	 for hedges that are financial in nature: within “Net financial 
income/(expense)”, under “Other financial income and 
expenses”.
Changes in the value of these derivatives related to forward 
points associated with forward contracts, as well as in the time 
value component of options, are recognized as follows:
•	 for hedges that are commercial in nature: within equity under 
“Revaluation reserves”. The cost of the forward contracts 
(forward points) and of the options (premiums) is transferred 
to “Other financial income and expenses” upon completion 
of the hedged transaction;
•	 for hedges that are tied to the Group’s investment portfolio 
or financial in nature: expenses and income arising from 
discounts or premiums are recognized in “Borrowing costs” 
on a pro rata basis over the term of the hedging instruments. 
The difference between the amounts recognized in “Net 
financial income/(expense)” and the change in the value of 
forward points is recognized in equity under “Revaluation 
reserves”.
Market value changes of derivatives not designated as hedges are 
recorded within “Net financial income/(expense)”.
See also Note 1.23 for the definition of the concepts of effective 
and ineffective portions.

Annual Report as of December 31, 2022
221
Consolidated financial statements
Notes to the consolidated financial statements
1.11	 Fair value measurement
Fair value (or market value) is the price that would be obtained from the sale of an asset or paid to transfer a liability in an orderly 
transaction between market participants.
The assets and liabilities measured at fair value in the balance sheet are as follows:
 
Approaches to determining fair value
Amounts recorded at 
balance sheet date
Vineyard land
Based on recent transactions in similar assets. See Note 1.15.
Note 6
Grape harvests
Based on purchase prices for equivalent grapes. See Note 1.19.
Note 11
Derivatives
Based on market data and according to commonly used valuation models. 
See Note 1.24.
Note 23
Borrowings hedged against changes 
in value due to interest rate fluctuations
Based on market data and according to commonly 
used valuation models. See Note 1.23.
Note 19
Liabilities in respect of purchase 
commitments for minority interests’ 
shares priced according to fair value
Generally based on the market multiples of comparable companies. 
See Note 1.14.
Note 21
Available for sale financial assets
Quoted investments: price quotations at the close of trading on the balance sheet 
date. Unquoted investments: estimated net realizable value, either according to 
formulas based on market data or based on private quotations. See Note 1.18.
Note 9, Note 14
Cash and cash equivalents 
(SICAV and FCP funds)
Based on the liquidation value at the balance sheet date. 
See Note 1.21.
Note 15
No other assets or liabilities have been remeasured at market value at the balance sheet date.
1.12	 Brands and other intangible assets
Only acquired brands and trade names that are well known and 
individually identifiable are recorded as assets based on their 
market values at their dates of acquisition.
Brands and trade names are chiefly valued using the forecast 
discounted cash flow method, or based on comparable 
transactions (i.e. using the revenue and net profit coefficients 
employed for recent transactions involving similar brands) or 
stock market multiples observed for related businesses. Other 
complementary methods may also be employed: the relief from 
royalty method, involving equating a brand’s value with the 
present value of the royalties required to be paid for its use; 
the margin differential method, applicable when a measurable 
difference can be identified in the amount of revenue generated 
by a branded product in comparison with a similar unbranded 
product; and finally the equivalent brand reconstitution method 
involving, in particular, estimation of the amount of advertising 
and promotion expenses required to generate a similar brand.
Costs incurred in creating a new brand or developing an existing 
brand are expensed.
Brands, trade names and other intangible assets with finite 
useful lives are amortized over their estimated useful lives. The 
classification of a brand or trade name as an asset of finite or 
indefinite useful life is generally based on the following criteria:
•	 the brand or trade name’s overall positioning in its market 
expressed in terms of volume of activity, international 
presence and reputation;
•	 its expected long‑term profitability;
•	 its degree of exposure to changes in the economic 
environment;
•	 any major event within its business segment liable to 
compromise its future development;
•	 its age.
Amortizable lives of brands and trade names with finite useful 
lives range from 5 to 20 years, depending on their anticipated 
period of use.
Impairment tests are carried out for brands, trade names and other 
intangible assets using the methodology described in Note 1.17.
Research expenditure is not capitalized. New product 
development expenditure is not capitalized unless the final 
decision has been made to launch the product.

222
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
Intangible assets other than brands and trade names are amortized 
over the following periods:
•	 rights attached to sponsorship agreements and media 
partnerships are amortized over the life of the agreements, 
depending on how the rights are used;
•	 development expenditure is amortized over 3 years at most;
•	 software and websites are amortized over 1 to 5 years.
1.13	 Changes in ownership interests 
in consolidated entities
When the Group takes de jure or de facto control of a business, 
its assets, liabilities and contingent liabilities are estimated at 
their market value as of the date when control is obtained; the 
difference between the cost of taking control and the Group’s 
share of the market value of those assets, liabilities and contingent 
liabilities is recognized as goodwill.
The cost of taking control is the price paid by the Group in 
the context of an acquisition, or an estimate of this price if the 
transaction is carried out without any payment of cash, excluding 
acquisition costs, which are disclosed under “Other operating 
income and expenses”.
The difference between the carrying amount of minority 
interests purchased after control is obtained and the price paid 
for their acquisition is deducted from equity.
Goodwill is accounted for in the functional currency of the 
acquired entity.
Goodwill is not amortized but is subject to annual impairment 
testing using the methodology described in Note 1.17. Any 
impairment expense recognized is included within “Other 
operating income and expenses”.
1.14	 Purchase commitments for minority 
interests’ shares
The Group has granted put options to minority shareholders 
of certain fully consolidated subsidiaries.
Pending specific guidance from IFRSs regarding this issue, the 
Group recognizes these commitments as follows:
•	 the value of the commitment at the balance sheet date appears 
in “Purchase commitments for minority interests’ shares”, 
as a liability on its balance sheet;
•	 the corresponding minority interests are canceled;
•	 for commitments granted prior to January 1, 2010, the 
difference between the amount of the commitments and 
canceled minority interests is maintained as an asset on the 
balance sheet under goodwill, as are subsequent changes in this 
difference. For commitments granted as from January 1, 2010, 
the difference between the amount of the commitments and 
minority interests is deducted from equity, under “Other 
reserves”.
This recognition method has no effect on the presentation of 
minority interests within the income statement.
1.15	 Property, plant and equipment
With the exception of vineyard land, the gross value of property, 
plant and equipment is stated at acquisition cost. Any borrowing 
costs incurred prior to the placed‑in‑service date or during the 
construction period of assets are capitalized.
Vineyard land is recognized at the market value at the balance 
sheet date. This valuation is based on official published data for 
recent transactions in the same region. Any difference compared 
to historical cost is recognized within equity in “Revaluation 
reserves”. If the market value falls below the acquisition cost, the 
resulting impairment is charged to the income statement.
Buildings mostly occupied by third parties are reported as 
investment property, at acquisition cost. Investment property is 
thus not remeasured at market value.
The depreciable amount of property, plant and equipment 
comprises the acquisition cost of their components less residual 
value, which corresponds to the estimated disposal price of the 
asset at the end of its useful life.
Property, plant and equipment are depreciated on a straight‑line 
basis over their estimated useful lives. For leased assets, the 
depreciation period cannot be longer than that used for the 
calculation of the lease liability.
The estimated useful lives are as follows:
•	 buildings including investment property: 20 to 100 years;
•	 machinery and equipment: 3 to 25 years;
•	 leasehold improvements: 3 to 10 years;
•	 producing vineyards: 18 to 25 years.
Expenses for maintenance and repairs are charged to the income 
statement as incurred.

Annual Report as of December 31, 2022
223
Consolidated financial statements
Notes to the consolidated financial statements
1.16	 Leases
The Group has applied IFRS 16 Leases since January 1, 2019. 
The initial application was carried out using the “modified 
retrospective” approach to transition. See Note 1.2 to the 2019 
consolidated financial statements for details of this initial 
application procedure for IFRS 16 and the impact of its initial 
application on the 2019 financial statements.
When entering into a lease, a liability is recognized in the 
balance sheet, measured at the discounted present value of 
future payments of the fixed portion of lease payments and 
offset against a right‑of‑use asset depreciated over the lease term. 
The amount of the liability depends to a large degree on the 
assumptions used for the lease term and, to a lesser extent, the 
discount rate. The Group’s extensive geographic coverage means 
it encounters a wide range of different legal conditions when 
entering into contracts.
The lease term generally used to calculate the liability is the 
term of the initially negotiated lease, not taking into account 
any early termination options, except in special circumstances. 
When leases contain extension options, the term used for the 
calculation of the liability may include these periods, mainly 
when the anticipated period of use of the fixed assets, whether 
under a new or existing lease, is greater than the initial contractual 
lease term.
The lease term to be used in accounting for lease liabilities when 
the underlying assets are capitalized even though the obligation 
to make lease payments covers a period of less than twelve 
months is consistent with the anticipated period of use of the 
invested assets. Most often, this involves leases for retail locations 
that are automatically renewable on an annual basis.
The standard requires that the discount rate be determined for 
each lease using the incremental borrowing rate of the subsidiary 
entering into the lease. In practice, given the structure of the 
Group’s financing – virtually all of which is held or guaranteed 
by LVMH SE – this incremental borrowing rate is generally 
the total of the risk‑free rate for the currency of the lease, with 
reference to its term, and the Group’s credit risk for this same 
currency and over the same term.
Leasehold rights and property, plant and equipment related to 
restoration obligations for leased facilities are presented within 
“Right‑of‑use assets” and subject to depreciation under the same 
principles as those described above.
The Group has implemented a dedicated IT solution to gather 
lease data and run the calculations required by the standard.
Since the application of IFRS 16 had a significant impact on 
the cash flow statement given the importance of fixed lease 
payments to the Group’s activities, specific indicators are 
used for internal performance monitoring requirements and 
financial communication purposes in order to present consistent 
performance indicators, independently of the fixed or variable 
nature of lease payments. One such alternative performance 
measure is “Operating free cash flow”, which is calculated by 
deducting capitalized fixed lease payments in their entirety from 
cash flow. The reconciliation between “Net cash from operating 
activities” and “Operating free cash flow” is presented in the cash 
flow statement.
1.17	 Impairment testing of fixed assets
Property, plant and equipment, intangible assets, and all leased 
fixed assets are subject to impairment testing whenever there 
is any indication that an asset may be impaired (particularly 
following major changes in the asset’s operating conditions), 
and in any event at least annually in the case of intangible assets 
with indefinite useful lives (mainly brands, trade names and 
goodwill). When the carrying amount of assets with indefinite 
useful lives is greater than the higher of their value in use or 
market value, the resulting impairment loss is recognized within 
“Other operating income and expenses”, allocated on a priority 
basis to any existing goodwill.
Value in use is based on the present value of the cash flows 
expected to be generated by these assets. Market value is 
estimated by comparison with recent similar transactions or on 
the basis of valuations performed by independent experts for the 
purposes of a disposal transaction.
Cash flows are forecast at Group level for each business segment, 
defined as one or several brands or trade names under the 
responsibility of a dedicated management team; in general, a 
business segment as defined above corresponds to a Maison 
within the Group. Smaller‑scale cash‑generating units, such 
as a group of stores, may be distinguished within a particular 
business segment.
The forecast data required for the discounted cash flow 
method is based on annual budgets and multi‑year business 
plans prepared by the management of the business segments 
concerned. Detailed forecasts cover a five‑year period, which 
may be extended for brands undergoing strategic repositioning 
or whose production cycle exceeds five years. An estimated 
terminal value is added to the value resulting from discounted 
forecast cash flows, which corresponds to the capitalization in 
perpetuity of cash flows most often arising from the last year 
of the plan. Discount rates are set for each business group with 
reference to companies engaged in comparable businesses. 
Forecast cash flows are discounted on the basis of the rate of 
return to be expected by an investor in the applicable business 
and an assessment of the risk premium associated with that 
business. When several forecast scenarios are developed, the 
probability of occurrence of each scenario is assessed.

224
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
1.18	 Available for sale financial assets
Available for sale financial assets are classified as current or 
non‑current based on their type.
Non‑current available for sale financial assets comprise strategic 
and non‑strategic investments whose estimated period and form 
of ownership justify such classification.
Current available for sale financial assets (presented in “Other 
current assets”; see Note 13) include temporary investments in 
shares, shares of SICAVs, FCPs and other mutual funds, excluding 
investments made as part of day‑to‑day cash management, which 
are accounted for as “Cash and cash equivalents” (see Note 1.21).
Available for sale financial assets are measured at their listed value 
at the fiscal year‑end date in the case of quoted investments, 
and in the case of unquoted investments at their estimated net 
realizable value, assessed either according to formulas based on 
market data or based on private quotations at the fiscal year‑end 
date.
Positive or negative changes in value are recognized under “Net 
financial income/(expense)” (within “Other financial income 
and expenses”) for all shares held in the portfolio during the 
reported periods.
At its level, Christian Dior integrates data from the LVMH 
group without restatement. Regarding its own available for sale 
financial assets, as it is authorized to do under IFRS 9, Christian 
Dior reserves the right to choose, for each accounting item, the 
method for recognizing their change in market value: either 
within “Net financial income/(expense)” or directly in equity.
1.19	 Inventories and work in progress
Inventories other than wine produced by the Group are recorded 
at the lower of cost (excluding interest expense) and net realizable 
value; cost comprises manufacturing cost (finished goods) or 
purchase price, plus incidental costs (raw materials, merchandise).
Wine produced by the Group, including champagne, is measured 
on the basis of the applicable harvest market value, which 
is determined by reference to the average purchase price of 
equivalent grapes, as if the grapes harvested had been purchased 
from third parties. Until the date of the harvest, the value of 
grapes is calculated on a pro rata basis, in line with the estimated 
yield and market value.
Inventories are valued using either the weighted average cost or 
the FIFO method, depending on the type of business.
Due to the length of the aging process required for champagne 
and spirits (cognac, whisky), the holding period for these 
inventories generally exceeds one year. However, in accordance 
with industry practices, these inventories are classified as current 
assets.
Provisions for impairment of inventories are chiefly recognized 
for businesses other than Wines and Spirits. They are generally 
required because of product obsolescence (end of season or 
collection, expiration date approaching, etc.) or lack of sales 
prospects.
1.20	 Trade accounts receivable, loans 
and other receivables
Trade accounts receivable, loans and other receivables are 
recorded at amortized cost, which corresponds to their face 
value. Impairment is recognized for the portion of loans and 
receivables not covered by credit insurance when such receivables 
are recorded, in the amount of the losses expected upon maturity. 
This reflects the probability of counterparty default and the 
expected loss rate, measured using historical statistical data, 
information provided by credit bureaus, or ratings by credit 
rating agencies, depending on the specific case.
The amount of long‑term loans and receivables (i.e. those falling 
due in more than one year) is subject to discounting, the effects 
of which are recognized under “Net financial income/(expense)”, 
using the effective interest method.
1.21	 Cash and cash equivalents
Cash and cash equivalents comprise cash and highly liquid 
money‑market investments subject to an insignificant risk of 
changes in value over time.
Money‑market investments are measured at their market value, 
based on price quotations at the close of trading and on the 
exchange rate prevailing at the fiscal year‑end date, with any 
changes in value recognized as part of “Net financial income/
(expense)”.
1.22	 Provisions
A provision is recognized whenever an obligation exists towards 
a third party resulting in a probable disbursement for the 
Group, the amount of which may be reliably estimated. See also 
Notes 1.26 and 20.
If the date at which this obligation is to be discharged is in more 
than one year, the provision amount is discounted, the effects of 
which are recognized in “Net financial income/(expense)” using 
the effective interest method.
1.23	 Borrowings
Borrowings are measured at amortized cost, i.e. nominal value 
net of issue premiums and issuance costs, which are charged 
over time to “Net financial income/(expense)” using the effective 
interest method.

Annual Report as of December 31, 2022
225
Consolidated financial statements
Notes to the consolidated financial statements
In the case of hedging against fluctuations in the value of 
borrowings resulting from changes in interest rates, both 
the hedged amount of borrowings and the related hedging 
instruments are measured at their market value at the balance 
sheet date, with any changes in those values recognized within 
“Net financial income/(expense)”, under “Fair value adjustment 
of borrowings and interest rate hedges”. See Note 1.11 regarding 
the measurement of hedged borrowings at market value. 
Interest income and expenses related to hedging instruments 
are recognized within “Net financial income/(expense)”, under 
“Borrowing costs”.
In the case of hedging against fluctuations in future interest 
payments, the related borrowings remain measured at their 
amortized cost while any changes in value of the effective hedge 
portions are taken to equity as part of “Revaluation reserves”.
Changes in value of non‑hedging derivatives, and of the ineffective 
portions of hedges, are recognized within “Net financial 
income/(expense)”.
Net financial debt comprises short- and long‑term borrowings, the 
market value at the balance sheet date of interest rate derivatives, 
less the amount at the balance sheet date of non‑current available 
for sale financial assets used to hedge financial debt, current 
available for sale financial assets, cash and cash equivalents, 
in addition to the market value at that date of foreign exchange 
derivatives related to any of the aforementioned items.
1.24	 Derivatives
The Group enters into derivative transactions as part of its strategy 
for hedging foreign exchange, interest rate and precious metal 
price risks.
To hedge against commercial, financial and investment foreign 
exchange risk, the Group uses options, forward contracts, foreign 
exchange swaps and cross‑currency swaps. The time value of 
options, the forward point component of forward contracts and 
foreign exchange swaps, as well as the foreign currency basis spread 
component of cross‑currency swaps are systematically excluded 
from the hedge relation. Consequently, only the intrinsic value of 
the instruments is considered a hedging instrument. Regarding 
hedged items (future foreign currency cash flows, commercial or 
financial liabilities and accounts receivable in foreign currencies, 
subsidiaries’ equity denominated in a functional currency other 
than the euro), only their change in value in respect of foreign 
exchange risk is considered a hedged item. As such, aligning the 
hedging instruments’ main features (nominal values, currencies, 
maturities) with those of the hedged items makes it possible to 
perfectly offset changes in value.
Derivatives are recognized in the balance sheet at their market 
value at the balance sheet date. Changes in their value are 
accounted for as described in Note 1.10 in the case of foreign 
exchange hedges and as described in Note 1.23 in the case of 
interest rate hedges.
Market value is based on market data and commonly used 
valuation models.
Derivatives with maturities in excess of 12 months are disclosed 
as non‑current assets and liabilities.
1.25	 Christian Dior and LVMH 
treasury shares
Christian Dior treasury shares
Christian Dior shares held by the Group are measured at their 
acquisition cost and recognized as a deduction from consolidated 
equity, irrespective of the purpose for which they are held.
In the event of disposal, the cost of the shares disposed of is 
determined by allocation category (see Note 16.3) using the FIFO 
method, with the exception of shares held under stock option 
plans, for which the calculation is performed for each plan using 
the weighted average cost method. Gains and losses on disposal 
are taken directly to equity.
LVMH treasury shares
Purchases and sales by LVMH of its own shares, as well as 
LVMH SE capital increases reserved for recipients of share 
subscription options, resulting in changes in the percentage held 
by the Christian Dior group in LVMH, are accounted for in the 
consolidated financial statements of the Christian Dior group as 
changes in ownership interests in consolidated entities.
As from January 1, 2010, in accordance with the revised version of 
IFRS 3, changes in the Christian Dior group’s ownership interest 
in LVMH have been taken to equity.
As this standard is applied prospectively, goodwill recognized 
as of December 31, 2009 has been maintained as an asset on the 
balance sheet.
1.26	 Pensions, contribution to medical 
costs and other employee benefit 
commitments
When plans related to retirement bonuses, pensions, contributions 
to medical costs, or other employee benefit commitments entail 
the payment by the Group of contributions to third‑party 
organizations that assume sole responsibility for subsequently 
paying such retirement bonuses, pensions or contributions to 
medical costs, these contributions are expensed in the fiscal 
year in which they fall due, with no liability recorded on the 
balance sheet.

226
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
When the payment of retirement bonuses, pensions, contributions 
to medical costs, or other employee benefit commitments is to 
be borne by the Group, a provision is recorded in the balance 
sheet in the amount of the corresponding actuarial commitment. 
Changes in this provision are recognized as follows:
•	 the portion related to the cost of services rendered by 
employees and net interest for the fiscal year is recognized in 
profit from recurring operations for the fiscal year;
•	 the portion related to changes in actuarial assumptions and 
to differences between projected and actual data (experience 
adjustments) is recognized in gains and losses taken to equity.
If this commitment is partially or fully funded by payments 
made by the Group to external financial organizations, these 
dedicated funds are deducted from the actuarial commitment 
recorded in the balance sheet.
The actuarial commitment is calculated based on assessments 
that are specifically designed for the country and the Group 
company concerned. In particular, these assessments include 
assumptions regarding discount rates, salary increases, inflation, 
life expectancy and staff turnover.
1.27	 Current and deferred tax
The tax expense comprises current tax payable by consolidated 
companies, deferred tax resulting from temporary differences, 
and the change in uncertain tax positions.
Deferred tax is recognized in respect of temporary differences 
arising between the value of assets and liabilities for purposes 
of consolidation and the value resulting from the application of 
tax regulations.
Deferred tax is measured on the basis of the income tax rates 
enacted at the balance sheet date; the effect of changes in rates 
is recognized during the periods in which changes are enacted.
Future tax savings from tax losses carried forward are recorded 
as deferred tax assets on the balance sheet and impaired if they 
are deemed not recoverable; only amounts for which future use 
is deemed probable are recognized.
Deferred tax assets and liabilities are not discounted.
Taxes payable in respect of the distribution of retained earnings 
of subsidiaries give rise to provisions if distribution is deemed 
probable.
1.28	 Revenue recognition
Definition of revenue
Revenue mainly comprises retail sales within the Group’s store 
network (including e‑commerce websites) and wholesale 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 
Group.
Direct sales to customers are mostly 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 Group recognizes revenue when title 
transfers to third‑party customers.
Revenue includes shipment and transportation costs re‑billed to 
customers only when these costs are included in products’ selling 
prices as a lump sum.
Sales of services, mainly involved in the Group’s “Other activities” 
segment, are recognized as the services are provided.
Revenue is presented net of all forms of discount. In particular, 
payments made in order to have products referenced or, in 
accordance with agreements, to participate in advertising 
campaigns with the distributors, are deducted from related 
revenue.
Provisions for product returns
Perfumes and Cosmetics companies and, to a lesser extent, 
Fashion and Leather Goods and Watches and Jewelry companies 
may accept the return of unsold or outdated products from their 
customers and distributors. Retail sales, and in particular online 
sales, also result in product returns from customers.
Where these practices are applied, revenue is reduced by the 
estimated amount of such returns, and a provision is recognized 
within “Other current liabilities” (see Note 22.2), along with a 
corresponding entry made to inventories. The estimated rate of 
returns is based on historical statistical data.
Businesses undertaken in partnership with Diageo
A significant proportion of revenue for the Group’s Wines 
and Spirits businesses is generated within the framework of 
distribution agreements with Diageo, generally taking the form 
of shared entities that sell and deliver both groups’ products to 
customers. The income statement and balance sheet of these 
entities is apportioned between the Group and Diageo based 
on distribution agreements. According to those agreements, 
the assets, liabilities, income and expenses of such entities 
are consolidated only in proportion to the Group’s share of 
operations.
1.29	 Advertising and promotion expenses
Advertising and promotion expenses include the costs of producing 
advertising media, purchasing media space, manufacturing 
samples, publishing catalogs and, in general, the cost of all 
activities designed to promote the Group’s brands and products.
Advertising and promotion expenses are recorded within 
marketing and selling expenses upon receipt or production of 
goods or upon completion of services rendered.

Annual Report as of December 31, 2022
227
Consolidated financial statements
Notes to the consolidated financial statements
1.30	 Bonus share and similar plans
For bonus share plans, the expected gain is calculated on the 
basis of the closing share price on the day before the Board 
of Directors’ meeting at which the plan is instituted, less the 
amount of dividends expected to accrue during the vesting 
period. For any bonus share plans subject to performance 
conditions, the expense for the fiscal year includes provisional 
allocations for which the conditions are deemed likely to be met.
For all plans, the amortization expense is apportioned on a 
straight‑line basis in the income statement over the vesting 
period, with a corresponding impact on reserves in the balance 
sheet.
For any cash‑settled compensation plans index‑linked to the 
change in the LVMH share price, the gain over the vesting period 
is estimated at each balance sheet date based on the LVMH share 
price at that date and is charged to the income statement on a pro 
rata basis over the vesting period, with a corresponding balance 
sheet impact on provisions. Between that date and the settlement 
date, the change in the expected gain resulting from the change 
in the LVMH share price is recorded in the income statement.
1.31	 Earnings per share
Earnings per share are calculated based on the weighted average 
number of shares outstanding during the fiscal year, excluding 
treasury shares.
Where applicable, diluted earnings per share are calculated 
based on the weighted average number of shares before dilution. 
Dilutive instruments issued by subsidiaries are also taken into 
consideration for the purposes of determining the Group’s share 
of net profit after dilution.
Note 2.  Changes in ownership interests in consolidated entities
2.1	
Fiscal year 2022
Joseph Phelps
In August 2022, the Group acquired the entire share capital 
of Joseph Phelps, a California estate offering a collection of 
Napa Valley and Sonoma Coast red wines. The price paid, 
which totaled 587 million US dollars (587 million euros), was 
mainly allocated to the Joseph Phelps brand, in the amount of 
169 million euros, and to producing vineyards for 119 million 
euros. Final goodwill came to 186 million euros.
Sephora
In October 2022, Sephora disposed of all its shares in its Russian 
subsidiary.
Off-White
In September 2022, LVMH acquired an additional 40% stake in 
Off-White LLC, bringing its ownership interest to 100%.
Pedemonte
In November 2022, LVMH announced the acquisition of 
Pedemonte Group, a jewelry manufacturer with locations in 
Italy and France, from the Equinox III SLP SIF investment fund. 
This equity investment will be consolidated in 2023.
Equity investments newly consolidated in 2022 did not have a 
significant impact on revenue or profit from recurring operations 
for the fiscal year.
2.2	
Fiscal year 2021
Tiffany
On January 7, 2021, LVMH acquired all of the shares in Tiffany 
& Co. (“Tiffany”), in accordance with the agreement signed in 
November 2019, amended in October 2020 and approved at 
Tiffany’s Shareholders’ Meeting on December 30, 2020. The 
acquisition was completed at the price of 131.50 US dollars per 
share, for a total of 16.1 billion US dollars, paid in cash, equivalent 
to 13.1 billion euros as of the acquisition date. Tiffany has been 
consolidated since January 2021.
The acquisition of Tiffany has reinforced LVMH’s position in 
high jewelry and further expanded its presence in the United 
States. The integration of this iconic American brand profoundly 
transforms LVMH’s Watches and Jewelry business group.

228
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
The following table details the final allocation of the purchase 
price paid by LVMH on January 7, 2021, the date of acquisition 
of the controlling interest:
(EUR millions) 
Final purchase 
price allocation
Brand and other intangible assets
6,124
Property, plant and equipment
1,002
Right‑of‑use assets
860
Inventories and work in progress
1,788
Deferred tax
(1,199)
Lease liabilities
(927)
Net financial debt
(345)
Other current and non‑current assets and liabilities
(479)
Minority interests
-
Net assets acquired
6,824
Goodwill
6,750
Carrying amount of shares held 
as of January 7, 2021
13,574
The amounts presented in the table above are taken from 
Tiffany’s financial statements at the date of acquisition of the 
controlling interest, prepared and presented in accordance with 
the accounting policies applied by LVMH; they have undergone 
specific audit procedures.
The main revaluation of the assets and liabilities acquired was 
related to the brand. This was measured primarily using the 
relief‑from‑royalty method and secondarily using the excess 
earnings method. The value determined, i.e. 7,300 million 
US dollars (5,949 million euros), is the average of the value 
ranges obtained. Final goodwill, amounting to 8,283 million US 
dollars (6,750 million euros), reflects Tiffany’s specific expertise 
in the development and production of high‑quality jewelry 
products, as well as its access to a high‑quality directly operated 
distribution network; this goodwill also reflects the synergies 
that will result from the inclusion of Tiffany in the LVMH group.
The carrying amount of shares held as of the date of acquisition 
of the controlling interest includes the impact of foreign 
exchange hedges implemented in anticipation of the acquisition 
for 477 million euros.
During fiscal year 2021, the Tiffany acquisition generated an 
outflow of 12.5 billion euros, net of cash acquired in the amount of 
0.6 billion euros. The transaction was funded through a number 
of bond issues in 2020, for a total amount of 10.7 billion euros, 
together with euro- and US dollar‑denominated commercial 
paper for the remainder (see Note 19 to the 2020 consolidated 
financial statements).
The acquisition costs for Tiffany were recognized in “Other 
operating income and expenses” and totaled 4 million euros, 
35 million euros and 39 million euros for fiscal years 2021, 2020 
and 2019, respectively.
For fiscal year 2021, Tiffany generated consolidated revenue 
of 4,321 million euros and profit from recurring operations of 
778 million euros.
Château d’Esclans
In May 2021, LVMH acquired an additional 45% stake in Château 
d’Esclans, bringing its ownership interest to 100%.
Armand de Brignac
In May 2021, LVMH acquired a 50% stake in Armand de Brignac, 
a major purveyor of prestige champagne. The price paid was 
mainly allocated to the Armand de Brignac brand for an amount 
of 390 million US dollars (318 million euros), with the final 
goodwill totaling 112 million euros.
Rimowa
In June 2021, the minority shareholder holding 20% of the share 
capital of Rimowa exercised its put option for all of its shares. 
Payment took place in July 2021. Following this transaction, 
LVMH now holds all the shares in Rimowa.
Off-White
On September 1, 2021, LVMH acquired an additional 25% stake 
in Off-White LLC, bringing its ownership interest to 60%. 
Off-White LLC owns the Off-White fashion brand founded by 
Virgil Abloh. Off-White LLC has been fully consolidated since 
that date; the price paid was mainly allocated to the Off-White 
brand for an amount of 291 million US dollars (236 million euros). 
See also Note 26.
Feelunique
In September 2021, Sephora fully acquired Feelunique, a leading 
online beauty retailer in the United Kingdom. This acquisition 
represents the first step in establishing Sephora’s presence in 
the United Kingdom. This equity investment was consolidated 
in 2022.
Officine Universelle Buly
In October 2021, the Group fully acquired Officine Universelle 
Buly, a Parisian brand specializing in perfumes and cosmetics 
that was founded in the 19th century and relaunched in 2014. 
This equity investment was consolidated in 2022. See also 
Note 26.
Thélios
In December 2021, LVMH acquired an additional 49% stake 
in Thélios, a company specializing in eyewear, bringing its 
ownership interest to 100%.

Annual Report as of December 31, 2022
229
Consolidated financial statements
Notes to the consolidated financial statements
2.3	
Fiscal year 2020
There were no significant changes in ownership interests in consolidated entities during the fiscal year.
2.4	
Impact on net cash and cash equivalents of changes in ownership interests 
in consolidated entities
(EUR millions) 
2022
2021
2020
Purchase price of consolidated investments and of minority interests’ shares
(3,147) 
(15,200)
(887)
Positive cash balance/(net overdraft) of companies acquired
14 
658
-
Proceeds from sale of consolidated investments
334 
231
206
(Positive cash balance)/net overdraft of companies sold
(20) 
(32)
(18)
Impact of changes in ownership interests in consolidated entities 
on net cash and cash equivalents
(2,819) 
(14,343)
(699)
Of which: Purchase and proceeds from sale of consolidated investments
(809) 
(13,226)
(536)
Purchase and proceeds from sale of minority interests
(2,010) 
(1,117)
(163)
In 2022, the impact on net cash and cash equivalents of changes 
in ownership interests in consolidated entities primarily arose 
from the acquisition of Joseph Phelps. It also included the cash 
impact of LVMH share repurchase programs, the main purpose 
of which is to retire the shares purchased.
In 2021, the impact on net cash and cash equivalents of changes 
in ownership interests in consolidated entities mainly arose from 
the acquisition of Tiffany.
In 2020, the impact on net cash and cash equivalents of changes 
in ownership interests in consolidated entities mainly arose from 
foreign exchange hedges implemented in anticipation of the 
acquisition of Tiffany. It also included the impact of the LVMH 
liquidity contract.
Note 3.  Brands, trade names and other intangible assets
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gross
Amortization 
and impairment
Net
Net
Net
Brands
21,491 
(806) 
20,685 
20,013
12,877
Trade names
4,103 
(1,693) 
2,410 
2,285
2,130
License rights
51 
(35) 
17 
46
46
Software, websites
3,603 
(2,677) 
926 
849
665
Other
1,220 
(692) 
528 
490
425
Total
30,469 
(5,903) 
24,565 
23,684
16,143

230
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
3.1	
Changes during the fiscal year
The carrying amounts of brands, trade names and other intangible assets changed as follows during the fiscal year:
Gross value 
(EUR millions) 
Brands
Trade names
Software, 
websites
Other intangible 
assets
Total
As of December 31, 2021
20,786
3,889
3,143
1,193
29,011 
Acquisitions
-
-
319
366
685 
Disposals and retirements
-
-
(93)
(135)
(228) 
Changes in the scope of consolidation
187
(9)
-
29
206 
Translation adjustment
517
224
68
21
829 
Reclassifications
-
-
168
(203)
(35) 
As of December 31, 2022
21,491
4,103
3,603
1,271
30,469 
Amortization and impairment 
(EUR millions) 
Brands
Trade names
Software, 
websites
Other intangible 
assets
Total
As of December 31, 2021
(773)
(1,604)
(2,294)
(657)
(5,328) 
Amortization expense
(7)
-
(425)
(171)
(603) 
Impairment expense
(11)
-
(4)
(1)
(16) 
Disposals and retirements
-
-
94
134
227 
Changes in the scope of consolidation
-
9
(1)
(22)
(14) 
Translation adjustment
(15)
(99)
(47)
(9)
(170) 
Reclassifications
-
-
-
-
- 
As of December 31, 2022
(806)
(1,693)
(2,677)
(727)
(5,903) 
Carrying amount as of December 31, 2022
20,685
2,410
926
544
24,565 
Changes in the scope of consolidation mainly resulted from the acquisition of Joseph Phelps. See Note 2.
Translation adjustments mainly related to brands and trade names recognized in US dollars, based on fluctuations in the US 
dollar‑to‑euro exchange rate between January 1 and December 31, 2022.

Annual Report as of December 31, 2022
231
Consolidated financial statements
Notes to the consolidated financial statements
3.2	
Changes during prior fiscal years
The carrying amounts of brands, trade names and other intangible assets changed as follows during prior fiscal years:
Carrying amount 
(EUR millions) 
Brands
Trade names
Software, 
websites
Other intangible 
assets
Total
As of December 31, 2019
12,875
2,303
650
507
16,335 
Acquisitions
-
-
194
286
480 
Disposals and retirements
-
-
2
(3)
(2) 
Changes in the scope of consolidation
14
-
-
1
15 
Amortization expense
(24)
(1)
(329)
(129)
(483) 
Impairment expense
(32)
-
-
(1)
(33) 
Translation adjustment
(25)
(172)
(21)
(9)
(228) 
Reclassifications
68
-
170
(179)
58 
As of December 31, 2020
12,877
2,130
665
472
16,143 
Acquisitions
-
-
244
337
581 
Disposals and retirements
-
-
(7)
1
(6) 
Changes in the scope of consolidation
6,503
-
147
28
6,678 
Amortization expense
(9)
-
(372)
(147)
(528) 
Impairment expense
1
-
(1)
(13)
(13) 
Translation adjustment
641
156
33
16
845 
Reclassifications
-
-
140
(157)
(17) 
As of December 31, 2021
20,013
2,285
849
536
23,684 
3.3	
Brands and trade names
The breakdown of brands and trade names by business group is as follows:
(EUR millions) 
December 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gross
Amortization and 
impairment
Net
Net
Net
Wines and Spirits
3,425 
(158) 
3,267 
3,104
2,734
Fashion and Leather Goods
5,561 
(336) 
5,225 
5,211
4,958
Perfumes and Cosmetics
1,395 
(86) 
1,309 
1,291
1,287
Watches and Jewelry
10,694 
(101) 
10,594 
10,119
3,606
Selective Retailing
4,056 
(1,646) 
2,410 
2,285
2,130
Other activities
462 
(172) 
290 
290
292
Brands and trade names
25,594 
(2,499) 
23,095 
22,298
15,006
The brands and trade names recognized are those that the Group 
has acquired. As of December 31, 2022, the principal acquired 
brands and trade names were:
•	 Wines and Spirits: Hennessy, Moët & Chandon, Dom 
Pérignon, Veuve Clicquot, Krug, Château d’Yquem, Belvedere, 
Glenmorangie, Newton Vineyards, Bodega Numanthia, 
Château d’Esclans, Armand de Brignac and Joseph Phelps; 
•	 Fashion and Leather Goods: Louis Vuitton, Fendi, Celine, 
Loewe, Givenchy, Kenzo, Berluti, Pucci, Loro Piana, Rimowa 
and Off-White; 
•	 Perfumes and Cosmetics: Parfums Christian Dior, Guerlain, 
Parfums Givenchy, Make Up For Ever, Benefit Cosmetics, 
Fresh, Acqua di Parma, KVD Vegan Beauty, Fenty, Ole 
Henriksen, Maison Francis Kurkdjian and Officine Universelle 
Buly 1803; 
•	 Watches and Jewelry: Tiffany, Bulgari, TAG Heuer, Zenith, 
Hublot, Chaumet, Fred and Repossi; 
•	 Selective Retailing: DFS Galleria, Sephora and Le Bon Marché; 
•	 Other activities: the publications of the media group Les 
Echos-Investir, the daily newspaper Le Parisien-Aujourd’hui en 
France, the Royal Van Lent-Feadship brand, La Samaritaine, 
the hotel group Belmond and the Cova pastry shop brand.

232
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
These brands and trade names are recognized in the balance sheet 
at their value determined as of the date of their acquisition by the 
Group, which may be much less than their value in use or their 
market value as of the closing date for the Group’s consolidated 
financial statements. This is notably the case for the brands 
Louis Vuitton, Christian Dior Couture, Veuve Clicquot and 
Parfums Christian Dior, and the trade name Sephora, with the 
understanding that this list must not be considered exhaustive.
See also Note 5 for the impairment testing of brands, trade names 
and other intangible assets with indefinite useful lives.
Note 4.  Goodwill
(EUR millions) 
December 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gross
Impairment
Net
Net
Net
Goodwill arising on consolidated investments
18,366 
(2,015) 
16,351 
15,302
7,911
Goodwill arising on purchase commitments 
for minority interests’ shares
6,899 
- 
6,899 
9,070
6,597
Total
25,265 
(2,015) 
23,250 
24,371
14,508
Changes in net goodwill during the fiscal years presented break down as follows:
(EUR millions) 
2022
2021
2020
Gross
Impairment
Net
Net
Net
As of January 1
26,349 
(1,977) 
24,371 
14,508
14,500
Changes in the scope of consolidation
534 
70 
604 
6,879
(27)
Changes in purchase commitments 
for minority interests’ shares
(2,204) 
- 
(2,204) 
2,467
278
Changes in impairment
- 
(27) 
(27) 
(78)
(178)
Translation adjustment
587 
(81) 
506 
596
(67)
As of December 31
25,265 
(2,015) 
23,250 
24,371
14,508
See Note 21 for goodwill arising on purchase commitments for 
minority interests’ shares.
Changes in the scope of consolidation mainly arose from 
the acquisition of Joseph Phelps as well as the consolidation 
of acquisitions made prior to 2022, in particular Officine 
Universelle Buly and Feelunique, and from Sephora’s disposal 
of its subsidiary in Russia. See Note 2.
Translation adjustments mainly related to goodwill recognized 
in US dollars, based on fluctuations in the US dollar‑to‑euro 
exchange rate between January 1 and December 31, 2022.
In 2021, changes in the scope of consolidation mainly resulted 
from the acquisition of Tiffany. See Note 2.
Note 5.  Impairment testing of intangible assets with indefinite useful lives
Brands, trade names, and other intangible assets with indefinite 
useful lives as well as the goodwill arising on acquisition were 
subject to annual impairment testing. No significant impairment 
expense was recognized in respect of these items during the 
course of fiscal year 2022.
As described in Note 1.17, these assets are generally valued on the 
basis of the present value of forecast cash flows determined in the 
context of multi‑year business plans drawn up each fiscal year. 
The consequences of the Covid‑19 pandemic continue to disrupt 
the commercial operations of certain Maisons, particularly due 
to the decrease in business travel and tourist numbers in Asia. 
However, the Group believes that these disruptions are not 
likely to affect the achievement of objectives set in multi‑year 
business plans.

Annual Report as of December 31, 2022
233
Consolidated financial statements
Notes to the consolidated financial statements
The main assumptions used to determine these forecast cash flows are as follows:
Business group 
(as %) 
December 31, 2022
December 31, 2021
December 31, 2020
Discount rate
Compound 
annual 
growth rate 
for revenue 
during the 
plan period
Growth 
rate for 
the period 
after the 
plan
Post‑tax 
discount 
rate
Compound 
annual 
growth rate 
for revenue 
during the 
plan period
Growth 
rate for the 
period after 
the plan
Post‑tax 
discount 
rate
Compound 
annual 
growth rate 
for revenue 
during the 
plan period
Growth 
rate for 
the period 
after the 
plan
Post‑tax
Pre‑tax
Wines and Spirits
7.1 to 11.9 9.6 to 16.1 
8.2 
2.0 
6.7 to 11.6
7.4
2.0
6.0 to 10.8
5.8
2.0
Fashion and 
Leather Goods
9.6 to 11.0 13.0 to 14.9 
9.4 
2.0 
7.4 to 10.2
10.6
2.0
7.1 to 9.6
10.5
2.0
Perfumes and 
Cosmetics
8.3 to 8.5 11.2 to 11.5 
10.9 
2.0 
7.3
12.2
2.0
6.5 to 9.2
9.1
2.0
Watches and 
Jewelry
8.8 to 9.0 11.9 to 12.2 
8.8 
2.0 to 2.5 
8.2
10.1
2.0
7.5 to 8.9
9.4
2.0
Selective 
Retailing
9.7 to 9.8 13.1 to 13.2 
9.5 
2.0 
8.6
11.5
2.0
7.0 to 8.9
8.0
2.0
Other
8.5 to 9.7 11.5 to 13.1 
4.7 
2.0 
6.6 to 9.0
7.6
2.0
6.0 to 9.0
6.6
2.0
Plans generally cover a five‑year period, but may be prolonged up 
to ten years in the case of brands for which the production cycle 
exceeds five years or brands undergoing strategic repositioning.
Annual growth rates applied for the period not covered by the 
plans are based on market estimates for the business groups 
concerned.
As of December 31, 2022, the intangible assets with indefinite useful lives that are the most significant in terms of their carrying amounts 
and the criteria used for impairment testing are as follows:
(EUR millions) 
Brands and 
trade names
Goodwill
Total
Post‑tax 
discount rate 
(as %) 
Growth rate for 
the period after 
the plan (as %) 
Period covered 
by the forecast 
cash flows
Louis Vuitton
2,059
613
2,673 
9.6
2.0
5 years
Loro Piana
1,300
1,048
2,348 
9.6
2.0
5 years
Fendi
713
416
1,129 
9.6
2.0
5 years
Tiffany
6,844
7,694
14,539 
8.8
2.5
10 years
Bulgari
2,100
1,547
3,647 
9.0
2.0
5 years
TAG Heuer
1,260
239
1,499 
9.0
2.0
5 years
DFS
2,146
-
2,146 
9.8
2.0
5 years
Belmond
126
772
898 
9.5
2.0
10 years
Hennessy
1,067
47
1,114 
7.1
2.0
5 years

234
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
As of December 31, 2022, four business segments disclosed 
intangible assets with a carrying amount close to their recoverable 
amount (including three for which the net carrying amount of 
intangible assets with indefinite useful lives is significant). 
Impairment tests relating to intangible assets with indefinite 
useful lives in these business segments have been carried out 
based on value in use. The amount of these intangible assets as 
of December 31, 2022 and the impairment loss that would result 
from a 1.5‑point increase in the post‑tax discount rate, a 1.0‑point 
decrease in the growth rate for the period not covered by the 
plans, or a 4‑point decrease in the compound annual growth 
rate for revenue compared to rates used as of December 31, 2022, 
break down as follows:
(EUR millions) 
Amount of 
intangible assets 
concerned as of 
December 31, 2022
Amount of impairment if:
Post‑tax discount 
rate increases 
by 1.5 points
Annual growth 
rate for revenue 
decreases by 
4 points
Growth rate for the 
period after the 
plans decreases 
by 1.0 point
Fashion and Leather Goods
2,348
(86)
(142)
(55)
Watches and Jewelry
14,539
(25)
(1,332)
-
Other activities
1,084
(97)
(138)
(125)
Total
17,971
(207)
(1,612)
(180)
The Group considers that changes in excess of the limits 
mentioned above would entail assumptions at a level not 
deemed relevant in view of the current economic environment 
and medium- to long‑term growth prospects for the business 
segments concerned. Moreover, a four‑point decrease in the 
average growth rate for revenue over the plan period is a 
pessimistic assumption with a very low probability of occurrence.
As of December 31, 2022, the gross and net values of brands, 
trade names and goodwill giving rise to amortization and/
or impairment charges in 2022 were 471 million euros and 
193 million euros, respectively (1,087 million euros and 
931 million euros as of December 31, 2021).
Impairment and amortization expenses recognized during fiscal 
year 2022 came to 50 million euros. See Note 26.
Note 6.  Property, plant and equipment
(EUR millions) 
December 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gross
Depreciation 
and impairment
Net
Net
Net
Land
4,968 
(21) 
4,947 
4,230
3,907
Vineyard land and producing vineyards (a) 
2,861 
(132) 
2,729 
2,623
2,551
Buildings
7,566 
(2,847) 
4,720 
4,042
3,400
Investment property
481 
(44) 
437 
323
318
Leasehold improvements, 
machinery and equipment
19,486 
(13,714) 
5,773 
5,114
4,459
Assets in progress
1,810 
(1) 
1,809 
1,302
1,176
Other property, plant and equipment
2,565 
(564) 
2,000 
1,909
1,763
Total
39,737 
(17,323) 
22,414 
19,543
17,575
Of which: Historical cost of vineyard land
760 
- 
760 
608
601
(a)	 Almost all of the carrying amount of “Vineyard land and producing vineyards” corresponds to vineyard land.

Annual Report as of December 31, 2022
235
Consolidated financial statements
Notes to the consolidated financial statements
6.1	
Changes during the fiscal year
Changes in property, plant and equipment during the fiscal year broke down as follows:
Gross value 
(EUR millions) 
Vineyard 
land and 
producing 
vineyards
Land and 
buildings
Investment 
property
Leasehold improvements, 
machinery and equipment
Assets in 
progress
Other 
property, 
plant and 
equipment
Total
Stores and 
hotels
Production, 
logistics
Other
As of December 31, 2021
2,739
10,850
362
11,972
3,598
2,039
1,303
2,456
35,320 
Acquisitions
26
1,062
115
909
204
161
1,770
152
4,398 
Change in the market 
value of vineyard land
(72)
-
-
-
-
-
-
-
(72) 
Disposals and retirements
(2)
(50)
-
(597)
(63)
(102)
(5)
(70)
(888) 
Changes in the scope 
of consolidation
127
91
-
2
49
-
3
(25)
246 
Translation adjustment
4
86
5
181
30
48
13
22
387 
Other movements, 
including transfers
39
496
-
832
125
98
(1,274)
30
347 
As of December 31, 2022
2,861
12,534
481
13,298
3,943
2,244
1,810
2,565
39,737 
Depreciation 
and impairment 
(EUR millions) 
Vineyard 
land and 
producing 
vineyards
Land and 
buildings
Investment 
property
Leasehold improvements, 
machinery and equipment
Assets in 
progress
Other 
property, 
plant and 
equipment
Total
Stores and 
hotels
Production, 
logistics
Other
As of December 31, 2021
(117)
(2,577)
(38)
(8,573)
(2,447)
(1,476)
(1)
(547)
(15,777) 
Depreciation expense
(7)
(292)
(6)
(1,260)
(240)
(185)
-
(66)
(2,056) 
Impairment expense
(1)
(49)
-
(10)
1
-
(1)
(2)
(61) 
Disposals and retirements
1
50
1
595
61
100
1
19
828 
Changes in the scope 
of consolidation
(9)
(8)
-
3
(27)
2
-
32
(6) 
Translation adjustment
(1)
(36)
-
(140)
(22)
(42)
-
(8)
(250) 
Other movements, 
including transfers
-
45
-
(60)
(6)
14
-
8
1 
As of December 31, 2022
(132)
(2,867)
(44)
(9,446)
(2,680)
(1,588)
(1)
(564)
(17,323) 
Carrying amount as of 
December 31, 2022
2,729
9,667
437
3,853
1,263
657
1,809
2,000
22,414 
“Other property, plant and equipment” included in particular 
the works of art owned by the Group.
In 2022, as in 2021, purchases of property, plant and equipment 
mainly included investments by the Group’s Maisons – 
notably Christian Dior, Louis Vuitton, Tiffany and Sephora 
– in their retail networks. They also included investments by 
the champagne houses, Hennessy and Louis Vuitton in their 
production equipment, as well as investments relating to the 
Group’s hotel activities.
In the second half of 2022, an investment was made in 
several buildings in Paris, which resulted in particular in the 
Group acquiring full ownership of the premises serving as 
its headquarters, in which it had previously held a 40% stake, 
recognized under “Investments in joint ventures and associates”. 
The previously held stake was remeasured (see Note 26) and the 
corresponding investment (see Note 8) was reclassified under 
“Property, plant and equipment” at its new value.
Changes in the scope of consolidation mainly resulted from the 
acquisition of Joseph Phelps. See Note 2.
Translation adjustments on property, plant and equipment 
mainly related to fixed assets recognized in US dollars, based 
on fluctuations in the US dollar‑to‑euro exchange rate between 
January 1 and December 31, 2022.
The market value of investment property, according to appraisals 
by independent third parties, was at least 0.6 billion euros as of 
December 31, 2022. The valuation methods used are based on 
market data.

236
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
6.2	 Changes during prior fiscal years
Changes in property, plant and equipment during prior fiscal years broke down as follows:
Carrying amount 
(EUR millions) 
Vineyard 
land and 
producing 
vineyards
Land and 
buildings
Investment 
property
Leasehold improvements, 
machinery and equipment
Assets in 
progress
Other 
property, 
plant and 
equipment
Total
Stores and 
hotels
Production, 
logistics
Other
As of December 31, 2019
2,537
6,948
322
3,216
1,015
486
1,650
1,706
17,878 
Acquisitions
19
295
1
464
135
91
911
67
1,984 
Disposals and retirements
(2)
(12)
(4)
(6)
(8)
(2)
(4)
1
(37) 
Depreciation expense
(6)
(238)
(2)
(1,024)
(211)
(149)
-
(75)
(1,706) 
Impairment expense
(2)
(10)
-
(3)
(2)
-
(5)
(3)
(26) 
Change in the market 
value of vineyard land
(3)
-
-
-
-
-
-
-
(3) 
Changes in the scope 
of consolidation
-
-
-
-
-
-
-
-
- 
Translation adjustment
(13)
(239)
(6)
(156)
(16)
(13)
(31)
(15)
(490) 
Other movements, including transfers
21
565
8
466
100
77
(1,344)
83
(25) 
As of December 31, 2020
2,551
7,307
318
2,957
1,012
490
1,176
1,763
17,575 
Acquisitions
11
398
7
679
159
106
1,162
150
2,672 
Disposals and retirements
(4)
(231)
-
(8)
(6)
(3)
(11)
(12)
(275) 
Depreciation expense
(6)
(282)
(3)
(1,141)
(224)
(174)
-
(64)
(1,894) 
Impairment expense
-
(7)
(2)
(8)
(1)
-
(21)
(1)
(40) 
Change in the market 
value of vineyard land
52
-
-
-
-
-
-
-
52 
Changes in the scope 
of consolidation
-
385
-
351
58
59
112
52
1,016 
Translation adjustment
11
194
6
152
20
14
39
18
454 
Other movements, including transfers
8
508
(4)
417
135
72
(1,156)
3
(16) 
As of December 31, 2021
2,623
8,272
323
3,398
1,152
564
1,302
1,909
19,543 
In 2021, disposals of property, plant and equipment mainly 
included the sale of the Belmond Charleston hotel; changes in 
the scope of consolidation mainly resulted from the acquisition 
of Tiffany. See Note 2.
Purchases of property, plant and equipment in fiscal year 2020 
mainly included investments by the Group’s brands in their retail 
networks and investments by the champagne houses, Hennessy 
and Louis Vuitton in their production equipment, as well as 
investments relating to the Group’s hotel activities.

Annual Report as of December 31, 2022
237
Consolidated financial statements
Notes to the consolidated financial statements
Note 7.  Leases
7.1	
Right‑of‑use assets
Right‑of‑use assets break down as follows, by type of underlying asset:
(EUR millions) 
December 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gross
Depreciation 
and impairment
Net
Net
Net
Stores
18,270 
(7,069) 
11,202 
10,636
10,053
Offices
3,273 
(1,000) 
2,274 
1,991
1,433
Other
1,185 
(329) 
856 
771
721
Capitalized fixed lease payments
22,729 
(8,397) 
14,332 
13,398
12,207
Leasehold rights
847 
(570) 
277 
301
308
Total
23,576 
(8,967) 
14,609 
13,699
12,515
The carrying amounts of right‑of‑use assets changed as follows during the fiscal year:
Gross value 
(EUR millions) 
Capitalized fixed lease payments
Leasehold 
rights
Total
Stores
Offices
Other
Total
As of December 31, 2021
16,065
2,762
1,046
19,873
840
20,713 
New leases entered into
2,737
805
176
3,718
36
3,754 
Changes in assumptions
160
(171)
71
60
-
60 
Leases ended or canceled
(923)
(157)
(90)
(1,170)
(31)
(1,201) 
Changes in the scope of consolidation
(144)
-
(21)
(166)
(2)
(167) 
Translation adjustment
414
34
16
464
5
469 
Other movements, including transfers
(38)
1
(13)
(51)
(1)
(52) 
As of December 31, 2022
18,270
3,273
1,185
22,729
847
23,576 
Depreciation and impairment 
(EUR millions) 
Capitalized fixed lease payments
Leasehold 
rights
Total
Stores
Offices
Other
Total
As of December 31, 2021
(5,428)
(772)
(275)
(6,475)
(539)
(7,014) 
Depreciation expense
(2,452)
(355)
(129)
(2,936)
(61)
(2,998) 
Impairment expense
(16)
2
-
(14)
5
(9) 
Leases ended or canceled
859
139
69
1,067
27
1,094 
Changes in the scope of consolidation
98
(2)
1
97
2
99 
Translation adjustment
(151)
(10)
(4)
(165)
(3)
(169) 
Other movements, including transfers
21
(2)
10
29
-
29 
As of December 31, 2022
(7,069)
(1,000)
(329)
(8,397)
(570)
(8,967) 
Carrying amount as of December 31, 2022
11,202
2,274
856
14,332
277
14,609 
“New leases entered into” involved store leases, in particular for 
Louis Vuitton, Tiffany, Christian Dior Couture and DFS. They 
also included leases of office space, mainly for Tiffany and the 
holding companies. Changes in assumptions mainly resulted 
from adjustments to estimated lease terms. These two types of 
changes led to corresponding increases in right‑of‑use assets and 
lease liabilities.
Changes in the scope of consolidation mainly related to Sephora’s 
disposal of its subsidiary in Russia.
Translation adjustments mainly related to leases recognized 
in US dollars, based on fluctuations in the US dollar‑to‑euro 
exchange rate between January 1 and December 31, 2022.

238
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
7.2	
Lease liabilities
Lease liabilities break down as follows:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Non‑current lease liabilities
12,776 
11,887
10,665
Current lease liabilities
2,632 
2,387
2,163
Total
15,408 
14,275
12,829
The change in lease liabilities during the fiscal year breaks down as follows:
(EUR millions) 
Stores
Offices
Other
Total
As of December 31, 2021
11,309
2,198
768
14,275 
New leases entered into
2,698
793
165
3,656 
Principal repayments
(2,291)
(302)
(118)
(2,711) 
Change in accrued interest
10
2
2
14 
Leases ended or canceled
(70)
(18)
(23)
(111) 
Changes in assumptions
147
(172)
71
45 
Changes in the scope of consolidation
(47)
(2)
(26)
(75) 
Translation adjustment
288
30
16
334 
Other movements, including transfers
(20)
1
-
(20) 
As of December 31, 2022
12,024
2,530
854
15,408 
The following table presents the contractual schedule of disbursements for lease liabilities as of December 31, 2022:
(EUR millions) 
As of December 31, 2022
Total minimum future payments
Maturity:
2023
2,853 
 
2024
2,530 
 
2025
2,122 
 
2026
1,819 
 
2027
1,468 
 
Between 2028 and 2032
3,930 
 
Between 2033 and 2037
1,089 
 
Thereafter
1,264 
Total minimum future payments
17,076 
Impact of discounting
(1,668) 
Total lease liability
15,408

Annual Report as of December 31, 2022
239
Consolidated financial statements
Notes to the consolidated financial statements
7.3	
Breakdown of lease expense
The lease expense for the fiscal year breaks down as follows:
(EUR millions) 
2022
2021
2020
Depreciation and impairment of capitalized fixed lease payments
2,950 
2,634
2,572
Interest on lease liabilities
254 
242
281
Capitalized fixed lease expense
3,204 
2,876
2,853
Variable lease payments
2,445 
1,702
755
Short‑term leases and/or low‑value leases
458 
506
320
Other lease expenses
2,902 
2,208
1,075
Total
6,107 
5,084
3,928
In certain countries, leases for stores entail the payment of both 
minimum amounts and variable amounts, especially for stores 
with lease payments indexed to revenue. As required by IFRS 16, 
only the minimum fixed lease payments are capitalized. “Other 
lease expenses” mainly relate to variable lease payments.
For leases not required to be capitalized, there is little difference 
between the expense recognized and the payments made.
7.4	
Changes during prior fiscal years
The change in right‑of‑use assets during the previous fiscal years breaks down as follows, by type of underlying asset:
Carrying amount 
(EUR millions) 
Capitalized fixed lease payments
Leasehold 
rights
Total
Stores
Offices
Other
Total
As of December 31, 2019
9,861
1,436
749
12,047
362
12,409 
New leases entered into
2,112
417
115
2,643
7
2,650 
Changes in assumptions
931
(84)
11
858
-
858 
Leases ended or canceled
(131)
(12)
(17)
(160)
(1)
(161) 
Depreciation expense
(2,111)
(286)
(117)
(2,514)
(54)
(2,568) 
Impairment expense
1
(2)
-
(1)
(3)
(4) 
Changes in the scope of consolidation
-
-
-
-
-
- 
Translation adjustment
(600)
(41)
(37)
(678)
(6)
(684) 
Other movements, including transfers
(11)
5
19
13
3
16 
As of December 31, 2020
10,054
1,433
722
12,207
308
12,515 
New leases entered into
1,924
683
78
2,685
45
2,730 
Changes in assumptions
(274)
34
38
(202)
-
(202) 
Leases ended or canceled
(74)
(15)
-
(90)
(3)
(93) 
Depreciation expense
(2,177)
(342)
(116)
(2,634)
(50)
(2,684) 
Impairment expense
-
-
-
-
(7)
(7) 
Changes in the scope of consolidation
675
159
23
856
1
858 
Translation adjustment
511
49
25
584
4
588 
Other movements, including transfers
(1)
(10)
1
(10)
4
(6) 
As of December 31, 2021
10,636
1,991
771
13,398
301
13,699

240
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
The change in lease liabilities during the previous fiscal years breaks down as follows:
(EUR millions) 
Stores
Offices
Other
Total
As of December 31, 2019
10,264
1,532
749
12,545 
New leases entered into
2,082
405
112
2,600 
Principal repayments
(1,911)
(250)
(113)
(2,275) 
Change in accrued interest
(12)
2
2
(8) 
Leases ended or canceled
(138)
(10)
(9)
(158) 
Changes in assumptions
911
(84)
11
837 
Changes in the scope of consolidation
-
-
-
- 
Translation adjustment
(629)
(46)
(33)
(708) 
Other movements, including transfers
(13)
7
1
(5) 
As of December 31, 2020
10,556
1,555
718
12,829 
New leases entered into
1,875
686
73
2,634 
Principal repayments
(2,039)
(276)
(112)
(2,426) 
Change in accrued interest
7
4
1
12 
Leases ended or canceled
(83)
(13)
(1)
(97) 
Changes in assumptions
(303)
33
38
(232) 
Changes in the scope of consolidation
744
157
23
924 
Translation adjustment
554
55
27
636 
Other movements, including transfers
(3)
(4)
2
(5) 
As of December 31, 2021
11,309
2,198
768
14,275 
7.5	
Off‑balance sheet commitments
Off‑balance sheet commitments relating to leases with fixed lease payments break down as follows:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Contracts commencing after the balance sheet date
872 
459
1,324
Low‑value leases and short‑term leases
207 
167
180
Total undiscounted future payments
1,078 
626
1,504
As part of the active management of its retail network, the Group 
negotiates and enters into leases with commencement dates after 
the balance sheet date. Obligations to make payments under 
these leases are reported as off‑balance sheet commitments rather 
than being recognized as lease liabilities.
In addition, the Group may enter into leases or concession 
contracts that have variable guaranteed amounts, which are not 
reflected in the commitments above.
7.6	
Discount rates
The average discount rate for lease liabilities breaks down as follows for leases in effect as of December 31, 2022:
(as %) 
Average rate for 
leases in effect as of 
December 31, 2022
Average rate for leases 
entered into in 2022
Euro
0.8 
1.6
US dollar
2.8 
2.6
Japanese yen
0.3 
0.3
Hong Kong dollar
1.9 
1.6
Other currencies
2.2 
2.2
Average rate for the Group
1.9 
2.0

Annual Report as of December 31, 2022
241
Consolidated financial statements
Notes to the consolidated financial statements
7.7	
Termination and renewal options
The term used to calculate the lease liability is generally the 
contractual term of the lease. Special cases may exist where an 
early termination option or a renewal option is reasonably certain 
to be exercised, and as such the lease term used to calculate the 
lease liability is reduced or extended, respectively.
The table below presents the impact of these assumptions on lease liabilities recognized as of December 31, 2022:
(EUR millions) 
As of December 31, 2022
Lease 
liabilities
Of which:
Impact of options not taken into account (a) 
Impact of early 
termination 
options
Impact of 
renewal 
options
 
Renewal 
options
Early termination 
options
Lease liabilities related to contracts:
 
 
 
 
 
	—
with options
6,215
(52)
1,617
1,720
(940)
	—
without options
9,193
-
-
-
-
Total
15,408
(52)
1,617
1,720
(940)
(a)	 The impact of options not taken into account presented in the table above was calculated by discounting future lease payments on the basis of the last known contractual term.
Note 8.  Investments in joint ventures and associates
(EUR millions) 
2022
2021
2020
Gross
Impairment
Net
Of which: 
Joint 
arrangements
Net
Of which:
 Joint 
arrangements
Net
Of which: 
Joint 
arrangements
Share of net assets of joint 
ventures and associates 
as of January 1
1,084 
- 
1,084 
432 
990
426
1,074
448
Share of net profit/(loss) 
for the period
37 
- 
37 
4 
14
1
(42)
(13)
Dividends paid
(60) 
- 
(60) 
(9) 
(54)
(9)
(24)
(12)
Changes in the scope 
of consolidation
30 
- 
30 
31 
95
-
-
-
Capital increases subscribed
28 
- 
28 
26 
3
2
10
7
Translation adjustment
15 
- 
15 
8 
36
11
(34)
(14)
Other, including transfers
(69) 
- 
(69) 
3 
-
-
5
9
Share of net assets of joint 
ventures and associates 
as of December 31
1,066 
- 
1,066 
496 
1,084
432
990
426
As of December 31, 2021 and December 31, 2020, investments 
in joint ventures and associates included a 40% stake in 
Mongoual SA, the real estate company that owns the office 
building in Paris (France) that serves as the headquarters of 
LVMH Moët Hennessy Louis Vuitton SE. LVMH acquired the 
remaining 60% stake in Mongoual SA during fiscal year 2022. 
See Note 6.
As of December 31, 2022, investments in joint ventures and 
associates consisted primarily of the following:
•	 For joint arrangements:
	
– a 50% stake in the Château Cheval Blanc wine estate 
(Gironde, France), which produces the eponymous 
Saint‑Émilion Grand Cru Classé A;
	
– a 50% stake in hotel and rail transport activities operated 
by Belmond in Peru.

242
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
•	 For other companies:
	
– a 40% stake in L Catterton Management, an investment 
fund management company created in December 2015 in 
partnership with Catterton;
	
– a 49% stake in Stella McCartney, a London‑based 
ready‑to‑wear brand.
Changes in the scope of consolidation in fiscal year 2021 mainly 
resulted from the acquisition of a stake in Off-White Srl via Off-
White LLC. See Note 2.
Note 9.  Non‑current available for sale financial assets
(EUR millions) 
2022
2021
2020
As of January 1
1,363 
739
915
Acquisitions
369 
569
159
Disposals at net realized value
(98) 
(107)
(213)
Changes in market value (a) 
(125) 
153
24
Changes in the scope of consolidation
(410) 
(3)
-
Translation adjustment
10 
12
(13)
Reclassifications (b) 
- 
-
(133)
As of December 31
1,109 
1,363
739
(a)	 Recognized within “Net financial income/(expense)” and, in 2021, partly within “Other operating income and expenses” (see Note 26).
(b)	 See Note 14.
Changes in the scope of consolidation in 2022 related to the initial consolidation of various acquisitions carried out in prior years that 
had temporarily not been consolidated due to their low materiality.
Note 10.  Other non‑current assets
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Warranty deposits
554 
482
409
Derivatives (a) 
97 
55
110
Loans and receivables
444 
413
280
Other
91 
103
46
Total
1,187 
1,054
845
(a)	 See Note 23.
Note 11.  Inventories and work in progress
(EUR millions) 
December 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gross
Impairment
Net
Net
Net
Wines and eaux‑de‑vie 
in the process of aging
5,956 
(24) 
5,932 
5,433
5,313
Other raw materials and work in progress
4,976 
(788) 
4,187 
2,885
1,732
 
10,932 
(812) 
10,120 
8,319
7,046
Goods purchased for resale
2,695 
(285) 
2,410 
1,951
1,706
Finished products
9,416 
(1,626) 
7,790 
6,279
4,264
 
12,111 
(1,911) 
10,200 
8,230
5,970
Total
23,042 
(2,723) 
20,319 
16,549
13,016

Annual Report as of December 31, 2022
243
Consolidated financial statements
Notes to the consolidated financial statements
The change in net inventories for the fiscal years presented breaks down as follows:
(EUR millions) 
2022
2021
2020
Gross
Impairment
Net
Net
Net
As of January 1
19,075 
(2,526) 
16,549 
13,016
13,717
Change in gross inventories
4,169 
- 
4,169 
1,567
562
Impact of provision for returns (a) 
(17) 
- 
(17) 
34
12
Impact of marking harvests to market
24 
- 
24 
(35)
(27)
Changes in provision for impairment
- 
(574) 
(574) 
(447)
(797)
Changes in the scope of consolidation
46 
7 
53 
1,808
-
Translation adjustment
173 
(44) 
129 
605
(457)
Other, including reclassifications
(426) 
414 
(13) 
1
7
As of December 31
23,042 
(2,723) 
20,319 
16,549
13,016
(a)	 See Note 1.28.
The impact of marking harvests to market on Wines and Spirits’ cost of sales and value of inventory is as follows:
(EUR millions) 
2022
2021
2020
Impact of marking the fiscal year’s harvest to market
40 
(12)
(7)
Impact of inventory sold during the fiscal year
(16) 
(23)
(20)
Net impact on cost of sales for the fiscal year
24 
(35)
(27)
Net impact on the value of inventory as of December 31
82 
58
93
See Notes 1.11 and 1.19 on the method of marking harvests to market.
Note 12.  Trade accounts receivable
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Trade accounts receivable, nominal amount
4,369 
3,914
2,880
Provision for impairment
(111) 
(127)
(124)
Net amount
4,258 
3,787
2,756
The change in trade accounts receivable for the fiscal years presented breaks down as follows:
(EUR millions) 
2022
2021
2020
Gross
Impairment
Net
Net
Net
As of January 1
3,914 
(127) 
3,787 
2,756
3,450
Changes in gross receivables
394 
- 
394 
613
(528)
Changes in provision for impairment
- 
6 
6 
(16)
(41)
Changes in the scope of consolidation
40 
3 
42 
254
1
Translation adjustment
51 
(3) 
49 
164
(148)
Reclassifications
(30) 
10 
(20) 
16
22
As of December 31
4,369 
(111) 
4,258 
3,787
2,756
The trade accounts receivable balance is comprised essentially of receivables from wholesalers or agents, who are limited in number 
and with whom the Group maintains long‑term relationships.

244
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
As of December 31, 2022, the breakdown of the nominal amount of trade accounts receivable and of provisions for impairment by age 
was as follows:
(EUR millions) 
Nominal amount 
of receivables
Impairment
Net amount of 
receivables
Not due:
	
—
Less than 3 months
3,715
(35)
3,681
 
	—
More than 3 months
100
(8)
92
 
 
3,815
(43)
3,772
Overdue:
	
—
Less than 3 months
415
(15)
400
 
	—
More than 3 months
138
(53)
86
 
 
554
(68)
486
Total
 
4,369
(111)
4,258
The present value of trade accounts receivable is identical to their carrying amount.
Note 13.  Other current assets
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current available for sale financial assets (a) 
3,614 
2,544
752
Derivatives (b) 
462 
258
968
Tax accounts receivable, excluding income taxes
1,602 
1,210
956
Advances and payments on account to vendors
386 
315
209
Prepaid expenses
613 
503
387
Other receivables
875 
777
574
Total
7,550 
5,606
3,846
(a)	 See Note 14.
(b)	 See Note 23.
Note 14.  Current available for sale financial assets
The net value of current available for sale financial assets changed as follows during the fiscal years presented:
(EUR millions) 
2022
2021
2020
As of January 1
2,544 
752
733
Acquisitions
1,525 
1,692
576
Disposals at net realized value
(360) 
(296)
(653)
Changes in market value (a) 
(95) 
394
(34)
Changes in the scope of consolidation
- 
-
-
Translation adjustment
- 
2
-
Reclassifications
- 
-
130
As of December 31
3,614 
2,544
752
Of which: Historical cost of current available for sale financial assets
3,275 
2,117
719
(a)	 Recognized within “Net financial income/(expense)”.

Annual Report as of December 31, 2022
245
Consolidated financial statements
Notes to the consolidated financial statements
Note 15.  Cash and change in cash
15.1	 Cash and cash equivalents
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Term deposits (less than 3 months)
1,088 
1,828
13,546
SICAV and FCP funds
287 
477
1,943
Ordinary bank accounts
6,213 
5,818
4,869
Cash and cash equivalents per balance sheet
7,588 
8,122
20,358
The reconciliation between cash and cash equivalents as shown in the balance sheet and net cash and cash equivalents appearing in 
the cash flow statement is as follows:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash and cash equivalents
7,588 
8,122
20,358
Bank overdrafts
(200) 
(203)
(156)
Net cash and cash equivalents per cash flow statement
7,388 
7,918
20,201
15.2	 Change in working capital
The change in working capital breaks down as follows for the fiscal years presented:
(EUR millions) 
Notes 
2022
2021
2020
Change in inventories and work in progress
11 
(4,169) 
(1,567)
(562)
Change in trade accounts receivable
12 
(394) 
(613)
528
Change in balance of amounts owed to customers
22.1 
6 
27
(10)
Change in trade accounts payable
22.1 
1,532 
1,576
(560)
Change in other receivables and payables
 
8 
1,002
235
Change in working capital (a) 
 
(3,019) 
426
(369)
(a)	 Increase/(Decrease) in cash and cash equivalents.
15.3	 Operating investments
Operating investments comprise the following elements for the fiscal years presented:
(EUR millions) 
Notes 
2022
2021
2020
Purchase of intangible assets
3 
(685) 
(580)
(480)
Purchase of property, plant and equipment
6 
(4,398) 
(2,675)
(1,984)
Change in accounts payable related to fixed asset purchases
 
161 
221
(55)
Initial direct costs
7 
(27) 
(37)
(7)
Net cash used in purchases of fixed assets
 
(4,948) 
(3,071)
(2,526)
Net cash from fixed asset disposals
 
73 
444
51
Guarantee deposits paid and other cash flows 
related to operating investments
 
(94) 
(37)
(3)
Operating investments (a)  
 
(4,969) 
(2,664)
(2,478)
(a)	 Increase/(Decrease) in cash and cash equivalents.

246
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
15.4	 Interim and final dividends paid and other equity‑related transactions
Interim and final dividends paid comprise the following elements for the fiscal years presented:
(EUR millions) 
2022
2021
2020
Interim and final dividends paid by Christian Dior SE (a) 
(2,165) 
(1,263)
(830)
Interim and final dividends paid to minority interests in consolidated subsidiaries
(3,944) 
(2,477)
(1,725)
Tax paid related to interim and final dividends paid (b) 
(356) 
(226)
(130)
Interim and final dividends paid
(6,465) 
(3,967)
(2,685)
(a)	 See Note 16.4.
(b)	 Tax paid related to interim and final dividends paid exclusively related to intra-Group dividends; see Note 28.
Other equity‑related transactions comprise the following elements for the fiscal years presented:
(EUR millions) 
Notes 
2022
2021
2020
Capital increases of subsidiaries subscribed by minority interests
 
12 
4
39
Acquisition and disposal of Christian Dior treasury shares
16.3 
- 
-
-
Other equity‑related transactions
 
12 
4
39
Note 16.  Equity
16.1	 Equity
(EUR millions) 
Notes 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share capital
16.2 
361 
361
361
Share premium account
 
194 
194
194
Christian Dior shares
16.3 
(17) 
(17)
(17)
Cumulative translation adjustment
16.5 
1,087 
579
(278)
Revaluation reserves
 
547 
374
270
Other reserves
 
11,068 
8,934
8,807
Net profit, Group share
 
5,797 
4,946
1,933
Equity, Group share
 
19,038 
15,372
11,270
16.2	 Share capital and share premium account
As of December 31, 2022, the share capital consisted of 
180,507,516 fully paid‑up shares (180,507,516 as of both 
December 31, 2021 and December 31, 2020), with a par value of 
2 euros per share, including 130,155,394 shares with double voting 
rights (130,045,992 as of December 31, 2021 and 127,282,026 as 
of December 31, 2020). Double voting rights are attached to 
registered shares held for more than three years.

Annual Report as of December 31, 2022
247
Consolidated financial statements
Notes to the consolidated financial statements
16.3	 Christian Dior shares
The portfolio of Christian Dior shares is allocated as follows:
(number of shares or EUR millions)
December 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Number
Amount
Amount
Amount
Share purchase option plans
- 
- 
-
-
Bonus share and performance share plans
- 
- 
-
-
Future plans
96,936 
17 
17
17
Christian Dior shares
96,936 
17 
17
17
No portfolio movements of Christian Dior shares took place during the fiscal year ended December 31, 2022.
16.4	 Dividends paid by the parent company, Christian Dior SE
In accordance with French regulations, dividends are taken from 
the profit for the fiscal year and the distributable reserves of the 
parent company, after deducting applicable withholding tax and 
the cost of treasury shares.
As of December 31, 2022, the distributable amount was 
3,643 million euros; after taking into account the proposed 
dividend distribution in respect of the 2022 fiscal year, it was 
2,380 million euros.
(EUR millions) 
2022
2021
2020
Interim dividend for the current fiscal year 
(2022: 5.00 euros; 2021: 3.00 euros; 2020: 2.00 euros)
902 
541
361
Impact of treasury shares
- 
-
-
Gross amount disbursed for the fiscal year
902 
541
361
Final dividend for the previous fiscal year 
(2021: 7.00 euros; 2020: 4.00 euros; 2019: 2.60 euros)
1,264 
722
469
Impact of treasury shares
(1) 
-
-
Gross amount disbursed for the previous fiscal year
1,263 
722
469
Total gross amount disbursed during the fiscal year (a) 
2,165 
1,263
830
(a)	 Excluding the impact of tax regulations applicable to the recipient.
The final dividend for fiscal year 2022, as proposed at the Shareholders’ Meeting of April 20, 2023, is 7 euros per share, representing a 
total of 1,264 million euros before deduction of the amount attributable to treasury shares held at the ex‑dividend date.

248
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
16.5	 Cumulative translation adjustment
The change in “Cumulative translation adjustment” recognized within “Equity, Group share”, net of hedging effects of net assets 
denominated in foreign currency, breaks down as follows by currency:
(EUR millions) 
Dec. 31, 2022
Change
Dec. 31, 2021
Dec. 31, 2020
US dollar
705 
395
310
(343)
Swiss franc
441 
51
391
327
Japanese yen
(5) 
(36)
31
41
Hong Kong dollar
211 
(9)
220
118
Pound sterling
(51) 
(61)
10
(46)
Other currencies
(131) 
124
(255)
(189)
Foreign currency net investment hedges (a) 
(82) 
45
(127)
(186)
Total, Group share
1,087 
508
579
(278)
(a)	 Including: -60 million euros with respect to the US dollar (-60 million euros as of December 31, 2021 and -52 million euros as of December 31, 2020), -49 million euros with respect to the 
Hong Kong dollar (-48 million euros as of December 31, 2021 and 2020) and -93 million euros with respect to the Swiss franc (-94 million euros as of December 31, 2021 and -87 million 
euros as of December 31, 2020). These amounts include the tax impact.
16.6	 Strategy relating to the Group’s financial structure
The Group believes that the management of its financial 
structure, together with the development of the companies it 
owns and the management of its brand portfolio, helps create 
value for its shareholders. Maintaining a suitable‑quality credit 
rating is a core objective for the Group, ensuring good access 
to markets under favorable conditions, allowing it to seize 
opportunities and procure the resources it needs to develop its 
business.
To this end, the Group monitors a certain number of financial 
ratios and aggregate measures of financial risk, including:
•	 net financial debt (see Note 19) to equity;
•	 cash from operations before changes in working capital to 
net financial debt;
•	 net cash from operating activities;
•	 operating free cash flow (see the consolidated cash flow 
statement);
•	 long‑term resources to fixed assets;
•	 proportion of long‑term borrowings in net financial debt.
Long‑term resources are understood to correspond to the sum 
of equity and non‑current liabilities.
Where applicable, these indicators are adjusted to reflect the 
Group’s off‑balance sheet financial commitments.
The Group also promotes financial flexibility by maintaining 
numerous and varied banking relationships, through frequent 
recourse to several negotiable debt markets (both short- 
and long‑term), by holding a large amount of cash and cash 
equivalents, and through the existence of sizable amounts 
of undrawn confirmed credit lines, intended to cover – and 
exceed – the outstanding portion of short‑term negotiable debt 
securities programs, while continuing to represent a reasonable 
cost for the Group.
Note 17.  Bonus share and similar plans
17.1	 General characteristics of plans
Bonus share and performance share plans
At the Shareholders’ Meeting of April 21, 2022, the shareholders 
renewed the authorization given to the Board of Directors, 
for a period of twenty‑six months expiring in June 2024, to 
grant existing or newly issued shares as bonus shares to Group 
company employees and/or senior executives, on one or more 
occasions, in an amount not to exceed 1% of the Company’s share 
capital on the date of this authorization.
No Christian Dior bonus share or performance share plans have 
been set up since December 6, 2016.

Annual Report as of December 31, 2022
249
Consolidated financial statements
Notes to the consolidated financial statements
17.2	 Bonus share and performance share plans
No bonus share plans were in effect in fiscal year 2022.
17.3	 Expense for the fiscal year
Expenses recognized for the fiscal year for share purchase option, bonus share and performance share plans break down as follows:
(EUR millions) 
2022
2021
2020
Expense for the fiscal year
132 
132
62
See Note 1.30 regarding the method used to determine the accounting expense.
For LVMH
The following table presents the LVMH closing share price the day before the grant date of the 2022 plans and the average unit value 
of provisionally allocated bonus shares in fiscal year 2022:
Plan commencement date
Number 
of shares 
awarded initially
Of which: 
Performance 
shares
Vesting period 
of rights
LVMH closing 
share price the 
day before the 
grant date
Average unit value 
of provisionally 
allocated bonus 
shares
January 27, 2022
10,790
-
1 year
683.6
673.4
January 27, 2022
1,308
1,308
2 years and 9 months
683.6
635.2
July 26, 2022
25,000
25,000
2 years and 8 months
637.4
607.3
July 26, 2022
11,032
-
1 year
637.4
625.5
July 26, 2022
1,682
1,682
2 years and 3 months
637.4
612.8
October 27, 2022
139,592
139,592
3 years
663.0
625.9
Total
189,404
167,582
 
 
 
For Christian Dior
No share purchase option, bonus share or performance share plans involving Christian Dior shares were set up in fiscal year 2022.
Note 18.  Minority interests
(EUR millions) 
2022
2021
2020
As of January 1
30,995 
24,974
24,837
Minority interests’ share of net profit
8,905 
7,718
3,037
Dividends paid to minority interests
(3,905) 
(2,498)
(1,733)
Impact of changes in control of consolidated entities
10 
373
(10)
Impact of acquisition and disposal of minority interests’ shares
(1,068) 
(947)
(29)
Capital increases subscribed by minority interests
28 
12
54
Minority interests’ share in gains and losses recognized in equity
1,036 
1,462
(1,111)
Minority interests’ share in expenses related to bonus share and similar plans
79 
80
36
Impact of changes in minority interests with purchase commitments
(804) 
(179)
(107)
As of December 31
35,276 
30,995
24,974

250
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
The change in minority interests’ share in gains and losses recognized in equity, including the tax impact, breaks down as follows:
(EUR millions) 
Cumulative 
translation 
adjustment
Hedges of future 
foreign currency 
cash flows and 
cost of hedging
Vineyard 
land
Employee 
benefit 
commitments
Minority interests’ 
share in cumulative 
translation 
adjustment and 
revaluation reserves
As of December 31, 2019
648
(72)
936
(159)
1,353
Changes during the fiscal year
(1,026)
(75)
-
(10)
(1,111)
Changes due to LVMH SE treasury shares
-
-
-
-
-
As of December 31, 2020
(378)
(148)
936
(168)
242
Changes during the fiscal year
1,334
(18)
28
119
1,462
Changes due to LVMH SE treasury shares
-
-
(1)
-
(1)
As of December 31, 2021
956
(165)
963
(50)
1,704
Changes during the fiscal year
770
163
(35)
138
1,036
Changes due to LVMH SE treasury shares
(2)
1
(3)
1
(3)
As of December 31, 2022
1,723
(1)
925
89
2,737
Minority interests are essentially composed of LVMH SE 
shareholders excluding Christian Dior SE’s controlling interest, 
i.e. shareholders owning 58% of LVMH SE. They were paid a 
total of 3,523 million euros in dividends during the fiscal year.
Minority interests also include Diageo’s 34% stake in Moët 
Hennessy SAS and Moët Hennessy International SAS (“Moët 
Hennessy”), and the 39% stake held by Mari-Cha Group Ltd 
in DFS. Since the 34% stake held by Diageo in Moët Hennessy 
is subject to a purchase commitment, it is reclassified at the 
period‑end within “Purchase commitments for minority 
interests’ shares” under “Other non‑current liabilities” and is 
therefore excluded from the total amount of minority interests 
at the period‑end. See Notes 1.14 and 21.
Dividends paid to Diageo in fiscal year 2022 amounted to 217 million euros in respect of fiscal year 2021. Net profit attributable to 
Diageo for fiscal year 2022 was 480 million euros, and its share in accumulated minority interests (before recognition of the purchase 
commitment granted to Diageo) came to 4,265 million euros as of December 31, 2022. As of that date, the condensed consolidated 
balance sheet of Moët Hennessy was as follows:
(EUR billions) 
Dec. 31, 2022
Property, plant and equipment 
and intangible assets
5.7 
Other non‑current assets
1.0 
Non‑current assets
6.7 
Inventories and work in progress
6.8 
Other current assets
1.6 
Cash and cash equivalents
2.3 
Current assets
10.7 
Total assets
17.5 
(EUR billions) 
Dec. 31, 2022
Equity
11.8 
Non‑current liabilities
2.3 
Equity and non‑current liabilities
14.1 
Short‑term borrowings
1.1 
Other current liabilities
2.3 
Current liabilities
3.4 
Total liabilities and equity
17.5 
No dividend was paid to Mari-Cha Group Ltd in 2022. Net profit attributable to Mari-Cha Group Ltd for fiscal year 2022 was a loss of 
101 million euros, and its share in accumulated minority interests as of December 31, 2022 came to 1,252 million euros.

Annual Report as of December 31, 2022
251
Consolidated financial statements
Notes to the consolidated financial statements
Note 19.  Borrowings
19.1	 Net financial debt
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Bonds and Euro Medium-Term Notes (EMTNs)
10,185 
11,872
13,866
Bank borrowings
194 
293
199
Long‑term borrowings
10,380 
12,165
14,065
Bonds and Euro Medium-Term Notes (EMTNs)
1,486 
3,072
1,444
Current bank borrowings
222 
377
346
Short‑term negotiable debt securities
7,247 
4,172
8,575
Other borrowings and credit facilities
160 
207
433
Bank overdrafts
200 
203
156
Accrued interest
60 
61
51
Short‑term borrowings
9,375 
8,091
11,005
Gross borrowings
19,755 
20,256
25,070
Interest rate risk derivatives
144 
(6)
(68)
Foreign exchange risk derivatives
170 
(63)
321
Gross borrowings after derivatives
20,069 
20,188
25,323
Current available for sale financial assets (a) 
(3,614) 
(2,544)
(752)
Cash and cash equivalents (b) 
(7,588) 
(8,122)
(20,358)
Net financial debt
8,867 
9,521
4,213
(a)	 See Note 14.
(b)	 See Note 15.1.
Net financial debt does not include purchase commitments for minority interests’ shares (see Note 21) or lease liabilities (see Note 7).
The change in gross borrowings after derivatives during the fiscal year breaks down as follows:
(EUR millions) 
Dec. 31, 2021
Impact 
on cash (a) 
Translation 
adjustment
Impact of 
market value 
changes
Changes in 
the scope of 
consolidation
Reclassifications 
and other
Dec. 31, 2022
Long‑term borrowings
12,165
(64)
(16)
(153)
59
(1,612)
10,380 
Short‑term borrowings
8,091
(125)
(254)
1
35
1,628
9,375 
Gross borrowings
20,256
(189)
(270)
(152)
93
16
19,755 
Derivatives
(69)
8
(1)
375
-
-
314 
Gross borrowings 
after derivatives
20,188
(181)
(271)
224
93
16
20,069 
(a)	 Including a positive impact of 3,774 million euros in respect of proceeds from borrowings, a negative impact of 3,891 million euros in respect of repayment of borrowings and a positive 
impact of 4 million euros due to a decrease in bank overdrafts.
During the fiscal year, LVMH repaid the 1,750 million euro 
bond issued in 2020, as well as the 800 million euro bond and 
the 400 million pound bond both issued in 2017. The associated 
hedging swaps were unwound on redemption.
During fiscal year 2021, Christian Dior repaid the 350 million 
euro bond issued in 2016, in advance of its scheduled maturity 
in June 2021.
During fiscal year 2021, LVMH repaid the 300 million euro bond 
issued in 2019. The remaining cash‑settled convertible bonds 
issued in 2016, with an initial face value of 750 million US dollars, 
were also redeemed, in the amount of 156 million US dollars. 
An amount of 594 million US dollars was redeemed early at 
the end of 2020, following the exercise of the conversion 
clause by bondholders. See Note 19 to the 2020 consolidated 
financial statements for details on the repayment of these bonds.

252
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
Lastly, LVMH completed the redemption of the 650 million 
euro bond issued in 2014. The associated hedging swaps were 
unwound on redemption. Tiffany’s bond debt was recognized 
at its market value at the date of consolidation, i.e. 940 million 
euros. It comprised four issues in US dollars for a total nominal 
amount of 800 million US dollars, and an issue of 10 billion 
Japanese yen.
In February and April 2020, LVMH completed eight bond 
issues totaling 10.7 billion euros to finance in particular the 
acquisition of Tiffany, which was completed on January 7, 2021. 
See Note 19.2 below for details on these bond issues.
The market value of gross borrowings, based on market data and 
commonly used valuation models, was 18,033 million euros as of 
December 31, 2022 (19,457 million euros as of December 31, 2021 
and 25,500 million euros as of December 31, 2020), including 
9,373 million euros in short‑term borrowings (8,050 million 
euros as of December 31, 2021 and 10,971 million euros as of 
December 31, 2020) and 8,660 million euros in long‑term 
borrowings (11,407 million euros as of December 31, 2021 and 
14,529 million euros as of December 31, 2020).
As of December 31, 2022, 2021 and 2020, no financial debt was 
recognized using the fair value option. See Note 1.23.
19.2	 Bonds and EMTNs
Nominal amount 
(in currency) 
Year issued
Maturity
Initial effective 
interest rate (a) 
(as %) 
Dec. 31, 2022 
(EUR millions) 
Dec. 31, 2021 
(EUR millions) 
Dec. 31, 2020 
(EUR millions) 
GBP 850,000,000
2020
2027
1.125
824 
984
970
EUR 1,250,000,000
2020
2024
-
1,250 
1,251
1,251
EUR 1,250,000,000
2020
2026
-
1,246 
1,245
1,244
EUR 1,750,000,000
2020
2028
0.125
1,727 
1,737
1,734
EUR 1,500,000,000
2020
2031
0.375
1,489 
1,488
1,487
GBP 700,000,000
2020
2023
1.000
786 
832
788
EUR 1,500,000,000
2020
2025
0.375
1,497 
1,496
1,494
EUR 1,750,000,000
2020
2022
Floating
- 
1,750
1,754
EUR 700,000,000
2019
2023
0.260
700 
699
698
EUR 300,000,000
2019
2021
0.030
- 
-
300
EUR 1,200,000,000
2017
2024
0.820
1,187 
1,202
1,206
EUR 800,000,000
2017
2022
0.460
- 
800
801
GBP 400,000,000
2017
2022
1.090
- 
477
449
EUR 350,000,000
2016
2021
0.860
- 
-
350
USD 750,000,000 (b) 
2016
2021
1.920
- 
-
127
EUR 650,000,000
2014
2021
1.120
- 
-
656
Other
 
 
 
964 
984
-
Total bonds and EMTNs
 
 
11,672 
14,944
15,309
(a)	 Before the impact of interest rate hedges implemented when or after the bonds were issued.
(b)	 Cumulative amounts and weighted average initial effective interest rate based on a 600 million US dollar bond issued in February 2016 at an initial effective interest rate of 1.96% 
and a 150 million US dollar tap issue carried out in April 2016 at an effective interest rate of 1.74%. These yields were determined excluding the option component.

Annual Report as of December 31, 2022
253
Consolidated financial statements
Notes to the consolidated financial statements
19.3	 Breakdown of gross borrowings by payment date and type of interest rate
(EUR millions) 
Gross borrowings
Impact of derivatives
Gross borrowings after derivatives
Fixed 
rate
Floating 
rate
Total
Fixed 
rate
Floating 
rate
Total
Fixed 
rate
Floating 
rate
Total
Maturity:
December 31, 2023
1,796
7,579
9,375
(771)
912
141
1,025
8,491
9,516
 
December 31, 2024
2,797
-
2,797
(297)
309
12
2,501
309
2,809
 
December 31, 2025
1,559
-
1,559
-
-
-
1,559
-
1,559
 
December 31, 2026
1,364
-
1,364
(20)
-
(20)
1,344
-
1,344
 
December 31, 2027
885
-
885
(822)
985
164
63
985
1,049
 
December 31, 2028
1,745
-
1,745
-
18
18
1,745
18
1,763
 
Thereafter
2,029
-
2,029
-
-
-
2,029
-
2,029
Total
12,176
7,579
19,755 
(1,910)
2,224
314 
10,266
9,803
20,069 
See Note 23.3 regarding the market value of interest rate risk derivatives.
The breakdown by quarter of gross borrowings falling due in 2023 is as follows:
(EUR millions) 
Falling due in 2023
First quarter
7,558 
Second quarter
1,733 
Third quarter
34 
Fourth quarter
50 
Total
9,375 
19.4	 Breakdown of gross borrowings by currency after derivatives
The purpose of foreign currency borrowings is to finance the development of the Group’s activities outside the eurozone, as well as 
the Group’s assets denominated in foreign currency.
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Euro
14,851 
17,592
21,648
US dollar
4,564 
2,846
3,120
Swiss franc
(26) 
588
80
Japanese yen
309 
453
762
Other currencies
371 
(1,290)
(287)
Total (a) 
20,069 
20,188
25,323
(a)	 The amounts presented above include the impact of swaps to convert Group‑level financing into subsidiaries’ functional currencies, whether these subsidiaries are borrowers or 
lenders in the currency concerned.
19.5	 Undrawn confirmed credit lines and covenants
As of December 31, 2022, undrawn confirmed credit lines totaled 
11.2 billion euros. This amount exceeded the outstanding portion 
of the short‑term negotiable debt securities programs (euro- 
and US dollar‑denominated commercial paper), which totaled 
7.2 billion euros as of December 31, 2022.
In connection with certain credit lines, the Group may undertake 
to maintain certain financial ratios. As of December 31, 2022, 
no significant credit lines were concerned by these provisions.

254
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
19.6	 Sensitivity
On the basis of debt as of December 31, 2022:
•	 an instantaneous 1.5‑point increase in the yield curves of 
the Group’s debt currencies would raise the annual cost of 
net financial debt by approximately 150 million euros after 
hedging, and would lower the market value of gross fixed‑rate 
borrowings by 410 million euros after hedging;
•	 an instantaneous 1.5‑point decrease in these same yield 
curves would lower the annual cost of net financial debt by 
approximately 150 million euros after hedging, and would 
raise the market value of gross fixed‑rate borrowings by 
410 million euros after hedging.
19.7	 Guarantees and collateral
As of December 31, 2022, borrowings secured by collateral were less than 350 million euros.
Note 20.  Provisions and other non‑current liabilities
Non‑current provisions and other liabilities comprise the following:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Non‑current provisions
1,529 
1,771
1,473
Uncertain tax positions
1,364 
1,368
1,144
Derivatives (a) 
206 
45
146
Employee profit sharing
123 
105
86
Other liabilities
644 
656
438
Non‑current provisions and other liabilities
3,866 
3,945
3,288
(a)	 See Note 23.
Provisions concern the following types of contingencies and losses:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Provisions for pensions, medical costs and similar commitments
622 
915
784
Provisions for contingencies and losses
907 
856
690
Non‑current provisions
1,529 
1,771
1,473
Provisions for pensions, medical costs and similar commitments
17 
17
9
Provisions for contingencies and losses
539 
582
503
Current provisions
556 
598
512
Total
2,085 
2,369
1,985

Annual Report as of December 31, 2022
255
Consolidated financial statements
Notes to the consolidated financial statements
Provisions changed as follows during the fiscal year:
(EUR millions) 
Dec. 31, 2021
Increases
Amounts 
used
Amounts 
released
Changes in 
the scope of 
consolidation
Other (a) 
Dec. 31, 
2022
Provisions for pensions, medical 
costs and similar commitments
932
142
(142)
(2)
2
(293)
639 
Provisions for contingencies and losses
1,438
402
(234)
(188)
11
16
1,445 
Total
2,369
544
(376)
(189)
13
(276)
2,085 
(a)	 Including the impact of translation adjustment and change in revaluation reserves. See Note 29 regarding “Provisions for pensions, medical costs and similar commitments”.
Provisions for contingencies and losses correspond to the 
estimate of the impact on assets and liabilities of risks, disputes 
(see Note 32), or actual or probable litigation arising from the 
Group’s activities; such activities are carried out worldwide, 
within what is often an imprecise regulatory framework that is 
different for each country, changes over time and applies to areas 
ranging from product composition and packaging to relations 
with the Group’s partners (distributors, suppliers, shareholders 
in subsidiaries, etc.).
Non‑current liabilities related to uncertain tax positions include 
an estimate of the risks, disputes, and actual or probable litigation 
related to the income tax computation. The Group’s entities in 
France and abroad may be subject to tax inspections and, in 
certain cases, to rectification claims from local administrations. 
A liability is recognized for these rectification claims, together 
with any uncertain tax positions that have been identified but 
not yet officially notified, the amount of which is regularly 
reviewed, in accordance with the criteria of the application of 
IFRIC 23 Uncertainty over Income Tax Treatments.
Note 21.  Purchase commitments for minority interests’ shares
As of December 31, 2022, purchase commitments for minority 
interests’ shares mainly included the put option granted by 
LVMH to Diageo plc for its 34% share in Moët Hennessy for 
80% of the fair value of Moët Hennessy at the exercise date of 
the option. This option may be exercised at any time subject to a 
six‑month notice period. The fair value of this commitment was 
calculated by applying the share price multiples of comparable 
firms to Moët Hennessy’s consolidated operating results.
Moët Hennessy SAS and Moët Hennessy International SAS 
(“Moët Hennessy”) hold the LVMH group’s investments in 
the Wines and Spirits businesses, with the exception of the 
equity investments in Château d’Yquem, Château Cheval Blanc, 
Clos des Lambrays and Colgin Cellars, and excluding certain 
champagne vineyards.
Purchase commitments for minority interests’ shares also include 
commitments relating to minority shareholders in Loro Piana 
(15%), and distribution subsidiaries in various countries, mainly 
in the Middle East.
Note 22.  Trade accounts payable and other current liabilities
22.1	 Trade accounts payable
The change in trade accounts payable for the fiscal years presented breaks down as follows:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
As of January 1
7,086 
5,098
5,814
Change in trade accounts payable
1,532 
1,576
(560)
Change in amounts owed to customers
6 
27
(10)
Changes in the scope of consolidation
62 
243
-
Translation adjustment
81 
226
(159)
Reclassifications
21 
(85)
14
As of December 31
8,788 
7,086
5,098

256
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
22.2	 Current provisions and other liabilities
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current provisions (a) 
556 
598
512
Derivatives (b) 
300 
195
604
Employees and social security
2,448 
2,244
1,530
Employee profit sharing
266 
226
116
Taxes other than income taxes
1,261 
1,101
823
Advances and payments on account from customers
1,224 
1,079
723
Provisions for product returns (c) 
653 
648
463
Deferred payment for non‑current assets
787 
907
538
Deferred income
454 
396
353
Other liabilities
1,606 
1,779
1,035
Total
9,554 
9,174
6,698
(a)	 See Note 20.
(b)	 See Note 23.
(c)	 See Note 1.28.
Note 23.  Financial instruments and market risk management
23.1	 Organization of foreign exchange, interest rate and equity market risk management
Financial instruments are mainly used by the Group to hedge 
risks arising from Group activity and protect its assets.
The management of foreign exchange and interest rate risk, 
in addition to transactions involving shares and financial 
instruments, is centralized at each sub‑consolidation level.
The Group has implemented a stringent policy and rigorous 
management guidelines to manage, measure and monitor these 
market risks.
These activities are organized based on a segregation of duties 
between risk measurement (middle office), hedging (front office), 
administration (back office) and financial control.
This organization relies on information systems that allow 
hedging transactions to be monitored quickly.
Hedging decisions are made according to an established process 
that includes regular presentations to the management bodies 
concerned and detailed documentation.
Counterparties are selected based on their rating and in 
accordance with the Group’s risk diversification strategy.

Annual Report as of December 31, 2022
257
Consolidated financial statements
Notes to the consolidated financial statements
23.2	 Summary of derivatives
Derivatives are recorded in the balance sheet for the amounts and in the captions detailed as follows:
(EUR millions) 
 
 
Notes 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest rate risk
Assets:
Non‑current
 
- 
4
57
 
 Current
 
34 
31
33
 
Liabilities:
Non‑current
 
(159) 
(25)
(10)
 
 Current
 
(19) 
(5)
(12)
 
 
 
23.3 
(144) 
6
68
Foreign exchange risk
Assets:
Non‑current
 
97 
51
52
 
 Current
 
421 
218
670
 
Liabilities:
Non‑current
 
(47) 
(20)
(136)
 
 Current
 
(277) 
(182)
(330)
 
 
 
23.4 
193 
68
257
Other risks
Assets:
Non‑current
 
- 
-
-
 
 Current
 
7 
9
266
 
Liabilities:
Non‑current
 
- 
-
-
 
 Current
 
(3) 
(8)
(263)
 
 
 
23.5 
4 
1
3
Total
Assets:
Non‑current
10 
97 
55
110
 
 Current
13 
462 
258
968
 
Liabilities:
Non‑current
20 
(206) 
(45)
(146)
 
 Current
22 
(300) 
(195)
(604)
 
 
 
 
53 
74
328
23.3	 Derivatives used to manage interest rate risk
The aim of the Group’s debt management policy is to adapt the 
debt maturity profile to the characteristics of the assets held, to 
curb borrowing costs, and to protect net profit from the impact 
of significant changes in interest rates.
For these purposes, the Group uses interest rate swaps and 
options.
Derivatives used to manage interest rate risk outstanding as of December 31, 2022 break down as follows:
(EUR millions) 
Nominal amounts by maturity
Market value (a) (b) 
Less than 
1 year
From 1 to 
5 years
More than 
5 years
Total
Future cash 
flow hedges
Fair value 
hedges
Not 
allocated
Total
Interest rate swaps, 
floating‑rate payer
789
1,258
200
2,248 
-
(154)
-
(154) 
Interest rate swaps, 
fixed‑rate payer
-
-
-
- 
-
-
-
- 
Foreign currency swaps, 
euro‑rate payer
789
958
-
1,748 
-
-
11
11 
Foreign currency swaps, 
euro‑rate receiver
133
-
-
133 
-
-
(1)
(1) 
Interest rate swaptions
-
-
-
- 
-
-
-
- 
Total
 
 
 
 
-
(154)
11
(144) 
(a)	 Gain/(Loss).
(b)	 See Note 1.11 regarding the methodology used for market value measurement.

258
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
23.4	 Derivatives used to manage foreign exchange risk
A significant portion of Group companies’ sales to customers and 
to their own distribution subsidiaries as well as certain purchases 
are denominated in currencies other than their functional 
currency; the majority of these foreign currency‑denominated 
cash flows are intra-Group cash flows. Hedging instruments 
are used to reduce the foreign exchange risks arising from the 
fluctuations of currencies against the exporting and importing 
companies’ functional currencies, and are allocated to either 
trade receivables or payables (fair value hedges) for the fiscal year, 
or to transactions anticipated for future fiscal years (hedges of 
future cash flows).
Future foreign currency‑denominated cash flows are broken 
down as part of the budget preparation process and are hedged 
progressively over a period not exceeding one year unless a 
longer period is justified by probable commitments. As such, and 
according to market trends, identified foreign exchange risks are 
hedged using forward contracts or options.
In addition, the Group is exposed to foreign exchange risk with 
respect to the Group’s net assets, as it owns assets denominated 
in currencies other than the euro. This foreign exchange risk may 
be hedged either partially or in full through foreign currency 
borrowings or by hedging the net worth of subsidiaries outside 
the eurozone, using appropriate financial instruments with 
the aim of limiting the impact of foreign currency fluctuations 
against the euro on consolidated equity.
Derivatives used to manage foreign exchange risk outstanding as of December 31, 2022 break down as follows:
(EUR millions) 
Nominal amounts by fiscal year of allocation (a) 
Market value (b) (c) 
2022
2023
Thereafter
Total
Future cash 
flow hedges
Fair value 
hedges
Not 
allocated
Total
Options purchased
 
 
 
 
 
 
 
 
Call USD
-
125
-
125 
2
-
-
2 
Put JPY
-
19
-
19 
-
-
-
- 
Put CNY
-
17
-
17 
1
-
-
1 
Other
-
25
-
25 
1
-
-
1 
 
-
186
-
186 
4
-
-
4 
Collars
 
 
 
 
 
 
 
 
Written USD
134
4,497
598
5,229 
42
1
-
43 
Written JPY
13
1,401
155
1,569 
60
1
-
61 
Written GBP
37
487
74
598 
24
1
-
26 
Written HKD
51
269
36
355 
-
(1)
-
(1) 
Written CNY
44
3,560
310
3,914 
118
-
-
118 
 
279
10,214
1,172
11,665 
243
3
-
247 
Forward exchange 
contracts
 
 
 
 
 
 
 
 
USD
11
1,641
-
1,652 
103
-
-
103 
JPY
-
18
-
18 
-
-
-
- 
KRW
-
-
-
- 
-
(1)
-
(1) 
BRL
1
114
-
115 
-
(4)
-
(4) 
Other
13
143
-
156 
4
1
-
4 
 
25
1,916
-
1,941 
106
(5)
-
102 
Foreign 
exchange swaps
 
 
 
 
 
 
 
 
USD
213
(1,250)
-
(1,037) 
-
(62)
-
(62) 
GBP
15
(665)
(696)
(1,345) 
-
(71)
-
(71) 
JPY
33
255
118
406 
-
35
-
35 
CNY
360
576
-
937 
-
-
-
- 
HKD
1
(1,267)
-
(1,266) 
-
(61)
-
(61) 
Other
-
367
21
388 
-
2
-
2 
 
623
(1,984)
(557)
(1,918) 
-
(158)
-
(158) 
Total
927
10,331
616
11,874 
353
(160)
-
193 
(a)	 Sale/(Purchase).
(b)	 See Note 1.11 regarding the methodology used for market value measurement.
(c)	 Gain/(Loss).

Annual Report as of December 31, 2022
259
Consolidated financial statements
Notes to the consolidated financial statements
23.5	 Financial instruments used to manage other risks
The Group’s investment policy is designed to take advantage of 
a long‑term investment horizon. Occasionally, the Group may 
invest in equity‑based financial instruments with the aim of 
enhancing the dynamic management of its investment portfolio.
The Group is exposed to risks of share price changes either directly 
(as a result of its holding of subsidiaries, equity investments and 
current available for sale financial assets) or indirectly (as a result 
of its holding of funds, which are themselves partially invested 
in shares).
The Group may also use equity‑based derivatives to synthetically 
create an economic exposure to certain assets, to hedge 
cash‑settled compensation plans index‑linked to the LVMH 
share price, or to hedge certain risks related to changes in the 
LVMH share price. As of December 31, 2022, there were no 
equity‑based derivatives outstanding.
The Group – mainly through its Watches and Jewelry business 
group – may be exposed to changes in the prices of certain 
precious metals, such as silver, gold and platinum. In certain 
cases, in order to ensure visibility with regard to production 
costs, hedges may be implemented. This is achieved either 
by negotiating the forecast price of future deliveries of alloys 
with precious metal refiners, or the price of semi‑finished 
products with producers; or directly by purchasing hedges from 
top‑ranking banks. In the latter case, precious metals may be 
purchased from banks, or future and/or options contracts may 
be taken out with a physical delivery of these metals. Derivatives 
outstanding relating to the hedging of precious metal prices as 
of December 31, 2022 had a positive market value of 4 million 
euros. Considering nominal values of 230 million euros for those 
financial instruments, a uniform 1% change in their underlying 
assets’ prices as of December 31, 2022 would have a negative net 
impact on the Group’s consolidated reserves of 1 million euros. 
These instruments will mature in 2023.
23.6	 Financial assets and liabilities recognized at fair value by measurement method
(EUR millions) 
December 31, 2022
December 31, 2021
December 31, 2020
Available 
for sale 
financial 
assets
Derivatives
Cash 
and cash 
equivalents 
(SICAV and 
FCP money 
market 
funds)
Available 
for sale 
financial 
assets
Derivatives
Cash 
and cash 
equivalents 
(SICAV and 
FCP money 
market 
funds)
Available 
for sale 
financial 
assets
Derivatives
Cash 
and cash 
equivalents 
(SICAV and 
FCP money 
market 
funds)
Valuation based on: (a) 
 
 
 
 
 
 
 
 
 
Published price 
quotations
3,452 
- 
7,588 
2,427
-
8,122
804
-
20,358
Valuation model 
based on market data
18 
559 
- 
96
314
-
100
1,078
-
Private quotations
1,254 
- 
- 
1,384
-
-
587
-
-
Assets
4,722 
559 
7,588 
3,907
314
8,122
1,491
1,078
20,358
Valuation based on: (a) 
 
 
 
 
 
 
 
 
 
Published price 
quotations
 
- 
 
 
-
 
 
-
 
Valuation model 
based on market data
 
506 
 
 
240
 
 
751
 
Private quotations
 
- 
 
 
-
 
 
-
 
Liabilities
 
506 
 
 
240
 
 
751
 
(a)	 See Note 1.11 for information on the valuation approaches used.
Derivatives used by the Group are measured at fair value 
according to commonly used valuation models and based 
on market data. The counterparty risk associated with these 
derivatives (i.e. the credit valuation adjustment) is assessed on 
the basis of credit spreads from observable market data, as well as 
on the basis of the derivatives’ market value adjusted by flat‑rate 
add‑ons depending on the type of underlying and the maturity 
of the derivative. It was not significant as of December 31, 2022, 
December 31, 2021 and December 31, 2020.

260
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
The amount of financial assets valued on the basis of private quotations changed as follows in 2022:
(EUR millions) 
2022
As of January 1
1,384 
Acquisitions
369 
Disposals (at net realized value)
(29) 
Gains and losses recognized in the income statement
(70) 
Translation adjustment
9 
Reclassifications
- 
Changes in the scope of consolidation (a) 
(410) 
As of December 31
1,254 
(a)	 See Note 9 for information on the changes in the scope of consolidation.
23.7	 Impact of financial instruments on the consolidated statement 
of comprehensive gains and losses
The impact of financial instruments on the consolidated statement of comprehensive gains and losses for the fiscal year breaks down 
as follows:
(EUR millions) 
Foreign exchange risk (a) 
Interest rate risk (b) 
Total (c) 
Revaluation of effective portions, of which: Revaluation 
of cost of 
hedging
Total Revaluation 
of effective 
portions
Ineffective 
portion
Total
Hedges 
of future 
foreign 
currency 
cash flows
Fair value 
hedges
Foreign 
currency net 
investment 
hedges
Total
Changes in the 
income statement
-
42
-
42
-
42
(135)
(2)
(137)
(95) 
Changes in consolidated 
gains and losses
331
-
(2)
329
35
364
-
-
-
364 
(a)	 See Notes 1.10 and 1.24 on the principles of fair value adjustments to foreign exchange risk hedging instruments.
(b)	 See Notes 1.23 and 1.24 on the principles of fair value adjustments to interest rate risk derivatives.
(c)	 Gain/(Loss).
Since fair value adjustments to hedged items recognized in the balance sheet offset the effective portions of fair value hedging 
instruments (see Note 1.22), no ineffective portions of foreign exchange hedges were recognized during the fiscal year.
23.8	 Sensitivity analysis
The impact on the income statement of gains and losses on 
hedges of future cash flows, as well as the future cash flows 
hedged using these instruments, will mainly be recognized in 
2023; the amount will depend on exchange rates at that date. 
The impact on net profit for fiscal year 2022 of a 10% change in 
the value of the US dollar, the Japanese yen, the pound sterling 
and the Hong Kong dollar against the euro, including impact of 
foreign exchange derivatives outstanding during the fiscal year, 
compared with the rates applying to transactions in 2022, would 
have been as follows:
(EUR millions) 
US dollar
Japanese yen
Pound sterling
Hong Kong dollar
+10%
-10%
+10%
-10%
+10%
-10%
+10%
-10%
Impact of:
 
 
 
 
 
 
 
 
	—
change in exchange rates of cash receipts in respect 
of foreign currency‑denominated sales
65
(124)
25
-
7
(5)
6
(8)
	—
conversion of net profit of entities outside the eurozone
256
(256)
46
(46)
28
(28)
25
(25)
Impact on net profit
321
(380)
71
(46)
35
(33)
31
(33)

Annual Report as of December 31, 2022
261
Consolidated financial statements
Notes to the consolidated financial statements
The data presented in the table above should be assessed on 
the basis of the characteristics of the hedging instruments 
outstanding in fiscal year 2022, mainly comprising options and 
collars.
As of December 31, 2022, forecast cash collections for 2023 in US 
dollars and Japanese yen were 79% and 68% hedged, respectively. 
For the hedged portion, due to the optional nature of the 
hedging instruments, the exchange rate upon sale will be more 
favorable than 1.08 USD/EUR for the US dollar and 137 JPY/EUR 
for the Japanese yen.
The Group’s net equity (excluding net profit) exposure to foreign currency fluctuations as of December 31, 2022 can be assessed by 
measuring the impact of a 10% change in the value of the US dollar, the Japanese yen, the pound sterling and the Hong Kong dollar 
against the euro compared to the rates applying as of the same date:
(EUR millions) 
US dollar
Japanese yen
Pound sterling
Hong Kong dollar
+10%
-10%
+10%
-10%
+10%
-10%
+10%
-10%
Conversion of foreign currency‑denominated net assets
1,744
(1,744)
90
(90)
139
(139)
208
(208)
Change in market value of net investment hedges, after tax
(385)
317
(34)
92
(17)
39
(28)
19
Net impact on equity, excluding net profit
1,359
(1,427)
56
2
122
(100)
180
(189)
23.9	 Liquidity risk
In addition to local liquidity risks, which are generally immaterial, 
the Group’s exposure to liquidity risk can be assessed in relation 
to the amount of its short‑term borrowings excluding derivatives, 
i.e. 9.4 billion euros, lower than the 11.2 billion euro balance of 
cash and cash equivalents and current available for sale financial 
assets; or in relation to the outstanding amount of its short‑term 
negotiable debt securities programs, i.e. 7.2 billion euros. Should 
any of these borrowing facilities not be renewed, the Group has 
access to undrawn confirmed credit lines totaling 11.2 billion euros.
The Group’s liquidity is based on the amount of its investments, 
its capacity to secure long‑term borrowings, the diversity of its 
investor base (short‑term paper and bonds), and the quality of its 
banking relationships, whether evidenced or not by confirmed 
lines of credit.
The following table presents the contractual schedule of disbursements for financial liabilities (excluding derivatives) recognized as of 
December 31, 2022, at nominal value and with interest, excluding discounting effects:
(EUR millions) 
2023
2024
2025
2026
2027
More than 
5 years
Total
Bonds and EMTNs
1,545
2,756
1,550
1,348
854
3,832
11,885 
Bank borrowings
221
88
50
35
3
12
410 
Other borrowings and credit facilities
161
8
-
-
-
-
169 
Short‑term negotiable debt securities
7,247
-
-
-
-
-
7,247 
Bank overdrafts
200
-
-
-
-
-
200 
Gross borrowings
9,375
2,852
1,600
1,383
857
3,844
19,910 
Other current and non‑current liabilities (a) 
8,244
126
49
110
91
44
8,664 
Trade accounts payable
8,788
-
-
-
-
-
8,788 
Other financial liabilities
17,032
126
49
110
91
44
17,452 
Total financial liabilities
26,408
2,978
1,649
1,493
948
3,888
37,363 
(a)	 Corresponds to “Other current liabilities” (excluding derivatives and deferred income) for 8,244 million euros and to “Other non‑current liabilities” for 420 million euros (excluding 
derivatives and deferred income).
See also Note 7 for the schedule of lease payments.
See Note 31.2 regarding contractual maturity dates of collateral and other guarantee commitments, Notes 19.4 and 23.4 regarding foreign 
exchange derivatives, and Note 23.3 regarding interest rate risk derivatives.

262
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
Note 24.  Segment information
The Group’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. Information on Louis Vuitton, Bulgari and Tiffany is 
presented according to the brand’s main business, namely the 
Fashion and Leather Goods business group for Louis Vuitton and 
the Watches and Jewelry business group for Bulgari and Tiffany.
The Selective Retailing business group comprises the Group’s 
own‑label retailing activities. The “Other and holding companies” 
business group comprises brands and businesses that are not 
associated with any of the above‑mentioned business groups, 
particularly the media division, the Dutch luxury yacht maker 
Royal Van Lent, hotel operations and holding or real estate 
companies.
24.1	 Information by business group
Fiscal year 2022
(EUR millions) 
Wines
 and 
Spirits
Fashion 
and Leather 
Goods
Perfumes
 and 
Cosmetics
Watches 
and 
Jewelry
Selective 
Retailing
Other and 
holding 
companies
Eliminations 
and not 
allocated (a) 
Total
Sales outside the Group
7,086
38,576
6,701
10,512
14,774
1,536
-
79,184 
Intra-Group sales
13
72
1,021
70
79
51
(1,305)
- 
Total revenue
7,099
38,648
7,722
10,581
14,852
1,586
(1,304)
79,184 
Profit from recurring operations
2,155
15,709
660
2,017
788
(272)
(7)
21,050 
Other operating income 
and expenses
(12)
(7)
(12)
(5)
(208)
190
-
(54) 
Depreciation, amortization 
and impairment expenses
(260)
(2,431)
(480)
(994)
(1,427)
(291)
112
(5,771) 
Of which: Right‑of‑use assets
(34)
(1,422)
(160)
(523)
(883)
(96)
112
(3,007) 
Other
(226)
(1,008)
(321)
(471)
(544)
(194)
-
(2,764) 
Intangible assets and goodwill (b) 
10,906
8,463
2,415
20,594
3,609
1,834
(5)
47,815 
Right‑of‑use assets
234
7,132
646
2,277
4,284
922
(886)
14,609 
Property, plant and equipment
3,822
4,730
839
2,005
1,688
9,339
(8)
22,414 
Inventories and work in progress
6,892
4,793
1,033
5,051
2,805
72
(327)
20,319 
Other operating assets
1,674
3,297
1,493
1,720
775
1,436
16,398 (c) 
26,794 
Total assets
23,528
28,415
6,426
31,646
13,161
13,602
15,173
131,951 
Equity
-
-
-
-
-
-
54,314
54,314 
Lease liabilities
247
7,426
695
2,363
4,537
1,019
(879)
15,408 
Other liabilities
2,161
7,731
2,953
2,583
3,651
1,744
41,406 (d) 
62,229 
Total liabilities and equity
2,408
15,157
3,648
4,946
8,188
2,763
94,841
131,951 
Operating investments (e) 
(440)
(1,872)
(409)
(654)
(523)
(1,074)
1
(4,969)

Annual Report as of December 31, 2022
263
Consolidated financial statements
Notes to the consolidated financial statements
Fiscal year 2021
(EUR millions) 
Wines
 and 
Spirits
Fashion 
and Leather 
Goods
Perfumes
 and 
Cosmetics
Watches 
and 
Jewelry
Selective 
Retailing
Other and 
holding 
companies
Eliminations 
and not 
allocated (a) 
Total
Sales outside the Group
5,965
30,844
5,711
8,872
11,680
1,142
-
64,215 
Intra-Group sales
9
52
897
92
74
27
(1,150)
- 
Total revenue
5,974
30,896
6,608
8,964
11,754
1,169
(1,150)
64,215 
Profit from recurring operations
1,863
12,842
684
1,679
534
(436)
(27)
17,139 
Other operating income 
and expenses
(26)
(47)
(17)
(4)
(53)
151
-
4 
Depreciation, amortization 
and impairment expenses
(226)
(2,142)
(443)
(860)
(1,399)
(294)
113
(5,251) 
Of which: Right‑of‑use assets
(32)
(1,291)
(149)
(410)
(836)
(89)
110
(2,698) 
Other
(195)
(851)
(294)
(449)
(563)
(205)
3
(2,554) 
Intangible assets and goodwill (b) 
12,732
8,034
2,136
19,726
3,348
2,078
-
48,055 
Right‑of‑use assets
153
6,749
556
1,922
4,142
841
(665)
13,699 
Property, plant and equipment
3,450
3,893
752
1,730
1,667
8,059
(8)
19,543 
Inventories and work in progress
6,278
3,374
831
3,949
2,410
41
(335)
16,549 
Other operating assets
1,597
2,807
1,281
1,409
747
1,060
15,609 (c) 
24,510 
Total assets
24,211
24,858
5,557
28,737
12,313
12,079
14,601
122,356 
Equity
-
-
-
-
-
-
46,367
46,367 
Lease liabilities
164
6,894
594
1,985
4,362
931
(656)
14,275 
Other liabilities
1,843
6,800
2,770
2,471
3,050
1,993
42,788 (d) 
61,715 
Total liabilities and equity
2,007
13,694
3,364
4,456
7,412
2,924
88,499
122,356 
Operating investments (e) 
(328)
(1,131)
(290)
(458)
(370)
(89)
1
(2,664)

264
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
Fiscal year 2020
(EUR millions) 
Wines
 and 
Spirits
Fashion 
and Leather 
Goods
Perfumes
 and 
Cosmetics
Watches 
and 
Jewelry
Selective 
Retailing
Other and 
holding 
companies
Eliminations 
and not 
allocated (a) 
Total
Sales outside the Group
4,744
21,172
4,456
3,315
10,115
849
-
44,651 
Intra-Group sales
11
35
792
41
40
19
(938)
- 
Total revenue
4,755
21,207
5,248
3,356
10,155
868
(938)
44,651 
Profit from recurring operations
1,388
7,188
80
302
(203)
(526)
71
8,300 
Other operating income 
and expenses
(43)
(68)
(20)
(3)
(87)
(112)
-
(333) 
Depreciation, amortization 
and impairment expenses
(253)
(2,069)
(460)
(475)
(1,549)
(313)
117
(5,002) 
Of which: Right‑of‑use assets
(34)
(1,226)
(145)
(254)
(941)
(93)
117
(2,575) 
Other
(219)
(843)
(315)
(221)
(608)
(220)
-
(2,427) 
Intangible assets and goodwill (b) 
9,909
7,577
2,058
5,752
3,153
2,202
-
30,651 
Right‑of‑use assets
162
5,730
503
1,151
4,699
888
(618)
12,515 
Property, plant and equipment
3,232
3,482
709
577
1,723
7,860
(8)
17,575 
Inventories and work in progress
6,040
2,726
742
1,641
2,111
37
(281)
13,016 
Other operating assets
1,306
1,919
1,151
672
696
1,615
24,901 (c) 
32,260 
Total assets
20,650
21,433
5,163
9,793
12,383
12,602
23,994
106,017 
Equity
-
-
-
-
-
-
36,244
36,244 
Lease liabilities
170
5,766
516
1,117
4,912
959
(611)
12,828 
Other liabilities
1,608
4,885
2,164
1,252
2,338
1,677
43,021 (d) 
56,945 
Total liabilities and equity
1,778
10,651
2,680
2,369
7,250
2,636
78,654
106,017 
Operating investments (e) 
(320)
(827)
(280)
(210)
(410)
(431)
-
(2,478) 
(a)	 Eliminations correspond to sales between business groups; these generally consist of sales to Selective Retailing from other business groups. Selling prices between the different 
business groups correspond to the prices applied in the normal course of business for sales transactions to wholesalers or retailers outside the Group.
(b)	 Intangible assets and goodwill correspond to the carrying amounts shown in Notes 3 and 4.
(c)	 Assets not allocated include available for sale financial assets, other financial assets, and current and deferred tax assets.
(d)	 Liabilities not allocated include financial debt, current and deferred tax liabilities, and liabilities related to purchase commitments for minority interests’ shares.
(e)	 Increase/(Decrease) in cash and cash equivalents.
24.2	 Information by geographic region
Revenue by geographic region of delivery breaks down as follows:
(EUR millions) 
2022
2021
2020
France
6,071 
4,111
3,333
Europe (excl. France)
12,717 
9,860
7,337
United States
21,542 
16,591
10,647
Japan
5,436 
4,384
3,164
Asia (excl. Japan)
23,785 
22,365
15,366
Other countries
9,632 
6,904
4,804
Revenue
79,184 
64,215
44,651

Annual Report as of December 31, 2022
265
Consolidated financial statements
Notes to the consolidated financial statements
Operating investments by geographic region are as follows:
(EUR millions) 
2022
2021
2020
France
1,891 
1,054
1,002
Europe (excl. France)
905 
520
444
United States
955 
313
336
Japan
133 
82
134
Asia (excl. Japan)
761 
488
342
Other countries
324 
207
220
Operating investments
4,969 
2,664
2,478
No geographic breakdown of segment assets is provided since 
a significant portion of these assets consists of brands and 
goodwill, which must be analyzed on the basis of the revenue 
generated by these assets in each region, and not in relation to 
the region of their legal ownership.
24.3	 Quarterly information
Quarterly revenue by business group breaks down as follows:
(EUR millions) 
Wines
 and 
Spirits
Fashion 
and Leather 
Goods
Perfumes
 and 
Cosmetics
Watches 
and 
Jewelry
Selective 
Retailing
Other and 
holding 
companies
Eliminations
Total
First quarter
1,638
9,123
1,905
2,338
3,040
282
(322)
18,003 
Second quarter
1,689
9,013
1,714
2,570
3,591
441
(291)
18,726 
Third quarter
1,899
9,687
1,959
2,666
3,465
443
(364)
19,755 
Fourth quarter
1,873
10,825
2,145
3,006
4,757
420
(327)
22,699 
Total for 2022
7,099
38,648
7,722
10,581
14,852
1,586
(1,304)
79,184 
First quarter
1,510
6,738
1,550
1,883
2,337
215
(274)
13,959 
Second quarter
1,195
7,125
1,475
2,140
2,748
280
(257)
14,706 
Third quarter
1,546
7,452
1,642
2,137
2,710
330
(305)
15,512 
Fourth quarter
1,723
9,581
1,941
2,804
3,959
344
(314)
20,038 
Total for 2021
5,974
30,896
6,608
8,964
11,754
1,169
(1,150)
64,215 
First quarter
1,175
4,643
1,382
792
2,626
251
(273)
10,596 
Second quarter
810
3,346
922
527
2,218
153
(179)
7,797 
Third quarter
1,364
5,945
1,370
947
2,332
232
(235)
11,955 
Fourth quarter
1,406
7,273
1,574
1,090
2,979
232
(251)
14,303 
Total for 2020
4,755
21,207
5,248
3,356
10,155
868
(938)
44,651

266
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
Note 25.  Revenue and expenses by nature
25.1	 Breakdown of revenue
Revenue consists of the following:
(EUR millions) 
2022
2021
2020
Revenue generated by brands and trade names
78,761 
63,920
44,421
Royalties and license revenue
135 
105
96
Income from investment property
25 
15
14
Other revenue
262 
175
119
Total
79,184 
64,215
44,651
The portion of total revenue generated by the Group at its 
own stores, including sales through e‑commerce websites, was 
approximately 75% in fiscal year 2022 (74% in 2021 and 70% in 
2020), i.e. 59,383 million euros in 2022 (47,624 million euros in 
2021 and 31,461 million euros in 2020).
25.2	 Expenses by nature
Profit from recurring operations includes the following expenses:
(EUR millions) 
2022
2021
2020
Advertising and promotion expenses
9,584 
7,291
4,869
Personnel costs
12,649 
10,543
8,537
Research and development expenses
172 
147
139
See also Note 7 regarding the breakdown of lease expenses.
Advertising and promotion expenses mainly consist of the cost 
of media campaigns and point‑of‑sale advertising; they also 
include the personnel costs dedicated to this function.
As of December 31, 2022, a total of 5,664 stores were operated by 
the Group worldwide (5,556 as of December 31, 2021; 5,003 as of 
December 31, 2020), particularly by Fashion and Leather Goods 
and Selective Retailing.
Personnel costs consist of the following elements:
(EUR millions) 
2022
2021
2020
Salaries and social security contributions
12,360 
10,266
8,410
Pensions, contribution to medical costs and expenses in respect 
of defined‑benefit plans (a) 
157 
145
66
Expenses related to bonus share and similar plans (b) 
132 
132
62
Personnel costs
12,649 
10,543
8,537
(a)	 See Note 30.
(b)	 See Note 17.3.

Annual Report as of December 31, 2022
267
Consolidated financial statements
Notes to the consolidated financial statements
The average full‑time equivalent workforce broke down as follows by job category during the fiscal years presented:
(in number and as %) 
2022
%
2021
%
2020
%
Executives and managers
39,181 
23 
35,875
23
33,297
22
Technicians and supervisors
16,703 
10 
15,688
10
14,760
10
Administrative and sales staff
86,980 
50 
78,297
50
76,197
51
Production workers
30,627 
18 
28,093
18
24,089
16
Total
173,492 
100 
157,953
100
148,343
100
25.3	 Statutory Auditors’ fees
The amount of fees paid to the Statutory Auditors of Christian Dior SE and members of their networks recorded in the consolidated 
income statement for the 2022 fiscal year breaks down as follows:
(EUR millions, excluding VAT)
2022
Deloitte & Associés
Mazars
Total
Audit‑related fees
15 
14 
29 
Tax services
1 
NS 
1 
Other
1 
2 
3 
Non‑audit‑related fees
2 
2 
4 
Total
17 
16 
33 
NS: Not significant.
Audit‑related fees include other services related to the certification 
of the consolidated and parent company financial statements, 
for non‑material amounts.
In addition to tax services – which are mainly performed outside 
France to ensure that the Group’s subsidiaries and expatriates 
meet their local tax filing obligations – non‑audit‑related services 
include various types of certifications, mainly those required by 
lessors concerning the revenue of certain stores, verification of 
the statement of non‑financial performance, and specific checks 
run at the Group’s request, mainly in countries where statutory 
audit is not required.
Note 26.  Other operating income and expenses
(EUR millions) 
2022
2021
2020
Net gains/(losses) on disposals
(210) 
9
(22)
Restructuring costs
3 
-
(6)
Remeasurement of shares acquired prior to their initial consolidation
232 
119
-
Transaction costs relating to the acquisition of consolidated companies
(25) 
(18)
(35)
Impairment or amortization of brands, trade names, goodwill and other fixed assets
(50) 
(89)
(235)
Other items, net
(3) 
(16)
(35)
Other operating income and expenses
(54) 
4
(333)
“Net gains/(losses) on disposals” mainly relate to Sephora’s sale 
of its subsidiary in Russia, which was finalized in October 2022.
Impairment and amortization expenses recorded in 2022 were 
primarily for brands and goodwill.
In 2022, the remeasurement of shares acquired prior to their 
initial consolidation resulted from the acquisition of the 
remaining 60% stake in Mongoual SA, in which the Group 
previously held a 40% stake, recognized under “Investments in 
joint ventures and associates” (see Note 8).

268
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
Note 27.  Net financial income/(expense)
(EUR millions) 
2022
2021
2020
Borrowing costs
(129) 
3
(88)
Income from cash, cash equivalents and current available for sale financial assets
116 
40
46
Fair value adjustment of borrowings and interest rate hedges
(2) 
(3)
4
Cost of net financial debt
(15) 
40
(38)
Interest on lease liabilities
(254) 
(242)
(281)
Dividends received from non‑current available for sale financial assets
8 
10
12
Cost of foreign exchange derivatives
(358) 
(206)
(262)
Fair value adjustment of available for sale financial assets
(240) 
499
(4)
Other items, net
(42) 
(49)
(38)
Other financial income and expenses
(632) 
254
(292)
Net financial income/(expense)
(901) 
52
(611)
Income from cash, cash equivalents and current available for sale financial assets comprises the following items:
(EUR millions) 
2022
2021
2020
Income from cash and cash equivalents
49 
27
38
Income from current available for sale financial assets (a) 
67 
13
8
Income from cash, cash equivalents and current available for sale financial assets
116 
40
46
(a)	 Including 52 million euros related to dividends received as of December 31, 2022 (9 million euros as of December 31, 2021 and 5 million euros as of December 31, 2020).
The fair value adjustment of borrowings and interest rate hedges is attributable to the following items:
(EUR millions) 
2022
2021
2020
Hedged financial debt
139 
82
(39)
Hedging instruments
(135) 
(80)
40
Unallocated derivatives
(6) 
(5)
3
Fair value adjustment of borrowings and interest rate hedges
(2) 
(3)
4
The cost of foreign exchange derivatives breaks down as follows:
(EUR millions) 
2022
2021
2020
Cost of commercial foreign exchange derivatives
(348) 
(196)
(234)
Cost of foreign exchange derivatives related to net 
investments denominated in foreign currency
(12) 
3
(20)
Cost and other items related to other foreign exchange derivatives
3 
(13)
(8)
Cost of foreign exchange derivatives
(358) 
(206)
(262)

Annual Report as of December 31, 2022
269
Consolidated financial statements
Notes to the consolidated financial statements
Note 28.  Income taxes
28.1	 Breakdown of the income tax expense
(EUR millions) 
2022
2021
2020
Current income taxes for the fiscal year
(5,908) 
(5,336)
(2,617)
Current income taxes relating to previous fiscal years
(18) 
(20)
(13)
Current income taxes
(5,927) 
(5,356)
(2,630)
Change in deferred income taxes
534 
913
330
Impact of changes in tax rates on deferred income taxes
- 
(87)
(85)
Deferred income taxes
534 
826
246
Total tax expense per income statement
(5,393) 
(4,531)
(2,385)
Tax on items recognized in equity
(147) 
89
(122)
28.2	 Breakdown of the net deferred tax asset/(liability)
The net deferred tax asset/(liability) broke down as follows:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets
3,661 
3,156
2,325
Deferred tax liabilities
(6,553) 
(6,302)
(5,079)
Net deferred tax asset/(liability)
(2,891) 
(3,147)
(2,753)
28.3	 Breakdown of the difference between statutory and effective tax rates
The effective tax rate is as follows:
(EUR millions) 
2022
2021
2020
Profit before tax
20,095 
17,195
7,355
Total tax expense
(5,393) 
(4,531)
(2,385)
Effective tax rate
26.8% 
26.4%
32.4%
The statutory tax rate – which is the rate applicable by law to the Group’s French companies, including the 3.3% social security 
contribution – may be reconciled as follows to the effective tax rate disclosed in the consolidated financial statements:
(as % of income before tax) 
2022
2021
2020
French statutory tax rate
25.8 
28.4
32.0
Changes in tax rates
- 
0.5
1.1
Differences in tax rates for foreign companies
(1.3) 
(3.0)
(6.0)
Tax losses and tax loss carryforwards, and other changes in deferred tax
0.2 
(3.2)
0.9
Differences between consolidated and taxable income, 
and income taxable at reduced rates
0.3 
2.2
2.4
Tax on distribution (a) 
1.8 
1.4
2.0
Effective tax rate of the Group
26.8 
26.4
32.4
(a)	 Tax on distribution is mainly related to intra-Group dividends.
The Group’s effective tax rate was 26.8% in 2022, compared with 26.4% in 2021 and 32.4% in 2020. As of December 31, 2022, the effective 
tax rate was up 0.4 points from December 31, 2021, mainly due to the impact of taxes on intra-Group dividends.

270
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
28.4	 Sources of deferred tax
In the income statement (a)
(EUR millions) 
2022
2021
2020
Valuation of brands
(47) 
350
(6)
Other revaluation adjustments
(51) 
245
17
Gains and losses on available for sale financial assets
56 
(125)
47
Gains and losses on hedges of future foreign currency cash flows
6 
(9)
3
Provisions for contingencies and losses
18 
121
78
Intra-Group margin included in inventories
268 
120
(101)
Other consolidation adjustments
267 
157
143
Losses carried forward
18 
(30)
65
Total
534 
826
246
(a Income/(Expenses).
Change in deferred tax recognized in equity (a)
(EUR millions) 
2022
2021
2020
Fair value adjustment of vineyard land
18 
(13)
3
Gains and losses on available for sale financial assets
- 
-
-
Gains and losses on hedges of future foreign currency cash flows
(85) 
161
(121)
Gains and losses on employee benefit commitments
(80) 
(59)
6
Total
(147) 
89
(112)
(a)	 Gains/(Losses).
In the balance sheet (a)
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Valuation of brands
(5,300) 
(5,101)
(3,646)
Fair value adjustment of vineyard land
(578) 
(595)
(580)
Other revaluation adjustments
(415) 
(439)
(716)
Gains and losses on available for sale financial assets
(90) 
(144)
(18)
Gains and losses on hedges of future foreign currency cash flows
(2) 
77
(78)
Provisions for contingencies and losses
882 
945
719
Intra-Group margin included in inventories
1,209 
936
802
Other consolidation adjustments
1,250 
1,052
615
Losses carried forward
153 
122
148
Total
(2,891) 
(3,147)
(2,755)
(a)	 Asset/(Liability).
28.5	 Losses carried forward
As of December 31, 2022, unused tax loss carryforwards and tax credits for which no assets were recognized (deferred tax assets or 
receivables) represented potential tax savings of 398 million euros (416 million euros in 2021 and 440 million euros in 2020).

Annual Report as of December 31, 2022
271
Consolidated financial statements
Notes to the consolidated financial statements
28.6	 Tax consolidation
France’s tax consolidation system allows French companies 
belonging to the same tax consolidation group to combine their 
taxable profits to calculate the overall tax expense, for which only 
the consolidating parent company is liable.
Since January 1, 2018, Christian Dior SE and its French subsidiaries 
in which it has an ownership interest of more than 95% have been 
part of a tax consolidation group, the parent company of which 
is Agache SCA.
LVMH SE and most of its French subsidiaries in which it has 
an ownership interest of more than 95% comprise another tax 
consolidation group, the consolidating parent company of which 
is LVMH SE. This tax consolidation system generated current tax 
savings of 66 million euros in 2022 (compared with 91 million 
euros in 2021 and 251 million euros in 2020).
The other tax consolidation systems in place, notably in the 
United States, generated current tax savings of 54 million euros 
in 2022 (36 million euros in 2021 and 93 million euros in 2020).
Note 29.  Earnings per share
 
2022
2021
2020
Net profit, Group share (EUR millions) 
5,797 
4,946
1,933
Impact of dilutive instruments on the subsidiaries (EUR millions) 
(4) 
(2)
(2)
Net profit, diluted Group share (EUR millions) 
5,793 
4,944
1,931
Average number of shares outstanding during the fiscal year
180,507,516 
180,507,516
180,507,516
Average number of Christian Dior treasury shares held during the fiscal year
(96,936) 
(96,936)
(96,936)
Average number of shares on which the calculation before dilution is based
180,410,580 
180,410,580
180,410,580
Basic Group share of net earnings per share (EUR) 
32.13 
27.41
10.72
Average number of shares outstanding on which the above calculation is based
180,410,580 
180,410,580
180,410,580
Dilutive effect of stock option, bonus share and performance share plans
- 
-
-
Average number of shares on which the calculation after dilution is based
180,410,580 
180,410,580
180,410,580
Diluted Group share of net earnings per share (EUR) 
32.11 
27.40
10.70
No events occurred between December 31, 2022 and the date at which the financial statements were approved for publication that 
would have significantly affected the number of shares outstanding or the potential number of shares.
Note 30.  Provisions for pensions, contribution to medical costs 
and other employee benefit commitments
30.1	 Expense for the fiscal year
The expense recognized in the fiscal years presented for provisions for pensions, contribution to medical costs and other employee 
benefit commitments is as follows:
(EUR millions) 
2022
2021
2020
Service cost
136 
130
106
Net interest cost
15 
15
8
Actuarial gains and losses
(3) 
-
-
Changes in plans
8 
(1)
(48)
Total expense for the fiscal year for defined‑benefit plans
157 
145
66

272
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
30.2	 Net recognized commitment
(EUR millions) 
Notes 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Benefits covered by plan assets
 
2,205 
2,656
1,894
Benefits not covered by plan assets
 
362 
472
250
Defined‑benefit obligation
 
2,567 
3,128
2,144
Market value of plan assets
 
(2,005) 
(2,299)
(1,397)
Net recognized commitment
 
562 
829
747
Of which: Non‑current provisions
20 
622 
915
784
Current provisions
20 
17 
17
9
Other assets
 
(77) 
(103)
(45)
Total
 
562 
829
747
30.3	 Breakdown of the change in the net recognized commitment
(EUR millions) 
Defined‑benefit 
obligation
Market value of 
plan assets
Net recognized 
commitment
As of December 31, 2021
3,128
(2,299)
829
Service cost
136
-
136
Net interest cost
59
(44)
15
Payments to recipients
(138)
103
(35)
Contributions to plan assets
-
(117)
(117)
Employee contributions
12
(12)
-
Changes in scope and reclassifications
2
1
3
Changes in plans
8
-
8
Actuarial gains and losses, of which:
(734)
428
(306)
 - Experience adjustments (a) 
49
428
477
 - Changes in demographic assumptions (a) 
(13)
-
(13)
 - Changes in financial assumptions (a) 
(770)
-
(770)
Translation adjustment
94
(66)
28
As of December 31, 2022
2,567
(2,005)
562
(a)	 (Gains)/Losses.
Actuarial gains and losses resulting from experience adjustments related to the four previous fiscal years were as follows:
(EUR millions) 
2021
2020
2019
2018
Experience adjustments on the defined‑benefit obligation
(64)
(12)
31
4
Experience adjustments on the market value of plan assets
(112)
(67)
(82)
41
Actuarial gains and losses resulting from experience adjustments (a) 
(176)
(79)
(51)
45
(a)	 (Gains)/Losses.

Annual Report as of December 31, 2022
273
Consolidated financial statements
Notes to the consolidated financial statements
The actuarial assumptions applied to estimate commitments for the fiscal years presented in the main countries concerned were as follows:
(as %) 
December 31, 2022
December 31, 2021
December 31, 2020
France
United 
States
United 
Kingdom
Japan
Switzer–
land
France
United 
States
United 
Kingdom
Japan
Switzer–
land
France
United 
States
United 
Kingdom
Japan
Switzer–
land
Discount rate (a) 
3.38 
5.18 
4.78 
1.27 
1.50 
0.70
2.89
1.74
1.00
0.06
0.44
2.49
1.43
1.00
0.05
Future salary 
increase rate
3.00 
4.52 
N/A 
2.10 
2.12 
1.96
3.59
N/A
2.07
1.75
2.75
4.10
N/A
2.00
1.69
(a)	 Discount rates were determined with reference to market yields of AA-rated corporate bonds at the period‑end in the countries concerned. Bonds with maturities comparable to those 
of the commitments were used.
N/A: Not applicable.
The assumed rate of increase of medical expenses in the United States is 5.2%.
A 1.5‑point increase in the discount rate would result in a 229 million euro reduction in the amount of the defined‑benefit obligation 
as of December 31, 2022; a 1.5‑point decrease in the discount rate would result in a 243 million euro increase.
30.4	 Breakdown of benefit obligations
The breakdown of the defined‑benefit obligation by type of benefit plan is as follows:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Supplementary pensions
2,102 
2,601
1,627
Retirement bonuses and similar benefits
308 
351
432
Medical costs of retirees
100 
133
45
Length‑of‑service bonuses and other
57 
43
40
Defined‑benefit obligation
2,567 
3,128
2,144
The geographic breakdown of the defined‑benefit obligation is as follows:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
France
577 
746
833
Europe (excl. France)
568 
647
614
United States
1,183 
1,514
506
Japan
148 
164
137
Asia (excl. Japan)
49 
49
47
Other countries
42 
8
7
Defined‑benefit obligation
2,567 
3,128
2,144
The main components of the Group’s net commitment for retirement and other defined‑benefit obligations as of December 31, 2022 
are as follows:
•	 In France:
	
– these commitments include the commitment to the Group’s 
senior executives and members of LVMH’s Executive 
Committee, who were covered by a supplementary pension 
plan after a certain number of years of service, the amount 
of which was determined on the basis of the average of 
their three highest amounts of annual compensation. 
Pursuant to the Order of July 3, 2019, this supplementary 
pension plan has been closed, and the rights frozen as of 
December 31, 2019;
	
– they also include end‑of‑career bonuses and long‑service 
awards, the payment of which is determined by French law 
and collective bargaining agreements, respectively upon 
retirement or after a certain number of years of service.
•	 In Europe (excluding France), commitments concern 
defined‑benefit pension plans set up in the United 
Kingdom by certain Group companies; participation by 
Group companies in Switzerland in the mandatory Swiss 
occupational pension plan, the LPP (Loi pour la Prévoyance 
Professionnelle); and in Italy the TFR (Trattamento di Fine Rapporto), 
a legally required end‑of‑service allowance, paid regardless of 
the reason for the employee’s departure from the company.
•	 In the United States, the commitment relates to defined-
benefit pension plans or retiree healthcare coverage set up by 
certain Group companies, Tiffany in particular. Most of the 
commitment concerns qualified pension plans as defined in 
the United States Internal Revenue Code.

274
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
30.5	 Breakdown of related plan assets
The breakdown of the market value of plan assets by type of investment is as follows:
(as % of market value of related plan assets) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Shares
26 
30
22
Bonds
 
 
 
	—
Private issues
34
28
32
	—
Public issues
12
13
9
Cash, investment funds, real estate and other assets
28 
29
37
Total
100 
100
100
These assets do not include debt securities issued by Group companies, nor any LVMH or Christian Dior shares for significant amounts.
The Group plans to increase the related plan assets in 2023 by paying in approximately 117 million euros.
Note 31.  Off‑balance sheet commitments
31.1	 Purchase commitments
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Grapes, wines and eaux‑de‑vie
3,138 
2,843
2,725
Other purchase commitments for raw materials
810 
759
250
Industrial and commercial fixed assets
1,173 
715
428
Investments in joint venture shares and non‑current available for sale financial assets
181 
317
13,237
Some Wines and Spirits companies have contractual purchase 
arrangements with various local producers for the future supply 
of grapes, still wines and eaux‑de‑vie. These commitments are 
valued, depending on the nature of the purchases, on the basis 
of the contractual terms or known fiscal year‑end prices and 
estimated production yields.
As of December 31, 2020, share purchase commitments included 
the impact of LVMH’s commitment to acquire, for cash, all the 
shares of Tiffany & Co. (“Tiffany”), for a total of 16.1 billion US 
dollars. The transaction was completed on January 7, 2021. See 
also Note 2.2.
As of December 31, 2022, the maturity schedule of these commitments was as follows:
(EUR millions) 
Less than 
1 year
From 1 to 
5 years
More than 
5 years
Total
Grapes, wines and eaux‑de‑vie
1,021
1,847
270
3,138 
Other purchase commitments for raw materials
592
218
-
810 
Industrial and commercial fixed assets
825
197
151
1,173 
Investments in joint venture shares and non‑current 
available for sale financial assets
181
-
-
181

Annual Report as of December 31, 2022
275
Consolidated financial statements
Notes to the consolidated financial statements
31.2	 Collateral and other guarantees
As of December 31, 2022, these commitments broke down as follows:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Securities and deposits
415 
415
444
Other guarantees
328 
162
169
Guarantees given
744 
577
613
Guarantees received
(53) 
(65)
(47)
The maturity dates of these commitments are as follows:
(EUR millions) 
Less than 
1 year
From 1 to
 5 years
More than
 5 years
Total
Securities and deposits
323
74
19
415 
Other guarantees
215
101
12
328 
Guarantees given
537
175
31
744 
Guarantees received
(32)
(13)
(7)
(53) 
31.3	 Other commitments
The Group is not aware of any significant off‑balance sheet commitments other than those described above.
Note 32.  Exceptional events and litigation
As part of its day‑to‑day management, the Group may be party to 
various legal proceedings concerning trademark rights, personal 
data protection, the protection of intellectual property rights, the 
protection of selective retailing networks, consumer protection, 
licensing agreements, employee relations, tax audits, and any 
other matters inherent to its business. The Group believes that 
the provisions recorded in the balance sheet in respect of these 
risks, litigation proceedings and disputes that are in progress 
and any others of which it is aware at the year‑end, are sufficient 
to avoid its consolidated financial position being materially 
impacted in the event of an unfavorable outcome.
To the best of the Company’s knowledge, there are no pending 
or impending administrative, judicial or arbitration procedures 
that are likely to have, or have had over the twelve‑month period 
under review, any significant impact on the Group’s financial 
position or profitability.
Note 33.  Related‑party transactions
33.1	 Relations of the Christian Dior group with Agache and its subsidiaries
The Christian Dior group is consolidated in the accounts of 
Financière Agache, which is owned by Agache SCA.
Agache SCA, which has specialist teams, provides assistance 
to the Christian Dior group, primarily in the areas of financial 
engineering, strategy, development, and corporate and real estate 
law. Agache SCA also leases office premises to the Christian Dior 
group.
Conversely, the Christian Dior group provides various administrative 
and operational services and leases real estate and movable 
property assets to Agache SCA and some of its subsidiaries.

276
Annual Report as of December 31, 2022
Consolidated financial statements
Notes to the consolidated financial statements
Transactions between the Christian Dior group and Agache and its subsidiaries may be summarized as follows:
(EUR millions) 
2022
2021
2020
	—
Amounts billed by Agache and its subsidiaries to the Christian Dior group
(4) 
(4)
(5)
Amount payable outstanding as of December 31
(1) 
-
-
	—
Amounts billed by the Christian Dior group to Agache and its subsidiaries
12 
10
9
Amount receivable outstanding as of December 31
4 
3
2
33.2	 Relations of the Christian Dior group with Diageo
Moët Hennessy SAS and Moët Hennessy International SAS 
(hereinafter referred to as “Moët Hennessy”) hold the LVMH 
group’s investments in the Wines and Spirits business group, 
with the exception of Château d’Yquem, Château Cheval Blanc, 
Domaine du Clos des Lambrays, Colgin Cellars and certain 
champagne vineyards. Diageo holds a 34% stake in Moët 
Hennessy. When that holding was acquired in 1994, an 
agreement was entered into between Diageo and LVMH for the 
apportionment of shared holding company costs between Moët 
Hennessy and the other holding companies of the LVMH group.
Under this agreement, Moët Hennessy assumed 12% of shared 
costs in 2022 (13% in 2021 and 14% in 2020), and accordingly 
re-invoiced the excess costs incurred to LVMH SE. After 
re‑invoicing, the amount of shared costs assumed by Moët 
Hennessy came to 21 million euros for 2022 (19 million euros in 
2021 and 22 million euros in 2020).
33.3	 Relations with the Fondation Louis Vuitton
In October 2014, the Fondation Louis Vuitton opened a modern 
and contemporary art museum in Paris. The LVMH group 
finances the Fondation as part of its corporate giving initiatives. 
Its net contributions to this project are included in “Property, 
plant and equipment” and are depreciated from the time the 
museum opened (October 2014) over the remaining duration of 
the public property use agreement awarded by the City of Paris.
33.4	 Executive bodies
The total compensation paid to the members of the Board of Directors in respect of their functions within the Group breaks down 
as follows:
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Gross compensation, employer social security contributions and benefits in kind
25 
7
17
Post‑employment benefits
- 
-
12
Other long‑term benefits
- 
-
-
End‑of‑contract bonuses
- 
-
-
Cost of stock option and similar plans
9 
7
9
Total
34 
14
38
The commitment recognized as of December 31, 2022 for post‑employment benefits net of related plan assets was 7 million euros 
(18 million euros as of December 31, 2021 and 24 million euros as of December 31, 2020).
Note 34.  Subsequent events
No significant subsequent events occurred between December 31, 2022 and January 26, 2023, the date at which the financial statements 
were approved for publication by the Board of Directors.

Annual Report as of December 31, 2022
277
Consolidated financial statements
Consolidated companies
7.	
Consolidated companies
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
WINES AND SPIRITS 
The Glenmorangie Company
Edinburgh, United Kingdom
FC
27%
Macdonald & Muir Ltd
Edinburgh, United Kingdom
FC
27%
Ardbeg Distillery Limited
Edinburgh, United Kingdom
FC
27%
Glenmorangie Distillery Co. Ltd
Edinburgh, United Kingdom
FC
27%
James Martin & Company Ltd
Edinburgh, United Kingdom
FC
27%
Nicol Anderson & Co. Ltd
Edinburgh, United Kingdom
FC
27%
SAS Château d’Esclans
La Motte, France
FC
27%
Caves d’Esclans
La Motte, France
FC
27%
Esclans Estate
La Motte, France
FC
27%
MHCS
Épernay, France
FC
27%
Moët Hennessy Italia SpA
Milan, Italy
FC
27%
Société Civile des Crus de Champagne
Reims, France
FC
27%
Moët Hennessy UK
London, United Kingdom
FC
27%
Moët Hennessy España
Barcelona, Spain
FC
27%
Moët Hennessy Portugal
Lisbon, Portugal
FC
27%
Moët Hennessy (Suisse)
Geneva, Switzerland
FC
27%
Moët Hennessy Deutschland GmbH
Munich, Germany
FC
27%
Moët Hennessy Entreprise Adaptée
Épernay, France
FC
27%
SCEA Les Fournettes
Monthelon, France
FC
27%
Champagne Des Moutiers
Épernay, France
FC
27%
Moët Hennessy de Mexico
Mexico City, Mexico
FC
27%
Chamfipar
Épernay, France
FC
27%
Société Viticole de Reims
Épernay, France
FC
27%
Compagnie Française du Champagne 
et du Luxe
Épernay, France
FC
27%
Champagne Bernard Breuzon
Colombé‑le-Sec, France
FC
27%
Moët Hennessy Belux
Brussels, Belgium
FC
27%
Champagne De Mansin
Gyé‑sur-Seine, France
FC
27%
Moët Hennessy Österreich 
Vienna, Austria
FC
27%
Moët Hennessy Polska
Warsaw, Poland
FC
27%
Moët Hennessy Suomi
Helsinki, Finland
FC
27%
Moët Hennessy Czech Republic
Prague, Czech Republic
FC
27%
Moët Hennessy Sverige
Stockholm, Sweden
FC
27%
Moët Hennessy Norge
Sandvika, Norway
FC
27%
Moët Hennessy Danmark
Copenhagen, Denmark
FC
27%
Moët Hennessy Services UK
London, United Kingdom
FC
27%
Moët Hennessy Turkey
Istanbul, Turkey
FC
27%
Moët Hennessy South Africa Pty Ltd
Johannesburg, South Africa
FC
27%
SCEV 4F
Épernay, France
FC
27%
Moët Hennessy Nigeria
Lagos, Nigeria
FC
27%
SAS Champagne Manuel Janisson
Verzenay, France
FC
27%
SCI JVIGNOBLES
Verzenay, France
FC
27%
Moët Hennessy Middle East FZE
Dubai, United Arab Emirates
FC
27%
Moët Hennessy Nederland
Baarn, Netherlands
FC
27%
Moët Hennessy USA
New York, USA
FC
27%
MHD Moët Hennessy Diageo
Courbevoie, France
JV
27%
SA Du Château d’Yquem
Sauternes, France
FC
40%
SC Du Château d’Yquem
Sauternes, France
FC
40%
Société Civile Cheval Blanc (SCCB)
Saint‑Émilion, France
EM
21%
Société du Domaine des Lambrays
Morey-Saint-Denis, France
FC
42%
Colgin Cellars
California, USA
FC
25%
Chandon International
Paris, France
FC
27%
Domaine Chandon, Inc.
California, USA
FC
27%
Dioniso Srl
Sesto San Giovanni, Italy
JV
14%
Moët Hennessy Do Brasil – Vinhos E 
Destilados
São Paulo, Brazil
FC
27%
Bodegas Chandon Argentina
Buenos Aires, Argentina
FC
27%
Domaine Chandon Australia Pty
Coldstream, Victoria, Australia
FC
27%
Domaine Chandon (Ningxia) 
Moët Hennessy Co. Ltd
Yinchuan, China
FC
27%
Moët Hennessy Chandon (Ningxia) 
Vineyards Co. Ltd
Yinchuan, China
FC
16%
Ace of Spades Holdings LLC
New York, USA
FC
14%
Cheval des Andes
Buenos Aires, Argentina
EM
14%
Cape Mentelle Vineyards Ltd
Margaret River, Australia
FC
27%
Veuve Clicquot Pties Pty Ltd
Margaret River, Australia
FC
27%
Cloudy Bay Vineyards Ltd
Blenheim, New Zealand
FC
27%
Moët Hennessy Shangri-La (Deqin) 
Winery Company
Deqin, China
FC
22%
Newton Vineyard LLC
California, USA
FC
27%
Château du Galoupet
La Londe‑les-Maures, France
FC
27%
Joseph Phelps Vineyards
California, USA
FC
27%
Jas Hennessy & Co.
Cognac, France
FC
27%
Distillerie de la Groie
Cognac, France
FC
27%
SICA de Bagnolet
Cognac, France
FC
2%
Sodepa
Cognac, France
FC
27%
Diageo Moët Hennessy BV
Amsterdam, Netherlands
JV
27%
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Hennessy Dublin
Dublin, Ireland
FC
27%
Edward Dillon & Co. Ltd
Dublin, Ireland
EM
11%
Hennessy Far East
Hong Kong, China
FC
27%
Moët Hennessy Diageo Hong Kong
Hong Kong, China
JV
27%
Riche Monde (China)
Hong Kong, China
JV
27%
Moët Hennessy Diageo Macau
Macao, China
JV
27%
Moët Hennessy Diageo Singapore Pte
Singapore
JV
27%
Moët Hennessy Diageo Malaysia Sdn.
Kuala Lumpur, Malaysia
JV
27%
Moët Hennessy Cambodia Co.
Phnom Penh, Cambodia
FC
14%
Moët Hennessy Philippines
Makati, Philippines
FC
21%
Diageo Moët Hennessy Thailand
Bangkok, Thailand
JV
27%
Moët Hennessy Shanghai
Shanghai, China
FC
27%
Moët Hennessy India
Mumbai, India
FC
27%
Jas Hennessy Taiwan
Taipei, Taiwan
FC
27%
Moët Hennessy Diageo China Company
Shanghai, China
JV
27%
Moët Hennessy Distribution Russia
Moscow, Russia
FC
27%
Moët Hennessy Vietnam Importation Co.
Ho Chi Minh City, Vietnam
FC
27%
Moët Hennessy Vietnam Distribution 
Shareholding Co.
Ho Chi Minh City, Vietnam
FC
14%
Moët Hennessy Russia
Moscow, Russia
FC
27%
MH Champagnes and Wines Korea Ltd
Icheon, South Korea
FC
27%
MHD Moët Hennessy Diageo
Tokyo, Japan
JV
27%
Moët Hennessy Asia Pacific Pte Ltd
Singapore
FC
27%
Moët Hennessy Australia
Mascot, Australia
FC
27%
Polmos Żyrardów Sp. z o.o.
Żyrardów, Poland
FC
27%
Woodinville Whiskey Company LLC
Washington, USA
FC
27%
RUM Entreprise
Paris, France
FC
27%
Agrotequilera de Jalisco
Mexico City, Mexico
EM
14%
Cravan
Paris, France
FC
27%
FASHION AND LEATHER GOODS
Manufacture de Souliers Louis Vuitton
Fiesso d’Artico, Italy
FC
42%
Louis Vuitton Malletier
Paris, France
FC
42%
Louis Vuitton Saint-Barthélemy
Saint-Barthélemy, 
French Antilles
FC
42%
Louis Vuitton Cantacilik Ticaret
Istanbul, Turkey
FC
42%
Louis Vuitton Editeur
Paris, France
FC
42%
Louis Vuitton International
Paris, France
FC
42%
Société des Ateliers Louis Vuitton
Paris, France
FC
42%
Les Ateliers Joailliers Louis Vuitton
Paris, France
FC
42%
Manufacture des Accessoires Louis Vuitton
Fiesso d’Artico, Italy
FC
42%
Louis Vuitton Bahrain WLL
Manama, Bahrain
FC
31%
Société Louis Vuitton Services
Paris, France
FC
42%
Louis Vuitton Qatar LLC
Doha, Qatar
FC
30%
Société des Magasins Louis Vuitton France
Paris, France
FC
42%
Belle Jardinière
Paris, France
FC
42%
La Fabrique du Temps Louis Vuitton
Meyrin, Switzerland
FC
42%
Louis Vuitton Monaco
Monte Carlo, Monaco
FC
42%
ELV
Paris, France
FC
42%
Louis Vuitton Services Europe
Brussels, Belgium
FC
42%
Louis Vuitton UK
London, United Kingdom
FC
42%
Louis Vuitton Ireland
Dublin, Ireland
FC
42%
Louis Vuitton Deutschland
Munich, Germany
FC
42%
Louis Vuitton Ukraine
Kiev, Ukraine
FC
42%
Manufacture de Maroquinerie 
et Accessoires Louis Vuitton
Barcelona, Spain
FC
42%
Atepeli – Ateliers des Ponte de Lima
Calvelo, Portugal
FC
42%
Louis Vuitton Netherlands
Amsterdam, Netherlands
FC
42%
Louis Vuitton Belgium
Brussels, Belgium
FC
42%
Louis Vuitton Luxembourg
Luxembourg
FC
42%
Louis Vuitton Hellas
Athens, Greece
FC
42%
Louis Vuitton Portugal Maleiro
Lisbon, Portugal
FC
42%
Louis Vuitton Israel
Tel Aviv, Israel
FC
42%
Louis Vuitton Danmark
Copenhagen, Denmark
FC
42%
Louis Vuitton Aktiebolag
Stockholm, Sweden
FC
42%
Louis Vuitton Suisse
Meyrin, Switzerland
FC
42%
Louis Vuitton Polska Sp. Z O.O.
Warsaw, Poland
FC
42%
Louis Vuitton Ceska
Prague, Czech Republic
FC
42%
Louis Vuitton Österreich
Vienna, Austria
FC
42%
Louis Vuitton Kazakhstan
Almaty, Kazakhstan
FC
42%
Louis Vuitton US Manufacturing, Inc.
California, USA
FC
42%
Somarest
Sibiu, Romania
FC
42%
Louis Vuitton Hawaii, Inc.
Hawaii, USA
FC
42%
Louis Vuitton Guam, Inc.
Tamuning, Guam
FC
42%
Louis Vuitton Saipan Inc.
Saipan, Northern Mariana Islands
FC
42%
Louis Vuitton Norge
Oslo, Norway
FC
42%
San Dimas Luggage Company
California, USA
FC
42%

278
Annual Report as of December 31, 2022
Consolidated financial statements
Consolidated companies
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Louis Vuitton North America, Inc.
New York, USA
FC
42%
Louis Vuitton USA, Inc.
New York, USA
FC
42%
Louis Vuitton Liban Retail SAL
Beirut, Lebanon
FC
40%
Louis Vuitton Vietnam Company Limited
Hanoi, Vietnam
FC
42%
Louis Vuitton Suomi
Helsinki, Finland
FC
42%
Louis Vuitton Romania Srl
Bucharest, Romania
FC
42%
LVMH Fashion Group Brasil Ltda
São Paulo, Brazil
FC
42%
Louis Vuitton Panama, Inc.
Panama City, Panama
FC
42%
Louis Vuitton Mexico
Mexico City, Mexico
FC
42%
Louis Vuitton Chile Spa
Santiago de Chile, Chile
FC
42%
Louis Vuitton (Aruba)
Oranjestad, Aruba
FC
42%
Louis Vuitton Republica Dominicana
Santo Domingo, 
Dominican Republic
FC
42%
Louis Vuitton Argentina
Buenos Aires, Argentina
FC
42%
Louis Vuitton Peru Srl
Lima, Peru
FC
42%
Louis Vuitton Pacific
Hong Kong, China
FC
42%
Louis Vuitton Hong Kong Limited
Hong Kong, China
FC
42%
Louis Vuitton (Philippines) Inc.
Makati, Philippines
FC
42%
Louis Vuitton Singapore Pte Ltd
Singapore
FC
42%
LV Information & Opération Services Pte Ltd Singapore
FC
42%
PT Louis Vuitton Indonesia
Jakarta, Indonesia
FC
41%
Louis Vuitton (Malaysia) Sdn. Bhd.
Kuala Lumpur, Malaysia
FC
42%
Louis Vuitton (Thailand) Société Anonyme
Bangkok, Thailand
FC
42%
Louis Vuitton Taiwan Ltd
Taipei, Taiwan
FC
42%
Louis Vuitton Australia Pty Ltd
Sydney, Australia
FC
42%
Louis Vuitton (China) Co. Ltd
Shanghai, China
FC
42%
Louis Vuitton New Zealand
Auckland, New Zealand
FC
42%
Louis Vuitton Kuwait WLL
Kuwait City, Kuwait
FC
15%
Louis Vuitton India Retail Private Limited
Gurugram, India
FC
42%
Louis Vuitton EAU LLC
Dubai, United Arab Emirates
FC
31%
Louis Vuitton Saudi Arabia Ltd
Jeddah, Saudi Arabia
FC
31%
Louis Vuitton Middle East
Dubai, United Arab Emirates
FC
31%
Louis Vuitton – Jordan PSC
Amman, Jordan
FC
40%
Louis Vuitton Orient LLC
Ras Al Khaimah, 
United Arab Emirates
FC
31%
L.D. Manufacture Srl
Sant’Antimo, Italy
FC
37%
Microedge Sàrl
Vernier, Switzerland
FC
42%
LV Qatar Airport QFZ LLC
Doha, Qatar
FC
42%
Louis Vuitton Korea Ltd
Seoul, South Korea
FC
42%
LV Investments SAS
Paris, France
FC
42%
Gérald G.
Meyrin, Switzerland
FC
42%
Daniel R.
Meyrin, Switzerland
FC
42%
LVMH Fashion Group Trading Korea Ltd
Seoul, South Korea
FC
42%
Louis Vuitton Hungaria Kft.
Budapest, Hungary
FC
42%
Louis Vuitton Vostok
Moscow, Russia
FC
42%
LV Colombia SAS
Santa Fé de Bogota, Colombia
FC
42%
Louis Vuitton Maroc
Casablanca, Morocco
FC
42%
Louis Vuitton South Africa
Johannesburg, South Africa
FC
42%
Louis Vuitton Macau Company Limited
Macao, China
FC
42%
Louis Vuitton Japan KK
Tokyo, Japan
FC
41%
Louis Vuitton Services KK
Tokyo, Japan
FC
41%
Louis Vuitton Canada, Inc.
Toronto, Canada
FC
42%
Louis Vuitton Italia Srl
Milan, Italy
FC
42%
Marc Jacobs International
New York, USA
FC
33%
Marc Jacobs International (UK)
London, United Kingdom
FC
33%
Marc Jacobs Trademarks
New York, USA
FC
33%
Marc Jacobs Japan
Tokyo, Japan
FC
33%
Marc Jacobs International France
Paris, France
FC
33%
Marc Jacobs Commercial and Trading 
(Shanghai) Co.
Shanghai, China
FC
33%
Marc Jacobs Hong Kong
Hong Kong, China
FC
33%
Marc Jacobs Holdings
New York, USA
FC
33%
Marc Jacobs Hong Kong Distribution 
Company
Hong Kong, China
FC
33%
Marc Jacobs Macau Distribution Company
Macao, China
FC
33%
Marc Jacobs Canada
Toronto, Canada
FC
33%
Loewe
Madrid, Spain
FC
42%
Loewe Hermanos
Madrid, Spain
FC
42%
Manufacturas Loewe
Madrid, Spain
FC
42%
LVMH Fashion Group France
Paris, France
FC
42%
Loewe Hermanos UK
London, United Kingdom
FC
42%
Loewe Hong Kong
Hong Kong, China
FC
42%
Loewe Commercial and Trading 
(Shanghai) Co.
Shanghai, China
FC
42%
Loewe Fashion
Singapore
FC
42%
Loewe Taiwan
Taipei, Taiwan
FC
42%
Loewe Macau Company
Macao, China
FC
42%
Loewe Alemania
Frankfurt, Germany
FC
42%
Loewe Italy
Milan, Italy
FC
42%
Loewe Holanda BV
Amsterdam, Netherlands
FC
42%
Loewe LLC
New York, USA
FC
42%
Loewe Australia
Sydney, Australia
FC
42%
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Loewe Korea Ltd
Seoul, South Korea
FC
42%
Loewe JV Middle East WLL
Dubai, United Arab Emirates
FC
27%
LVMH Fashion Group Support
Paris, France
FC
42%
Berluti SA
Paris, France
FC
42%
Berluti Monaco
Monte Carlo, Monaco
FC
42%
Manifattura Berluti Srl
Ferrara, Italy
FC
42%
Berluti LLC
New York, USA
FC
42%
Berluti UK Limited (Company)
London, United Kingdom
FC
42%
Berluti Deutschland GmbH
Munich, Germany
FC
42%
Berluti Macau Company Limited
Macao, China
FC
42%
Berluti Singapore Private Ltd
Singapore
FC
42%
Berluti (Shanghai) Company Limited
Shanghai, China
FC
42%
Berluti Taiwan Ltd
Taipei, Taiwan
FC
42%
Berluti Hong Kong Company Limited
Hong Kong, China
FC
42%
Berluti Orient FZ LLC
Ras Al Khaimah, 
United Arab Emirates
FC
27%
Berluti EAU LLC
Dubai, United Arab Emirates
FC
27%
Berluti Korea Company Ltd
Seoul, South Korea
FC
31%
Berluti Australia
Sydney, Australia
FC
42%
Berluti Japan KK
Tokyo, Japan
FC
41%
Berluti Italia Srl
Milan, Italy
FC
42%
Rossimoda
Vigonza, Italy
FC
42%
Rossimoda Romania
Cluj-Napoca, Romania
FC
42%
LVMH Fashion Group Services
Paris, France
FC
42%
Interlux Company
Hong Kong, China
FC
42%
John Galliano SA
Paris, France
FC
42%
Loro Piana
Quarona, Italy
FC
35%
Loro Piana Switzerland
Lugano, Switzerland
FC
35%
Loro Piana France
Paris, France
FC
35%
Loro Piana
Munich, Germany
FC
35%
Loro Piana GB
London, United Kingdom
FC
35%
LG Distribution LLC
Delaware, USA
FC
35%
Warren Corporation
Connecticut, USA
FC
35%
Loro Piana & C.
New York, USA
FC
35%
Loro Piana USA
New York, USA
FC
35%
Loro Piana (HK)
Hong Kong, China
FC
35%
Loro Piana (Shanghai) Commercial Co.
Shanghai, China
FC
35%
Loro Piana (Shanghai) Textile Trading Co.
Shanghai, China
FC
35%
Loro Piana Mongolia
Ulaanbaatar, Mongolia
FC
35%
Loro Piana Korea Co.
Seoul, South Korea
FC
35%
Loro Piana (Macau)
Macao, China
FC
35%
Loro Piana Monaco
Monte Carlo, Monaco
FC
35%
Loro Piana España
Madrid, Spain
FC
35%
Loro Piana Japan Co.
Tokyo, Japan
FC
35%
Loro Piana Far East
Singapore
FC
35%
Loro Piana Peru
Lucanas, Peru
FC
35%
Manifattura Loro Piana
Sillavengo, Italy
FC
35%
Loro Piana Oesterreich
Vienna, Austria
FC
35%
Loro Piana Czech Republic
Prague, Czech Republic
FC
35%
Loro Piana Canada
Toronto, Canada
FC
35%
Cashmere Lifestyle Luxury Trading LLC
Dubai, United Arab Emirates
FC
21%
Loro Piana Mexico SA de CV
Naucalpan, Mexico
FC
35%
Vicuna Trading WLL
Doha, Qatar
FC
22%
HLI Holding Pte Ltd
Singapore
FC
42%
Heng Long International Ltd
Singapore
FC
42%
Heng Long Leather Co. (Pte) Ltd
Singapore
FC
42%
Heng Long Leather (Guangzhou) Co. Ltd
Guangzhou, China
FC
42%
HL Australia Proprietary Ltd
Sydney, Australia
FC
42%
Starke Holding
Florida, USA
FC
42%
Cypress Creek Farms
Florida, USA
FC
42%
The Florida Alligator Company
Florida, USA
FC
42%
Pellefina
Florida, USA
FC
42%
Sofpar 126
Paris, France
FC
42%
LVMH Métiers D’Art
Paris, France
FC
42%
Tanneries Roux
Romans‑sur-Isère, France
FC
42%
Jade Creaction
Albergaria‑a-Velha, Portugal
FC
23%
Jade Jewellery
Paris, France
FC
23%
Off-White LLC
New York, USA
FC
42%
Off-White Operating Srl
Milan, Italy
EM
10%
Jean Patou SAS
Paris, France
FC
29%
Rimowa GmbH
Cologne, Germany
FC
42%
Rimowa GmbH & Co Distribution KG
Cologne, Germany
FC
42%
Rimowa Electronic Tag GmbH
Cologne, Germany
FC
42%
Rimowa CZ spol. s r.o.
Pelhrimov, Czech Republic
FC
42%
Rimowa America Do Sul Malas 
De Viagem Ltda
São Paulo, Brazil
FC
42%
Rimowa North America Inc.
Cambridge, Canada
FC
42%
Rimowa Inc.
New York, USA
FC
42%
Rimowa Distribution Inc.
New York, USA
FC
42%
Rimowa Far East Limited
Hong Kong, China
FC
42%
Rimowa Macau Limited
Macao, China
FC
42%
Rimowa Japan Co. Ltd
Tokyo, Japan
FC
42%

Annual Report as of December 31, 2022
279
Consolidated financial statements
Consolidated companies
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Rimowa France SARL
Paris, France
FC
42%
Rimowa Italy Srl
Milan, Italy
FC
42%
Rimowa Netherlands BV
Amsterdam, Netherlands
FC
42%
Rimowa Spain SLU
Madrid, Spain
FC
42%
Rimowa Great Britain Limited
London, United Kingdom
FC
42%
Rimowa Austria GmbH
Innsbruck, Austria
FC
42%
Rimowa Schweiz AG
Dübendorf, Switzerland
FC
42%
110 Vondrau Holdings Inc.
Cambridge, Canada
FC
42%
Rimowa China
Shanghai, China
FC
42%
Rimowa International
Paris, France
FC
42%
Rimowa Group Services
Paris, France
FC
42%
Rimowa Middle East FZ-LLC
Dubai, United Arab Emirates
FC
42%
Rimowa Korea Ltd
Seoul, South Korea
FC
42%
Rimowa Orient Trading-LLC
Dubai, United Arab Emirates
FC
42%
Rimowa Singapore
Singapore
FC
42%
Rimowa Australia
Sydney, Australia
FC
42%
Rimowa Group GmbH
Cologne, Germany
FC
42%
Rimowa Malaysia Sdn. Bhd.
Kuala Lumpur, Malaysia
FC
42%
Anin Star Holding Limited
London, United Kingdom
EM
20%
Stella McCartney Limited
London, United Kingdom
EM
20%
Stella McCartney America, Inc.
Delaware, USA
EM
20%
Stella McCartney France SAS
Paris, France
EM
20%
Stella McCartney Spain SL
Barcelona, Spain
EM
20%
Stella McCartney Italia Srl a socio unico
Milan, Italy
EM
20%
Stella McCartney (Shanghai) 
Trading Limited
Shanghai, China
EM
20%
Stella McCartney Japan Limited
Tokyo, Japan
EM
20%
Stella McCartney Hong Kong Limited
Harbour City, China
EM
20%
Luxury Fashion (L.F.) SA
Candempino, Switzerland
EM
20%
Thélios
Longarone, Italy
FC
42%
Thélios France
Paris, France
FC
42%
Thélios USA Inc.
New Jersey, USA
FC
42%
Thélios Asia Pacific Limited
Harbour City, China
FC
42%
Thélios Deutschland GmbH
Cologne, Germany
FC
42%
Thélios Switzerland GmbH
Zurich, Switzerland
FC
42%
Thélios Iberian Peninsula SL
Barcelona, Spain
FC
42%
Thélios Portugal, Unipersoal Lda.
Lisbon, Portugal
FC
42%
Thélios UK
London, United Kingdom
FC
42%
Thelios Eyewear (Shanghai) Co. Ltd
Shanghai, China
FC
42%
Thélios Nordics AB
Stockholm, Sweden
FC
42%
Thelios Australia Pty Ltd
Brisbane, Australia
FC
42%
Christian Dior Couture Korea Ltd
Seoul, South Korea
FC
42%
Christian Dior KK
Tokyo, Japan
FC
42%
Christian Dior Inc.
New York, USA
FC
42%
Christian Dior Far East Ltd
Hong Kong, China
FC
42%
Christian Dior Hong Kong Ltd
Hong Kong, China
FC
42%
Christian Dior Fashion (Malaysia) Sdn. Bhd.
Kuala Lumpur, Malaysia
FC
42%
Christian Dior Singapore Pte Ltd
Singapore
FC
42%
Christian Dior Australia Pty Ltd
Sydney, Australia
FC
42%
Christian Dior New Zealand Ltd
Auckland, New Zealand
FC
42%
Christian Dior Taiwan Limited
Taipei, Taiwan
FC
42%
Oteline
Rillieux‑la-Pape, France
FC
37%
161 NBS Ltd
London, United Kingdom
FC
42%
FG Manufacture
Villeurbanne, France
FC
42%
Rubens
Florence, Italy
FC
42%
Art Lab
Santa Croce sull’Arno, Italy
FC
29%
Neri Sport
Venice, Italy
FC
23%
Manifattura Salento AF
Casarano, Italy
FC
17%
Pelleterie Eiffel
Florence, Italy
EM
21%
Christian Dior (Thailand) Co. Ltd
Bangkok, Thailand
FC
42%
Christian Dior Saipan Ltd
Saipan, Northern Mariana Islands
FC
42%
Christian Dior Guam Ltd
Tumon Bay, Guam
FC
42%
Christian Dior Espanola
Madrid, Spain
FC
42%
Christian Dior UK Limited
London, United Kingdom
FC
42%
Christian Dior Italia Srl
Milan, Italy
FC
42%
Christian Dior Suisse SA
Geneva, Switzerland
FC
42%
Christian Dior GmbH
Pforzheim, Germany
FC
42%
Christian Dior Fourrure M.C.
Monte Carlo, Monaco
FC
42%
PT Christian Dior Indonesia
Jakarta, Indonesia
FC
33%
Christian Dior do Brasil Ltda
São Paulo, Brazil
FC
42%
Christian Dior Belgique
Brussels, Belgium
FC
42%
Bopel
Lugagnano Val d’Arda, Italy
FC
42%
Christian Dior Couture CZ
Prague, Czech Republic
FC
42%
Ateliers AS
Pierre-Bénite, France
EM
10%
Christian Dior Couture
Paris, France
FC
42%
Christian Dior Couture FZE
Dubai, United Arab Emirates
FC
42%
Christian Dior Couture Maroc
Casablanca, Morocco
FC
42%
Christian Dior Macau Single 
Shareholder Company Limited
Macao, China
FC
42%
Christian Dior S. de R.L. de C.V.
Mexico City, Mexico
FC
42%
Les Ateliers Bijoux GmbH
Pforzheim, Germany
FC
42%
Christian Dior Commercial 
(Shanghai) Co. Ltd
Shanghai, China
FC
42%
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Christian Dior Trading India Private Limited
Mumbai, India
FC
42%
Christian Dior Couture Stoleshnikov
Moscow, Russia
FC
42%
CDCH SA
Luxembourg
FC
35%
CDC Abu-Dhabi LLC Couture
Abu Dhabi, United Arab Emirates
FC
35%
Dior Grèce Société Anonyme 
Garments Trading
Athens, Greece
FC
42%
CDC General Trading LLC
Dubai, United Arab Emirates
FC
33%
Christian Dior Istanbul Magazacilik 
Anonim Sirketi
Istanbul, Turkey
FC
42%
Christian Dior Couture Qatar LLC
Doha, Qatar
FC
34%
Christian Dior Couture Bahrain W.L.L.
Manama, Bahrain
FC
35%
PT Fashion Indonesia Trading Company
Jakarta, Indonesia
FC
42%
Christian Dior Couture Ukraine
Kiev, Ukraine
FC
42%
CDCG FZCO
Dubai, United Arab Emirates
FC
35%
COU.BO Srl
Arzano, Italy
FC
42%
Christian Dior Netherlands BV
Amsterdam, Netherlands
FC
42%
Christian Dior Vietnam Limited Liability 
Company
Hanoi, Vietnam
FC
42%
Vermont
Paris, France
FC
42%
Christian Dior Couture Kazakhstan
Almaty, Kazakhstan
FC
42%
Christian Dior Austria GmbH
Vienna, Austria
FC
42%
Manufactures Dior Srl
Milan, Italy
FC
42%
Christian Dior Couture Azerbaijan
Baku, Azerbaijan
FC
42%
Draupnir SA
Luxembourg
FC
42%
Myolnir SA
Luxembourg
FC
42%
CD Philippines
Makati, Philippines
FC
42%
Christian Dior Couture Luxembourg SA
Luxembourg
FC
42%
Les Ateliers Horlogers Dior
La Chaux‑de-Fonds, Switzerland
FC
42%
Dior Montres
Paris, France
FC
42%
Christian Dior Couture Canada Inc.
Toronto, Canada
FC
42%
IDMC Manufacture
Limoges, France
FC
42%
GINZA SA
Luxembourg
FC
42%
GFEC. Srl
Casoria, Italy
FC
42%
CDC Kuwait Fashion Accessories WLL
Kuwait City, Kuwait
FC
35%
Aurelia Solutions Srl
Milan, Italy
FC
42%
Lemanus
Luxembourg
FC
42%
LikeABee
Lisbon, Portugal
FC
42%
CD Norway AS
Oslo, Norway
FC
42%
Cador
Florence, Italy
FC
42%
Christian Dior Couture Ireland
Dublin, Ireland
FC
42%
Christian Dior Portugal, Unipessoal LDA
Lisbon, Portugal
FC
42%
CD Montenegro
Podgorica, Montenegro
FC
42%
Christian Dior Couture Travel 
Retail Company
Doha, Qatar
FC
42%
Christian Dior Couture Saint-Barthélemy
Saint-Barthélemy,
French Antilles
FC
42%
JW Anderson Limited
London, United Kingdom
EM
19%
JW Anderson China
Shanghai, China
EM
19%
Celine SA
Paris, France
FC
42%
Avenue M International SCA
Paris, France
FC
42%
Enilec Gestion SARL
Paris, France
FC
42%
Celine Montaigne SAS
Paris, France
FC
42%
Celine Monte-Carlo SA
Monte Carlo, Monaco
FC
42%
Celine Germany GmbH
Berlin, Germany
FC
42%
Celine Production Srl
Florence, Italy
FC
42%
Celine Suisse SA
Geneva, Switzerland
FC
42%
Celine UK Ltd
London, United Kingdom
FC
42%
Celine Inc.
New York, USA
FC
42%
Celine (Hong Kong) Limited
Hong Kong, China
FC
42%
Celine Commercial and Trading 
(Shanghai) Co. Ltd
Shanghai, China
FC
42%
Celine Distribution Singapore
Singapore
FC
42%
Celine Boutique Taiwan Co. Ltd
Taipei, Taiwan
FC
42%
CPC Macau Company Limited
Macao, China
FC
42%
LVMH FG Services UK
London, United Kingdom
FC
42%
Celine Distribution Spain S.L.U.
Madrid, Spain
FC
42%
RC Diffusion Rive Droite SARL
Paris, France
FC
42%
Celine EAU LLC
Dubai, United Arab Emirates
FC
22%
Celine Qatar
Doha, Qatar
FC
27%
Celine Netherlands BV
Baarn, Netherlands
FC
42%
Celine Australia Ltd Co.
Sydney, Australia
FC
42%
Celine Sweden AB
Stockholm, Sweden
FC
42%
Celine Czech Republic
Prague, Czech Republic
FC
42%
Celine Middle East
Dubai, United Arab Emirates
FC
27%
Celine Canada
Toronto, Canada
FC
42%
Celine Thailand
Bangkok, Thailand
FC
42%
Celine Philippines
Makati, Philippines
FC
42%
Celine Denmark
Copenhagen, Denmark
FC
42%
LMP LLC
New York, USA
FC
42%
Celine Korea Ltd
Seoul, South Korea
FC
42%
Celine Italia
Milan, Italy
FC
42%
Phoebe Philo Ltd
London, United Kingdom
EM
12%

280
Annual Report as of December 31, 2022
Consolidated financial statements
Consolidated companies
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Givenchy SA
Paris, France
FC
42%
Givenchy Corporation
New York, USA
FC
42%
Givenchy China Co.
Hong Kong, China
FC
42%
Givenchy Couture Ltd
London, United Kingdom
FC
42%
Givenchy (Shanghai) Commercial 
and Trading Co.
Shanghai, China
FC
42%
GCCL Macau Co.
Macao, China
FC
42%
Givenchy Italia Srl
Florence, Italy
FC
42%
Givenchy Germany
Cologne, Germany
FC
42%
LVMH Fashion Group Japan KK
Tokyo, Japan
FC
42%
Givenchy Taiwan
Taipei, Taiwan
FC
42%
Givenchy Trading WLL
Doha, Qatar
FC
22%
LVMH FG ME FZ LLC
Dubai, United Arab Emirates
FC
27%
George V EAU LLC
Dubai, United Arab Emirates
FC
22%
Givenchy Saudi For Trading Company
Riyadh, Saudi Arabia
FC
20%
Givenchy Singapore
Singapore
FC
42%
Givenchy Korea Ltd
Seoul, South Korea
FC
42%
Kenzo SA
Paris, France
FC
42%
Kenzo Belgique SA
Brussels, Belgium
FC
42%
Kenzo Paris Netherlands
Amsterdam, Netherlands
FC
42%
Kenzo UK Limited
London, United Kingdom
FC
42%
Kenzo Italia Srl
Milan, Italy
FC
42%
Kenzo Paris Singapore
Singapore
FC
42%
Kenzo Paris Japan KK
Tokyo, Japan
FC
42%
Kenzo Paris Hong Kong Company
Hong Kong, China
FC
42%
Kenzo Paris USA LLC
New York, USA
FC
42%
Kenzo Paris Macau Company Ltd
Macao, China
FC
42%
Holding Kenzo Asia
Hong Kong, China
FC
21%
Kenzo Paris Shanghai
Shanghai, China
FC
21%
LVMH Fashion Group Malaysia
Kuala Lumpur, Malaysia
FC
42%
Outshine Mexico S. de R.L. de C.V.
Mexico City, Mexico
FC
42%
Fendi Timepieces SA
Neuchâtel, Switzerland
FC
42%
Support Retail Mexico S de R.L. de C.V.
Mexico City, Mexico
FC
42%
Fendi Prague s.r.o.
Prague, Czech Republic
FC
42%
Luxury Kuwait for Ready Wear 
Company WLL
Kuwait City, Kuwait
FC
26%
Fun Fashion Qatar LLC
Doha, Qatar
FC
33%
Fendi Netherlands BV
Baarn, Netherlands
FC
42%
Fendi Australia Pty Ltd
Sydney, Australia
FC
42%
Fendi Brasil-Comercio de Artigos de Luxo
São Paulo, Brazil
FC
42%
Fendi RU LLC
Moscow, Russia
FC
42%
Fendi Canada Inc.
Toronto, Canada
FC
42%
Fendi International SAS
Paris, France
FC
42%
Fendi Doha LLC
Doha, Qatar
FC
21%
Fendi Spain SL
Madrid, Spain
FC
42%
Fendi Monaco S.A.M.
Monte Carlo, Monaco
FC
41%
Fun Fashion Emirates LLC
Dubai, United Arab Emirates
FC
26%
Borgo Srl
Pienza, Italy
EM
12%
Fashion Furniture Design SpA
Milan, Italy
EM
8%
Fendi Greece Single Member SA
Glyfada, Greece
FC
42%
Fashion Furniture Design UK Limited
London, United Kingdom
EM
8%
FF Design USA, Inc.
New York, USA
EM
8%
Fendi Vietnam Company Limited
Ho Chi Minh City, Vietnam
FC
42%
Fendi Qatar QFZ LLC
Doha, Qatar
FC
42%
Maglificio Matisse Srl
Sant’Egidio alla Vibrata, Italy
FC
25%
Fashion Furniture Design 
(Shanghai) Co. Ltd
Shanghai, China
EM
8%
Fun Fashion Bahrain Co. WLL
Manama, Bahrain
FC
26%
Fendi Srl
Rome, Italy
FC
42%
Fendi Dis Ticaret Ltd Sti
Istanbul, Turkey
FC
42%
Fendi Philippines Corp.
Makati, Philippines
FC
42%
Fendi Italia Srl
Rome, Italy
FC
42%
Fendi UK Ltd
London, United Kingdom
FC
42%
Fendi France SAS
Paris, France
FC
42%
Fendi North America Inc.
New York, USA
FC
42%
Fendi (Thailand) Company Limited
Bangkok, Thailand
FC
42%
Fendi Asia Pacific Limited
Hong Kong, China
FC
42%
Fendi Korea Ltd
Seoul, South Korea
FC
42%
Fendi Taiwan Ltd
Taipei, Taiwan
FC
42%
Fendi Hong Kong Limited
Hong Kong, China
FC
42%
Fendi China Boutiques Limited
Hong Kong, China
FC
42%
Fendi (Singapore) Pte Ltd
Singapore
FC
42%
Fendi Fashion (Malaysia) Sdn. Bhd.
Kuala Lumpur, Malaysia
FC
42%
Fendi Switzerland SA
Mendrisio, Switzerland
FC
42%
Fun Fashion FZCO
Dubai, United Arab Emirates
FC
32%
Fendi Macau Company Limited
Macao, China
FC
42%
Fendi Germany GmbH
Munich, Germany
FC
42%
Fendi Austria GmbH
Vienna, Austria
FC
42%
Fendi (Shanghai) Co. Ltd
Shanghai, China
FC
42%
Fendi Saudi For Trading LLC
Jeddah, Saudi Arabia
FC
32%
Fun Fashion India Private Ltd
Mumbai, India
FC
32%
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Interservices & Trading SA
Mendrisio, Switzerland
FC
42%
Fendi Japan KK
Tokyo, Japan
FC
41%
Emilio Pucci Srl
Florence, Italy
FC
42%
Emilio Pucci International
Baarn, Netherlands
FC
42%
Emilio Pucci Ltd
New York, USA
FC
42%
Emilio Pucci Hong Kong Company Limited
Hong Kong, China
FC
42%
Emilio Pucci UK Limited
London, United Kingdom
FC
42%
Emilio Pucci France SAS
Paris, France
FC
42%
Emilio Pucci International Srl
Milan, Italy
FC
42%
PERFUMES AND COSMETICS  
 
 
Perfumes Loewe SA
Madrid, Spain
FC
42%
Parfums Christian Dior
Paris, France
FC
42%
LVMH Perfumes and Cosmetics 
(Thailand) Ltd
Bangkok, Thailand
FC
20%
LVMH P&C Do Brasil
São Paulo, Brazil
FC
42%
France Argentine Cosmetic
Buenos Aires, Argentina
FC
42%
LVMH P&C Commercial & Trade (Shanghai)
Shanghai, China
FC
42%
LVMH P&C (Shanghai) Co.
Shanghai, China
FC
42%
Shang Pu Ecommerce (Shanghai)
Shanghai, China
FC
42%
Parfums Christian Dior Finland
Helsinki, Finland
FC
42%
LVMH P&C Hainan
Haikou, China
FC
42%
LVMH Recherche
Saint-Jean‑de-Braye, France
FC
42%
PCIS
Neuilly‑sur-Seine, France
FC
42%
SNC du 33 Avenue Hoche
Paris, France
FC
42%
LVMH Fragrances and Cosmetics 
(Singapore)
Singapore
FC
42%
Parfums Christian Dior Orient Co.
Dubai, United Arab Emirates
FC
25%
Parfums Christian Dior Emirates
Dubai, United Arab Emirates
FC
20%
OOO Seldico
Moscow, Russia
FC
42%
DP Seldico
Kiev, Ukraine
FC
42%
LVMH Cosmetics
Tokyo, Japan
FC
42%
Parfums Christian Dior Arabia
Jeddah, Saudi Arabia
FC
25%
EPCD
Warsaw, Poland
FC
42%
EPCD CZ & SK
Prague, Czech Republic
FC
42%
EPCD RO Distribution
Bucharest, Romania
FC
42%
EPCD Hungaria
Budapest, Hungary
FC
42%
LVMH P&C Kazakhstan
Almaty, Kazakhstan
FC
42%
LVMH Perfumes e Cosmética
Lisbon, Portugal
FC
42%
L Beauty Pte
Singapore
FC
21%
PT L Beauty Brands
Jakarta, Indonesia
FC
21%
L Beauty Luxury Asia
Taguig City, Philippines
FC
21%
SCI Annabell
Paris, France
FC
42%
Parfums Christian Dior UK
London, United Kingdom
FC
42%
L Beauty Vietnam
Ho Chi Minh City, Vietnam
FC
21%
SCI Rose Blue
Paris, France
FC
42%
PCD St Honoré
Paris, France
FC
42%
LVMH Perfumes & Cosmetics Macau
Macao, China
FC
42%
PCD Dubai General Trading
Dubai, United Arab Emirates
FC
20%
PCD Doha Perfumes & Cosmetics
Doha, Qatar
FC
19%
Cristale
Paris, France
FC
42%
Parfums Christian Dior
Rotterdam, Netherlands
FC
42%
SAS Iparkos
Paris, France
FC
42%
Parfums Christian Dior S.A.B.
Brussels, Belgium
FC
42%
LVMH P&C Luxembourg
Luxembourg
FC
42%
Parfums Christian Dior (Ireland)
Dublin, Ireland
FC
42%
Parfums Christian Dior Hellas
Athens, Greece
FC
42%
Parfums Christian Dior
Zurich, Switzerland
FC
42%
Christian Dior Perfumes
New York, USA
FC
42%
Parfums Christian Dior Canada
Montreal, Canada
FC
42%
LVMH P&C de Mexico
Mexico City, Mexico
FC
42%
Parfums Christian Dior Japon
Tokyo, Japan
FC
42%
Parfums Christian Dior (Singapore)
Singapore
FC
42%
Inalux
Paris, France
FC
42%
LVMH P&C Asia Pacific
Hong Kong, China
FC
42%
Fa Hua Frag. & Cosm. Taiwan
Taipei, Taiwan
FC
42%
P&C (Shanghai)
Shanghai, China
FC
42%
LVMH P&C Korea
Seoul, South Korea
FC
42%
Parfums Christian Dior Hong Kong
Hong Kong, China
FC
42%
LVMH P&C Malaysia Sdn. Berhad
Petaling Jaya, Malaysia
FC
42%
Fa Hua Fragance & Cosmetic Co.
Hong Kong, China
FC
42%
Pardior
Mexico City, Mexico
FC
42%
Parfums Christian Dior Denmark
Copenhagen, Denmark
FC
42%
LVMH Perfumes & Cosmetics Group
Sydney, Australia
FC
42%
Parfums Christian Dior
Sandvika, Norway
FC
42%
Parfums Christian Dior
Stockholm, Sweden
FC
42%
LVMH Perfumes & Cosmetics 
(New Zealand)
Auckland, New Zealand
FC
42%
Parfums Christian Dior Austria
Vienna, Austria
FC
42%
LVMH Profumi e Cosmetici Italia Srl
Milan, Italy
FC
42%

Annual Report as of December 31, 2022
281
Consolidated financial statements
Consolidated companies
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Cosmetics of France
Florida, USA
FC
42%
LVMH Fragrance Brands Singapore
Singapore
FC
42%
LVMH Fragrance Brands
Levallois-Perret, France
FC
42%
LVMH Fragrance Brands
London, United Kingdom
FC
42%
LVMH Fragrance Brands
Düsseldorf, Germany
FC
42%
LVMH Fragrance Brands
New York, USA
FC
42%
LVMH Fragrance Brands Canada
Toronto, Canada
FC
42%
LVMH Fragrance Brands
Tokyo, Japan
FC
42%
LVMH Fragrance Brands WHD
Florida, USA
FC
42%
LVMH Fragrance Brands Hong Kong
Hong Kong, China
FC
42%
Parfums Francis Kurkdjian SAS
Paris, France
FC
30%
Parfums Francis Kurkdjian LLC
New York, USA
FC
30%
Maison Francis Kurkdjian UK
London, United Kingdom
FC
30%
Benefit Cosmetics LLC
California, USA
FC
42%
Benefit Cosmetics Ireland Ltd
Dublin, Ireland
FC
42%
Benefit Cosmetics UK Ltd
Chelmsford, United Kingdom
FC
42%
Benefit Cosmetics Services Canada Inc.
Toronto, Canada
FC
42%
Benefit Cosmetics Korea
Seoul, South Korea
FC
42%
Benefit Cosmetics SAS
Paris, France
FC
42%
Benefit Cosmetics Hong Kong Ltd
Hong Kong, China
FC
42%
Fresh Canada
Montreal, Canada
FC
42%
Fresh
New York, USA
FC
42%
Fresh
Neuilly‑sur-Seine, France
FC
42%
Fresh Cosmetics
London, United Kingdom
FC
42%
Fresh Hong Kong
Hong Kong, China
FC
42%
Fresh Korea
Seoul, South Korea
FC
42%
L Beauty Sdn. Bhd.
Kuala Lumpur, Malaysia
FC
21%
L Beauty (Thailand) Co. Ltd
Bangkok, Thailand
FC
20%
Guerlain SA
Paris, France
FC
42%
LVMH Parfums & Kosmetik 
Deutschland GmbH
Düsseldorf, Germany
FC
42%
Guerlain GmbH
Vienna, Austria
FC
42%
Guerlain Benelux SA
Brussels, Belgium
FC
42%
Guerlain Ltd
London, United Kingdom
FC
42%
PC Parfums Cosmétiques SA
Zurich, Switzerland
FC
42%
Guerlain Inc.
New York, USA
FC
42%
Guerlain (Canada) Ltd
Saint-Jean, Canada
FC
42%
Guerlain de Mexico
Mexico City, Mexico
FC
42%
Guerlain (Asia Pacific) Limited
Hong Kong, China
FC
42%
Guerlain KK
Tokyo, Japan
FC
42%
Guerlain Oceania Australia Pty Ltd
Botany, Australia
FC
42%
PT Guerlain Cosmetics Indonesia
Jakarta, Indonesia
FC
21%
Guerlain KSA SAS
Levallois-Perret, France
FC
33%
Guerlain Orient DMCC
Dubai, United Arab Emirates
FC
42%
Guerlain Saudi Limited
Jeddah, Saudi Arabia
FC
25%
Guerlain Polska sp. z o.o.
Warsaw, Poland
FC
42%
Guerlain CZ & SK s.r.o.
Prague, Czech Republic
FC
42%
Guerlain Romania Srl
Bucharest, Romania
FC
42%
Guerlain Hungary KFT
Budapest, Hungary
FC
42%
Acqua di Parma
Milan, Italy
FC
42%
Acqua di Parma
New York, USA
FC
42%
Acqua di Parma Canada Inc.
Toronto, Canada
FC
42%
Acqua di Parma
London, United Kingdom
FC
42%
Acqua di Parma Srl (Paris Branch)
Paris, France
FC
42%
Make Up For Ever
Paris, France
FC
42%
SCI Edison
Paris, France
FC
42%
Make Up For Ever Academy China
Shanghai, China
FC
42%
Make Up For Ever
New York, USA
FC
42%
Make Up For Ever Canada
Montreal, Canada
FC
42%
Make Up For Ever UK Limited
London, United Kingdom
FC
42%
Stella McCartney Beauty France
Paris, France
FC
42%
Stella McCartney Beauty UK
Hersham, United Kingdom
FC
42%
Stella McCartney Beauty US
New Jersey, USA
FC
42%
Kendo Holdings Inc.
California, USA
FC
42%
Fenty Skin LLC
California, USA
FC
21%
Fenty Hair Products LLC
California, USA
FC
21%
Fenty Fragrance LLC
California, USA
FC
21%
Fenty Beauty LLC
California, USA
FC
21%
Ole Henriksen of Denmark Inc.
California, USA
FC
42%
SLF USA Inc.
California, USA
FC
42%
Susanne Lang Fragrance
Toronto, Canada
FC
42%
BHUS Inc.
California, USA
FC
42%
KVD Beauty LLC
California, USA
FC
42%
Kendo Brands Ltd
Bicester, United Kingdom
FC
42%
Kendo Brands SAS
Boulogne-Billancourt, France
FC
42%
Kendo Hong Kong Limited
Hong Kong, China
FC
42%
Buly France SAS
Paris, France
FC
42%
Buly UK Ltd
London, United Kingdom
FC
42%
Buly Italy Srl
Milan, Italy
FC
42%
Buly Japan KK
Tokyo, Japan
FC
42%
Buly HK Limited
Hong Kong, China
FC
42%
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
WATCHES AND JEWELRY
 
 
 
Fred Paris
Neuilly‑sur-Seine, France
FC
42%
Joaillerie de Monaco
Monte Carlo, Monaco
FC
42%
Fred
New York, USA
FC
42%
Fred Londres
Manchester, United Kingdom
FC
42%
Fred Jewellery Trading LLC
Dubai, United Arab Emirates
FC
42%
TAG Heuer International
La Chaux‑de-Fonds, Switzerland
FC
42%
LVMH W&J FZ LLC
Dubai, United Arab Emirates
FC
42%
LVMH Watch & Jewelry Thailand Ltd
Bangkok, Thailand
FC
42%
LVMH Relojeria y Joyeria España SA
Madrid, Spain
FC
42%
LVMH Montres & Joaillerie France
Paris, France
FC
42%
LVMH Watch & Jewelry UK
Manchester, United Kingdom
FC
42%
LVMH Watch & Jewelry Canada
Richmond, Canada
FC
42%
LVMH Watch & Jewelry Far East
Hong Kong, China
FC
42%
LVMH Watch & Jewelry Singapore
Singapore
FC
42%
LVMH Watch & Jewelry Malaysia
Kuala Lumpur, Malaysia
FC
42%
LVMH Watch & Jewelry Japan
Tokyo, Japan
FC
42%
LVMH Watch & Jewelry Australia Pty Ltd
Melbourne, Australia
FC
42%
LVMH Watch & Jewelry Hong Kong
Hong Kong, China
FC
42%
LVMH Watch & Jewelry Taiwan
Taipei, Taiwan
FC
42%
TAG Heuer Connected
Besançon, France
FC
42%
LVMH Watch & Jewelry India
New Delhi, India
FC
42%
LVMH Watch & Jewelry USA
Illinois, USA
FC
42%
LVMH Watch & Jewelry Central Europe
Oberursel, Germany
FC
42%
Tag Heuer Boutique Outlet Store Roermond
Oberursel, Germany
FC
42%
LVMH Watch & Jewelry (Shanghai) 
Commercial Co.
Shanghai, China
FC
42%
LVMH Watch & Jewelry Russia LLC
Moscow, Russia
FC
42%
Artecad
Tramelan, Switzerland
FC
42%
Golfcoders
Paris, France
FC
42%
LVMH W&J Trading LLC
Dubai, United Arab Emirates
FC
42%
Chaumet International
Paris, France
FC
42%
Chaumet London
London, United Kingdom
FC
42%
Chaumet Horlogerie
Nyon, Switzerland
FC
42%
Chaumet Korea Yuhan Hoesa
Seoul, South Korea
FC
42%
Chaumet Australia
Sydney, Australia
FC
42%
Chaumet Monaco
Monte Carlo, Monaco
FC
42%
Chaumet Middle East
Dubai, United Arab Emirates
FC
25%
Chaumet UAE
Dubai, United Arab Emirates
FC
25%
Farouk Trading
Jeddah, Saudi Arabia
FC
25%
LVMH Watch & Jewelry Macau Company
Macao, China
FC
42%
Chaumet Iberia SL
Madrid, Spain
FC
42%
BMC SpA
Valenza, Italy
FC
25%
Chaumet Russia LLC
Moscow, Russia
FC
42%
LVMH Swiss Manufactures
La Chaux‑de-Fonds, Switzerland
FC
42%
Zenith Time Company (GB) Ltd
Manchester, United Kingdom
FC
42%
LVMH Watch & Jewelry Italy SpA
Milan, Italy
FC
42%
Delano
La Chaux‑de-Fonds, Switzerland
FC
42%
Hublot
Nyon, Switzerland
FC
42%
Bentim International SA
Nyon, Switzerland
FC
42%
Hublot SA Genève
Geneva, Switzerland
FC
42%
Hublot of America
Florida, USA
FC
42%
Benoît de Gorski SA
Geneva, Switzerland
FC
42%
Hublot Boutique Monaco
Monte Carlo, Monaco
FC
42%
Hublot Canada
Toronto, Canada
FC
42%
LVMH Relojería y Joyería de México
Mexico City, Mexico
FC
42%
Bulgari SpA
Rome, Italy
FC
42%
Bulgari Italia
Rome, Italy
FC
42%
Bulgari Gioielli
Valenza, Italy
FC
42%
Bulgari International Corporation (BIC)
Amsterdam, Netherlands
FC
42%
Bulgari Corporation of America
New York, USA
FC
42%
Bulgari Horlogerie
Neuchâtel, Switzerland
FC
42%
Bulgari Japan
Tokyo, Japan
FC
42%
Bulgari (Deutschland)
Munich, Germany
FC
42%
Bulgari France
Paris, France
FC
42%
Bulgari Montecarlo
Monte Carlo, Monaco
FC
42%
Bulgari España
Madrid, Spain
FC
42%
Bulgari SA
Geneva, Switzerland
FC
42%
Bulgari South Asian Operations
Singapore
FC
42%
Bulgari (UK) Ltd
London, United Kingdom
FC
42%
Bulgari Belgium
Brussels, Belgium
FC
42%
Bulgari Australia
Sydney, Australia
FC
42%
Bulgari (Malaysia)
Kuala Lumpur, Malaysia
FC
42%
Bulgari Global Operations
Neuchâtel, Switzerland
FC
42%
Bulgari Denmark
Copenhagen, Denmark
FC
42%
Bulgari Asia Pacific
Hong Kong, China
FC
42%
Bulgari (Taiwan)
Taipei, Taiwan
FC
42%
Bulgari Korea
Seoul, South Korea
FC
42%
Bulgari Saint Barth
Saint-Barthélemy, 
French Antilles
FC
42%
Bulgari Commercial (Shanghai) Co.
Shanghai, China
FC
42%

282
Annual Report as of December 31, 2022
Consolidated financial statements
Consolidated companies
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Bulgari Accessori
Florence, Italy
FC
42%
Bulgari (Austria) GmbH
Vienna, Austria
FC
42%
Bulgari Holding (Thailand)
Bangkok, Thailand
FC
42%
Bulgari (Thailand)
Bangkok, Thailand
FC
41%
Bulgari Qatar
Doha, Qatar
FC
20%
Gulf Luxury Trading
Dubai, United Arab Emirates
FC
21%
Bulgari do Brazil
São Paulo, Brazil
FC
42%
Bulgari Ireland
Dublin, Ireland
FC
42%
Bulgari Turkey Lüks Ürün Ticareti
Istanbul, Turkey
FC
42%
Lux Jewels Kuwait for Trading 
In Gold Jewelry and Precious Stones
Kuwait City, Kuwait
FC
33%
Lux Jewels Bahrain
Manama, Bahrain
FC
33%
India Luxco Retail
New Delhi, India
FC
42%
BK for Jewelry and Precious Metals 
and Stones Co.
Kuwait City, Kuwait
FC
33%
Bulgari Canada
Montreal, Canada
FC
42%
Bulgari Commercial Mexico
Mexico City, Mexico
FC
42%
Bulgari Russia
Moscow, Russia
FC
42%
Bulgari Prague
Prague, Czech Republic
FC
42%
Bulgari Portugal
Lisbon, Portugal
FC
42%
Bulgari Philippines
Makati, Philippines
FC
42%
Bulgari Vietnam
Ho Chi Minh City, Vietnam
FC
42%
Bulgari New Zealand
Auckland, New Zealand
FC
42%
Bulgari Saudi for Trading LLC
Riyadh, Saudi Arabia
FC
29%
Bulgari Distribuzione Srl
Florence, Italy
FC
42%
Bulgari Roma
Rome, Italy
FC
42%
Bulgari Hotels and Resorts Milano Srl
Rome, Italy
EM
21%
Repossi
Paris, France
FC
42%
Laurelton Sourcing, LLC
Delaware, USA
FC
42%
Laurelton Diamonds, Inc.
Delaware, USA
FC
42%
Tiffany & Co.
Delaware, USA
FC
42%
Tiffany and Company
New York, USA
FC
42%
Tiffany & Co. International
Delaware, USA
FC
42%
Tiffany Distribution Company LLC
Delaware, USA
FC
42%
Tiffany and Company U.S. Sales, LLC
Delaware, USA
FC
42%
East Pond Holdings, Inc.
Delaware, USA
FC
42%
LCT Insurance Company
New York, USA
FC
42%
T. Risk Holdings, Inc.
New York, USA
FC
42%
TRM Investments, LLC
New Jersey, USA
FC
42%
Tiffany Atlantic City, Inc.
New Jersey, USA
FC
42%
Tiffany & Co. Luxembourg SARL
Luxembourg
FC
42%
Tiffany & Co. Holding I LLC
Delaware, USA
FC
42%
Tiffany & Co. Holding II LLC
Delaware, USA
FC
42%
Tiffany & Co. Asia Holdings LLC
Delaware, USA
FC
42%
Tiffany & Co. Limited
London, United Kingdom
FC
42%
Tiffany & Co. (GB)
London, United Kingdom
FC
42%
Tiffany & Co. (UK) Holdings Limited
London, United Kingdom
FC
42%
Tiffany and Company (Germany Branch)
Munich, Germany
FC
42%
Tiffany and Company (Zurich Branch)
Zurich, Switzerland
FC
42%
Tiffany & Co. (Switzerland) Jewelers SARL
Geneva, Switzerland
FC
42%
Tiffany Switzerland Watch Company SAGL
Chiasso, Switzerland
FC
42%
Tiffany & Co. Swiss Watches SAGL
Chiasso, Switzerland
FC
42%
TIF Watch Holdings SAGL
Chiasso, Switzerland
FC
42%
TIF Swiss Holdings GmbH
Chiasso, Switzerland
FC
42%
Tiffany & Co. Italia SpA
Milan, Italy
FC
42%
Tiffany & Co.
Paris, France
FC
42%
Tiffany & Co. (FR) Holdings SAS
Paris, France
FC
42%
Laurelton Diamonds Belgium BVBA
Antwerp, Belgium
FC
42%
Tiffany and Company (Austria Branch)
Vienna, Austria
FC
42%
Tiffany & Co. Netherlands BV
Amsterdam, Netherlands
FC
42%
Tiffany & Co. (CR) s.r.o.
Prague, Czech Republic
FC
42%
Tiffany & Co. Denmark ApS
Copenhagen, Denmark
FC
42%
TCO (NL) Logistics BV
Amsterdam, Netherlands
FC
42%
Tiffany & Co. Sweden AB
Sundsvall, Sweden
FC
42%
Tiffany & Co. Kuwait
Salmiya, Kuwait
FC
33%
TCO Kuwait Holding Company
Kuwait City, Kuwait
FC
33%
Tiffany & Co. of New York Limited
Hong Kong, China
FC
42%
Tiffany & Co. Hong Kong Holding LLC
Delaware, USA
FC
42%
Tiffany & Co. Pte Ltd
Singapore
FC
42%
Tiffany & Co. International (Taiwan Branch)
Taipei, Taiwan
FC
42%
Tiffany Korea Ltd
Seoul, South Korea
FC
42%
Tiffany & Co. Korea Holding LLC
Delaware, USA
FC
42%
Tiffany & Co. (Australia) Pty Ltd
Sydney, Australia
FC
42%
Tiffany & Co. (NZ) Limited
Auckland, New Zealand
FC
42%
Tiffany & Co. Asia Pacific Limited
Hong Kong, China
FC
42%
Uptown Alliance (M) Sdn. Bhd.
Kuala Lumpur, Malaysia
FC
42%
Tiffany & Co. Pte Ltd (Malaysia Branch)
Kuala Lumpur, Malaysia
FC
42%
TCO Macau Limited
Macao, China
FC
42%
Tiffany & Co. (Shanghai) Commercial 
Company Limited
Shanghai, China
FC
42%
Tiffany & Co. Jewelers (Thailand) 
Company Limited
Bangkok, Thailand
FC
42%
TCO Jewelers Vietnam LLC
Ho Chi Minh City, Vietnam
FC
42%
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Tiffany & Co. Philippines Corporation
Makati, Philippines
FC
42%
Tiffany & Co. Canada
Halifax, Canada
FC
42%
Tiffany & Co. (Canada) LP
Winnipeg, Canada
FC
42%
Tiffany & Co. Mexico, SA de CV
Mexico City, Mexico
FC
42%
Tiffany-Brasil Ltda.
São Paulo, Brazil
FC
42%
Tiffany Importacao e Comercio 
de Joias Ltda.
São Paulo, Brazil
FC
42%
Tiffany & Co. Belgium SPRL
Brussels, Belgium
FC
42%
Tiffany & Co. (Jewellers) Limited
Dublin, Ireland
FC
42%
Tiffany of New York (Spain) SLU
Madrid, Spain
FC
42%
Tiffany & Co. Chile SpA
Santiago de Chile, Chile
FC
42%
Tiffany & Co. Puerto Rico
San Juan, United States
FC
42%
Tiffany and Company (Dubai Branch)
Dubai, United Arab Emirates
FC
42%
TCO Damas Associates LLC
Dubai, United Arab Emirates
FC
42%
TCO Holdings Limited
Dubai, United Arab Emirates
FC
42%
Tiffany Russia LLC
Moscow, Russia
FC
42%
TCO Saudi for Trade
Jeddah, Saudi Arabia
FC
31%
TCO KSA Holdings BV
Amsterdam, Netherlands
FC
42%
Tiffany Japan
Tokyo, Japan
FC
42%
Tiffany & Co. Overseas Finance BV
Amsterdam, Netherlands
FC
42%
Tiffany NJ LLC
New Jersey, USA
FC
42%
Iridesse, Inc.
Delaware, USA
FC
42%
MVTCO, Inc.
Delaware, USA
FC
42%
DPFH Co. Ltd
Tortola, British Virgin Islands
FC
42%
Tiffco Investment Vehicle, Inc.
Tortola, British Virgin Islands
FC
42%
NHC, LLC
Delaware, USA
FC
42%
Laurelton Diamonds South Africa 
(Proprietary) Limited
Johannesburg, South Africa
FC
42%
Laurelton Diamonds Vietnam, LLC
Hai Duong, Vietnam
FC
42%
Laurelton Diamonds (Mauritius) Limited
Port Louis, Mauritius
FC
42%
BWHC, LLC
Delaware, USA
FC
42%
Laurelton Diamonds Botswana 
(Proprietary) Limited
Gaborone, Botswana
FC
33%
Laurelton Gems (Thailand) Ltd
Bangkok, Thailand
FC
42%
Laurelton Jewelry, SRL
Bajos de Haina, 
Dominican Republic
FC
42%
TCORD Holding Company LLC
Delaware, USA
FC
42%
Tiffany Thailand Holdings I LLC
Delaware, USA
FC
42%
Tiffany Thailand Holdings II LLC
Delaware, USA
FC
42%
Laurelton-Reign Diamonds (Pty) Ltd
Windhoek, Namibia
FC
42%
Laurelton Diamonds (Cambodia) Co. Ltd
Phnom Penh, Cambodia
FC
42%
SELECTIVE RETAILING
 
 
 
Sephora SAS
Neuilly‑sur-Seine, France
FC
42%
DFS Guam L.P.
Tamuning, Guam
FC
25%
LAX Duty Free Joint Venture 2000
California, USA
FC
19%
JFK Terminal 4 Joint Venture 2001
New York, USA
FC
20%
SFO Duty Free & Luxury Store Joint Venture
California, USA
FC
19%
SFOIT Specialty Retail Joint Venture
California, USA
FC
19%
DFS Merchandising Limited
Delaware, USA
FC
25%
DFS Group LP
Delaware, USA
FC
25%
DFS Korea Limited
Seoul, South Korea
FC
25%
DFS Cotai Limitada
Macao, China
FC
25%
DFS New Zealand Limited
Auckland, New Zealand
FC
25%
DFS Australia Pty Limited
Sydney, Australia
FC
25%
DFS Group Limited – USA
Delaware, USA
FC
25%
DFS Venture Singapore (Pte) Limited
Singapore
FC
25%
DFS Vietnam (S) Pte Ltd
Singapore
FC
18%
New Asia Wave International (S) Pte Ltd
Singapore
FC
18%
Ipp Group (S) Pte Ltd
Singapore
FC
18%
DFS Van Don LLC
Van Don, Vietnam
FC
25%
DFS Vietnam Limited Liability Company
Ho Chi Minh City, Vietnam
FC
25%
DFS Venture Vietnam Company Limited
Ho Chi Minh City, Vietnam
FC
25%
DFS (Cambodia) Limited
Phnom Penh, Cambodia
FC
18%
DFS Singapore (Pte) Limited
Singapore
FC
25%
DFS Middle East LLC
Abu Dhabi, United Arab Emirates
FC
25%
DFS France SAS
Paris, France
FC
25%
DFS Italia Srl.
Venice, Italy
FC
25%
DFS Holdings Limited
Hamilton, Bermuda
FC
25%
DFS Okinawa KK
Okinawa, Japan
FC
25%
DFS Saipan Limited
Saipan, Northern Mariana Islands
FC
25%
Commonwealth Investment Company Inc.
Saipan, Northern Mariana Islands
FC
24%
Kinkai Saipan LP
Saipan, Northern Mariana Islands
FC
25%
DFS Liquor Retailing Limited
Delaware, USA
FC
25%
Twenty-Seven Twenty Eight Corp.
Delaware, USA
FC
25%
DFS Group Limited – HK
Hong Kong, China
FC
25%
DFS Retail (Hainan) Company Limited
Haikou, China
FC
25%
DFS Management Consulting (Shenzhen) 
Company Limited
Shenzhen, China
FC
25%
DFS Business Consulting (Shanghai) Co. Ltd
Shanghai, China
FC
25%
JAL/DFS Co. Ltd
Chiba, Japan
EM
10%
PT Sona Topas Tourism industry Tbk
Jakarta, Indonesia
EM
11%

Annual Report as of December 31, 2022
283
Consolidated financial statements
Consolidated companies
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Central DFS Co. Ltd
Bangkok, Thailand
EM
12%
Shenzhen DFG E-Commerce Co Ltd
Shenzhen, China
EM
6%
Sephora Greece SA
Athens, Greece
FC
42%
Sephora Cosmetics Romania SA
Bucharest, Romania
FC
42%
Sephora Cyprus Limited
Nicosia, Cyprus
FC
42%
Sephora Cosmetics Ltd (Serbia)
Belgrade, Serbia
FC
42%
Sephora Bulgaria EOOD
Sofia, Bulgaria
FC
42%
Sephora Danmark ApS
Copenhagen, Denmark
FC
42%
Sephora Sweden AB
Copenhagen, Denmark
FC
42%
Sephora Switzerland SA
Geneva, Switzerland
FC
42%
Sephora Germany GmbH
Düsseldorf, Germany
FC
42%
Sephora UK
Northampton, United Kingdom
FC
42%
Feelunique Holding Limited
St. Helier, Jersey
FC
42%
The Big Web Limited
St. Helier, Jersey
FC
42%
Channel Island Commercial Group Limited
St. Helier, Jersey
FC
42%
Feelunique International Limited
Nottingham, United Kingdom
FC
42%
Feelunique Delivery Company Limited
Nottingham, United Kingdom
FC
42%
Ocapel Limited
St. Helier, Jersey
FC
42%
Feelunique France SAS
Paris, France
FC
42%
Feelunique International Asia Limited
Hong Kong, China
FC
42%
Sephora Luxembourg SARL
Luxembourg
FC
42%
LVMH Iberia SL
Madrid, Spain
FC
42%
Sephora Italia Srl
Milan, Italy
FC
42%
Sephora Portugal Perfumaria Lda
Lisbon, Portugal
FC
42%
Sephora Polska Sp. z o.o.
Warsaw, Poland
FC
42%
Sephora Sro (Czech Republic)
Prague, Czech Republic
FC
42%
Sephora Monaco SAM
Monte Carlo, Monaco
FC
41%
Sephora Cosmeticos España S.L.
Madrid, Spain
EM
21%
Sephora Kozmetik AS (Turquie)
Istanbul, Turkey
FC
42%
Sephora (Shanghai) Cosmetics Co. Ltd
Shanghai, China
FC
34%
Sephora (Beijing) Cosmetics Co. Ltd
Beijing, China
FC
34%
Sephora Xiangyang (Shanghai) 
Cosmetics Co. Ltd
Shanghai, China
FC
34%
Sephora Hong Kong Limited
Hong Kong, China
FC
42%
Le Bon Marché
Paris, France
FC
42%
SEGEP
Paris, France
FC
42%
Franck & Fils
Paris, France
FC
42%
STB Servici Tecnici Per Bordo
Florence, Italy
FC
42%
Starboard Holdings
Florida, USA
FC
42%
On-Board Media Inc.
Florida, USA
FC
42%
Cruise Line Holdings Co.
Florida, USA
FC
42%
International Cruise Shops Ltd
Cayman Islands
FC
42%
Sephora Moyen-Orient SA
Fribourg, Switzerland
FC
29%
Sephora Middle East FZE
Dubai, United Arab Emirates
FC
29%
Sephora Emirates LLC
Dubai, United Arab Emirates
FC
29%
Sephora Bahrain WLL
Manama, Bahrain
FC
22%
Sephora Qatar WLL
Doha, Qatar
FC
26%
Sephora Arabia Limited
Jeddah, Saudi Arabia
FC
29%
Sephora Kuwait Co. WLL
Kuwait City, Kuwait
FC
25%
Sephora Holding South Asia
Singapore
FC
42%
Sephora Singapore Pte Ltd
Singapore
FC
42%
Beauty In Motion Sdn. Bhd.
Kuala Lumpur, Malaysia
FC
42%
Sephora Cosmetics Private Limited (India)
New Delhi, India
FC
42%
PT Sephora Indonesia
Jakarta, Indonesia
FC
42%
Sephora (Thailand) Company (Limited)
Bangkok, Thailand
FC
42%
Sephora Australia Pty Ltd
Sydney, Australia
FC
42%
Sephora Digital Pte Ltd
Singapore
FC
42%
Sephora Digital (Thailand) Ltd
Bangkok, Thailand
FC
42%
LX Services Pte Ltd
Singapore
FC
42%
PT MU and SC Trading (Indonesia)
Jakarta, Indonesia
FC
42%
Sephora Services Philippines (Branch)
Manila, Philippines
FC
42%
Sephora New Zealand Limited
Wellington, New Zealand
FC
42%
Sephora Korea Ltd
Seoul, South Korea
FC
42%
24 Sèvres
Paris, France
FC
42%
Sephora USA Inc.
California, USA
FC
42%
LGCS Inc.
New York, USA
FC
42%
Sephora Beauty Canada Inc.
Toronto, Canada
FC
42%
Sephora Puerto Rico LLC
California, USA
FC
42%
S+ SAS
Neuilly‑sur-Seine, France
FC
42%
Sephora Mexico S. de R.L. de C.V.
Mexico City, Mexico
FC
42%
Servicios Ziphorah S. de R.L. de C.V.
Mexico City, Mexico
FC
42%
Dotcom Group Comércio de Presentes SA
Rio de Janeiro, Brazil
FC
42%
Avenue Hoche Varejista Limitada
São Paulo, Brazil
FC
42%
OTHER ACTIVITIES
 
 
 
Amicitia
New York, USA
FC
21%
Lupicini
New York, USA
FC
20%
Pasticceria Confetteria Cova
Milan, Italy
FC
33%
Cova Montenapoleone
Milan, Italy
FC
33%
Cova France SAS
Paris, France
FC
33%
Groupe Les Echos
Paris, France
FC
42%
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Museec
Paris, France
FC
21%
Change Now
Vincennes, France
FC
23%
Les Echos Management
Paris, France
FC
42%
Radio Classique
Paris, France
FC
42%
Mezzo
Paris, France
FC
21%
Les Echos Medias
Paris, France
FC
42%
SFPA
Paris, France
FC
42%
Dematis
Paris, France
FC
42%
Les Echos Légal
Paris, France
FC
42%
Les Echos
Paris, France
FC
42%
Pelham Media Ltd
London, United Kingdom
FC
41%
WordAppeal
Paris, France
FC
41%
Pelham Media SARL
Paris, France
FC
41%
L’Eclaireur
Paris, France
FC
41%
KCO Events
Paris, France
FC
41%
Pelham Media Production
Paris, France
FC
41%
Alto International SARL
Paris, France
FC
25%
Happeningco SAS
Paris, France
FC
33%
LVMH Moët Hennessy Louis Vuitton SE
Paris, France
FC
42%
Bayard (Shanghai) Investment 
and Consultancy Co. Ltd
Shanghai, China
FC
42%
LVMH (Shanghai) Management 
& Consultancy Co. Ltd
Shanghai, China
FC
42%
LVMH Korea Ltd
Seoul, South Korea
FC
42%
LVMH South & South East Asia Pte Ltd
Singapore
FC
42%
Alderande
Paris, France
FC
23%
LVMH Finance Belgique
Brussels, Belgium
FC
42%
Sofidiv Art Trading Company
New York, USA
FC
42%
Sofidiv Inc.
New York, USA
FC
42%
Probinvest
Paris, France
FC
42%
LVMH Publica
Brussels, Belgium
FC
42%
Glacea
Luxembourg
FC
42%
Naxara
Luxembourg
FC
42%
Ufipar
Paris, France
FC
42%
Pronos
Luxembourg
FC
42%
Eupalinos 1850
Paris, France
FC
42%
L. Courtage Réassurance
Paris, France
FC
42%
Villa Foscarini Srl
Milan, Italy
FC
42%
Vicuna Holding
Milan, Italy
FC
42%
Gorgias
Luxembourg
FC
42%
LC Investissements
Paris, France
FC
21%
LVMH Representações Ltda
São Paulo, Brazil
FC
42%
LVMH Investissements
Paris, France
FC
42%
Ufinvest
Paris, France
FC
42%
White 1921 Courchevel Société 
d’Exploitation Hôtelière
Courchevel, France
FC
42%
Delta
Paris, France
FC
42%
Société Immobilière Paris Savoie Les Tovets
Courchevel, France
FC
42%
Investissement Hôtelier Saint Barth Plage 
des Flamands
Saint-Barthélemy, 
French Antilles
FC
23%
P&C International
Paris, France
FC
42%
Dajbog SA
Luxembourg
FC
42%
LVMH Participations BV
Baarn, Netherlands
FC
42%
LVMH Services BV
Baarn, Netherlands
FC
42%
2181 Kalakaua Holdings LLC
Texas, USA
EM
21%
2181 Kalakaua LLC
Texas, USA
EM
21%
Polynomes
Paris, France
FC
35%
Breakfast Holdings Acquisition
New York, USA
FC
42%
L Catterton Management
London, United Kingdom
EM
8%
449 North Beverly Drive
New York, USA
FC
42%
Moët Hennessy
Paris, France
FC
27%
Moët Hennessy International
Paris, France
FC
27%
Osaka Fudosan Company
Tokyo, Japan
FC
42%
Moët Hennessy Inc.
New York, USA
FC
27%
One East 57th Street LLC
New York, USA
FC
42%
Creare
Luxembourg
FC
42%
LVMH Moët Hennessy Louis Vuitton KK
Tokyo, Japan
FC
42%
Mongoual SA
Paris, France
FC
42%
Société Montaigne Jean Goujon
Paris, France
FC
42%
DAVES place des États-Unis
Paris, France
FC
42%
DAVES rue de la Paix
Paris, France
FC
42%
Montaigne 1BV
Paris, France
FC
42%
LVMH EU
Luxembourg
FC
42%
Marithé
Luxembourg
FC
42%
Delphine
Paris, France
FC
42%
Meadowland Florida LLC
New York, USA
FC
42%
461 North Beverly Drive
New York, USA
FC
42%
GIE CAPI13
Paris, France
FC
42%
LVMH Miscellanées
Paris, France
FC
42%
Sofidiv UK Limited
London, United Kingdom
FC
42%
Primae
Paris, France
FC
42%
LVMH Asia Pacific
Hong Kong, China
FC
42%
LVMH Canada
Toronto, Canada
FC
42%

284
Annual Report as of December 31, 2022
Consolidated financial statements
Consolidated companies
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
LVMH Perfumes & Cosmetics Inc.
New York, USA
FC
42%
LVMH Moët Hennessy Louis Vuitton Inc.
New York, USA
FC
42%
Lafayette Art I LLC
New York, USA
FC
42%
Island Cay Inc
New York, USA
FC
42%
Halls Pond Exuma Ltd
Nassau, Bahamas
FC
42%
598 Madison Leasing Corp.
New York, USA
FC
42%
Eutrope
Paris, France
FC
42%
468 North Rodeo Drive
New York, USA
FC
42%
Flavius Investissements
Paris, France
FC
42%
LVMH BH Holdings LLC
New York, USA
FC
42%
Rodeo Partners LLC
New York, USA
FC
42%
LBD Holding
Paris, France
FC
42%
LVMH MJ Holdings Inc.
New York, USA
FC
42%
Arbelos Insurance Inc.
New York, USA
FC
42%
1896 Corp.
New York, USA
FC
42%
313‑317 N. Rodeo LLC
New York, USA
FC
42%
319‑323 N. Rodeo LLC
New York, USA
FC
42%
420 N. Rodeo LLC
New York, USA
FC
42%
456 North Rodeo Drive
New York, USA
FC
42%
LVMH Services Limited
London, United Kingdom
FC
42%
Moët Hennessy Investissements
Paris, France
FC
27%
LVMH Moët Hennessy Louis Vuitton BV
Baarn, Netherlands
FC
42%
LVMH Italia SpA
Milan, Italy
FC
42%
Investir Publications
Paris, France
FC
42%
Les Echos Solutions
Paris, France
FC
42%
Les Echos Publishing
Paris, France
FC
42%
Editio
Paris, France
FC
42%
EuroArts Music International
Berlin, Germany
FC
40%
Wansquare
Paris, France
FC
40%
Agence d’Evénements Culturels
Paris, France
FC
23%
Tamaris Holding
Paris, France
EM
21%
LVMH Hotel Management
Paris, France
FC
42%
Société d’Exploitation Hôtelière 
de la Samaritaine
Paris, France
FC
42%
Société d’Exploitation Hôtelière 
Isle de France
Saint-Barthélemy, 
French Antilles
FC
23%
Société d’Investissement Cheval Blanc 
Saint Barth Isle de France
Saint-Barthélemy, 
French Antilles
FC
23%
Société Cheval Blanc Saint-Tropez
Saint-Tropez, France
FC
42%
Villa Jacquemone
Saint-Tropez, France
FC
42%
33 Hoche
Paris, France
FC
42%
Royal Van Lent Shipyard BV
Kaag, Netherlands
FC
42%
Tower Holding BV
Kaag, Netherlands
FC
42%
Green Bell BV
Kaag, Netherlands
FC
42%
Gebr. Olie Beheer BV
Waddinxveen, Netherlands
FC
42%
Van der Loo Yachtinteriors BV
Waddinxveen, Netherlands
FC
42%
Red Bell BV
Kaag, Netherlands
FC
42%
De Voogt Naval Architects BV
Haarlem, Netherlands
EM
20%
Feadship Holland BV
Amsterdam, Netherlands
EM
20%
Feadship America Inc.
Florida, USA
EM
20%
OGMNL BV
Nieuw-Lekkerland, Netherlands
EM
20%
Firstship BV
Amsterdam, Netherlands
EM
20%
RVL Holding BV
Kaag, Netherlands
FC
42%
Le Jardin d’Acclimatation
Paris, France
FC
33%
Palladios Overseas Holding
London, United Kingdom
FC
42%
75 Sloane Street Services Limited
London, United Kingdom
FC
42%
Belmond (UK) Limited
London, United Kingdom
FC
42%
Belmond Dollar Treasury Limited
London, United Kingdom
FC
42%
Belmond Finance Services Limited
London, United Kingdom
FC
42%
Belmond Management Limited
London, United Kingdom
FC
42%
Belmond Sterling Treasury Limited
London, United Kingdom
FC
42%
Blanc Restaurants Limited
London, United Kingdom
FC
42%
Great Scottish and Western Railway 
Holdings Limited
London, United Kingdom
FC
42%
The Great Scottish and Western Railway 
Company Limited
London, United Kingdom
FC
42%
Horatio Properties Limited
London, United Kingdom
FC
42%
Island Hotel (Madeira) Limited
London, United Kingdom
FC
42%
Mount Nelson Hotel Limited
London, United Kingdom
FC
42%
La Residencia Limited
London, United Kingdom
FC
42%
Reid’s Hotel Madeira Limited
London, United Kingdom
FC
42%
VSOE Holdings Limited
London, United Kingdom
FC
42%
Venice Simplon-Orient-Express Limited
London, United Kingdom
FC
42%
Belmond CJ Dollar Limited
London, United Kingdom
FC
42%
Croisieres Orex SAS
Saint-Usage, France
FC
42%
VSOE Voyages SA
Paris, France
FC
42%
VSOE Deutschland GmbH
Cologne, Germany
FC
42%
Ireland Luxury Rail Tours Ltd
Dublin, Ireland
FC
42%
Villa Margherita SpA
Florence, Italy
FC
42%
Charleston Partners Inc.
South Carolina, USA
FC
42%
La Samanna SAS
Marigot, Saint Martin
FC
42%
Operadora de Hoteles Rivera 
Maya SA de CV
Riviera Maya, Mexico
FC
42%
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Plan Costa Maya SA de CV
Riviera Maya, Mexico
FC
42%
Spa Residencial SA de CV
Riviera Maya, Mexico
FC
41%
Società Agricola SGG Srl
Fiesole, Italy
FC
42%
Luxury Trains Switzerland AG
Zurich, Switzerland
FC
42%
Gambetta SAS
Paris, France
FC
35%
Belmond (Shanghai) Management 
& Consultancy Co., Ltd
Shanghai, China
FC
42%
360 N. Rodeo Drive LLC
Illinois, USA
FC
42%
Eastern & Oriental Express Ltd
Hamilton, Bermuda
FC
42%
E&O Services (Singapore) Pte Ltd
Singapore
FC
42%
E&O Services (Thailand) Pte Ltd
Bangkok, Thailand
FC
42%
Belmond Sicily SpA
Florence, Italy
FC
42%
Belmond Italia SpA
Genoa, Italy
FC
42%
Hotel Caruso SpA
Florence, Italy
FC
42%
Hotel Cipriani SpA
Venice, Italy
FC
42%
Hotel Splendido SpA
Portofino, Italy
FC
42%
Villa San Michele SpA
Florence, Italy
FC
42%
Luxury Trains Servizi Srl
Venice, Italy
FC
42%
Castello di Casole SpA
Querceto, Italy
FC
42%
Castello di Casole Agricoltura SpA
Querceto, Italy
FC
42%
Belmond Spanish Holdings SL
Madrid, Spain
FC
42%
Nomis Mallorcan Investments SA
Madrid, Spain
FC
42%
Son Moragues SA
Deià, Spain
FC
42%
Reid’s Hoteis Lda
Funchal, Portugal
FC
42%
Europe Hotel LLC
Saint Petersburg, Russia
FC
42%
Belmond USA Inc
Delaware, USA
FC
42%
21 Club Inc
New York, USA
FC
42%
Belmond Pacific Inc
Delaware, USA
FC
42%
Belmond Reservation Services Inc
Delaware, USA
FC
42%
Charleston Centre LLC
South Carolina, USA
FC
42%
Charleston Place Holdings Inc
South Carolina, USA
FC
42%
El Encanto Inc
Delaware, USA
FC
42%
Inn at Perry Cabin Corporation
Maryland, USA
FC
42%
Mountbay Holdings Inc
Delaware, USA
FC
42%
Venice Simplon Orient Express Inc
Delaware, USA
FC
42%
Windsor Court Hotel Inc
Delaware, USA
FC
42%
Windsor Court Hotel LP
Delaware, USA
FC
42%
Windsor Great Park Inc
Delaware, USA
FC
42%
Belmond Cap Juluca Limited
Anguilla
FC
42%
Belmond Holdings 1 Ltd
Hamilton, Bermuda
FC
42%
Belmond Peru Ltd
Hamilton, Bermuda
FC
42%
Leisure Holdings Asia Ltd
Hamilton, Bermuda
FC
42%
Vessel Holdings 2 Ltd
Hamilton, Bermuda
FC
42%
Belmond Anguilla Holdings LLC
Hamilton, Bermuda
FC
42%
Belmond Anguilla Member LLC
Hamilton, Bermuda
FC
42%
Belmond Anguilla Owner LLC
Hamilton, Bermuda
FC
42%
Belmond Interfin Ltd
Hamilton, Bermuda
FC
42%
Belmond Ltd
Hamilton, Bermuda
FC
42%
Gametrackers (Botswana) (Pty) Ltd
Maun, Botswana
FC
42%
Game Viewers (Pty) Ltd
Maun, Botswana
FC
42%
Xaxaba Camp (Pty) Ltd
Gaborone, Botswana
FC
42%
Phoenix Argente SAS
Marigot, Saint Martin
FC
42%
Societe D’Exploitation Residence 
La Samanna SAS
Marigot, Saint Martin
FC
42%
CSN Immobiliaria SA de CV
San Miguel de Allende, Mexico
FC
42%
OEH Operadora San Miguel SA de CV
San Miguel de Allende, Mexico
FC
42%
CSN Real Estate 1 SA de CV
San Miguel de Allende, Mexico
FC
42%
OEH Servicios San Miguel SA de CV
San Miguel de Allende, Mexico
FC
42%
Miraflores Ventures Ltd SA de CV
Riviera Maya, Mexico
FC
41%
Belmond Brasil Hoteis SA
Foz do Iguaçu, Brazil
FC
42%
Companhia Hoteis Palace SA
Rio de Janeiro, Brazil
FC
41%
Iguassu Experiences Agencia 
de Turismo Ltda
Foz do Iguaçu, Brazil
FC
42%
Belmond Brasil Servicos Hoteleiros SA
Rio de Janeiro, Brazil
FC
42%
Robisi Empreendimentos 
e Participacoes SA
Rio de Janeiro, Brazil
EM
21%
Signature Boutique Ltda
Rio de Janeiro, Brazil
FC
42%
CSN (San Miguel) Holdings Ltd
Tortola, British Virgin Islands
FC
42%
Grupo Conceptos SA
Road Town, 
British Virgin Islands
FC
42%
Miraflores Ventures Ltd
Road Town, 
British Virgin Islands
FC
42%
Belmond Peru Management SA
Lima, Peru
FC
42%
Belmond Peru SA
Lima, Peru
FC
42%
Ferrocarril Transandino SA
Lima, Peru
EM
21%
Perurail SA
Lima, Peru
EM
21%
Peru Belmond Hotels SA
Lima, Peru
EM
21%
Peru Experiences Belmond SA
Lima, Peru
EM
21%
Belmond Japan Ltd
Tokyo, Japan
FC
42%
Belmond Pacific Ltd
Hong Kong, China
FC
42%
Belmond China Ltd
Hong Kong, China
FC
42%
Belmond Hong Kong Ltd
Hong Kong, China
FC
42%
Hosia Company Ltd
Hong Kong, China
FC
42%

Annual Report as of December 31, 2022
285
Consolidated financial statements
Consolidated companies
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Belmond Hotels Singapore Pte Ltd
Singapore
FC
42%
Belmond (Thailand) Company Ltd
Bangkok, Thailand
FC
41%
Fine Resorts Co. Ltd
Bangkok, Thailand
FC
42%
Samui Island Resort Co. Ltd
Koh Samui, Thailand
FC
42%
Khmer Angkor Hotel Co. Ltd
Siem Reap, Cambodia
FC
41%
Société Hotelière de Pho Vao
Luang Prabang, Laos
FC
29%
Myanmar Cruises Ltd
Yangon, Myanmar
FC
42%
Myanmar Hotels & Cruises Ltd
Yangon, Myanmar
FC
42%
Myanmar Shwe Kyet Yet Tours Ltd
Yangon, Myanmar
FC
41%
PRA-FMI Pansea Hotel 
Development Co Ltd
Yangon, Myanmar
FC
42%
PT Bali Resort & Leisure Co. Ltd
Bali, Indonesia
FC
42%
Belmond Australia Pty Ltd
Melbourne, Australia
FC
42%
Exclusive Destinations (Pty) Ltd
Cape Town, South Africa
FC
42%
Fraser’s Helmsley Properties (Pty) Ltd
Cape Town, South Africa
FC
42%
Mount Nelson Commerical Properties 
(Pty) Ltd
Cape Town, South Africa
FC
42%
Companies
Registered
office
Method of 
consolidation
Ownership 
interest
Mount Nelson Residential 
Properties (Pty) Ltd
Cape Town, South Africa
FC
42%
LVMH Client Services
Paris, France
FC
42%
LVMH Happening SAS
Paris, France
FC
42%
LVMHappening LLC
New York, USA
FC
42%
Le Parisien Libéré
Saint-Ouen, France
FC
42%
Team Diffusion
Saint-Ouen, France
FC
42%
Team Media
Paris, France
FC
42%
Société Nouvelle SICAVIC
Paris, France
FC
42%
L.P.M.
Paris, France
FC
42%
LP Management
Paris, France
FC
42%
Magasins de la Samaritaine
Paris, France
FC
41%
Sadifa SA
Paris, France
FC
100%
Lakenblaker BV
Baarn, Netherlands
FC
100%
FJG
Paris, France
FC
100%
Christian Dior SE (a) 
Paris, France
Parent company
FC: Fully consolidated.
EM: Accounted for using the equity method.
JV: Joint venture company with Diageo: only the Moët Hennessy activity is consolidated. See also Notes 1.6 and 1.25 for the revenue recognition policy for these companies.
(a)	 Christian Dior is a Société Européenne (SE) with its registered office located at 30 avenue Montaigne, 75008 Paris, France. The term of the Company is set at 99 years from 
October 8, 1946 until October 7, 2045.

286
Annual Report as of December 31, 2022
Consolidated financial statements
Companies not included in the scope of consolidation
8.	
Companies not included in the scope of consolidation
Companies
Registered 
office
Ownership 
interest
CD Investissements
Paris, France
100%
Société d’Exploitation Hôtelière de Saint-Tropez
Paris, France
42%
Société Nouvelle de Libraire et de l’Edition
Paris, France
42%
Samos 1850
Paris, France
42%
BRN Invest NV
Baarn, Netherlands
42%
Toiltech
Paris, France
37%
Sephora Macau Limited
Macao, China
42%
Sofpar 116
Paris, France
42%
Sofpar 125
Paris, France
42%
Sofpar 128
Bourg‑de-Péage, France
42%
Tina
Paris, France
42%
Sofpar 132
Paris, France
42%
Nona Source
Paris, France
42%
Sofpar 135
Paris, France
42%
Sofpar 136
Paris, France
42%
Sofpar 137
Paris, France
42%
Sofpar 138
Paris, France
42%
Sofpar 139
Paris, France
42%
Sofpar 141
Paris, France
42%
Sofpar 142
Paris, France
42%
Sofpar 144
Paris, France
42%
Sofpar 145
Paris, France
42%
Sofpar 146
Paris, France
42%
Omega
Paris, France
42%
Sofpar 148
Paris, France
42%
Sofpar 149
Paris, France
42%
LVMH Holdings Inc.
New York, USA
42%
Companies
Registered 
office
Ownership 
interest
Prolepsis Investment Ltd
Paris, France
42%
Innovación en Marcas de Prestigio SA
Paris, France
27%
MS 33 Expansion
Paris, France
41%
Shinsegae International Co. Ltd LLC
Paris, France
21%
Crystal Pumpkin
Florence, Italy
41%
Groupement Forestier des Bois de la Celle
Cognac, France
27%
Augesco
Paris, France
21%
Folio St. Barths
New York, USA
42%
Pedemonte
Alessandria, Italy
42%
Editions Croque Futur
Paris, France
17%
Sofpar 151
Paris, France
41%
Sofpar 152
Paris, France
41%
LVMH Luxury Ventures Advisors
Paris, France
41%
Sofpar 154
Paris, France
41%
Enable
Paris, France
41%
SNC Hôtel Les Anémones Courchevel
Lyon, France
41%
Sofpar 156
Paris, France
41%
Sofpar 157
Paris, France
41%
Sofpar 158
Paris, France
41%
Sofpar 159
Paris, France
41%
Sofpar 160
Paris, France
41%
Sofpar 161
Paris, France
41%
Sofpar 162
Paris, France
41%
Sofpar 163
Paris, France
41%
Opinion Way
Paris, France
31%
Arts and D
Carouge, Switzerland
42%
The companies which are not included in the scope of consolidation are either entities that are inactive and/or being liquidated, 
or entities whose individual or collective consolidation would not have a significant impact on the Group’s main aggregates.

Annual Report as of December 31, 2022
287
Consolidated financial statements
Statutory Auditors’ report on the consolidated financial statements
9.	
Statutory Auditors’ report on the consolidated financial statements
To the Shareholders’ Meeting of Christian Dior SE,
I.  Opinion
In compliance with the engagement entrusted to us by your Shareholders’ Meeting, we have audited the accompanying consolidated 
financial statements of Christian Dior SE for the fiscal year ended December 31, 2022.
In our opinion, the consolidated financial statements give a true and fair view of the Group’s assets, liabilities and financial position 
as of December 31, 2022 and of the results of its operations for the fiscal year then ended in accordance with International Financial 
Reporting Standards as adopted by the European Union.
The audit opinion expressed above is consistent with our report to the Performance Audit Committee.
II.  Basis for our opinion
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the section of our report entitled “Statutory Auditors’ responsibilities 
for the audit of the consolidated financial statements”.
Independence
We conducted our audit engagement in compliance with the independence rules provided by the French Commercial Code (Code de 
commerce) and the French Code of Ethics (Code de déontologie) for Statutory Auditors, for the period from January 1, 2022 to the date of 
our report. We did not provide any prohibited non-audit services referred to in Article 5 (1) of Regulation (EU) No. 537/2014.
III.  Justification of assessments
In accordance with the requirements of Articles L. 823-9 and R. 823-7 of the French Commercial Code (Code de commerce) relating to 
the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement which, in our 
professional judgment, were of most significance in our audit of the consolidated financial statements for the fiscal year, as well as 
how we addressed those risks.
These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our 
opinion thereon. We do not provide a separate opinion on specific items of the consolidated financial statements.
Valuation of fixed assets, in particular intangible assets
Risk identified
As of December 31, 2022, the value of the Group’s fixed assets totaled 84.8 billion euros. These fixed assets mainly comprise brands, 
trade names and goodwill recognized on external growth transactions; property, plant and equipment (land, vineyard land, buildings, 
and fixtures and fittings at stores and hotels in particular); and right‑of‑use assets.
We considered the valuation of these fixed assets – in particular intangible assets (brands, trade names and other intangible assets with 
indefinite useful lives, as well as goodwill) – to be a key audit matter, due to their significance in the Group’s financial statements and 
because the determination of their recoverable amount, which is usually based on each Maison’s discounted forecast cash flows, requires 
the use of assumptions, estimates and other forms of judgment, as specified in Notes 1.17 and 5 to the consolidated financial statements.

288
Annual Report as of December 31, 2022
Consolidated financial statements
Statutory Auditors’ report on the consolidated financial statements
Our response
The Group tests these assets for impairment, as described in Notes 1.17 and 5 to the consolidated financial statements. In this context, 
we assessed the methods used to perform these impairment tests and focused our work primarily on the Maisons most affected by the 
negative changes in the current business environment, or where the carrying amount of intangible assets represents a high multiple 
of profit from recurring operations. In the context of our audit of the consolidated financial statements, our work, carried out in 
conjunction with our valuation experts, consisted in particular in:
•	 obtaining an understanding of the methods used to perform these impairment tests and assessing the relevance of the measurement 
method used by the Group with regard to the applicable accounting standard;
•	 comparing the components of the carrying amount of the Maisons used to conduct impairment tests with the consolidated financial 
statements;
•	 assessing the reasonableness of the future cash flows used:
	
– by analyzing the relevance and consistency of the process used to produce these estimates by comparing results with previous 
forecasts; and
	
– by comparing the Maisons’ business plans on which these cash flows were based with the budgets and forecasts approved by 
management as well as the market outlook;
•	 assessing the reasonableness, with regard to market data, of the perpetual growth rates and discount rates used for each Maison;
•	 conducting our own sensitivity analyses on the growth rates, margins and discount rates used to calculate recoverable amounts;
•	 corroborating the recoverable amounts estimated by comparison with recent similar transactions with the analyses provided and 
available market data;
•	 assessing the appropriateness of the information disclosed in the notes to the consolidated financial statements.
Valuation of inventories and work in progress
Risk identified
As of December 31 2022, the gross value of inventories and work in progress and the total amount of impairment of inventories and 
work in progress came to 23,042 million euros and 2,723 million euros, respectively, as presented in Note 11 to the consolidated financial 
statements.
The success of the Group’s products depends among other factors on its ability to identify new trends as well as changes in behaviors 
and tastes, enabling it to offer products that meet consumers’ expectations. The Group determines the amount of impairment of 
inventories and work in progress on the basis of sales prospects in its various markets or due to product obsolescence, as specified in 
Note 1.19 to the consolidated financial statements.
We considered the valuation and impairment of inventories and work in progress to constitute a key audit matter since the 
aforementioned projections and any resulting impairment are intrinsically dependent on assumptions, estimates and other forms of 
judgment made by the Group, as indicated in Note 1.7 to the consolidated financial statements. Furthermore, inventories are present 
at a large number of subsidiaries, and determining their gross value and impairment depends in particular on estimated returns and 
on the monitoring of internal margins, which are eliminated in the consolidated financial statements unless and until inventories are 
sold to non-Group clients.
Our response
As part of our procedures, we analyzed sales prospects as estimated by the Group in light of past performance and the most recent 
budgets in order to assess the resulting impairment amounts. Where applicable, we assessed the assumptions made for the recognition 
of non‑recurring impairment.
We also assessed the consistency of internal margins eliminated in the consolidated financial statements, by assessing in particular the 
margins generated with the various distribution subsidiaries and comparing them to the elimination percentage applied.
We assessed the appropriateness of the information disclosed in the notes to the consolidated financial statements.

Annual Report as of December 31, 2022
289
Consolidated financial statements
Statutory Auditors’ report on the consolidated financial statements
Provisions for contingencies, losses and uncertain tax positions
Risk identified
The Group’s activities are carried out worldwide, within what is often an imprecise regulatory framework that is different for each 
country, changes over time and applies to areas ranging from product composition and packaging to the income tax computation and 
relations with the Group’s partners (distributors, suppliers, shareholders in subsidiaries, etc.). Within this context, the Group’s activities 
may give rise to risks, disputes or litigation, and the Group’s entities in France and abroad may be subject to tax inspections and, in 
certain cases, to rectification claims from local administrations.
As indicated in Notes 1.22 and 20 to the consolidated financial statements:
•	 provisions for contingencies and losses correspond to the estimate of the impact on assets and liabilities of risks, disputes, or actual 
or probable litigation arising from the Group’s activities;
•	 non‑current liabilities related to uncertain tax positions include an estimate of the risks, disputes and actual or probable litigation 
related to the income tax computation, in accordance with IFRIC 23.
We considered provisions for contingencies, losses and uncertain tax positions to constitute a key audit matter due to the significance 
of the amounts concerned (1,446 million euros and 1,364 million euros, respectively, as of December 31, 2022), the importance of 
monitoring ongoing regulatory changes and the level of judgment involved in evaluating these provisions in the context of a constantly 
evolving international regulatory environment.
Our response
In the context of our audit of the consolidated financial statements, our work consisted in particular in:
•	 assessing the procedures implemented by the Group to identify and catalogue all risks, disputes, litigation and uncertain tax 
positions;
•	 obtaining an understanding of the risk analysis performed by the Group and the corresponding documentation and, where 
applicable, reviewing written confirmations from external advisors;
•	 assessing – with our experts, tax specialists in particular – the main risks identified and assessing the assumptions made by Group 
management to estimate the amount of the provisions and of liabilities related to uncertain tax positions;
•	 carrying out a critical review of analyses relating to the use of provisions for contingencies and losses, and of liabilities related to 
uncertain tax positions, prepared by the Group;
•	 assessing – with our tax specialists – the evaluations drawn up by the Group’s Tax Department relating to the consequences of 
changes in tax laws;
•	 assessing the appropriateness of information relating to these risks, disputes, litigation and uncertain tax positions disclosed in the 
notes to the financial statements.
IV.  Specific verifications
In accordance with professional standards applicable in France, we also performed the specific verifications required by laws and 
regulations of the information concerning the Group provided in the Management Report of the Board of Directors.
We have no matters to report as to this information’s fair presentation and its consistency with the consolidated financial statements.
We attest that the consolidated statement of non-financial performance provided for by Article L. 225-102-1 of the French Commercial 
Code (Code de commerce) is included in the information concerning the Group provided in the Management Report, with the proviso that, 
in accordance with the provisions of Article L. 823-10 of said code, we have verified neither the fair presentation nor the consistency 
with the consolidated financial statements of the information contained in this statement, which must be subject to a report by an 
independent third party.

290
Annual Report as of December 31, 2022
Consolidated financial statements
Statutory Auditors’ report on the consolidated financial statements
V.  Other verifications or information required by laws and regulations
Presentation format for the consolidated financial statements to be included in the Annual Financial Report
In accordance with the professional standards governing the procedures to be carried out by the Statutory Auditor on parent company 
and consolidated financial statements presented in the European Single Electronic Format, we also checked compliance with this format 
as defined by Commission Delegated Regulation (EU) 2019/815 of December 17, 2018 in the presentation of the consolidated financial 
statements to be included in the Annual Financial Report mentioned in Article L. 451-1-2 I of the French Monetary and Financial Code 
(Code monétaire et financier), prepared under the responsibility of the Chief Financial Officer, under delegation from the Chief Executive 
Officer. As this concerned consolidated financial statements, our work included checking the compliance of the tags used for these 
accounts with the format defined by the aforementioned regulation.
On the basis of our work, we concluded that the presentation of the consolidated financial statements to be included in the Annual 
Financial Report complies, in all material respects, with the European Single Electronic Format.
Due to the technical limitations inherent in block tagging the consolidated financial statements according to the European Single 
Electronic Format, it is possible that the content of certain tags in the notes may not be displayed in exactly the same way as in the 
accompanying consolidated financial statements.
In addition, it is not our responsibility to check that the consolidated financial statements actually included by your Company in the 
Annual Financial Report filed with the AMF correspond to those on which we performed our work.
Appointment of the Statutory Auditors
We were appointed as Statutory Auditors of Christian Dior SE by the shareholders at the Shareholders’ Meetings held on April 21, 2022 
(for Deloitte & Associés) and May 15, 2003 (for Mazars).
As of December 31, 2022, Deloitte & Associés was in the first year of its engagement and Mazars was in its twentieth consecutive year.
VI.  Responsibilities of management and those charged with governance for the consolidated 
financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with 
International Financial Reporting Standards as adopted by the European Union and for such internal control as management 
determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, 
whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a 
going concern, for disclosing any matters related to going concern, and for using the going concern basis of accounting unless it is 
expected to liquidate the Company or to cease operations.
The Performance Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal 
control and risk management systems and where applicable, internal audit, regarding accounting and financial reporting procedures.
The consolidated financial statements have been approved by the Board of Directors.
VII.  Statutory Auditors’ responsibilities for the audit of the consolidated financial statements
Objectives and audit approach
Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance as to whether the 
consolidated financial statements taken as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, 
but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement 
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As specified in Article L. 823‑10‑1 of the French Commercial Code (Code de commerce), our statutory audit does not include assurance 
on the viability or the quality of management of your Company.

Annual Report as of December 31, 2022
291
Consolidated financial statements
Statutory Auditors’ report on the consolidated financial statements
As part of an audit conducted in accordance with professional standards applicable in France, the Statutory Auditor exercises 
professional judgment throughout the audit and furthermore:
•	 identifies and assesses the risks of material misstatement of the consolidated financial statements, whether due to fraud or error; 
designs and performs audit procedures responsive to those risks; and obtains audit evidence considered to be sufficient and 
appropriate to provide a basis for its opinion. The risk of not detecting a material misstatement resulting from fraud is higher 
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or overriding 
internal control;
•	 obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the 
circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
•	 assesses the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures 
made by management in the consolidated financial statements;
•	 assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, 
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to 
continue as a going concern. This assessment is based on the audit evidence obtained up to the date of its audit report. However, 
future events or conditions may cause the Company to cease to continue as a going concern. If the Statutory Auditor concludes that a 
material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the consolidated 
financial statements or, if such disclosures are not provided or inadequate, to issue a qualified or adverse audit opinion;
•	 assesses the overall presentation of the consolidated financial statements and whether the consolidated financial statements represent 
the underlying transactions and events in a manner that achieves fair presentation;
•	 obtains sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within 
the scope of consolidation to express an opinion on the consolidated financial statements. The Statutory Auditor is responsible 
for the direction, supervision and performance of the audit of the consolidated financial statements and for the opinion expressed 
on these financial statements.
Report to the Performance Audit Committee
We submit a report to the Performance Audit Committee which includes in particular a description of the scope of the audit and the 
audit program implemented, as well as the results of our audit. We also report any significant deficiencies in internal control regarding 
the accounting and financial reporting procedures that we have identified.
Our report to the Performance Audit Committee includes the risks of material misstatement that, in our professional judgment, were of 
most significance in the audit of the consolidated financial statements for the fiscal year and which are therefore the key audit matters 
that we are required to describe in this report.
We also provide the Performance Audit Committee with the declaration provided for in Article 6 of Regulation (EU) No. 537/2014, 
confirming our independence within the meaning of the rules applicable in France such as they are set out in particular by Articles 
L. 822-10 to L. 822-14 of the French Commercial Code (Code de commerce) and in the French Code of Ethics (Code de déontologie) for Statutory 
Auditors. We discuss any risks that may reasonably be thought to bear on our independence, and the related safeguards, with the 
Performance Audit Committee.
The Statutory Auditors
Courbevoie and Paris-La Défense, February 15, 2023
French original signed by
	
Mazars	
Deloitte & Associés
	
Guillaume MACHIN	
Isabelle SAPET 	
Guillaume TROUSSICOT
	
Partner	
Partner	
Partner
This is a free translation into English of the Statutory Auditors’ report on the consolidated financial statements of the Company 
issued in French. It is provided solely for the convenience of English‑speaking users. This Statutory Auditors’ report includes 
information required under European regulations and French law, such as information about the appointment of the Statutory 
Auditors and the verification of information concerning the Group presented in the Management Report. This report should be 
read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.

292
Annual Report as of December 31, 2022

Annual Report as of December 31, 2022
293
Parent company financial statements: 
Christian Dior
1.	
Income statement
294
2.	
Balance sheet
295
3.	
Cash flow statement
296
4.	
Notes to the parent company financial statements
297
5.	
Subsidiaries and equity investments
304
6.	
Company results over the last five fiscal years
305
7.	
Statutory Auditors’ report on the parent company financial statements
306
8.	
Statutory Auditors’ special report on related‑party agreements
310
As table totals are based on unrounded figures, there may be discrepancies 
between these totals and the sum of their rounded component figures.

294
Annual Report as of December 31, 2022
Parent company financial statements: Christian Dior
Income statement
1.	
Income statement
Income/(Expenses) (EUR millions) 
Notes 
2022
2021
Financial income from subsidiaries and investments
 
2,501.4 
1,458.1
Investment portfolio: Impairment and provisions
 
(13.9) 
0.2
Gains and losses on disposal
 
- 
-
Other
 
(0.2) 
(0.4)
Income from managing subsidiaries and investments
4.1 
2,487.3 
1,457.8
Proceeds/(cost) of net financial debt
4.2 
1.1 
(0.9)
Other financial income and expenses
 
- 
-
NET FINANCIAL INCOME/(EXPENSE)
4 
2,488.4 
1,457.0
Personnel costs
5 
(0.4) 
(0.7)
Other net management charges
6 
(6.0) 
(5.4)
OPERATING PROFIT/(LOSS)
 
(6.4) 
(6.1)
RECURRING PROFIT BEFORE TAX
 
2,482.0 
1,450.8
NET EXCEPTIONAL INCOME/(EXPENSE)
 
- 
-
Income tax income/(expense)
7 
(30.9) 
(18.0)
NET PROFIT
 
2,451.1 
1,432.8

Annual Report as of December 31, 2022
295
Parent company financial statements: Christian Dior
Balance sheet
2.	
Balance sheet
Assets
(EUR millions) 
Notes 
2022
2021
Gross
Depreciation, 
amortization and 
impairment 
Net
Net
Intangible assets
 
0.0 
0.0 
0.0 
0.0
Property, plant and equipment
 
0.3 
0.3 
- 
-
Intangible assets and property, 
plant and equipment
 
0.3 
0.3 
0.0 
0.0
Equity investments
8 
3,783.7 
61.4 
3,722.3 
3,663.6
Receivables from equity investments
9 
45.9 
- 
45.9 
-
Other non‑current financial assets
 
0.0 
- 
0.0 
0.0
Non‑current financial assets
 
3,829.7 
61.4 
3,768.2 
3,663.6
NON-CURRENT ASSETS
 
3,830.0 
61.7 
3,768.3 
3,663.6
Receivables
 
0.0 
- 
0.0 
0.0
Short‑term investments
10 
16.7 
- 
16.7 
16.7
Cash and cash equivalents
 
287.3 
- 
287.3 
100.9
CURRENT ASSETS
 
304.0 
- 
304.0 
117.6
Prepayments and accrued income
 
0.1 
- 
0.1 
0.0
TOTAL ASSETS
 
4,134.1 
61.7 
4,072.4 
3,781.2
Liabilities and equity
(EUR millions) 
Notes 
2022
2021
Before 
appropriation
Before 
appropriation 
Share capital (of which, fully paid up: 361.0)
11.1 
361.0 
361.0
Share premium account
 
194.2 
194.2
Reserves and revaluation adjustments
 
36.4 
36.4
Retained earnings (a) 
 
1,916.9 
2,288.2
Interim dividend
 
(902.5) 
(541.5)
Net profit for the fiscal year
 
2,451.1 
1,432.8
EQUITY
11 
4,057.0 
3,771.1
Other debt
13 
15.3 
10.1
OTHER LIABILITIES
 
15.3 
10.1
Accruals and deferred income
 
0.0 
-
TOTAL LIABILITIES AND EQUITY
 
4,072.4 
3,781.2
(a)	 Dividends attributable to treasury shares were reclassified under “Retained earnings” as of December 31, 2021 and December 31, 2022.

296
Annual Report as of December 31, 2022
Parent company financial statements: Christian Dior
Cash flow statement
3.	
Cash flow statement
(EUR millions) 
 
2022
2021
I.	 OPERATING ACTIVITIES
 
 
 
Net profit
 
2,451 
1,433
Net depreciation, amortization, impairment and provisions
 
14 
(11)
Dividends in kind received
 
- 
-
Net gain/(loss) on disposals
 
0 
-
Cash from operations before changes in working capital
 
2,465 
1,422
Change in current assets
 
(0) 
8
Change in current liabilities
 
5 
9
Change in working capital
 
5 
17
Net cash from operating activities
I
2,470 
1,440
II.	 INVESTING ACTIVITIES
 
 
 
Acquisitions of property, plant and equipment and intangible assets
 
- 
0
Acquisitions of equity investments
 
(73) 
(119)
Acquisitions of other long‑term investments
 
- 
-
Net change in other non‑current financial assets
 
(46) 
-
Net cash from/(used in) investing activities
II
(119) 
(119)
III.	FINANCING ACTIVITIES
 
 
 
Capital increase
 
- 
-
Proceeds from new loans and borrowings
 
- 
-
Repayments of loans and borrowings
 
- 
(351)
Change in current accounts
 
- 
-
Net cash from/(used in) financing activities
III
- 
(351)
IV. DIVIDENDS PAID DURING THE FISCAL YEAR
IV
(2,165) 
(1,263)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
I + II + III + IV
186 
(294)
Cash and cash equivalents at beginning of fiscal year
 
118 
411
Cash and cash equivalents at end of fiscal year
 
304 
118
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
 
186 
(294)
The cash flow statement breaks down the changes in cash from one fiscal year to the next (after deducting bank overdrafts) as well as 
cash equivalents comprised of short‑term investments, net of any impairment.

Annual Report as of December 31, 2022
297
4.	
Notes to the parent company financial statements
Amounts are expressed in millions of euros unless otherwise indicated.
Note 1.	
Business activity and key events during the fiscal year ������������������������������������������������������������� 298
Note 2.	
Accounting policies and methods ������������������������������������������������������������������������������������������������������������������������� 298
Note 3.	
Subsequent events ��������������������������������������������������������������������������������������������������������������������������������������������������������������������� 299
Note 4.	
Net financial income/(expense) ��������������������������������������������������������������������������������������������������������������������������������� 299
Note 5.	
Personnel costs ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 300
Note 6.	
Other net management charges ����������������������������������������������������������������������������������������������������������������������������� 300
Note 7.	
Income taxes ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 300
Note 8.	
Equity investments ���������������������������������������������������������������������������������������������������������������������������������������������������������������������� 301
Note 9.	
Receivables from equity investments ���������������������������������������������������������������������������������������������������������������� 301
Note 10.	 Short‑term investments �������������������������������������������������������������������������������������������������������������������������������������������������������� 301
Note 11.	 Equity ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 302
Note 12.	 Changes in impairment ������������������������������������������������������������������������������������������������������������������������������������������������������� 303
Note 13.	 Other debt ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 303
Note 14.	 Other information ����������������������������������������������������������������������������������������������������������������������������������������������������������������������� 303
Note 15.	 Financial commitments ��������������������������������������������������������������������������������������������������������������������������������������������������������� 303

298
Annual Report as of December 31, 2022
Parent company financial statements: Christian Dior
Notes to the parent company financial statements
Note 1.  Business activity and key events during the fiscal year
Christian Dior SE is a listed holding company that, as of December 31, 2022, directly owned a 41.42% equity stake in LVMH Moët 
Hennessy Louis Vuitton SE, a listed company.
Note 2.  Accounting policies and methods
2.1	
General framework and changes 
in accounting policies
The parent company financial statements have been prepared 
in accordance with Regulation 2014‑03 dated June 5, 2014 of the 
Autorité des Normes Comptables, France’s accounting standards 
authority, in accordance with the same accounting principles and 
methods as those used for the previous fiscal year.
General accounting conventions have been applied observing the 
principle of prudence in conformity with the basic assumptions 
of going concern, consistency of accounting methods, and 
accrual basis, and in conformity with the general rules for the 
preparation and presentation of parent company financial 
statements; it should be noted that the presentation of the 
income statement was modified in 2019.
The presentation of the income statement includes three main 
components of profit or loss: “Net financial income/(expense)”, 
“Operating profit/(loss)” and “Net exceptional income/(expense)”. 
The total of “Net financial income/(expense)” and “Operating 
profit/(loss)” corresponds to “Recurring profit before tax”.
“Net financial income/(expense)” includes net income from 
managing subsidiaries and investments, the net proceeds or cost 
of cash and financial debt, and other items resulting from the 
management of subsidiaries or of debt. Net income from managing 
subsidiaries and investments includes all portfolio management 
items: dividends, changes in impairment of securities, changes in 
provisions for contingencies and losses related to the portfolio, 
and gains or losses arising on the disposal of securities.
“Operating profit/(loss)” includes costs related to the management 
of the Company and to the Group’s management and 
coordination costs, personnel costs or other administrative costs.
“Net financial income/(expense)” and “Operating profit/(loss)” 
include items relating to the financial management of the 
Company or administrative operations, irrespective of their 
amounts or their occurrence. “Net exceptional income/(expense)” 
thus comprises only those transactions that, due to their nature, 
may not be included in “Net financial income/(expense)” or 
“Operating profit/(loss)”.
The accounting items recorded have been evaluated using the 
historical cost method.
2.2	
Intangible assets
Software is amortized using the straight‑line method over one 
year.
2.3	
Property, plant and equipment
Property, plant and equipment are depreciated on a straight‑line 
basis over the following estimated useful lives:
•	 furniture: 10 years.
2.4	
Non‑current financial assets
Equity investments and other long‑term investments are stated 
at acquisition cost (excluding incidental costs) or at contribution 
value. If their value in use as of the fiscal year‑end is lower than 
the carrying amount, a provision is recorded in the amount of 
the difference.
For investments in listed companies, the value in use is generally 
estimated on the basis of market capitalization, the share of the 
company’s net asset value and/or discounted forecast cash flows.
The value in use of unlisted investments is generally estimated 
on the basis of the share of the net asset value of the companies 
concerned, market comparables and/or discounted forecast cash 
flows.
Christian Dior shares purchased for retirement are recorded 
under “Non‑current financial assets” and are not impaired.
Gains or losses on sales of equity investments are calculated 
according to the weighted average cost method and disclosed 
under “Income from managing subsidiaries and investments” in 
“Net financial income/(expense)”.
In accordance with Regulation 2015‑06 dated November 23, 2015 
of the Autorité des Normes Comptables (France’s accounting 
standards authority), merger losses allocated to non‑current 
financial assets are recognized under a specific line item within 
the asset category concerned: “Merger losses on financial assets”. 
Technical losses, in the amount of the equity investment 
previously held by the absorbing entity, correspond to unrealized 
gains on assets, whether recognized or not in the accounts of 
the absorbed entity, after deducting, unless otherwise required 
under accounting rules, liabilities not recognized in the accounts 
of the absorbed entity.
At the end of each fiscal year, the net carrying amount of each 
asset transferred, plus the associated technical loss, is assessed. 
Where applicable, if this value is lower than the real value of these 
assets, impairment is recorded.
Technical losses are reduced proportionately upon the sale or 
disposal of the assets concerned.

Annual Report as of December 31, 2022
299
Parent company financial statements: Christian Dior
Notes to the parent company financial statements
2.5	
Receivables and payables
Receivables and payables are recorded at their face value. 
Impairment is recorded if their net realizable value, based on 
the probability of their collection, is lower than their carrying 
amount.
2.6	
Short‑term investments
Short‑term investments are valued at their acquisition cost. 
Impairment is recorded if their acquisition cost is higher than 
their market value determined as follows:
•	 listed securities: average listed share price during the last 
month of the fiscal year;
•	 other securities: estimated realizable value or liquidation 
value.
In the event of partial investment sales, any gains or losses are 
calculated based on the FIFO method.
2.7	
Equity
In accordance with the recommendations of the French 
National Institute of Statutory Auditors (Compagnie Nationale des 
Commissaires aux Comptes), interim dividends are recorded as a 
deduction from equity.
2.8	
Provisions for contingencies 
and losses
The Company establishes a provision for definite and likely 
contingencies and losses at the end of each fiscal year, observing 
the principle of prudence.
2.9	
Net financial income/(expense)
Due to its type of activity, the Company records sales of 
investments according to the following principles:
•	 gains or losses on sales of equity investments are calculated 
according to the weighted average cost method;
•	 gains or losses on sales of short‑term investments are calculated 
using the FIFO method.
Note 3.  Subsequent events
As of January 26, 2023, the date on which the financial statements were approved for publication, no subsequent events had occurred 
that would call into question the assumptions used in preparing the financial statements for the fiscal year ended December 31, 2022.
Note 4.  Net financial income/(expense)
4.1	
Income from managing subsidiaries and investments
The income from managing subsidiaries and investments breaks down as follows:
(EUR millions) 
2022
2021
Dividends received
2,501.4 
1,458.1
Financial income from subsidiaries and investments
2,501.4 
1,458.1
Changes in impairment
(13.9) 
0.2
Changes in provisions for contingencies and losses
- 
-
Impairment and provisions related to subsidiaries and investments
(13.9) 
0.2
Other
(0.2) 
(0.4)
Income from managing subsidiaries and investments
2,487.3 
1,457.8
See also Note 12 concerning the change in impairment and provisions.

300
Annual Report as of December 31, 2022
Parent company financial statements: Christian Dior
Notes to the parent company financial statements
4.2	
Cost of net financial debt
The cost of net financial debt breaks down as follows:
(EUR millions) 
2022
2021
Interest and premiums on borrowings
(0.3) 
(0.9)
Other financial income/(expenses)
0.0 
0.0
Proceeds/(cost) of non-Group net financial debt
(0.3) 
(0.9)
Intra-Group interest expense
- 
-
Intra-Group interest income
1.4 
-
Proceeds/(cost) of intra-Group net financial debt
1.4 
-
Proceeds/(cost) of net financial debt
1.1 
(0.9)
Note 5.  Personnel costs
In 2022, personnel costs included gross compensation and employer social security contributions.
During the 2022 fiscal year, gross compensation of 200 thousand euros was paid to the individuals who served as Chief Executive 
Officer: in addition, in January 2023, 141 thousand euros was paid in compensation for serving as a Director in fiscal year 2022.
Note 6.  Other net management charges
Other management charges mainly consist of expenses under the assistance agreement entered into with Agache SCA.
Note 7.  Income taxes
7.1	
Breakdown of corporate income tax
Corporate income tax breaks down as follows, according to the presentation adopted for profit before tax:
(EUR millions) 
Pre‑tax
Tax (expense)/
income
Post‑tax
Recurring profit
2,482.0
(30.9)
2,451.1
Net exceptional income/(expense)
-
-
-
 
2,482.0
(30.9)
2,451.1
7.2	
Tax position
Since January 1, 2018, Christian Dior SE has been a member 
of the tax consolidation group of which Agache SCA is the 
consolidating parent company.
Christian Dior calculates and recognizes its tax expense as if it 
were individually subject to tax, and remits this amount to the 
consolidating parent company.

Annual Report as of December 31, 2022
301
Parent company financial statements: Christian Dior
Notes to the parent company financial statements
Note 8.  Equity investments
(EUR millions) 
Dec. 31, 2022
Dec. 31, 2021
Gross amount of equity investments
3,783.7 
3,711.1
Impairment expense
(61.4) 
(47.5)
Carrying amount of equity investments
3,722.3 
3,663.6
The change in the carrying amount of equity investments was 
mainly due to the acquisition of LVMH Moët Hennessy Louis 
Vuitton SE shares and subscription to capital increases carried out 
by subsidiaries (under the terms described in Note 2.4).
The investment portfolio is presented in the “Subsidiaries and 
equity investments” table.
The methods used to calculate the impairment of equity 
investments are described in Note 2.4.
The change in impairment of the investment portfolio is broken 
down in Note 12.
Note 9.  Receivables from equity investments
The balance of receivables from equity investments breaks down as follows:
(EUR millions) 
December 31, 2022
Gross amounts by maturity
Of which: 
Related 
companies
Gross
Impairment
Net
Up to 
1 year
More than 
1 year
 
45.9
-
45.9
0.1
45.8
45.9
Total
45.9 
- 
45.9 
0.1
45.8
45.9
Receivables from equity investments comprise advances granted to a subsidiary under a bilateral medium‑term agreement.
Note 10.  Short‑term investments
10.1	 Treasury shares
As of December 31, 2022, the value of the treasury shares held was allocated as follows:
(EUR millions) 
As of December 31, 2022
Number 
of shares
Gross carrying 
amount
Impairment
Net carrying 
amount
Shares intended to be granted to employees 
and allocated to specific plans
-
-
-
-
Shares available to be granted to employees
96,936
16.7
-
16.7
Short‑term investments
96,936
16.7
-
16.7
There were no portfolio movements during the fiscal year.

302
Annual Report as of December 31, 2022
Parent company financial statements: Christian Dior
Notes to the parent company financial statements
10.2	 Stock option and similar plans
10.2.1  Share purchase option plans
At the Company’s Shareholders’ Meeting of April 21, 2022, the 
shareholders renewed the authorization given to the Board 
of Directors, for a period of twenty‑six months expiring on 
June 21, 2024, to grant share subscription or purchase options to 
Group company employees or senior executives, on one or more 
occasions, in an amount not to exceed 1% of the Company’s share 
capital as of the date of this authorization.
Each share purchase option plan has a term of ten years. Provided 
the conditions set by the plan are met, options may be exercised 
after a four‑year period from the plan’s commencement date.
No Christian Dior share purchase or subscription option plans 
were in effect during the fiscal year.
10.2.2  Bonus share and 
performance share plans
At the Shareholders’ Meeting of April 21, 2022, the shareholders 
renewed the authorization given to the Board of Directors, for 
a period of twenty‑six months expiring on June 21, 2024, to 
grant existing or newly issued shares as bonus shares to Group 
company employees and/or senior executives, on one or more 
occasions, in an amount not to exceed 1% of the Company’s share 
capital on the date of this authorization.
For plans put in place after November 30, 2015, bonus shares 
awarded to all recipients vest – provided certain conditions are 
met and irrespective of their residence for tax purposes – after 
a three‑year vesting period, without any subsequent holding 
period.
The plans combine awards of bonus shares and of performance 
shares in proportions determined in accordance with the 
recipient’s level in the hierarchy and status.
No Christian Dior bonus share or performance share plans were 
in effect during the fiscal year.
Vesting of such shares does not lead to any dilution for 
shareholders, since they are allocations of existing shares.
10.2.3  Performance conditions
Most of the share purchase option plans and bonus share plans 
are subject to performance conditions that determine vesting.
For the plans set up after November 30, 2015, performance shares 
only vest, in addition to the continued service condition under 
which recipients must still be with the Group, if Christian Dior’s 
consolidated financial statements for calendar years Y+1 and 
Y+2 after the year the plan was set up show a positive change 
compared to calendar year Y with respect to one or more of 
the following indicators: the Group’s profit from recurring 
operations, net cash from operating activities and operating 
investments, and current operating margin. The performance 
condition is assessed on a like‑for‑like basis to exclude the impact 
of acquisitions made during the two calendar years following the 
reference fiscal year and to neutralize the impact of disposals that 
took place during this same period. Only significant transactions 
(for more than 150 million euros) are restated in the accounts.
Note 11.  Equity
11.1	 Share capital
As of December 31, 2022, the share capital consisted of 180,507,516 fully paid‑up shares, each with a par value of 2 euros per share, 
including 130,155,394 shares with double voting rights.
11.2	 Change in equity
(EUR millions) 
 
Equity as of December 31, 2021 (prior to appropriation of net profit)
3,771.1
Net profit for the fiscal year ended December 31, 2022
2,451.1
Dividends paid for the fiscal year ended December 31, 2021
(1,263.6)
Impact of treasury shares
1.0
Interim dividends for the fiscal year ended December 31, 2022
(902.5)
Equity as of December 31, 2022 (prior to appropriation of net profit)
4,057.0
The appropriation of net profit for fiscal year 2021 was approved at the Combined Shareholders’ Meeting of April 21, 2022.

Annual Report as of December 31, 2022
303
Parent company financial statements: Christian Dior
Notes to the parent company financial statements
Note 12.  Changes in impairment
Changes in asset impairment and provisions for contingencies and losses during the fiscal year break down as follows:
(EUR millions) 
Amount as of 
January 1, 
2022
Provisions 
during the 
fiscal year
Reversals 
during the
 fiscal year
Amount as of 
December 31, 
2022
Equity investments
47.5
14.2
0.2
61.4
Asset impairment
47.5
14.2
0.2
61.4
Total
47.5
14.2
0.2
61.4
Note 13.  Other debt
(EUR millions) 
Total
Amount
Of which: 
Accrued 
expenses
Of which: 
Related 
companies
Less than 
1 year
From 1 to 
5 years
More than 
5 years
Trade accounts payable
0.7 
0.7
-
-
0.7
0.4
Tax and social security liabilities
0.1 
0.1
-
-
0.1
-
Other debt
14.5 
14.5
-
-
-
13.9
Of which: Tax consolidation current account
13.9 
13.9
-
-
-
13.9
Other debt
15.3 
15.3
-
-
0.8
14.2
Note 14.  Other information
14.1	 Related‑party transactions
No new related‑party agreements, within the meaning of 
Article R. 123‑198 of the French Commercial Code, were entered 
into during the fiscal year in significant amounts and under 
conditions other than normal market conditions.
14.2	 Identity of the consolidating 
parent companies
Company name
Registered office
SIREN
Financière Agache
11 rue François 1er 
75008 Paris (France)
775 625 767
Agache
41 avenue Montaigne 
75008 Paris (France)
314 685 454
Note 15.  Financial commitments
Commitments received
Christian Dior SE has access to a confirmed credit line entered into with a bank, of which the undrawn amount available totaled 
200 million euros as of December 31, 2022.

304
Annual Report as of December 31, 2022
Parent company financial statements: Christian Dior
Subsidiaries and equity investments
5.	
Subsidiaries and equity investments
(EUR millions) 
Carrying amount of shares held
Dividends 
received 
in 2022
Loans and 
advances 
provided
Deposits 
and sureties 
granted
Gross
Net
Information on subsidiaries and equity investments
1.	 Subsidiaries (more than 50% held)
 
 
 
 
 
	—
French subsidiaries
32.8
18.6
-
45.9
-
	—
Foreign subsidiaries
56.0
8.7
-
-
-
2.	 Equity investments (between 10% and 50% held)
	—
LVMH Moët Hennessy Louis Vuitton SE
3,591.2
3,591.2
2,501.4
-
-
Total
3,680.0
3,618.6
2,501.4
45.9
-

Annual Report as of December 31, 2022
305
Parent company financial statements: Christian Dior
Company results over the last five fiscal years
6.	
Company results over the last five fiscal years
(EUR millions, except earnings per share, expressed in euros)
Dec. 31, 2018
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2022
1.	 Share capital
 
 
 
 
 
Share capital
361.0
361.0
361.0
361.0
361.0 
Number of ordinary shares outstanding
180,507,516
180,507,516
180,507,516
180,507,516
180,507,516 
Maximum number of future shares to be created:
 
 
 
 
 
	—
through exercise of equity warrants
-
-
-
-
-
	—
through exercise of share subscription options
-
-
-
-
-
2.	 Operations and profit for the fiscal year
 
 
 
 
 
Revenue before taxes
-
-
-
-
- 
Profit before taxes, depreciation, amortization, 
impairment and movements in provisions
1,007.2
1,207.8
947.9
1,440.3
2,495.9 
Income tax (income)/expense
(0.1)
5.0
9.8
18.0
30.9 
Profit after taxes, depreciation, amortization, 
impairment and movements in provisions
1,031.0
1,215.5
934.3
1,432.8
2,451.1 
Profit distributed as dividends (a) 
1,083.0
6,498.3
1,083.0
1,805.1
2,166.1 
3.	 Earnings per share (EUR) 
 
 
 
 
 
Earnings per share after taxes but before depreciation, 
amortization, impairment and movements in provisions
5.58
6.66
5.20
7.88
13.66 
Earnings per share after taxes, depreciation, amortization, 
impairment and movements in provisions
5.71
6.73
5.18
7.94
13.58 
Gross dividend distributed per share (b) 
6.00
34.00 (d) 
6.00
10.00
12.00 
4.	 Employees
 
 
 
 
 
Average number of employees
-
-
-
-
- 
Total payroll (c)  
15.6
1.3
0.2
7.2
0.2 
Amounts paid in respect of employee benefits
1.7
2.1
0.1
3.7
0.1 
(a)	 Amount of the distribution resulting from the resolution of the Shareholders’ Meeting, before the impact of Christian Dior treasury shares held as of the distribution date. For the fiscal 
year ended December 31, 2022, amount proposed by the Board of Directors at its meeting of January 26, 2023 for approval at the Shareholders’ Meeting of April 20, 2023.
(b)	 Excluding the impact of tax regulations applicable to recipients.
(c)	 Including provisions, on plans deemed exercisable relating to share purchase options and awards of bonus shares and performance shares, recognized under “Personnel costs”.
(d)	 Of which 4.80 euros per share as an ordinary component and 29.20 euros per share as an exceptional component.

306
Annual Report as of December 31, 2022
Parent company financial statements: Christian Dior
Statutory Auditors’ report on the parent company financial statements
7.	
Statutory Auditors’ report on the parent company financial statements
To the Shareholders’ Meeting of Christian Dior SE
I.  Opinion
In compliance with the engagement entrusted to us by the Shareholders’ Meeting, we have audited the accompanying parent company 
financial statements of Christian Dior SE for the fiscal year ended December 31, 2022.
In our opinion, the parent company financial statements give a true and fair view of the Company’s assets, liabilities and financial 
position as of December 31, 2022 and of the results of its operations for the fiscal year then ended in accordance with French accounting 
principles.
The audit opinion expressed above is consistent with our report to the Performance Audit Committee.
II.  Basis for our opinion
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the “Statutory Auditors’ responsibilities for the audit of the parent 
company financial statements” section of our report.
Independence
We conducted our audit engagement in compliance with the independence rules provided by the French Commercial Code (Code de 
commerce) and the French Code of Ethics (Code de déontologie) for Statutory Auditors, for the period from January 1, 2022 to the date of 
our report. We did not provide any prohibited non-audit services referred to in Article 5 (1) of Regulation (EU) No. 537/2014.
III.  Justification of assessments – Key audit matters
In accordance with the requirements of Articles L. 823‑9 and R. 823‑7 of the French Commercial Code (Code de commerce) relating to 
the justification of our assessments, we are required to inform you of the key audit matters relating to risks of material misstatement 
which, in our professional judgment, were of most significance in our audit of the parent company financial statements for the fiscal 
year, as well as how we addressed those risks.
We determined that there were no key audit matters to disclose in our report.
IV.  Specific verifications
We also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and 
regulations.
Information provided in the Management Report and in the other documents given to shareholders related 
to the financial position and the parent company financial statements
We have no matters to report as to the fair presentation and the consistency with the parent company financial statements of the 
information provided in the Management Report of the Board of Directors and in the other documents given to shareholders related 
to the financial position and the parent company financial statements.
We attest to the fair presentation and the consistency with the parent company financial statements of the information on payment 
terms set out in Article D. 441‑6 of the French Commercial Code.

Annual Report as of December 31, 2022
307
Parent company financial statements: Christian Dior
Statutory Auditors’ report on the parent company financial statements
Report on corporate governance
We attest that the Board of Directors’ report on corporate governance sets out the information required by Articles L. 225‑37‑4, 
L. 22‑10‑10 and L. 22‑10‑9 of the French Commercial Code.
Concerning the information provided in accordance with the requirements of Article L. 22‑10‑9 of the French Commercial Code 
relating to compensation and benefits paid or awarded to company officers and any other commitments made in their favor, we have 
verified its consistency with the financial statements or the underlying information used to prepare these financial statements and, 
where applicable, with the information obtained by your Company from controlled companies included in the scope of consolidation. 
Based on this work, we attest to the accuracy and fair presentation of this information.
With respect to the information relating to items that your Company considered likely to have an impact in the event of a public 
purchase or exchange offer, provided pursuant to Article L. 22‑10‑11 of the French Commercial Code, we verified their compliance with 
the source documents communicated to us. Based on our work, we have no observations to make on this information.
Other information
In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling 
interests and the identity of the shareholders and holders of the voting rights has been properly disclosed in the Management Report.
V.  Other verifications or information required by laws and regulations
Presentation format for the parent company financial statements included in the Annual Financial Report
In accordance with the professional standards governing the procedures to be carried out by the Statutory Auditor on parent company 
and consolidated financial statements presented in the European Single Electronic Format, we also checked compliance with this format 
as defined by Commission Delegated Regulation (EU) 2019/815 of December 17, 2018 in the presentation of the parent company financial 
statements included in the Annual Financial Report mentioned in Article L. 451‑1-2 I of the French Monetary and Financial Code (Code 
monétaire et financier), prepared under the responsibility of the Chief Financial Officer, under delegation from the Chief Executive Officer.
On the basis of our work, we concluded that the presentation of the parent company financial statements included in the Annual 
Financial Report complies, in all material respects, with the European Single Electronic Format. It is not our responsibility to check 
that the parent company financial statements actually included by your Company in the Annual Financial Report filed with the AMF 
correspond to those on which we performed our work.
Appointment of the Statutory Auditors
We were appointed as Statutory Auditors of Christian Dior SE by the shareholders at the Shareholders’ Meetings held on May 15, 2003 
(for Mazars) and April 21, 2022 (for Deloitte & Associés).
As of December 31, 2022, Mazars was in the twentieth consecutive year of its engagement and Deloitte & Associés was in its first year.

308
Annual Report as of December 31, 2022
Parent company financial statements: Christian Dior
Statutory Auditors’ report on the parent company financial statements
VI.  Responsibilities of management and those charged with governance for the parent 
company financial statements
Management is responsible for the preparation and fair presentation of the parent company financial statements in accordance with 
French accounting principles and for such internal control as management determines is necessary to enable the preparation of parent 
company financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the parent company financial statements, management is responsible for assessing the Company’s ability to continue as 
a going concern, for disclosing any matters related to going concern, and for using the going concern basis of accounting unless it is 
expected to liquidate the Company or to cease operations.
The Performance Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal 
control and risk management systems and where applicable, internal audit, regarding accounting and financial reporting procedures.
The parent company financial statements have been approved by the Board of Directors.
VII.  Statutory Auditors’ responsibilities for the audit of the parent company financial statements
Objectives and audit approach
Our role is to issue a report on the parent company financial statements. Our objective is to obtain reasonable assurance as to whether 
the parent company financial statements taken as a whole are free from material misstatement. Reasonable assurance is a high level 
of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As specified in Article L. 823‑10‑1 of the French Commercial Code (Code de commerce), our statutory audit does not include assurance on 
the viability or the quality of management of your Company.
As part of an audit conducted in accordance with professional standards applicable in France, the Statutory Auditor exercises 
professional judgment throughout the audit and furthermore:
•	 identifies and assesses the risks of material misstatement of the parent company financial statements, whether due to fraud or 
error; designs and performs audit procedures responsive to those risks; and obtains audit evidence considered to be sufficient 
and appropriate to provide a basis for its opinion. The risk of not detecting a material misstatement resulting from fraud is higher 
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or overriding 
internal control;
•	 obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the 
circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
•	 assesses the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures 
made by management in the parent company financial statements;
•	 assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, 
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to 
continue as a going concern. This assessment is based on the audit evidence obtained up to the date of its audit report. However, 
future events or conditions may cause the Company to cease to continue as a going concern. If the Statutory Auditor concludes 
that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the parent 
company financial statements or, if such disclosures are not provided or inadequate, to issue a qualified or adverse audit opinion;
•	 assesses the overall presentation of the parent company financial statements and whether these statements represent the underlying 
transactions and events in a manner that achieves fair presentation.

Annual Report as of December 31, 2022
309
Parent company financial statements: Christian Dior
Statutory Auditors’ report on the parent company financial statements
Report to the Performance Audit Committee
We submit a report to the Performance Audit Committee which includes in particular a description of the scope of the audit and the 
audit program implemented, as well as the results of our audit. We also report any significant deficiencies in internal control regarding 
the accounting and financial reporting procedures that we have identified.
Our report to the Performance Audit Committee includes the risks of material misstatement that, in our professional judgment, were 
of most significance in the audit of the parent company financial statements for the fiscal year and which are therefore the key audit 
matters that we are required to describe in this report.
We also provide the Performance Audit Committee with the declaration provided for in Article 6 of Regulation (EU) No. 537/2014, 
confirming our independence within the meaning of the rules applicable in France such as they are set out in particular by Articles 
L. 822-10 to L. 822-14 of the French Commercial Code (Code de commerce) and in the French Code of Ethics (Code de déontologie) for Statutory 
Auditors. We discuss any risks that may reasonably be thought to bear on our independence, and the related safeguards, with the 
Performance Audit Committee.
Courbevoie and Paris-La Défense, February 15, 2023
The Statutory Auditors
French original signed by
	
Mazars	
Deloitte & Associés
	
Isabelle SAPET	
Guillaume MACHIN	
Guillaume TROUSSICOT
This is a free translation into English of the Statutory Auditors’ report on the parent company financial statements of the 
Company, issued in French. It is provided solely for the convenience of English‑speaking users. This Statutory Auditors’ report 
includes information required under European regulations and French law, such as information about the appointment of the 
Statutory Auditors and the verification of information concerning the Group presented in the Management Report. This report 
should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable 
in France.

310
Annual Report as of December 31, 2022
Parent company financial statements: Christian Dior
Statutory Auditors’ special report on related‑party agreements
8.	
Statutory Auditors’ special report on related‑party agreements
To the Shareholders’ Meeting of Christian Dior SE
In our capacity as Statutory Auditors of your Company, we hereby present to you our report on related‑party agreements.
We are required to inform you, on the basis of the information provided to us, of the terms and conditions of those agreements indicated 
to us, or that we may have identified in the performance of our engagement, as well as the reasons justifying why they benefit the 
Company. We are not required to give our opinion as to whether they are beneficial or appropriate or to ascertain the existence of other 
agreements. It is your responsibility, in accordance with Article R. 225‑31 of the French Commercial Code (Code de commerce), to assess 
the relevance of these agreements prior to their approval.
In accordance with Article R. 225‑31 of the French Commercial Code, we are also required to inform you of the continuation of the 
implementation, during the fiscal year under review, of any agreements previously approved at a Shareholders’ Meeting.
We performed those procedures which we deemed necessary in compliance with professional guidance issued by the French National 
Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this type of engagement.
These procedures consisted in verifying the consistency of the information provided to us with the relevant source documents.
I.  Agreements submitted for approval at the Shareholders’ Meeting
Agreements authorized and entered into during the fiscal year under review
We hereby inform you that we were not informed of any agreements authorized and entered into during the fiscal year under review to 
be submitted for approval at the Shareholders’ Meeting, pursuant to the provisions of Article L. 225‑38 of the French Commercial Code.
II.  Agreements already approved at a Shareholders’ Meeting
In accordance with Article R. 225‑30 of the French Commercial Code, we have been notified that the implementation of the following 
agreements, which were approved at a Shareholders’ Meeting in a prior fiscal year, remained in effect during the fiscal year under review.
1.	
With LVMH Moët Hennessy Louis Vuitton SE: Service agreement
Persons concerned
	
– Bernard Arnault, Chairman of the Board of Directors of your Company, and Chairman and Chief Executive Officer of LVMH 
Moët Hennessy Louis Vuitton SE;
	
– Antoine Arnault, Chief Executive Officer and Vice-Chairman of the Board of Directors of your Company (since December 2022), 
and a Director of LVMH Moët Hennessy Louis Vuitton SE;
	
– Delphine Arnault, a Director of your Company and of LVMH Moët Hennessy Louis Vuitton SE;
	
– Nicolas Bazire, a Director of your Company and of LVMH Moët Hennessy Louis Vuitton SE.
Nature, purpose and conditions
The service agreement of June 7, 2002, amended on May 16, 2014 and relating to legal services, particularly for corporate law 
issues and the management of securities services, entered into between the Company and LVMH SE, remained in effect in 2022.
Annual remuneration is 60,000 euros excluding taxes. Under this agreement, Christian Dior SE incurred an expense of 72,000 euros 
(including taxes) for fiscal year 2022.

Annual Report as of December 31, 2022
311
Parent company financial statements: Christian Dior
Statutory Auditors’ special report on related‑party agreements
2.	 With Agache SCA: Assistance agreement
Persons concerned
	
– Bernard Arnault, Chairman of the Board of Directors of your Company, and Chairman of the Executive Board of Agache SE, 
then Managing Director and General Partner of Agache SCA (following its conversion from a Société Européenne into a Société 
Anonyme and then into a Société en Commandite par Actions or limited joint‑stock partnership on December 6, 2022);
	
– Antoine Arnault, Chief Executive Officer and Vice-Chairman of the Board of Directors of your Company (since December 2022), 
and a member of the Executive Board of Agache SE (until its conversion into an SCA on December 6, 2022);
	
– Delphine Arnault, a Director of your Company and Vice-Chairman of the Supervisory Board of Agache SE (until its conversion 
into an SCA on December 6, 2022);
	
– Nicolas Bazire, a Director of your Company, and Chief Executive Officer and a member of the Executive Board of Agache SE 
(until its conversion into an SCA on December 6, 2022).
Nature, purpose and conditions
The assistance agreement of November 27, 1995, amended on March 27, 2003 and again on June 30, 2020, entered into between 
your Company and Agache, remained in effect in 2022. Remuneration totaled 2,408,000 euros excluding taxes for fiscal year 2022.
During the fiscal year ended December 31, 2022, your Company paid 2,962,234 euros (including taxes) to Agache in respect of 
this agreement.
Agreements approved in prior fiscal years but not in effect during the fiscal year under review
We have also been notified of the ongoing implementation of the following agreements, which were approved at a Shareholders’ 
Meeting in a prior fiscal year but were not in effect during the fiscal year under review.
1.	
With Sidney Toledano: Non‑compete clause
Persons concerned
	
– Sidney Toledano: Chief Executive Officer and a Director of your Company (until December 2022).
Nature, purpose and conditions
This non‑compete clause, made in the interest of your Group, provides for the payment, for a period of 12 months, of compensation 
equal to his monthly average gross salary received over the 12 months preceding the effective termination of his employment 
contract.
Your Company did not incur any expenses in respect of this commitment for fiscal year 2022.
Courbevoie and Paris-La Défense, February 15, 2023
The Statutory Auditors
French original signed by
	
Mazars	
Deloitte & Associés
	
Isabelle SAPET	
Guillaume MACHIN	
Guillaume TROUSSICOT
This is a free translation into English of a report issued in French and is provided solely for the convenience of English‑speaking 
users. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing 
standards applicable in France.

312
Annual Report as of December 31, 2022

Annual Report as of December 31, 2022
313
Other information
General information regarding the parent company 
and its share capital; stock market information
1.	
Information regarding the parent company
314
1.1.
Role of the parent company within the Group .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 314
1.2.
General information .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 314
1.3.
Additional information .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 314
2.	
Information regarding the capital
317
2.1.
Share capital .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 317
2.2.
Authorized share capital .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 317
2.3.
Status of delegations and authorizations granted to the Board of Directors .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 317
2.4.
Identifying holders of securities .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 317
2.5.
Non‑capital shares .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 317
2.6.
Securities giving access to the Company’s capital .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 317
2.7.
Changes in the Company’s share capital during the last three fiscal years .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 317
3.	
Breakdown of share capital and voting rights
318
3.1.
Share ownership of the Company .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 318
3.2.
Changes in share ownership during the last three fiscal years .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.� 319
3.3.
Pledges of pure registered shares by main shareholders .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 320
3.4.
Natural persons or legal entities that may exercise control over the Company .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 320
4.	
Market for financial instruments issued by Christian Dior
320
4.1.
Market for Christian Dior shares .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 320
4.2.
Share repurchase program .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 322
4.3.
Bonds issued by Christian Dior .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 322
4.4.
Dividend .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 322
4.5.
Change in share capital .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 323
4.6.
Performance per share .�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�.�. 323

314
Annual Report as of December 31, 2022
Other information
Information regarding the parent company
1.	
Information regarding the parent company
1.1	
Role of the parent company within the Group
Christian Dior SE is a holding company that held 41.42% of the share capital and 56.86% of the voting rights of LVMH exercisable 
at Shareholders’ Meetings as of December 31, 2022.
1.2	
General information
Company name (Article 3 of the Bylaws): Christian Dior.
Registered office (Article 4 of the Bylaws): 30 avenue Montaigne 
– 75008 Paris (France). Phone number: +33 (0)1 44 13 22 22.
Legal form (Article 1 of the Bylaws): Société Européenne (Societas 
Europaea). The Company was converted from a Société Anonyme 
(SA) to a Société Européenne (SE) on December 9, 2014.
Jurisdiction (Article 1 of the Bylaws): Company governed by 
European Community and national provisions in effect, and 
by the Bylaws.
Trade and Companies Register: The Company is registered 
in the Paris Trade and Companies Register under number 
582 110 987. APE code (company activity code): 6420Z.
Legal Entity Identifier (LEI): 969500WESYQMQ1F2C272.
Date of incorporation – Term (Article 5 of the Bylaws): 
Christian Dior was incorporated on October 8, 1946 for a term of 
99 years, which expires on October 7, 2045, unless the Company 
is dissolved early or extended by a resolution at the Extraordinary 
Shareholders’ Meeting.
Location where documents concerning the Company may 
be consulted: The Bylaws, financial statements and reports, 
and the minutes of Shareholders’ Meetings may be consulted at 
the registered office at the address indicated above; information 
that is not included in this Annual Report can be found on 
the Company’s website, with the exception of the minutes of 
Shareholders’ Meetings.
Website: www.dior-finance.com.
1.3	
Additional information
The text of the Bylaws is presented in full on the Company’s 
website, www.dior-finance.com.
Corporate purpose (Extract from Article 2 of the Bylaws): The 
taking and management of interests in any company or entity, 
whether commercial, industrial, or financial, whose direct or 
indirect activity involves the manufacture and/or distribution 
of prestige products, through the acquisition, in any form 
whatsoever, of shares, corporate interests, bonds, other securities 
or investment rights.
Board of Directors (Extracts from Articles 9, 10, 11, 12, 13 and 
15 of the Bylaws)
•	 The Company is administered by a Board of Directors composed 
of at least three and no more than eighteen members, 
appointed by the Shareholders’ Meeting for a term of office 
lasting three years.
A legal entity may be appointed as a Director but is required, 
at the time of its appointment, to designate an individual 
who shall serve as its Permanent Representative on the Board 
of Directors.
Each Director must own at least two hundred shares in the 
Company for the entire duration of his/her/its term of office.
No one over the age of eighty‑five shall be appointed as a 
Director if, as a result of his/her appointment, the number 
of Directors over eighty‑five would exceed one‑third of the 
Board members. The number of members of the Board of 
Directors who are more than eighty‑five years old may not 
exceed one‑third (rounded to the next higher number if 
this total is not a whole number) of the Directors in office. 
Whenever this limit is exceeded, the term of office of the 
oldest Director shall be deemed to have expired at the close 
of the Ordinary Shareholders’ Meeting convened to approve 
the financial statements for the fiscal year during which the 
limit is exceeded.
The duties of a Director expire at the close of the Ordinary 
Shareholders’ Meeting convened to approve the financial 
statements for the preceding fiscal year and held in the year 
during which the term of office of that Director comes to 
an end.
However, to make the renewal of appointments as balanced 
over time as possible, and in any event to make them complete 
for each three‑year period, the Board will have the option 
of determining the order in which Directors’ appointments 
expire by drawing lots at a Board meeting for one‑third of its 
members each year. Once the rotation has been established, 
renewals will take place according to seniority.
In the event of the death or resignation of one or more 
Directors, the Board of Directors may make provisional 
appointments between two Shareholders’ Meetings, subject to 
their ratification by the next Ordinary Shareholders’ Meeting.
The Board of Directors shall elect a Chairman, who must be 
an individual, from among its members. It shall determine 
his/her term of office, which cannot exceed that of his/her 
office as Director.

Annual Report as of December 31, 2022
315
Other information
Information regarding the parent company
The Chairman of the Board of Directors cannot be more than 
eighty years old, subject to the eighteenth resolution being 
approved at the Shareholders’ Meeting of April 20, 2023. 
Should the Chairman reach this age limit during his/her 
term of office, his/her appointment shall be deemed to have 
expired at the close of the Ordinary Shareholders’ Meeting 
convened to approve the financial statements of the fiscal year 
during which the limit was reached. Subject to this provision, 
the Chairman of the Board may always be re‑elected.
The Chairman of the Board of Directors shall chair Board 
meetings, organize and direct the work of the Board, and 
report on the latter at Shareholders’ Meetings. He/she shall 
ensure the proper operation of corporate bodies and, in 
particular, shall verify that the Directors are able to perform 
their duties.
•	 The Board of Directors shall meet as often as is required by 
the interests of the Company, and in any event at least once 
per quarter.
Meetings are held at the registered office or at any other 
location specified in the convening notice.
Notice is served to each Director by any means, at least eight 
days prior to the meeting; the notice of meeting shall mention 
the agenda of the meeting as set by the person convening the 
meeting. However, the Board may meet without notice and 
without an agenda set in advance if all Directors in office 
are present or represented or when it is convened by the 
Chairman during a Shareholders’ Meeting.
A meeting of the Board of Directors shall be valid if at least 
half of its members are present or represented. Decisions 
are made by a majority of votes of the members present or 
represented; in the event of a tie vote, the Chairman’s vote is 
the deciding vote. Pursuant to Article L. 225‑37 of the French 
Commercial Code, the Board of Directors may cast votes in 
writing, as provided by law.
•	 The Board of Directors sets guidelines for the Company’s 
activities and shall ensure their implementation, in accordance 
with its corporate interest, taking into account the social and 
environmental issues facing its business and, where applicable, 
the Company’s “raison d’être” (purpose). Subject to the 
powers expressly granted to the shareholders at Shareholders’ 
Meetings, and within the limits of the corporate purpose, 
it addresses any issues relating to the Company’s proper 
operation and settles the affairs concerning it through its 
resolutions. The Board of Directors performs such monitoring 
and verifications as it deems appropriate.
Executive Management (Extract from Article 15 of the Bylaws)
The Company’s Executive Management function is performed 
under the responsibility of either the Chairman of the Board 
of Directors or another individual appointed by the Board 
of Directors and bearing the title of Chief Executive Officer; 
the Board of Directors chooses one of these two methods of 
exercising the Executive Management function. It shall inform 
the shareholders thereof in accordance with the regulatory 
conditions.
If the Company’s Executive Management function is assumed by 
the Chairman of the Board of Directors, the following provisions 
relating to the Chief Executive Officer shall apply to him/her.
The Chief Executive Officer may or may not be chosen from 
among the Directors. The Board sets his/her term of office and 
compensation. The age limit for serving as Chief Executive 
Officer is seventy‑five. If the Chief Executive Officer reaches this 
age limit while in office, he/she will automatically be considered 
to have resigned at the close of the Ordinary Shareholders’ 
Meeting convened to approve the financial statements of the 
fiscal year during which the limit was reached.
The Chief Executive Officer is vested with the most extensive 
powers to act under any circumstances on behalf of the Company. 
He/she exercises such powers within the limits of the corporate 
purpose, and subject to the powers expressly granted by law to 
the Shareholders’ Meeting and to the Board of Directors.
He/she shall represent the Company in its relations with third 
parties. The Company is bound even by acts of the Chief 
Executive Officer falling outside the scope of the corporate 
purpose, unless it demonstrates that the third party knew that 
the act exceeded such purpose or could not have ignored it given 
the circumstances, it being specified that mere publication of the 
Bylaws is not sufficient to establish such proof.
Upon the proposal of the Chief Executive Officer, the Board of 
Directors may appoint one or more individuals responsible for 
assisting the Chief Executive Officer, with the title of Group 
Managing Director, for whom it shall set the compensation.
There may not be more than five Group Managing Directors 
serving in this capacity at the same time.
In agreement with the Chief Executive Officer, the Board of 
Directors sets the scope and duration of the powers granted to 
Group Managing Directors. With regard to third parties, they 
shall have the same powers as the Chief Executive Officer.
Advisory Board (Extract from Article 14a of the Bylaws)
Between one and three Advisory Board members may be 
appointed. Their appointment or dismissal is subject to the same 
rules as those applying to Directors.
Advisory Board members are convened to the meetings of the 
Board of Directors, in which they have a consultative vote.
Advisory Board members may be consulted by the Chairman 
of the Board of Directors on the Group’s strategic direction 
and, more generally, on any issues relating to the Company’s 
organization and development. The committee Chairmen 
may also solicit their opinion on matters falling within their 
respective areas of expertise.
Shareholders’ Meetings (Extracts from Articles 17 to 23 of the 
Bylaws)
Shareholders’ Meetings are convened and held as provided by 
law.
One or more shareholders who together hold at least 10% of the 
Company’s subscribed share capital may also request that the 
Board of Directors convene a Shareholders’ Meeting, and draw 
up its agenda.

316
Annual Report as of December 31, 2022
Other information
Information regarding the parent company
The right to attend and vote at Shareholders’ Meetings is subject 
to the registration of the shareholder in the Company’s share 
register.
A shareholder can always be represented by proxy at a 
Shareholders’ Meeting by another shareholder, his/her spouse, 
the partner with whom he/she has entered into a “Pacte civil de 
solidarité” (PACS, the French civil union contract), or any other 
private individual or legal entity of his/her choice.
Shareholders may address their proxy form and/or their 
voting form for any Shareholders’ Meeting, in accordance with 
applicable laws and regulations, either by mail or, if decided by 
the Board of Directors, electronically.
Meetings are held at the registered office or at any other place 
mentioned in the convening notice.
In accordance with the conditions set by applicable legal and 
regulatory provisions, and pursuant to a decision of the Board 
of Directors, Shareholders’ Meetings may also be held using 
videoconferencing or other means of telecommunication that 
allow shareholders to be identified.
Shareholders’ Meetings are chaired by the Chairman of the Board 
of Directors or, in his/her absence, by the Vice-Chairman of the 
Board of Directors or, in the absence of both of these individuals, 
by a member of the Board of Directors appointed by the Board 
for that purpose; if no Chairman has been appointed, the 
shareholders at the meeting elect its Chairman.
In most cases, the agenda of the Meeting is set by the person 
convening the Meeting.
The role of scrutineer is served by the two shareholders present 
at the Meeting who have the greatest number of votes and accept 
this role.
Rights, preferences and restrictions attached to shares 
(Extracts from Articles 6, 8, 17 and 30 of the Bylaws)
All shares belong to the same category, whether issued in 
registered or bearer form. Shareholders have as many votes as 
they hold shares.
A voting right equal to twice the voting right attached to the 
other shares is granted to all fully paid‑up registered shares for 
which evidence of registration for at least three years under the 
name of the same shareholder may be demonstrated, as well as 
to shares issued in the event of a capital increase through the 
incorporation of reserves, unappropriated retained earnings, 
or issue premiums, on the basis of existing shares giving the 
holder such right. This right may only be removed by a vote at 
the Extraordinary Shareholders’ Meeting with the approval at a 
Special Meeting of the holders of this right.
This double voting right shall automatically lapse in the case 
of shares being converted into bearer shares or conveyed in 
property. However, any transfer by right of inheritance, by way 
of liquidation of community property between spouses or deed 
of gift inter vivos to a spouse or a family heir shall neither cause 
the acquired right to be lost nor interrupt the abovementioned 
three‑year qualifying period. The same shall also apply to any 
transfer, following the merger or spin‑off of a shareholding 
company, to the absorbing company or the Company benefiting 
from the spin‑off, or, as the case may be, to the new company 
created as a result of the merger or spin‑off.
Each share gives the right to a proportional stake in the ownership 
of the Company’s assets, as well as in the sharing of profits and 
of any liquidation surplus.
Crossing of shareholding thresholds (Extract from Article 
8 of the Bylaws): Independently of legal obligations, the Bylaws 
stipulate that any individual or legal entity that becomes the 
owner of a number of shares representing more than 1% of the 
capital must inform the Company within eight days of crossing 
this threshold. The same obligation applies whenever the portion 
of capital held crosses the threshold of 1% once again. It ceases to 
apply when the shareholder in question reaches the threshold of 
60% of the share capital.
Fiscal year (Extract from Article 24 of the Bylaws): From 
January 1 to December 31 each year.
Distribution of profits (Extract from Article 26 of the Bylaws): 
The Shareholders’ Meeting may deduct from the profit for 
the fiscal year such sums as it deems appropriate, either to be 
carried forward to the following fiscal year, or to be applied to 
one or more general or special reserve funds, whose allocation 
or use it shall freely determine. Any remaining balance is to be 
distributed among all shareholders in the form of a dividend, 
prorated in accordance with the share capital represented by 
each share.
Actions necessary to modify the rights of shareholders: 
The Bylaws do not contain any stricter provision governing the 
modification of shareholders’ rights than those required by law.
Provisions governing changes in the share capital: The Bylaws 
do not contain any stricter provision governing changes in the 
share capital than those required by law.

Annual Report as of December 31, 2022
317
Other information
Information regarding the capital
2.	
Information regarding the capital
2.1	
Share capital
As of December 31, 2022 and January 26, 2023, the Company’s share capital was 361,015,032 euros, consisting of 180,507,516 fully 
paid‑up shares with a par value of 2 euros each. The shares issued by the Company are all of the same class. Of these 180,507,516 shares, 
130,155,394 shares conferred double voting rights as of December 31, 2022.
2.2	
Authorized share capital
As of December 31, 2022, the Company’s authorized share capital was 481,015,032 euros, divided into 240,507,516 shares with a par 
value of 2 euros each.
The authorized share capital represents the maximum amount that the share capital could reach should the Board of Directors make 
use of all of the authorizations and delegations of authority granted at the Shareholders’ Meeting that permit the Company to increase 
its amount.
2.3	
Status of delegations and authorizations granted to the Board of Directors
This information is provided in §1.10, “Summary of existing delegations and financial authorizations and use made of them” in the 
Board of Directors’ report on corporate governance.
2.4	
Identifying holders of securities
Article 8 of the Bylaws authorizes the Company to set up a procedure for identifying holders of securities, in accordance with applicable 
laws and regulations.
2.5	
Non‑capital shares
The Company has not issued any non‑capital shares.
2.6	
Securities giving access to the Company’s capital
No securities giving access to the Company’s share capital were outstanding as of December 31, 2022.
2.7	
Changes in the Company’s share capital during the last three fiscal years
(EUR) 
Type of 
transaction
Number 
of shares
Change in capital
Capital after transaction
Par value
Issue 
premium
Amount
Total number 
of shares
As of December 31, 2019
 
 
 
 
361,015,032
180,507,516
Fiscal year 2020
None
-
-
-
361,015,032
180,507,516
Fiscal year 2021
None
-
-
-
361,015,032
180,507,516
Fiscal year 2022
None
-
-
-
361,015,032
180,507,516
As of December 31, 2022
 
 
 
 
361,015,032
180,507,516

318
Annual Report as of December 31, 2022
Other information
Breakdown of share capital and voting rights
3.	
Breakdown of share capital and voting rights
3.1	
Share ownership of the Company
As of December 31, 2022, the Company’s share capital comprised 
180,507,516 shares:
•	 174,611,712 pure registered shares;
•	 2,047,215 administered registered shares;
•	 3,848,589 bearer shares.
Taking into consideration treasury shares, 180,410,580 shares 
carried voting rights, of which 130,155,394 shares carried double 
voting rights.
As of December 31, 2022, the Company’s share ownership was as follows:
Shareholders
Number 
of shares
Number of 
voting rights (a) 
% of share 
capital
% of voting 
rights
Arnault family group
175,997,947
305,618,659
97.50
98.41
	– Of which: Financière Agache
173,288,273
300,239,043
96.00
96.67
Treasury shares
96,936
-
0.05
-
Other shareholders
4,412,633
4,947,315
2.45
1.59
Total as of December 31, 2022
180,507,516
310,565,974
100.00
100.00
(a)	 Voting rights exercisable at Shareholders’ Meetings.
As of December 31, 2022, a total of 171 registered shareholders 
held at least 100 shares each.
Subject to the provisions of §3.4 below, to the Company’s 
knowledge:
•	 no shareholder held at least 5% of the Company’s share capital 
and voting rights as of December 31, 2022;
•	 no shareholder held 5% or more of the Company’s share 
capital or voting rights, either directly, indirectly, or acting 
in concert;
•	 no shareholders’ agreement or any other agreement 
constituting an action in concert existed involving at least 
0.5% of the Company’s share capital or voting rights.
As of December 31, 2022, members of the Board of Directors 
directly held 0.6% of the Company’s share capital and voting 
rights, personally and as registered shares.
As of December 31, 2022, the Company held 96,936 shares as 
treasury shares recognized as short‑term investments, with the 
objective of covering commitments for share purchase option 
and bonus share plans. In accordance with legal requirements, 
these shares are stripped of their voting rights.
As of December 31, 2022, employees of the Company and 
affiliated companies, as defined in Article L. 225‑180 of the 
French Commercial Code, held the equivalent of 0.15% of the 
share capital, in employee savings plans and in registered form 
as bonus shares identified as having been awarded pursuant to 
an authorization by the Shareholders’ Meeting subsequent to the 
Act passed on August 6, 2015.
Following the change in Agache’s legal form into a société en 
commandite par actions (SCA or limited joint‑stock partnership), 
with Bernard Arnault appointed as its managing general partner 
(gérant commandité), and the creation of Agache Commandité 
SAS, a société par actions simplifiée à capital variable (simplified 
limited company with variable capital) owned equally by 
Bernard Arnault’s five children and appointed as general partner 
(associée commanditée) of Agache SCA, Agache Commandité SAS 
(i) informed the AMF (notice published on December 9, 2022) 
and the Company that it had indirectly exceeded on December 6, 
2022 the statutory thresholds of 5%, 10%, 15%, 20%, 25%, 30%, 
one‑third, 50%, two‑thirds, 90% and 95% of the Company’s 
share capital and voting rights and (ii) informed the Company 
that it had indirectly exceeded the thresholds specified in the 
Bylaws of between 1% (inclusive) and 59% (inclusive) of the share 
capital, although the obligation to inform the Company that the 
thresholds specified in the Bylaws have been exceeded ceases 
to apply when the portion of capital held is equal to or greater 
than 60% of the Company’s share capital. An exemption from the 
requirement to file a proposed public offer for the Company’s 
shares was obtained from the AMF on this occasion (notice 
published on July 21, 2022).
During the fiscal year ended December 31, 2022 and as of 
January 26, 2023, no public purchase or exchange offer nor price 
guarantee was made by a third party involving the Company’s 
shares.
The Company’s main shareholders have voting rights identical 
to those of other shareholders.
In order to protect the rights of each and every shareholder, the 
Charter of the Board of Directors requires that at least one‑third 
of its appointed members be Independent Directors. In addition, 
at least two‑thirds of the members of the Performance Audit 
Committee must be Independent Directors. A majority of the 
members of the Governance & Compensation Committee must 
also be Independent Directors.

Annual Report as of December 31, 2022
319
Other information
Breakdown of share capital and voting rights
3.2	
Changes in share ownership during the last three fiscal years
As of December 31, 2022
Shareholders
Number 
of shares
% of share 
capital
Theoretical 
voting rights
% of theoretical 
voting rights
Voting rights 
exercisable 
at SM (a) 
% of voting rights 
exercisable 
at SM (a) 
Arnault family group
175,997,947
97.50
305,618,659
98.38
305,618,659
98.41
	– Of which: Financière Agache
173,288,273
96.00
300,239,043
96.64
300,239,043
96.67
Treasury shares
96,936
0.05
96,936
0.03
-
-
Free‑float registered
603,776
0.34
1,138,458
0.37
1,138,458
0.37
Free‑float bearer
3,808,857
2.11
3,808,857
1.22
3,808,857
1.22
Total
180,507,516
100.00
310,662,910
100.00
310,565,974
100.00
(a)	 SM: Shareholders’ Meeting.
As of December 31, 2021
Shareholders
Number 
of shares
% of share 
capital
Theoretical 
voting rights
% of theoretical 
voting rights
Voting rights 
exercisable 
at SM (a) 
% of voting rights 
exercisable 
at SM (a) 
Arnault family group
175,997,947
97.50
305,491,769
98.37
305,491,769
98.40
	– Of which: Financière Agache
173,288,273
96.00
300,239,043
96.68
300,239,043
96.71
Treasury shares
96,936
0.05
96,936
0.03
-
-
Free‑float registered
609,596
0.34
1,161,766
0.37
1,161,766
0.37
Free‑float bearer
3,803,037
2.11
3,803,037
1.22
3,803,037
1.22
Total
180,507,516
100.00
310,553,508
100.00
310,456,572
100.00
(a)	 SM: Shareholders’ Meeting.
As of December 31, 2020
Shareholders
Number 
of shares
% of share 
capital
Theoretical 
voting rights
% of theoretical 
voting 
rights
Voting rights 
exercisable 
at SM (b) 
% of voting rights 
exercisable 
at SM (b) 
Arnault family Group (a) 
175,997,947
97.50
302,885,655
98.41
302,885,655
98.44
	– Of which: Financière Agache
171,917,039
95.24
296,518,401
96.34
296,518,401
96.37
Treasury shares
96,936
0.05
96,936
0.03
-
-
Free‑float registered
620,938
0.34
1,015,256
0.33
1,015,256
0.33
Free‑float bearer
3,791,695
2.10
3,791,695
1.23
3,791,695
1.23
Total
180,507,516
100.00
307,789,542
100.00
307,692,606
100.00
(a)	 Aside from the shares and voting rights held by Financière Agache SA, which absorbed Semyrhamis SA effective December 15, 2020, the Arnault family and companies it controls 
directly or indirectly held 2.26% of the Company’s share capital and 2.08% of the voting rights exercisable at Shareholders’ Meetings.
(b)	 SM: Shareholders’ Meeting.

320
Annual Report as of December 31, 2022
Other information
Market for financial instruments issued by Christian Dior
3.3	
Pledges of pure registered shares by main shareholders
The Company is not aware of any pledge of pure registered shares by the main shareholders.
3.4	
Natural persons or legal entities that may exercise control over the Company
As of December 31, 2022, the Arnault family Group – comprising 
the Arnault family and the companies it controls, including 
Agache SCA – owned, directly and indirectly, 97.50% of the 
share capital of the Company (i.e. 175,997,947 shares) and 98.41% 
of the voting rights that may be exercised at Shareholders’ 
Meetings, of which 96.00% of the share capital of the Company 
(i.e. 173,288,273 shares) and 96.67% of the voting rights that may 
be exercised at Shareholders’ Meetings, via Financière Agache SA.
The organizational chart below provides a simplified overview of the shareholding structure (% of share capital/% of voting rights exercisable 
at Shareholders’ Meetings) and control of the Company as of December 31, 2022:
Limited partners (a)
(associés commanditaires)
General partner 
(associé commandité)
Agache Commandité
Agache SCA (b)
Managing general partner 
(gérant commandité)
Bernard Arnault
97.50% / 98.41%
41.42% / 56.86%
Free ﬂoat
Free ﬂoat
51.39% / 36.10%
2.45% / 1.59%
100%
6.76% / 7.04%
Christian Dior SE (c)
LVMH SE (d)
(a)	 Members of the Arnault family group.
(b)	 A société en commandite par actions (SCA or limited joint‑stock partnership) controlled by Agache Commandité SAS, with Bernard Arnault and Agache Commandité SAS as its general 
partners (associés commandités).
(c)	 Treasury shares: 0.05% based on the share capital under the Bylaws as of December 31, 2022.
(d)	 Treasury shares: 0.43% based on the share capital under the Bylaws as of December 31, 2022.
4.	
Market for financial instruments issued by Christian Dior
4.1	
Market for Christian Dior shares
During fiscal year 2022, global stock markets were adversely 
affected by monetary tightening policies adopted by the main 
central banks to combat sharply rising inflation mainly fueled by 
soaring energy (gas and oil) and food prices. The Russian invasion 
of Ukraine, fears of a global recession and the continuing zero-
Covid policy in China also weighed on stock markets throughout 
the year. Against this backdrop, the US market lost almost 20%, 
followed by China (down 19%) and Europe (down 12%).
In 2022, inflation rates significantly exceeded US and European 
central bank targets, peaking at 10.6% in the United States and 
9.1% in Europe and prompting the US Federal Reserve and the 
European Central Bank to raise their benchmark interest rates 
by 425 and 250 basis points respectively over the course of the 
year. At the same time, these central banks began to downsize 
their balance sheets by further scaling back their asset purchase 
programs.

Annual Report as of December 31, 2022
321
Other information
Market for financial instruments issued by Christian Dior
This brought an end to the phenomenon of negative interest 
rates in Europe, with German 10‑year sovereign yields ending the 
year at an annual high of 2.6%, compared with -0.2% at year‑end 
2021, and their Italian counterparts ending the year at 4.7%, close 
to their highest level that year. Meanwhile, US 10‑year sovereign 
yields rose to 4.3% before falling back to end the year at 3.8%, up 
around 2.3% year on year.
For much of the year, the US dollar benefited from the rapid rise 
in US interest rates, appreciating against other major currencies 
to reach 0.95 dollars to the euro at the end of the third quarter 
before losing some of its gains to end the year at 1.07 dollars to 
the euro.
Oil prices were highly volatile, rising from 79 dollars a barrel at 
the beginning of the year to over 120 dollars a barrel following 
the Russian invasion of Ukraine before falling back below 
100 dollars a barrel amid recessionary fears in the second half 
and ending the year at 85 dollars a barrel.
Gold followed a similar trend, rising from 1,815 US dollars an 
ounce at year‑end 2021 to over 2,000 dollars an ounce at the 
beginning of March before ending the year virtually unchanged 
at 1,824 dollars an ounce.
Despite this adverse environment, growth proved resilient in 
both the United States and Europe, supported by a still buoyant 
US labor market and firm domestic demand in Europe. GDP 
growth for 2022 is expected to come in at around 2% for the 
United States and over 3% for Europe.
In China, the government’s zero-Covid policy and the deterioration 
in the real estate market hampered growth, which is likely 
to come in below 3% for 2022, whereas inflation remained 
moderate compared with the rest of the world.
In Japan, the central bank maintained its monetary policy 
unchanged and a new stimulus package, equating to 7% of GDP, 
was adopted.
In this environment, the Christian Dior share price recorded a 
slight decrease of 6% between January 1 and December 31, 2022, 
compared with decreases of 12% and 10% in the Euro Stoxx 50 
and the Euronext 100, respectively. Over the same period, the 
S&P 500 lost 19%, Japan’s Topix fell 5% and the Shanghai SE 
180 lost 19%. Christian Dior’s closing share price on December 31, 
2022 was 681 euros. As of the same date, Christian Dior’s stock 
market capitalization was 122.9 billion euros.
Market for the issuer’s shares
Christian Dior’s shares are listed on Compartment A of 
Euronext Paris (Reuters: DIOR.PA; Bloomberg: CDI FP; ISIN: 
FR0000130403).
Trading volumes and amounts on Euronext Paris and share price movement over the last twelve months
 
Opening price,
 first day
 (EUR) 
Closing price,
 last day
 (EUR) 
Highest share 
price (a) 
(EUR) 
Lowest share 
price (a) 
(EUR) 
Number of 
shares traded
Value of 
shares traded 
(EUR millions) 
January 2022
730
685
755.5
638
142,382
97
February 2022
687.5
638.5
709.5
590.5
143,557
94
March 2022
622
618.5
642.5
513
204,955
120
April 2022
621.5
590
638
576
123,711
75
May 2022
580
580
590
516
165,453
91
June 2022
581
566
599.5
525
114,923
64
July 2022
561
661.5
669
551
88,806
53
August 2022
663
623.5
685.5
621
70,859
47
September 2022
617
595.5
646.5
576.5
67,259
41
October 2022
591.5
626.5
648
580
89,996
55
November 2022
636
724
725
605.5
80,453
54
December 2022
720
681
734.5
671.5
81,478
57
Source: Euronext.
(a)	 Intra‑day share price.

322
Annual Report as of December 31, 2022
Other information
Market for financial instruments issued by Christian Dior
Christian Dior share price over time and volume of shares traded on Euronext Paris
06/2020
12/2020
12/2021
12/2022
06/2021
06/2022
800
600
700
500
400
300
200
100
Volume of shares
50,000
100,000
150,000
200,000
Euros /share
Stock market capitalization
(EUR millions) 
 
As of December 31, 2019
82,456
As of December 31, 2020
82,059
As of December 31, 2021
131,770
As of December 31, 2022
122,926
4.2	
Share repurchase program
The Company did not purchase or sell any shares in 2022 under the share repurchase program.
4.3	
Bonds issued by Christian Dior
As of December 31, 2022, no bonds issued by Christian Dior were admitted to trading.
4.4	
Dividend
A gross cash dividend of 12 euros per share is being proposed for 
the fiscal year ended December 31, 2022. Based on the number 
of shares making up the share capital as of December 31, 2022 
(180,507,516 shares), Christian Dior’s gross cash dividend 
would amount to 2.2 billion euros for the fiscal year ended 
December 31, 2022, before the effect of treasury shares.

Annual Report as of December 31, 2022
323
Other information
Market for financial instruments issued by Christian Dior
Dividend distribution in respect of fiscal years 2019 to 2022
Fiscal year
Gross cash 
dividend (a) 
per share 
(EUR) 
Gross cash 
dividend 
distribution 
(EUR millions) 
December 31, 2022 (b)  
12.00
2,166
December 31, 2021
10.00
1,805
December 31, 2020
6.00
1,083
December 31, 2019
34.00 (c) 
6,137
(a)	 Excluding the impact of tax regulations applicable to recipients.
(b)	 Proposed at the Shareholders’ Meeting of April 20, 2023.
(c)	 Of which 4.80 euros as an ordinary component and 29.20 euros as an exceptional 
component.
Gross cash dividend (a) per share (EUR)
12/31/21
12/31/22
12/31/20
12/31/19
12.00 (b)
34.00 (c)
6.00
10.00
(a)	 Excluding the impact of tax regulations applicable to recipients.
(b)	 Proposed at the Shareholders’ Meeting of April 20, 2023.
(c)	 Of which 4.80 euros as an ordinary component and 29.20 euros as an exceptional 
component.
The Company has a dividend distribution policy, designed 
to ensure a stable return to shareholders, while making them 
partners in the Group’s growth and, where appropriate, in 
response to exceptional events.
In accordance with applicable laws in France, dividends and 
interim dividends not claimed within five years become void 
and are paid to the French state.
4.5	
Change in share capital
As of December 31, 2022, Christian Dior SE’s share capital was 361,015,032 euros, consisting of 180,507,516 fully paid‑up shares with a 
par value of 2 euros each.
The number of shares did not change during the fiscal year.
4.6	
Performance per share
(EUR) 
2022
2021
Diluted Group share of earnings per share
32.11 
27.40
Dividend
12.00 (a) 
10.00
Change compared to previous fiscal year
+20% 
+66%
Highest share price (intra‑day)
755.50 
733.50
Lowest share price (intra‑day)
513.00 
427.60
Share price as of December 31 (closing price)
681.00 
730.00
Change compared to previous fiscal year
-6.7% 
+60.6%
(a)	 Proposed at the Shareholders’ Meeting of April 20, 2023.

324
Annual Report as of December 31, 2022

Annual Report as of December 31, 2022
325
Statement by the person responsible 
for the Annual Report
We declare, having taken all reasonable care to ensure that such is the case, that the information contained in this Annual Report is, 
to the best of our knowledge, in accordance with the facts and contains no omission likely to affect its import.
We declare that, to the best of our knowledge, the financial statements have been prepared in accordance with applicable accounting 
standards and provide a true and fair view of the assets, liabilities, financial position and profit or loss of the parent company and of all 
consolidated companies, and that the Management Report presented on page 9 gives a true and fair picture of the business performance, 
profit or loss and financial position of the parent company and of all consolidated companies as well as a description of the main risks 
and uncertainties faced by all of these entities.
Paris, March 29, 2023
Under delegation from the Chief Executive Officer
Aymeric LE CLERE
Chief Financial Officer

326
Annual Report as of December 31, 2022

Design and production: Agence Marc Praquin

30, avenue Montaigne – Paris 8e