Exhibit
  8

List of Subsidiaries

CONSOLIDATED COMPANIES AT DECEMBER
  31, 2002

|                                              |                                     |     | **PERCENTAGE**
|--------------------------------------------- | ----------------------------------- | --- | --------------
|                                              |                                     |     |               
|COMPANIES                                     | JURISDICTION OF
      INCORPORATION |     | CONTROL       
|                                              |                                     |     |               
|WINES AND SPIRITS                             |                                     |     |               
|Champagne Moët & Chandon
      SCS            | Epernay, France                     |     | 100%          
|Champagne Ruinart SA                          | Reims, France                       |     | 100%          
|Champagne Ruinart UK Ltd                      | Newhaven, United Kingdom            |     | 100%          
|France Champagne SA                           | Epernay, France                     |     | 100%          
|De Fresnoy SA                                 | Epernay, France                     |     | 100%          
|Moët Hennessy UK Ltd                          | London, United Kingdom              |     | 100%          
|Chandon SA Espagne                            | Sant Cugat, Spain                   |     | 100%          
|Moët & Chandon SA (Suisse)                    | Geneva, Switzerland                 |     | 100%          
|Champagne Des Moutiers SA                     | Oiry, France                        |     | 100%          
|Schieffelin Partner Inc.                      | Delaware, U.S.A.                    |     | 100%          
|Moët Hennessy Mexico                          | Mexico, Mexico                      |     | 100%          
|Chamfipar SA                                  | Ay, France                          |     | 100%          
|Société Viticole de
      Reims SA            | Ay, France                          |     | 100%          
|Cie Française du Champagne
      et du Luxe   | Ay, France                          |     |               
|SA                                            |                                     |     | 100%          
|Domaine Chandon, Inc.                         | Delaware, U.S.A.                    |     | 100%          
|M Chandon do Brasil Ltda                      | Sao Paulo, Brazil                   |     | 100%          
|Bodegas Chandon SA                            | Buenos Aires, Argentina             |     | 100%          
|Domaine Chandon Australia, Pty Ltd.           | Coldstream Victoria, Australia      |     | 100%          
|Cheval des Andes SA                           | Buenos Aires, Argentina             |     | 50%           
|Moët Hennessy Deutschland GmbH                | Munich, Germany                     |     | 100%          
|Moët Hennessy Italia SpA                      | Turin, Italy                        |     | 100%          
|Schieffelin & Somerset Co..                   | New York, U.S.A.                    |     | 100%          
|Schieffelin & Co Inc.                         | Delaware, U.S.A.                    |     | 100%          
|MH UDV France SA                              | Paris, France                       |     | 100%          
|Deux Rivières General Partnership             | California, U.S.A.                  | (2) | 100%          
|Veuve Clicquot Ponsardin SCS                  | Reims, France                       |     | 100%          
|Champagne Canard-Duchêne SA                   | Ludes, France                       |     | 100%          
|Société Civile des
      Crus de Champagne SA | Reims, France                       |     | 100%          
|Neggma SA                                     | Reims, France                       |     | 50%           
|Veuve Clicquot U.K. Ltd                       | London, United Kingdom              |     | 100%          
|Cape Mentelle Vineyards Ltd.                  | Margaret River, Australia           |     | 100%          
|Veuve Clicquot Properties, Pty Ltd.           | Margaret River, Australia           |     | 100%          
|Cloudy Bay Vineyards Ltd                      | Blenheim, New Zealand               |     | 100%          
|Clicquot, Inc                                 | California, U.S.A.                  |     | 100%          
|Marques Champagne Spiritueux GIE              | Brussels, Belgium                   | (2) | 100%          
|Paragon Vintners Ltd                          | London, United Kingdom              |     | 100%          
|Krug SA                                       | Reims, France                       |     | 100%          
|Veuve Clicquot Japan KK                       | Tokyo, Japan                        |     | 100%          
|Mountadam Vineyards Pty Ltd                   | Adelaide, Australia                 |     | 90%           
|Newton Vineyards LLC                          | California, U.S.A.                  |     | 60%           
|Château dYquem SA                            | Sauternes, France                   |     | 65%           
|                                              |                                     |     |               
|                                              | Exh8-1                              |     |               

---

---

|                                             |                                     |     | **PERCENTAGE**
|-------------------------------------------- | ----------------------------------- | --- | --------------
|                                             |                                     |     |               
|COMPANIES                                    | JURISDICTION OF
      INCORPORATION |     | CONTROL       
|                                             |                                     |     |               
|Château dYquem SC                           | Sauternes, France                   |     | 64%           
|Jas Hennessy & Co SCS                        | Cognac, France                      |     | 99%           
|Thomas Hine & Cie SA                         | Jarnac, France                      |     | 100%          
|DMJ Holdings BV                              | Amsterdam, Netherlands              | (3) | 67%           
|UD Moët Hennessy BV                          | The Hague, Netherlands              | (3) | 100%          
|Hennessy Dublin Ltd.                         | Dublin, Ireland                     |     | 100%          
|Edward Dillon & Co Ltd.                      | Dublin, Ireland                     | (2) | 33%           
|Hennessy Far East Ltd.                       | Hong Kong                           |     | 100%          
|Riche Monde Orient Limited                   | Hong Kong                           | (3) | 75%           
|Riche Monde Ltd.                             | Hong Kong                           | (3) | 100%          
|Riche Monde (China) Ltd                      | Hong Kong                           |     | 100%          
|Moët Hennessy UDG (Far East)
      Ltd.      | Hong Kong                           | (3) | 100%          
|Riche Monde Singapour Pte Ltd.               | Singapore                           | (3) | 100%          
|Riche Monde Malaisie Inc.                    | Petaling Jaya, Malaysia             | (3) | 50%           
|Riche Monde Taïpei Ltd.                      | Taipei, Taiwan                      | (3) | 100%          
|Riche Monde Bangkok Ltd.                     | Bangkok, Thailand                   | (3) | 100%          
|Moët Hennessy Korea Ltd.                     | Seoul, South Korea                  |     | 100%          
|Moët Hennessy Shanghai Ltd                   | Shanghai, China                     |     | 100%          
|Moët Hennessy India pvt. Ltd                 | New Delhi, India                    |     | 100%          
|Moët Hennessy Taiwan Ltd                     | Taipei, Taiwan                      |     | 100%          
|Moët Hennessy Netherland BV                  | Naarden, Netherlands                |     | 100%          
|Jardine Wines & Spirits KK                   | Tokyo, Japan                        | (3) | 100%          
|Moët Hennessy Asia Pte Ltd.                  | Singapore                           |     | 100%          
|Millennium Import LLC                        | Delaware, U.S.A.                    |     | 40%           
|                                             |                                     |     |               
|FASHION AND LEATHER GOODS                    |                                     |     |               
|Louis Vuitton Malletier SA                   | Paris, France                       |     | 100%          
|SNC Société des Ateliers
      Louis Vuitton | Paris, France                       |     | 100%          
|SNC Société Louis
      Vuitton Services     | Paris, France                       |     | 100%          
|SNC Société des Magasins
      Louis Vuitton | Paris, France                       |     | 100%          
|****France                                  |                                     |     |               
|Louis Vuitton Monaco SA                      | Monte Carlo, Monaco                 |     | 100%          
|Louis Vuitton U.K. Ltd.                      | London, United Kingdom              |     | 100%          
|Louis Vuitton Deutschland GmbH               | Dusseldorf, Germany                 |     | 100%          
|Louis Vuitton Espana SA                      | Madrid, Spain                       |     | 100%          
|Catalana Talleres SA                         | Barbera del Valles,
      Spain     |     | 100%          
|Louis Vuitton Netherlands BV                 | Amsterdam, Netherlands              |     | 100%          
|Louis Vuitton Belgique SA                    | Brussels, Belgium                   |     | 100%          
|Louis Vuitton Italia SpA                     | Milan, Italy                        |     | 100%          
|Louis Vuitton Hellas SA                      | Athens, Greece                      |     | 100%          
|Louis Vuitton Portugal, Maleiro,
      LdA.  | Lisbon, Portugal                    |     | 100%          
|Louis Vuitton Ltd                            | Tel Aviv, Israel                    |     | 100%          
|Louis Vuitton Danmark A/S                    | Copenhagen, Denmark                 |     | 100%          
|Louis Vuitton Aktiebolag (Suède)
      SA    | Stockholm, Sweden                   |     | 100%          
|Louis Vuitton Suisse SA                      | Geneva, Switzerland                 |     | 100%          
|Louis Vuitton Ceska s.r.o.                   | Prague, Czech Republic              |     | 100%          
|Louis Vuitton GesmbH                         | Vienna, Austria                     |     | 100%          
|Louis Vuitton Cantacilik Ticaret,            | Istanbul, Turkey                    |     | 100%          
|Anonim Sirketi                               |                                     |     |               
|Louis Vuitton US Manufacturing,
      Inc.   | Delaware, U.S.A.                    |     | 100%          
|                                             |                                     |     |               
|                                             | Exh8-2                              |     |               

---

|                                             |                                     |  | **PERCENTAGE**
|-------------------------------------------- | ----------------------------------- |  | --------------
|                                             |                                     |  |               
|COMPANIES                                    | JURISDICTION OF
      INCORPORATION |  | CONTROL       
|                                             |                                     |  |               
|LVMH Fashion Group Hawaii Inc.               | Delaware, U.S.A.                    |  | 100%          
|Atlantic Luggage Company, Ltd                | Hamilton, Bermuda                   |  | 40%           
|Louis Vuitton Guam, Inc.                     | Agana, Guam                         |  | 100%          
|Louis Vuitton Saipan, Inc.                   | Saipan, NMI                         |  | 100%          
|San Dimas Luggage Company                    | Delaware, U.S.A.                    |  | 100%          
|Louis Vuitton Distribuçao
      Ltda         | Brasilia, Brazil                    |  | 100%          
|Louis Vuitton Mexico, SA de CV               | Mexico, Mexico                      |  | 100%          
|Blinfar SA                                   | Montevideo, Uruguay                 |  | 100%          
|Louis Vuitton Chili Ltda.                    | Santiago, Chile                     |  | 100%          
|Louis Vuitton Pacific Ltd.                   | Hong Kong                           |  | 100%          
|Louis Vuitton Hong Kong Ltd.                 | Hong Kong                           |  | 100%          
|Louis Vuitton Singapore Pte Ltd.             | Singapore                           |  | 100%          
|Louis Vuitton Malaysia Sdn Berhad
      Inc. | Kuala-Lumpur, Malaysia              |  | 100%          
|Louis Vuitton Taïwan Ltd.                    | Taipei, Taiwan                      |  | 90%           
|Louis Vuitton Comete Services Ltd.           | Taipei, Taiwan                      |  | 90%           
|Louis Vuitton Australia, Pty Ltd.            | Melbourne, Australia                |  | 100%          
|Louis Vuitton New Zealand Ltd.               | Auckland, New Zealand               |  | 100%          
|Louis Vuitton Cup New Zealand, Ltd           | Auckland, New Zealand               |  | 100%          
|Louis Vuitton Kuweit (SEP)                   | Kuwait City, Kuwait                 |  | 60%           
|Louis Vuitton UAE                            | Dubai, United Arab
      Emirates   |  | 65%           
|Louis Vuitton Saoudi Arabia LLC              | Jeddah, Saudi Arabia                |  | 65%           
|Louis Vuitton Korea, Ltd.                    | Seoul, South Korea                  |  | 100%          
|Louis Vuitton Vostok LLC                     | Moscow, Russia                      |  | 100%          
|Louis Vuitton Argentine SA                   | Buenos Aires, Argentina             |  | 100%          
|Louis Vuitton Colombian Corp.                | Bogota, Colombia                    |  | 100%          
|Louis Vuitton Maroc SARL                     | Casablanca, Morocco                 |  | 100%          
|Louis Vuitton Venezuela SA                   | Caracas, Venezuela                  |  | 100%          
|Louis Vuitton Macau Company Limited          | Freguesia da Sé,
      Macau        |  | 100%          
|Louis Vuitton Japan KK                       | Tokyo, Japan                        |  | 100%          
|LVMH Fashion Group Americas Inc.             | Delaware, U.S.A.                    |  | 100%          
|Louis Vuitton Canada Inc.                    | Toronto, Canada                     |  | 100%          
|Marc Jacobs International LLC                | Delaware, U.S.A.                    |  | 96%           
|Marc Jacobs Trademark LLC                    | Delaware, U.S.A.                    |  | 96%           
|Loewe SA                                     | Madrid, Spain                       |  | 100%          
|Loewe Hermanos SA                            | Madrid, Spain                       |  | 100%          
|Lopena SA                                    | Madrid, Spain                       |  | 100%          
|Manufacturas Loewe SA                        | Barcelona, Spain                    |  | 100%          
|SNC Loewe International                      | Paris, France                       |  | 100%          
|SNC Loewe France                             | Paris, France                       |  | 100%          
|Loewe Hermanos (U.K) Ltd.                    | London, United Kingdom              |  | 100%          
|Loewe Saïpan Inc.                            | Saipan, NMI                         |  | 100%          
|Loewe Guam, Inc                              | Agana, Guam                         |  | 100%          
|Loewe Hawaii, Inc.                           | Hawaii U.S.A.                       |  | 100%          
|Loewe Hong Kong Ltd.                         | Hong Kong                           |  | 100%          
|Loewe Japan KK                               | Tokyo, Japan                        |  | 93%           
|Loewe Fashions (Singapore) Pte Ltd.          | Singapore                           |  | 100%          
|Loewe Malaysia Sdn berhad Inc.               | Kuala-Lumpur, Malaysia              |  | 100%          
|Loewe Taïwan Ltd.                            | Taipei, Taiwan                      |  | 100%          
|Loewe Australia, Pty Ltd.                    | Sydney, Australia                   |  | 100%          
|Loewe Deutschland GmbH                       | Dusseldorf, Germany                 |  | 100%          
|                                             |                                     |  |               
|                                             | Exh8-3                              |  |               

---

|                                               |                                     |     | **PERCENTAGE**
|---------------------------------------------- | ----------------------------------- | --- | --------------
|                                               |                                     |     |               
|COMPANIES                                      | JURISDICTION OF
      INCORPORATION |     | CONTROL       
|                                               |                                     |     |               
|Serrano Inc.                                   | Delaware, U.S.A.                    |     | 100%          
|Berluti SA                                     | Paris, France                       |     | 100%          
|Société Distribution
      Robert Etienne, SNC | Paris, France                       |     | 100%          
|Stefanobi Srl                                  | Milan, Italy                        |     | 100%          
|LVMH Fashion Group Services SAS                | Paris, France                       |     | 100%          
|Belle Jardinière SA                            | Paris, France                       |     | 100%          
|Belle Jardinière Immo SAS                      | Paris, France                       |     | 100%          
|LVMH Fashion (Shanghai) Trading
      Co,      | Hong Kong                           |     | 100%          
|Ltd                                            |                                     |     |               
|LVMH Fashion Group Japan                       | Tokyo, Japan                        |     | 100%          
|LVMH Fashion Group Industria Srl               | Milan, Italy                        |     | 100%          
|Mélèze (Montaigne
      KK)                    | Tokyo, Japan                        |     | 100%          
|Celux Inc, Corporation                         | Tokyo, Japan                        |     | 100%          
|Inchisa SRL                                    | Milan, Italy                        |     | 100%          
|LVNA Finance Corp                              | Texas, U.S.A                        |     | 100%          
|Michael Kors LLC                               | Delaware, U.S.A.                    | (2) | 36%           
|Céline SA                                      | Paris, France                       |     | 100%          
|Avenue M International SCA                     | Paris, France                       |     | 100%          
|Enilec Gestion SARL                            | Paris, France                       |     | 100%          
|Céline Montaigne SA                            | Paris, France                       |     | 100%          
|Céline Monte-Carlo SA                          | Monte-Carlo, Monaco                 |     | 100%          
|Céline Italia Srl                              | Milan, Italy                        |     | 100%          
|Céline Production Srl                          | Florence, Italy                     |     | 100%          
|Céline Suisse SA                               | Geneva, Switzerland                 |     | 100%          
|Céline U.K. Ltd.                               | London, United Kingdom              |     | 100%          
|Céline Inc.                                    | Delaware, U.S.A.                    |     | 100%          
|Céline Japon KK                                | Tokyo, Japan                        |     | 100%          
|Céline (Hong Kong) Ltd                         | Hong Kong                           |     | 99%           
|Céline (Singapour) Pte Ltd.                    | Singapore                           |     | 100%          
|Céline Guam Inc.                               | Tamaning, Guam                      |     | 100%          
|Céline Saïpan Inc                              | Saipan, NMI                         |     | 100%          
|Céline Hawaï Inc                               | Delaware, U.S.A.                    |     | 100%          
|Céline Korea Ltd                               | Seoul, South Korea                  |     | 100%          
|Céline Taïwan Ltd                              | Taipei, Taiwan                      |     | 100%          
|Kenzo SA                                       | Paris, France                       |     | 100%          
|Kenzo Homme SA                                 | Paris, France                       |     | 60%           
|Modulo SA                                      | Paris, France                       |     | 100%          
|Kami SA                                        | Montbazon, France                   |     | 100%          
|Kenzo Deutschland GmbH                         | Berlin, Germany                     |     | 100%          
|Kenzo Belgique SA                              | Brussels, Belgium                   |     | 100%          
|Kenzo Paris KK                                 | Tokyo, Japan                        |     | 100%          
|Kenzo UK Ltd                                   | London, United Kingdom              |     | 100%          
|Kenzo NA Inc., Corp.                           | Delaware, U.S.A.                    |     | 100%          
|Kenzo Fashion Iberica, SA                      | Madrid, Spain                       |     | 100%          
|Kenzo Hommes UK Ltd                            | London, United Kingdom              |     | 100%          
|Kenzo Japan KK                                 | Tokyo, Japan                        |     | 66%           
|Modulo BV                                      | Amstelveen, Netherlands             |     | 100%          
|Givenchy SA                                    | Paris, France                       |     | 100%          
|Givenchy Corporation                           | Delaware, U.S.A.                    |     | 100%          
|Givenchy Co Ltd                                | Japan                               |     | 100%          
|                                               |                                     |     |               
|                                               | Exh8-4                              |     |               

---

|                                      |                                     |  | **PERCENTAGE**
|------------------------------------- | ----------------------------------- |  | --------------
|                                      |                                     |  |               
|COMPANIES                             | JURISDICTION OF
      INCORPORATION |  | CONTROL       
|                                      |                                     |  |               
|Gentleman Givenchy Far East Ltd.      | Hong Kong                           |  | 100%          
|Givenchy China Co Ltd                 | Hong Kong                           |  | 51%           
|Christian Lacroix SNC                 | Paris, France                       |  | 100%          
|Gabrielle Studio Inc                  | New York, U.S.A.                    |  | 100%          
|Donna Karan International Inc.        | Delaware, U.S.A.                    |  | 89%           
|The Donna Karan Company               | New York, U.S.A.                    |  | 100%          
|Donna Karan Services company BV       | Oldenzaal, Netherlands              |  | 100%          
|DK Company Holdings BV                | Oldenzaal, Netherlands              |  | 100%          
|DK Company Holdings LLC               | Delaware, U.S.A.                    |  | 100%          
|Donna Karan Store Corporation         | New York, U.S.A.                    |  | 100%          
|DK Footwear Partners                  | New York, U.S.A.                    |  | 100%          
|Donna Karan Studio                    | Delaware, U.S.A.                    |  | 100%          
|The Donna Karan Company Store GP      | New York, U.S.A.                    |  | 100%          
|Donna Karan UK Holding LLC            | Delaware, U.S.A.                    |  | 100%          
|The Donna Karan Company Store holding | London, United Kingdom              |  | 100%          
|UK Ltd                                |                                     |  |               
|Donna Karan Management Company UK     | London, United Kingdom              |  | 100%          
|Ltd                                   |                                     |  |               
|Donna Karan Company Stores UK Retail  | London, United Kingdom              |  | 100%          
|Ltd                                   |                                     |  |               
|Donna Karan Company Stores UK Ltd     | London, United Kingdom              |  | 100%          
|Donna Karan Hong Kong Ltd             | Hong Kong                           |  | 100%          
|Donna Karan Italy Srl                 | Milan, Italy                        |  | 100%          
|Donna Karan Italy Shoe Company Srl    | Milan, Italy                        |  | 100%          
|Fendi International BV                | Amsterdam, Netherlands              |  | 100%          
|Fendi International France SA         | Paris, France                       |  | 100%          
|Fendi SA Luxembourg                   | Luxembourg                          |  | 67%           
|Fendi Srl                             | Rome, Italy                         |  | 100%          
|Fendissime Srl                        | Rome, Italy                         |  | 100%          
|Fendi Servizi Srl                     | Rome, Italy                         |  | 100%          
|Fendi Adele Srl                       | Rome, Italy                         |  | 100%          
|Fendi Industrie Srl                   | Florence, Italy                     |  | 100%          
|Fendi Italie Srl                      | Rome, Italy                         |  | 100%          
|Fendi U.K. Limited                    | London, United Kingdom              |  | 100%          
|Fendi France SA                       | Paris, France                       |  | 100%          
|Fendi Japan K.K.                      | Tokyo, Japan                        |  | 70%           
|Fendi Hawaii, Inc                     | Delaware, U.S.A.                    |  | 100%          
|Fendi North America, Inc              | New York, U.S.A.                    |  | 100%          
|Fendi Australia Pty Ltd               | Sydney, Australia                   |  | 100%          
|Fendi Guam                            | Tumon, Guam                         |  | 100%          
|Fendi Saipan Inc                      | Saipan, NMI                         |  | 100%          
|Fendi Asia Pacific Limited            | Hong Kong                           |  | 100%          
|Fendi Korea Ltd                       | Seoul, Korea                        |  | 100%          
|Fendi Taiwan Ltd                      | Taipei, Taiwan                      |  | 75%           
|Fendi Hong Kong Limited               | Hong Kong                           |  | 70%           
|Fendi China Boutiques Limited         | Hong Kong                           |  | 70%           
|Fendi (Singapore) Pte Ltd             | Singapore                           |  | 100%          
|Fendi Fashion (Malaysia) Snd. Bhd.    | Kuala Lumpur, Malaysia              |  | 100%          
|Emilio Pucci Srl                      | Florence, Italy                     |  | 96%           
|Emilio Pucci International BV         | Naarden, Netherlands                |  | 67%           
|                                      |                                     |  |               
|                                      | Exh8-5                              |  |               

---

|                                                 |                                        |     | **PERCENTAGE**
|------------------------------------------------ | -------------------------------------- | --- | --------------
|                                                 |                                        |     |               
|COMPANIES                                        | JURISDICTION OF
      INCORPORATION    |     | CONTROL       
|                                                 |                                        |     |               
|Casor Spa                                        | Castel Maggiore (Bologna),
      Italy |     | 67%           
|Emilio Pucci Ltd                                 | New York, U.S.A.                       |     | 100%          
|Thomas Pink Holdings Ltd                         | London, United Kingdom                 |     | 100%          
|Thomas Pink Ltd                                  | Edinburgh, United Kingdom              |     | 100%          
|Thomas Pink BV                                   | Rotterdam, Netherlands                 |     | 100%          
|Thomas Pink Inc                                  | Delaware, U.S.A.                       |     | 100%          
|Thomas Pink Ireland Ltd                          | Dublin, Ireland                        |     | 100%          
|Thomas Pink Belgium SA                           | Brussels, Belgium                      |     | 100%          
|Thomas Pink France SAS                           | Paris, France                          |     | 100%          
|                                                 |                                        |     |               
|PERFUMES AND COSMETICS                           |                                        |     |               
|Parfums Christian Dior SA                        | Paris, France                          |     | 100%          
|LVMH P&C Thailand Co Ltd                         | Bangkok, Thailand                      |     | 49%           
|LVMH P&C do Brasil Ltda                          | Sao Paulo, Brazil                      |     | 100%          
|FAC SA (Argentine)                               | Buenos Aires, Argentina                |     | 100%          
|LVMH P&C Shanghai Co Ltd                         | Shanghai, China                        |     | 100%          
|Parfums Christian Dior Finland Oy                | Helsinki, Finland                      |     | 100%          
|SNC du 33 avenue Hoche                           | Paris, France                          |     | 100%          
|Parfums Christian Dior UK Ltd.                   | London, United Kingdom                 |     | 100%          
|Parfums Christian Dior BV Netherlands            | Rotterdam, Netherlands                 |     | 100%          
|Iparkos BV                                       | Rotterdam, Netherlands                 |     | 100%          
|Parfums Christian Dior GmbH (Germany)            | Dusseldorf, Germany                    |     | 100%          
|Laboratorios Farlabo SA                          | Madrid, Spain                          | (2) | 25%           
|LVMH Perfumes y Cosmeticos Iberica
      SA      | Madrid, Spain                          |     | 100%          
|Parfums Christian Dior SAB (Belgique)            | Brussels, Belgium                      |     | 100%          
|Parfums Christian Dior Italie SpA                | Pisa, Italy                            |     | 100%          
|Parfums Christian Dior Ireland Ltd.              | Dublin, Ireland                        |     | 100%          
|Diorfil SA (Grèce)                               | Athens, Greece                         |     | 100%          
|Parfums Christian Dior AG (Suisse)               | Zurich, Switzerland                    |     | 100%          
|Christian Dior Perfumes Inc.                     | New York, U.S.A.                       |     | 100%          
|Parfums Christian Dior Canada Inc.               | Montreal, Canada                       |     | 100%          
|LVMH P&C de Mexico, SA de CV                     | Mexico, Mexico                         |     | 100%          
|Parfums Christian Dior KK (Japon)                | Tokyo, Japan                           |     | 100%          
|Parfums Christian Dior Singapour
      Pte Ltd.  | Singapore                              |     | 100%          
|Inalux SA                                        | Luxembourg                             |     | 100%          
|LVMH P&C Asia Pacific Ltd                        | Hong Kong                              |     | 100%          
|Fa Hua Taïwan Ltd.                               | Taipei, Taiwan                         |     | 100%          
|Parfums Christian Dior China Co,
      Ltd.      | Shanghai, China                        |     | 100%          
|LVMH P&C Koréa Ltd.                              | Seoul, South Korea                     |     | 75%           
|Parfums Christian Dior Hong Kong
      Ltd.      | Hong Kong                              |     | 100%          
|LVMH P&C Malaysia Sdn                            | Kuala-Lumpur, Malaysia                 |     | 100%          
|berhad Inc.                                      |                                        |     |               
|Fa Hua Hong Kong Co, Ltd.                        | Hong Kong                              |     | 100%          
|Pardior de Mexico SA de CV                       | Mexico, Mexico                         |     | 100%          
|Parfums Christian Dior A/S k                     | Copenhagen, Denmark                    |     | 100%          
|Parfums Christian Dior (Australia)
      Pty Ltd | Sydney, Australia                      |     | 100%          
|Parfums Christian Dior AS Ltd                    | Hoevik, Norway                         |     | 100%          
|Parfums Christian Dior AB Suède                  | Stockholm, Sweden                      |     | 100%          
|Parfums Christian Dior New Zealand
      Ltd     | Auckland, New Zealand                  |     | 100%          
|Parfums Christian Dior GMBH (Austria)            | Vienna, Austria                        |     | 100%          
|                                                 |                                        |     |               
|                                                 | Exh8-6                                 |     |               

---

|                                             |                                     |  | **PERCENTAGE**
|-------------------------------------------- | ----------------------------------- |  | --------------
|                                             |                                     |  |               
|COMPANIES                                    | JURISDICTION OF
      INCORPORATION |  | CONTROL       
|                                             |                                     |  |               
|INA Services Ltd                             | Dublin, Ireland                     |  | 100%          
|LVMH P&C GmbH (Germany)                      | Dusseldorf, Germany                 |  | 100%          
|Cosmetic of France Inc                       | Delaware, U.S.A.                    |  | 100%          
|GIE LVMH P&C Recherche                       | Paris, France                       |  | 100%          
|GIE Parfumes et Cosmétiques                  | Paris, France                       |  | 100%          
|Information
      Services  PCIS            |                                     |  |               
|Perfumes Loewe SA                            | Madrid, Spain                       |  | 100%          
|Guerlain SA                                  | Paris, France                       |  | 100%          
|Guerlain Parfumeur GmbH                      | Wiesbaden, Germany                  |  | 100%          
|Guerlain GesmbH                              | Vienna, Austria                     |  | 100%          
|Cofra GesmbH                                 | Vienna, Austria                     |  | 100%          
|Guerlain SA (Belgique)                       | Fleurus, Belgium                    |  | 100%          
|Oy Guerlain AB                               | Helsinki, Finland                   |  | 100%          
|Guerlain SpA                                 | Milan, Italy                        |  | 100%          
|Guerlain Ltd                                 | Perivale, United Kingdom            |  | 100%          
|Guerlain de Portugal Lda.                    | Lisbon, Portugal                    |  | 100%          
|Guerlain SA (Suisse)                         | Geneva, Switzerland                 |  | 100%          
|Guerlain Inc.                                | New York, U.S.A.                    |  | 100%          
|Guerlain Canada Ltd.                         | Montreal, Canada                    |  | 100%          
|Guerlain De Mexico SA                        | Satelite, Mexico                    |  | 100%          
|Guerlain Puerto Rico Inc.                    | San Juan, Puerto Rico               |  | 100%          
|Guerlain Asia Pacific Ltd (Hong
      Kong)  | Hong Kong                           |  | 100%          
|Guerlain KK                                  | Tokyo, Japan                        |  | 100%          
|Guerlain Taïwan Co Ltd.                      | Taipei, Taiwan                      |  | 100%          
|Guerlain Oceania Australia Pty Ltd           | Melbourne, Australia                |  | 100%          
|Guerlain South East Asia Singapore
      Pte | Singapore                           |  | 100%          
|Ltd.                                         |                                     |  |               
|Guerlain Malaisie SDN Berhad Inc             | Kuala-Lumpur, Malaysia              |  | 100%          
|American Designer Fragances LLC              | Delaware, U.S.A.                    |  | 100%          
|Make Up For Ever SA                          | Paris, France                       |  | 73%           
|Make Up For Ever UK Ltd                      | London, United Kingdom              |  | 100%          
|Make Up For Ever LLC                         | Delaware, U.S.A.                    |  | 100%          
|Make Up For Ever KK                          | Tokyo, Japan                        |  | 100%          
|Make Up For Ever Italie SRL                  | Milan, Italy                        |  | 100%          
|Parfums Givenchy SA                          | Levallois, France                   |  | 100%          
|Parfums Givenchy Ltd.                        | Hersham, United Kingdom             |  | 100%          
|Parfums Givenchy GmbH                        | Wiesbaden, Germany                  |  | 100%          
|Parfums Givenchy WHD, Inc.                   | Delaware, U.S.A.                    |  | 100%          
|Parfums Givenchy Canada Ltd.                 | Toronto, Canada                     |  | 100%          
|Parfums Givenchy KK                          | Tokyo, Japan                        |  | 100%          
|Parfums Givenchy Srl                         | Milan, Italy                        |  | 100%          
|Parfums Givenchy Asia Pacific Pte
      Ltd. | Singapore                           |  | 100%          
|Kenzo Parfums France SA                      | Paris, France                       |  | 100%          
|Kenzo Parfums Italia Srl                     | Milan, Italy                        |  | 100%          
|Kenzo Parfums NA LLC                         | Delaware, U.S.A.                    |  | 100%          
|Laflachère SA                                | Saint Vérand,
      France          |  | 100%          
|La Brosse et Dupont SA                       | Courbevoie, France                  |  | 100%          
|Lardenois SA                                 | Hermes, France                      |  | 100%          
|Lardenois Portugal SA                        | S. Domingos de Rana,
      Portugal |  | 100%          
|Mitsie SA                                    | Tarare, France                      |  | 100%          
|                                             |                                     |  |               
|                                             | Exh8-7                              |  |               

---

|                                             |                                     |     | **PERCENTAGE**
|-------------------------------------------- | ----------------------------------- | --- | --------------
|                                             |                                     |     |               
|COMPANIES                                    | JURISDICTION OF
      INCORPORATION |     | CONTROL       
|                                             |                                     |     |               
|Serpe SA                                     | Barcelona, Spain                    |     | 100%          
|Arielux SA                                   | Arielux, France                     |     | 100%          
|Ladoë SA                                     | Ladoë, France                       |     | 100%          
|LBD Ménage SAS                               | Bethisy Saint Pierre,
      France  |     | 100%          
|LBD Belux SA                                 | Brussels, Belgium                   |     | 100%          
|SCI Masurel                                  | Tourcoing, France                   |     | 100%          
|SCI Sageda                                   | Orange, France                      |     | 100%          
|LBD Asia Ltd                                 | Hong Kong                           |     | 95%           
|La Niçoise SA                                | Carros, France                      |     | 95%           
|AGD Italie Srl                               | Stezzano, Italy                     |     | 100%          
|Centre formation SARL                        | Saint Vérand,
      France          | (2) | 100%          
|Etablissements Mancret Père
      et Fils SA | Grenoble, France                    |     | 100%          
|Inter-Vion Spolka Akeyjna SA                 | Warsaw, Poland                      |     | 51%           
|Europa Distribution, SAS                     | Saint Etienne, France               |     | 67%           
|LBD Industries SAS                           | Beauvais, France                    |     | 100%          
|Bliss World LLC                              | Delaware, U.S.A.                    |     | 70%           
|Bliss UK Ltd                                 | United Kingdom                      |     | 100%          
|Benefit Cosmetics LLC                        | Delaware, U.S.A.                    |     | 70%           
|Benefit Cosmetics UK Ltd                     | London, United Kingdom              |     | 100%          
|Fresh Inc                                    | Delaware, U.S.A.                    |     | 65%           
|LVMH New Cosmetic KK                         | Tokyo, Japan                        |     | 100%          
|LVMH Perfumes and Cosmetics                  | Delaware, U.S.A.                    |     | 100%          
|Services
      LLC                           |                                     |     |               
|LVMH Cosmetics Services KK                   | Tokyo, Japan                        |     | 100%          
|                                             |                                     |     |               
|WATCHES AND JEWELRY                          |                                     |     |               
|TAG Heuer International SA                   | Luxembourg, Luxembourg              |     | 100%          
|TAG Heuer SA                                 | Marin, Switzerland                  |     | 100%          
|LVMH Relojeria & Joyeria Española
      SA   | Madrid, Spain                       |     | 100%          
|LVMH Montres et Joaillerie France
      SA   | Paris, France                       |     | 100%          
|LVMH Watches et Jewelry Italia SpA           | Milan, Italy                        |     | 100%          
|TAG Heuer Deutschland GmbH                   | Bad Homburg, Germany                |     | 100%          
|Timecrown Ltd                                | Manchester, United
      Kingdom    |     | 100%          
|LVMH Watches & Jewelry UK Ltd                | Manchester, United
      Kingdom    |     | 100%          
|Ebel Ltd                                     | Manchester, United
      Kingdom    |     | 100%          
|Tag Heuer Ltd                                | Manchester, United
      Kingdom    |     | 100%          
|LVMH Watches et Jewelry USA Inc              | New Jersey, U.S.A.                  |     | 100%          
|Pro Time Service Inc                         | New Jersey, U.S.A.                  |     | 100%          
|LVMH Watches & Jewelry Canada
      Ltd      | Toronto, Canada                     |     | 100%          
|LVMH Watches & Jewelry Far East
      Ltd    | Hong Kong                           |     | 100%          
|LVMH Watches & Jewelry Singapore             | Singapore                           |     | 100%          
|Pte Ltd                                      |                                     |     |               
|LVMH Watches & Jewelry Malaysia
      Sdn    | Kuala Lumpur, Malaysia              |     | 100%          
|Bhd                                          |                                     |     |               
|TAG Heuer Asia Ltd                           | Labuan, Malaysia                    |     | 100%          
|LVMH Watches & Jewelry Capital
      Pte     | Singapore                           |     | 100%          
|Ltd                                          |                                     |     |               
|LVMH Watches & Jewelry Japan
      KK        | Tokyo, Japan                        |     | 100%          
|LVMH Watches & Jewelry Australia
      Pty   | Melbourne, Australia                |     | 100%          
|Ltd                                          |                                     |     |               
|                                             |                                     |     |               
|                                             | Exh8-8                              |     |               

---

|                                           |                                             |     | **PERCENTAGE**
|------------------------------------------ | ------------------------------------------- | --- | --------------
|                                           |                                             |     |               
|COMPANIES                                  | JURISDICTION OF
      INCORPORATION         |     | CONTROL       
|                                           |                                             |     |               
|LVMH Watches & Jewelry Hong
      Kong     | Hong Kong                                   |     | 100%          
|Ltd                                        |                                             |     |               
|LVMH Watches & Jewelry Taiwan
      Ltd    | Taipei, Taiwan                              |     | 100%          
|Cortech SA                                 | Cornol, Switzerland                         |     | 100%          
|Miserez SARL                               | Bendorf, France                             |     | 100%          
|ArteCad SA                                 | Tramelan, Switzerland                       |     | 100%          
|LVMH Watches & Jewelry Carribean           | Florida, U.S.A.                             |     | 100%          
|&
      Latin America Inc                  |                                             |     |               
|Arte Link Srl                              | Fratte di S. Giustina
      in Colle, Italy |     | 100%          
|LVMH Watches & Jewelry India
      Private | New Delhi, India                            |     | 96%           
|Ltd                                        |                                             |     |               
|Ebel SA                                    | La Chaux-de-Fonds,
      Switzerland        |     | 100%          
|Ebel USA Inc                               | Delaware, U.S.A.                            |     | 100%          
|Swisswave Europe SA                        | Villiers-Le-Lac, France                     |     | 100%          
|Glasnost Edition SA                        | La Chaux-de-Fonds,
      Switzerland        |     | 100%          
|Ebel boutique Crans SA                     | Crans-sur-Sierre, Switzerland               |     | 100%          
|SI de l'immeuble rue de la Paix
      101  | La Chaux-de-Fonds,
      Switzerland        |     | 100%          
|LVMH W&J Germany GmbH                      | Munich, Germany                             |     | 100%          
|Chaumet International SA                   | Paris, France                               |     | 100%          
|Chaumet London Ltd                         | London, United Kingdom                      |     | 100%          
|Chaumet KK                                 | Tokyo, Japan                                |     | 100%          
|Chaumet Horlogerie SA                      | Bienne, Switzerland                         |     | 100%          
|Chaumet Monte-Carlo SAM                    | Monte-Carlo, Monaco                         |     | 100%          
|Zenith International SA                    | Le Locle, Switzerland                       |     | 100%          
|Zenith Time Co Ltd                         | Manchester, United
      Kingdom            |     | 100%          
|Guido Descombes SpA                        | Milan, Italy                                |     | 100%          
|Omas Srl                                   | Bologna, Italy                              |     | 100%          
|De Beers LV Ltd                            | London, United Kingdom                      | (2) | 50%           
|Delano SA                                  | La Chaux-de-Fonds,
      Switzerland        |     | 100%          
|Favre Leuba SA                             | Geneva, Switzerland                         |     | 100%          
|Les Ateliers Horlogers CD LVMH SA          | La Chaux-de-Fonds,
      Switzerland        |     | 100%          
|Fred Paris SA                              | Paris, France                               |     | 100%          
|Joaillerie de Monaco SA                    | Monte Carlo, Monaco                         |     | 100%          
|Fred Genève SA                             | Geneva, Switzerland                         |     | 100%          
|Fred Inc.                                  | California, U.S.A.                          |     | 100%          
|Fred Londres Ltd                           | London, United Kingdom                      |     | 100%          
|Benedom France SA                          | Paris, France                               |     | 100%          
|                                           |                                             |     |               
|SELECTIVE RETAILING                        |                                             |     |               
|Sephora SA                                 | Levallois Perret, France                    |     | 100%          
|Immo-Parfums SARL                          | Boigny sur Bionne,
      France             |     | 100%          
|Sephora France SA                          | Boigny sur Bionne,
      France             |     | 100%          
|Plus Beau Moins Cher SARL                  | Levallois Perret, France                    |     | 75%           
|Sephora Luxembourg SARL                    | Luxembourg, Luxembourg                      |     | 100%          
|Sephora Espagne SA                         | Madrid, Spain                               |     | 100%          
|Sephora Italie SpA                         | Milan, Italy                                |     | 100%          
|Sephora Portugal Lda                       | Lisbon, Portugal                            |     | 100%          
|Sephora Pologne SPZ00                      | Warsaw, Poland                              |     | 100%          
|Sephora Deutschland GmbH                   | Bad Homburg, Germany                        |     | 100%          
|Progen SpA                                 | Milan, Italy                                |     | 100%          
|                                           |                                             |     |               
|                                           | Exh8-9                                      |     |               

---

|                                                |                                        |  | **PERCENTAGE**
|----------------------------------------------- | -------------------------------------- |  | --------------
|                                                |                                        |  |               
|COMPANIES                                       | JURISDICTION OF
      INCORPORATION    |  | CONTROL       
|                                                |                                        |  |               
|Espansione Srl                                  | Milan, Italy                           |  | 100%          
|Sephora UK                                      | London, United Kingdom                 |  | 100%          
|Clab Srl                                        | Milan, Italy                           |  | 100%          
|Sephora Marinopoulos SA                         | Alimos, Greece                         |  | 50%           
|Beauty Shop Romania SA                          | Bucharest, Romania                     |  | 100%          
|Spring Time Cosmetics SA                        | Athens, Greece                         |  | 55%           
|Sephora USA LLC.                                | Delaware, U.S.A.                       |  | 100%          
|Sephora Tchéquie SRO                            | Prague, Czech Republic                 |  | 100%          
|Kanel SA                                        | Athens, Greece                         |  | 50%           
|LVMH Selective Distribution Group
      LLC     | Delaware, U.S.A.                       |  | 100%          
|Magasins de la Samaritaine SA                   | Paris, France                          |  | 57%           
|DFS Holdings Limited                            | Hamilton, Bermuda                      |  | 100%          
|DFS Australia Pty. Limited                      | Sydney, Australia                      |  | 100%          
|DFS Australia Superannuation Pty
      Ltd      | Sydney, Australia                      |  | 100%          
|DFS New Caledonia Sarl                          | Noumea, New Caledonia                  |  | 100%          
|DFS Group Limited                               | Hamilton, Bermuda,                     |  | 100%          
|DFS European Logistics Limited                  | Hamilton, Bermuda                      |  | 100%          
|DFS Saipan Limited                              | Saipan, Northern Mariana
      Islands |  | 100%          
|Kinkaï Saipan L.P.                              | Saipan, Northern Mariana
      Islands |  | 100%          
|Commonwealth Investment Company,
      Inc      | Northern Mariana Islands               |  | 97%           
|Duty Free Shoppers Hong Kong Limited            | Kowloon, Hong Kong                     |  | 100%          
|DFS China Partners Limited                      | Kowloon, Hong Kong                     |  | 100%          
|DFS New Zealand Limited                         | Auckland, New Zealand                  |  | 100%          
|Gateshire Marketing Sdn Bhd.                    | Kuala Lumpur, Malaysia                 |  | 100%          
|DFS Merchandising Limited                       | Netherlands Antilles                   |  | 100%          
|DFS Korea Limited                               | Seoul, South Korea                     |  | 100%          
|DFS Seoul Limited                               | Seoul, South Korea                     |  | 100%          
|DFS Japan KK                                    | Tokyo, Japan                           |  | 100%          
|DFS Okinawa KK                                  | Okinawa, Japan                         |  | 100%          
|DFS Palau Limited                               | Koror, Palau                           |  | 100%          
|DFS Singapore (Pte) Limited                     | Singapore                              |  | 100%          
|DFS Trading Singapore (Pte) Limited             | Singapore                              |  | 100%          
|DFS Venture Singapore (Pte) Limited             | Singapore                              |  | 100%          
|DFS Taiwan Limited                              | Taipei, Taiwan                         |  | 100%          
|DFS Galleria Taiwan Limited                     | Taipei, Taiwan                         |  | 100%          
|Bloomburg Ltd                                   | Bermuda                                |  | 100%          
|Tou You Duty Free Shop Co. Ltd                  | Taipei, Taiwan                         |  | 100%          
|Duty Free Shoppers Macau Limited                | Hong Kong                              |  | 45%           
|DFS Macau Limited                               | Hong Kong                              |  | 50%           
|Hong Kong International Boutique                | Hong Kong                              |  | 50%           
|Partners                                        |                                        |  |               
|DFS Sdn. Bhd.                                   | Kuala Lumpur, Malaysia                 |  | 100%          
|Singapore International Boutique
      Partners | Singapore                              |  | 50%           
|JAL/DFS Duty Free Shoppers KK                   | Chiba, Japan                           |  | 40%           
|TRS New Zealand Limited                         | Auckland, New Zealand                  |  | 45%           
|Travel Retail Shops Pte Limited                 | Sydney, Australia                      |  | 45%           
|DFS Group L.P.                                  | Delaware, U.S.A.                       |  | 100%          
|JFK Terminal 4 Joint Venture 2001               | New York, U.S.A.                       |  | 80%           
|LAX Duty Free Joint Venture 2000                | California, U.S.A.                     |  | 77%           
|Royal Hawaïan Insurance Company
      Ltd       | Hawaii, U.S.A.                         |  | 100%          
|                                                |                                        |  |               
|                                                | Exh8-10                                |  |               

---

|                                            |                                           |  | **PERCENTAGE**
|------------------------------------------- | ----------------------------------------- |  | --------------
|                                            |                                           |  |               
|COMPANIES                                   | JURISDICTION
      OF
      INCORPORATION |  | CONTROL       
|                                            |                                           |  |               
|DFS/Waters.                                 | Texas, U.S.A.                             |  | 68%           
|Hawaï International Boutique
      Partners | Honolulu, Hawaii, U.S.A.                  |  | 50%           
|TRS Hawaii LLC                              | Honolulu, Hawaii, U.S.A.                  |  | 45%           
|TRS Saipan                                  | Garapan, Saipan MP                        |  | 45%           
|TRS Guam                                    | Tumon, Guam                               |  | 45%           
|DFS Guam LP                                 | Tamuning, Guam                            |  | NA            
|DFS Liquor Retailing Limited                | Delaware, U.S.A.                          |  | NA            
|Twenty Seven - Twenty Eight Corp.           | Delaware, U.S.A.                          |  | NA            
|Le Bon Marché SA                            | Paris, France                             |  | 100%          
|SEGEP SNC                                   | Paris, France                             |  | 100%          
|Franck & Fils SA                            | Paris, France                             |  | 100%          
|Balthazar SNC                               | Paris, France                             |  | 100%          
|Tumon Entertainment LLC                     | Tamuring, Guam                            |  | 100%          
|Comete Guam Inc.                            | Tamuring, Guam                            |  | 100%          
|Tumon Games LLC                             | Tamuring, Guam                            |  | 100%          
|Tumon Aquarium LLC                          | Tamuring, Guam                            |  | 100%          
|Comete Saipan Inc                           | Saipan NMI                                |  | 100%          
|Cruise Line Holdings Co                     | Delaware, U.S.A.                          |  | 100%          
|International Cruise Shop                   | Cayman Islands                            |  | 100%          
|Starboard Holdings Ltd                      | Delaware, U.S.A.                          |  | 100%          
|Cruise Management International
      Inc   | Florida, U.S.A.                           |  | 100%          
|On-Board Media Inc                          | Florida, U.S.A.                           |  | 100%          
|Starboard Cruise Services Inc               | Delaware, U.S.A.                          |  | 100%          
|Fort Lauderdale Partnership                 | Florida, U.S.A.                           |  | 75%           
|Miami Airport Duty-Free Joint Venture       | Florida, U.S.A.                           |  | 66%           
|Sephora.com Inc                             | Delaware, U.S.A.                          |  | 100%          
|                                            |                                           |  |               
|OTHER ACTIVITIES                            |                                           |  |               
|DI Groupe SA (ex Desfossés                  | Paris, France                             |  | 100%          
|International
      SA)                     |                                           |  |               
|DI Services SAS                             | Paris, France                             |  | 100%          
|Imprimerie Desfossés SA                     | Paris, France                             |  | 100%          
|Tribune Desfossés SA                        | Paris, France                             |  | 100%          
|Radio Classique SA                          | Paris, France                             |  | 100%          
|Editions Classiques Affaires SARL           | Paris, France                             |  | 100%          
|System TV SA                                | Boulogne Billancourt,
      France        |  | 100%          
|DI Regie SAS                                | Paris, France                             |  | 100%          
|SFPA SARL (Connaissance des Arts)           | Paris, France                             |  | 100%          
|Froville Editions SARL                      | Paris, France                             |  | 100%          
|D2I SA                                      | Paris, France                             |  | 100%          
|Investir Publications SA                    | Paris, France                             |  | 100%          
|Investir Télécom SA                         | Paris, France                             |  | 100%          
|Investir Formation SARL                     | Paris, France                             |  | 100%          
|Compo Finance SARL                          | Paris, France                             |  | 100%          
|SID Presse SARL                             | Poitiers, France                          |  | 100%          
|SID Développement SA                        | Poitiers, France                          |  | 100%          
|SID Editions SA                             | Paris, France                             |  | 100%          
|SID Magazine SA                             | Paris, France                             |  | 100%          
|SOFPA SA                                    | Lausanne, Switzerland                     |  | 100%          
|Bonhams Brooks PS & N Limited               | London, United Kingdom                    |  | 50%           
|                                            |                                           |  |               
|                                            | Exh8-11                                   |  |               

---

|                                            |                                     |  | **PERCENTAGE**      
|------------------------------------------- | ----------------------------------- |  | --------------------
|                                            |                                     |  |                     
|COMPANIES                                   | JURISDICTION OF
      INCORPORATION |  | CONTROL             
|                                            |                                     |  |                     
|Art & Auction Magazine LLC                  | Delaware, U.S.A.                    |  | 100%                
|Etude Tajan SA                              | Paris, France                       |  | 100%                
|E-Luxury.com Inc                            | Delaware, U.S.A.                    |  | 100%                
|SCI du 30 de lavenue Hoche                 | Paris, France                       |  | 100%                
|Ufipar SA                                   | Boulogne Billancourt,
      France  |  | 100%                
|L Capital Management SAS                    | Boulogne Billancourt,
      France  |  | 100%                
|Sofidiv SA                                  | Boulogne Billancourt,
      France  |  | 100%                
|GIE LVMH Services                           | Boulogne Billancourt,
      France  |  | 100%                
|Moët Hennessy SNC                           | Boulogne Billancourt,
      France  |  | 66%                 
|LVMH Fashion Group SA                       | Paris, France                       |  | 100%                
|Moët Hennessy International
      SA        | Boulogne Billancourt,
      France  |  | 66%                 
|Creare SA                                   | Luxembourg, Luxembourg              |  | 100%                
|Delphine SA                                 | Boulogne Billancourt,
      France  |  | 100%                
|LVMH Finance SA                             | Boulogne Billancourt,
      France  |  | 100%                
|Eutrope SA                                  | Boulogne Billancourt,
      France  |  | 100%                
|Flavius Investissements SA                  | Boulogne Billancourt,
      France  |  | 100%                
|LVMH Art & Auction Group SA                 | Boulogne Billancourt,
      France  |  | 100%                
|Compagnie Financière Laflachère
      SA    | Boulogne Billancourt,
      France  |  | 57%                 
|LV Capital SA                               | Boulogne Billancourt,
      France  |  | 100%                
|Moët Hennessy Inc.                          | Delaware, U.S.A.                    |  | 100%                
|One East 57thStreet LLC                     | New York, U.S.A.                    |  | 100%                
|LVMH Moet Hennessy Louis Vuitton
      Inc. | Delaware, U.S.A.                    |  | 100%                
|598 Madison Leasing Corp                    | Delaware, U.S.A.                    |  | 100%                
|1896 Corp.                                  | Delaware, U.S.A.                    |  | 100%                
|LVMH Participations BV                      | Naarden, Netherlands                |  | 100%                
|LVMH BV                                     | Naarden, Netherlands                |  | 100%                
|Louis Vuitton Prada BV                      | Amsterdam, Netherlands              |  | 100%                
|Sofidiv UK Ltd                              | London, United Kingdom              |  | 100%                
|LVMH KK                                     | Tokyo, Japan                        |  | 100%                
|Shinagawa project KK                        | Tokyo, Japan                        |  | 100%                
|Osaka Fudosan Company Limited               | Tokyo, Japan                        |  | 100%                
|LVMH Asia Pacific Ltd                       | Hong Kong                           |  | 100%                
|                                           
|LVMH Moët Hennessy Louis                    | Paris, France                       |  | Parent
      company
|Vuitton SA                                  |                                     |  |                     
|                                           

|   
|---
|(1)
|(2)
|(3)

Exh8-12

---