page_title: Economy of Paris
section_title: Luxury Goods, Fashion and Cosmetics
hierarchical_section_title: Economy of Paris / Paris Economy by Sector / Luxury Goods, Fashion and Cosmetics
caption_attribution_description: Louis Vuitton, Champs-Elysées Paris 2006. Author: Louise Walsh Location: Paris 2006 Source: Personal photograph taken by Author
context_page_description: The economy of Paris is based largely on services and commerce: of the 390,480 of its enterprises, 80.6 percent are engaged in commerce, transportation, and diverse services, 6.5 percent in construction, and just 3.8 percent in industry. Paris, including both the City of Paris and the Île-de-France region, is the most important center of economic activity in France, accounting for about thirty percent of the French GDP.
  The story is similar in the Paris Region, or Île-de-France, as a whole. 76.7 percent of enterprises are engaged in commerce and services, and 3.4 percent in industry. 59.5 percent of employees in the region are engaged in commerce, transport and diverse services, 26.9 percent in public administration, health and social services, 8.2 percent industry, and 5.2 percent in construction.
  The top ten French companies listed in the Fortune Global 500 for 2015 all have their headquarters in the Paris Region, nine within the City of Paris and one, Total S.A., in the Hauts-de-Seine Department, in the business district of La Defense. The fourth-largest company, Société Générale, has its registered headquarters in Paris and its operational offices in La Defense.
context_section_description: Paris has a long history, dating back to the Middle Ages, of producing luxury goods for the aristocracy and the wealthy.  Today the most important luxury goods firm in Paris is LVMH, headed by Bernard Arnault, who also heads Christian Dior S.A., a major international fashion company, which has its headquarters on Avenue Montaigne in the 8th arrondissement.   Dior holds 42.36 percent of the stock of LVMH, 59.01 percent of the voting rights in LVMH.  The LVMH group, which has its headquarters at 30 Avenue Hoche in the 8th arrondissement, includes Louis Vuitton, the champagne maker Moët Hennessy, which were merged in 1987.  LVMH has sixty subsidiaries, including Bulgari, the cosmetics store Sephora, the department stores Bon Marché and Samaritaine.  The products of the group include ready-to-wear, fashion accessories, foot ware, timepieces, perfumes, cosmetics and skincare products. The group had revenue of 30.6 billion Euros in 2014.
  The great rival of LVMH is the holding company Kering (which means "home" in the Breton language), founded in 1963 by François Pinault, and now run by his grandson, François-Henri Pinault.  It controls many well-known brands, including Saint-Laurent Paris (the brand founded by Yves Saint-Laurent); Gucci, Brioni, Alexander McQueen, Balenciaga and Puma, and had revenues in 2014 of 10.038 billion Euros.  The company owned the Printemps department stores until 2013, but sold them to an investment group from Qatar.  Kering has its headquarters at 10 Avenue Hoche in the 8th arrondissement.
  L'Oreal is the world's largest cosmetics company, and ranked 395 in the Fortune Global 500. Founded in 1909, its headquarters is located in Clichy, in the Hauts-de-Seine Department.
caption: Louis Vuitton boutique on the Champs-Élysées
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