LVMHQ4 and FY 2004 Sales

January 19, 2005

2January 19, 2005

LVMH FY 2004 Sales Highlights

• Double-digit FY organic sales growth

• Positive contribution from all business groups on a constant perimeter basis

• For Q4 : 7% increase in organic sales on an increased comparable basis

• Record sales in December

3January 19, 2005

LVMH FY 2004 Sales

2003 2004

11 962

Structure-1 %

Change-4 %

Organic+11 %

12 631

Q1 Q2 Q3 Q4

2 850 2 828

2004

3 0793 874

in millions of Euros

4January 19, 2005

3 791

Structure-1 %

Change-4 %

Organic+7 %

3 874

Analysis of Sales Increase in Q4 2004in millions of Euros

Q4 2003 Q4 2004

5January 19, 2005

Solid Growth in 2004

10% 10%7%

19%

Q1 2004 Q2 2004 Q3 2004 Q4 2004

6%

-4%

6% 8%

Q1 2003 Q2 2003 Q3 2003 Q4 2003

Organic sales growth %

6January 19, 2005

France

Europe(exc. France)

US (inc. Hawaii)

Japan

Asia (exc. Japan)

Others6%

15%17%

21%

26%

15%

LVMHFY 2004 Sales by region in Euros

% of total sales

2004

7January 19, 2005

LVMHFY 2004 Sales in the US in Dollars

Champagne & Wines +8%

Cognac & Spirits +30%*

Fashion & Leather Goods +22%

Perfumes & Cosmetics -26%*

Watches & Jewelry +11%

Selective Retailing +25%

Total LVMH Group +17%

2004

* Note respective structural effects: consolidation of Millennium/ sale of Bliss and US fragrance licenses

8January 19, 2005

LVMHFY 2004 Sales in Japan in Yen

Champagne & Wines +17%

Cognac & Spirits -14%

Fashion & Leather Goods -2%

Perfumes & Cosmetics +5%

Watches & Jewelry +5%

Selective Retailing +26%

Total LVMH Group 0%

2004

9January 19, 2005

LVMHFY 2004 Sales in Asia in Euros

Champagne & Wines +36%

Cognac & Spirits +9%

Fashion & Leather Goods +19%

Perfumes & Cosmetics +14%

Watches & Jewelry +20%

Selective Retailing +25%

Total LVMH Group +19%

2004

10January 19, 2005

LVMHFY 2004 Sales in Europe in Euros

Champagne & Wines +7%

Cognac & Spirits +7%

Fashion & Leather Goods +5%

Perfumes & Cosmetics +1%

Watches & Jewelry -6%

Selective Retailing +5%

Total LVMH Group +3%

2004

11January 19, 2005

Structure+ 1%

Change- 4%

Organic+ 11%

2 116

780

1 336

2 279

1 421

451

858

460559

Wines & SpiritsFY 2004 Sales

809

in millions of Euros

2003 20042004

Champagne & Wines

Cognac & Spirits 217 198 214 229

234 262345

580

Q1 Q2 Q3 Q4

12January 19, 2005

Wines & SpiritsStrong growth of premium brands

Champagne & Wines• Champagne volumes up 6% in FY 2004 (excluding Canard Duchêne)• Steady pricing policy, improvement in product mix• Strong progress of Moët Hennessy Wine Estates

Cognac & Spirits• Hennessy volumes up 6% in FY 2004• Strong growth in VSOP and XO high-end qualities• Good performance in the US and Russia, rapid development of

the Asian market, in particular China and Taiwan• Majority stake in Millennium and double-digit sales increase

in Belvedere vodka • Acquisition of premium single malt whiskies : Glenmorangie, Glen Moray

and Ardbeg

Continued strengthening of the international distribution network

13January 19, 2005

4 149

Structure+ 0%

Change- 5%

Organic+ 10%

4 367

Q1 Q2 Q3 Q4

1 065 9581 080

Fashion & Leather GoodsFY 2004 Sales

1 264

in millions of Euros

2003 20042004

14January 19, 2005

Louis VuittonContinued exceptional performance

• Achieved double-digit sales growth at constant currency in FY2004 and increased market share

• Continued sales growth in the US and in Asia, notably in China

• Increased sales to Japanese clientele worldwide

• Created numerous innovations throughout the year • First jewelry collection Emprise• New Trianon and Trompe l’oeil leather lines• New blueberry color leather for Epi line• Launch of Lovely Pink watch for women

• Further store network expansion• 23 net openings in 2004 (4 in China), for a total of 340 stores at year-end• Major openings in Q4 : Hangzhou (China), Johannesburg (South Africa),

Kyoto (Japan)

15January 19, 2005

Fashion & Leather GoodsReflecting growth potential

• Double-digit sales growth of Celine in FY 2004• Success of Boogie and Poulbot bags and

launch of Chouquette bag• Strong progress in Europe and Asia

• Donna Karan : continued selective US distribution

• Fendi : reduction in discounted sales in Europe and the US, good performance in Asia

• Double-digit sales growth in FY 2004 for Loewe, Marc Jacobs, Pucci and Berluti

16January 19, 2005

2 181

Structure-3%

Change-2%

Organic+4%

2 154

Q1 Q2 Q3 Q4

473 500 523

Perfumes & CosmeticsFY 2004 Sales

658

in millions of Euros

2003 20042004

17January 19, 2005

Perfumes & CosmeticsStrategic distribution reorganization

• Organic growth of 4% in 2004 despite reorganization of US distribution

• Good performance by Parfums Christian Dior, with the success of its new women’s perfume Pure Poison and good momentum of its make-up lines

• Progress of Guerlain with the launch of L’Instant de Guerlain pour Homme and the full-year effect of the women’s version

• Strong growth at BeneFit Cosmetics, Fresh and Acqua di Parma

18January 19, 2005

502

Structure-15%

Change- 4%

Organic+18%

497

Q1 Q2 Q3 Q4

106128 123

Watches & JewelryFY 2004 Sales

140

in millions of Euros

2003 20042004

19January 19, 2005

Watches & JewelryConfirmation of sales rebound

• Increasing market share of all brands and performed well in very competitive market

• Improvement in marketing effectiveness and good press coverage of all brands

• Confirmed success of all new collections• Formula One, Link, Carrera lines at TAG Heuer

• Open concept and women’s line Star at Zenith

• Chiffre rouge of Dior

• Liens and Class One of Chaumet

20January 19, 2005

3 039

Structure0%

Change-6%

Organic+17%

3 378

Q1 Q2 Q3 Q4

755 787 814

Selective RetailingFY 2004 Sales

1 022

in millions of Euros

2003 20042004

21January 19, 2005

Selective RetailingGood end of year

• DFS• Strong sales rebound following tourism recovery and rapid growth

of Chinese tourists• Opening of new Galleria in Okinawa

• Sephora• Excellent year in France and in Europe• New innovative services • Exclusive sale of trendy make up brands

and latest clinical skincare products• Double-digit sales growth on a comparable store basis

in 2004 for the fourth consecutive year in the US• Very promising start for first Sephora store in Toronto, Canada

22January 19, 2005

LVMH FY 2004 Sales Conclusion

• Organic sales growth continued in 2004

• Year ends with strong momentum

• Continuing to concentrate on star brands, innovative and quality products, improving profitability

• Estimated 2004 operating income increase : around 10%

Objective for 2005

Tangible increase in Operating Income