\n 1.\u00a0\u00a0\u00a0\u00a0 Principes comptables\n
\n\n 1.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cadre g\u00e9n\u00e9ral et environnement\n
\n\n Les comptes consolid\u00e9s de l\u2019exercice 2023 sont \u00e9tablis en conformit\u00e9 avec les normes et interpr\u00e9tations comptables internationales (IAS/IFRS) adopt\u00e9es par l\u2019Union europ\u00e9enne et applicables au 31 d\u00e9cembre 2023. Ces normes et interpr\u00e9tations sont appliqu\u00e9es de fa\u00e7on constante sur les exercices pr\u00e9sent\u00e9s. Les comptes consolid\u00e9s de l\u2019exercice 2023 ont \u00e9t\u00e9 arr\u00eat\u00e9s par le Conseil d\u2019administration le 25\u00a0janvier 2024.\n
\n\n 1.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00c9volutions du r\u00e9f\u00e9rentiel comptable applicable \u00e0 LVMH\n
\n\n L\u2019application des normes, amendements et interpr\u00e9tations entr\u00e9s en vigueur au 1er\u00a0janvier 2023 n\u2019a pas eu d\u2019impact significatif sur les \u00e9tats financiers du Groupe, dont notamment les amendements \u00e0 IAS\u00a012\u00a0instaurant une exception temporaire \u00e0 la comptabilisation d\u2019imp\u00f4ts diff\u00e9r\u00e9s r\u00e9sultant de la r\u00e9forme fiscale internationale (\u00ab\u00a0Pilier Deux\u00a0\u00bb). Par ailleurs, l\u2019application aux op\u00e9rations du Groupe de la norme IFRS\u00a017, relative aux contrats d\u2019assurance, n\u2019a pas d\u2019incidence significative.\n
\n\n 1.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Prise en compte des risques relatifs au changement climatique\n
\n\n L\u2019exposition actuelle du Groupe aux cons\u00e9quences du changement climatique est limit\u00e9e. Par cons\u00e9quent, \u00e0 ce stade, les impacts du changement climatique sur les \u00e9tats financiers sont peu significatifs.\n
\n\n Dans le cadre du programme LIFE\u00a0360, qui d\u00e9cline la strat\u00e9gie environnementale du Groupe, LVMH est engag\u00e9 dans un plan de transformation de ses cha\u00eenes de valeur.\n
\n\n Le d\u00e9ploiement de ce programme se traduit dans les comptes de LVMH \u00e0 travers les investissements op\u00e9rationnels, les d\u00e9penses de recherche et d\u00e9veloppement, ainsi que les d\u00e9penses de m\u00e9c\u00e9nat. En outre, le r\u00e9sultat op\u00e9rationnel courant sera notamment impact\u00e9 \u00e0 travers l\u2019\u00e9volution du prix des mati\u00e8res premi\u00e8res, des co\u00fbts de production, de transport et de distribution, ainsi que des co\u00fbts li\u00e9s \u00e0 la fin de vie des produits.\n
\n\n Les effets \u00e0 court terme ont \u00e9t\u00e9 int\u00e9gr\u00e9s au niveau des plans strat\u00e9giques du Groupe, sur la base desquels sont r\u00e9alis\u00e9s les tests de d\u00e9pr\u00e9ciation des actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie (voir Note\u00a05). Les effets de ces changements \u00e0 long terme ne sont pas chiffrables \u00e0 ce stade.\n
\n\n 1.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Premi\u00e8re adoption des IFRS\n
\n\n Les premiers comptes \u00e9tablis par le Groupe en conformit\u00e9 avec les normes IFRS l\u2019ont \u00e9t\u00e9 au 31\u00a0d\u00e9cembre 2005 avec une date de transition au 1er\u00a0janvier 2004. La norme IFRS\u00a01\u00a0pr\u00e9voyait des exceptions \u00e0 l\u2019application r\u00e9trospective des normes IFRS \u00e0 la date de transition\u2006; celles retenues par le Groupe ont notamment \u00e9t\u00e9 les suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 regroupement d\u2019entreprises\u00a0: l\u2019exemption d\u2019application r\u00e9trospective n\u2019a pas \u00e9t\u00e9 retenue. La comptabilisation du rapprochement des groupes Mo\u00ebt Hennessy et Louis Vuitton en 1987 et toutes les acquisitions post\u00e9rieures ont \u00e9t\u00e9 retrait\u00e9es conform\u00e9ment \u00e0 la norme IFRS\u00a03\u2006; les normes IAS\u00a036 D\u00e9pr\u00e9ciations d\u2019actifs et IAS\u00a038\u00a0Immobilisations incorporelles ont \u00e9t\u00e9 appliqu\u00e9es r\u00e9trospectivement depuis cette date\u2006;\n
\n\n \u25cf\u00a0\u00a0 conversion des comptes des filiales hors zone euro\u00a0: les r\u00e9serves de conversion relatives \u00e0 la consolidation des filiales hors zone euro ont \u00e9t\u00e9 annul\u00e9es au 1er\u00a0janvier 2004 en contrepartie des \u00ab\u00a0Autres r\u00e9serves\u00a0\u00bb.\n
\n\n 1.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Pr\u00e9sentation des \u00e9tats financiers\n
\n\n Soldes interm\u00e9diaires du compte de r\u00e9sultat\n
\n\n L\u2019activit\u00e9 principale du Groupe est la gestion et le d\u00e9veloppement de ses marques et enseignes. Le r\u00e9sultat op\u00e9rationnel courant provient de ces activit\u00e9s, qu\u2019il s\u2019agisse d\u2019op\u00e9rations r\u00e9currentes ou non r\u00e9currentes, principales ou accessoires.\n
\n\n Les \u00ab\u00a0Autres produits et charges op\u00e9rationnels\u00a0\u00bb comprennent les \u00e9l\u00e9ments constitutifs du r\u00e9sultat qui, en raison de leur nature, de leur montant ou de leur fr\u00e9quence, ne peuvent \u00eatre consid\u00e9r\u00e9s comme faisant partie des activit\u00e9s et du r\u00e9sultat op\u00e9rationnel courants du Groupe. Il s\u2019agit en particulier des effets des variations de p\u00e9rim\u00e8tre, des d\u00e9pr\u00e9ciations d\u2019\u00e9carts d\u2019acquisition ainsi que des d\u00e9pr\u00e9ciations et amortissements des marques et enseignes. Il s\u2019agit \u00e9galement, s\u2019ils sont significatifs, des effets de certaines transactions inhabituelles, telles les plus ou moins-values de cession d\u2019actifs immobilis\u00e9s, les frais de restructuration, les frais li\u00e9s \u00e0 des litiges, ou tout autre produit ou charge non courants susceptibles d\u2019affecter la comparabilit\u00e9 du r\u00e9sultat op\u00e9rationnel courant d\u2019une p\u00e9riode \u00e0 l\u2019autre.\n
\n\n Tableau de variation de tr\u00e9sorerie\n
\n\n La variation de la tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation est d\u00e9termin\u00e9e sur la base du r\u00e9sultat op\u00e9rationnel, qui est ajust\u00e9 des transactions n\u2019ayant aucun effet sur la tr\u00e9sorerie. En outre\u00a0:\n
\n\n \u25cf\u00a0\u00a0 les dividendes re\u00e7us sont pr\u00e9sent\u00e9s en fonction de la nature des participations concern\u00e9es, soit, pour les soci\u00e9t\u00e9s consolid\u00e9es par mise en \u00e9quivalence, au sein de la Variation de la tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation et, pour les soci\u00e9t\u00e9s non consolid\u00e9es, au sein de la Variation de la tr\u00e9sorerie issue des investissements financiers\u2006;\n
\n\n \u25cf\u00a0\u00a0 l\u2019imp\u00f4t pay\u00e9 est pr\u00e9sent\u00e9 en fonction de la nature des transactions dont il est issu\u00a0: au sein de la Variation de la tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation pour la part relative aux transactions d\u2019exploitation, au sein de la Variation de la tr\u00e9sorerie issue des investissements financiers pour la part relative aux transactions sur investissements et placements financiers, en particulier l\u2019imp\u00f4t pay\u00e9 sur les r\u00e9sultats de cession, au sein de la Variation de tr\u00e9sorerie issue des op\u00e9rations en capital pour la part relative aux transactions sur les capitaux propres, en particulier les imp\u00f4ts de distribution li\u00e9s aux versements de dividendes.\n
\n\n 1.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Utilisation d\u2019estimations\n
\n\n Dans le cadre du processus d\u2019\u00e9tablissement des comptes consolid\u00e9s, l\u2019\u00e9valuation de certains soldes du bilan ou du compte de r\u00e9sultat n\u00e9cessite l\u2019utilisation d\u2019hypoth\u00e8ses, estimations ou appr\u00e9ciations. Il s\u2019agit notamment de la valorisation des actifs incorporels (voir Notes\u00a01.16 et 5), de la valorisation des contrats de location (voir Notes\u00a01.15 et 7), des engagements d\u2019achat de titres de minoritaires (voir Notes\u00a01.13 et 21), de la d\u00e9termination du montant des provisions pour risques et charges et des positions fiscales incertaines (voir Note\u00a020), ou des provisions pour d\u00e9pr\u00e9ciation des stocks (voir Notes\u00a01.18 et 11) et, le cas \u00e9ch\u00e9ant, des actifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s (voir Note\u00a028). Ces hypoth\u00e8ses, estimations ou appr\u00e9ciations \u00e9tablies sur la base d\u2019informations ou de situations existant \u00e0 la date d\u2019\u00e9tablissement des comptes, peuvent se r\u00e9v\u00e9ler, ult\u00e9rieurement, diff\u00e9rentes de la r\u00e9alit\u00e9.\n
\n\n 1.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 M\u00e9thodes de consolidation\n
\n\n Les filiales dans lesquelles le Groupe exerce directement ou indirectement un contr\u00f4le exclusif, en droit ou en fait, sont consolid\u00e9es par int\u00e9gration globale.\n
\n\n Les soci\u00e9t\u00e9s sous contr\u00f4le conjoint, ainsi que les soci\u00e9t\u00e9s dans lesquelles le Groupe exerce une influence notable sont consolid\u00e9es selon la m\u00e9thode de la mise en \u00e9quivalence. Ces entit\u00e9s, bien que sous contr\u00f4le conjoint, sont pleinement int\u00e9gr\u00e9es aux activit\u00e9s op\u00e9rationnelles du Groupe. LVMH pr\u00e9sente leur r\u00e9sultat net, ainsi que celui des activit\u00e9s mises en \u00e9quivalence (voir Note\u00a08), sur une ligne distincte au sein du r\u00e9sultat op\u00e9rationnel courant.\n
\n\n Lorsqu\u2019un investissement dans une participation consolid\u00e9e selon la m\u00e9thode de mise en \u00e9quivalence pr\u00e9voit un paiement conditionn\u00e9 par la r\u00e9alisation de performances futures (\u00ab\u00a0earn out\u00a0\u00bb), le montant estim\u00e9 du paiement conditionnel futur est inclus dans le co\u00fbt initial d\u2019acquisition inscrit au bilan en contrepartie d\u2019un passif financier. La diff\u00e9rence \u00e9ventuelle entre l\u2019estimation initiale et le paiement effectif est enregistr\u00e9e dans la valeur des participations mises en \u00e9quivalence, sans effet sur le compte de r\u00e9sultat.\n
\n\n Les actifs et passifs, produits et charges des filiales de distribution des Vins et Spiritueux d\u00e9tenues en commun avec le groupe Diageo sont consolid\u00e9es \u00e0 hauteur de la part correspondant aux seules activit\u00e9s du groupe LVMH (voir Note\u00a01.27).\n
\n\n L\u2019int\u00e9gration, individuellement ou collectivement, des soci\u00e9t\u00e9s non consolid\u00e9es (voir Liste des soci\u00e9t\u00e9s non incluses dans la consolidation) n\u2019aurait pas d\u2019impact significatif sur les principaux agr\u00e9gats du Groupe.\n
\n\n 1.8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Conversion des \u00e9tats financiers des entit\u00e9s hors zone euro\n
\n\n La devise d\u2019\u00e9tablissement des comptes consolid\u00e9s est l\u2019euro\u2006; les comptes des entit\u00e9s utilisant une monnaie fonctionnelle diff\u00e9rente sont convertis en\u00a0euros\u00a0:\n
\n\n \u25cf\u00a0\u00a0 aux cours de cl\u00f4ture pour les postes du bilan\u2006;\n
\n\n \u25cf\u00a0\u00a0 aux cours moyens de la p\u00e9riode pour les \u00e9l\u00e9ments du compte de r\u00e9sultat.\n
\n\n Les diff\u00e9rences de change r\u00e9sultant de l\u2019application de ces cours sont inscrites dans les capitaux propres, en \u00ab\u00a0\u00c9carts de conversion\u00a0\u00bb.\n
\n\n 1.9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Op\u00e9rations en devises et couvertures de change\n
\n\n Les op\u00e9rations r\u00e9alis\u00e9es par les soci\u00e9t\u00e9s consolid\u00e9es dans des devises autres que leur monnaie fonctionnelle sont converties dans leur monnaie fonctionnelle aux cours des devises \u00e0 la date de ces op\u00e9rations.\n
\n\n Les cr\u00e9ances et dettes exprim\u00e9es en devises autres que la monnaie fonctionnelle de la soci\u00e9t\u00e9 concern\u00e9e sont converties aux cours de ces devises \u00e0 la date de cl\u00f4ture. Les pertes et gains de change r\u00e9sultant de cette conversion sont enregistr\u00e9s\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en co\u00fbt des ventes pour les op\u00e9rations \u00e0 caract\u00e8re commercial\u2006;\n
\n\n \u25cf\u00a0\u00a0 en r\u00e9sultat financier pour les op\u00e9rations de nature financi\u00e8re.\n
\n\n Les pertes et gains de change r\u00e9sultant de la conversion et de l\u2019\u00e9limination d\u2019op\u00e9rations ou cr\u00e9ances et dettes intra-Groupe exprim\u00e9es dans une monnaie diff\u00e9rente de la monnaie fonctionnelle de la soci\u00e9t\u00e9 concern\u00e9e sont enregistr\u00e9s au compte de r\u00e9sultat, \u00e0 moins qu\u2019ils ne proviennent d\u2019op\u00e9rations de financement intra-Groupe \u00e0 long terme pouvant \u00eatre consid\u00e9r\u00e9es comme des op\u00e9rations en capital\u00a0: ils sont dans ce cas inscrits dans les capitaux propres, en \u00ab\u00a0\u00c9carts de conversion\u00a0\u00bb.\n
\n\n Les instruments d\u00e9riv\u00e9s affect\u00e9s \u00e0 la couverture d\u2019op\u00e9rations commerciales, financi\u00e8res ou patrimoniales sont comptabilis\u00e9s au bilan \u00e0 leur valeur de march\u00e9 (voir Note\u00a01.10) \u00e0 la date de cl\u00f4ture. La variation de valeur de ces instruments d\u00e9riv\u00e9s au titre des parts efficaces est enregistr\u00e9e comme suit\u00a0:\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re commercial\u00a0:\n
\n\n -\u00a0\u00a0\u00a0en co\u00fbt des ventes pour les couvertures de cr\u00e9ances et dettes inscrites au bilan \u00e0 la date de cl\u00f4ture,\n
\n\n -\u00a0\u00a0\u00a0en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb, pour les couvertures de flux de tr\u00e9sorerie futurs, ce montant \u00e9tant transf\u00e9r\u00e9 en co\u00fbt des ventes lors de la comptabilisation des cr\u00e9ances et dettes commerciales objets de la couverture\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures relatives \u00e0 l\u2019acquisition d\u2019actifs immobilis\u00e9s en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb, pour les couvertures de flux de tr\u00e9sorerie futurs, ce montant \u00e9tant transf\u00e9r\u00e9 \u00e0 l\u2019actif du bilan, au sein du co\u00fbt d\u2019entr\u00e9e de l\u2019\u00e9l\u00e9ment couvert lors de la comptabilisation de celui-ci \u00e0 l\u2019actif du bilan, puis en compte de r\u00e9sultat en cas de cession ou d\u00e9pr\u00e9ciation de l\u2019\u00e9l\u00e9ment couvert\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re patrimonial (couverture de situations nettes de filiales dont la monnaie fonctionnelle est diff\u00e9rente de l\u2019euro), au sein des capitaux propres, en \u00ab\u00a0\u00c9carts de conversion\u00a0\u00bb, ce montant \u00e9tant transf\u00e9r\u00e9 en compte de r\u00e9sultat lors de la cession ou de la liquidation (partielle ou totale) de la filiale dont la situation nette est couverte\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re financier, en R\u00e9sultat financier, au sein des Autres produits et charges financiers.\n
\n\n Les variations de valeur de ces instruments d\u00e9riv\u00e9s li\u00e9es aux points de terme des contrats \u00e0 terme ainsi qu\u2019\u00e0 la valeur temps des contrats d\u2019options sont enregistr\u00e9es comme suit\u00a0:\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re commercial en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb. Le co\u00fbt des contrats \u00e0 terme (points de terme) et des options (primes) est transf\u00e9r\u00e9 en Co\u00fbt des d\u00e9riv\u00e9s de change au sein du r\u00e9sultat financier \u00e0 la r\u00e9alisation de la transaction couverte\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re patrimonial et financier, les charges et produits li\u00e9s aux points de terme sont enregistr\u00e9s prorata temporis en Co\u00fbt de la dette financi\u00e8re brute sur la dur\u00e9e des instruments de couverture. L\u2019\u00e9cart entre les montants comptabilis\u00e9s en R\u00e9sultat financier et la variation de valeur li\u00e9e aux points de terme est comptabilis\u00e9 en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb.\n
\n\n En l\u2019absence de relation de couverture, les variations de valeur de march\u00e9 des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es en r\u00e9sultat financier.\n
\n\n Voir \u00e9galement Note\u00a01.22\u00a0pour la d\u00e9finition des notions de part efficace et inefficace.\n
\n\n 1.10.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00c9valuation \u00e0 la juste valeur\n
\n\n La juste valeur (ou valeur de march\u00e9) correspond, pour les actifs, au prix de vente qui serait obtenu en cas de cession et, pour les passifs, au montant qui serait vers\u00e9 pour les transf\u00e9rer, ces transactions hypoth\u00e9tiques \u00e9tant conclues dans des conditions de n\u00e9gociation normales.\n
\n\n Les actifs et passifs \u00e9valu\u00e9s \u00e0 leur juste valeur au bilan sont les suivants\u00a0:\n
\n| \n | \n \n Modalit\u00e9s de d\u00e9termination de la juste valeur\n \n | \n \n \n Montants \u00e0 la date de cl\u00f4ture\n \n | \n
| \n \n Terres \u00e0 vigne\n \n | \n \n \n Sur la base de transactions r\u00e9centes portant sur des actifs similaires. Voir Note\u00a01.14.\n \n | \n \n \n Note\u00a06\n \n | \n
| \n \n Vendanges\n \n | \n \n \n Sur la base des prix d\u2019achat de raisins \u00e9quivalents. Voir Note\u00a01.18.\n \n | \n \n \n Note\u00a011\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s. Voir Note\u00a01.23.\n \n | \n \n \n Note\u00a023\n \n | \n
| \n \n Dettes financi\u00e8res couvertes contre le risque de variation de valeur r\u00e9sultant de l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat\n \n | \n \n \n Sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s. Voir Note\u00a01.22.\n \n | \n \n \n Note\u00a019\n \n | \n
| \n \n Dette au titre des engagements d\u2019achat de titres de minoritaires dont la formule de prix est la juste valeur\n \n | \n \n \n G\u00e9n\u00e9ralement, sur la base des multiples boursiers de soci\u00e9t\u00e9s comparables. Voir Note\u00a01.13.\n \n | \n \n \n Note\u00a021\n \n | \n
| \n \n Investissements et placements financiers\n \n | \n \n \n Actifs cot\u00e9s\u00a0: cotation boursi\u00e8re au cours de cl\u00f4ture de la date d\u2019arr\u00eat\u00e9. Actifs non cot\u00e9s\u00a0: estimation de leur valeur de r\u00e9alisation, soit selon des formules de calcul reposant sur des donn\u00e9es de march\u00e9, soit sur la base de cotations priv\u00e9es. Voir Note\u00a01.17.\n \n | \n \n \n Note\u00a09, Note\u00a014\n \n | \n
| \n \n Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie (parts de SICAV et FCP)\n \n | \n \n \n Sur la base de la valeur liquidative en date de cl\u00f4ture. Voir Note\u00a01.20.\n \n | \n \n \n Note\u00a015\n \n | \n
\n Aucun autre actif ou passif n\u2019a \u00e9t\u00e9 r\u00e9\u00e9valu\u00e9 \u00e0 sa valeur de march\u00e9 \u00e0 la date de cl\u00f4ture.\n
\n\n 1.11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marques et autres immobilisations incorporelles\n
\n\n Seules les marques et enseignes acquises, individualisables et de notori\u00e9t\u00e9 reconnue sont inscrites \u00e0 l\u2019actif, selon leur valeur de march\u00e9 \u00e0 la date de leur acquisition.\n
\n\n Les marques et enseignes sont \u00e9valu\u00e9es \u00e0 titre principal par la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s ou sur la base des transactions comparables, m\u00e9thode utilisant les multiples de chiffre d\u2019affaires et de r\u00e9sultat retenus lors de transactions r\u00e9centes portant sur des marques similaires, ou sur la base des multiples boursiers applicables aux activit\u00e9s concern\u00e9es. D\u2019autres m\u00e9thodes sont utilis\u00e9es \u00e0 titre compl\u00e9mentaire\u00a0: la m\u00e9thode des royalties, donnant \u00e0 la marque une valeur \u00e9quivalente \u00e0 la capitalisation des royalties qu\u2019il faudrait verser pour son utilisation\u2006; la m\u00e9thode du diff\u00e9rentiel de marge, applicable lorsqu\u2019il est possible de mesurer la diff\u00e9rence de revenus g\u00e9n\u00e9r\u00e9e par une marque, par r\u00e9f\u00e9rence \u00e0 un produit similaire sans marque\u2006; enfin, la m\u00e9thode du co\u00fbt de reconstitution d\u2019une marque \u00e9quivalente, notamment en termes de frais de publicit\u00e9 et de promotion.\n
\n\n Les frais engag\u00e9s pour cr\u00e9er une marque nouvelle ou d\u00e9velopper une marque existante sont enregistr\u00e9s en charges.\n
\n\n Les marques, enseignes et autres immobilisations incorporelles \u00e0 dur\u00e9e de vie d\u00e9finie sont amorties sur la dur\u00e9e estim\u00e9e de leur utilisation. Le classement d\u2019une marque ou enseigne en actifs \u00e0 dur\u00e9e d\u2019utilisation d\u00e9finie ou ind\u00e9finie r\u00e9sulte en particulier de l\u2019application des crit\u00e8res suivants\u00a0:\n
\n\n \u25cf\u00a0\u00a0 positionnement global de la marque ou enseigne sur son march\u00e9 en termes de volume d\u2019activit\u00e9, de pr\u00e9sence internationale, de notori\u00e9t\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 perspectives de rentabilit\u00e9 \u00e0 long terme\u2006;\n
\n\n \u25cf\u00a0\u00a0 degr\u00e9 d\u2019exposition aux al\u00e9as conjoncturels\u2006;\n
\n\n \u25cf\u00a0\u00a0 \u00e9v\u00e9nement majeur intervenu dans le secteur d\u2019activit\u00e9 et susceptible de peser sur le futur de la marque ou enseigne\u2006;\n
\n\n \u25cf\u00a0\u00a0 anciennet\u00e9 de la marque ou enseigne.\n
\n\n Les marques dont la dur\u00e9e d\u2019utilisation est d\u00e9finie sont amorties sur une p\u00e9riode comprise entre 5 et 20\u00a0ans, en fonction de l\u2019estimation de la dur\u00e9e de leur utilisation.\n
\n\n Des tests de perte de valeur sont pratiqu\u00e9s pour les marques, enseignes et autres immobilisations incorporelles suivant la m\u00e9thodologie pr\u00e9sent\u00e9e en Note\u00a01.16.\n
\n\n Les frais de recherche ne sont pas immobilis\u00e9s. Les frais de d\u00e9veloppement d\u2019un nouveau produit ne sont immobilis\u00e9s que si la d\u00e9cision de lancement de ce produit est effectivement prise.\n
\n\n Les immobilisations incorporelles autres que les marques et enseignes sont amorties sur les dur\u00e9es suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 droits li\u00e9s aux contrats de sponsoring et de partenariats m\u00e9diatiques\u00a0: sur la dur\u00e9e des contrats, selon les modalit\u00e9s d\u2019exploitation des droits\u2006;\n
\n\n \u25cf\u00a0\u00a0 frais de d\u00e9veloppement\u00a0: maximum 3\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 logiciels, sites internet\u00a0: 1\u00a0\u00e0 5\u00a0ans.\n
\n\n 1.12.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es\n
\n\n Lors de la prise de contr\u00f4le d\u2019une entreprise en droit ou en fait, les actifs, passifs et passifs \u00e9ventuels de l\u2019entreprise acquise sont \u00e9valu\u00e9s \u00e0 leur valeur de march\u00e9 \u00e0 la date de prise de contr\u00f4le\u2006; la diff\u00e9rence entre le co\u00fbt de la prise de contr\u00f4le et la quote-part du Groupe dans la valeur de march\u00e9 de ces actifs, passifs et passifs \u00e9ventuels est inscrite en \u00e9cart d\u2019acquisition.\n
\n\n Le co\u00fbt de la prise de contr\u00f4le est le prix pay\u00e9 par le Groupe dans le cadre d\u2019une acquisition, ou l\u2019estimation de ce prix si l\u2019op\u00e9ration se fait sans versement de tr\u00e9sorerie, \u00e0 l\u2019exclusion des frais li\u00e9s \u00e0 l\u2019acquisition qui sont pr\u00e9sent\u00e9s en \u00ab\u00a0Autres produits et charges op\u00e9rationnels\u00a0\u00bb.\n
\n\n La diff\u00e9rence entre la valeur comptable des int\u00e9r\u00eats minoritaires acquis post\u00e9rieurement \u00e0 la prise de contr\u00f4le et le prix pay\u00e9 pour leur acquisition est comptabilis\u00e9e en contrepartie des capitaux propres.\n
\n\n Les \u00e9carts d\u2019acquisition sont comptabilis\u00e9s dans la devise fonctionnelle de l\u2019entit\u00e9 acquise.\n
\n\n Les \u00e9carts d\u2019acquisition ne sont pas amortis mais font l\u2019objet d\u2019un test de perte de valeur annuel suivant la m\u00e9thodologie pr\u00e9sent\u00e9e en Note\u00a01.16. La charge de d\u00e9pr\u00e9ciation \u00e9ventuelle est comprise dans les \u00ab\u00a0Autres produits et charges op\u00e9rationnels\u00a0\u00bb.\n
\n\n 1.13.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagements d\u2019achat de titres de minoritaires\n
\n\n Les actionnaires minoritaires de certaines filiales consolid\u00e9es par int\u00e9gration globale b\u00e9n\u00e9ficient de promesses d\u2019achat de leurs titres octroy\u00e9es par le Groupe.\n
\n\n En l\u2019absence de dispositions sp\u00e9cifiques des normes IFRS, le Groupe comptabilise ces engagements de la fa\u00e7on suivante\u00a0:\n
\n\n \u25cf\u00a0\u00a0 la valeur de l\u2019engagement \u00e0 la date de la cl\u00f4ture figure en \u00ab\u00a0Engagements d\u2019achat de titres de minoritaires\u00a0\u00bb, au passif du bilan\u2006;\n
\n\n \u25cf\u00a0\u00a0 les int\u00e9r\u00eats minoritaires correspondants sont annul\u00e9s\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les engagements contract\u00e9s ant\u00e9rieurement au 1er\u00a0janvier 2010, la diff\u00e9rence entre le montant des engagements et les int\u00e9r\u00eats minoritaires annul\u00e9s est maintenue \u00e0 l\u2019actif du bilan, en \u00e9cart d\u2019acquisition, ainsi que les variations ult\u00e9rieures de cette diff\u00e9rence. Pour les engagements contract\u00e9s \u00e0 compter du 1er\u00a0janvier 2010, la diff\u00e9rence entre le montant des engagements et les int\u00e9r\u00eats minoritaires est enregistr\u00e9e en capitaux propres, en \u00ab\u00a0Autres r\u00e9serves\u00a0\u00bb.\n
\n\n Ce mode de comptabilisation n\u2019a pas d\u2019effet sur la pr\u00e9sentation des int\u00e9r\u00eats minoritaires au compte de r\u00e9sultat.\n
\n\n 1.14.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Immobilisations corporelles\n
\n\n La valeur brute des immobilisations corporelles, \u00e0 l\u2019exception des terres \u00e0 vignes, est constitu\u00e9e de leur co\u00fbt d\u2019acquisition.\n
\n\n Les terres \u00e0 vignes sont comptabilis\u00e9es \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture. Cette valeur r\u00e9sulte de donn\u00e9es officielles publi\u00e9es sur les transactions r\u00e9centes dans la m\u00eame r\u00e9gion. L\u2019\u00e9cart entre le co\u00fbt d\u2019acquisition historique et la valeur de march\u00e9 est inscrit en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb. Si la valeur de march\u00e9 devient inf\u00e9rieure au co\u00fbt d\u2019acquisition, une d\u00e9pr\u00e9ciation est comptabilis\u00e9e en r\u00e9sultat, du montant de la diff\u00e9rence.\n
\n\n Les immeubles majoritairement occup\u00e9s par des tiers sont pr\u00e9sent\u00e9s en immeubles locatifs, \u00e0 leur co\u00fbt d\u2019acquisition, sans r\u00e9\u00e9valuation \u00e0 valeur de march\u00e9.\n
\n\n La base amortissable des immobilisations corporelles est constitu\u00e9e du co\u00fbt d\u2019acquisition de leurs composants, diminu\u00e9 de la valeur r\u00e9siduelle\u2006; la valeur r\u00e9siduelle correspond \u00e0 l\u2019estimation de valeur de revente de l\u2019immobilisation au terme de la p\u00e9riode d\u2019utilisation.\n
\n\n Les immobilisations corporelles sont amorties lin\u00e9airement sur la dur\u00e9e estim\u00e9e de leur utilisation. Dans le cas d\u2019actifs associ\u00e9s \u00e0 un contrat de location, la dur\u00e9e d\u2019amortissement est plafonn\u00e9e \u00e0 celle retenue pour le calcul de la dette locative.\n
\n\n Les dur\u00e9es retenues sont les suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 constructions, immeubles locatifs\u00a0: 20\u00a0\u00e0 100\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 mat\u00e9riels et installations\u00a0: 3\u00a0\u00e0 25\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 agencements\u00a0: 3\u00a0\u00e0 10\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 vignobles\u00a0: 18\u00a0\u00e0 25\u00a0ans.\n
\n\n Les frais d\u2019entretien et de r\u00e9paration sont comptabilis\u00e9s en charges lors de leur r\u00e9alisation.\n
\n\n 1.15.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Contrats de location\n
\n\n Le Groupe applique la norme IFRS\u00a016\u00a0relative aux contrats de location depuis le 1er\u00a0janvier 2019. La premi\u00e8re application a \u00e9t\u00e9 r\u00e9alis\u00e9e selon la m\u00e9thode de transition dite \u00ab\u00a0r\u00e9trospective modifi\u00e9e\u00a0\u00bb\u2006; voir Note\u00a01.2 de l\u2019annexe aux comptes consolid\u00e9s 2019 concernant les d\u00e9tails relatifs \u00e0 la premi\u00e8re application d\u2019IFRS\u00a016 et les effets de sa premi\u00e8re application sur les \u00e9tats financiers 2019.\n
\n\n Lors de la conclusion d\u2019un contrat de location, un passif est enregistr\u00e9 au bilan correspondant aux paiements futurs actualis\u00e9s de la part fixe des loyers, en contrepartie de droits d\u2019utilisation \u00e0 l\u2019actif amortis sur la dur\u00e9e du contrat. Le montant du passif est sensiblement d\u00e9pendant des hypoth\u00e8ses retenues en mati\u00e8re de dur\u00e9e des engagements et, dans une moindre mesure, de taux d\u2019actualisation. L\u2019implantation g\u00e9ographique \u00e9tendue du Groupe le conduit \u00e0 rencontrer une grande diversit\u00e9 de modalit\u00e9s juridiques dans l\u2019\u00e9tablissement des contrats.\n
\n\n La dur\u00e9e du contrat g\u00e9n\u00e9ralement retenue pour le calcul du passif est celle du contrat initialement n\u00e9goci\u00e9, sans prise en compte des options de r\u00e9siliation anticip\u00e9e, sauf cas particulier. Lorsque les contrats incluent des options d\u2019extension, la dur\u00e9e retenue pour le calcul du passif peut inclure celles-ci principalement lorsque la dur\u00e9e d\u2019utilisation pr\u00e9vue des actifs immobilis\u00e9s, investis initialement ou en cours de vie du contrat, est sup\u00e9rieure \u00e0 la dur\u00e9e contractuelle initiale.\n
\n\n La dur\u00e9e retenue pour la d\u00e9termination des dettes locatives lorsque l\u2019engagement de location est inf\u00e9rieur \u00e0 douze mois mais que des actifs ont \u00e9t\u00e9 immobilis\u00e9s en relation avec ce contrat est coh\u00e9rente avec la dur\u00e9e d\u2019utilisation pr\u00e9vue des actifs investis. Il s\u2019agit, le plus souvent, de contrats de location d\u2019emplacements commerciaux renouvelables annuellement par tacite reconduction.\n
\n\n La norme pr\u00e9voit que le taux d\u2019actualisation de chaque contrat soit d\u00e9termin\u00e9 par r\u00e9f\u00e9rence au taux d\u2019emprunt marginal de la filiale contractante. En pratique, compte tenu de l\u2019organisation du financement du Groupe, port\u00e9 ou garanti quasi exclusivement par LVMH\u00a0SE, le taux d\u2019emprunt marginal g\u00e9n\u00e9ralement retenu est la somme du taux sans risque pour la devise du contrat, par r\u00e9f\u00e9rence \u00e0 sa duration, et du risque de cr\u00e9dit du Groupe pour cette m\u00eame r\u00e9f\u00e9rence de devise et de duration.\n
\n\n Les droits au bail et les immobilisations corporelles relatives aux obligations de remise en \u00e9tat des locaux pris en location sont pr\u00e9sent\u00e9s au sein des Droits d\u2019utilisation et amortis selon les m\u00eames principes que ceux d\u00e9crits ci-dessus.\n
\n\n Le Groupe a mis en place un outil informatique d\u00e9di\u00e9 pour collecter les donn\u00e9es contractuelles et effectuer les calculs impos\u00e9s par la norme.\n
\n\n L\u2019incidence de l\u2019application d\u2019IFRS\u00a016\u00a0sur le tableau de variation de la tr\u00e9sorerie \u00e9tant significative en raison de l\u2019importance des loyers fixes pour les activit\u00e9s du Groupe, des indicateurs sp\u00e9cifiques sont utilis\u00e9s pour les besoins internes de suivi de la performance ainsi qu\u2019\u00e0 des fins de communication financi\u00e8re, pour pr\u00e9senter des indicateurs de performance coh\u00e9rents, ind\u00e9pendamment du caract\u00e8re fixe ou variable des loyers pay\u00e9s. Ainsi, les paiements relatifs aux loyers fixes capitalis\u00e9s sont d\u00e9duits en totalit\u00e9 des flux permettant de calculer l\u2019agr\u00e9gat intitul\u00e9 \u00ab\u00a0cash flow disponible d\u2019exploitation\u00a0\u00bb, qui constitue un Indicateur Alternatif de Performance. Le rapprochement entre la Variation de la tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation et le cash flow disponible d\u2019exploitation est pr\u00e9sent\u00e9 au niveau du Tableau de variation de la tr\u00e9sorerie consolid\u00e9e.\n
\n\n 1.16.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tests de perte de valeur des actifs immobilis\u00e9s\n
\n\n Des tests de perte de valeur sont r\u00e9alis\u00e9s pour les actifs immobilis\u00e9s corporels, incorporels et relatifs aux contrats de location d\u00e8s lors qu\u2019un indice de perte de valeur appara\u00eet (suite notamment \u00e0 des modifications importantes survenues dans les conditions d\u2019exploitation de l\u2019actif), et au moins une fois par an pour les actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie, principalement les marques, enseignes et \u00e9carts d\u2019acquisition. Lorsque la valeur nette comptable de ces actifs \u00e0 dur\u00e9e de vie ind\u00e9finie devient sup\u00e9rieure au montant le plus \u00e9lev\u00e9 de leur valeur d\u2019utilit\u00e9 ou de march\u00e9, une d\u00e9pr\u00e9ciation est enregistr\u00e9e, du montant de la diff\u00e9rence\u2006; la d\u00e9pr\u00e9ciation, imput\u00e9e en priorit\u00e9 sur l\u2019\u00e9cart d\u2019acquisition, est comptabilis\u00e9e en \u00ab\u00a0Autres produits et charges op\u00e9rationnels\u00a0\u00bb.\n
\n\n La valeur d\u2019utilit\u00e9 est fond\u00e9e sur les flux de tr\u00e9sorerie futurs actualis\u00e9s que l\u2019on esp\u00e8re g\u00e9n\u00e9rer de ces actifs, en tenant compte de leur valeur r\u00e9siduelle. La valeur de march\u00e9 de l\u2019actif est d\u00e9termin\u00e9e par r\u00e9f\u00e9rence \u00e0 des transactions similaires r\u00e9centes ou \u00e0 des \u00e9valuations r\u00e9alis\u00e9es par des experts ind\u00e9pendants dans une perspective de cession.\n
\n\n Les flux de tr\u00e9sorerie pr\u00e9visionnels sont \u00e9tablis au niveau du Groupe par secteur d\u2019activit\u00e9, un secteur d\u2019activit\u00e9 correspondant \u00e0 une ou plusieurs marques ou enseignes et \u00e0 une \u00e9quipe de Direction d\u00e9di\u00e9e\u2006; en g\u00e9n\u00e9ral, un secteur d\u2019activit\u00e9 tel que d\u00e9fini ci-avant correspond \u00e0 une Maison au sein du Groupe. Au sein du secteur d\u2019activit\u00e9, peuvent \u00eatre d\u00e9termin\u00e9es des unit\u00e9s g\u00e9n\u00e9ratrices de tr\u00e9sorerie d\u2019un niveau plus petit, tel un ensemble de boutiques.\n
\n\n Les donn\u00e9es utilis\u00e9es dans le cadre de la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s proviennent des budgets annuels et plans pluriannuels \u00e9tablis par la Direction des secteurs d\u2019activit\u00e9 concern\u00e9s. Les plans consistent en des projections \u00e0 cinq ans, cette dur\u00e9e pouvant \u00eatre \u00e9tendue lorsqu\u2019il s\u2019agit de marques en cours de repositionnement strat\u00e9gique, ou dont le cycle de production est sup\u00e9rieur \u00e0 cinq ans. \u00c0 la valeur r\u00e9sultant des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s s\u2019ajoute une valeur terminale correspondant \u00e0 la capitalisation \u00e0 l\u2019infini des flux de tr\u00e9sorerie issus, le plus souvent, de la derni\u00e8re ann\u00e9e du plan. Les taux d\u2019actualisation sont d\u00e9finis par groupe d\u2019activit\u00e9s, par r\u00e9f\u00e9rence \u00e0 des soci\u00e9t\u00e9s exer\u00e7ant des activit\u00e9s comparables. Le taux d\u2019actualisation des flux de tr\u00e9sorerie pr\u00e9visionnels refl\u00e8te le taux de rendement attendu par un investisseur dans le domaine d\u2019activit\u00e9 concern\u00e9 et la prime de risque propre \u00e0 cette activit\u00e9. Lorsque plusieurs sc\u00e9narios pr\u00e9visionnels sont retenus, une probabilit\u00e9 de survenance est attribu\u00e9e \u00e0 chacun d\u2019entre eux.\n
\n\n 1.17.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investissements et placements financiers\n
\n\n Les actifs financiers sont pr\u00e9sent\u00e9s en actifs non courants (\u00ab\u00a0Investissements financiers\u00a0\u00bb) ou en actifs courants (\u00ab\u00a0Placements financiers\u00a0\u00bb) selon leur nature.\n
\n\n Les investissements financiers comprennent les prises de participation, strat\u00e9giques et non strat\u00e9giques, si la dur\u00e9e estim\u00e9e et le mode de leur d\u00e9tention le justifient.\n
\n\n Les placements financiers (pr\u00e9sent\u00e9s au sein des \u00ab\u00a0Autres actifs courants\u00a0\u00bb, voir Note\u00a013) incluent des placements temporaires en actions, parts de SICAV, ou de Fonds Commun de Placement (FCP) et assimil\u00e9s, \u00e0 l\u2019exclusion des placements relevant de la gestion de tr\u00e9sorerie au jour le jour, qui sont comptabilis\u00e9s en \u00ab\u00a0Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\u00a0\u00bb (Voir Note\u00a01.20).\n
\n\n Investissements et placements financiers sont \u00e9valu\u00e9s au cours de cl\u00f4ture s\u2019il s\u2019agit d\u2019actifs cot\u00e9s, et, s\u2019il s\u2019agit d\u2019actifs non cot\u00e9s, sur la base d\u2019une estimation de leur valeur de r\u00e9alisation, effectu\u00e9e soit selon des formules de calcul reposant sur des donn\u00e9es de march\u00e9, soit sur la base de cotations priv\u00e9es \u00e0 la date de cl\u00f4ture.\n
\n\n Les variations de valeur, positives ou n\u00e9gatives, sont enregistr\u00e9es en R\u00e9sultat financier (au sein des \u00ab\u00a0Autres produits et charges financiers\u00a0\u00bb, voir Note\u00a027) pour l\u2019ensemble des titres d\u00e9tenus en portefeuille au cours des p\u00e9riodes publi\u00e9es.\n
\n\n 1.18.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Stocks et en-cours\n
\n\n \u00c0 l\u2019exception des vins produits par le Groupe, les stocks sont comptabilis\u00e9s \u00e0 leur prix de revient, hors frais financiers. Le prix de revient est constitu\u00e9 du co\u00fbt de production (produits finis), ou du prix d\u2019achat major\u00e9 des frais accessoires (mati\u00e8res premi\u00e8res, marchandises)\u2006; il ne peut exc\u00e9der la valeur nette de r\u00e9alisation.\n
\n\n Les stocks de vins produits par le Groupe, en particulier les vins de champagne, sont \u00e9valu\u00e9s sur la base de la valeur de march\u00e9 de la vendange correspondante, d\u00e9termin\u00e9e par r\u00e9f\u00e9rence au prix moyen d\u2019achat de raisins \u00e9quivalents, comme si les raisins r\u00e9colt\u00e9s avaient \u00e9t\u00e9 acquis aupr\u00e8s de tiers. Jusqu\u2019\u00e0 la date de vendange, l\u2019\u00e9valuation des raisins, comptabilis\u00e9e prorata temporis, se fait sur la base d\u2019un rendement et d\u2019une valeur de march\u00e9 estim\u00e9s.\n
\n\n Les mouvements de stocks sont valoris\u00e9s, selon les m\u00e9tiers, au co\u00fbt moyen pond\u00e9r\u00e9 ou par la m\u00e9thode \u00ab\u00a0Premier entr\u00e9-premier sorti\u00a0\u00bb (FIFO).\n
\n\n Compte tenu du processus de vieillissement n\u00e9cessaire aux champagnes, spiritueux (cognac, whisky et rhum, notamment), et vins, la dur\u00e9e de d\u00e9tention de ces stocks est le plus souvent sup\u00e9rieure \u00e0 un an. Ces stocks restent class\u00e9s en actifs courants conform\u00e9ment \u00e0 l\u2019usage de la profession.\n
\n\n Les d\u00e9pr\u00e9ciations de stocks sont constat\u00e9es principalement dans les activit\u00e9s autres que Vins et Spiritueux. Elles sont \u00e9tablies le plus souvent en raison de l\u2019obsolescence des produits concern\u00e9s (saison ou collection termin\u00e9es, date limite d\u2019utilisation proche\u2026\u00a0) ou sur la base de leurs perspectives d\u2019\u00e9coulement.\n
\n\n 1.19.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cr\u00e9ances clients, autres cr\u00e9ances et pr\u00eats\n
\n\n Les cr\u00e9ances clients, autres cr\u00e9ances et pr\u00eats sont comptabilis\u00e9s au co\u00fbt amorti, correspondant \u00e0 leur valeur nominale. La part des cr\u00e9ances et pr\u00eats non couverts par une assurance-cr\u00e9dit donne lieu \u00e0 l\u2019enregistrement d\u2019une d\u00e9pr\u00e9ciation d\u00e8s l\u2019enregistrement des cr\u00e9ances, \u00e0 hauteur des pertes attendues \u00e0 l\u2019\u00e9ch\u00e9ance. Celle-ci refl\u00e8te la probabilit\u00e9 de d\u00e9faut des contreparties et le taux de perte attendue, \u00e9valu\u00e9s, selon les cas, sur la base de statistiques historiques, d\u2019informations communiqu\u00e9es par les agences de cr\u00e9dit, ou de notes attribu\u00e9es par les agences de notation.\n
\n\n Lorsque l\u2019\u00e9ch\u00e9ance des cr\u00e9ances et pr\u00eats est sup\u00e9rieure \u00e0 un an, leur montant fait l\u2019objet d\u2019un calcul d\u2019actualisation, dont les effets sont enregistr\u00e9s en r\u00e9sultat financier, selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
\n\n 1.20.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\n
\n\n La ligne \u00ab\u00a0Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\u00a0\u00bb inclut les liquidit\u00e9s ainsi que les placements mon\u00e9taires imm\u00e9diatement disponibles dont la valeur dans le temps pr\u00e9sente un risque de variation n\u00e9gligeable.\n
\n\n Les placements mon\u00e9taires sont \u00e9valu\u00e9s \u00e0 leur valeur de march\u00e9, bas\u00e9e sur le cours de bourse et sur le cours de change \u00e0 la date de cl\u00f4ture, les variations de valeur \u00e9tant enregistr\u00e9es en r\u00e9sultat financier.\n
\n\n 1.21.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Provisions\n
\n\n Une provision est comptabilis\u00e9e d\u00e8s lors qu\u2019existe une obligation, vis-\u00e0-vis d\u2019un tiers, entra\u00eenant pour le Groupe un d\u00e9caissement probable dont le montant peut \u00eatre \u00e9valu\u00e9 de fa\u00e7on fiable. Voir \u00e9galement Notes\u00a01.25 et 20.\n
\n\n Lorsque la date d\u2019ex\u00e9cution de cette obligation est au-del\u00e0 d\u2019un an, le montant de la provision fait l\u2019objet d\u2019un calcul d\u2019actualisation, dont les effets sont enregistr\u00e9s en r\u00e9sultat financier selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
\n\n 1.22.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dettes financi\u00e8res\n
\n\n Les dettes financi\u00e8res sont comptabilis\u00e9es au co\u00fbt amorti, c\u2019est-\u00e0-dire \u00e0 leur valeur nominale nette des primes et frais d\u2019\u00e9mission qui sont enregistr\u00e9s progressivement en r\u00e9sultat financier jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance, selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
\n\n En cas de couverture du risque de variation de valeur de la dette financi\u00e8re r\u00e9sultant de l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat, le montant couvert de la dette, ainsi que les instruments de couverture associ\u00e9s, figurent au bilan \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture\u2006; les effets de cette r\u00e9\u00e9valuation sont enregistr\u00e9s en r\u00e9sultat financier, au niveau des \u00ab\u00a0Effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et instruments de taux\u00a0\u00bb. Voir Note\u00a01.10\u00a0concernant l\u2019\u00e9valuation \u00e0 valeur de march\u00e9 de la dette couverte. Les charges et produits d\u2019int\u00e9r\u00eat relatifs aux instruments de couverture sont enregistr\u00e9s en R\u00e9sultat financier au niveau du \u00ab\u00a0Co\u00fbt de la dette financi\u00e8re brute\u00a0\u00bb.\n
\n\n En cas de couverture du risque d\u2019\u00e9volution de la charge d\u2019int\u00e9r\u00eat future, la dette financi\u00e8re dont les flux sont couverts reste comptabilis\u00e9e au co\u00fbt amorti, la variation de valeur de la part efficace de l\u2019instrument de couverture \u00e9tant enregistr\u00e9e dans les capitaux propres en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb.\n
\n\n En l\u2019absence de relation de couverture, ou pour la partie inefficace des couvertures, les variations de valeur des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es en r\u00e9sultat financier.\n
\n\n La dette financi\u00e8re nette est constitu\u00e9e des dettes financi\u00e8res \u00e0 plus et moins d\u2019un an et de la valeur de march\u00e9 \u00e0 la date de cl\u00f4ture des instruments d\u00e9riv\u00e9s sur risque de taux d\u2019int\u00e9r\u00eat, sous d\u00e9duction du montant des investissements financiers en couverture de dette financi\u00e8re, des placements financiers, de la tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie \u00e0 la date de cl\u00f4ture ainsi que de la valeur de march\u00e9 \u00e0 cette date des instruments d\u00e9riv\u00e9s sur risque de change associ\u00e9s \u00e0 l\u2019un de ces \u00e9l\u00e9ments.\n
\n\n 1.23.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments d\u00e9riv\u00e9s\n
\n\n Le Groupe n\u00e9gocie des instruments financiers d\u00e9riv\u00e9s dans le cadre de sa strat\u00e9gie de couverture des risques de change, de taux d\u2019int\u00e9r\u00eat et de m\u00e9taux pr\u00e9cieux.\n
\n\n Concernant la couverture du risque de change commercial, financier ou patrimonial, le Groupe a recours \u00e0 des options, des contrats \u00e0 terme, des swaps cambistes, et des cross-currency swaps. Les valeurs temps des options, la composante points de terme des contrats \u00e0 terme et des swaps cambistes ainsi que la composante foreign currency basis spread des cross-currency swaps sont syst\u00e9matiquement exclues de la relation de couverture. Par cons\u00e9quent, seule la valeur intrins\u00e8que des instruments est consid\u00e9r\u00e9e comme instrument de couverture. Concernant les \u00e9l\u00e9ments couverts (flux de tr\u00e9sorerie futurs en devises, dettes et cr\u00e9ances commerciales ou financi\u00e8res en devises, situations nettes de filiales dont la monnaie fonctionnelle est diff\u00e9rente de l\u2019euro), seule leur variation de valeur au titre du risque de change est consid\u00e9r\u00e9e comme \u00e9l\u00e9ment couvert. Ainsi, l\u2019alignement des principales caract\u00e9ristiques des instruments (nominaux, devises, \u00e9ch\u00e9ances) de couverture avec celles des \u00e9l\u00e9ments couverts permet une parfaite compensation des variations de valeur.\n
\n\n Les instruments d\u00e9riv\u00e9s sont comptabilis\u00e9s au bilan \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture. Les variations de valeur des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es selon les modalit\u00e9s pr\u00e9cis\u00e9es en Note\u00a01.9\u00a0pour les couvertures de risque de change et en Note\u00a01.22\u00a0pour les couvertures de risque de taux d\u2019int\u00e9r\u00eat.\n
\n\n La valeur de march\u00e9 est \u00e9tablie sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s.\n
\n\n Les instruments d\u00e9riv\u00e9s dont la maturit\u00e9 est sup\u00e9rieure \u00e0 douze mois sont pr\u00e9sent\u00e9s en actifs et passifs non courants.\n
\n\n 1.24.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Actions LVMH\n
\n\n Les actions LVMH d\u00e9tenues par le Groupe sont comptabilis\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition, en d\u00e9duction des capitaux propres consolid\u00e9s, quel que soit l\u2019objet de leur d\u00e9tention.\n
\n\n En cas de cession, le prix de revient des actions c\u00e9d\u00e9es est \u00e9tabli par cat\u00e9gorie d\u2019affectation (voir Note\u00a016.3) selon la m\u00e9thode Premier entr\u00e9-premier sorti (FIFO).\n
\n\n Les r\u00e9sultats de cession sont inscrits directement en capitaux propres, pour leur montant net d\u2019imp\u00f4t.\n
\n\n 1.25.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Retraites, participation aux frais m\u00e9dicaux et autres engagements vis-\u00e0-vis du personnel\n
\n\n Lorsque les r\u00e9gimes d\u2019indemnit\u00e9s de d\u00e9part \u00e0 la retraite, de retraites, de participation aux frais m\u00e9dicaux ou autres pr\u00e9voient le versement par le Groupe de cotisations \u00e0 des organismes ext\u00e9rieurs responsables du paiement ult\u00e9rieur des indemnit\u00e9s, des retraites ou de la participation aux frais m\u00e9dicaux, ces cotisations sont comptabilis\u00e9es dans les charges de l\u2019exercice au titre duquel elles sont dues, aucun passif n\u2019\u00e9tant comptabilis\u00e9 au bilan.\n
\n\n Lorsque le versement des indemnit\u00e9s de d\u00e9part \u00e0 la retraite, des retraites, de la participation aux frais m\u00e9dicaux ou autres sont \u00e0 la charge du Groupe, le montant de l\u2019engagement actuariel correspondant donne lieu \u00e0 provision au bilan (voir Note\u00a030). La variation de cette provision est comptabilis\u00e9e\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en r\u00e9sultat op\u00e9rationnel courant de l\u2019exercice, pour la part correspondant au service rendu par les employ\u00e9s durant l\u2019exercice et au co\u00fbt financier net de l\u2019exercice\u2006;\n
\n\n \u25cf\u00a0\u00a0 en gains et pertes enregistr\u00e9s en capitaux propres, pour la part li\u00e9e \u00e0 l\u2019\u00e9volution des hypoth\u00e8ses actuarielles et aux \u00e9carts entre les donn\u00e9es projet\u00e9es et les donn\u00e9es r\u00e9elles (\u00ab\u00a0effets d\u2019exp\u00e9rience\u00a0\u00bb).\n
\n\n Si cet engagement est couvert, partiellement ou en totalit\u00e9, par des fonds vers\u00e9s par le Groupe \u00e0 des organismes financiers, le montant de ces placements d\u00e9di\u00e9s vient en d\u00e9duction de l\u2019engagement actuariel au bilan.\n
\n\n L\u2019engagement actuariel est calcul\u00e9 sur la base d\u2019\u00e9valuations sp\u00e9cifiques au pays et \u00e0 la soci\u00e9t\u00e9 du Groupe concern\u00e9e\u2006; ces \u00e9valuations int\u00e8grent notamment des hypoth\u00e8ses de taux d\u2019actualisation, de progression des salaires, d\u2019inflation, d\u2019esp\u00e9rance de vie, et de rotation des effectifs.\n
\n\n 1.26.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Imp\u00f4ts courants et diff\u00e9r\u00e9s\n
\n\n La charge d\u2019imp\u00f4t comprend l\u2019imp\u00f4t exigible des diff\u00e9rentes soci\u00e9t\u00e9s consolid\u00e9es, l\u2019imp\u00f4t diff\u00e9r\u00e9 r\u00e9sultant de diff\u00e9rences temporelles et la variation des positions fiscales incertaines.\n
\n\n Les diff\u00e9rences temporelles entre les valeurs en consolidation des \u00e9l\u00e9ments d\u2019actif et de passif, et celles r\u00e9sultant de l\u2019application de la r\u00e9glementation fiscale, donnent lieu \u00e0 la constatation d\u2019imp\u00f4ts diff\u00e9r\u00e9s.\n
\n\n Le taux d\u2019imp\u00f4t retenu pour le calcul des imp\u00f4ts diff\u00e9r\u00e9s est celui connu \u00e0 la date de cl\u00f4ture\u2006; les effets des changements de taux sont enregistr\u00e9s sur la p\u00e9riode au cours de laquelle la d\u00e9cision de ce changement est prise.\n
\n\n Les \u00e9conomies d\u2019imp\u00f4t r\u00e9sultant de d\u00e9ficits fiscaux reportables sont enregistr\u00e9es en imp\u00f4ts diff\u00e9r\u00e9s actifs, qui sont d\u00e9pr\u00e9ci\u00e9s si estim\u00e9s non recouvrables, seul le montant dont l\u2019utilisation est probable \u00e9tant maintenu \u00e0 l\u2019actif du bilan.\n
\n\n Les actifs et passifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s ne sont pas actualis\u00e9s.\n
\n\n Les imp\u00f4ts dus au titre des r\u00e9serves distribuables des filiales font l\u2019objet de provisions \u00e0 hauteur des distributions envisag\u00e9es.\n
\n\n 1.27.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Comptabilisation des ventes\n
\n\n D\u00e9finition des ventes\n
\n\n Les ventes incluent principalement des ventes au d\u00e9tail dans le cadre des boutiques du Groupe (incluant les sites de e-commerce) et des ventes de gros \u00e0 des distributeurs et agents. Sont assimil\u00e9es \u00e0 des op\u00e9rations au d\u00e9tail les ventes effectu\u00e9es dans le cadre de boutiques appartenant \u00e0 des tiers si les risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 du stock sont conserv\u00e9s par le Groupe.\n
\n\n Les ventes au d\u00e9tail proviennent essentiellement des activit\u00e9s Mode et Maroquinerie et Distribution s\u00e9lective, ainsi que de certaines marques de Montres et Joaillerie ou de Parfums et Cosm\u00e9tiques. Ces ventes sont comptabilis\u00e9es lors du transfert de propri\u00e9t\u00e9, qui intervient g\u00e9n\u00e9ralement lors de l\u2019achat par la client\u00e8le.\n
\n\n Les ventes de gros proviennent essentiellement des activit\u00e9s Vins et Spiritueux et de certaines marques de Parfums et Cosm\u00e9tiques ou de Montres et Joaillerie. Ces ventes sont comptabilis\u00e9es lors du transfert de propri\u00e9t\u00e9.\n
\n\n Les frais d\u2019exp\u00e9dition et de transport refactur\u00e9s aux clients ne sont compris dans les ventes que lorsqu\u2019ils sont inclus forfaitairement dans le prix des produits factur\u00e9s.\n
\n\n Les ventes de services, qui concernent principalement les Autres activit\u00e9s, sont comptabilis\u00e9es lors de la r\u00e9alisation de la prestation.\n
\n\n Les ventes sont pr\u00e9sent\u00e9es nettes de toutes formes de remises et ristournes. En particulier, les sommes permettant le r\u00e9f\u00e9rencement des produits ou correspondant \u00e0 des accords de participation publicitaire avec le distributeur viennent en d\u00e9duction des ventes correspondantes.\n
\n\n Provision pour retours de produits\n
\n\n Les soci\u00e9t\u00e9s du groupe d\u2019activit\u00e9s Parfums et Cosm\u00e9tiques et dans une moindre mesure des activit\u00e9s Mode et Maroquinerie, ou Montres et Joaillerie, peuvent reprendre aupr\u00e8s de leurs clients et distributeurs les produits invendus ou p\u00e9rim\u00e9s. Les ventes de d\u00e9tail, et en particulier les ventes r\u00e9alis\u00e9es via les sites de e-commerce, g\u00e9n\u00e8rent \u00e9galement des retours de produits de la part des clients.\n
\n\n Lorsque ces pratiques sont \u00e9tablies, les ventes enregistr\u00e9es sont diminu\u00e9es d\u2019un montant correspondant \u00e0 une estimation de ces retours, en contrepartie d\u2019une provision comptabilis\u00e9e au sein des Autres passifs courants (Voir Note\u00a022.2) et d\u2019une inscription en stocks. Le taux de retour retenu pour l\u2019\u00e9tablissement de ces estimations est calcul\u00e9 sur la base de statistiques historiques.\n
\n\n Activit\u00e9s en partenariat avec Diageo\n
\n\n Une partie significative des ventes des activit\u00e9s Vins et Spiritueux est r\u00e9alis\u00e9e dans le cadre d\u2019accords de distribution avec Diageo, consistant le plus souvent en un partenariat dans des entit\u00e9s communes. Celles-ci assurent les livraisons et les ventes \u00e0 la client\u00e8le des marques des deux groupes, le partage du compte de r\u00e9sultat et du bilan de ces entit\u00e9s entre LVMH et Diageo \u00e9tant r\u00e9gi par les accords de distribution. Selon ces accords, les actifs et passifs, produits et charges des entit\u00e9s concern\u00e9es sont consolid\u00e9es \u00e0 hauteur de la part correspondant aux seules activit\u00e9s du Groupe.\n
\n\n 1.28.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Frais de publicit\u00e9 et de promotion\n
\n\n Les frais de publicit\u00e9 et de promotion incluent le co\u00fbt de la r\u00e9alisation des supports publicitaires, des achats d\u2019espaces m\u00e9dia, de la fabrication d\u2019\u00e9chantillons et de catalogues et, de mani\u00e8re g\u00e9n\u00e9rale, le co\u00fbt de l\u2019ensemble des activit\u00e9s destin\u00e9es \u00e0 la promotion des marques et produits du Groupe.\n
\n\n Les frais de publicit\u00e9 et de promotion sont enregistr\u00e9s au sein des charges commerciales lors de leur r\u00e9ception ou de leur production, s\u2019il s\u2019agit de biens, ou lors de la r\u00e9alisation des prestations s\u2019il s\u2019agit de services.\n
\n\n 1.29.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Plans d\u2019actions gratuites et assimil\u00e9s\n
\n\n L\u2019estimation du gain pour les plans d\u2019attribution d\u2019actions gratuites est calcul\u00e9e sur la base du cours de cl\u00f4ture de l\u2019action la veille du Conseil d\u2019administration ayant mis en place le plan et sous d\u00e9duction du montant des dividendes anticip\u00e9s sur la p\u00e9riode d\u2019acquisition des droits. En cas de plans d\u2019attribution d\u2019actions gratuites assortis de conditions de performance, la charge de l\u2019exercice int\u00e8gre les attributions provisoires pour lesquelles l\u2019atteinte des conditions est jug\u00e9e probable.\n
\n\n Pour l\u2019ensemble des plans, la charge d\u2019amortissement est r\u00e9partie lin\u00e9airement en r\u00e9sultat sur la p\u00e9riode d\u2019acquisition des droits, en contrepartie des r\u00e9serves au bilan.\n
\n\n En cas de plan de r\u00e9mun\u00e9rations li\u00e9 au cours de l\u2019action LVMH et d\u00e9nou\u00e9 en num\u00e9raire, l\u2019estimation du gain est r\u00e9\u00e9valu\u00e9e \u00e0 chaque cl\u00f4ture du cours de l\u2019action LVMH \u00e0 cette date, et enregistr\u00e9e en charge prorata temporis sur la p\u00e9riode d\u2019acquisition des droits, en contrepartie d\u2019une provision au bilan. Au-del\u00e0 de cette date et jusqu\u2019au d\u00e9nouement, la variation de l\u2019esp\u00e9rance de gain r\u00e9sultant de la variation du cours de l\u2019action LVMH est enregistr\u00e9e en compte de r\u00e9sultat.\n
\n\n 1.30.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 R\u00e9sultat par action\n
\n\n Le r\u00e9sultat par action est calcul\u00e9 sur la base du nombre moyen pond\u00e9r\u00e9 d\u2019actions en circulation durant l\u2019exercice, sous d\u00e9duction du nombre moyen d\u2019actions auto-d\u00e9tenues.\n
\n\n Le r\u00e9sultat par action apr\u00e8s dilution est \u00e9tabli sur la base du nombre moyen pond\u00e9r\u00e9 d\u2019actions avant dilution, major\u00e9 du nombre moyen pond\u00e9r\u00e9 d\u2019actions qui r\u00e9sulterait de la lev\u00e9e, durant l\u2019exercice, de tout instrument dilutif. Les fonds recueillis au titre de ces lev\u00e9es, augment\u00e9s de la charge restant \u00e0 comptabiliser au titre des plans d\u2019actions gratuites et assimil\u00e9s (voir Note\u00a01.29), sont pr\u00e9sum\u00e9s affect\u00e9s, dans ce calcul, au rachat d\u2019actions LVMH \u00e0 un prix correspondant \u00e0 leur cours de bourse moyen sur l\u2019exercice.\n
\n Les marques et enseignes du Groupe sont organis\u00e9es en six groupes d\u2019activit\u00e9s. Quatre groupes d\u2019activit\u00e9s\u00a0: Vins et Spiritueux, Mode et Maroquinerie, Parfums et Cosm\u00e9tiques, Montres et Joaillerie, regroupent les marques de produits de m\u00eame nature, ayant des modes de production et de distribution similaires. Les informations concernant Louis Vuitton, Bulgari et Tiffany sont pr\u00e9sent\u00e9es selon l\u2019activit\u00e9 pr\u00e9pond\u00e9rante de la marque, soit le groupe d\u2019activit\u00e9s Mode et Maroquinerie pour Louis Vuitton et le groupe d\u2019activit\u00e9s Montres et Joaillerie pour Bulgari et Tiffany. Le groupe d\u2019activit\u00e9s Distribution s\u00e9lective regroupe les activit\u00e9s de distribution sous enseigne. Le groupe Autres et Holdings r\u00e9unit les marques et activit\u00e9s ne relevant pas des groupes pr\u00e9cit\u00e9s, notamment le p\u00f4le m\u00e9dia, le constructeur de yachts n\u00e9erlandais Royal Van Lent, les activit\u00e9s h\u00f4teli\u00e8res ainsi que l\u2019activit\u00e9 des soci\u00e9t\u00e9s holdings ou immobili\u00e8res.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27431": { "value": "\n Les comptes consolid\u00e9s de l\u2019exercice 2023 sont \u00e9tablis en conformit\u00e9 avec les normes et interpr\u00e9tations comptables internationales (IAS/IFRS) adopt\u00e9es par l\u2019Union europ\u00e9enne et applicables au 31 d\u00e9cembre 2023. Ces normes et interpr\u00e9tations sont appliqu\u00e9es de fa\u00e7on constante sur les exercices pr\u00e9sent\u00e9s. Les comptes consolid\u00e9s de l\u2019exercice 2023 ont \u00e9t\u00e9 arr\u00eat\u00e9s par le Conseil d\u2019administration le 25\u00a0janvier 2024.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__6-1": { "value": "Les comptes consolid\u00e9s de l\u2019exercice 2023 sont \u00e9tablis en conformit\u00e9 avec les normes et interpr\u00e9tations comptables internationales (IAS/IFRS) adopt\u00e9es par l\u2019Union europ\u00e9enne et applicables au 31 d\u00e9cembre 2023. Ces normes et interpr\u00e9tations sont appliqu\u00e9es de fa\u00e7on constante sur les exercices pr\u00e9sent\u00e9s.\n 1.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Premi\u00e8re adoption des IFRS\n
\n\n Les premiers comptes \u00e9tablis par le Groupe en conformit\u00e9 avec les normes IFRS l\u2019ont \u00e9t\u00e9 au 31\u00a0d\u00e9cembre 2005 avec une date de transition au 1er\u00a0janvier 2004. La norme IFRS\u00a01\u00a0pr\u00e9voyait des exceptions \u00e0 l\u2019application r\u00e9trospective des normes IFRS \u00e0 la date de transition\u2006; celles retenues par le Groupe ont notamment \u00e9t\u00e9 les suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 regroupement d\u2019entreprises\u00a0: l\u2019exemption d\u2019application r\u00e9trospective n\u2019a pas \u00e9t\u00e9 retenue. La comptabilisation du rapprochement des groupes Mo\u00ebt Hennessy et Louis Vuitton en 1987 et toutes les acquisitions post\u00e9rieures ont \u00e9t\u00e9 retrait\u00e9es conform\u00e9ment \u00e0 la norme IFRS\u00a03\u2006; les normes IAS\u00a036 D\u00e9pr\u00e9ciations d\u2019actifs et IAS\u00a038\u00a0Immobilisations incorporelles ont \u00e9t\u00e9 appliqu\u00e9es r\u00e9trospectivement depuis cette date\u2006;\n
\n\n \u25cf\u00a0\u00a0 conversion des comptes des filiales hors zone euro\u00a0: les r\u00e9serves de conversion relatives \u00e0 la consolidation des filiales hors zone euro ont \u00e9t\u00e9 annul\u00e9es au 1er\u00a0janvier 2004 en contrepartie des \u00ab\u00a0Autres r\u00e9serves\u00a0\u00bb.\n
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__8-1": { "value": "Les comptes consolid\u00e9s de l\u2019exercice 2023 sont \u00e9tablis en conformit\u00e9 avec les normes et interpr\u00e9tations comptables internationales (IAS/IFRS) adopt\u00e9es par l\u2019Union europ\u00e9enne et applicables au 31 d\u00e9cembre 2023.La devise d\u2019\u00e9tablissement des comptes consolid\u00e9s est l\u2019euro\n (a)\u00a0 LVMH est une soci\u00e9t\u00e9 europ\u00e9enne, dont le si\u00e8ge social est situ\u00e9 au 22 avenue Montaigne, 75008 Paris, France.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27435": { "value": "\n 1.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00c9volutions du r\u00e9f\u00e9rentiel comptable applicable \u00e0 LVMH\n
\n\n L\u2019application des normes, amendements et interpr\u00e9tations entr\u00e9s en vigueur au 1er\u00a0janvier 2023 n\u2019a pas eu d\u2019impact significatif sur les \u00e9tats financiers du Groupe, dont notamment les amendements \u00e0 IAS\u00a012\u00a0instaurant une exception temporaire \u00e0 la comptabilisation d\u2019imp\u00f4ts diff\u00e9r\u00e9s r\u00e9sultant de la r\u00e9forme fiscale internationale (\u00ab\u00a0Pilier Deux\u00a0\u00bb). Par ailleurs, l\u2019application aux op\u00e9rations du Groupe de la norme IFRS\u00a017, relative aux contrats d\u2019assurance, n\u2019a pas d\u2019incidence significative.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27436": { "value": "\n 1.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00c9volutions du r\u00e9f\u00e9rentiel comptable applicable \u00e0 LVMH\n
\n\n L\u2019application des normes, amendements et interpr\u00e9tations entr\u00e9s en vigueur au 1er\u00a0janvier 2023 n\u2019a pas eu d\u2019impact significatif sur les \u00e9tats financiers du Groupe, dont notamment les amendements \u00e0 IAS\u00a012\u00a0instaurant une exception temporaire \u00e0 la comptabilisation d\u2019imp\u00f4ts diff\u00e9r\u00e9s r\u00e9sultant de la r\u00e9forme fiscale internationale (\u00ab\u00a0Pilier Deux\u00a0\u00bb). Par ailleurs, l\u2019application aux op\u00e9rations du Groupe de la norme IFRS\u00a017, relative aux contrats d\u2019assurance, n\u2019a pas d\u2019incidence significative.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27440": { "value": "\n 1.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Prise en compte des risques relatifs au changement climatique\n
\n\n L\u2019exposition actuelle du Groupe aux cons\u00e9quences du changement climatique est limit\u00e9e. Par cons\u00e9quent, \u00e0 ce stade, les impacts du changement climatique sur les \u00e9tats financiers sont peu significatifs.\n
\n\n Dans le cadre du programme LIFE\u00a0360, qui d\u00e9cline la strat\u00e9gie environnementale du Groupe, LVMH est engag\u00e9 dans un plan de transformation de ses cha\u00eenes de valeur.\n
\n\n Le d\u00e9ploiement de ce programme se traduit dans les comptes de LVMH \u00e0 travers les investissements op\u00e9rationnels, les d\u00e9penses de recherche et d\u00e9veloppement, ainsi que les d\u00e9penses de m\u00e9c\u00e9nat. En outre, le r\u00e9sultat op\u00e9rationnel courant sera notamment impact\u00e9 \u00e0 travers l\u2019\u00e9volution du prix des mati\u00e8res premi\u00e8res, des co\u00fbts de production, de transport et de distribution, ainsi que des co\u00fbts li\u00e9s \u00e0 la fin de vie des produits.\n
\n\n Les effets \u00e0 court terme ont \u00e9t\u00e9 int\u00e9gr\u00e9s au niveau des plans strat\u00e9giques du Groupe, sur la base desquels sont r\u00e9alis\u00e9s les tests de d\u00e9pr\u00e9ciation des actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie (voir Note\u00a05). Les effets de ces changements \u00e0 long terme ne sont pas chiffrables \u00e0 ce stade.\n
", "dimensions": { "concept": "LVM:DisclosureOfClimateRisks", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27455": { "value": "\n 1.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Pr\u00e9sentation des \u00e9tats financiers\n
\n\n Soldes interm\u00e9diaires du compte de r\u00e9sultat\n
\n\n L\u2019activit\u00e9 principale du Groupe est la gestion et le d\u00e9veloppement de ses marques et enseignes. Le r\u00e9sultat op\u00e9rationnel courant provient de ces activit\u00e9s, qu\u2019il s\u2019agisse d\u2019op\u00e9rations r\u00e9currentes ou non r\u00e9currentes, principales ou accessoires.\n
\n\n Les \u00ab\u00a0Autres produits et charges op\u00e9rationnels\u00a0\u00bb comprennent les \u00e9l\u00e9ments constitutifs du r\u00e9sultat qui, en raison de leur nature, de leur montant ou de leur fr\u00e9quence, ne peuvent \u00eatre consid\u00e9r\u00e9s comme faisant partie des activit\u00e9s et du r\u00e9sultat op\u00e9rationnel courants du Groupe. Il s\u2019agit en particulier des effets des variations de p\u00e9rim\u00e8tre, des d\u00e9pr\u00e9ciations d\u2019\u00e9carts d\u2019acquisition ainsi que des d\u00e9pr\u00e9ciations et amortissements des marques et enseignes. Il s\u2019agit \u00e9galement, s\u2019ils sont significatifs, des effets de certaines transactions inhabituelles, telles les plus ou moins-values de cession d\u2019actifs immobilis\u00e9s, les frais de restructuration, les frais li\u00e9s \u00e0 des litiges, ou tout autre produit ou charge non courants susceptibles d\u2019affecter la comparabilit\u00e9 du r\u00e9sultat op\u00e9rationnel courant d\u2019une p\u00e9riode \u00e0 l\u2019autre.\n
\n\n Tableau de variation de tr\u00e9sorerie\n
\n\n La variation de la tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation est d\u00e9termin\u00e9e sur la base du r\u00e9sultat op\u00e9rationnel, qui est ajust\u00e9 des transactions n\u2019ayant aucun effet sur la tr\u00e9sorerie. En outre\u00a0:\n
\n\n \u25cf\u00a0\u00a0 les dividendes re\u00e7us sont pr\u00e9sent\u00e9s en fonction de la nature des participations concern\u00e9es, soit, pour les soci\u00e9t\u00e9s consolid\u00e9es par mise en \u00e9quivalence, au sein de la Variation de la tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation et, pour les soci\u00e9t\u00e9s non consolid\u00e9es, au sein de la Variation de la tr\u00e9sorerie issue des investissements financiers\u2006;\n
\n\n \u25cf\u00a0\u00a0 l\u2019imp\u00f4t pay\u00e9 est pr\u00e9sent\u00e9 en fonction de la nature des transactions dont il est issu\u00a0: au sein de la Variation de la tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation pour la part relative aux transactions d\u2019exploitation, au sein de la Variation de la tr\u00e9sorerie issue des investissements financiers pour la part relative aux transactions sur investissements et placements financiers, en particulier l\u2019imp\u00f4t pay\u00e9 sur les r\u00e9sultats de cession, au sein de la Variation de tr\u00e9sorerie issue des op\u00e9rations en capital pour la part relative aux transactions sur les capitaux propres, en particulier les imp\u00f4ts de distribution li\u00e9s aux versements de dividendes.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__14-1": { "value": "\n 1.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Utilisation d\u2019estimations\n
\n\n Dans le cadre du processus d\u2019\u00e9tablissement des comptes consolid\u00e9s, l\u2019\u00e9valuation de certains soldes du bilan ou du compte de r\u00e9sultat n\u00e9cessite l\u2019utilisation d\u2019hypoth\u00e8ses, estimations ou appr\u00e9ciations. Il s\u2019agit notamment de la valorisation des actifs incorporels (voir Notes\u00a01.16 et 5), de la valorisation des contrats de location (voir Notes\u00a01.15 et 7), des engagements d\u2019achat de titres de minoritaires (voir Notes\u00a01.13 et 21), de la d\u00e9termination du montant des provisions pour risques et charges et des positions fiscales incertaines (voir Note\u00a020), ou des provisions pour d\u00e9pr\u00e9ciation des stocks (voir Notes\u00a01.18 et 11) et, le cas \u00e9ch\u00e9ant, des actifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s (voir Note\u00a028). Ces hypoth\u00e8ses, estimations ou appr\u00e9ciations \u00e9tablies sur la base d\u2019informations ou de situations existant \u00e0 la date d\u2019\u00e9tablissement des comptes, peuvent se r\u00e9v\u00e9ler, ult\u00e9rieurement, diff\u00e9rentes de la r\u00e9alit\u00e9.\n
\n\n Les marques, enseignes et autres actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie ainsi que les \u00e9carts d\u2019acquisition ont fait l\u2019objet d\u2019un test annuel de perte de valeur. Aucune d\u00e9pr\u00e9ciation significative n\u2019a \u00e9t\u00e9 enregistr\u00e9e \u00e0 ce titre au cours de l\u2019exercice 2023.\n
\n\n Comme d\u00e9crit en Note\u00a01.16, l\u2019\u00e9valuation est effectu\u00e9e le plus souvent \u00e0 partir des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s attendus de ces actifs, d\u00e9termin\u00e9s dans le cadre de plans pluriannuels, \u00e9tablis au cours de chaque exercice. Les cons\u00e9quences du contexte macro-\u00e9conomique continuent de perturber les op\u00e9rations commerciales de certaines Maisons, en raison notamment de la diminution du trafic des voyageurs d\u2019affaires et de tourisme en Asie. Le Groupe estime toutefois que ces perturbations ne sont pas de nature \u00e0 remettre en cause la trajectoire fix\u00e9e dans les plans pluriannuels.\n
\n\n Les principaux param\u00e8tres retenus pour la d\u00e9termination des flux pr\u00e9visionnels sont les suivants\u00a0:\n
\n| \n \n (en pourcentage)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n |||||||
| \n \n Taux d\u2019actualisation\n \n | \n \n \n Taux de croissance moyen des ventes sur la dur\u00e9e du plan\n \n | \n \n \n Taux de croissance au-del\u00e0 de la dur\u00e9e du plan\n \n | \n \n \n Taux d\u2019actualisation apr\u00e8s imp\u00f4t\n \n | \n \n \n Taux de croissance moyen des ventes sur la dur\u00e9e du plan\n \n | \n \n \n Taux de croissance au-del\u00e0 de la dur\u00e9e du plan\n \n | \n \n \n Taux d\u2019actualisation apr\u00e8s imp\u00f4t\n \n | \n \n \n Taux de croissance moyen des ventes sur la dur\u00e9e du plan\n \n | \n \n \n Taux de croissance au-del\u00e0 de la dur\u00e9e du plan\n \n | \n ||
| \n \n Apr\u00e8s imp\u00f4t\n \n | \n \n \n Avant imp\u00f4t\n \n | \n |||||||||
| \n \n Vins et Spiritueux\n \n | \n \n \n 6,9\u00a0\u00e0 10,9\n \n | \n \n \n 9,3\u00a0\u00e0 14,7\n \n | \n \n \n 6,3\n \n | \n \n \n 2,5\n \n | \n \n \n 7,1\u00a0\u00e0 11,9\n \n | \n \n \n 8,2\n \n | \n \n \n 2,0\n \n | \n \n \n 6,7\u00a0\u00e0 11,6\n \n | \n \n \n 7,4\n \n | \n \n \n 2,0\n \n | \n
| \n \n Mode et Maroquinerie\n \n | \n \n \n 8,6\u00a0\u00e0 8,8\n \n | \n \n \n 11,6\u00a0\u00e0 11,9\n \n | \n \n \n 10,1\n \n | \n \n \n 3,3\n \n | \n \n \n 9,6\u00a0\u00e0 11,0\n \n | \n \n \n 9,4\n \n | \n \n \n 2,0\n \n | \n \n \n 7,4\u00a0\u00e0 10,2\n \n | \n \n \n 10,6\n \n | \n \n \n 2,0\n \n | \n
| \n \n Parfums et Cosm\u00e9tiques\n \n | \n \n \n 8,5\u00a0\u00e0 9,1\n \n | \n \n \n 11,5\u00a0\u00e0 12,3\n \n | \n \n \n 10,1\n \n | \n \n \n 3,0\n \n | \n \n \n 8,3\u00a0\u00e0 8,5\n \n | \n \n \n 10,9\n \n | \n \n \n 2,0\n \n | \n \n \n 7,3\n \n | \n \n \n 12,2\n \n | \n \n \n 2,0\n \n | \n
| \n \n Montres et Joaillerie\n \n | \n \n \n 8,6\u00a0\u00e0 9,1\n \n | \n \n \n 11,6\u00a0\u00e0 12,3\n \n | \n \n \n 10,4\n \n | \n \n \n 3,0\n \n | \n \n \n 8,8\u00a0\u00e0 9,0\n \n | \n \n \n 8,8\n \n | \n \n \n 2,0\u00a0\u00e0 2,5\n \n | \n \n \n 8,2\n \n | \n \n \n 10,1\n \n | \n \n \n 2,0\n \n | \n
| \n \n Distribution s\u00e9lective\n \n | \n \n \n 9,0\u00a0\u00e0 9,5\n \n | \n \n \n 12,2\u00a0\u00e0 12,8\n \n | \n \n \n 8,4\n \n | \n \n \n 2,5\n \n | \n \n \n 9,7\u00a0\u00e0 9,8\n \n | \n \n \n 9,5\n \n | \n \n \n 2,0\n \n | \n \n \n 8,6\n \n | \n \n \n 11,5\n \n | \n \n \n 2,0\n \n | \n
| \n \n Autres\n \n | \n \n \n 8,7\u00a0\u00e0 9,3\n \n | \n \n \n 11,8\u00a0\u00e0 12,6\n \n | \n \n \n 3,5\n \n | \n \n \n 2,0\n \n | \n \n \n 8,5\u00a0\u00e0 9,7\n \n | \n \n \n 4,7\n \n | \n \n \n 2,0\n \n | \n \n \n 6,6\u00a0\u00e0 9,0\n \n | \n \n \n 7,6\n \n | \n \n \n 2,0\n \n | \n
\n La dur\u00e9e des plans est de 5\u00a0ans, mais peut \u00eatre \u00e9tendue jusqu\u2019\u00e0 10\u00a0ans pour les marques dont le cycle de production s\u2019\u00e9tend sur plus de 5\u00a0ans ou pour les marques qui sont en cours de repositionnement strat\u00e9gique.\n
\n\n Les taux de croissance annuelle retenus pour la p\u00e9riode au-del\u00e0 de la dur\u00e9e des plans sont ceux habituellement retenus par le march\u00e9 pour les activit\u00e9s concern\u00e9es.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie dont les valeurs nettes comptables sont les plus significatives ainsi que les param\u00e8tres retenus pour le test de perte de valeur de ces actifs sont les suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Marques et enseignes\n \n | \n \n \n \u00c9carts d\u2019acquisition\n \n | \n \n \n Total\n \n | \n \n \n Taux d\u2019actualisation apr\u00e8s imp\u00f4t (en pourcentage)\n \n | \n \n \n Taux de croissance au-del\u00e0 de la dur\u00e9e du plan (en pourcentage)\n \n | \n \n \n P\u00e9riode couverte par les flux de tr\u00e9sorerie pr\u00e9visionnels\n \n | \n
| \n \n Christian Dior\n \n | \n \n \n 3\u202f500\n \n | \n \n \n 2\u202f243\n \n | \n \n \n 5\u202f743\n \n | \n \n \n 8,8\n \n | \n \n \n 3,3\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Louis Vuitton\n \n | \n \n \n 2\u202f060\n \n | \n \n \n 548\n \n | \n \n \n 2\u202f608\n \n | \n \n \n 8,8\n \n | \n \n \n 3,3\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Loro Piana\n \n | \n \n \n 1\u202f300\n \n | \n \n \n 1\u202f048\n \n | \n \n \n 2\u202f348\n \n | \n \n \n 8,8\n \n | \n \n \n 3,3\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Fendi\n \n | \n \n \n 713\n \n | \n \n \n 417\n \n | \n \n \n 1\u202f130\n \n | \n \n \n 8,8\n \n | \n \n \n 3,3\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Tiffany\u00a0(a)\n \n | \n \n \n 6\u202f606\n \n | \n \n \n 7\u202f768\n \n | \n \n \n 14\u202f375\n \n | \n \n \n 8,6\n \n | \n \n \n 3,0\n \n | \n \n \n 10\u00a0ans\n \n | \n
| \n \n Bulgari\n \n | \n \n \n 2\u202f100\n \n | \n \n \n 1\u202f547\n \n | \n \n \n 3\u202f647\n \n | \n \n \n 9,1\n \n | \n \n \n 3,0\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n TAG Heuer\n \n | \n \n \n 1\u202f340\n \n | \n \n \n 261\n \n | \n \n \n 1\u202f600\n \n | \n \n \n 9,1\n \n | \n \n \n 3,0\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n DFS\n \n | \n \n \n 2\u202f071\n \n | \n \n \n -\n \n | \n \n \n 2\u202f071\n \n | \n \n \n 9,5\n \n | \n \n \n 2,5\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Sephora\n \n | \n \n \n 265\n \n | \n \n \n 640\n \n | \n \n \n 905\n \n | \n \n \n 9,0\u00a0\u00e0 9,5\n \n | \n \n \n 2,5\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Belmond\u00a0(a)\n \n | \n \n \n 126\n \n | \n \n \n 772\n \n | \n \n \n 898\n \n | \n \n \n 9,3\n \n | \n \n \n 2,0\n \n | \n \n \n 10\u00a0ans\n \n | \n
\n (a)\u00a0 Ces Maisons sont consid\u00e9r\u00e9es comme \u00e9tant en cours de repositionnement strat\u00e9gique\u00a0: un plan d\u2019affaires sur 10\u00a0ans a \u00e9t\u00e9 retenu.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, deux secteurs d\u2019activit\u00e9s pr\u00e9sentent des actifs incorporels ayant une valeur comptable proche de leur valeur recouvrable (dont un pour lequel la valeur nette comptable des actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie est significative). Les tests de perte de valeur concernant les actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie de ces secteurs ont \u00e9t\u00e9 effectu\u00e9s sur la base de la valeur d\u2019utilit\u00e9. Le montant de ces actifs incorporels au 31\u00a0d\u00e9cembre 2023, ainsi que le montant de la d\u00e9pr\u00e9ciation qui r\u00e9sulterait d\u2019une hausse de 1,5\u00a0point du taux d\u2019actualisation apr\u00e8s imp\u00f4t, ou d\u2019une baisse de 1,0\u00a0point du taux de croissance au-del\u00e0 de la dur\u00e9e des plans, ou d\u2019une baisse de 4,0\u00a0points du taux de croissance moyen des ventes par rapport aux taux retenus au 31\u00a0d\u00e9cembre 2023 sont d\u00e9taill\u00e9s ci-dessous\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Montant des actifs incorporels concern\u00e9s au 31/12/2023\n \n | \n \n \n Montant de la d\u00e9pr\u00e9ciation en cas de\u00a0:\n \n | \n ||
| \n \n Hausse de 1,5\u2006% du taux d\u2019actualisation apr\u00e8s imp\u00f4t\n \n | \n \n \n Baisse de 4\u2006% du taux de croissance moyen des ventes\n \n | \n \n \n Baisse de 1,0\u2006% du taux de croissance au-del\u00e0 de la dur\u00e9e des plans\n \n | \n ||
| \n \n Montres et Joaillerie\u00a0(a)\n \n | \n \n \n 1\u202f600\n \n | \n \n \n (46)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Autres activit\u00e9s\u00a0(b)\n \n | \n \n \n 260\n \n | \n \n \n (36)\n \n | \n \n \n (28)\n \n | \n \n \n (14)\n \n | \n
| \n \n Total\n \n | \n \n \n 1\u202f860\n \n | \n \n \n (82)\n \n | \n \n \n (28)\n \n | \n \n \n (14)\n \n | \n
\n (a)\u00a0 Concerne TAG Heuer.\n
\n\n (b)\u00a0 Concerne Royal Van Lent.\n
\n\n Le Groupe consid\u00e8re que des variations sup\u00e9rieures \u00e0 celles indiqu\u00e9es ci-dessus conduiraient \u00e0 des niveaux d\u2019hypoth\u00e8ses non pertinents, au regard de l\u2019environnement \u00e9conomique actuel et des perspectives de croissance des activit\u00e9s concern\u00e9es \u00e0 moyen et long terme. En outre, une baisse de 4\u2006% du taux de croissance moyen des ventes sur la dur\u00e9e du plan est une hypoth\u00e8se pessimiste avec une probabilit\u00e9 d\u2019occurrence tr\u00e8s faible.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les valeurs brutes et nettes des marques, enseignes et \u00e9carts d\u2019acquisition ayant donn\u00e9 lieu \u00e0 amortissement et/ou d\u00e9pr\u00e9ciation en 2023 sont de 51\u00a0millions d\u2019euros et 16\u00a0millions d\u2019euros, respectivement (471 et 193\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022).\n
\n\n Les d\u00e9pr\u00e9ciations et amortissements enregistr\u00e9s au cours de l\u2019exercice 2023 au titre des actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie s\u2019\u00e9l\u00e8vent \u00e0 7\u00a0millions d\u2019euros. Voir Note\u00a026.\n
\n Les hypoth\u00e8ses actuarielles retenues pour l\u2019estimation des engagements dans les principaux pays concern\u00e9s sont les suivantes\u00a0:\n
\n| \n \n (en pourcentage)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||||||||||||
| \n \n France\n \n | \n \n \n \u00c9tats-Unis\n \n | \n \n \n Royaume-Uni\n \n | \n \n \n Japon\n \n | \n \n \n Suisse\n \n | \n \n \n France\n \n | \n \n \n \u00c9tats-Unis\n \n | \n \n \n Royaume-Uni\n \n | \n \n \n Japon\n \n | \n \n \n Suisse\n \n | \n \n \n France\n \n | \n \n \n \u00c9tats-Unis\n \n | \n \n \n Royaume-Uni\n \n | \n \n \n Japon\n \n | \n \n \n Suisse\n \n | \n |
| \n \n Taux d\u2019actualisation\u00a0(a)\n \n | \n \n \n 3,27\n \n | \n \n \n 5,17\n \n | \n \n \n 4,77\n \n | \n \n \n 1,83\n \n | \n \n \n 1,85\n \n | \n \n \n 3,38\n \n | \n \n \n 5,18\n \n | \n \n \n 4,78\n \n | \n \n \n 1,27\n \n | \n \n \n 1,50\n \n | \n \n \n 0,70\n \n | \n \n \n 2,89\n \n | \n \n \n 1,74\n \n | \n \n \n 1,00\n \n | \n \n \n 0,06\n \n | \n
| \n \n Taux d\u2019augmentation future des salaires\n \n | \n \n \n 3,00\n \n | \n \n \n 4,48\n \n | \n \n \n n.a.\n \n | \n \n \n 2,12\n \n | \n \n \n 2,28\n \n | \n \n \n 3,00\n \n | \n \n \n 4,52\n \n | \n \n \n n.a.\n \n | \n \n \n 2,10\n \n | \n \n \n 2,12\n \n | \n \n \n 1,96\n \n | \n \n \n 3,59\n \n | \n \n \n n.a.\n \n | \n \n \n 2,07\n \n | \n \n \n 1,75\n \n | \n
\n (a)\u00a0 Les taux d\u2019actualisation ont \u00e9t\u00e9 d\u00e9termin\u00e9s par r\u00e9f\u00e9rence aux taux de rendement des obligations priv\u00e9es not\u00e9es AA \u00e0 la date de cl\u00f4ture dans les pays concern\u00e9s. Ont \u00e9t\u00e9 retenues des obligations de maturit\u00e9s comparables \u00e0 celles des engagements.\n
\n\n n.a.\u00a0: Non applicable.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27469": { "value": "\n 1.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 M\u00e9thodes de consolidation\n
\n\n Les filiales dans lesquelles le Groupe exerce directement ou indirectement un contr\u00f4le exclusif, en droit ou en fait, sont consolid\u00e9es par int\u00e9gration globale.\n
\n\n Les soci\u00e9t\u00e9s sous contr\u00f4le conjoint, ainsi que les soci\u00e9t\u00e9s dans lesquelles le Groupe exerce une influence notable sont consolid\u00e9es selon la m\u00e9thode de la mise en \u00e9quivalence. Ces entit\u00e9s, bien que sous contr\u00f4le conjoint, sont pleinement int\u00e9gr\u00e9es aux activit\u00e9s op\u00e9rationnelles du Groupe. LVMH pr\u00e9sente leur r\u00e9sultat net, ainsi que celui des activit\u00e9s mises en \u00e9quivalence (voir Note\u00a08), sur une ligne distincte au sein du r\u00e9sultat op\u00e9rationnel courant.\n
\n\n Lorsqu\u2019un investissement dans une participation consolid\u00e9e selon la m\u00e9thode de mise en \u00e9quivalence pr\u00e9voit un paiement conditionn\u00e9 par la r\u00e9alisation de performances futures (\u00ab\u00a0earn out\u00a0\u00bb), le montant estim\u00e9 du paiement conditionnel futur est inclus dans le co\u00fbt initial d\u2019acquisition inscrit au bilan en contrepartie d\u2019un passif financier. La diff\u00e9rence \u00e9ventuelle entre l\u2019estimation initiale et le paiement effectif est enregistr\u00e9e dans la valeur des participations mises en \u00e9quivalence, sans effet sur le compte de r\u00e9sultat.\n
\n\n Les actifs et passifs, produits et charges des filiales de distribution des Vins et Spiritueux d\u00e9tenues en commun avec le groupe Diageo sont consolid\u00e9es \u00e0 hauteur de la part correspondant aux seules activit\u00e9s du groupe LVMH (voir Note\u00a01.27).\n
\n\n L\u2019int\u00e9gration, individuellement ou collectivement, des soci\u00e9t\u00e9s non consolid\u00e9es (voir Liste des soci\u00e9t\u00e9s non incluses dans la consolidation) n\u2019aurait pas d\u2019impact significatif sur les principaux agr\u00e9gats du Groupe.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__16-1": { "value": "\n 1.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 M\u00e9thodes de consolidation\n
\n\n Les filiales dans lesquelles le Groupe exerce directement ou indirectement un contr\u00f4le exclusif, en droit ou en fait, sont consolid\u00e9es par int\u00e9gration globale.\n
\n\n Les soci\u00e9t\u00e9s sous contr\u00f4le conjoint, ainsi que les soci\u00e9t\u00e9s dans lesquelles le Groupe exerce une influence notable sont consolid\u00e9es selon la m\u00e9thode de la mise en \u00e9quivalence. Ces entit\u00e9s, bien que sous contr\u00f4le conjoint, sont pleinement int\u00e9gr\u00e9es aux activit\u00e9s op\u00e9rationnelles du Groupe. LVMH pr\u00e9sente leur r\u00e9sultat net, ainsi que celui des activit\u00e9s mises en \u00e9quivalence (voir Note\u00a08), sur une ligne distincte au sein du r\u00e9sultat op\u00e9rationnel courant.\n
\n\n Lorsqu\u2019un investissement dans une participation consolid\u00e9e selon la m\u00e9thode de mise en \u00e9quivalence pr\u00e9voit un paiement conditionn\u00e9 par la r\u00e9alisation de performances futures (\u00ab\u00a0earn out\u00a0\u00bb), le montant estim\u00e9 du paiement conditionnel futur est inclus dans le co\u00fbt initial d\u2019acquisition inscrit au bilan en contrepartie d\u2019un passif financier. La diff\u00e9rence \u00e9ventuelle entre l\u2019estimation initiale et le paiement effectif est enregistr\u00e9e dans la valeur des participations mises en \u00e9quivalence, sans effet sur le compte de r\u00e9sultat.\n
\n\n Les actifs et passifs, produits et charges des filiales de distribution des Vins et Spiritueux d\u00e9tenues en commun avec le groupe Diageo sont consolid\u00e9es \u00e0 hauteur de la part correspondant aux seules activit\u00e9s du groupe LVMH (voir Note\u00a01.27).\n
\n\n L\u2019int\u00e9gration, individuellement ou collectivement, des soci\u00e9t\u00e9s non consolid\u00e9es (voir Liste des soci\u00e9t\u00e9s non incluses dans la consolidation) n\u2019aurait pas d\u2019impact significatif sur les principaux agr\u00e9gats du Groupe.\n
\n 8.\u00a0\u00a0\u00a0\u00a0 Participations mises en \u00e9quivalence\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n |||
| \n \n Net\n \n | \n \n \n Dont Activit\u00e9s en partenariat\n \n | \n \n \n Net\n \n | \n \n \n Dont Activit\u00e9s en partenariat\n \n | \n \n \n Net\n \n | \n \n \n Dont Activit\u00e9s en partenariat\n \n | \n |
| \n \n Part dans l\u2019actif net des participations mises en \u00e9quivalence au 1er\u00a0janvier\n \n | \n \n \n 1\u202f066\n \n | \n \n \n 496\n \n | \n \n \n 1\u202f084\n \n | \n \n \n 432\n \n | \n \n \n 990\n \n | \n \n \n 426\n \n | \n
| \n \n Part dans le r\u00e9sultat de la p\u00e9riode\n \n | \n \n \n 7\n \n | \n \n \n 4\n \n | \n \n \n 37\n \n | \n \n \n 4\n \n | \n \n \n 14\n \n | \n \n \n 1\n \n | \n
| \n \n Dividendes vers\u00e9s\n \n | \n \n \n (50)\n \n | \n \n \n (9)\n \n | \n \n \n (60)\n \n | \n \n \n (9)\n \n | \n \n \n (54)\n \n | \n \n \n (9)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 63\n \n | \n \n \n -\n \n | \n \n \n 30\n \n | \n \n \n 31\n \n | \n \n \n 95\n \n | \n \n \n -\n \n | \n
| \n \n Effets des souscriptions aux augmentations de capital\n \n | \n \n \n 11\n \n | \n \n \n 5\n \n | \n \n \n 28\n \n | \n \n \n 26\n \n | \n \n \n 3\n \n | \n \n \n 2\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (16)\n \n | \n \n \n (6)\n \n | \n \n \n 15\n \n | \n \n \n 8\n \n | \n \n \n 36\n \n | \n \n \n 11\n \n | \n
| \n \n Effet des d\u00e9pr\u00e9ciations des \u00e9carts d\u2019acquisition et marques enregistr\u00e9es par des soci\u00e9t\u00e9s mises en \u00e9quivalence\n \n | \n \n \n (98)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Autres, y compris transferts\n \n | \n \n \n 8\n \n | \n \n \n 5\n \n | \n \n \n (69)\n \n | \n \n \n 3\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Part dans l\u2019actif net des participations mises en \u00e9quivalence au 31\u00a0d\u00e9cembre\n \n | \n \n \n 991\n \n | \n \n \n 495\n \n | \n \n \n 1\u202f066\n \n | \n \n \n 496\n \n | \n \n \n 1\u202f084\n \n | \n \n \n 432\n \n | \n
\n L\u2019effet des d\u00e9pr\u00e9ciations des \u00e9carts d\u2019acquisitions et marques enregistr\u00e9es par les soci\u00e9t\u00e9s mises en \u00e9quivalence est pr\u00e9sent\u00e9 en Autres produits et charges op\u00e9rationnels au compte de r\u00e9sultat consolid\u00e9 (voir Note\u00a026).\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les titres mis en \u00e9quivalence comprennent principalement\u00a0:\n
\n\n \u25cf\u00a0\u00a0 Pour les activit\u00e9s en partenariat\u00a0:\n
\n\n -\u00a0\u00a0\u00a0une participation de 50\u2006% dans le domaine viticole de Ch\u00e2teau Cheval Blanc (Gironde, France), producteur du Saint-\u00c9milion Grand cru class\u00e9 A du m\u00eame nom\u2006;\n
\n\n -\u00a0\u00a0\u00a0une participation de 50\u2006% dans les activit\u00e9s h\u00f4teli\u00e8res et ferroviaires op\u00e9r\u00e9es par Belmond au P\u00e9rou.\n
\n\n \u25cf\u00a0\u00a0 Pour les autres soci\u00e9t\u00e9s\u00a0:\n
\n\n -\u00a0\u00a0\u00a0une participation de 40\u2006% dans L Catterton Management, soci\u00e9t\u00e9 de gestion de fonds d\u2019investissement cr\u00e9\u00e9e en d\u00e9cembre 2015 en partenariat avec Catterton\u2006;\n
\n\n -\u00a0\u00a0\u00a0une participation de 49\u2006% dans Stella McCartney, marque londonienne de pr\u00eat-\u00e0-porter\u2006;\n
\n\n -\u00a0\u00a0\u00a0une participation de 30\u2006% dans Phoebe Philo, marque londonienne de pr\u00eat-\u00e0-porter\u2006;\n
\n\n -\u00a0\u00a0\u00a0une participation de 49\u2006% dans Editions Assouline, soci\u00e9t\u00e9 fran\u00e7aise d\u2019\u00e9dition.\n
\n\n Les effets de transfert de l\u2019exercice 2022 r\u00e9sultaient essentiellement de la prise de contr\u00f4le dans Mongoual\u00a0SA, soci\u00e9t\u00e9 immobili\u00e8re propri\u00e9taire d\u2019un immeuble de bureaux \u00e0 Paris (France).\n
\n\n Les effets de variation de p\u00e9rim\u00e8tre de l\u2019exercice 2021 r\u00e9sultaient essentiellement de la prise de participation dans Off-White Srl par l\u2019interm\u00e9diaire de Off-White LLC. Voir Note\u00a02.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__17-1": { "value": "\n 1.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 M\u00e9thodes de consolidation\n
\n\n Les filiales dans lesquelles le Groupe exerce directement ou indirectement un contr\u00f4le exclusif, en droit ou en fait, sont consolid\u00e9es par int\u00e9gration globale.\n
\n\n Les soci\u00e9t\u00e9s sous contr\u00f4le conjoint, ainsi que les soci\u00e9t\u00e9s dans lesquelles le Groupe exerce une influence notable sont consolid\u00e9es selon la m\u00e9thode de la mise en \u00e9quivalence. Ces entit\u00e9s, bien que sous contr\u00f4le conjoint, sont pleinement int\u00e9gr\u00e9es aux activit\u00e9s op\u00e9rationnelles du Groupe. LVMH pr\u00e9sente leur r\u00e9sultat net, ainsi que celui des activit\u00e9s mises en \u00e9quivalence (voir Note\u00a08), sur une ligne distincte au sein du r\u00e9sultat op\u00e9rationnel courant.\n
\n\n Lorsqu\u2019un investissement dans une participation consolid\u00e9e selon la m\u00e9thode de mise en \u00e9quivalence pr\u00e9voit un paiement conditionn\u00e9 par la r\u00e9alisation de performances futures (\u00ab\u00a0earn out\u00a0\u00bb), le montant estim\u00e9 du paiement conditionnel futur est inclus dans le co\u00fbt initial d\u2019acquisition inscrit au bilan en contrepartie d\u2019un passif financier. La diff\u00e9rence \u00e9ventuelle entre l\u2019estimation initiale et le paiement effectif est enregistr\u00e9e dans la valeur des participations mises en \u00e9quivalence, sans effet sur le compte de r\u00e9sultat.\n
\n\n Les actifs et passifs, produits et charges des filiales de distribution des Vins et Spiritueux d\u00e9tenues en commun avec le groupe Diageo sont consolid\u00e9es \u00e0 hauteur de la part correspondant aux seules activit\u00e9s du groupe LVMH (voir Note\u00a01.27).\n
\n\n L\u2019int\u00e9gration, individuellement ou collectivement, des soci\u00e9t\u00e9s non consolid\u00e9es (voir Liste des soci\u00e9t\u00e9s non incluses dans la consolidation) n\u2019aurait pas d\u2019impact significatif sur les principaux agr\u00e9gats du Groupe.\n
\n 1.13.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagements d\u2019achat de titres de minoritaires\n
\n\n Les actionnaires minoritaires de certaines filiales consolid\u00e9es par int\u00e9gration globale b\u00e9n\u00e9ficient de promesses d\u2019achat de leurs titres octroy\u00e9es par le Groupe.\n
\n\n En l\u2019absence de dispositions sp\u00e9cifiques des normes IFRS, le Groupe comptabilise ces engagements de la fa\u00e7on suivante\u00a0:\n
\n\n \u25cf\u00a0\u00a0 la valeur de l\u2019engagement \u00e0 la date de la cl\u00f4ture figure en \u00ab\u00a0Engagements d\u2019achat de titres de minoritaires\u00a0\u00bb, au passif du bilan\u2006;\n
\n\n \u25cf\u00a0\u00a0 les int\u00e9r\u00eats minoritaires correspondants sont annul\u00e9s\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les engagements contract\u00e9s ant\u00e9rieurement au 1er\u00a0janvier 2010, la diff\u00e9rence entre le montant des engagements et les int\u00e9r\u00eats minoritaires annul\u00e9s est maintenue \u00e0 l\u2019actif du bilan, en \u00e9cart d\u2019acquisition, ainsi que les variations ult\u00e9rieures de cette diff\u00e9rence. Pour les engagements contract\u00e9s \u00e0 compter du 1er\u00a0janvier 2010, la diff\u00e9rence entre le montant des engagements et les int\u00e9r\u00eats minoritaires est enregistr\u00e9e en capitaux propres, en \u00ab\u00a0Autres r\u00e9serves\u00a0\u00bb.\n
\n\n Ce mode de comptabilisation n\u2019a pas d\u2019effet sur la pr\u00e9sentation des int\u00e9r\u00eats minoritaires au compte de r\u00e9sultat.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__18-1": { "value": "\n 1.8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Conversion des \u00e9tats financiers des entit\u00e9s hors zone euro\n
\n\n La devise d\u2019\u00e9tablissement des comptes consolid\u00e9s est l\u2019euro\u2006; les comptes des entit\u00e9s utilisant une monnaie fonctionnelle diff\u00e9rente sont convertis en\u00a0euros\u00a0:\n
\n\n \u25cf\u00a0\u00a0 aux cours de cl\u00f4ture pour les postes du bilan\u2006;\n
\n\n \u25cf\u00a0\u00a0 aux cours moyens de la p\u00e9riode pour les \u00e9l\u00e9ments du compte de r\u00e9sultat.\n
\n\n Les diff\u00e9rences de change r\u00e9sultant de l\u2019application de ces cours sont inscrites dans les capitaux propres, en \u00ab\u00a0\u00c9carts de conversion\u00a0\u00bb.\n
\n 1.9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Op\u00e9rations en devises et couvertures de change\n
\n\n Les op\u00e9rations r\u00e9alis\u00e9es par les soci\u00e9t\u00e9s consolid\u00e9es dans des devises autres que leur monnaie fonctionnelle sont converties dans leur monnaie fonctionnelle aux cours des devises \u00e0 la date de ces op\u00e9rations.\n
\n\n Les cr\u00e9ances et dettes exprim\u00e9es en devises autres que la monnaie fonctionnelle de la soci\u00e9t\u00e9 concern\u00e9e sont converties aux cours de ces devises \u00e0 la date de cl\u00f4ture. Les pertes et gains de change r\u00e9sultant de cette conversion sont enregistr\u00e9s\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en co\u00fbt des ventes pour les op\u00e9rations \u00e0 caract\u00e8re commercial\u2006;\n
\n\n \u25cf\u00a0\u00a0 en r\u00e9sultat financier pour les op\u00e9rations de nature financi\u00e8re.\n
\n\n Les pertes et gains de change r\u00e9sultant de la conversion et de l\u2019\u00e9limination d\u2019op\u00e9rations ou cr\u00e9ances et dettes intra-Groupe exprim\u00e9es dans une monnaie diff\u00e9rente de la monnaie fonctionnelle de la soci\u00e9t\u00e9 concern\u00e9e sont enregistr\u00e9s au compte de r\u00e9sultat, \u00e0 moins qu\u2019ils ne proviennent d\u2019op\u00e9rations de financement intra-Groupe \u00e0 long terme pouvant \u00eatre consid\u00e9r\u00e9es comme des op\u00e9rations en capital\u00a0: ils sont dans ce cas inscrits dans les capitaux propres, en \u00ab\u00a0\u00c9carts de conversion\u00a0\u00bb.\n
\n\n Les instruments d\u00e9riv\u00e9s affect\u00e9s \u00e0 la couverture d\u2019op\u00e9rations commerciales, financi\u00e8res ou patrimoniales sont comptabilis\u00e9s au bilan \u00e0 leur valeur de march\u00e9 (voir Note\u00a01.10) \u00e0 la date de cl\u00f4ture. La variation de valeur de ces instruments d\u00e9riv\u00e9s au titre des parts efficaces est enregistr\u00e9e comme suit\u00a0:\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re commercial\u00a0:\n
\n\n -\u00a0\u00a0\u00a0en co\u00fbt des ventes pour les couvertures de cr\u00e9ances et dettes inscrites au bilan \u00e0 la date de cl\u00f4ture,\n
\n\n -\u00a0\u00a0\u00a0en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb, pour les couvertures de flux de tr\u00e9sorerie futurs, ce montant \u00e9tant transf\u00e9r\u00e9 en co\u00fbt des ventes lors de la comptabilisation des cr\u00e9ances et dettes commerciales objets de la couverture\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures relatives \u00e0 l\u2019acquisition d\u2019actifs immobilis\u00e9s en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb, pour les couvertures de flux de tr\u00e9sorerie futurs, ce montant \u00e9tant transf\u00e9r\u00e9 \u00e0 l\u2019actif du bilan, au sein du co\u00fbt d\u2019entr\u00e9e de l\u2019\u00e9l\u00e9ment couvert lors de la comptabilisation de celui-ci \u00e0 l\u2019actif du bilan, puis en compte de r\u00e9sultat en cas de cession ou d\u00e9pr\u00e9ciation de l\u2019\u00e9l\u00e9ment couvert\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re patrimonial (couverture de situations nettes de filiales dont la monnaie fonctionnelle est diff\u00e9rente de l\u2019euro), au sein des capitaux propres, en \u00ab\u00a0\u00c9carts de conversion\u00a0\u00bb, ce montant \u00e9tant transf\u00e9r\u00e9 en compte de r\u00e9sultat lors de la cession ou de la liquidation (partielle ou totale) de la filiale dont la situation nette est couverte\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re financier, en R\u00e9sultat financier, au sein des Autres produits et charges financiers.\n
\n\n Les variations de valeur de ces instruments d\u00e9riv\u00e9s li\u00e9es aux points de terme des contrats \u00e0 terme ainsi qu\u2019\u00e0 la valeur temps des contrats d\u2019options sont enregistr\u00e9es comme suit\u00a0:\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re commercial en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb. Le co\u00fbt des contrats \u00e0 terme (points de terme) et des options (primes) est transf\u00e9r\u00e9 en Co\u00fbt des d\u00e9riv\u00e9s de change au sein du r\u00e9sultat financier \u00e0 la r\u00e9alisation de la transaction couverte\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re patrimonial et financier, les charges et produits li\u00e9s aux points de terme sont enregistr\u00e9s prorata temporis en Co\u00fbt de la dette financi\u00e8re brute sur la dur\u00e9e des instruments de couverture. L\u2019\u00e9cart entre les montants comptabilis\u00e9s en R\u00e9sultat financier et la variation de valeur li\u00e9e aux points de terme est comptabilis\u00e9 en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb.\n
\n\n En l\u2019absence de relation de couverture, les variations de valeur de march\u00e9 des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es en r\u00e9sultat financier.\n
\n\n Voir \u00e9galement Note\u00a01.22\u00a0pour la d\u00e9finition des notions de part efficace et inefficace.\n
\n 16.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00c9carts de conversion\n
\n\n La variation du montant des \u00e9carts de conversion inscrits dans les capitaux propres part du Groupe, y compris les effets de couverture des actifs nets en devises, s\u2019analyse par devise de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n Variation\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Dollar US\n \n | \n \n \n 1\u202f013\n \n | \n \n \n (680)\n \n | \n \n \n 1\u202f693\n \n | \n \n \n 747\n \n | \n
| \n \n Franc suisse\n \n | \n \n \n 1\u202f214\n \n | \n \n \n 170\n \n | \n \n \n 1\u202f044\n \n | \n \n \n 928\n \n | \n
| \n \n Yen japonais\n \n | \n \n \n (140)\n \n | \n \n \n (120)\n \n | \n \n \n (20)\n \n | \n \n \n 71\n \n | \n
| \n \n Dollar de Hong Kong\n \n | \n \n \n 318\n \n | \n \n \n (189)\n \n | \n \n \n 507\n \n | \n \n \n 532\n \n | \n
| \n \n Livre Sterling\n \n | \n \n \n (79)\n \n | \n \n \n 44\n \n | \n \n \n (123)\n \n | \n \n \n 25\n \n | \n
| \n \n Autres devises\n \n | \n \n \n (603)\n \n | \n \n \n (286)\n \n | \n \n \n (317)\n \n | \n \n \n (616)\n \n | \n
| \n \n Couvertures d\u2019actifs nets en devises\u00a0(a)\n \n | \n \n \n (198)\n \n | \n \n \n -\n \n | \n \n \n (198)\n \n | \n \n \n (307)\n \n | \n
| \n \n Total, part du Groupe\n \n | \n \n \n 1\u202f525\n \n | \n \n \n (1\u202f062)\n \n | \n \n \n 2\u202f586\n \n | \n \n \n 1\u202f380\n \n | \n
\n (a)\u00a0 Dont\u00a0: -\u2006144\u00a0millions d\u2019euros au titre du dollar US, -\u2006118\u00a0millions d\u2019euros au titre du dollar de Hong Kong et -\u2006223\u00a0millions d\u2019euros au titre du franc suisse. Ces montants restent inchang\u00e9s depuis le 30\u00a0juin 2022 et incluent l\u2019effet d\u2019imp\u00f4t.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__19-1": { "value": "\n 1.8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Conversion des \u00e9tats financiers des entit\u00e9s hors zone euro\n
\n\n La devise d\u2019\u00e9tablissement des comptes consolid\u00e9s est l\u2019euro\u2006; les comptes des entit\u00e9s utilisant une monnaie fonctionnelle diff\u00e9rente sont convertis en\u00a0euros\u00a0:\n
\n\n \u25cf\u00a0\u00a0 aux cours de cl\u00f4ture pour les postes du bilan\u2006;\n
\n\n \u25cf\u00a0\u00a0 aux cours moyens de la p\u00e9riode pour les \u00e9l\u00e9ments du compte de r\u00e9sultat.\n
\n\n Les diff\u00e9rences de change r\u00e9sultant de l\u2019application de ces cours sont inscrites dans les capitaux propres, en \u00ab\u00a0\u00c9carts de conversion\u00a0\u00bb.\n
\n 1.9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Op\u00e9rations en devises et couvertures de change\n
\n\n Les op\u00e9rations r\u00e9alis\u00e9es par les soci\u00e9t\u00e9s consolid\u00e9es dans des devises autres que leur monnaie fonctionnelle sont converties dans leur monnaie fonctionnelle aux cours des devises \u00e0 la date de ces op\u00e9rations.\n
\n\n Les cr\u00e9ances et dettes exprim\u00e9es en devises autres que la monnaie fonctionnelle de la soci\u00e9t\u00e9 concern\u00e9e sont converties aux cours de ces devises \u00e0 la date de cl\u00f4ture. Les pertes et gains de change r\u00e9sultant de cette conversion sont enregistr\u00e9s\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en co\u00fbt des ventes pour les op\u00e9rations \u00e0 caract\u00e8re commercial\u2006;\n
\n\n \u25cf\u00a0\u00a0 en r\u00e9sultat financier pour les op\u00e9rations de nature financi\u00e8re.\n
\n\n Les pertes et gains de change r\u00e9sultant de la conversion et de l\u2019\u00e9limination d\u2019op\u00e9rations ou cr\u00e9ances et dettes intra-Groupe exprim\u00e9es dans une monnaie diff\u00e9rente de la monnaie fonctionnelle de la soci\u00e9t\u00e9 concern\u00e9e sont enregistr\u00e9s au compte de r\u00e9sultat, \u00e0 moins qu\u2019ils ne proviennent d\u2019op\u00e9rations de financement intra-Groupe \u00e0 long terme pouvant \u00eatre consid\u00e9r\u00e9es comme des op\u00e9rations en capital\u00a0: ils sont dans ce cas inscrits dans les capitaux propres, en \u00ab\u00a0\u00c9carts de conversion\u00a0\u00bb.\n
\n\n Les instruments d\u00e9riv\u00e9s affect\u00e9s \u00e0 la couverture d\u2019op\u00e9rations commerciales, financi\u00e8res ou patrimoniales sont comptabilis\u00e9s au bilan \u00e0 leur valeur de march\u00e9 (voir Note\u00a01.10) \u00e0 la date de cl\u00f4ture. La variation de valeur de ces instruments d\u00e9riv\u00e9s au titre des parts efficaces est enregistr\u00e9e comme suit\u00a0:\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re commercial\u00a0:\n
\n\n -\u00a0\u00a0\u00a0en co\u00fbt des ventes pour les couvertures de cr\u00e9ances et dettes inscrites au bilan \u00e0 la date de cl\u00f4ture,\n
\n\n -\u00a0\u00a0\u00a0en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb, pour les couvertures de flux de tr\u00e9sorerie futurs, ce montant \u00e9tant transf\u00e9r\u00e9 en co\u00fbt des ventes lors de la comptabilisation des cr\u00e9ances et dettes commerciales objets de la couverture\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures relatives \u00e0 l\u2019acquisition d\u2019actifs immobilis\u00e9s en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb, pour les couvertures de flux de tr\u00e9sorerie futurs, ce montant \u00e9tant transf\u00e9r\u00e9 \u00e0 l\u2019actif du bilan, au sein du co\u00fbt d\u2019entr\u00e9e de l\u2019\u00e9l\u00e9ment couvert lors de la comptabilisation de celui-ci \u00e0 l\u2019actif du bilan, puis en compte de r\u00e9sultat en cas de cession ou d\u00e9pr\u00e9ciation de l\u2019\u00e9l\u00e9ment couvert\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re patrimonial (couverture de situations nettes de filiales dont la monnaie fonctionnelle est diff\u00e9rente de l\u2019euro), au sein des capitaux propres, en \u00ab\u00a0\u00c9carts de conversion\u00a0\u00bb, ce montant \u00e9tant transf\u00e9r\u00e9 en compte de r\u00e9sultat lors de la cession ou de la liquidation (partielle ou totale) de la filiale dont la situation nette est couverte\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re financier, en R\u00e9sultat financier, au sein des Autres produits et charges financiers.\n
\n\n Les variations de valeur de ces instruments d\u00e9riv\u00e9s li\u00e9es aux points de terme des contrats \u00e0 terme ainsi qu\u2019\u00e0 la valeur temps des contrats d\u2019options sont enregistr\u00e9es comme suit\u00a0:\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re commercial en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb. Le co\u00fbt des contrats \u00e0 terme (points de terme) et des options (primes) est transf\u00e9r\u00e9 en Co\u00fbt des d\u00e9riv\u00e9s de change au sein du r\u00e9sultat financier \u00e0 la r\u00e9alisation de la transaction couverte\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les couvertures \u00e0 caract\u00e8re patrimonial et financier, les charges et produits li\u00e9s aux points de terme sont enregistr\u00e9s prorata temporis en Co\u00fbt de la dette financi\u00e8re brute sur la dur\u00e9e des instruments de couverture. L\u2019\u00e9cart entre les montants comptabilis\u00e9s en R\u00e9sultat financier et la variation de valeur li\u00e9e aux points de terme est comptabilis\u00e9 en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb.\n
\n\n En l\u2019absence de relation de couverture, les variations de valeur de march\u00e9 des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es en r\u00e9sultat financier.\n
\n\n Voir \u00e9galement Note\u00a01.22\u00a0pour la d\u00e9finition des notions de part efficace et inefficace.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27517": { "value": "\n 1.10.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00c9valuation \u00e0 la juste valeur\n
\n\n La juste valeur (ou valeur de march\u00e9) correspond, pour les actifs, au prix de vente qui serait obtenu en cas de cession et, pour les passifs, au montant qui serait vers\u00e9 pour les transf\u00e9rer, ces transactions hypoth\u00e9tiques \u00e9tant conclues dans des conditions de n\u00e9gociation normales.\n
\n\n Les actifs et passifs \u00e9valu\u00e9s \u00e0 leur juste valeur au bilan sont les suivants\u00a0:\n
\n| \n | \n \n Modalit\u00e9s de d\u00e9termination de la juste valeur\n \n | \n \n \n Montants \u00e0 la date de cl\u00f4ture\n \n | \n
| \n \n Terres \u00e0 vigne\n \n | \n \n \n Sur la base de transactions r\u00e9centes portant sur des actifs similaires. Voir Note\u00a01.14.\n \n | \n \n \n Note\u00a06\n \n | \n
| \n \n Vendanges\n \n | \n \n \n Sur la base des prix d\u2019achat de raisins \u00e9quivalents. Voir Note\u00a01.18.\n \n | \n \n \n Note\u00a011\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s. Voir Note\u00a01.23.\n \n | \n \n \n Note\u00a023\n \n | \n
| \n \n Dettes financi\u00e8res couvertes contre le risque de variation de valeur r\u00e9sultant de l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat\n \n | \n \n \n Sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s. Voir Note\u00a01.22.\n \n | \n \n \n Note\u00a019\n \n | \n
| \n \n Dette au titre des engagements d\u2019achat de titres de minoritaires dont la formule de prix est la juste valeur\n \n | \n \n \n G\u00e9n\u00e9ralement, sur la base des multiples boursiers de soci\u00e9t\u00e9s comparables. Voir Note\u00a01.13.\n \n | \n \n \n Note\u00a021\n \n | \n
| \n \n Investissements et placements financiers\n \n | \n \n \n Actifs cot\u00e9s\u00a0: cotation boursi\u00e8re au cours de cl\u00f4ture de la date d\u2019arr\u00eat\u00e9. Actifs non cot\u00e9s\u00a0: estimation de leur valeur de r\u00e9alisation, soit selon des formules de calcul reposant sur des donn\u00e9es de march\u00e9, soit sur la base de cotations priv\u00e9es. Voir Note\u00a01.17.\n \n | \n \n \n Note\u00a09, Note\u00a014\n \n | \n
| \n \n Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie (parts de SICAV et FCP)\n \n | \n \n \n Sur la base de la valeur liquidative en date de cl\u00f4ture. Voir Note\u00a01.20.\n \n | \n \n \n Note\u00a015\n \n | \n
\n Aucun autre actif ou passif n\u2019a \u00e9t\u00e9 r\u00e9\u00e9valu\u00e9 \u00e0 sa valeur de march\u00e9 \u00e0 la date de cl\u00f4ture.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27518": { "value": "\n 1.10.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00c9valuation \u00e0 la juste valeur\n
\n\n La juste valeur (ou valeur de march\u00e9) correspond, pour les actifs, au prix de vente qui serait obtenu en cas de cession et, pour les passifs, au montant qui serait vers\u00e9 pour les transf\u00e9rer, ces transactions hypoth\u00e9tiques \u00e9tant conclues dans des conditions de n\u00e9gociation normales.\n
\n\n Les actifs et passifs \u00e9valu\u00e9s \u00e0 leur juste valeur au bilan sont les suivants\u00a0:\n
\n| \n | \n \n Modalit\u00e9s de d\u00e9termination de la juste valeur\n \n | \n \n \n Montants \u00e0 la date de cl\u00f4ture\n \n | \n
| \n \n Terres \u00e0 vigne\n \n | \n \n \n Sur la base de transactions r\u00e9centes portant sur des actifs similaires. Voir Note\u00a01.14.\n \n | \n \n \n Note\u00a06\n \n | \n
| \n \n Vendanges\n \n | \n \n \n Sur la base des prix d\u2019achat de raisins \u00e9quivalents. Voir Note\u00a01.18.\n \n | \n \n \n Note\u00a011\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s. Voir Note\u00a01.23.\n \n | \n \n \n Note\u00a023\n \n | \n
| \n \n Dettes financi\u00e8res couvertes contre le risque de variation de valeur r\u00e9sultant de l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat\n \n | \n \n \n Sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s. Voir Note\u00a01.22.\n \n | \n \n \n Note\u00a019\n \n | \n
| \n \n Dette au titre des engagements d\u2019achat de titres de minoritaires dont la formule de prix est la juste valeur\n \n | \n \n \n G\u00e9n\u00e9ralement, sur la base des multiples boursiers de soci\u00e9t\u00e9s comparables. Voir Note\u00a01.13.\n \n | \n \n \n Note\u00a021\n \n | \n
| \n \n Investissements et placements financiers\n \n | \n \n \n Actifs cot\u00e9s\u00a0: cotation boursi\u00e8re au cours de cl\u00f4ture de la date d\u2019arr\u00eat\u00e9. Actifs non cot\u00e9s\u00a0: estimation de leur valeur de r\u00e9alisation, soit selon des formules de calcul reposant sur des donn\u00e9es de march\u00e9, soit sur la base de cotations priv\u00e9es. Voir Note\u00a01.17.\n \n | \n \n \n Note\u00a09, Note\u00a014\n \n | \n
| \n \n Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie (parts de SICAV et FCP)\n \n | \n \n \n Sur la base de la valeur liquidative en date de cl\u00f4ture. Voir Note\u00a01.20.\n \n | \n \n \n Note\u00a015\n \n | \n
\n Aucun autre actif ou passif n\u2019a \u00e9t\u00e9 r\u00e9\u00e9valu\u00e9 \u00e0 sa valeur de march\u00e9 \u00e0 la date de cl\u00f4ture.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__25-1": { "value": "\n 1.11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marques et autres immobilisations incorporelles\n
\n\n Seules les marques et enseignes acquises, individualisables et de notori\u00e9t\u00e9 reconnue sont inscrites \u00e0 l\u2019actif, selon leur valeur de march\u00e9 \u00e0 la date de leur acquisition.\n
\n\n Les marques et enseignes sont \u00e9valu\u00e9es \u00e0 titre principal par la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s ou sur la base des transactions comparables, m\u00e9thode utilisant les multiples de chiffre d\u2019affaires et de r\u00e9sultat retenus lors de transactions r\u00e9centes portant sur des marques similaires, ou sur la base des multiples boursiers applicables aux activit\u00e9s concern\u00e9es. D\u2019autres m\u00e9thodes sont utilis\u00e9es \u00e0 titre compl\u00e9mentaire\u00a0: la m\u00e9thode des royalties, donnant \u00e0 la marque une valeur \u00e9quivalente \u00e0 la capitalisation des royalties qu\u2019il faudrait verser pour son utilisation\u2006; la m\u00e9thode du diff\u00e9rentiel de marge, applicable lorsqu\u2019il est possible de mesurer la diff\u00e9rence de revenus g\u00e9n\u00e9r\u00e9e par une marque, par r\u00e9f\u00e9rence \u00e0 un produit similaire sans marque\u2006; enfin, la m\u00e9thode du co\u00fbt de reconstitution d\u2019une marque \u00e9quivalente, notamment en termes de frais de publicit\u00e9 et de promotion.\n
\n\n Les frais engag\u00e9s pour cr\u00e9er une marque nouvelle ou d\u00e9velopper une marque existante sont enregistr\u00e9s en charges.\n
\n\n Les marques, enseignes et autres immobilisations incorporelles \u00e0 dur\u00e9e de vie d\u00e9finie sont amorties sur la dur\u00e9e estim\u00e9e de leur utilisation. Le classement d\u2019une marque ou enseigne en actifs \u00e0 dur\u00e9e d\u2019utilisation d\u00e9finie ou ind\u00e9finie r\u00e9sulte en particulier de l\u2019application des crit\u00e8res suivants\u00a0:\n
\n\n \u25cf\u00a0\u00a0 positionnement global de la marque ou enseigne sur son march\u00e9 en termes de volume d\u2019activit\u00e9, de pr\u00e9sence internationale, de notori\u00e9t\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 perspectives de rentabilit\u00e9 \u00e0 long terme\u2006;\n
\n\n \u25cf\u00a0\u00a0 degr\u00e9 d\u2019exposition aux al\u00e9as conjoncturels\u2006;\n
\n\n \u25cf\u00a0\u00a0 \u00e9v\u00e9nement majeur intervenu dans le secteur d\u2019activit\u00e9 et susceptible de peser sur le futur de la marque ou enseigne\u2006;\n
\n\n \u25cf\u00a0\u00a0 anciennet\u00e9 de la marque ou enseigne.\n
\n\n Les marques dont la dur\u00e9e d\u2019utilisation est d\u00e9finie sont amorties sur une p\u00e9riode comprise entre 5 et 20\u00a0ans, en fonction de l\u2019estimation de la dur\u00e9e de leur utilisation.\n
\n\n Des tests de perte de valeur sont pratiqu\u00e9s pour les marques, enseignes et autres immobilisations incorporelles suivant la m\u00e9thodologie pr\u00e9sent\u00e9e en Note\u00a01.16.\n
\n\n Les frais de recherche ne sont pas immobilis\u00e9s. Les frais de d\u00e9veloppement d\u2019un nouveau produit ne sont immobilis\u00e9s que si la d\u00e9cision de lancement de ce produit est effectivement prise.\n
\n\n Les immobilisations incorporelles autres que les marques et enseignes sont amorties sur les dur\u00e9es suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 droits li\u00e9s aux contrats de sponsoring et de partenariats m\u00e9diatiques\u00a0: sur la dur\u00e9e des contrats, selon les modalit\u00e9s d\u2019exploitation des droits\u2006;\n
\n\n \u25cf\u00a0\u00a0 frais de d\u00e9veloppement\u00a0: maximum 3\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 logiciels, sites internet\u00a0: 1\u00a0\u00e0 5\u00a0ans.\n
\n 4.\u00a0\u00a0\u00a0\u00a0 \u00c9carts d\u2019acquisition\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n \u00c9carts d\u2019acquisition sur titres consolid\u00e9s\n \n | \n \n \n 20\u202f030\n \n | \n \n \n (1\u202f690)\n \n | \n \n \n 18\u202f340\n \n | \n \n \n 17\u202f883\n \n | \n \n \n 16\u202f834\n \n | \n
| \n \n \u00c9carts d\u2019acquisition sur engagements d\u2019achat de titres de minoritaires\n \n | \n \n \n 5\u202f682\n \n | \n \n \n -\n \n | \n \n \n 5\u202f682\n \n | \n \n \n 6\u202f899\n \n | \n \n \n 9\u202f070\n \n | \n
| \n \n Total\n \n | \n \n \n 25\u202f712\n \n | \n \n \n (1\u202f690)\n \n | \n \n \n 24\u202f022\n \n | \n \n \n 24\u202f782\n \n | \n \n \n 25\u202f904\n \n | \n
\n Les variations sur les exercices pr\u00e9sent\u00e9s du solde net des \u00e9carts d\u2019acquisition s\u2019analysent de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 26\u202f785\n \n | \n \n \n (2\u202f003)\n \n | \n \n \n 24\u202f782\n \n | \n \n \n 25\u202f904\n \n | \n \n \n 16\u202f042\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 431\n \n | \n \n \n 282\n \n | \n \n \n 713\n \n | \n \n \n 604\n \n | \n \n \n 6\u202f879\n \n | \n
| \n \n Variation des engagements d\u2019achat de titres de minoritaires\n \n | \n \n \n (1\u202f235)\n \n | \n \n \n -\n \n | \n \n \n (1\u202f235)\n \n | \n \n \n (2\u202f204)\n \n | \n \n \n 2\u202f467\n \n | \n
| \n \n Variations des d\u00e9pr\u00e9ciations\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (27)\n \n | \n \n \n (78)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (268)\n \n | \n \n \n 31\n \n | \n \n \n (237)\n \n | \n \n \n 504\n \n | \n \n \n 595\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 25\u202f712\n \n | \n \n \n (1\u202f690)\n \n | \n \n \n 24\u202f022\n \n | \n \n \n 24\u202f782\n \n | \n \n \n 25\u202f904\n \n | \n
\n Voir Note\u00a021\u00a0pour les \u00e9carts d\u2019acquisition relatifs aux engagements d\u2019achat de titres de minoritaires.\n
\n\n Les effets des variations de p\u00e9rim\u00e8tre r\u00e9sultent essentiellement de l\u2019acquisition de Minuty, Platinum Invest, Barton Perreira et Vuarnet. Voir Note\u00a02.\n
\n\n Les effets des variations de change r\u00e9sultent principalement des \u00e9carts d\u2019acquisition comptabilis\u00e9s en dollar US en raison de l\u2019\u00e9volution de la parit\u00e9 du dollar US vis-\u00e0-vis de l\u2019euro entre le 1er\u00a0janvier et le 31\u00a0d\u00e9cembre 2023.\n
\n\n En 2022, les effets des variations de p\u00e9rim\u00e8tre r\u00e9sultaient principalement de l\u2019acquisition de Joseph Phelps ainsi que de l\u2019int\u00e9gration des acquisitions ant\u00e9rieures \u00e0 2022, notamment Officine Universelle Buly et Feelunique, et de la cession par Sephora de sa filiale en Russie. Voir Note\u00a02.\n
\n\n En 2021, l\u2019effet des variations de p\u00e9rim\u00e8tre r\u00e9sultait essentiellement de l\u2019acquisition de Tiffany. Voir Note\u00a02.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__26-1": { "value": "\n 1.11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marques et autres immobilisations incorporelles\n
\n\n Seules les marques et enseignes acquises, individualisables et de notori\u00e9t\u00e9 reconnue sont inscrites \u00e0 l\u2019actif, selon leur valeur de march\u00e9 \u00e0 la date de leur acquisition.\n
\n\n Les marques et enseignes sont \u00e9valu\u00e9es \u00e0 titre principal par la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s ou sur la base des transactions comparables, m\u00e9thode utilisant les multiples de chiffre d\u2019affaires et de r\u00e9sultat retenus lors de transactions r\u00e9centes portant sur des marques similaires, ou sur la base des multiples boursiers applicables aux activit\u00e9s concern\u00e9es. D\u2019autres m\u00e9thodes sont utilis\u00e9es \u00e0 titre compl\u00e9mentaire\u00a0: la m\u00e9thode des royalties, donnant \u00e0 la marque une valeur \u00e9quivalente \u00e0 la capitalisation des royalties qu\u2019il faudrait verser pour son utilisation\u2006; la m\u00e9thode du diff\u00e9rentiel de marge, applicable lorsqu\u2019il est possible de mesurer la diff\u00e9rence de revenus g\u00e9n\u00e9r\u00e9e par une marque, par r\u00e9f\u00e9rence \u00e0 un produit similaire sans marque\u2006; enfin, la m\u00e9thode du co\u00fbt de reconstitution d\u2019une marque \u00e9quivalente, notamment en termes de frais de publicit\u00e9 et de promotion.\n
\n\n Les frais engag\u00e9s pour cr\u00e9er une marque nouvelle ou d\u00e9velopper une marque existante sont enregistr\u00e9s en charges.\n
\n\n Les marques, enseignes et autres immobilisations incorporelles \u00e0 dur\u00e9e de vie d\u00e9finie sont amorties sur la dur\u00e9e estim\u00e9e de leur utilisation. Le classement d\u2019une marque ou enseigne en actifs \u00e0 dur\u00e9e d\u2019utilisation d\u00e9finie ou ind\u00e9finie r\u00e9sulte en particulier de l\u2019application des crit\u00e8res suivants\u00a0:\n
\n\n \u25cf\u00a0\u00a0 positionnement global de la marque ou enseigne sur son march\u00e9 en termes de volume d\u2019activit\u00e9, de pr\u00e9sence internationale, de notori\u00e9t\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 perspectives de rentabilit\u00e9 \u00e0 long terme\u2006;\n
\n\n \u25cf\u00a0\u00a0 degr\u00e9 d\u2019exposition aux al\u00e9as conjoncturels\u2006;\n
\n\n \u25cf\u00a0\u00a0 \u00e9v\u00e9nement majeur intervenu dans le secteur d\u2019activit\u00e9 et susceptible de peser sur le futur de la marque ou enseigne\u2006;\n
\n\n \u25cf\u00a0\u00a0 anciennet\u00e9 de la marque ou enseigne.\n
\n\n Les marques dont la dur\u00e9e d\u2019utilisation est d\u00e9finie sont amorties sur une p\u00e9riode comprise entre 5 et 20\u00a0ans, en fonction de l\u2019estimation de la dur\u00e9e de leur utilisation.\n
\n\n Des tests de perte de valeur sont pratiqu\u00e9s pour les marques, enseignes et autres immobilisations incorporelles suivant la m\u00e9thodologie pr\u00e9sent\u00e9e en Note\u00a01.16.\n
\n\n Les frais de recherche ne sont pas immobilis\u00e9s. Les frais de d\u00e9veloppement d\u2019un nouveau produit ne sont immobilis\u00e9s que si la d\u00e9cision de lancement de ce produit est effectivement prise.\n
\n\n Les immobilisations incorporelles autres que les marques et enseignes sont amorties sur les dur\u00e9es suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 droits li\u00e9s aux contrats de sponsoring et de partenariats m\u00e9diatiques\u00a0: sur la dur\u00e9e des contrats, selon les modalit\u00e9s d\u2019exploitation des droits\u2006;\n
\n\n \u25cf\u00a0\u00a0 frais de d\u00e9veloppement\u00a0: maximum 3\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 logiciels, sites internet\u00a0: 1\u00a0\u00e0 5\u00a0ans.\n
\n 3.\u00a0\u00a0\u00a0\u00a0 Marques, enseignes et autres immobilisations incorporelles\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n Amortissements et d\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Marques\n \n | \n \n \n 22\u202f297\n \n | \n \n \n (812)\n \n | \n \n \n 21\u202f485\n \n | \n \n \n 21\u202f545\n \n | \n \n \n 20\u202f873\n \n | \n
| \n \n Enseignes\n \n | \n \n \n 3\u202f972\n \n | \n \n \n (1\u202f636)\n \n | \n \n \n 2\u202f336\n \n | \n \n \n 2\u202f410\n \n | \n \n \n 2\u202f285\n \n | \n
| \n \n Licences de distribution\n \n | \n \n \n 115\n \n | \n \n \n (98)\n \n | \n \n \n 17\n \n | \n \n \n 23\n \n | \n \n \n 53\n \n | \n
| \n \n Logiciels, sites internet\n \n | \n \n \n 3\u202f946\n \n | \n \n \n (2\u202f912)\n \n | \n \n \n 1\u202f035\n \n | \n \n \n 926\n \n | \n \n \n 849\n \n | \n
| \n \n Autres\n \n | \n \n \n 1\u202f568\n \n | \n \n \n (851)\n \n | \n \n \n 717\n \n | \n \n \n 528\n \n | \n \n \n 490\n \n | \n
| \n \n Total\n \n | \n \n \n 31\u202f897\n \n | \n \n \n (6\u202f309)\n \n | \n \n \n 25\u202f589\n \n | \n \n \n 25\u202f432\n \n | \n \n \n 24\u202f551\n \n | \n
\n La variation du solde net des marques, enseignes et autres immobilisations incorporelles au cours de l\u2019exercice est constitu\u00e9e des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n Valeur brute (en\u00a0millions d\u2019euros)\n \n | \n \n \n Marques\n \n | \n \n \n Enseignes\n \n | \n \n \n Logiciels, sites internet\n \n | \n \n \n Autres immobilisations incorporelles\n \n | \n \n \n Total\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 22\u202f350\n \n | \n \n \n 4\u202f103\n \n | \n \n \n 3\u202f603\n \n | \n \n \n 1\u202f338\n \n | \n \n \n 31\u202f394\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 352\n \n | \n \n \n 648\n \n | \n \n \n 1\u202f000\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (164)\n \n | \n \n \n (104)\n \n | \n \n \n (268)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 110\n \n | \n \n \n -\n \n | \n \n \n (9)\n \n | \n \n \n 15\n \n | \n \n \n 116\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (163)\n \n | \n \n \n (132)\n \n | \n \n \n (56)\n \n | \n \n \n 4\n \n | \n \n \n (346)\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 220\n \n | \n \n \n (219)\n \n | \n \n \n -\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 22\u202f297\n \n | \n \n \n 3\u202f972\n \n | \n \n \n 3\u202f946\n \n | \n \n \n 1\u202f682\n \n | \n \n \n 31\u202f897\n \n | \n
| \n \n Amortissements et d\u00e9pr\u00e9ciations (en\u00a0millions d\u2019euros)\n \n | \n \n \n Marques\n \n | \n \n \n Enseignes\n \n | \n \n \n Logiciels, sites internet\n \n | \n \n \n Autres immobilisations incorporelles\n \n | \n \n \n Total\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n (805)\n \n | \n \n \n (1\u202f693)\n \n | \n \n \n (2\u202f677)\n \n | \n \n \n (787)\n \n | \n \n \n (5\u202f963)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (7)\n \n | \n \n \n -\n \n | \n \n \n (454)\n \n | \n \n \n (259)\n \n | \n \n \n (720)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 3\n \n | \n \n \n (1)\n \n | \n \n \n 2\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 164\n \n | \n \n \n 104\n \n | \n \n \n 268\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 10\n \n | \n \n \n (2)\n \n | \n \n \n 8\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n -\n \n | \n \n \n 57\n \n | \n \n \n 40\n \n | \n \n \n (2)\n \n | \n \n \n 95\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n \n \n (1)\n \n | \n \n \n 2\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n (812)\n \n | \n \n \n (1\u202f636)\n \n | \n \n \n (2\u202f912)\n \n | \n \n \n (949)\n \n | \n \n \n (6\u202f309)\n \n | \n
| \n \n Valeur nette au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 21\u202f485\n \n | \n \n \n 2\u202f336\n \n | \n \n \n 1\u202f035\n \n | \n \n \n 733\n \n | \n \n \n 25\u202f589\n \n | \n
\n Les effets des variations de change r\u00e9sultent principalement des marques et enseignes comptabilis\u00e9es en dollar US en raison de l\u2019\u00e9volution de la parit\u00e9 du dollar US vis-\u00e0-vis de l\u2019euro entre le 1er\u00a0janvier et le 31\u00a0d\u00e9cembre 2023.\n
\n\n La variation des marques, enseignes et autres immobilisations incorporelles des exercices ant\u00e9rieurs s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n Valeur nette (en\u00a0millions d\u2019euros)\n \n | \n \n \n Marques\n \n | \n \n \n Enseignes\n \n | \n \n \n Logiciels, sites internet\n \n | \n \n \n Autres immobilisations incorporelles\n \n | \n \n \n Total\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2020\n \n | \n \n \n 13\u202f737\n \n | \n \n \n 2\u202f130\n \n | \n \n \n 665\n \n | \n \n \n 481\n \n | \n \n \n 17\u202f012\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 244\n \n | \n \n \n 337\n \n | \n \n \n 581\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (7)\n \n | \n \n \n 1\n \n | \n \n \n (6)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 6\u202f503\n \n | \n \n \n -\n \n | \n \n \n 147\n \n | \n \n \n 28\n \n | \n \n \n 6\u202f678\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (9)\n \n | \n \n \n -\n \n | \n \n \n (372)\n \n | \n \n \n (148)\n \n | \n \n \n (529)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n (13)\n \n | \n \n \n (13)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 641\n \n | \n \n \n 156\n \n | \n \n \n 33\n \n | \n \n \n 16\n \n | \n \n \n 845\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 140\n \n | \n \n \n (157)\n \n | \n \n \n (17)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2021\n \n | \n \n \n 20\u202f873\n \n | \n \n \n 2\u202f285\n \n | \n \n \n 849\n \n | \n \n \n 544\n \n | \n \n \n 24\u202f551\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 319\n \n | \n \n \n 366\n \n | \n \n \n 685\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n (1)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 187\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n 6\n \n | \n \n \n 192\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (7)\n \n | \n \n \n -\n \n | \n \n \n (425)\n \n | \n \n \n (173)\n \n | \n \n \n (604)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n (11)\n \n | \n \n \n -\n \n | \n \n \n (4)\n \n | \n \n \n (1)\n \n | \n \n \n (16)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 502\n \n | \n \n \n 125\n \n | \n \n \n 20\n \n | \n \n \n 12\n \n | \n \n \n 660\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 168\n \n | \n \n \n (203)\n \n | \n \n \n (35)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 21\u202f545\n \n | \n \n \n 2\u202f410\n \n | \n \n \n 926\n \n | \n \n \n 550\n \n | \n \n \n 25\u202f432\n \n | \n
\n La r\u00e9partition des marques et enseignes par groupe d\u2019activit\u00e9s est la suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n Amortissements et d\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Vins et Spiritueux\n \n | \n \n \n 1\u202f556\n \n | \n \n \n (154)\n \n | \n \n \n 1\u202f402\n \n | \n \n \n 1\u202f308\n \n | \n \n \n 1\u202f144\n \n | \n
| \n \n Mode et Maroquinerie\n \n | \n \n \n 9\u202f040\n \n | \n \n \n (336)\n \n | \n \n \n 8\u202f704\n \n | \n \n \n 8\u202f713\n \n | \n \n \n 8\u202f698\n \n | \n
| \n \n Parfums et Cosm\u00e9tiques\n \n | \n \n \n 721\n \n | \n \n \n (90)\n \n | \n \n \n 631\n \n | \n \n \n 641\n \n | \n \n \n 622\n \n | \n
| \n \n Montres et Joaillerie\n \n | \n \n \n 10\u202f565\n \n | \n \n \n (107)\n \n | \n \n \n 10\u202f458\n \n | \n \n \n 10\u202f594\n \n | \n \n \n 10\u202f119\n \n | \n
| \n \n Distribution s\u00e9lective\n \n | \n \n \n 3\u202f924\n \n | \n \n \n (1\u202f589)\n \n | \n \n \n 2\u202f336\n \n | \n \n \n 2\u202f410\n \n | \n \n \n 2\u202f285\n \n | \n
| \n \n Autres activit\u00e9s\n \n | \n \n \n 462\n \n | \n \n \n (172)\n \n | \n \n \n 290\n \n | \n \n \n 290\n \n | \n \n \n 290\n \n | \n
| \n \n Total\n \n | \n \n \n 26\u202f269\n \n | \n \n \n (2\u202f448)\n \n | \n \n \n 23\u202f821\n \n | \n \n \n 23\u202f955\n \n | \n \n \n 23\u202f158\n \n | \n
\n Les marques et enseignes comptabilis\u00e9es sont celles acquises par le Groupe. Elles comprennent principalement au 31\u00a0d\u00e9cembre 2023\u00a0:\n
\n\n \u25cf\u00a0\u00a0 Vins et Spiritueux\u00a0: Veuve Clicquot, Krug, Ch\u00e2teau d\u2019Yquem, Belvedere, Glenmorangie, Newton Vineyard, Bodega Numanthia, Ch\u00e2teau d\u2019Esclans, Armand de Brignac, Joseph Phelps et Ch\u00e2teau Minuty\u2006;\n
\n\n \u25cf\u00a0\u00a0 Mode et Maroquinerie\u00a0: Louis Vuitton, Fendi, Celine, Loewe, Givenchy, Kenzo, Berluti, Pucci, Loro Piana, Rimowa, Christian Dior Couture et Off White\u2006;\n
\n\n \u25cf\u00a0\u00a0 Parfums et Cosm\u00e9tiques\u00a0: 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 et Officine Universelle Buly 1803\u2006;\n
\n\n \u25cf\u00a0\u00a0 Montres et Joaillerie\u00a0: Tiffany, Bulgari, TAG Heuer, Zenith, Hublot, Chaumet, Fred et Repossi\u2006;\n
\n\n \u25cf\u00a0\u00a0 Distribution s\u00e9lective\u00a0: DFS Galleria, Sephora et Le Bon March\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 Autres activit\u00e9s\u00a0: les titres de presse du groupe Les Echos-Investir, le journal Le Parisien-Aujourd\u2019hui en France, la marque Royal Van Lent-Feadship, La Samaritaine, le groupe h\u00f4telier Belmond et la p\u00e2tisserie Cova.\n
\n\n Ces marques et enseignes figurent au bilan \u00e0 la valeur d\u00e9termin\u00e9e lors de leur acquisition par le Groupe, qui peut \u00eatre tr\u00e8s inf\u00e9rieure \u00e0 leur valeur d\u2019utilit\u00e9 ou de march\u00e9 \u00e0 la date de cl\u00f4ture des comptes du Groupe\u2006; c\u2019est notamment le cas, sans que cette liste puisse \u00eatre consid\u00e9r\u00e9e comme exhaustive, des marques Louis Vuitton, Veuve Clicquot et Parfums Christian Dior, ou de l\u2019enseigne Sephora.\n
\n\n Voir \u00e9galement Note\u00a05\u00a0pour l\u2019\u00e9valuation des marques, enseignes et autres actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie.\n
\n 4.\u00a0\u00a0\u00a0\u00a0 \u00c9carts d\u2019acquisition\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n \u00c9carts d\u2019acquisition sur titres consolid\u00e9s\n \n | \n \n \n 20\u202f030\n \n | \n \n \n (1\u202f690)\n \n | \n \n \n 18\u202f340\n \n | \n \n \n 17\u202f883\n \n | \n \n \n 16\u202f834\n \n | \n
| \n \n \u00c9carts d\u2019acquisition sur engagements d\u2019achat de titres de minoritaires\n \n | \n \n \n 5\u202f682\n \n | \n \n \n -\n \n | \n \n \n 5\u202f682\n \n | \n \n \n 6\u202f899\n \n | \n \n \n 9\u202f070\n \n | \n
| \n \n Total\n \n | \n \n \n 25\u202f712\n \n | \n \n \n (1\u202f690)\n \n | \n \n \n 24\u202f022\n \n | \n \n \n 24\u202f782\n \n | \n \n \n 25\u202f904\n \n | \n
\n Les variations sur les exercices pr\u00e9sent\u00e9s du solde net des \u00e9carts d\u2019acquisition s\u2019analysent de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 26\u202f785\n \n | \n \n \n (2\u202f003)\n \n | \n \n \n 24\u202f782\n \n | \n \n \n 25\u202f904\n \n | \n \n \n 16\u202f042\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 431\n \n | \n \n \n 282\n \n | \n \n \n 713\n \n | \n \n \n 604\n \n | \n \n \n 6\u202f879\n \n | \n
| \n \n Variation des engagements d\u2019achat de titres de minoritaires\n \n | \n \n \n (1\u202f235)\n \n | \n \n \n -\n \n | \n \n \n (1\u202f235)\n \n | \n \n \n (2\u202f204)\n \n | \n \n \n 2\u202f467\n \n | \n
| \n \n Variations des d\u00e9pr\u00e9ciations\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (27)\n \n | \n \n \n (78)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (268)\n \n | \n \n \n 31\n \n | \n \n \n (237)\n \n | \n \n \n 504\n \n | \n \n \n 595\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 25\u202f712\n \n | \n \n \n (1\u202f690)\n \n | \n \n \n 24\u202f022\n \n | \n \n \n 24\u202f782\n \n | \n \n \n 25\u202f904\n \n | \n
\n Voir Note\u00a021\u00a0pour les \u00e9carts d\u2019acquisition relatifs aux engagements d\u2019achat de titres de minoritaires.\n
\n\n Les effets des variations de p\u00e9rim\u00e8tre r\u00e9sultent essentiellement de l\u2019acquisition de Minuty, Platinum Invest, Barton Perreira et Vuarnet. Voir Note\u00a02.\n
\n\n Les effets des variations de change r\u00e9sultent principalement des \u00e9carts d\u2019acquisition comptabilis\u00e9s en dollar US en raison de l\u2019\u00e9volution de la parit\u00e9 du dollar US vis-\u00e0-vis de l\u2019euro entre le 1er\u00a0janvier et le 31\u00a0d\u00e9cembre 2023.\n
\n\n En 2022, les effets des variations de p\u00e9rim\u00e8tre r\u00e9sultaient principalement de l\u2019acquisition de Joseph Phelps ainsi que de l\u2019int\u00e9gration des acquisitions ant\u00e9rieures \u00e0 2022, notamment Officine Universelle Buly et Feelunique, et de la cession par Sephora de sa filiale en Russie. Voir Note\u00a02.\n
\n\n En 2021, l\u2019effet des variations de p\u00e9rim\u00e8tre r\u00e9sultait essentiellement de l\u2019acquisition de Tiffany. Voir Note\u00a02.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27582": { "value": "\n 1.11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marques et autres immobilisations incorporelles\n
\n\n Seules les marques et enseignes acquises, individualisables et de notori\u00e9t\u00e9 reconnue sont inscrites \u00e0 l\u2019actif, selon leur valeur de march\u00e9 \u00e0 la date de leur acquisition.\n
\n\n Les marques et enseignes sont \u00e9valu\u00e9es \u00e0 titre principal par la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s ou sur la base des transactions comparables, m\u00e9thode utilisant les multiples de chiffre d\u2019affaires et de r\u00e9sultat retenus lors de transactions r\u00e9centes portant sur des marques similaires, ou sur la base des multiples boursiers applicables aux activit\u00e9s concern\u00e9es. D\u2019autres m\u00e9thodes sont utilis\u00e9es \u00e0 titre compl\u00e9mentaire\u00a0: la m\u00e9thode des royalties, donnant \u00e0 la marque une valeur \u00e9quivalente \u00e0 la capitalisation des royalties qu\u2019il faudrait verser pour son utilisation\u2006; la m\u00e9thode du diff\u00e9rentiel de marge, applicable lorsqu\u2019il est possible de mesurer la diff\u00e9rence de revenus g\u00e9n\u00e9r\u00e9e par une marque, par r\u00e9f\u00e9rence \u00e0 un produit similaire sans marque\u2006; enfin, la m\u00e9thode du co\u00fbt de reconstitution d\u2019une marque \u00e9quivalente, notamment en termes de frais de publicit\u00e9 et de promotion.\n
\n\n Les frais engag\u00e9s pour cr\u00e9er une marque nouvelle ou d\u00e9velopper une marque existante sont enregistr\u00e9s en charges.\n
\n\n Les marques, enseignes et autres immobilisations incorporelles \u00e0 dur\u00e9e de vie d\u00e9finie sont amorties sur la dur\u00e9e estim\u00e9e de leur utilisation. Le classement d\u2019une marque ou enseigne en actifs \u00e0 dur\u00e9e d\u2019utilisation d\u00e9finie ou ind\u00e9finie r\u00e9sulte en particulier de l\u2019application des crit\u00e8res suivants\u00a0:\n
\n\n \u25cf\u00a0\u00a0 positionnement global de la marque ou enseigne sur son march\u00e9 en termes de volume d\u2019activit\u00e9, de pr\u00e9sence internationale, de notori\u00e9t\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 perspectives de rentabilit\u00e9 \u00e0 long terme\u2006;\n
\n\n \u25cf\u00a0\u00a0 degr\u00e9 d\u2019exposition aux al\u00e9as conjoncturels\u2006;\n
\n\n \u25cf\u00a0\u00a0 \u00e9v\u00e9nement majeur intervenu dans le secteur d\u2019activit\u00e9 et susceptible de peser sur le futur de la marque ou enseigne\u2006;\n
\n\n \u25cf\u00a0\u00a0 anciennet\u00e9 de la marque ou enseigne.\n
\n\n Les marques dont la dur\u00e9e d\u2019utilisation est d\u00e9finie sont amorties sur une p\u00e9riode comprise entre 5 et 20\u00a0ans, en fonction de l\u2019estimation de la dur\u00e9e de leur utilisation.\n
\n\n Des tests de perte de valeur sont pratiqu\u00e9s pour les marques, enseignes et autres immobilisations incorporelles suivant la m\u00e9thodologie pr\u00e9sent\u00e9e en Note\u00a01.16.\n
\n\n Les frais de recherche ne sont pas immobilis\u00e9s. Les frais de d\u00e9veloppement d\u2019un nouveau produit ne sont immobilis\u00e9s que si la d\u00e9cision de lancement de ce produit est effectivement prise.\n
\n\n Les immobilisations incorporelles autres que les marques et enseignes sont amorties sur les dur\u00e9es suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 droits li\u00e9s aux contrats de sponsoring et de partenariats m\u00e9diatiques\u00a0: sur la dur\u00e9e des contrats, selon les modalit\u00e9s d\u2019exploitation des droits\u2006;\n
\n\n \u25cf\u00a0\u00a0 frais de d\u00e9veloppement\u00a0: maximum 3\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 logiciels, sites internet\u00a0: 1\u00a0\u00e0 5\u00a0ans.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__28-1": { "value": "\n 1.11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marques et autres immobilisations incorporelles\n
\n\n Seules les marques et enseignes acquises, individualisables et de notori\u00e9t\u00e9 reconnue sont inscrites \u00e0 l\u2019actif, selon leur valeur de march\u00e9 \u00e0 la date de leur acquisition.\n
\n\n Les marques et enseignes sont \u00e9valu\u00e9es \u00e0 titre principal par la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s ou sur la base des transactions comparables, m\u00e9thode utilisant les multiples de chiffre d\u2019affaires et de r\u00e9sultat retenus lors de transactions r\u00e9centes portant sur des marques similaires, ou sur la base des multiples boursiers applicables aux activit\u00e9s concern\u00e9es. D\u2019autres m\u00e9thodes sont utilis\u00e9es \u00e0 titre compl\u00e9mentaire\u00a0: la m\u00e9thode des royalties, donnant \u00e0 la marque une valeur \u00e9quivalente \u00e0 la capitalisation des royalties qu\u2019il faudrait verser pour son utilisation\u2006; la m\u00e9thode du diff\u00e9rentiel de marge, applicable lorsqu\u2019il est possible de mesurer la diff\u00e9rence de revenus g\u00e9n\u00e9r\u00e9e par une marque, par r\u00e9f\u00e9rence \u00e0 un produit similaire sans marque\u2006; enfin, la m\u00e9thode du co\u00fbt de reconstitution d\u2019une marque \u00e9quivalente, notamment en termes de frais de publicit\u00e9 et de promotion.\n
\n\n Les frais engag\u00e9s pour cr\u00e9er une marque nouvelle ou d\u00e9velopper une marque existante sont enregistr\u00e9s en charges.\n
\n\n Les marques, enseignes et autres immobilisations incorporelles \u00e0 dur\u00e9e de vie d\u00e9finie sont amorties sur la dur\u00e9e estim\u00e9e de leur utilisation. Le classement d\u2019une marque ou enseigne en actifs \u00e0 dur\u00e9e d\u2019utilisation d\u00e9finie ou ind\u00e9finie r\u00e9sulte en particulier de l\u2019application des crit\u00e8res suivants\u00a0:\n
\n\n \u25cf\u00a0\u00a0 positionnement global de la marque ou enseigne sur son march\u00e9 en termes de volume d\u2019activit\u00e9, de pr\u00e9sence internationale, de notori\u00e9t\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 perspectives de rentabilit\u00e9 \u00e0 long terme\u2006;\n
\n\n \u25cf\u00a0\u00a0 degr\u00e9 d\u2019exposition aux al\u00e9as conjoncturels\u2006;\n
\n\n \u25cf\u00a0\u00a0 \u00e9v\u00e9nement majeur intervenu dans le secteur d\u2019activit\u00e9 et susceptible de peser sur le futur de la marque ou enseigne\u2006;\n
\n\n \u25cf\u00a0\u00a0 anciennet\u00e9 de la marque ou enseigne.\n
\n\n Les marques dont la dur\u00e9e d\u2019utilisation est d\u00e9finie sont amorties sur une p\u00e9riode comprise entre 5 et 20\u00a0ans, en fonction de l\u2019estimation de la dur\u00e9e de leur utilisation.\n
\n\n Des tests de perte de valeur sont pratiqu\u00e9s pour les marques, enseignes et autres immobilisations incorporelles suivant la m\u00e9thodologie pr\u00e9sent\u00e9e en Note\u00a01.16.\n
\n\n Les frais de recherche ne sont pas immobilis\u00e9s. Les frais de d\u00e9veloppement d\u2019un nouveau produit ne sont immobilis\u00e9s que si la d\u00e9cision de lancement de ce produit est effectivement prise.\n
\n\n Les immobilisations incorporelles autres que les marques et enseignes sont amorties sur les dur\u00e9es suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 droits li\u00e9s aux contrats de sponsoring et de partenariats m\u00e9diatiques\u00a0: sur la dur\u00e9e des contrats, selon les modalit\u00e9s d\u2019exploitation des droits\u2006;\n
\n\n \u25cf\u00a0\u00a0 frais de d\u00e9veloppement\u00a0: maximum 3\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 logiciels, sites internet\u00a0: 1\u00a0\u00e0 5\u00a0ans.\n
\n 1.14.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Immobilisations corporelles\n
\n\n La valeur brute des immobilisations corporelles, \u00e0 l\u2019exception des terres \u00e0 vignes, est constitu\u00e9e de leur co\u00fbt d\u2019acquisition.\n
\n\n Les terres \u00e0 vignes sont comptabilis\u00e9es \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture. Cette valeur r\u00e9sulte de donn\u00e9es officielles publi\u00e9es sur les transactions r\u00e9centes dans la m\u00eame r\u00e9gion. L\u2019\u00e9cart entre le co\u00fbt d\u2019acquisition historique et la valeur de march\u00e9 est inscrit en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb. Si la valeur de march\u00e9 devient inf\u00e9rieure au co\u00fbt d\u2019acquisition, une d\u00e9pr\u00e9ciation est comptabilis\u00e9e en r\u00e9sultat, du montant de la diff\u00e9rence.\n
\n\n Les immeubles majoritairement occup\u00e9s par des tiers sont pr\u00e9sent\u00e9s en immeubles locatifs, \u00e0 leur co\u00fbt d\u2019acquisition, sans r\u00e9\u00e9valuation \u00e0 valeur de march\u00e9.\n
\n\n La base amortissable des immobilisations corporelles est constitu\u00e9e du co\u00fbt d\u2019acquisition de leurs composants, diminu\u00e9 de la valeur r\u00e9siduelle\u2006; la valeur r\u00e9siduelle correspond \u00e0 l\u2019estimation de valeur de revente de l\u2019immobilisation au terme de la p\u00e9riode d\u2019utilisation.\n
\n\n Les immobilisations corporelles sont amorties lin\u00e9airement sur la dur\u00e9e estim\u00e9e de leur utilisation. Dans le cas d\u2019actifs associ\u00e9s \u00e0 un contrat de location, la dur\u00e9e d\u2019amortissement est plafonn\u00e9e \u00e0 celle retenue pour le calcul de la dette locative.\n
\n\n Les dur\u00e9es retenues sont les suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 constructions, immeubles locatifs\u00a0: 20\u00a0\u00e0 100\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 mat\u00e9riels et installations\u00a0: 3\u00a0\u00e0 25\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 agencements\u00a0: 3\u00a0\u00e0 10\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 vignobles\u00a0: 18\u00a0\u00e0 25\u00a0ans.\n
\n\n Les frais d\u2019entretien et de r\u00e9paration sont comptabilis\u00e9s en charges lors de leur r\u00e9alisation.\n
\n 1.28.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Frais de publicit\u00e9 et de promotion\n
\n\n Les frais de publicit\u00e9 et de promotion incluent le co\u00fbt de la r\u00e9alisation des supports publicitaires, des achats d\u2019espaces m\u00e9dia, de la fabrication d\u2019\u00e9chantillons et de catalogues et, de mani\u00e8re g\u00e9n\u00e9rale, le co\u00fbt de l\u2019ensemble des activit\u00e9s destin\u00e9es \u00e0 la promotion des marques et produits du Groupe.\n
\n\n Les frais de publicit\u00e9 et de promotion sont enregistr\u00e9s au sein des charges commerciales lors de leur r\u00e9ception ou de leur production, s\u2019il s\u2019agit de biens, ou lors de la r\u00e9alisation des prestations s\u2019il s\u2019agit de services.\n
\n 25.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Charges par nature\n
\n\n Le r\u00e9sultat op\u00e9rationnel courant inclut notamment les charges suivantes\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Frais de publicit\u00e9 et de promotion\n \n | \n \n \n 10\u202f221\n \n | \n \n \n 9\u202f584\n \n | \n \n \n 7\u202f291\n \n | \n
| \n \n Charges de personnel\n \n | \n \n \n 14\u202f349\n \n | \n \n \n 12\u202f649\n \n | \n \n \n 10\u202f541\n \n | \n
\n Voir \u00e9galement Note\u00a07\u00a0concernant le d\u00e9tail des charges li\u00e9es aux contrats de location.\n
\n\n Les frais de publicit\u00e9 et de promotion sont principalement constitu\u00e9s du co\u00fbt des campagnes m\u00e9dias et des frais de publicit\u00e9 sur les lieux de vente\u2006; ils int\u00e8grent \u00e9galement les frais du personnel d\u00e9di\u00e9 \u00e0 cette fonction. Au 31\u00a0d\u00e9cembre 2023, le nombre de magasins exploit\u00e9s par le Groupe dans le monde, en particulier par les groupes Mode et Maroquinerie et Distribution s\u00e9lective est de 6\u202f097 (5\u202f664\u00a0en 2022, 5\u202f556\u00a0en 2021).\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__29-1": { "value": "\n 1.11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marques et autres immobilisations incorporelles\n
\n\n Seules les marques et enseignes acquises, individualisables et de notori\u00e9t\u00e9 reconnue sont inscrites \u00e0 l\u2019actif, selon leur valeur de march\u00e9 \u00e0 la date de leur acquisition.\n
\n\n Les marques et enseignes sont \u00e9valu\u00e9es \u00e0 titre principal par la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s ou sur la base des transactions comparables, m\u00e9thode utilisant les multiples de chiffre d\u2019affaires et de r\u00e9sultat retenus lors de transactions r\u00e9centes portant sur des marques similaires, ou sur la base des multiples boursiers applicables aux activit\u00e9s concern\u00e9es. D\u2019autres m\u00e9thodes sont utilis\u00e9es \u00e0 titre compl\u00e9mentaire\u00a0: la m\u00e9thode des royalties, donnant \u00e0 la marque une valeur \u00e9quivalente \u00e0 la capitalisation des royalties qu\u2019il faudrait verser pour son utilisation\u2006; la m\u00e9thode du diff\u00e9rentiel de marge, applicable lorsqu\u2019il est possible de mesurer la diff\u00e9rence de revenus g\u00e9n\u00e9r\u00e9e par une marque, par r\u00e9f\u00e9rence \u00e0 un produit similaire sans marque\u2006; enfin, la m\u00e9thode du co\u00fbt de reconstitution d\u2019une marque \u00e9quivalente, notamment en termes de frais de publicit\u00e9 et de promotion.\n
\n\n Les frais engag\u00e9s pour cr\u00e9er une marque nouvelle ou d\u00e9velopper une marque existante sont enregistr\u00e9s en charges.\n
\n\n Les marques, enseignes et autres immobilisations incorporelles \u00e0 dur\u00e9e de vie d\u00e9finie sont amorties sur la dur\u00e9e estim\u00e9e de leur utilisation. Le classement d\u2019une marque ou enseigne en actifs \u00e0 dur\u00e9e d\u2019utilisation d\u00e9finie ou ind\u00e9finie r\u00e9sulte en particulier de l\u2019application des crit\u00e8res suivants\u00a0:\n
\n\n \u25cf\u00a0\u00a0 positionnement global de la marque ou enseigne sur son march\u00e9 en termes de volume d\u2019activit\u00e9, de pr\u00e9sence internationale, de notori\u00e9t\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 perspectives de rentabilit\u00e9 \u00e0 long terme\u2006;\n
\n\n \u25cf\u00a0\u00a0 degr\u00e9 d\u2019exposition aux al\u00e9as conjoncturels\u2006;\n
\n\n \u25cf\u00a0\u00a0 \u00e9v\u00e9nement majeur intervenu dans le secteur d\u2019activit\u00e9 et susceptible de peser sur le futur de la marque ou enseigne\u2006;\n
\n\n \u25cf\u00a0\u00a0 anciennet\u00e9 de la marque ou enseigne.\n
\n\n Les marques dont la dur\u00e9e d\u2019utilisation est d\u00e9finie sont amorties sur une p\u00e9riode comprise entre 5 et 20\u00a0ans, en fonction de l\u2019estimation de la dur\u00e9e de leur utilisation.\n
\n\n Des tests de perte de valeur sont pratiqu\u00e9s pour les marques, enseignes et autres immobilisations incorporelles suivant la m\u00e9thodologie pr\u00e9sent\u00e9e en Note\u00a01.16.\n
\n\n Les frais de recherche ne sont pas immobilis\u00e9s. Les frais de d\u00e9veloppement d\u2019un nouveau produit ne sont immobilis\u00e9s que si la d\u00e9cision de lancement de ce produit est effectivement prise.\n
\n\n Les immobilisations incorporelles autres que les marques et enseignes sont amorties sur les dur\u00e9es suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 droits li\u00e9s aux contrats de sponsoring et de partenariats m\u00e9diatiques\u00a0: sur la dur\u00e9e des contrats, selon les modalit\u00e9s d\u2019exploitation des droits\u2006;\n
\n\n \u25cf\u00a0\u00a0 frais de d\u00e9veloppement\u00a0: maximum 3\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 logiciels, sites internet\u00a0: 1\u00a0\u00e0 5\u00a0ans.\n
\n 1.28.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Frais de publicit\u00e9 et de promotion\n
\n\n Les frais de publicit\u00e9 et de promotion incluent le co\u00fbt de la r\u00e9alisation des supports publicitaires, des achats d\u2019espaces m\u00e9dia, de la fabrication d\u2019\u00e9chantillons et de catalogues et, de mani\u00e8re g\u00e9n\u00e9rale, le co\u00fbt de l\u2019ensemble des activit\u00e9s destin\u00e9es \u00e0 la promotion des marques et produits du Groupe.\n
\n\n Les frais de publicit\u00e9 et de promotion sont enregistr\u00e9s au sein des charges commerciales lors de leur r\u00e9ception ou de leur production, s\u2019il s\u2019agit de biens, ou lors de la r\u00e9alisation des prestations s\u2019il s\u2019agit de services.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__30-1": { "value": "\n 1.11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marques et autres immobilisations incorporelles\n
\n\n Seules les marques et enseignes acquises, individualisables et de notori\u00e9t\u00e9 reconnue sont inscrites \u00e0 l\u2019actif, selon leur valeur de march\u00e9 \u00e0 la date de leur acquisition.\n
\n\n Les marques et enseignes sont \u00e9valu\u00e9es \u00e0 titre principal par la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s ou sur la base des transactions comparables, m\u00e9thode utilisant les multiples de chiffre d\u2019affaires et de r\u00e9sultat retenus lors de transactions r\u00e9centes portant sur des marques similaires, ou sur la base des multiples boursiers applicables aux activit\u00e9s concern\u00e9es. D\u2019autres m\u00e9thodes sont utilis\u00e9es \u00e0 titre compl\u00e9mentaire\u00a0: la m\u00e9thode des royalties, donnant \u00e0 la marque une valeur \u00e9quivalente \u00e0 la capitalisation des royalties qu\u2019il faudrait verser pour son utilisation\u2006; la m\u00e9thode du diff\u00e9rentiel de marge, applicable lorsqu\u2019il est possible de mesurer la diff\u00e9rence de revenus g\u00e9n\u00e9r\u00e9e par une marque, par r\u00e9f\u00e9rence \u00e0 un produit similaire sans marque\u2006; enfin, la m\u00e9thode du co\u00fbt de reconstitution d\u2019une marque \u00e9quivalente, notamment en termes de frais de publicit\u00e9 et de promotion.\n
\n\n Les frais engag\u00e9s pour cr\u00e9er une marque nouvelle ou d\u00e9velopper une marque existante sont enregistr\u00e9s en charges.\n
\n\n Les marques, enseignes et autres immobilisations incorporelles \u00e0 dur\u00e9e de vie d\u00e9finie sont amorties sur la dur\u00e9e estim\u00e9e de leur utilisation. Le classement d\u2019une marque ou enseigne en actifs \u00e0 dur\u00e9e d\u2019utilisation d\u00e9finie ou ind\u00e9finie r\u00e9sulte en particulier de l\u2019application des crit\u00e8res suivants\u00a0:\n
\n\n \u25cf\u00a0\u00a0 positionnement global de la marque ou enseigne sur son march\u00e9 en termes de volume d\u2019activit\u00e9, de pr\u00e9sence internationale, de notori\u00e9t\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 perspectives de rentabilit\u00e9 \u00e0 long terme\u2006;\n
\n\n \u25cf\u00a0\u00a0 degr\u00e9 d\u2019exposition aux al\u00e9as conjoncturels\u2006;\n
\n\n \u25cf\u00a0\u00a0 \u00e9v\u00e9nement majeur intervenu dans le secteur d\u2019activit\u00e9 et susceptible de peser sur le futur de la marque ou enseigne\u2006;\n
\n\n \u25cf\u00a0\u00a0 anciennet\u00e9 de la marque ou enseigne.\n
\n\n Les marques dont la dur\u00e9e d\u2019utilisation est d\u00e9finie sont amorties sur une p\u00e9riode comprise entre 5 et 20\u00a0ans, en fonction de l\u2019estimation de la dur\u00e9e de leur utilisation.\n
\n\n Des tests de perte de valeur sont pratiqu\u00e9s pour les marques, enseignes et autres immobilisations incorporelles suivant la m\u00e9thodologie pr\u00e9sent\u00e9e en Note\u00a01.16.\n
\n\n Les frais de recherche ne sont pas immobilis\u00e9s. Les frais de d\u00e9veloppement d\u2019un nouveau produit ne sont immobilis\u00e9s que si la d\u00e9cision de lancement de ce produit est effectivement prise.\n
\n\n Les immobilisations incorporelles autres que les marques et enseignes sont amorties sur les dur\u00e9es suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 droits li\u00e9s aux contrats de sponsoring et de partenariats m\u00e9diatiques\u00a0: sur la dur\u00e9e des contrats, selon les modalit\u00e9s d\u2019exploitation des droits\u2006;\n
\n\n \u25cf\u00a0\u00a0 frais de d\u00e9veloppement\u00a0: maximum 3\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 logiciels, sites internet\u00a0: 1\u00a0\u00e0 5\u00a0ans.\n
\n 3.\u00a0\u00a0\u00a0\u00a0 Marques, enseignes et autres immobilisations incorporelles\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n Amortissements et d\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Marques\n \n | \n \n \n 22\u202f297\n \n | \n \n \n (812)\n \n | \n \n \n 21\u202f485\n \n | \n \n \n 21\u202f545\n \n | \n \n \n 20\u202f873\n \n | \n
| \n \n Enseignes\n \n | \n \n \n 3\u202f972\n \n | \n \n \n (1\u202f636)\n \n | \n \n \n 2\u202f336\n \n | \n \n \n 2\u202f410\n \n | \n \n \n 2\u202f285\n \n | \n
| \n \n Licences de distribution\n \n | \n \n \n 115\n \n | \n \n \n (98)\n \n | \n \n \n 17\n \n | \n \n \n 23\n \n | \n \n \n 53\n \n | \n
| \n \n Logiciels, sites internet\n \n | \n \n \n 3\u202f946\n \n | \n \n \n (2\u202f912)\n \n | \n \n \n 1\u202f035\n \n | \n \n \n 926\n \n | \n \n \n 849\n \n | \n
| \n \n Autres\n \n | \n \n \n 1\u202f568\n \n | \n \n \n (851)\n \n | \n \n \n 717\n \n | \n \n \n 528\n \n | \n \n \n 490\n \n | \n
| \n \n Total\n \n | \n \n \n 31\u202f897\n \n | \n \n \n (6\u202f309)\n \n | \n \n \n 25\u202f589\n \n | \n \n \n 25\u202f432\n \n | \n \n \n 24\u202f551\n \n | \n
\n La variation du solde net des marques, enseignes et autres immobilisations incorporelles au cours de l\u2019exercice est constitu\u00e9e des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n Valeur brute (en\u00a0millions d\u2019euros)\n \n | \n \n \n Marques\n \n | \n \n \n Enseignes\n \n | \n \n \n Logiciels, sites internet\n \n | \n \n \n Autres immobilisations incorporelles\n \n | \n \n \n Total\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 22\u202f350\n \n | \n \n \n 4\u202f103\n \n | \n \n \n 3\u202f603\n \n | \n \n \n 1\u202f338\n \n | \n \n \n 31\u202f394\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 352\n \n | \n \n \n 648\n \n | \n \n \n 1\u202f000\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (164)\n \n | \n \n \n (104)\n \n | \n \n \n (268)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 110\n \n | \n \n \n -\n \n | \n \n \n (9)\n \n | \n \n \n 15\n \n | \n \n \n 116\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (163)\n \n | \n \n \n (132)\n \n | \n \n \n (56)\n \n | \n \n \n 4\n \n | \n \n \n (346)\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 220\n \n | \n \n \n (219)\n \n | \n \n \n -\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 22\u202f297\n \n | \n \n \n 3\u202f972\n \n | \n \n \n 3\u202f946\n \n | \n \n \n 1\u202f682\n \n | \n \n \n 31\u202f897\n \n | \n
| \n \n Amortissements et d\u00e9pr\u00e9ciations (en\u00a0millions d\u2019euros)\n \n | \n \n \n Marques\n \n | \n \n \n Enseignes\n \n | \n \n \n Logiciels, sites internet\n \n | \n \n \n Autres immobilisations incorporelles\n \n | \n \n \n Total\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n (805)\n \n | \n \n \n (1\u202f693)\n \n | \n \n \n (2\u202f677)\n \n | \n \n \n (787)\n \n | \n \n \n (5\u202f963)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (7)\n \n | \n \n \n -\n \n | \n \n \n (454)\n \n | \n \n \n (259)\n \n | \n \n \n (720)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 3\n \n | \n \n \n (1)\n \n | \n \n \n 2\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 164\n \n | \n \n \n 104\n \n | \n \n \n 268\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 10\n \n | \n \n \n (2)\n \n | \n \n \n 8\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n -\n \n | \n \n \n 57\n \n | \n \n \n 40\n \n | \n \n \n (2)\n \n | \n \n \n 95\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n \n \n (1)\n \n | \n \n \n 2\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n (812)\n \n | \n \n \n (1\u202f636)\n \n | \n \n \n (2\u202f912)\n \n | \n \n \n (949)\n \n | \n \n \n (6\u202f309)\n \n | \n
| \n \n Valeur nette au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 21\u202f485\n \n | \n \n \n 2\u202f336\n \n | \n \n \n 1\u202f035\n \n | \n \n \n 733\n \n | \n \n \n 25\u202f589\n \n | \n
\n Les effets des variations de change r\u00e9sultent principalement des marques et enseignes comptabilis\u00e9es en dollar US en raison de l\u2019\u00e9volution de la parit\u00e9 du dollar US vis-\u00e0-vis de l\u2019euro entre le 1er\u00a0janvier et le 31\u00a0d\u00e9cembre 2023.\n
\n\n La variation des marques, enseignes et autres immobilisations incorporelles des exercices ant\u00e9rieurs s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n Valeur nette (en\u00a0millions d\u2019euros)\n \n | \n \n \n Marques\n \n | \n \n \n Enseignes\n \n | \n \n \n Logiciels, sites internet\n \n | \n \n \n Autres immobilisations incorporelles\n \n | \n \n \n Total\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2020\n \n | \n \n \n 13\u202f737\n \n | \n \n \n 2\u202f130\n \n | \n \n \n 665\n \n | \n \n \n 481\n \n | \n \n \n 17\u202f012\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 244\n \n | \n \n \n 337\n \n | \n \n \n 581\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (7)\n \n | \n \n \n 1\n \n | \n \n \n (6)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 6\u202f503\n \n | \n \n \n -\n \n | \n \n \n 147\n \n | \n \n \n 28\n \n | \n \n \n 6\u202f678\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (9)\n \n | \n \n \n -\n \n | \n \n \n (372)\n \n | \n \n \n (148)\n \n | \n \n \n (529)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n (13)\n \n | \n \n \n (13)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 641\n \n | \n \n \n 156\n \n | \n \n \n 33\n \n | \n \n \n 16\n \n | \n \n \n 845\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 140\n \n | \n \n \n (157)\n \n | \n \n \n (17)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2021\n \n | \n \n \n 20\u202f873\n \n | \n \n \n 2\u202f285\n \n | \n \n \n 849\n \n | \n \n \n 544\n \n | \n \n \n 24\u202f551\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 319\n \n | \n \n \n 366\n \n | \n \n \n 685\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n (1)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 187\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n 6\n \n | \n \n \n 192\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (7)\n \n | \n \n \n -\n \n | \n \n \n (425)\n \n | \n \n \n (173)\n \n | \n \n \n (604)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n (11)\n \n | \n \n \n -\n \n | \n \n \n (4)\n \n | \n \n \n (1)\n \n | \n \n \n (16)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 502\n \n | \n \n \n 125\n \n | \n \n \n 20\n \n | \n \n \n 12\n \n | \n \n \n 660\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 168\n \n | \n \n \n (203)\n \n | \n \n \n (35)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 21\u202f545\n \n | \n \n \n 2\u202f410\n \n | \n \n \n 926\n \n | \n \n \n 550\n \n | \n \n \n 25\u202f432\n \n | \n
\n La r\u00e9partition des marques et enseignes par groupe d\u2019activit\u00e9s est la suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n Amortissements et d\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Vins et Spiritueux\n \n | \n \n \n 1\u202f556\n \n | \n \n \n (154)\n \n | \n \n \n 1\u202f402\n \n | \n \n \n 1\u202f308\n \n | \n \n \n 1\u202f144\n \n | \n
| \n \n Mode et Maroquinerie\n \n | \n \n \n 9\u202f040\n \n | \n \n \n (336)\n \n | \n \n \n 8\u202f704\n \n | \n \n \n 8\u202f713\n \n | \n \n \n 8\u202f698\n \n | \n
| \n \n Parfums et Cosm\u00e9tiques\n \n | \n \n \n 721\n \n | \n \n \n (90)\n \n | \n \n \n 631\n \n | \n \n \n 641\n \n | \n \n \n 622\n \n | \n
| \n \n Montres et Joaillerie\n \n | \n \n \n 10\u202f565\n \n | \n \n \n (107)\n \n | \n \n \n 10\u202f458\n \n | \n \n \n 10\u202f594\n \n | \n \n \n 10\u202f119\n \n | \n
| \n \n Distribution s\u00e9lective\n \n | \n \n \n 3\u202f924\n \n | \n \n \n (1\u202f589)\n \n | \n \n \n 2\u202f336\n \n | \n \n \n 2\u202f410\n \n | \n \n \n 2\u202f285\n \n | \n
| \n \n Autres activit\u00e9s\n \n | \n \n \n 462\n \n | \n \n \n (172)\n \n | \n \n \n 290\n \n | \n \n \n 290\n \n | \n \n \n 290\n \n | \n
| \n \n Total\n \n | \n \n \n 26\u202f269\n \n | \n \n \n (2\u202f448)\n \n | \n \n \n 23\u202f821\n \n | \n \n \n 23\u202f955\n \n | \n \n \n 23\u202f158\n \n | \n
\n Les marques et enseignes comptabilis\u00e9es sont celles acquises par le Groupe. Elles comprennent principalement au 31\u00a0d\u00e9cembre 2023\u00a0:\n
\n\n \u25cf\u00a0\u00a0 Vins et Spiritueux\u00a0: Veuve Clicquot, Krug, Ch\u00e2teau d\u2019Yquem, Belvedere, Glenmorangie, Newton Vineyard, Bodega Numanthia, Ch\u00e2teau d\u2019Esclans, Armand de Brignac, Joseph Phelps et Ch\u00e2teau Minuty\u2006;\n
\n\n \u25cf\u00a0\u00a0 Mode et Maroquinerie\u00a0: Louis Vuitton, Fendi, Celine, Loewe, Givenchy, Kenzo, Berluti, Pucci, Loro Piana, Rimowa, Christian Dior Couture et Off White\u2006;\n
\n\n \u25cf\u00a0\u00a0 Parfums et Cosm\u00e9tiques\u00a0: 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 et Officine Universelle Buly 1803\u2006;\n
\n\n \u25cf\u00a0\u00a0 Montres et Joaillerie\u00a0: Tiffany, Bulgari, TAG Heuer, Zenith, Hublot, Chaumet, Fred et Repossi\u2006;\n
\n\n \u25cf\u00a0\u00a0 Distribution s\u00e9lective\u00a0: DFS Galleria, Sephora et Le Bon March\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 Autres activit\u00e9s\u00a0: les titres de presse du groupe Les Echos-Investir, le journal Le Parisien-Aujourd\u2019hui en France, la marque Royal Van Lent-Feadship, La Samaritaine, le groupe h\u00f4telier Belmond et la p\u00e2tisserie Cova.\n
\n\n Ces marques et enseignes figurent au bilan \u00e0 la valeur d\u00e9termin\u00e9e lors de leur acquisition par le Groupe, qui peut \u00eatre tr\u00e8s inf\u00e9rieure \u00e0 leur valeur d\u2019utilit\u00e9 ou de march\u00e9 \u00e0 la date de cl\u00f4ture des comptes du Groupe\u2006; c\u2019est notamment le cas, sans que cette liste puisse \u00eatre consid\u00e9r\u00e9e comme exhaustive, des marques Louis Vuitton, Veuve Clicquot et Parfums Christian Dior, ou de l\u2019enseigne Sephora.\n
\n\n Voir \u00e9galement Note\u00a05\u00a0pour l\u2019\u00e9valuation des marques, enseignes et autres actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie.\n
\n 6.\u00a0\u00a0\u00a0\u00a0 Immobilisations corporelles\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n Amortissements et d\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Terrains\n \n | \n \n \n 7\u202f972\n \n | \n \n \n (22)\n \n | \n \n \n 7\u202f950\n \n | \n \n \n 5\u202f511\n \n | \n \n \n 4\u202f804\n \n | \n
| \n \n Terres \u00e0 vignes et vignobles\u00a0(a)\n \n | \n \n \n 3\u202f084\n \n | \n \n \n (136)\n \n | \n \n \n 2\u202f948\n \n | \n \n \n 2\u202f729\n \n | \n \n \n 2\u202f623\n \n | \n
| \n \n Constructions\n \n | \n \n \n 8\u202f318\n \n | \n \n \n (3\u202f055)\n \n | \n \n \n 5\u202f263\n \n | \n \n \n 4\u202f823\n \n | \n \n \n 4\u202f145\n \n | \n
| \n \n Immeubles locatifs\n \n | \n \n \n 366\n \n | \n \n \n (51)\n \n | \n \n \n 316\n \n | \n \n \n 434\n \n | \n \n \n 321\n \n | \n
| \n \n Agencements, mat\u00e9riels et installations\n \n | \n \n \n 20\u202f880\n \n | \n \n \n (14\u202f227)\n \n | \n \n \n 6\u202f653\n \n | \n \n \n 5\u202f773\n \n | \n \n \n 5\u202f114\n \n | \n
| \n \n Immobilisations en-cours\n \n | \n \n \n 2\u202f125\n \n | \n \n \n (45)\n \n | \n \n \n 2\u202f080\n \n | \n \n \n 1\u202f809\n \n | \n \n \n 1\u202f302\n \n | \n
| \n \n Autres immobilisations corporelles\n \n | \n \n \n 2\u202f719\n \n | \n \n \n (598)\n \n | \n \n \n 2\u202f121\n \n | \n \n \n 1\u202f977\n \n | \n \n \n 1\u202f886\n \n | \n
| \n \n Total\n \n | \n \n \n 45\u202f465\n \n | \n \n \n (18\u202f135)\n \n | \n \n \n 27\u202f331\n \n | \n \n \n 23\u202f055\n \n | \n \n \n 20\u202f193\n \n | \n
| \n \n Dont\u00a0: co\u00fbt historique des terres \u00e0 vignes\n \n | \n \n \n 924\n \n | \n \n \n -\n \n | \n \n \n 924\n \n | \n \n \n 760\n \n | \n \n \n 608\n \n | \n
\n (a)\u00a0 Les terres \u00e0 vignes constituent la quasi-totalit\u00e9 de la valeur nette du poste Terres \u00e0 vignes et vignobles.\n
\n\n La variation des immobilisations corporelles au cours de l\u2019exercice s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n Valeur brute (en\u00a0millions d\u2019euros)\n \n | \n \n \n Terres \u00e0 vignes et vignobles\n \n | \n \n \n Terrains et constructions\n \n | \n \n \n Immeubles locatifs\n \n | \n \n \n Agencements, mat\u00e9riels et installations\n \n | \n \n \n Immobilisations en-cours\n \n | \n \n \n Autres immobilisations corporelles\n \n | \n \n \n Total\n \n | \n ||
| \n \n Boutiques et h\u00f4tels\n \n | \n \n \n Production, logistique\n \n | \n \n \n Autres\n \n | \n |||||||
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 2\u202f861\n \n | \n \n \n 13\u202f201\n \n | \n \n \n 478\n \n | \n \n \n 13\u202f298\n \n | \n \n \n 3\u202f943\n \n | \n \n \n 2\u202f244\n \n | \n \n \n 1\u202f810\n \n | \n \n \n 2\u202f541\n \n | \n \n \n 40\u202f377\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 83\n \n | \n \n \n 2\u202f553\n \n | \n \n \n 2\n \n | \n \n \n 1\u202f163\n \n | \n \n \n 218\n \n | \n \n \n 182\n \n | \n \n \n 2\u202f449\n \n | \n \n \n 176\n \n | \n \n \n 6\u202f824\n \n | \n
| \n \n Variation de la valeur de march\u00e9 des terres \u00e0 vignes\n \n | \n \n \n 53\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 53\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n (14)\n \n | \n \n \n (104)\n \n | \n \n \n (113)\n \n | \n \n \n (709)\n \n | \n \n \n (76)\n \n | \n \n \n (166)\n \n | \n \n \n (6)\n \n | \n \n \n (14)\n \n | \n \n \n (1\u202f202)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 82\n \n | \n \n \n 77\n \n | \n \n \n -\n \n | \n \n \n (53)\n \n | \n \n \n 33\n \n | \n \n \n (2)\n \n | \n \n \n 1\n \n | \n \n \n 1\n \n | \n \n \n 139\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (13)\n \n | \n \n \n (174)\n \n | \n \n \n (3)\n \n | \n \n \n (432)\n \n | \n \n \n (14)\n \n | \n \n \n (42)\n \n | \n \n \n (38)\n \n | \n \n \n (17)\n \n | \n \n \n (735)\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n 33\n \n | \n \n \n 738\n \n | \n \n \n 3\n \n | \n \n \n 1\u202f042\n \n | \n \n \n 141\n \n | \n \n \n 109\n \n | \n \n \n (2\u202f090)\n \n | \n \n \n 33\n \n | \n \n \n 9\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 3\u202f084\n \n | \n \n \n 16\u202f291\n \n | \n \n \n 366\n \n | \n \n \n 14\u202f309\n \n | \n \n \n 4\u202f245\n \n | \n \n \n 2\u202f326\n \n | \n \n \n 2\u202f125\n \n | \n \n \n 2\u202f719\n \n | \n \n \n 45\u202f465\n \n | \n
| \n \n Amortissements et d\u00e9pr\u00e9ciations (en\u00a0millions d\u2019euros)\n \n | \n \n \n Terres \u00e0 vignes et vignobles\n \n | \n \n \n Terrains et constructions\n \n | \n \n \n Immeubles locatifs\n \n | \n \n \n Agencements, mat\u00e9riels et installations\n \n | \n \n \n Immobilisations en-cours\n \n | \n \n \n Autres immobilisations corporelles\n \n | \n \n \n Total\n \n | \n ||
| \n \n Boutiques et h\u00f4tels\n \n | \n \n \n Production, logistique\n \n | \n \n \n Autres\n \n | \n |||||||
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n (132)\n \n | \n \n \n (2\u202f867)\n \n | \n \n \n (43)\n \n | \n \n \n (9\u202f446)\n \n | \n \n \n (2\u202f680)\n \n | \n \n \n (1\u202f588)\n \n | \n \n \n (1)\n \n | \n \n \n (564)\n \n | \n \n \n (17\u202f322)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (9)\n \n | \n \n \n (331)\n \n | \n \n \n (6)\n \n | \n \n \n (1\u202f335)\n \n | \n \n \n (264)\n \n | \n \n \n (194)\n \n | \n \n \n -\n \n | \n \n \n (71)\n \n | \n \n \n (2\u202f209)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n (1)\n \n | \n \n \n (6)\n \n | \n \n \n -\n \n | \n \n \n (5)\n \n | \n \n \n (2)\n \n | \n \n \n -\n \n | \n \n \n (45)\n \n | \n \n \n (1)\n \n | \n \n \n (60)\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n 2\n \n | \n \n \n 100\n \n | \n \n \n 3\n \n | \n \n \n 706\n \n | \n \n \n 73\n \n | \n \n \n 163\n \n | \n \n \n -\n \n | \n \n \n 18\n \n | \n \n \n 1\u202f066\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 2\n \n | \n \n \n (11)\n \n | \n \n \n -\n \n | \n \n \n 47\n \n | \n \n \n (19)\n \n | \n \n \n 3\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 22\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 1\n \n | \n \n \n 41\n \n | \n \n \n -\n \n | \n \n \n 293\n \n | \n \n \n 6\n \n | \n \n \n 31\n \n | \n \n \n 1\n \n | \n \n \n 5\n \n | \n \n \n 379\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n -\n \n | \n \n \n (4)\n \n | \n \n \n (5)\n \n | \n \n \n (12)\n \n | \n \n \n (14)\n \n | \n \n \n 10\n \n | \n \n \n -\n \n | \n \n \n 14\n \n | \n \n \n (10)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n (136)\n \n | \n \n \n (3\u202f077)\n \n | \n \n \n (51)\n \n | \n \n \n (9\u202f753)\n \n | \n \n \n (2\u202f899)\n \n | \n \n \n (1\u202f575)\n \n | \n \n \n (45)\n \n | \n \n \n (598)\n \n | \n \n \n (18\u202f135)\n \n | \n
| \n \n Valeur nette au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 2\u202f948\n \n | \n \n \n 13\u202f213\n \n | \n \n \n 316\n \n | \n \n \n 4\u202f556\n \n | \n \n \n 1\u202f346\n \n | \n \n \n 750\n \n | \n \n \n 2\u202f080\n \n | \n \n \n 2\u202f121\n \n | \n \n \n 27\u202f331\n \n | \n
\n Au sein du poste \u00ab\u00a0Autres immobilisations corporelles\u00a0\u00bb figurent notamment les \u0153uvres d\u2019art d\u00e9tenues par le Groupe.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les acquisitions d\u2019immobilisations corporelles incluent principalement les investissements des Maisons du Groupe dans leurs r\u00e9seaux de distribution, notamment ceux de Louis Vuitton, Christian Dior, Tiffany et Sephora. Elles comprennent \u00e9galement les investissements des Maisons de champagne, de Hennessy et de Louis Vuitton dans leur outil de production, ainsi que les investissements relatifs aux activit\u00e9s h\u00f4teli\u00e8res du Groupe. En outre, des acquisitions d\u2019immeubles \u00e0 Paris et \u00e0 Londres ont \u00e9t\u00e9 r\u00e9alis\u00e9es par des soci\u00e9t\u00e9s holdings du Groupe ou des Maisons, principalement en vue d\u2019y exploiter des boutiques.\n
\n\n Fin avril 2023, la boutique embl\u00e9matique de Tiffany sur la 5e\u00a0Avenue \u00e0 New\u00a0York a rouvert apr\u00e8s plusieurs ann\u00e9es de travaux.\n
\n\n Les effets des variations de change sur les immobilisations corporelles r\u00e9sultent principalement des immobilisations comptabilis\u00e9es en dollar US, yen japonais et renminbi chinois en raison de l\u2019\u00e9volution de la parit\u00e9 de ces devises vis-\u00e0-vis de l\u2019euro entre le 1er\u00a0janvier et le 31\u00a0d\u00e9cembre 2023.\n
\n\n La valeur de march\u00e9 des immeubles locatifs, selon les expertises r\u00e9alis\u00e9es par des tiers ind\u00e9pendants, s\u2019\u00e9l\u00e8ve au moins \u00e0 0,6\u00a0milliard d\u2019euros au 31\u00a0d\u00e9cembre 2023. Les m\u00e9thodes d\u2019\u00e9valuation employ\u00e9es reposent sur des donn\u00e9es de march\u00e9.\n
\n\n La variation des immobilisations corporelles des exercices ant\u00e9rieurs s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n Valeur nette (en\u00a0millions d\u2019euros)\n \n | \n \n \n Terres \u00e0 vignes et vignobles\n \n | \n \n \n Terrains et constructions\n \n | \n \n \n Immeubles locatifs\n \n | \n \n \n Agencements, mat\u00e9riels et installations\n \n | \n \n \n Immobilisations en-cours\n \n | \n \n \n Autres immobilisations corporelles\n \n | \n \n \n Total\n \n | \n ||
| \n \n Boutiques et h\u00f4tels\n \n | \n \n \n Production, logistique\n \n | \n \n \n Autres\n \n | \n |||||||
| \n \n Au 31\u00a0d\u00e9cembre 2020\n \n | \n \n \n 2\u202f551\n \n | \n \n \n 7\u202f983\n \n | \n \n \n 316\n \n | \n \n \n 2\u202f957\n \n | \n \n \n 1\u202f012\n \n | \n \n \n 490\n \n | \n \n \n 1\u202f176\n \n | \n \n \n 1\u202f740\n \n | \n \n \n 18\u202f224\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 11\n \n | \n \n \n 398\n \n | \n \n \n 7\n \n | \n \n \n 679\n \n | \n \n \n 159\n \n | \n \n \n 106\n \n | \n \n \n 1\u202f162\n \n | \n \n \n 150\n \n | \n \n \n 2\u202f672\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n (4)\n \n | \n \n \n (231)\n \n | \n \n \n -\n \n | \n \n \n (8)\n \n | \n \n \n (6)\n \n | \n \n \n (3)\n \n | \n \n \n (11)\n \n | \n \n \n (12)\n \n | \n \n \n (275)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (6)\n \n | \n \n \n (282)\n \n | \n \n \n (3)\n \n | \n \n \n (1\u202f141)\n \n | \n \n \n (224)\n \n | \n \n \n (174)\n \n | \n \n \n -\n \n | \n \n \n (64)\n \n | \n \n \n (1\u202f894)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n -\n \n | \n \n \n (7)\n \n | \n \n \n (2)\n \n | \n \n \n (8)\n \n | \n \n \n (1)\n \n | \n \n \n -\n \n | \n \n \n (21)\n \n | \n \n \n (1)\n \n | \n \n \n (41)\n \n | \n
| \n \n Variation de la valeur de march\u00e9 des terres \u00e0 vignes\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 52\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n -\n \n | \n \n \n 385\n \n | \n \n \n -\n \n | \n \n \n 351\n \n | \n \n \n 58\n \n | \n \n \n 59\n \n | \n \n \n 112\n \n | \n \n \n 52\n \n | \n \n \n 1\u202f016\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 11\n \n | \n \n \n 194\n \n | \n \n \n 6\n \n | \n \n \n 152\n \n | \n \n \n 20\n \n | \n \n \n 14\n \n | \n \n \n 39\n \n | \n \n \n 18\n \n | \n \n \n 454\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n 8\n \n | \n \n \n 508\n \n | \n \n \n (4)\n \n | \n \n \n 417\n \n | \n \n \n 135\n \n | \n \n \n 72\n \n | \n \n \n (1\u202f156)\n \n | \n \n \n 3\n \n | \n \n \n (16)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2021\n \n | \n \n \n 2\u202f623\n \n | \n \n \n 8\u202f949\n \n | \n \n \n 321\n \n | \n \n \n 3\u202f398\n \n | \n \n \n 1\u202f152\n \n | \n \n \n 564\n \n | \n \n \n 1\u202f302\n \n | \n \n \n 1\u202f886\n \n | \n \n \n 20\u202f193\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 26\n \n | \n \n \n 1\u202f062\n \n | \n \n \n 115\n \n | \n \n \n 909\n \n | \n \n \n 204\n \n | \n \n \n 161\n \n | \n \n \n 1\u202f770\n \n | \n \n \n 152\n \n | \n \n \n 4\u202f398\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n -\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n (2)\n \n | \n \n \n (2)\n \n | \n \n \n (4)\n \n | \n \n \n (51)\n \n | \n \n \n (60)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (7)\n \n | \n \n \n (292)\n \n | \n \n \n (6)\n \n | \n \n \n (1\u202f260)\n \n | \n \n \n (240)\n \n | \n \n \n (185)\n \n | \n \n \n -\n \n | \n \n \n (66)\n \n | \n \n \n (2\u202f056)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n (1)\n \n | \n \n \n (49)\n \n | \n \n \n -\n \n | \n \n \n (10)\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n (2)\n \n | \n \n \n (61)\n \n | \n
| \n \n Variation de la valeur de march\u00e9 des terres \u00e0 vignes\n \n | \n \n \n (72)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (72)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 119\n \n | \n \n \n 83\n \n | \n \n \n -\n \n | \n \n \n 5\n \n | \n \n \n 22\n \n | \n \n \n 2\n \n | \n \n \n 3\n \n | \n \n \n 7\n \n | \n \n \n 239\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 3\n \n | \n \n \n 41\n \n | \n \n \n 4\n \n | \n \n \n 40\n \n | \n \n \n 8\n \n | \n \n \n 6\n \n | \n \n \n 13\n \n | \n \n \n 14\n \n | \n \n \n 128\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n 39\n \n | \n \n \n 541\n \n | \n \n \n -\n \n | \n \n \n 772\n \n | \n \n \n 119\n \n | \n \n \n 112\n \n | \n \n \n (1\u202f274)\n \n | \n \n \n 38\n \n | \n \n \n 347\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 2\u202f729\n \n | \n \n \n 10\u202f334\n \n | \n \n \n 434\n \n | \n \n \n 3\u202f853\n \n | \n \n \n 1\u202f263\n \n | \n \n \n 657\n \n | \n \n \n 1\u202f809\n \n | \n \n \n 1\u202f977\n \n | \n \n \n 23\u202f055\n \n | \n
\n En 2022, les acquisitions d\u2019immobilisations corporelles incluaient principalement les investissements des Maisons du Groupe dans leurs r\u00e9seaux de distribution, notamment ceux de Christian Dior, Louis Vuitton, Tiffany et Sephora. Ils comprenaient \u00e9galement les investissements des Maisons de champagne, de Hennessy et de Louis Vuitton dans leur outil de production, ainsi que les investissements relatifs aux activit\u00e9s h\u00f4teli\u00e8res du Groupe. Au deuxi\u00e8me semestre 2022, un investissement a \u00e9t\u00e9 r\u00e9alis\u00e9 dans des immeubles parisiens, permettant notamment d\u2019acqu\u00e9rir la totalit\u00e9 des locaux du si\u00e8ge du Groupe auparavant d\u00e9tenus \u00e0 hauteur de 40\u2006%, sous la forme de titres mis en \u00e9quivalence. La part ant\u00e9rieurement d\u00e9tenue a \u00e9t\u00e9 r\u00e9\u00e9valu\u00e9e (voir Note\u00a026) et les titres correspondants (voir Note\u00a08) ont \u00e9t\u00e9 reclass\u00e9s en immobilisations corporelles pour leur valeur r\u00e9\u00e9valu\u00e9e.\n
\n\n Les effets des variations de p\u00e9rim\u00e8tre en 2022 r\u00e9sultaient essentiellement de l\u2019acquisition de Joseph Phelps. Voir Note\u00a02.\n
\n\n En 2021, les cessions d\u2019immobilisations corporelles incluaient principalement la vente de l\u2019h\u00f4tel Belmond Charleston et les effets des variations de p\u00e9rim\u00e8tre r\u00e9sultaient essentiellement de l\u2019acquisition de Tiffany. Voir Note\u00a02.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__31-1": { "value": "\n 1.11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marques et autres immobilisations incorporelles\n
\n\n Seules les marques et enseignes acquises, individualisables et de notori\u00e9t\u00e9 reconnue sont inscrites \u00e0 l\u2019actif, selon leur valeur de march\u00e9 \u00e0 la date de leur acquisition.\n
\n\n Les marques et enseignes sont \u00e9valu\u00e9es \u00e0 titre principal par la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s ou sur la base des transactions comparables, m\u00e9thode utilisant les multiples de chiffre d\u2019affaires et de r\u00e9sultat retenus lors de transactions r\u00e9centes portant sur des marques similaires, ou sur la base des multiples boursiers applicables aux activit\u00e9s concern\u00e9es. D\u2019autres m\u00e9thodes sont utilis\u00e9es \u00e0 titre compl\u00e9mentaire\u00a0: la m\u00e9thode des royalties, donnant \u00e0 la marque une valeur \u00e9quivalente \u00e0 la capitalisation des royalties qu\u2019il faudrait verser pour son utilisation\u2006; la m\u00e9thode du diff\u00e9rentiel de marge, applicable lorsqu\u2019il est possible de mesurer la diff\u00e9rence de revenus g\u00e9n\u00e9r\u00e9e par une marque, par r\u00e9f\u00e9rence \u00e0 un produit similaire sans marque\u2006; enfin, la m\u00e9thode du co\u00fbt de reconstitution d\u2019une marque \u00e9quivalente, notamment en termes de frais de publicit\u00e9 et de promotion.\n
\n\n Les frais engag\u00e9s pour cr\u00e9er une marque nouvelle ou d\u00e9velopper une marque existante sont enregistr\u00e9s en charges.\n
\n\n Les marques, enseignes et autres immobilisations incorporelles \u00e0 dur\u00e9e de vie d\u00e9finie sont amorties sur la dur\u00e9e estim\u00e9e de leur utilisation. Le classement d\u2019une marque ou enseigne en actifs \u00e0 dur\u00e9e d\u2019utilisation d\u00e9finie ou ind\u00e9finie r\u00e9sulte en particulier de l\u2019application des crit\u00e8res suivants\u00a0:\n
\n\n \u25cf\u00a0\u00a0 positionnement global de la marque ou enseigne sur son march\u00e9 en termes de volume d\u2019activit\u00e9, de pr\u00e9sence internationale, de notori\u00e9t\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 perspectives de rentabilit\u00e9 \u00e0 long terme\u2006;\n
\n\n \u25cf\u00a0\u00a0 degr\u00e9 d\u2019exposition aux al\u00e9as conjoncturels\u2006;\n
\n\n \u25cf\u00a0\u00a0 \u00e9v\u00e9nement majeur intervenu dans le secteur d\u2019activit\u00e9 et susceptible de peser sur le futur de la marque ou enseigne\u2006;\n
\n\n \u25cf\u00a0\u00a0 anciennet\u00e9 de la marque ou enseigne.\n
\n\n Les marques dont la dur\u00e9e d\u2019utilisation est d\u00e9finie sont amorties sur une p\u00e9riode comprise entre 5 et 20\u00a0ans, en fonction de l\u2019estimation de la dur\u00e9e de leur utilisation.\n
\n\n Des tests de perte de valeur sont pratiqu\u00e9s pour les marques, enseignes et autres immobilisations incorporelles suivant la m\u00e9thodologie pr\u00e9sent\u00e9e en Note\u00a01.16.\n
\n\n Les frais de recherche ne sont pas immobilis\u00e9s. Les frais de d\u00e9veloppement d\u2019un nouveau produit ne sont immobilis\u00e9s que si la d\u00e9cision de lancement de ce produit est effectivement prise.\n
\n\n Les immobilisations incorporelles autres que les marques et enseignes sont amorties sur les dur\u00e9es suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 droits li\u00e9s aux contrats de sponsoring et de partenariats m\u00e9diatiques\u00a0: sur la dur\u00e9e des contrats, selon les modalit\u00e9s d\u2019exploitation des droits\u2006;\n
\n\n \u25cf\u00a0\u00a0 frais de d\u00e9veloppement\u00a0: maximum 3\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 logiciels, sites internet\u00a0: 1\u00a0\u00e0 5\u00a0ans.\n
\n 1.14.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Immobilisations corporelles\n
\n\n La valeur brute des immobilisations corporelles, \u00e0 l\u2019exception des terres \u00e0 vignes, est constitu\u00e9e de leur co\u00fbt d\u2019acquisition.\n
\n\n Les terres \u00e0 vignes sont comptabilis\u00e9es \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture. Cette valeur r\u00e9sulte de donn\u00e9es officielles publi\u00e9es sur les transactions r\u00e9centes dans la m\u00eame r\u00e9gion. L\u2019\u00e9cart entre le co\u00fbt d\u2019acquisition historique et la valeur de march\u00e9 est inscrit en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb. Si la valeur de march\u00e9 devient inf\u00e9rieure au co\u00fbt d\u2019acquisition, une d\u00e9pr\u00e9ciation est comptabilis\u00e9e en r\u00e9sultat, du montant de la diff\u00e9rence.\n
\n\n Les immeubles majoritairement occup\u00e9s par des tiers sont pr\u00e9sent\u00e9s en immeubles locatifs, \u00e0 leur co\u00fbt d\u2019acquisition, sans r\u00e9\u00e9valuation \u00e0 valeur de march\u00e9.\n
\n\n La base amortissable des immobilisations corporelles est constitu\u00e9e du co\u00fbt d\u2019acquisition de leurs composants, diminu\u00e9 de la valeur r\u00e9siduelle\u2006; la valeur r\u00e9siduelle correspond \u00e0 l\u2019estimation de valeur de revente de l\u2019immobilisation au terme de la p\u00e9riode d\u2019utilisation.\n
\n\n Les immobilisations corporelles sont amorties lin\u00e9airement sur la dur\u00e9e estim\u00e9e de leur utilisation. Dans le cas d\u2019actifs associ\u00e9s \u00e0 un contrat de location, la dur\u00e9e d\u2019amortissement est plafonn\u00e9e \u00e0 celle retenue pour le calcul de la dette locative.\n
\n\n Les dur\u00e9es retenues sont les suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 constructions, immeubles locatifs\u00a0: 20\u00a0\u00e0 100\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 mat\u00e9riels et installations\u00a0: 3\u00a0\u00e0 25\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 agencements\u00a0: 3\u00a0\u00e0 10\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 vignobles\u00a0: 18\u00a0\u00e0 25\u00a0ans.\n
\n\n Les frais d\u2019entretien et de r\u00e9paration sont comptabilis\u00e9s en charges lors de leur r\u00e9alisation.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27612": { "value": "\n 1.12.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es\n
\n\n Lors de la prise de contr\u00f4le d\u2019une entreprise en droit ou en fait, les actifs, passifs et passifs \u00e9ventuels de l\u2019entreprise acquise sont \u00e9valu\u00e9s \u00e0 leur valeur de march\u00e9 \u00e0 la date de prise de contr\u00f4le\u2006; la diff\u00e9rence entre le co\u00fbt de la prise de contr\u00f4le et la quote-part du Groupe dans la valeur de march\u00e9 de ces actifs, passifs et passifs \u00e9ventuels est inscrite en \u00e9cart d\u2019acquisition.\n
\n\n Le co\u00fbt de la prise de contr\u00f4le est le prix pay\u00e9 par le Groupe dans le cadre d\u2019une acquisition, ou l\u2019estimation de ce prix si l\u2019op\u00e9ration se fait sans versement de tr\u00e9sorerie, \u00e0 l\u2019exclusion des frais li\u00e9s \u00e0 l\u2019acquisition qui sont pr\u00e9sent\u00e9s en \u00ab\u00a0Autres produits et charges op\u00e9rationnels\u00a0\u00bb.\n
\n\n La diff\u00e9rence entre la valeur comptable des int\u00e9r\u00eats minoritaires acquis post\u00e9rieurement \u00e0 la prise de contr\u00f4le et le prix pay\u00e9 pour leur acquisition est comptabilis\u00e9e en contrepartie des capitaux propres.\n
\n\n Les \u00e9carts d\u2019acquisition sont comptabilis\u00e9s dans la devise fonctionnelle de l\u2019entit\u00e9 acquise.\n
\n\n Les \u00e9carts d\u2019acquisition ne sont pas amortis mais font l\u2019objet d\u2019un test de perte de valeur annuel suivant la m\u00e9thodologie pr\u00e9sent\u00e9e en Note\u00a01.16. La charge de d\u00e9pr\u00e9ciation \u00e9ventuelle est comprise dans les \u00ab\u00a0Autres produits et charges op\u00e9rationnels\u00a0\u00bb.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27619": { "value": "\n 1.13.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagements d\u2019achat de titres de minoritaires\n
\n\n Les actionnaires minoritaires de certaines filiales consolid\u00e9es par int\u00e9gration globale b\u00e9n\u00e9ficient de promesses d\u2019achat de leurs titres octroy\u00e9es par le Groupe.\n
\n\n En l\u2019absence de dispositions sp\u00e9cifiques des normes IFRS, le Groupe comptabilise ces engagements de la fa\u00e7on suivante\u00a0:\n
\n\n \u25cf\u00a0\u00a0 la valeur de l\u2019engagement \u00e0 la date de la cl\u00f4ture figure en \u00ab\u00a0Engagements d\u2019achat de titres de minoritaires\u00a0\u00bb, au passif du bilan\u2006;\n
\n\n \u25cf\u00a0\u00a0 les int\u00e9r\u00eats minoritaires correspondants sont annul\u00e9s\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les engagements contract\u00e9s ant\u00e9rieurement au 1er\u00a0janvier 2010, la diff\u00e9rence entre le montant des engagements et les int\u00e9r\u00eats minoritaires annul\u00e9s est maintenue \u00e0 l\u2019actif du bilan, en \u00e9cart d\u2019acquisition, ainsi que les variations ult\u00e9rieures de cette diff\u00e9rence. Pour les engagements contract\u00e9s \u00e0 compter du 1er\u00a0janvier 2010, la diff\u00e9rence entre le montant des engagements et les int\u00e9r\u00eats minoritaires est enregistr\u00e9e en capitaux propres, en \u00ab\u00a0Autres r\u00e9serves\u00a0\u00bb.\n
\n\n Ce mode de comptabilisation n\u2019a pas d\u2019effet sur la pr\u00e9sentation des int\u00e9r\u00eats minoritaires au compte de r\u00e9sultat.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27620": { "value": "\n 1.13.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagements d\u2019achat de titres de minoritaires\n
\n\n Les actionnaires minoritaires de certaines filiales consolid\u00e9es par int\u00e9gration globale b\u00e9n\u00e9ficient de promesses d\u2019achat de leurs titres octroy\u00e9es par le Groupe.\n
\n\n En l\u2019absence de dispositions sp\u00e9cifiques des normes IFRS, le Groupe comptabilise ces engagements de la fa\u00e7on suivante\u00a0:\n
\n\n \u25cf\u00a0\u00a0 la valeur de l\u2019engagement \u00e0 la date de la cl\u00f4ture figure en \u00ab\u00a0Engagements d\u2019achat de titres de minoritaires\u00a0\u00bb, au passif du bilan\u2006;\n
\n\n \u25cf\u00a0\u00a0 les int\u00e9r\u00eats minoritaires correspondants sont annul\u00e9s\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les engagements contract\u00e9s ant\u00e9rieurement au 1er\u00a0janvier 2010, la diff\u00e9rence entre le montant des engagements et les int\u00e9r\u00eats minoritaires annul\u00e9s est maintenue \u00e0 l\u2019actif du bilan, en \u00e9cart d\u2019acquisition, ainsi que les variations ult\u00e9rieures de cette diff\u00e9rence. Pour les engagements contract\u00e9s \u00e0 compter du 1er\u00a0janvier 2010, la diff\u00e9rence entre le montant des engagements et les int\u00e9r\u00eats minoritaires est enregistr\u00e9e en capitaux propres, en \u00ab\u00a0Autres r\u00e9serves\u00a0\u00bb.\n
\n\n Ce mode de comptabilisation n\u2019a pas d\u2019effet sur la pr\u00e9sentation des int\u00e9r\u00eats minoritaires au compte de r\u00e9sultat.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__36-1": { "value": "\n 1.13.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagements d\u2019achat de titres de minoritaires\n
\n\n Les actionnaires minoritaires de certaines filiales consolid\u00e9es par int\u00e9gration globale b\u00e9n\u00e9ficient de promesses d\u2019achat de leurs titres octroy\u00e9es par le Groupe.\n
\n\n En l\u2019absence de dispositions sp\u00e9cifiques des normes IFRS, le Groupe comptabilise ces engagements de la fa\u00e7on suivante\u00a0:\n
\n\n \u25cf\u00a0\u00a0 la valeur de l\u2019engagement \u00e0 la date de la cl\u00f4ture figure en \u00ab\u00a0Engagements d\u2019achat de titres de minoritaires\u00a0\u00bb, au passif du bilan\u2006;\n
\n\n \u25cf\u00a0\u00a0 les int\u00e9r\u00eats minoritaires correspondants sont annul\u00e9s\u2006;\n
\n\n \u25cf\u00a0\u00a0 pour les engagements contract\u00e9s ant\u00e9rieurement au 1er\u00a0janvier 2010, la diff\u00e9rence entre le montant des engagements et les int\u00e9r\u00eats minoritaires annul\u00e9s est maintenue \u00e0 l\u2019actif du bilan, en \u00e9cart d\u2019acquisition, ainsi que les variations ult\u00e9rieures de cette diff\u00e9rence. Pour les engagements contract\u00e9s \u00e0 compter du 1er\u00a0janvier 2010, la diff\u00e9rence entre le montant des engagements et les int\u00e9r\u00eats minoritaires est enregistr\u00e9e en capitaux propres, en \u00ab\u00a0Autres r\u00e9serves\u00a0\u00bb.\n
\n\n Ce mode de comptabilisation n\u2019a pas d\u2019effet sur la pr\u00e9sentation des int\u00e9r\u00eats minoritaires au compte de r\u00e9sultat.\n
\n 21.\u00a0\u00a0\u00a0\u00a0 Engagements d\u2019achat de titres de minoritaires\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les engagements d\u2019achat de titres de minoritaires sont constitu\u00e9s, \u00e0 titre principal, de l\u2019engagement de LVMH vis-\u00e0-vis de Diageo pour la reprise de sa participation de 34\u2006% dans Mo\u00ebt Hennessy pour un montant \u00e9gal \u00e0 80\u2006% de la juste valeur de Mo\u00ebt Hennessy \u00e0 la date d\u2019exercice de l\u2019option. Cette option est exer\u00e7able \u00e0 chaque instant avec un pr\u00e9avis de six mois. Dans le calcul de l\u2019engagement, la juste valeur a \u00e9t\u00e9 d\u00e9termin\u00e9e par r\u00e9f\u00e9rence \u00e0 des multiples boursiers de soci\u00e9t\u00e9s comparables, appliqu\u00e9s aux donn\u00e9es op\u00e9rationnelles consolid\u00e9es de Mo\u00ebt Hennessy.\n
\n\n Mo\u00ebt Hennessy\u00a0SAS et Mo\u00ebt Hennessy International\u00a0SAS (\u00ab\u00a0Mo\u00ebt Hennessy\u00a0\u00bb) d\u00e9tiennent les participations Vins et Spiritueux du groupe LVMH, \u00e0 l\u2019exception des participations dans Ch\u00e2teau d\u2019Yquem, Ch\u00e2teau Cheval Blanc, Clos des Lambrays et Colgin Cellars et \u00e0 l\u2019exception de certains vignobles champenois.\n
\n\n Les engagements d\u2019achat de titres de minoritaires incluent \u00e9galement l\u2019engagement relatif aux minoritaires de Loro Piana (15\u2006%), ainsi que de filiales de distribution dans diff\u00e9rents pays, principalement au Moyen-Orient.\n
", "dimensions": { "concept": "LVM:DisclosureOfNonCurrentCommitmentsToPurchaseNonControllingInterests", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__37-1": { "value": "\n 1.14.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Immobilisations corporelles\n
\n\n La valeur brute des immobilisations corporelles, \u00e0 l\u2019exception des terres \u00e0 vignes, est constitu\u00e9e de leur co\u00fbt d\u2019acquisition.\n
\n\n Les terres \u00e0 vignes sont comptabilis\u00e9es \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture. Cette valeur r\u00e9sulte de donn\u00e9es officielles publi\u00e9es sur les transactions r\u00e9centes dans la m\u00eame r\u00e9gion. L\u2019\u00e9cart entre le co\u00fbt d\u2019acquisition historique et la valeur de march\u00e9 est inscrit en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb. Si la valeur de march\u00e9 devient inf\u00e9rieure au co\u00fbt d\u2019acquisition, une d\u00e9pr\u00e9ciation est comptabilis\u00e9e en r\u00e9sultat, du montant de la diff\u00e9rence.\n
\n\n Les immeubles majoritairement occup\u00e9s par des tiers sont pr\u00e9sent\u00e9s en immeubles locatifs, \u00e0 leur co\u00fbt d\u2019acquisition, sans r\u00e9\u00e9valuation \u00e0 valeur de march\u00e9.\n
\n\n La base amortissable des immobilisations corporelles est constitu\u00e9e du co\u00fbt d\u2019acquisition de leurs composants, diminu\u00e9 de la valeur r\u00e9siduelle\u2006; la valeur r\u00e9siduelle correspond \u00e0 l\u2019estimation de valeur de revente de l\u2019immobilisation au terme de la p\u00e9riode d\u2019utilisation.\n
\n\n Les immobilisations corporelles sont amorties lin\u00e9airement sur la dur\u00e9e estim\u00e9e de leur utilisation. Dans le cas d\u2019actifs associ\u00e9s \u00e0 un contrat de location, la dur\u00e9e d\u2019amortissement est plafonn\u00e9e \u00e0 celle retenue pour le calcul de la dette locative.\n
\n\n Les dur\u00e9es retenues sont les suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 constructions, immeubles locatifs\u00a0: 20\u00a0\u00e0 100\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 mat\u00e9riels et installations\u00a0: 3\u00a0\u00e0 25\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 agencements\u00a0: 3\u00a0\u00e0 10\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 vignobles\u00a0: 18\u00a0\u00e0 25\u00a0ans.\n
\n\n Les frais d\u2019entretien et de r\u00e9paration sont comptabilis\u00e9s en charges lors de leur r\u00e9alisation.\n
\n 6.\u00a0\u00a0\u00a0\u00a0 Immobilisations corporelles\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n Amortissements et d\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Terrains\n \n | \n \n \n 7\u202f972\n \n | \n \n \n (22)\n \n | \n \n \n 7\u202f950\n \n | \n \n \n 5\u202f511\n \n | \n \n \n 4\u202f804\n \n | \n
| \n \n Terres \u00e0 vignes et vignobles\u00a0(a)\n \n | \n \n \n 3\u202f084\n \n | \n \n \n (136)\n \n | \n \n \n 2\u202f948\n \n | \n \n \n 2\u202f729\n \n | \n \n \n 2\u202f623\n \n | \n
| \n \n Constructions\n \n | \n \n \n 8\u202f318\n \n | \n \n \n (3\u202f055)\n \n | \n \n \n 5\u202f263\n \n | \n \n \n 4\u202f823\n \n | \n \n \n 4\u202f145\n \n | \n
| \n \n Immeubles locatifs\n \n | \n \n \n 366\n \n | \n \n \n (51)\n \n | \n \n \n 316\n \n | \n \n \n 434\n \n | \n \n \n 321\n \n | \n
| \n \n Agencements, mat\u00e9riels et installations\n \n | \n \n \n 20\u202f880\n \n | \n \n \n (14\u202f227)\n \n | \n \n \n 6\u202f653\n \n | \n \n \n 5\u202f773\n \n | \n \n \n 5\u202f114\n \n | \n
| \n \n Immobilisations en-cours\n \n | \n \n \n 2\u202f125\n \n | \n \n \n (45)\n \n | \n \n \n 2\u202f080\n \n | \n \n \n 1\u202f809\n \n | \n \n \n 1\u202f302\n \n | \n
| \n \n Autres immobilisations corporelles\n \n | \n \n \n 2\u202f719\n \n | \n \n \n (598)\n \n | \n \n \n 2\u202f121\n \n | \n \n \n 1\u202f977\n \n | \n \n \n 1\u202f886\n \n | \n
| \n \n Total\n \n | \n \n \n 45\u202f465\n \n | \n \n \n (18\u202f135)\n \n | \n \n \n 27\u202f331\n \n | \n \n \n 23\u202f055\n \n | \n \n \n 20\u202f193\n \n | \n
| \n \n Dont\u00a0: co\u00fbt historique des terres \u00e0 vignes\n \n | \n \n \n 924\n \n | \n \n \n -\n \n | \n \n \n 924\n \n | \n \n \n 760\n \n | \n \n \n 608\n \n | \n
\n (a)\u00a0 Les terres \u00e0 vignes constituent la quasi-totalit\u00e9 de la valeur nette du poste Terres \u00e0 vignes et vignobles.\n
\n\n La variation des immobilisations corporelles au cours de l\u2019exercice s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n Valeur brute (en\u00a0millions d\u2019euros)\n \n | \n \n \n Terres \u00e0 vignes et vignobles\n \n | \n \n \n Terrains et constructions\n \n | \n \n \n Immeubles locatifs\n \n | \n \n \n Agencements, mat\u00e9riels et installations\n \n | \n \n \n Immobilisations en-cours\n \n | \n \n \n Autres immobilisations corporelles\n \n | \n \n \n Total\n \n | \n ||
| \n \n Boutiques et h\u00f4tels\n \n | \n \n \n Production, logistique\n \n | \n \n \n Autres\n \n | \n |||||||
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 2\u202f861\n \n | \n \n \n 13\u202f201\n \n | \n \n \n 478\n \n | \n \n \n 13\u202f298\n \n | \n \n \n 3\u202f943\n \n | \n \n \n 2\u202f244\n \n | \n \n \n 1\u202f810\n \n | \n \n \n 2\u202f541\n \n | \n \n \n 40\u202f377\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 83\n \n | \n \n \n 2\u202f553\n \n | \n \n \n 2\n \n | \n \n \n 1\u202f163\n \n | \n \n \n 218\n \n | \n \n \n 182\n \n | \n \n \n 2\u202f449\n \n | \n \n \n 176\n \n | \n \n \n 6\u202f824\n \n | \n
| \n \n Variation de la valeur de march\u00e9 des terres \u00e0 vignes\n \n | \n \n \n 53\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 53\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n (14)\n \n | \n \n \n (104)\n \n | \n \n \n (113)\n \n | \n \n \n (709)\n \n | \n \n \n (76)\n \n | \n \n \n (166)\n \n | \n \n \n (6)\n \n | \n \n \n (14)\n \n | \n \n \n (1\u202f202)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 82\n \n | \n \n \n 77\n \n | \n \n \n -\n \n | \n \n \n (53)\n \n | \n \n \n 33\n \n | \n \n \n (2)\n \n | \n \n \n 1\n \n | \n \n \n 1\n \n | \n \n \n 139\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (13)\n \n | \n \n \n (174)\n \n | \n \n \n (3)\n \n | \n \n \n (432)\n \n | \n \n \n (14)\n \n | \n \n \n (42)\n \n | \n \n \n (38)\n \n | \n \n \n (17)\n \n | \n \n \n (735)\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n 33\n \n | \n \n \n 738\n \n | \n \n \n 3\n \n | \n \n \n 1\u202f042\n \n | \n \n \n 141\n \n | \n \n \n 109\n \n | \n \n \n (2\u202f090)\n \n | \n \n \n 33\n \n | \n \n \n 9\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 3\u202f084\n \n | \n \n \n 16\u202f291\n \n | \n \n \n 366\n \n | \n \n \n 14\u202f309\n \n | \n \n \n 4\u202f245\n \n | \n \n \n 2\u202f326\n \n | \n \n \n 2\u202f125\n \n | \n \n \n 2\u202f719\n \n | \n \n \n 45\u202f465\n \n | \n
| \n \n Amortissements et d\u00e9pr\u00e9ciations (en\u00a0millions d\u2019euros)\n \n | \n \n \n Terres \u00e0 vignes et vignobles\n \n | \n \n \n Terrains et constructions\n \n | \n \n \n Immeubles locatifs\n \n | \n \n \n Agencements, mat\u00e9riels et installations\n \n | \n \n \n Immobilisations en-cours\n \n | \n \n \n Autres immobilisations corporelles\n \n | \n \n \n Total\n \n | \n ||
| \n \n Boutiques et h\u00f4tels\n \n | \n \n \n Production, logistique\n \n | \n \n \n Autres\n \n | \n |||||||
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n (132)\n \n | \n \n \n (2\u202f867)\n \n | \n \n \n (43)\n \n | \n \n \n (9\u202f446)\n \n | \n \n \n (2\u202f680)\n \n | \n \n \n (1\u202f588)\n \n | \n \n \n (1)\n \n | \n \n \n (564)\n \n | \n \n \n (17\u202f322)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (9)\n \n | \n \n \n (331)\n \n | \n \n \n (6)\n \n | \n \n \n (1\u202f335)\n \n | \n \n \n (264)\n \n | \n \n \n (194)\n \n | \n \n \n -\n \n | \n \n \n (71)\n \n | \n \n \n (2\u202f209)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n (1)\n \n | \n \n \n (6)\n \n | \n \n \n -\n \n | \n \n \n (5)\n \n | \n \n \n (2)\n \n | \n \n \n -\n \n | \n \n \n (45)\n \n | \n \n \n (1)\n \n | \n \n \n (60)\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n 2\n \n | \n \n \n 100\n \n | \n \n \n 3\n \n | \n \n \n 706\n \n | \n \n \n 73\n \n | \n \n \n 163\n \n | \n \n \n -\n \n | \n \n \n 18\n \n | \n \n \n 1\u202f066\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 2\n \n | \n \n \n (11)\n \n | \n \n \n -\n \n | \n \n \n 47\n \n | \n \n \n (19)\n \n | \n \n \n 3\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 22\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 1\n \n | \n \n \n 41\n \n | \n \n \n -\n \n | \n \n \n 293\n \n | \n \n \n 6\n \n | \n \n \n 31\n \n | \n \n \n 1\n \n | \n \n \n 5\n \n | \n \n \n 379\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n -\n \n | \n \n \n (4)\n \n | \n \n \n (5)\n \n | \n \n \n (12)\n \n | \n \n \n (14)\n \n | \n \n \n 10\n \n | \n \n \n -\n \n | \n \n \n 14\n \n | \n \n \n (10)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n (136)\n \n | \n \n \n (3\u202f077)\n \n | \n \n \n (51)\n \n | \n \n \n (9\u202f753)\n \n | \n \n \n (2\u202f899)\n \n | \n \n \n (1\u202f575)\n \n | \n \n \n (45)\n \n | \n \n \n (598)\n \n | \n \n \n (18\u202f135)\n \n | \n
| \n \n Valeur nette au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 2\u202f948\n \n | \n \n \n 13\u202f213\n \n | \n \n \n 316\n \n | \n \n \n 4\u202f556\n \n | \n \n \n 1\u202f346\n \n | \n \n \n 750\n \n | \n \n \n 2\u202f080\n \n | \n \n \n 2\u202f121\n \n | \n \n \n 27\u202f331\n \n | \n
\n Au sein du poste \u00ab\u00a0Autres immobilisations corporelles\u00a0\u00bb figurent notamment les \u0153uvres d\u2019art d\u00e9tenues par le Groupe.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les acquisitions d\u2019immobilisations corporelles incluent principalement les investissements des Maisons du Groupe dans leurs r\u00e9seaux de distribution, notamment ceux de Louis Vuitton, Christian Dior, Tiffany et Sephora. Elles comprennent \u00e9galement les investissements des Maisons de champagne, de Hennessy et de Louis Vuitton dans leur outil de production, ainsi que les investissements relatifs aux activit\u00e9s h\u00f4teli\u00e8res du Groupe. En outre, des acquisitions d\u2019immeubles \u00e0 Paris et \u00e0 Londres ont \u00e9t\u00e9 r\u00e9alis\u00e9es par des soci\u00e9t\u00e9s holdings du Groupe ou des Maisons, principalement en vue d\u2019y exploiter des boutiques.\n
\n\n Fin avril 2023, la boutique embl\u00e9matique de Tiffany sur la 5e\u00a0Avenue \u00e0 New\u00a0York a rouvert apr\u00e8s plusieurs ann\u00e9es de travaux.\n
\n\n Les effets des variations de change sur les immobilisations corporelles r\u00e9sultent principalement des immobilisations comptabilis\u00e9es en dollar US, yen japonais et renminbi chinois en raison de l\u2019\u00e9volution de la parit\u00e9 de ces devises vis-\u00e0-vis de l\u2019euro entre le 1er\u00a0janvier et le 31\u00a0d\u00e9cembre 2023.\n
\n\n La valeur de march\u00e9 des immeubles locatifs, selon les expertises r\u00e9alis\u00e9es par des tiers ind\u00e9pendants, s\u2019\u00e9l\u00e8ve au moins \u00e0 0,6\u00a0milliard d\u2019euros au 31\u00a0d\u00e9cembre 2023. Les m\u00e9thodes d\u2019\u00e9valuation employ\u00e9es reposent sur des donn\u00e9es de march\u00e9.\n
\n\n La variation des immobilisations corporelles des exercices ant\u00e9rieurs s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n Valeur nette (en\u00a0millions d\u2019euros)\n \n | \n \n \n Terres \u00e0 vignes et vignobles\n \n | \n \n \n Terrains et constructions\n \n | \n \n \n Immeubles locatifs\n \n | \n \n \n Agencements, mat\u00e9riels et installations\n \n | \n \n \n Immobilisations en-cours\n \n | \n \n \n Autres immobilisations corporelles\n \n | \n \n \n Total\n \n | \n ||
| \n \n Boutiques et h\u00f4tels\n \n | \n \n \n Production, logistique\n \n | \n \n \n Autres\n \n | \n |||||||
| \n \n Au 31\u00a0d\u00e9cembre 2020\n \n | \n \n \n 2\u202f551\n \n | \n \n \n 7\u202f983\n \n | \n \n \n 316\n \n | \n \n \n 2\u202f957\n \n | \n \n \n 1\u202f012\n \n | \n \n \n 490\n \n | \n \n \n 1\u202f176\n \n | \n \n \n 1\u202f740\n \n | \n \n \n 18\u202f224\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 11\n \n | \n \n \n 398\n \n | \n \n \n 7\n \n | \n \n \n 679\n \n | \n \n \n 159\n \n | \n \n \n 106\n \n | \n \n \n 1\u202f162\n \n | \n \n \n 150\n \n | \n \n \n 2\u202f672\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n (4)\n \n | \n \n \n (231)\n \n | \n \n \n -\n \n | \n \n \n (8)\n \n | \n \n \n (6)\n \n | \n \n \n (3)\n \n | \n \n \n (11)\n \n | \n \n \n (12)\n \n | \n \n \n (275)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (6)\n \n | \n \n \n (282)\n \n | \n \n \n (3)\n \n | \n \n \n (1\u202f141)\n \n | \n \n \n (224)\n \n | \n \n \n (174)\n \n | \n \n \n -\n \n | \n \n \n (64)\n \n | \n \n \n (1\u202f894)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n -\n \n | \n \n \n (7)\n \n | \n \n \n (2)\n \n | \n \n \n (8)\n \n | \n \n \n (1)\n \n | \n \n \n -\n \n | \n \n \n (21)\n \n | \n \n \n (1)\n \n | \n \n \n (41)\n \n | \n
| \n \n Variation de la valeur de march\u00e9 des terres \u00e0 vignes\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 52\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n -\n \n | \n \n \n 385\n \n | \n \n \n -\n \n | \n \n \n 351\n \n | \n \n \n 58\n \n | \n \n \n 59\n \n | \n \n \n 112\n \n | \n \n \n 52\n \n | \n \n \n 1\u202f016\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 11\n \n | \n \n \n 194\n \n | \n \n \n 6\n \n | \n \n \n 152\n \n | \n \n \n 20\n \n | \n \n \n 14\n \n | \n \n \n 39\n \n | \n \n \n 18\n \n | \n \n \n 454\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n 8\n \n | \n \n \n 508\n \n | \n \n \n (4)\n \n | \n \n \n 417\n \n | \n \n \n 135\n \n | \n \n \n 72\n \n | \n \n \n (1\u202f156)\n \n | \n \n \n 3\n \n | \n \n \n (16)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2021\n \n | \n \n \n 2\u202f623\n \n | \n \n \n 8\u202f949\n \n | \n \n \n 321\n \n | \n \n \n 3\u202f398\n \n | \n \n \n 1\u202f152\n \n | \n \n \n 564\n \n | \n \n \n 1\u202f302\n \n | \n \n \n 1\u202f886\n \n | \n \n \n 20\u202f193\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 26\n \n | \n \n \n 1\u202f062\n \n | \n \n \n 115\n \n | \n \n \n 909\n \n | \n \n \n 204\n \n | \n \n \n 161\n \n | \n \n \n 1\u202f770\n \n | \n \n \n 152\n \n | \n \n \n 4\u202f398\n \n | \n
| \n \n Cessions, mises hors service\n \n | \n \n \n -\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n (2)\n \n | \n \n \n (2)\n \n | \n \n \n (4)\n \n | \n \n \n (51)\n \n | \n \n \n (60)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (7)\n \n | \n \n \n (292)\n \n | \n \n \n (6)\n \n | \n \n \n (1\u202f260)\n \n | \n \n \n (240)\n \n | \n \n \n (185)\n \n | \n \n \n -\n \n | \n \n \n (66)\n \n | \n \n \n (2\u202f056)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n (1)\n \n | \n \n \n (49)\n \n | \n \n \n -\n \n | \n \n \n (10)\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n (2)\n \n | \n \n \n (61)\n \n | \n
| \n \n Variation de la valeur de march\u00e9 des terres \u00e0 vignes\n \n | \n \n \n (72)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (72)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 119\n \n | \n \n \n 83\n \n | \n \n \n -\n \n | \n \n \n 5\n \n | \n \n \n 22\n \n | \n \n \n 2\n \n | \n \n \n 3\n \n | \n \n \n 7\n \n | \n \n \n 239\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 3\n \n | \n \n \n 41\n \n | \n \n \n 4\n \n | \n \n \n 40\n \n | \n \n \n 8\n \n | \n \n \n 6\n \n | \n \n \n 13\n \n | \n \n \n 14\n \n | \n \n \n 128\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n 39\n \n | \n \n \n 541\n \n | \n \n \n -\n \n | \n \n \n 772\n \n | \n \n \n 119\n \n | \n \n \n 112\n \n | \n \n \n (1\u202f274)\n \n | \n \n \n 38\n \n | \n \n \n 347\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 2\u202f729\n \n | \n \n \n 10\u202f334\n \n | \n \n \n 434\n \n | \n \n \n 3\u202f853\n \n | \n \n \n 1\u202f263\n \n | \n \n \n 657\n \n | \n \n \n 1\u202f809\n \n | \n \n \n 1\u202f977\n \n | \n \n \n 23\u202f055\n \n | \n
\n En 2022, les acquisitions d\u2019immobilisations corporelles incluaient principalement les investissements des Maisons du Groupe dans leurs r\u00e9seaux de distribution, notamment ceux de Christian Dior, Louis Vuitton, Tiffany et Sephora. Ils comprenaient \u00e9galement les investissements des Maisons de champagne, de Hennessy et de Louis Vuitton dans leur outil de production, ainsi que les investissements relatifs aux activit\u00e9s h\u00f4teli\u00e8res du Groupe. Au deuxi\u00e8me semestre 2022, un investissement a \u00e9t\u00e9 r\u00e9alis\u00e9 dans des immeubles parisiens, permettant notamment d\u2019acqu\u00e9rir la totalit\u00e9 des locaux du si\u00e8ge du Groupe auparavant d\u00e9tenus \u00e0 hauteur de 40\u2006%, sous la forme de titres mis en \u00e9quivalence. La part ant\u00e9rieurement d\u00e9tenue a \u00e9t\u00e9 r\u00e9\u00e9valu\u00e9e (voir Note\u00a026) et les titres correspondants (voir Note\u00a08) ont \u00e9t\u00e9 reclass\u00e9s en immobilisations corporelles pour leur valeur r\u00e9\u00e9valu\u00e9e.\n
\n\n Les effets des variations de p\u00e9rim\u00e8tre en 2022 r\u00e9sultaient essentiellement de l\u2019acquisition de Joseph Phelps. Voir Note\u00a02.\n
\n\n En 2021, les cessions d\u2019immobilisations corporelles incluaient principalement la vente de l\u2019h\u00f4tel Belmond Charleston et les effets des variations de p\u00e9rim\u00e8tre r\u00e9sultaient essentiellement de l\u2019acquisition de Tiffany. Voir Note\u00a02.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27636": { "value": "\n 1.14.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Immobilisations corporelles\n
\n\n La valeur brute des immobilisations corporelles, \u00e0 l\u2019exception des terres \u00e0 vignes, est constitu\u00e9e de leur co\u00fbt d\u2019acquisition.\n
\n\n Les terres \u00e0 vignes sont comptabilis\u00e9es \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture. Cette valeur r\u00e9sulte de donn\u00e9es officielles publi\u00e9es sur les transactions r\u00e9centes dans la m\u00eame r\u00e9gion. L\u2019\u00e9cart entre le co\u00fbt d\u2019acquisition historique et la valeur de march\u00e9 est inscrit en capitaux propres, en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb. Si la valeur de march\u00e9 devient inf\u00e9rieure au co\u00fbt d\u2019acquisition, une d\u00e9pr\u00e9ciation est comptabilis\u00e9e en r\u00e9sultat, du montant de la diff\u00e9rence.\n
\n\n Les immeubles majoritairement occup\u00e9s par des tiers sont pr\u00e9sent\u00e9s en immeubles locatifs, \u00e0 leur co\u00fbt d\u2019acquisition, sans r\u00e9\u00e9valuation \u00e0 valeur de march\u00e9.\n
\n\n La base amortissable des immobilisations corporelles est constitu\u00e9e du co\u00fbt d\u2019acquisition de leurs composants, diminu\u00e9 de la valeur r\u00e9siduelle\u2006; la valeur r\u00e9siduelle correspond \u00e0 l\u2019estimation de valeur de revente de l\u2019immobilisation au terme de la p\u00e9riode d\u2019utilisation.\n
\n\n Les immobilisations corporelles sont amorties lin\u00e9airement sur la dur\u00e9e estim\u00e9e de leur utilisation. Dans le cas d\u2019actifs associ\u00e9s \u00e0 un contrat de location, la dur\u00e9e d\u2019amortissement est plafonn\u00e9e \u00e0 celle retenue pour le calcul de la dette locative.\n
\n\n Les dur\u00e9es retenues sont les suivantes\u00a0:\n
\n\n \u25cf\u00a0\u00a0 constructions, immeubles locatifs\u00a0: 20\u00a0\u00e0 100\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 mat\u00e9riels et installations\u00a0: 3\u00a0\u00e0 25\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 agencements\u00a0: 3\u00a0\u00e0 10\u00a0ans\u2006;\n
\n\n \u25cf\u00a0\u00a0 vignobles\u00a0: 18\u00a0\u00e0 25\u00a0ans.\n
\n\n Les frais d\u2019entretien et de r\u00e9paration sont comptabilis\u00e9s en charges lors de leur r\u00e9alisation.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__41-1": { "value": "\n 1.15.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Contrats de location\n
\n\n Le Groupe applique la norme IFRS\u00a016\u00a0relative aux contrats de location depuis le 1er\u00a0janvier 2019. La premi\u00e8re application a \u00e9t\u00e9 r\u00e9alis\u00e9e selon la m\u00e9thode de transition dite \u00ab\u00a0r\u00e9trospective modifi\u00e9e\u00a0\u00bb\u2006; voir Note\u00a01.2 de l\u2019annexe aux comptes consolid\u00e9s 2019 concernant les d\u00e9tails relatifs \u00e0 la premi\u00e8re application d\u2019IFRS\u00a016 et les effets de sa premi\u00e8re application sur les \u00e9tats financiers 2019.\n
\n\n Lors de la conclusion d\u2019un contrat de location, un passif est enregistr\u00e9 au bilan correspondant aux paiements futurs actualis\u00e9s de la part fixe des loyers, en contrepartie de droits d\u2019utilisation \u00e0 l\u2019actif amortis sur la dur\u00e9e du contrat. Le montant du passif est sensiblement d\u00e9pendant des hypoth\u00e8ses retenues en mati\u00e8re de dur\u00e9e des engagements et, dans une moindre mesure, de taux d\u2019actualisation. L\u2019implantation g\u00e9ographique \u00e9tendue du Groupe le conduit \u00e0 rencontrer une grande diversit\u00e9 de modalit\u00e9s juridiques dans l\u2019\u00e9tablissement des contrats.\n
\n\n La dur\u00e9e du contrat g\u00e9n\u00e9ralement retenue pour le calcul du passif est celle du contrat initialement n\u00e9goci\u00e9, sans prise en compte des options de r\u00e9siliation anticip\u00e9e, sauf cas particulier. Lorsque les contrats incluent des options d\u2019extension, la dur\u00e9e retenue pour le calcul du passif peut inclure celles-ci principalement lorsque la dur\u00e9e d\u2019utilisation pr\u00e9vue des actifs immobilis\u00e9s, investis initialement ou en cours de vie du contrat, est sup\u00e9rieure \u00e0 la dur\u00e9e contractuelle initiale.\n
\n\n La dur\u00e9e retenue pour la d\u00e9termination des dettes locatives lorsque l\u2019engagement de location est inf\u00e9rieur \u00e0 douze mois mais que des actifs ont \u00e9t\u00e9 immobilis\u00e9s en relation avec ce contrat est coh\u00e9rente avec la dur\u00e9e d\u2019utilisation pr\u00e9vue des actifs investis. Il s\u2019agit, le plus souvent, de contrats de location d\u2019emplacements commerciaux renouvelables annuellement par tacite reconduction.\n
\n\n La norme pr\u00e9voit que le taux d\u2019actualisation de chaque contrat soit d\u00e9termin\u00e9 par r\u00e9f\u00e9rence au taux d\u2019emprunt marginal de la filiale contractante. En pratique, compte tenu de l\u2019organisation du financement du Groupe, port\u00e9 ou garanti quasi exclusivement par LVMH\u00a0SE, le taux d\u2019emprunt marginal g\u00e9n\u00e9ralement retenu est la somme du taux sans risque pour la devise du contrat, par r\u00e9f\u00e9rence \u00e0 sa duration, et du risque de cr\u00e9dit du Groupe pour cette m\u00eame r\u00e9f\u00e9rence de devise et de duration.\n
\n\n Les droits au bail et les immobilisations corporelles relatives aux obligations de remise en \u00e9tat des locaux pris en location sont pr\u00e9sent\u00e9s au sein des Droits d\u2019utilisation et amortis selon les m\u00eames principes que ceux d\u00e9crits ci-dessus.\n
\n\n Le Groupe a mis en place un outil informatique d\u00e9di\u00e9 pour collecter les donn\u00e9es contractuelles et effectuer les calculs impos\u00e9s par la norme.\n
\n\n L\u2019incidence de l\u2019application d\u2019IFRS\u00a016\u00a0sur le tableau de variation de la tr\u00e9sorerie \u00e9tant significative en raison de l\u2019importance des loyers fixes pour les activit\u00e9s du Groupe, des indicateurs sp\u00e9cifiques sont utilis\u00e9s pour les besoins internes de suivi de la performance ainsi qu\u2019\u00e0 des fins de communication financi\u00e8re, pour pr\u00e9senter des indicateurs de performance coh\u00e9rents, ind\u00e9pendamment du caract\u00e8re fixe ou variable des loyers pay\u00e9s. Ainsi, les paiements relatifs aux loyers fixes capitalis\u00e9s sont d\u00e9duits en totalit\u00e9 des flux permettant de calculer l\u2019agr\u00e9gat intitul\u00e9 \u00ab\u00a0cash flow disponible d\u2019exploitation\u00a0\u00bb, qui constitue un Indicateur Alternatif de Performance. Le rapprochement entre la Variation de la tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation et le cash flow disponible d\u2019exploitation est pr\u00e9sent\u00e9 au niveau du Tableau de variation de la tr\u00e9sorerie consolid\u00e9e.\n
\n 7.\u00a0\u00a0\u00a0\u00a0 Contrats de location\n
\n\n 7.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Droits d\u2019utilisation\n
\n\n Les droits d\u2019utilisation se d\u00e9composent ainsi, par nature d\u2019actif sous-jacent\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n Amortissements et d\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Boutiques\n \n | \n \n \n 20\u202f377\n \n | \n \n \n (8\u202f171)\n \n | \n \n \n 12\u202f206\n \n | \n \n \n 11\u202f202\n \n | \n \n \n 10\u202f636\n \n | \n
| \n \n Bureaux\n \n | \n \n \n 3\u202f405\n \n | \n \n \n (1\u202f151)\n \n | \n \n \n 2\u202f253\n \n | \n \n \n 2\u202f274\n \n | \n \n \n 1\u202f991\n \n | \n
| \n \n Autres\n \n | \n \n \n 1\u202f286\n \n | \n \n \n (390)\n \n | \n \n \n 896\n \n | \n \n \n 856\n \n | \n \n \n 771\n \n | \n
| \n \n Loyers fixes capitalis\u00e9s\n \n | \n \n \n 25\u202f068\n \n | \n \n \n (9\u202f713)\n \n | \n \n \n 15\u202f355\n \n | \n \n \n 14\u202f332\n \n | \n \n \n 13\u202f398\n \n | \n
| \n \n Droits au bail\n \n | \n \n \n 915\n \n | \n \n \n (592)\n \n | \n \n \n 323\n \n | \n \n \n 283\n \n | \n \n \n 307\n \n | \n
| \n \n Total\n \n | \n \n \n 25\u202f984\n \n | \n \n \n (10\u202f305)\n \n | \n \n \n 15\u202f679\n \n | \n \n \n 14\u202f615\n \n | \n \n \n 13\u202f705\n \n | \n
\n La variation du solde net des droits d\u2019utilisation au cours de l\u2019exercice est constitu\u00e9e des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n\n \u00a0\n \n | \n \n \n Loyers fixes capitalis\u00e9s\n \n | \n \n \n Droits au bail\n \n | \n \n \n Total\n \n | \n |||
| \n \n Boutiques\n \n | \n \n \n Bureaux\n \n | \n \n \n Autres\n \n | \n \n \n Total\n \n | \n |||
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 11\u202f202\n \n | \n \n \n 2\u202f274\n \n | \n \n \n 856\n \n | \n \n \n 14\u202f332\n \n | \n \n \n 283\n \n | \n \n \n 14\u202f615\n \n | \n
| \n \n Mise en place de nouveaux contrats de location\n \n | \n \n \n 2\u202f900\n \n | \n \n \n 621\n \n | \n \n \n 164\n \n | \n \n \n 3\u202f686\n \n | \n \n \n 78\n \n | \n \n \n 3\u202f763\n \n | \n
| \n \n Effets des modifications d\u2019hypoth\u00e8ses\n \n | \n \n \n 753\n \n | \n \n \n 45\n \n | \n \n \n 40\n \n | \n \n \n 838\n \n | \n \n \n -\n \n | \n \n \n 838\n \n | \n
| \n \n Fins et r\u00e9siliations anticip\u00e9es des contrats\n \n | \n \n \n (99)\n \n | \n \n \n (2)\n \n | \n \n \n -\n \n | \n \n \n (100)\n \n | \n \n \n -\n \n | \n \n \n (101)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (2\u202f477)\n \n | \n \n \n (377)\n \n | \n \n \n (137)\n \n | \n \n \n (2\u202f991)\n \n | \n \n \n (55)\n \n | \n \n \n (3\u202f046)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n 4\n \n | \n \n \n 7\n \n | \n \n \n -\n \n | \n \n \n 11\n \n | \n \n \n 4\n \n | \n \n \n 15\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n -\n \n | \n \n \n (7)\n \n | \n \n \n (2)\n \n | \n \n \n (9)\n \n | \n \n \n -\n \n | \n \n \n (9)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (335)\n \n | \n \n \n (40)\n \n | \n \n \n (23)\n \n | \n \n \n (398)\n \n | \n \n \n -\n \n | \n \n \n (399)\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n 259\n \n | \n \n \n (268)\n \n | \n \n \n (3)\n \n | \n \n \n (12)\n \n | \n \n \n 14\n \n | \n \n \n 2\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 12\u202f206\n \n | \n \n \n 2\u202f253\n \n | \n \n \n 896\n \n | \n \n \n 15\u202f355\n \n | \n \n \n 323\n \n | \n \n \n 15\u202f679\n \n | \n
\n Les mises en place de contrats de location concernent des locations de boutiques, notamment chez Louis Vuitton, Christian Dior Couture, Tiffany et Fendi. Il s\u2019agit \u00e9galement de contrats relatifs \u00e0 la location de locaux administratifs, principalement chez Louis Vuitton, Christian Dior Couture et Sephora. Les effets de modifications d\u2019hypoth\u00e8ses r\u00e9sultent essentiellement de la r\u00e9vision de la dur\u00e9e estim\u00e9e des baux. Ces deux natures de variation conduisent \u00e0 l\u2019augmentation concomitante des droits d\u2019utilisation et des dettes locatives.\n
\n\n Les effets des variations de change r\u00e9sultent principalement des contrats de location comptabilis\u00e9s en dollar US, en yen japonais et en renminbi chinois en raison de l\u2019\u00e9volution de la parit\u00e9 de ces devises vis-\u00e0-vis de l\u2019euro entre le 1er\u00a0janvier et le 31\u00a0d\u00e9cembre 2023.\n
\n\n 7.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dettes locatives\n
\n\n Les dettes locatives se d\u00e9composent ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Dettes locatives \u00e0 plus d\u2019un an\n \n | \n \n \n 13\u202f810\n \n | \n \n \n 12\u202f776\n \n | \n \n \n 11\u202f887\n \n | \n
| \n \n Dettes locatives \u00e0 moins d\u2019un an\n \n | \n \n \n 2\u202f728\n \n | \n \n \n 2\u202f632\n \n | \n \n \n 2\u202f387\n \n | \n
| \n \n Total\n \n | \n \n \n 16\u202f538\n \n | \n \n \n 15\u202f408\n \n | \n \n \n 14\u202f275\n \n | \n
\n La variation des dettes locatives au cours de l\u2019exercice est constitu\u00e9e des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Boutiques\n \n | \n \n \n Bureaux\n \n | \n \n \n Autres\n \n | \n \n \n Total\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 12\u202f024\n \n | \n \n \n 2\u202f530\n \n | \n \n \n 854\n \n | \n \n \n 15\u202f408\n \n | \n
| \n \n Mise en place de nouveaux contrats de location\n \n | \n \n \n 2\u202f861\n \n | \n \n \n 602\n \n | \n \n \n 163\n \n | \n \n \n 3\u202f626\n \n | \n
| \n \n Remboursement du nominal\n \n | \n \n \n (2\u202f338)\n \n | \n \n \n (320)\n \n | \n \n \n (118)\n \n | \n \n \n (2\u202f777)\n \n | \n
| \n \n Variation des int\u00e9r\u00eats courus\n \n | \n \n \n 27\n \n | \n \n \n 8\n \n | \n \n \n 2\n \n | \n \n \n 37\n \n | \n
| \n \n Fins et r\u00e9siliations anticip\u00e9es des contrats\n \n | \n \n \n (142)\n \n | \n \n \n (5)\n \n | \n \n \n (1)\n \n | \n \n \n (147)\n \n | \n
| \n \n Effets des modifications d\u2019hypoth\u00e8ses\n \n | \n \n \n 750\n \n | \n \n \n 46\n \n | \n \n \n 40\n \n | \n \n \n 835\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n (1)\n \n | \n \n \n (9)\n \n | \n \n \n (2)\n \n | \n \n \n (11)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (352)\n \n | \n \n \n (44)\n \n | \n \n \n (24)\n \n | \n \n \n (420)\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n 254\n \n | \n \n \n (262)\n \n | \n \n \n (4)\n \n | \n \n \n (12)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 13\u202f083\n \n | \n \n \n 2\u202f546\n \n | \n \n \n 910\n \n | \n \n \n 16\u202f538\n \n | \n
\n Le tableau suivant pr\u00e9sente l\u2019\u00e9ch\u00e9ancier contractuel des d\u00e9caissements relatifs aux dettes locatives comptabilis\u00e9es au 31\u00a0d\u00e9cembre 2023\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2023\n \n\n Total paiements minima futurs\n \n | \n |
| \n \n \u00c9ch\u00e9ance\u00a0:\n \n | \n \n \n 2024\n \n | \n \n \n 3\u202f041\n \n | \n
| \n | \n \n 2025\n \n | \n \n \n 2\u202f749\n \n | \n
| \n | \n \n 2026\n \n | \n \n \n 2\u202f379\n \n | \n
| \n | \n \n 2027\n \n | \n \n \n 1\u202f997\n \n | \n
| \n | \n \n 2028\n \n | \n \n \n 1\u202f661\n \n | \n
| \n | \n \n Entre 2029 et 2033\n \n | \n \n \n 4\u202f630\n \n | \n
| \n | \n \n Entre 2034 et 2038\n \n | \n \n \n 1\u202f283\n \n | \n
| \n | \n \n Au-del\u00e0\n \n | \n \n \n 1\u202f005\n \n | \n
| \n \n Total paiements minima futurs\n \n | \n \n \n 18\u202f746\n \n | \n |
| \n \n Effet de l\u2019actualisation\n \n | \n \n \n (2\u202f208)\n \n | \n |
| \n \n Total dette locative\n \n | \n \n \n 16\u202f538\n \n | \n
\n 7.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse de la charge de location\n
\n\n La charge de location de l\u2019exercice s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Amortissements et d\u00e9pr\u00e9ciations des loyers fixes capitalis\u00e9s\n \n | \n \n \n 2\u202f980\n \n | \n \n \n 2\u202f950\n \n | \n \n \n 2\u202f634\n \n | \n
| \n \n Int\u00e9r\u00eats sur dettes locatives\n \n | \n \n \n 393\n \n | \n \n \n 254\n \n | \n \n \n 242\n \n | \n
| \n \n Charge relative aux loyers fixes capitalis\u00e9s\n \n | \n \n \n 3\u202f373\n \n | \n \n \n 3\u202f204\n \n | \n \n \n 2\u202f876\n \n | \n
| \n \n Loyers variables\n \n | \n \n \n 2\u202f788\n \n | \n \n \n 2\u202f445\n \n | \n \n \n 1\u202f702\n \n | \n
| \n \n Contrats de courte dur\u00e9e et/ou portant sur des actifs de faible valeur\n \n | \n \n \n 548\n \n | \n \n \n 458\n \n | \n \n \n 506\n \n | \n
| \n \n Autres charges de loyer\n \n | \n \n \n 3\u202f336\n \n | \n \n \n 2\u202f902\n \n | \n \n \n 2\u202f208\n \n | \n
| \n \n Total\n \n | \n \n \n 6\u202f710\n \n | \n \n \n 6\u202f107\n \n | \n \n \n 5\u202f084\n \n | \n
\n Dans certains pays, les locations de boutiques comprennent un montant minimum et une part variable, en particulier lorsque le bail contient une clause d\u2019indexation du loyer sur les ventes. Conform\u00e9ment aux dispositions d\u2019IFRS\u00a016, seule la part fixe minimale fait l\u2019objet d\u2019une capitalisation. Les autres charges de loyer sont essentiellement relatives aux loyers variables.\n
\n\n Les d\u00e9caissements relatifs aux contrats de location non capitalis\u00e9s sont peu diff\u00e9rents de la charge comptabilis\u00e9e.\n
\n\n 7.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Variations des exercices ant\u00e9rieurs\n
\n\n La variation des droits d\u2019utilisation au cours des exercices ant\u00e9rieurs se d\u00e9compose ainsi, par nature d\u2019actif sous-jacent\u00a0:\n
\n| \n \n Valeur nette (en\u00a0millions d\u2019euros)\n \n | \n \n \n Loyers fixes capitalis\u00e9s\n \n | \n \n \n Droits au bail\n \n | \n \n \n Total\n \n | \n |||
| \n \n Boutiques\n \n | \n \n \n Bureaux\n \n | \n \n \n Autres\n \n | \n \n \n Total\n \n | \n |||
| \n \n Au 31\u00a0d\u00e9cembre 2020\n \n | \n \n \n 10\u202f053\n \n | \n \n \n 1\u202f433\n \n | \n \n \n 722\n \n | \n \n \n 12\u202f207\n \n | \n \n \n 313\n \n | \n \n \n 12\u202f522\n \n | \n
| \n \n Mise en place de nouveaux contrats de location\n \n | \n \n \n 1\u202f924\n \n | \n \n \n 683\n \n | \n \n \n 78\n \n | \n \n \n 2\u202f685\n \n | \n \n \n 45\n \n | \n \n \n 2\u202f730\n \n | \n
| \n \n Effets des modifications d\u2019hypoth\u00e8ses\n \n | \n \n \n (274)\n \n | \n \n \n 34\n \n | \n \n \n 38\n \n | \n \n \n (202)\n \n | \n \n \n -\n \n | \n \n \n (202)\n \n | \n
| \n \n Fins et r\u00e9siliations anticip\u00e9es des contrats\n \n | \n \n \n (74)\n \n | \n \n \n (15)\n \n | \n \n \n -\n \n | \n \n \n (90)\n \n | \n \n \n (3)\n \n | \n \n \n (93)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (2\u202f177)\n \n | \n \n \n (342)\n \n | \n \n \n (116)\n \n | \n \n \n (2\u202f634)\n \n | \n \n \n (50)\n \n | \n \n \n (2\u202f684)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (7)\n \n | \n \n \n (7)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 675\n \n | \n \n \n 159\n \n | \n \n \n 23\n \n | \n \n \n 856\n \n | \n \n \n 1\n \n | \n \n \n 858\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 511\n \n | \n \n \n 49\n \n | \n \n \n 25\n \n | \n \n \n 584\n \n | \n \n \n 4\n \n | \n \n \n 588\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n (1)\n \n | \n \n \n (10)\n \n | \n \n \n 1\n \n | \n \n \n (10)\n \n | \n \n \n 4\n \n | \n \n \n (6)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2021\n \n | \n \n \n 10\u202f637\n \n | \n \n \n 1\u202f990\n \n | \n \n \n 771\n \n | \n \n \n 13\u202f398\n \n | \n \n \n 307\n \n | \n \n \n 13\u202f705\n \n | \n
| \n \n Mise en place de nouveaux contrats de location\n \n | \n \n \n 2\u202f737\n \n | \n \n \n 805\n \n | \n \n \n 176\n \n | \n \n \n 3\u202f718\n \n | \n \n \n 36\n \n | \n \n \n 3\u202f754\n \n | \n
| \n \n Effets des modifications d\u2019hypoth\u00e8ses\n \n | \n \n \n 160\n \n | \n \n \n (171)\n \n | \n \n \n 71\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n
| \n \n Fins et r\u00e9siliations anticip\u00e9es des contrats\n \n | \n \n \n (64)\n \n | \n \n \n (18)\n \n | \n \n \n (21)\n \n | \n \n \n (102)\n \n | \n \n \n (5)\n \n | \n \n \n (107)\n \n | \n
| \n \n Amortissements\n \n | \n \n \n (2\u202f452)\n \n | \n \n \n (355)\n \n | \n \n \n (129)\n \n | \n \n \n (2\u202f936)\n \n | \n \n \n (61)\n \n | \n \n \n (2\u202f998)\n \n | \n
| \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n (16)\n \n | \n \n \n 2\n \n | \n \n \n -\n \n | \n \n \n (14)\n \n | \n \n \n 5\n \n | \n \n \n (9)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n (46)\n \n | \n \n \n (3)\n \n | \n \n \n (20)\n \n | \n \n \n (69)\n \n | \n \n \n -\n \n | \n \n \n (68)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 262\n \n | \n \n \n 25\n \n | \n \n \n 12\n \n | \n \n \n 299\n \n | \n \n \n 1\n \n | \n \n \n 300\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n (17)\n \n | \n \n \n (1)\n \n | \n \n \n (3)\n \n | \n \n \n (22)\n \n | \n \n \n (1)\n \n | \n \n \n (23)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 11\u202f201\n \n | \n \n \n 2\u202f273\n \n | \n \n \n 856\n \n | \n \n \n 14\u202f332\n \n | \n \n \n 283\n \n | \n \n \n 14\u202f615\n \n | \n
\n La variation des dettes locatives au cours des exercices ant\u00e9rieurs est constitu\u00e9e des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Boutiques\n \n | \n \n \n Bureaux\n \n | \n \n \n Autres\n \n | \n \n \n Total\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2020\n \n | \n \n \n 10\u202f556\n \n | \n \n \n 1\u202f555\n \n | \n \n \n 718\n \n | \n \n \n 12\u202f829\n \n | \n
| \n \n Mise en place de nouveaux contrats de location\n \n | \n \n \n 1\u202f875\n \n | \n \n \n 686\n \n | \n \n \n 73\n \n | \n \n \n 2\u202f634\n \n | \n
| \n \n Remboursement du nominal\n \n | \n \n \n (2\u202f039)\n \n | \n \n \n (276)\n \n | \n \n \n (112)\n \n | \n \n \n (2\u202f426)\n \n | \n
| \n \n Variation des int\u00e9r\u00eats courus\n \n | \n \n \n 7\n \n | \n \n \n 4\n \n | \n \n \n 1\n \n | \n \n \n 12\n \n | \n
| \n \n Fins et r\u00e9siliations anticip\u00e9es des contrats\n \n | \n \n \n (83)\n \n | \n \n \n (13)\n \n | \n \n \n (1)\n \n | \n \n \n (97)\n \n | \n
| \n \n Effets des modifications d\u2019hypoth\u00e8ses\n \n | \n \n \n (303)\n \n | \n \n \n 33\n \n | \n \n \n 38\n \n | \n \n \n (232)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 744\n \n | \n \n \n 157\n \n | \n \n \n 23\n \n | \n \n \n 924\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 554\n \n | \n \n \n 55\n \n | \n \n \n 27\n \n | \n \n \n 636\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n (3)\n \n | \n \n \n (4)\n \n | \n \n \n 2\n \n | \n \n \n (5)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2021\n \n | \n \n \n 11\u202f309\n \n | \n \n \n 2\u202f198\n \n | \n \n \n 768\n \n | \n \n \n 14\u202f275\n \n | \n
| \n \n Mise en place de nouveaux contrats de location\n \n | \n \n \n 2\u202f698\n \n | \n \n \n 793\n \n | \n \n \n 165\n \n | \n \n \n 3\u202f656\n \n | \n
| \n \n Remboursement du nominal\n \n | \n \n \n (2\u202f291)\n \n | \n \n \n (302)\n \n | \n \n \n (118)\n \n | \n \n \n (2\u202f711)\n \n | \n
| \n \n Variation des int\u00e9r\u00eats courus\n \n | \n \n \n 10\n \n | \n \n \n 2\n \n | \n \n \n 2\n \n | \n \n \n 14\n \n | \n
| \n \n Fins et r\u00e9siliations anticip\u00e9es des contrats\n \n | \n \n \n (70)\n \n | \n \n \n (18)\n \n | \n \n \n (23)\n \n | \n \n \n (111)\n \n | \n
| \n \n Effets des modifications d\u2019hypoth\u00e8ses\n \n | \n \n \n 147\n \n | \n \n \n (172)\n \n | \n \n \n 71\n \n | \n \n \n 45\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n (47)\n \n | \n \n \n (2)\n \n | \n \n \n (26)\n \n | \n \n \n (75)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n 288\n \n | \n \n \n 30\n \n | \n \n \n 16\n \n | \n \n \n 334\n \n | \n
| \n \n Autres mouvements, y compris transferts\n \n | \n \n \n (20)\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n \n \n (20)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 12\u202f024\n \n | \n \n \n 2\u202f530\n \n | \n \n \n 854\n \n | \n \n \n 15\u202f408\n \n | \n
\n 7.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagements hors bilan\n
\n\n Les engagements hors bilan relatifs \u00e0 la part fixe des loyers des contrats de location s\u2019analysent comme suit\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Contrats dont la date de prise d\u2019effet est post\u00e9rieure \u00e0 la cl\u00f4ture\n \n | \n \n \n 888\n \n | \n \n \n 872\n \n | \n \n \n 459\n \n | \n
| \n \n Contrats relatifs aux actifs de faible valeur et contrats de courte dur\u00e9e\n \n | \n \n \n 286\n \n | \n \n \n 207\n \n | \n \n \n 167\n \n | \n
| \n \n Total des paiements futurs non actualis\u00e9s\n \n | \n \n \n 1\u202f174\n \n | \n \n \n 1\u202f078\n \n | \n \n \n 626\n \n | \n
\n Dans le cadre de la gestion dynamique de son r\u00e9seau de boutiques, le Groupe n\u00e9gocie et conclut des contrats de location dont la date d\u2019effet est post\u00e9rieure \u00e0 la date de cl\u00f4ture. Les engagements relatifs \u00e0 ces contrats ne sont pas inscrits en dettes locatives mais en engagements hors bilan.\n
\n\n En outre, le Groupe peut souscrire des contrats de location ou de concession comportant un montant garanti variable, non refl\u00e9t\u00e9 dans les engagements ci-dessus.\n
\n\n 7.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Taux d\u2019actualisation\n
\n\n Le taux d\u2019actualisation moyen des dettes locatives s\u2019analyse ainsi pour les contrats en cours au 31\u00a0d\u00e9cembre 2023\u00a0:\n
\n| \n \n (en pourcentage)\n \n | \n \n \n Taux moyen des contrats en vie au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n Taux moyen des contrats souscrits en 2023\n \n | \n
| \n \n Euro\n \n | \n \n \n 2,1\n \n | \n \n \n 3,6\n \n | \n
| \n \n Dollar US\n \n | \n \n \n 3,4\n \n | \n \n \n 4,4\n \n | \n
| \n \n Yen japonais\n \n | \n \n \n 0,5\n \n | \n \n \n 0,8\n \n | \n
| \n \n Dollar de Hong Kong\n \n | \n \n \n 2,9\n \n | \n \n \n 4,6\n \n | \n
| \n \n Autres devises\n \n | \n \n \n 3,4\n \n | \n \n \n 4,2\n \n | \n
| \n \n Taux moyen du Groupe\n \n | \n \n \n 2,7\n \n | \n \n \n 3,7\n \n | \n
\n 7.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Options de r\u00e9siliation et de renouvellement\n
\n\n La dur\u00e9e retenue pour le calcul de la dette locative correspond g\u00e9n\u00e9ralement \u00e0 la dur\u00e9e contractuelle du bail. Des cas particuliers peuvent exister o\u00f9 une option de r\u00e9siliation anticip\u00e9e ou une option de renouvellement est consid\u00e9r\u00e9e comme devant \u00eatre raisonnablement exerc\u00e9e et en cons\u00e9quence r\u00e9duire ou augmenter, respectivement, la dur\u00e9e du bail retenue pour le calcul de la dette locative.\n
\n\n Le tableau ci-dessous pr\u00e9sente les incidences de ces hypoth\u00e8ses par rapport \u00e0 la dette locative comptabilis\u00e9e au 31\u00a0d\u00e9cembre 2023\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n | ||||
| \n \n Dette locative\n \n\n \u00a0\n \n | \n \n \n Dont\u00a0:\n \n | \n \n \n Incidence des options non prises en compte\u00a0(a)\n \n | \n \n | |||
| \n \n Effets des options de r\u00e9siliation anticip\u00e9e\n \n | \n \n \n Effets des options de renouvellement\n \n | \n \n | ||||
| \n \n Options de renouvellement\n \n | \n \n \n Options de r\u00e9siliation anticip\u00e9e\n \n | \n \n | ||||
| \n \n Dettes locatives relatives \u00e0 des contrats\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n |
| \n \n -\u00a0\u00a0\u00a0comportant des options\n \n | \n \n \n 6\u202f206\n \n | \n \n \n (152)\n \n | \n \n \n 1\u202f823\n \n | \n \n \n 1\u202f680\n \n | \n \n \n (890)\n \n | \n \n |
| \n \n -\u00a0\u00a0\u00a0ne comportant pas d\u2019option\n \n | \n \n \n 10\u202f332\n \n | \n \n | \n | \n | \n | \n |
| \n \n Total\n \n | \n \n \n 16\u202f538\n \n | \n \n \n (152)\n \n | \n \n \n 1\u202f823\n \n | \n \n \n 1\u202f680\n \n | \n \n \n (890)\n \n | \n \n |
\n (a)\u00a0 Les incidences des options non prises en compte pr\u00e9sent\u00e9es dans le tableau ci-dessus r\u00e9sultent de l\u2019actualisation des loyers futurs sur la base du dernier terme contractuel connu.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27656": { "value": "\n 1.15.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Contrats de location\n
\n\n Le Groupe applique la norme IFRS\u00a016\u00a0relative aux contrats de location depuis le 1er\u00a0janvier 2019. La premi\u00e8re application a \u00e9t\u00e9 r\u00e9alis\u00e9e selon la m\u00e9thode de transition dite \u00ab\u00a0r\u00e9trospective modifi\u00e9e\u00a0\u00bb\u2006; voir Note\u00a01.2 de l\u2019annexe aux comptes consolid\u00e9s 2019 concernant les d\u00e9tails relatifs \u00e0 la premi\u00e8re application d\u2019IFRS\u00a016 et les effets de sa premi\u00e8re application sur les \u00e9tats financiers 2019.\n
\n\n Lors de la conclusion d\u2019un contrat de location, un passif est enregistr\u00e9 au bilan correspondant aux paiements futurs actualis\u00e9s de la part fixe des loyers, en contrepartie de droits d\u2019utilisation \u00e0 l\u2019actif amortis sur la dur\u00e9e du contrat. Le montant du passif est sensiblement d\u00e9pendant des hypoth\u00e8ses retenues en mati\u00e8re de dur\u00e9e des engagements et, dans une moindre mesure, de taux d\u2019actualisation. L\u2019implantation g\u00e9ographique \u00e9tendue du Groupe le conduit \u00e0 rencontrer une grande diversit\u00e9 de modalit\u00e9s juridiques dans l\u2019\u00e9tablissement des contrats.\n
\n\n La dur\u00e9e du contrat g\u00e9n\u00e9ralement retenue pour le calcul du passif est celle du contrat initialement n\u00e9goci\u00e9, sans prise en compte des options de r\u00e9siliation anticip\u00e9e, sauf cas particulier. Lorsque les contrats incluent des options d\u2019extension, la dur\u00e9e retenue pour le calcul du passif peut inclure celles-ci principalement lorsque la dur\u00e9e d\u2019utilisation pr\u00e9vue des actifs immobilis\u00e9s, investis initialement ou en cours de vie du contrat, est sup\u00e9rieure \u00e0 la dur\u00e9e contractuelle initiale.\n
\n\n La dur\u00e9e retenue pour la d\u00e9termination des dettes locatives lorsque l\u2019engagement de location est inf\u00e9rieur \u00e0 douze mois mais que des actifs ont \u00e9t\u00e9 immobilis\u00e9s en relation avec ce contrat est coh\u00e9rente avec la dur\u00e9e d\u2019utilisation pr\u00e9vue des actifs investis. Il s\u2019agit, le plus souvent, de contrats de location d\u2019emplacements commerciaux renouvelables annuellement par tacite reconduction.\n
\n\n La norme pr\u00e9voit que le taux d\u2019actualisation de chaque contrat soit d\u00e9termin\u00e9 par r\u00e9f\u00e9rence au taux d\u2019emprunt marginal de la filiale contractante. En pratique, compte tenu de l\u2019organisation du financement du Groupe, port\u00e9 ou garanti quasi exclusivement par LVMH\u00a0SE, le taux d\u2019emprunt marginal g\u00e9n\u00e9ralement retenu est la somme du taux sans risque pour la devise du contrat, par r\u00e9f\u00e9rence \u00e0 sa duration, et du risque de cr\u00e9dit du Groupe pour cette m\u00eame r\u00e9f\u00e9rence de devise et de duration.\n
\n\n Les droits au bail et les immobilisations corporelles relatives aux obligations de remise en \u00e9tat des locaux pris en location sont pr\u00e9sent\u00e9s au sein des Droits d\u2019utilisation et amortis selon les m\u00eames principes que ceux d\u00e9crits ci-dessus.\n
\n\n Le Groupe a mis en place un outil informatique d\u00e9di\u00e9 pour collecter les donn\u00e9es contractuelles et effectuer les calculs impos\u00e9s par la norme.\n
\n\n L\u2019incidence de l\u2019application d\u2019IFRS\u00a016\u00a0sur le tableau de variation de la tr\u00e9sorerie \u00e9tant significative en raison de l\u2019importance des loyers fixes pour les activit\u00e9s du Groupe, des indicateurs sp\u00e9cifiques sont utilis\u00e9s pour les besoins internes de suivi de la performance ainsi qu\u2019\u00e0 des fins de communication financi\u00e8re, pour pr\u00e9senter des indicateurs de performance coh\u00e9rents, ind\u00e9pendamment du caract\u00e8re fixe ou variable des loyers pay\u00e9s. Ainsi, les paiements relatifs aux loyers fixes capitalis\u00e9s sont d\u00e9duits en totalit\u00e9 des flux permettant de calculer l\u2019agr\u00e9gat intitul\u00e9 \u00ab\u00a0cash flow disponible d\u2019exploitation\u00a0\u00bb, qui constitue un Indicateur Alternatif de Performance. Le rapprochement entre la Variation de la tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation et le cash flow disponible d\u2019exploitation est pr\u00e9sent\u00e9 au niveau du Tableau de variation de la tr\u00e9sorerie consolid\u00e9e.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27667": { "value": "\n 1.16.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tests de perte de valeur des actifs immobilis\u00e9s\n
\n\n Des tests de perte de valeur sont r\u00e9alis\u00e9s pour les actifs immobilis\u00e9s corporels, incorporels et relatifs aux contrats de location d\u00e8s lors qu\u2019un indice de perte de valeur appara\u00eet (suite notamment \u00e0 des modifications importantes survenues dans les conditions d\u2019exploitation de l\u2019actif), et au moins une fois par an pour les actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie, principalement les marques, enseignes et \u00e9carts d\u2019acquisition. Lorsque la valeur nette comptable de ces actifs \u00e0 dur\u00e9e de vie ind\u00e9finie devient sup\u00e9rieure au montant le plus \u00e9lev\u00e9 de leur valeur d\u2019utilit\u00e9 ou de march\u00e9, une d\u00e9pr\u00e9ciation est enregistr\u00e9e, du montant de la diff\u00e9rence\u2006; la d\u00e9pr\u00e9ciation, imput\u00e9e en priorit\u00e9 sur l\u2019\u00e9cart d\u2019acquisition, est comptabilis\u00e9e en \u00ab\u00a0Autres produits et charges op\u00e9rationnels\u00a0\u00bb.\n
\n\n La valeur d\u2019utilit\u00e9 est fond\u00e9e sur les flux de tr\u00e9sorerie futurs actualis\u00e9s que l\u2019on esp\u00e8re g\u00e9n\u00e9rer de ces actifs, en tenant compte de leur valeur r\u00e9siduelle. La valeur de march\u00e9 de l\u2019actif est d\u00e9termin\u00e9e par r\u00e9f\u00e9rence \u00e0 des transactions similaires r\u00e9centes ou \u00e0 des \u00e9valuations r\u00e9alis\u00e9es par des experts ind\u00e9pendants dans une perspective de cession.\n
\n\n Les flux de tr\u00e9sorerie pr\u00e9visionnels sont \u00e9tablis au niveau du Groupe par secteur d\u2019activit\u00e9, un secteur d\u2019activit\u00e9 correspondant \u00e0 une ou plusieurs marques ou enseignes et \u00e0 une \u00e9quipe de Direction d\u00e9di\u00e9e\u2006; en g\u00e9n\u00e9ral, un secteur d\u2019activit\u00e9 tel que d\u00e9fini ci-avant correspond \u00e0 une Maison au sein du Groupe. Au sein du secteur d\u2019activit\u00e9, peuvent \u00eatre d\u00e9termin\u00e9es des unit\u00e9s g\u00e9n\u00e9ratrices de tr\u00e9sorerie d\u2019un niveau plus petit, tel un ensemble de boutiques.\n
\n\n Les donn\u00e9es utilis\u00e9es dans le cadre de la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s proviennent des budgets annuels et plans pluriannuels \u00e9tablis par la Direction des secteurs d\u2019activit\u00e9 concern\u00e9s. Les plans consistent en des projections \u00e0 cinq ans, cette dur\u00e9e pouvant \u00eatre \u00e9tendue lorsqu\u2019il s\u2019agit de marques en cours de repositionnement strat\u00e9gique, ou dont le cycle de production est sup\u00e9rieur \u00e0 cinq ans. \u00c0 la valeur r\u00e9sultant des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s s\u2019ajoute une valeur terminale correspondant \u00e0 la capitalisation \u00e0 l\u2019infini des flux de tr\u00e9sorerie issus, le plus souvent, de la derni\u00e8re ann\u00e9e du plan. Les taux d\u2019actualisation sont d\u00e9finis par groupe d\u2019activit\u00e9s, par r\u00e9f\u00e9rence \u00e0 des soci\u00e9t\u00e9s exer\u00e7ant des activit\u00e9s comparables. Le taux d\u2019actualisation des flux de tr\u00e9sorerie pr\u00e9visionnels refl\u00e8te le taux de rendement attendu par un investisseur dans le domaine d\u2019activit\u00e9 concern\u00e9 et la prime de risque propre \u00e0 cette activit\u00e9. Lorsque plusieurs sc\u00e9narios pr\u00e9visionnels sont retenus, une probabilit\u00e9 de survenance est attribu\u00e9e \u00e0 chacun d\u2019entre eux.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27668": { "value": "\n 1.16.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tests de perte de valeur des actifs immobilis\u00e9s\n
\n\n Des tests de perte de valeur sont r\u00e9alis\u00e9s pour les actifs immobilis\u00e9s corporels, incorporels et relatifs aux contrats de location d\u00e8s lors qu\u2019un indice de perte de valeur appara\u00eet (suite notamment \u00e0 des modifications importantes survenues dans les conditions d\u2019exploitation de l\u2019actif), et au moins une fois par an pour les actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie, principalement les marques, enseignes et \u00e9carts d\u2019acquisition. Lorsque la valeur nette comptable de ces actifs \u00e0 dur\u00e9e de vie ind\u00e9finie devient sup\u00e9rieure au montant le plus \u00e9lev\u00e9 de leur valeur d\u2019utilit\u00e9 ou de march\u00e9, une d\u00e9pr\u00e9ciation est enregistr\u00e9e, du montant de la diff\u00e9rence\u2006; la d\u00e9pr\u00e9ciation, imput\u00e9e en priorit\u00e9 sur l\u2019\u00e9cart d\u2019acquisition, est comptabilis\u00e9e en \u00ab\u00a0Autres produits et charges op\u00e9rationnels\u00a0\u00bb.\n
\n\n La valeur d\u2019utilit\u00e9 est fond\u00e9e sur les flux de tr\u00e9sorerie futurs actualis\u00e9s que l\u2019on esp\u00e8re g\u00e9n\u00e9rer de ces actifs, en tenant compte de leur valeur r\u00e9siduelle. La valeur de march\u00e9 de l\u2019actif est d\u00e9termin\u00e9e par r\u00e9f\u00e9rence \u00e0 des transactions similaires r\u00e9centes ou \u00e0 des \u00e9valuations r\u00e9alis\u00e9es par des experts ind\u00e9pendants dans une perspective de cession.\n
\n\n Les flux de tr\u00e9sorerie pr\u00e9visionnels sont \u00e9tablis au niveau du Groupe par secteur d\u2019activit\u00e9, un secteur d\u2019activit\u00e9 correspondant \u00e0 une ou plusieurs marques ou enseignes et \u00e0 une \u00e9quipe de Direction d\u00e9di\u00e9e\u2006; en g\u00e9n\u00e9ral, un secteur d\u2019activit\u00e9 tel que d\u00e9fini ci-avant correspond \u00e0 une Maison au sein du Groupe. Au sein du secteur d\u2019activit\u00e9, peuvent \u00eatre d\u00e9termin\u00e9es des unit\u00e9s g\u00e9n\u00e9ratrices de tr\u00e9sorerie d\u2019un niveau plus petit, tel un ensemble de boutiques.\n
\n\n Les donn\u00e9es utilis\u00e9es dans le cadre de la m\u00e9thode des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s proviennent des budgets annuels et plans pluriannuels \u00e9tablis par la Direction des secteurs d\u2019activit\u00e9 concern\u00e9s. Les plans consistent en des projections \u00e0 cinq ans, cette dur\u00e9e pouvant \u00eatre \u00e9tendue lorsqu\u2019il s\u2019agit de marques en cours de repositionnement strat\u00e9gique, ou dont le cycle de production est sup\u00e9rieur \u00e0 cinq ans. \u00c0 la valeur r\u00e9sultant des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s s\u2019ajoute une valeur terminale correspondant \u00e0 la capitalisation \u00e0 l\u2019infini des flux de tr\u00e9sorerie issus, le plus souvent, de la derni\u00e8re ann\u00e9e du plan. Les taux d\u2019actualisation sont d\u00e9finis par groupe d\u2019activit\u00e9s, par r\u00e9f\u00e9rence \u00e0 des soci\u00e9t\u00e9s exer\u00e7ant des activit\u00e9s comparables. Le taux d\u2019actualisation des flux de tr\u00e9sorerie pr\u00e9visionnels refl\u00e8te le taux de rendement attendu par un investisseur dans le domaine d\u2019activit\u00e9 concern\u00e9 et la prime de risque propre \u00e0 cette activit\u00e9. Lorsque plusieurs sc\u00e9narios pr\u00e9visionnels sont retenus, une probabilit\u00e9 de survenance est attribu\u00e9e \u00e0 chacun d\u2019entre eux.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27674": { "value": "\n 1.17.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investissements et placements financiers\n
\n\n Les actifs financiers sont pr\u00e9sent\u00e9s en actifs non courants (\u00ab\u00a0Investissements financiers\u00a0\u00bb) ou en actifs courants (\u00ab\u00a0Placements financiers\u00a0\u00bb) selon leur nature.\n
\n\n Les investissements financiers comprennent les prises de participation, strat\u00e9giques et non strat\u00e9giques, si la dur\u00e9e estim\u00e9e et le mode de leur d\u00e9tention le justifient.\n
\n\n Les placements financiers (pr\u00e9sent\u00e9s au sein des \u00ab\u00a0Autres actifs courants\u00a0\u00bb, voir Note\u00a013) incluent des placements temporaires en actions, parts de SICAV, ou de Fonds Commun de Placement (FCP) et assimil\u00e9s, \u00e0 l\u2019exclusion des placements relevant de la gestion de tr\u00e9sorerie au jour le jour, qui sont comptabilis\u00e9s en \u00ab\u00a0Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\u00a0\u00bb (Voir Note\u00a01.20).\n
\n\n Investissements et placements financiers sont \u00e9valu\u00e9s au cours de cl\u00f4ture s\u2019il s\u2019agit d\u2019actifs cot\u00e9s, et, s\u2019il s\u2019agit d\u2019actifs non cot\u00e9s, sur la base d\u2019une estimation de leur valeur de r\u00e9alisation, effectu\u00e9e soit selon des formules de calcul reposant sur des donn\u00e9es de march\u00e9, soit sur la base de cotations priv\u00e9es \u00e0 la date de cl\u00f4ture.\n
\n\n Les variations de valeur, positives ou n\u00e9gatives, sont enregistr\u00e9es en R\u00e9sultat financier (au sein des \u00ab\u00a0Autres produits et charges financiers\u00a0\u00bb, voir Note\u00a027) pour l\u2019ensemble des titres d\u00e9tenus en portefeuille au cours des p\u00e9riodes publi\u00e9es.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27675": { "value": "\n 1.17.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investissements et placements financiers\n
\n\n Les actifs financiers sont pr\u00e9sent\u00e9s en actifs non courants (\u00ab\u00a0Investissements financiers\u00a0\u00bb) ou en actifs courants (\u00ab\u00a0Placements financiers\u00a0\u00bb) selon leur nature.\n
\n\n Les investissements financiers comprennent les prises de participation, strat\u00e9giques et non strat\u00e9giques, si la dur\u00e9e estim\u00e9e et le mode de leur d\u00e9tention le justifient.\n
\n\n Les placements financiers (pr\u00e9sent\u00e9s au sein des \u00ab\u00a0Autres actifs courants\u00a0\u00bb, voir Note\u00a013) incluent des placements temporaires en actions, parts de SICAV, ou de Fonds Commun de Placement (FCP) et assimil\u00e9s, \u00e0 l\u2019exclusion des placements relevant de la gestion de tr\u00e9sorerie au jour le jour, qui sont comptabilis\u00e9s en \u00ab\u00a0Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\u00a0\u00bb (Voir Note\u00a01.20).\n
\n\n Investissements et placements financiers sont \u00e9valu\u00e9s au cours de cl\u00f4ture s\u2019il s\u2019agit d\u2019actifs cot\u00e9s, et, s\u2019il s\u2019agit d\u2019actifs non cot\u00e9s, sur la base d\u2019une estimation de leur valeur de r\u00e9alisation, effectu\u00e9e soit selon des formules de calcul reposant sur des donn\u00e9es de march\u00e9, soit sur la base de cotations priv\u00e9es \u00e0 la date de cl\u00f4ture.\n
\n\n Les variations de valeur, positives ou n\u00e9gatives, sont enregistr\u00e9es en R\u00e9sultat financier (au sein des \u00ab\u00a0Autres produits et charges financiers\u00a0\u00bb, voir Note\u00a027) pour l\u2019ensemble des titres d\u00e9tenus en portefeuille au cours des p\u00e9riodes publi\u00e9es.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__47-1": { "value": "\n 1.18.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Stocks et en-cours\n
\n\n \u00c0 l\u2019exception des vins produits par le Groupe, les stocks sont comptabilis\u00e9s \u00e0 leur prix de revient, hors frais financiers. Le prix de revient est constitu\u00e9 du co\u00fbt de production (produits finis), ou du prix d\u2019achat major\u00e9 des frais accessoires (mati\u00e8res premi\u00e8res, marchandises)\u2006; il ne peut exc\u00e9der la valeur nette de r\u00e9alisation.\n
\n\n Les stocks de vins produits par le Groupe, en particulier les vins de champagne, sont \u00e9valu\u00e9s sur la base de la valeur de march\u00e9 de la vendange correspondante, d\u00e9termin\u00e9e par r\u00e9f\u00e9rence au prix moyen d\u2019achat de raisins \u00e9quivalents, comme si les raisins r\u00e9colt\u00e9s avaient \u00e9t\u00e9 acquis aupr\u00e8s de tiers. Jusqu\u2019\u00e0 la date de vendange, l\u2019\u00e9valuation des raisins, comptabilis\u00e9e prorata temporis, se fait sur la base d\u2019un rendement et d\u2019une valeur de march\u00e9 estim\u00e9s.\n
\n\n Les mouvements de stocks sont valoris\u00e9s, selon les m\u00e9tiers, au co\u00fbt moyen pond\u00e9r\u00e9 ou par la m\u00e9thode \u00ab\u00a0Premier entr\u00e9-premier sorti\u00a0\u00bb (FIFO).\n
\n\n Compte tenu du processus de vieillissement n\u00e9cessaire aux champagnes, spiritueux (cognac, whisky et rhum, notamment), et vins, la dur\u00e9e de d\u00e9tention de ces stocks est le plus souvent sup\u00e9rieure \u00e0 un an. Ces stocks restent class\u00e9s en actifs courants conform\u00e9ment \u00e0 l\u2019usage de la profession.\n
\n\n Les d\u00e9pr\u00e9ciations de stocks sont constat\u00e9es principalement dans les activit\u00e9s autres que Vins et Spiritueux. Elles sont \u00e9tablies le plus souvent en raison de l\u2019obsolescence des produits concern\u00e9s (saison ou collection termin\u00e9es, date limite d\u2019utilisation proche\u2026\u00a0) ou sur la base de leurs perspectives d\u2019\u00e9coulement.\n
\n 11.\u00a0\u00a0\u00a0\u00a0 Stocks et en-cours\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Vins et eaux-de-vie en cours de vieillissement\n \n | \n \n \n 6\u202f630\n \n | \n \n \n (48)\n \n | \n \n \n 6\u202f582\n \n | \n \n \n 5\u202f932\n \n | \n \n \n 5\u202f433\n \n | \n
| \n \n Autres mati\u00e8res premi\u00e8res et en-cours\n \n | \n \n \n 5\u202f454\n \n | \n \n \n (895)\n \n | \n \n \n 4\u202f559\n \n | \n \n \n 4\u202f187\n \n | \n \n \n 2\u202f885\n \n | \n
| \n | \n \n 12\u202f085\n \n | \n \n \n (943)\n \n | \n \n \n 11\u202f141\n \n | \n \n \n 10\u202f120\n \n | \n \n \n 8\u202f319\n \n | \n
| \n \n Marchandises\n \n | \n \n \n 2\u202f962\n \n | \n \n \n (312)\n \n | \n \n \n 2\u202f650\n \n | \n \n \n 2\u202f410\n \n | \n \n \n 1\u202f951\n \n | \n
| \n \n Produits finis\n \n | \n \n \n 11\u202f078\n \n | \n \n \n (1\u202f917)\n \n | \n \n \n 9\u202f161\n \n | \n \n \n 7\u202f790\n \n | \n \n \n 6\u202f279\n \n | \n
| \n | \n \n 14\u202f040\n \n | \n \n \n (2\u202f229)\n \n | \n \n \n 11\u202f811\n \n | \n \n \n 10\u202f200\n \n | \n \n \n 8\u202f230\n \n | \n
| \n \n Total\n \n | \n \n \n 26\u202f124\n \n | \n \n \n (3\u202f172)\n \n | \n \n \n 22\u202f952\n \n | \n \n \n 20\u202f319\n \n | \n \n \n 16\u202f549\n \n | \n
\n La variation du stock net au cours des exercices pr\u00e9sent\u00e9s provient des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 23\u202f042\n \n | \n \n \n (2\u202f723)\n \n | \n \n \n 20\u202f319\n \n | \n \n \n 16\u202f549\n \n | \n \n \n 13\u202f016\n \n | \n
| \n \n Variation du stock brut\n \n | \n \n \n 4\u202f230\n \n | \n \n \n -\n \n | \n \n \n 4\u202f230\n \n | \n \n \n 4\u202f169\n \n | \n \n \n 1\u202f567\n \n | \n
| \n \n Effet de la provision pour retours\u00a0(a)\n \n | \n \n \n (10)\n \n | \n \n \n -\n \n | \n \n \n (10)\n \n | \n \n \n (17)\n \n | \n \n \n 34\n \n | \n
| \n \n Effets de la mise \u00e0 valeur de march\u00e9 des vendanges\n \n | \n \n \n 54\n \n | \n \n \n -\n \n | \n \n \n 54\n \n | \n \n \n 24\n \n | \n \n \n (35)\n \n | \n
| \n \n Variations de la provision pour d\u00e9pr\u00e9ciation\n \n | \n \n \n -\n \n | \n \n \n (986)\n \n | \n \n \n (986)\n \n | \n \n \n (574)\n \n | \n \n \n (447)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n (90)\n \n | \n \n \n 11\n \n | \n \n \n (80)\n \n | \n \n \n 53\n \n | \n \n \n 1\u202f808\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (642)\n \n | \n \n \n 71\n \n | \n \n \n (571)\n \n | \n \n \n 129\n \n | \n \n \n 605\n \n | \n
| \n \n Autres, y compris reclassements\n \n | \n \n \n (460)\n \n | \n \n \n 455\n \n | \n \n \n (5)\n \n | \n \n \n (13)\n \n | \n \n \n 1\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 26\u202f124\n \n | \n \n \n (3\u202f172)\n \n | \n \n \n 22\u202f952\n \n | \n \n \n 20\u202f319\n \n | \n \n \n 16\u202f549\n \n | \n
\n (a)\u00a0 Voir Note\u00a01.27.\n
\n\n Les effets de la mise \u00e0 valeur de march\u00e9 des vendanges sur le co\u00fbt des ventes et la valeur des stocks des activit\u00e9s Vins et Spiritueux sont les suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Mise \u00e0 valeur de march\u00e9 de la r\u00e9colte de la p\u00e9riode\n \n | \n \n \n 62\n \n | \n \n \n 40\n \n | \n \n \n (12)\n \n | \n
| \n \n Effets des sorties de stocks de la p\u00e9riode\n \n | \n \n \n (8)\n \n | \n \n \n (16)\n \n | \n \n \n (23)\n \n | \n
| \n \n Incidence nette sur le co\u00fbt des ventes de la p\u00e9riode\n \n | \n \n \n 54\n \n | \n \n \n 24\n \n | \n \n \n (35)\n \n | \n
| \n \n Incidence nette sur la valeur des stocks au 31\u00a0d\u00e9cembre\n \n | \n \n \n 136\n \n | \n \n \n 82\n \n | \n \n \n 58\n \n | \n
\n Voir Notes\u00a01.10 et 1.18\u00a0concernant la m\u00e9thode d\u2019\u00e9valuation des vendanges \u00e0 leur valeur de march\u00e9.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27683": { "value": "\n 1.18.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Stocks et en-cours\n
\n\n \u00c0 l\u2019exception des vins produits par le Groupe, les stocks sont comptabilis\u00e9s \u00e0 leur prix de revient, hors frais financiers. Le prix de revient est constitu\u00e9 du co\u00fbt de production (produits finis), ou du prix d\u2019achat major\u00e9 des frais accessoires (mati\u00e8res premi\u00e8res, marchandises)\u2006; il ne peut exc\u00e9der la valeur nette de r\u00e9alisation.\n
\n\n Les stocks de vins produits par le Groupe, en particulier les vins de champagne, sont \u00e9valu\u00e9s sur la base de la valeur de march\u00e9 de la vendange correspondante, d\u00e9termin\u00e9e par r\u00e9f\u00e9rence au prix moyen d\u2019achat de raisins \u00e9quivalents, comme si les raisins r\u00e9colt\u00e9s avaient \u00e9t\u00e9 acquis aupr\u00e8s de tiers. Jusqu\u2019\u00e0 la date de vendange, l\u2019\u00e9valuation des raisins, comptabilis\u00e9e prorata temporis, se fait sur la base d\u2019un rendement et d\u2019une valeur de march\u00e9 estim\u00e9s.\n
\n\n Les mouvements de stocks sont valoris\u00e9s, selon les m\u00e9tiers, au co\u00fbt moyen pond\u00e9r\u00e9 ou par la m\u00e9thode \u00ab\u00a0Premier entr\u00e9-premier sorti\u00a0\u00bb (FIFO).\n
\n\n Compte tenu du processus de vieillissement n\u00e9cessaire aux champagnes, spiritueux (cognac, whisky et rhum, notamment), et vins, la dur\u00e9e de d\u00e9tention de ces stocks est le plus souvent sup\u00e9rieure \u00e0 un an. Ces stocks restent class\u00e9s en actifs courants conform\u00e9ment \u00e0 l\u2019usage de la profession.\n
\n\n Les d\u00e9pr\u00e9ciations de stocks sont constat\u00e9es principalement dans les activit\u00e9s autres que Vins et Spiritueux. Elles sont \u00e9tablies le plus souvent en raison de l\u2019obsolescence des produits concern\u00e9s (saison ou collection termin\u00e9es, date limite d\u2019utilisation proche\u2026\u00a0) ou sur la base de leurs perspectives d\u2019\u00e9coulement.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__49-1": { "value": "\n 1.19.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cr\u00e9ances clients, autres cr\u00e9ances et pr\u00eats\n
\n\n Les cr\u00e9ances clients, autres cr\u00e9ances et pr\u00eats sont comptabilis\u00e9s au co\u00fbt amorti, correspondant \u00e0 leur valeur nominale. La part des cr\u00e9ances et pr\u00eats non couverts par une assurance-cr\u00e9dit donne lieu \u00e0 l\u2019enregistrement d\u2019une d\u00e9pr\u00e9ciation d\u00e8s l\u2019enregistrement des cr\u00e9ances, \u00e0 hauteur des pertes attendues \u00e0 l\u2019\u00e9ch\u00e9ance. Celle-ci refl\u00e8te la probabilit\u00e9 de d\u00e9faut des contreparties et le taux de perte attendue, \u00e9valu\u00e9s, selon les cas, sur la base de statistiques historiques, d\u2019informations communiqu\u00e9es par les agences de cr\u00e9dit, ou de notes attribu\u00e9es par les agences de notation.\n
\n\n Lorsque l\u2019\u00e9ch\u00e9ance des cr\u00e9ances et pr\u00eats est sup\u00e9rieure \u00e0 un an, leur montant fait l\u2019objet d\u2019un calcul d\u2019actualisation, dont les effets sont enregistr\u00e9s en r\u00e9sultat financier, selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
\n 12.\u00a0\u00a0\u00a0\u00a0 Clients\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Cr\u00e9ances \u00e0 valeur nominale\n \n | \n \n \n 4\u202f843\n \n | \n \n \n 4\u202f369\n \n | \n \n \n 3\u202f914\n \n | \n
| \n \n Provision pour d\u00e9pr\u00e9ciation\n \n | \n \n \n (115)\n \n | \n \n \n (111)\n \n | \n \n \n (127)\n \n | \n
| \n \n Montant net\n \n | \n \n \n 4\u202f728\n \n | \n \n \n 4\u202f258\n \n | \n \n \n 3\u202f787\n \n | \n
\n La variation des cr\u00e9ances clients au cours des exercices pr\u00e9sent\u00e9s provient des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 4\u202f369\n \n | \n \n \n (111)\n \n | \n \n \n 4\u202f258\n \n | \n \n \n 3\u202f787\n \n | \n \n \n 2\u202f756\n \n | \n
| \n \n Variation des cr\u00e9ances brutes\n \n | \n \n \n 695\n \n | \n \n \n -\n \n | \n \n \n 695\n \n | \n \n \n 394\n \n | \n \n \n 613\n \n | \n
| \n \n Variation de la provision pour d\u00e9pr\u00e9ciation\n \n | \n \n \n -\n \n | \n \n \n (19)\n \n | \n \n \n (19)\n \n | \n \n \n 6\n \n | \n \n \n (16)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 28\n \n | \n \n \n (1)\n \n | \n \n \n 27\n \n | \n \n \n 42\n \n | \n \n \n 254\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (218)\n \n | \n \n \n 1\n \n | \n \n \n (217)\n \n | \n \n \n 49\n \n | \n \n \n 164\n \n | \n
| \n \n Reclassements\n \n | \n \n \n (31)\n \n | \n \n \n 14\n \n | \n \n \n (17)\n \n | \n \n \n (20)\n \n | \n \n \n 16\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 4\u202f843\n \n | \n \n \n (115)\n \n | \n \n \n 4\u202f728\n \n | \n \n \n 4\u202f258\n \n | \n \n \n 3\u202f787\n \n | \n
\n Le solde des cr\u00e9ances clients est constitu\u00e9 essentiellement d\u2019en-cours sur des clients grossistes ou des agents, en nombre limit\u00e9 et avec lesquels le Groupe entretient des relations de longue date.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, la ventilation de la valeur brute et de la provision pour d\u00e9pr\u00e9ciation des cr\u00e9ances clients, en fonction de l\u2019anciennet\u00e9 des cr\u00e9ances, s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Valeur brute des cr\u00e9ances\n \n | \n \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n Valeur nette des cr\u00e9ances\n \n | \n |
| \n \n Non \u00e9chues\u00a0:\n \n | \n \n \n -\u00a0\u00a0\u00a0Moins de 3\u00a0mois\n \n | \n \n \n 4\u202f133\n \n | \n \n \n (45)\n \n | \n \n \n 4\u202f088\n \n | \n
| \n | \n \n -\u00a0\u00a0\u00a0Plus de 3\u00a0mois\n \n | \n \n \n 109\n \n | \n \n \n (8)\n \n | \n \n \n 101\n \n | \n
| \n | \n | \n \n 4\u202f242\n \n | \n \n \n (53)\n \n | \n \n \n 4\u202f189\n \n | \n
| \n \n \u00c9chues\u00a0:\n \n | \n \n \n -\u00a0\u00a0\u00a0Moins de 3\u00a0mois\n \n | \n \n \n 420\n \n | \n \n \n (13)\n \n | \n \n \n 407\n \n | \n
| \n | \n \n -\u00a0\u00a0\u00a0Plus de 3\u00a0mois\n \n | \n \n \n 180\n \n | \n \n \n (49)\n \n | \n \n \n 132\n \n | \n
| \n | \n | \n \n 600\n \n | \n \n \n (62)\n \n | \n \n \n 539\n \n | \n
| \n \n Total\n \n | \n \n | \n \n 4\u202f843\n \n | \n \n \n (115)\n \n | \n \n \n 4\u202f728\n \n | \n
\n La valeur actuelle des cr\u00e9ances clients n\u2019est pas diff\u00e9rente de leur valeur comptable.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27692": { "value": "\n 1.19.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cr\u00e9ances clients, autres cr\u00e9ances et pr\u00eats\n
\n\n Les cr\u00e9ances clients, autres cr\u00e9ances et pr\u00eats sont comptabilis\u00e9s au co\u00fbt amorti, correspondant \u00e0 leur valeur nominale. La part des cr\u00e9ances et pr\u00eats non couverts par une assurance-cr\u00e9dit donne lieu \u00e0 l\u2019enregistrement d\u2019une d\u00e9pr\u00e9ciation d\u00e8s l\u2019enregistrement des cr\u00e9ances, \u00e0 hauteur des pertes attendues \u00e0 l\u2019\u00e9ch\u00e9ance. Celle-ci refl\u00e8te la probabilit\u00e9 de d\u00e9faut des contreparties et le taux de perte attendue, \u00e9valu\u00e9s, selon les cas, sur la base de statistiques historiques, d\u2019informations communiqu\u00e9es par les agences de cr\u00e9dit, ou de notes attribu\u00e9es par les agences de notation.\n
\n\n Lorsque l\u2019\u00e9ch\u00e9ance des cr\u00e9ances et pr\u00eats est sup\u00e9rieure \u00e0 un an, leur montant fait l\u2019objet d\u2019un calcul d\u2019actualisation, dont les effets sont enregistr\u00e9s en r\u00e9sultat financier, selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__51-1": { "value": "\n 1.20.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\n
\n\n La ligne \u00ab\u00a0Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\u00a0\u00bb inclut les liquidit\u00e9s ainsi que les placements mon\u00e9taires imm\u00e9diatement disponibles dont la valeur dans le temps pr\u00e9sente un risque de variation n\u00e9gligeable.\n
\n\n Les placements mon\u00e9taires sont \u00e9valu\u00e9s \u00e0 leur valeur de march\u00e9, bas\u00e9e sur le cours de bourse et sur le cours de change \u00e0 la date de cl\u00f4ture, les variations de valeur \u00e9tant enregistr\u00e9es en r\u00e9sultat financier.\n
\n 15.\u00a0\u00a0\u00a0\u00a0 Tr\u00e9sorerie et variations de tr\u00e9sorerie\n
\n\n 15.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n D\u00e9p\u00f4ts \u00e0 terme \u00e0 moins de 3\u00a0mois\n \n | \n \n \n 1\u202f388\n \n | \n \n \n 1\u202f001\n \n | \n \n \n 1\u202f828\n \n | \n
| \n \n Parts de SICAV et de FCP\n \n | \n \n \n 283\n \n | \n \n \n 287\n \n | \n \n \n 477\n \n | \n
| \n \n Comptes bancaires\n \n | \n \n \n 6\u202f103\n \n | \n \n \n 6\u202f013\n \n | \n \n \n 5\u202f717\n \n | \n
| \n \n Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie au bilan\n \n | \n \n \n 7\u202f774\n \n | \n \n \n 7\u202f300\n \n | \n \n \n 8\u202f021\n \n | \n
\n Le rapprochement entre le montant de la tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie apparaissant au bilan et le montant de la tr\u00e9sorerie nette figurant dans le tableau de variation de tr\u00e9sorerie s\u2019\u00e9tablit de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\n \n | \n \n \n 7\u202f774\n \n | \n \n \n 7\u202f300\n \n | \n \n \n 8\u202f021\n \n | \n
| \n \n D\u00e9couverts bancaires\n \n | \n \n \n (255)\n \n | \n \n \n (200)\n \n | \n \n \n (204)\n \n | \n
| \n \n Tr\u00e9sorerie nette du tableau de variation de tr\u00e9sorerie\n \n | \n \n \n 7\u202f520\n \n | \n \n \n 7\u202f100\n \n | \n \n \n 7\u202f817\n \n | \n
\n 15.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Variation du besoin en fonds de roulement\n
\n\n La variation du besoin en fonds de roulement au cours des exercices pr\u00e9sent\u00e9s s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Notes\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Variation des stocks et en-cours\n \n | \n \n \n 11\n \n | \n \n \n (4\u202f230)\n \n | \n \n \n (4\u202f169)\n \n | \n \n \n (1\u202f567)\n \n | \n
| \n \n Variation des cr\u00e9ances clients et comptes rattach\u00e9s\n \n | \n \n \n 12\n \n | \n \n \n (695)\n \n | \n \n \n (394)\n \n | \n \n \n (613)\n \n | \n
| \n \n Variation des soldes clients cr\u00e9diteurs\n \n | \n \n \n 22\n \n | \n \n \n 24\n \n | \n \n \n 6\n \n | \n \n \n 27\n \n | \n
| \n \n Variation des dettes fournisseurs et comptes rattach\u00e9s\n \n | \n \n \n 22\n \n | \n \n \n 434\n \n | \n \n \n 1\u202f532\n \n | \n \n \n 1\u202f576\n \n | \n
| \n \n Variation des autres cr\u00e9ances et dettes\n \n | \n \n | \n \n (107)\n \n | \n \n \n 8\n \n | \n \n \n 1\u202f002\n \n | \n
| \n \n Variation du besoin en fonds de roulement\u00a0(a)\n \n | \n \n | \n \n (4\u202f577)\n \n | \n \n \n (3\u202f019)\n \n | \n \n \n 426\n \n | \n
\n (a)\u00a0 Augmentation/(Diminution) de la tr\u00e9sorerie.\n
\n\n 15.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investissements d\u2019exploitation\n
\n\n Les investissements d\u2019exploitation sont constitu\u00e9s des \u00e9l\u00e9ments suivants au cours des exercices pr\u00e9sent\u00e9s\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Notes\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Acquisitions d\u2019immobilisations incorporelles\n \n | \n \n \n 3\n \n | \n \n \n (1\u202f000)\n \n | \n \n \n (685)\n \n | \n \n \n (580)\n \n | \n
| \n \n Acquisitions d\u2019immobilisations corporelles\n \n | \n \n \n 6\n \n | \n \n \n (6\u202f807)\n \n | \n \n \n (4\u202f397)\n \n | \n \n \n (2\u202f675)\n \n | \n
| \n \n Variation des dettes envers les fournisseurs d\u2019immobilisations\n \n | \n \n | \n \n 324\n \n | \n \n \n 161\n \n | \n \n \n 221\n \n | \n
| \n \n Co\u00fbts de mise en place des contrats de location\n \n | \n \n \n 7\n \n | \n \n \n (53)\n \n | \n \n \n (27)\n \n | \n \n \n (37)\n \n | \n
| \n \n Effets sur la tr\u00e9sorerie des acquisitions d\u2019immobilisations\n \n | \n \n | \n \n (7\u202f536)\n \n | \n \n \n (4\u202f948)\n \n | \n \n \n (3\u202f071)\n \n | \n
| \n \n Effet sur la tr\u00e9sorerie des cessions d\u2019immobilisations\n \n | \n \n | \n \n 136\n \n | \n \n \n 73\n \n | \n \n \n 444\n \n | \n
| \n \n D\u00e9p\u00f4ts de garantie vers\u00e9s et autres flux d\u2019investissements d\u2019exploitation\n \n | \n \n | \n \n (78)\n \n | \n \n \n (94)\n \n | \n \n \n (37)\n \n | \n
| \n \n Investissements d\u2019exploitation\u00a0(a)\n \n | \n \n | \n \n (7\u202f478)\n \n | \n \n \n (4\u202f969)\n \n | \n \n \n (2\u202f664)\n \n | \n
\n (a)\u00a0 Augmentation/(Diminution) de la tr\u00e9sorerie.\n
\n\n 15.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dividendes et acomptes vers\u00e9s et autres op\u00e9rations en capital\n
\n\n Au cours des exercices pr\u00e9sent\u00e9s, les dividendes et acomptes vers\u00e9s sont constitu\u00e9s des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Dividendes et acomptes vers\u00e9s par la soci\u00e9t\u00e9 LVMH\u00a0SE\n \n | \n \n \n (6\u202f251)\n \n | \n \n \n (6\u202f025)\n \n | \n \n \n (3\u202f527)\n \n | \n
| \n \n Dividendes et acomptes vers\u00e9s aux minoritaires des filiales consolid\u00e9es\n \n | \n \n \n (532)\n \n | \n \n \n (421)\n \n | \n \n \n (408)\n \n | \n
| \n \n Imp\u00f4t pay\u00e9 relatif aux dividendes et acomptes vers\u00e9s\u00a0(a)\n \n | \n \n \n (376)\n \n | \n \n \n (329)\n \n | \n \n \n (226)\n \n | \n
| \n \n Dividendes et acomptes vers\u00e9s\n \n | \n \n \n (7\u202f159)\n \n | \n \n \n (6\u202f774)\n \n | \n \n \n (4\u202f161)\n \n | \n
\n (a)\u00a0 L\u2019imp\u00f4t pay\u00e9 relatif aux dividendes et acomptes vers\u00e9s est exclusivement relatif aux dividendes intragroupe, voir Note\u00a028.\n
\n\n Au cours des exercices pr\u00e9sent\u00e9s, les autres op\u00e9rations en capital sont constitu\u00e9es des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Notes\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Augmentations de capital de la soci\u00e9t\u00e9 LVMH\n \n | \n \n \n 16\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Augmentations de capital des filiales souscrites par les minoritaires\n \n | \n \n | \n \n 15\n \n | \n \n \n 12\n \n | \n \n \n 4\n \n | \n
| \n \n Acquisitions et cessions d\u2019actions LVMH\n \n | \n \n \n 16\n \n | \n \n \n (1\u202f584)\n \n | \n \n \n (1\u202f616)\n \n | \n \n \n (556)\n \n | \n
| \n \n Autres op\u00e9rations en capital\n \n | \n \n | \n \n (1\u202f569)\n \n | \n \n \n (1\u202f604)\n \n | \n \n \n (552)\n \n | \n
\n 1.20.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\n
\n\n La ligne \u00ab\u00a0Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\u00a0\u00bb inclut les liquidit\u00e9s ainsi que les placements mon\u00e9taires imm\u00e9diatement disponibles dont la valeur dans le temps pr\u00e9sente un risque de variation n\u00e9gligeable.\n
\n\n Les placements mon\u00e9taires sont \u00e9valu\u00e9s \u00e0 leur valeur de march\u00e9, bas\u00e9e sur le cours de bourse et sur le cours de change \u00e0 la date de cl\u00f4ture, les variations de valeur \u00e9tant enregistr\u00e9es en r\u00e9sultat financier.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__53-1": { "value": "\n 1.21.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Provisions\n
\n\n Une provision est comptabilis\u00e9e d\u00e8s lors qu\u2019existe une obligation, vis-\u00e0-vis d\u2019un tiers, entra\u00eenant pour le Groupe un d\u00e9caissement probable dont le montant peut \u00eatre \u00e9valu\u00e9 de fa\u00e7on fiable. Voir \u00e9galement Notes\u00a01.25 et 20.\n
\n\n Lorsque la date d\u2019ex\u00e9cution de cette obligation est au-del\u00e0 d\u2019un an, le montant de la provision fait l\u2019objet d\u2019un calcul d\u2019actualisation, dont les effets sont enregistr\u00e9s en r\u00e9sultat financier selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
\n 1.25.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Retraites, participation aux frais m\u00e9dicaux et autres engagements vis-\u00e0-vis du personnel\n
\n\n Lorsque les r\u00e9gimes d\u2019indemnit\u00e9s de d\u00e9part \u00e0 la retraite, de retraites, de participation aux frais m\u00e9dicaux ou autres pr\u00e9voient le versement par le Groupe de cotisations \u00e0 des organismes ext\u00e9rieurs responsables du paiement ult\u00e9rieur des indemnit\u00e9s, des retraites ou de la participation aux frais m\u00e9dicaux, ces cotisations sont comptabilis\u00e9es dans les charges de l\u2019exercice au titre duquel elles sont dues, aucun passif n\u2019\u00e9tant comptabilis\u00e9 au bilan.\n
\n\n Lorsque le versement des indemnit\u00e9s de d\u00e9part \u00e0 la retraite, des retraites, de la participation aux frais m\u00e9dicaux ou autres sont \u00e0 la charge du Groupe, le montant de l\u2019engagement actuariel correspondant donne lieu \u00e0 provision au bilan (voir Note\u00a030). La variation de cette provision est comptabilis\u00e9e\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en r\u00e9sultat op\u00e9rationnel courant de l\u2019exercice, pour la part correspondant au service rendu par les employ\u00e9s durant l\u2019exercice et au co\u00fbt financier net de l\u2019exercice\u2006;\n
\n\n \u25cf\u00a0\u00a0 en gains et pertes enregistr\u00e9s en capitaux propres, pour la part li\u00e9e \u00e0 l\u2019\u00e9volution des hypoth\u00e8ses actuarielles et aux \u00e9carts entre les donn\u00e9es projet\u00e9es et les donn\u00e9es r\u00e9elles (\u00ab\u00a0effets d\u2019exp\u00e9rience\u00a0\u00bb).\n
\n\n Si cet engagement est couvert, partiellement ou en totalit\u00e9, par des fonds vers\u00e9s par le Groupe \u00e0 des organismes financiers, le montant de ces placements d\u00e9di\u00e9s vient en d\u00e9duction de l\u2019engagement actuariel au bilan.\n
\n\n L\u2019engagement actuariel est calcul\u00e9 sur la base d\u2019\u00e9valuations sp\u00e9cifiques au pays et \u00e0 la soci\u00e9t\u00e9 du Groupe concern\u00e9e\u2006; ces \u00e9valuations int\u00e8grent notamment des hypoth\u00e8ses de taux d\u2019actualisation, de progression des salaires, d\u2019inflation, d\u2019esp\u00e9rance de vie, et de rotation des effectifs.\n
\n 20.\u00a0\u00a0\u00a0\u00a0 Provisions et autres passifs non courants\n
\n\n Les provisions et autres passifs non courants s\u2019analysent ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Provisions \u00e0 plus d\u2019un an\n \n | \n \n \n 1\u202f529\n \n | \n \n \n 1\u202f529\n \n | \n \n \n 1\u202f771\n \n | \n
| \n \n Positions fiscales incertaines\n \n | \n \n \n 1\u202f438\n \n | \n \n \n 1\u202f400\n \n | \n \n \n 1\u202f404\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\u00a0(a)\n \n | \n \n \n 130\n \n | \n \n \n 206\n \n | \n \n \n 45\n \n | \n
| \n \n Participation du personnel aux r\u00e9sultats\n \n | \n \n \n 132\n \n | \n \n \n 123\n \n | \n \n \n 105\n \n | \n
| \n \n Autres dettes\n \n | \n \n \n 650\n \n | \n \n \n 644\n \n | \n \n \n 656\n \n | \n
| \n \n Provisions et autres passifs non courants\n \n | \n \n \n 3\u202f880\n \n | \n \n \n 3\u202f902\n \n | \n \n \n 3\u202f980\n \n | \n
\n (a)\u00a0 Voir Note\u00a023.\n
\n\n Les provisions sont relatives aux natures de risques et charges suivantes\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Provisions pour retraites, frais m\u00e9dicaux et engagements assimil\u00e9s\n \n | \n \n \n 609\n \n | \n \n \n 622\n \n | \n \n \n 915\n \n | \n
| \n \n Provisions pour risques et charges\n \n | \n \n \n 920\n \n | \n \n \n 907\n \n | \n \n \n 856\n \n | \n
| \n \n Provisions \u00e0 plus d\u2019un an\n \n | \n \n \n 1\u202f529\n \n | \n \n \n 1\u202f529\n \n | \n \n \n 1\u202f771\n \n | \n
| \n \n Provisions pour retraites, frais m\u00e9dicaux et engagements assimil\u00e9s\n \n | \n \n \n 17\n \n | \n \n \n 17\n \n | \n \n \n 17\n \n | \n
| \n \n Provisions pour risques et charges\n \n | \n \n \n 578\n \n | \n \n \n 539\n \n | \n \n \n 582\n \n | \n
| \n \n Provisions \u00e0 moins d\u2019un an\n \n | \n \n \n 595\n \n | \n \n \n 556\n \n | \n \n \n 598\n \n | \n
| \n \n Total\n \n | \n \n \n 2\u202f125\n \n | \n \n \n 2\u202f085\n \n | \n \n \n 2\u202f369\n \n | \n
\n Les soldes des provisions ont \u00e9volu\u00e9 de la fa\u00e7on suivante au cours de l\u2019exercice\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n Dotations\n \n | \n \n \n Utilisations\n \n | \n \n \n Reprises\n \n | \n \n \n Variations de p\u00e9rim\u00e8tre\n \n | \n \n \n Autres\u00a0(a)\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n
| \n \n Provisions pour retraites, frais m\u00e9dicaux et engagements assimil\u00e9s\n \n | \n \n \n 639\n \n | \n \n \n 136\n \n | \n \n \n (109)\n \n | \n \n \n (1)\n \n | \n \n \n 3\n \n | \n \n \n (41)\n \n | \n \n \n 627\n \n | \n
| \n \n Provisions pour risques et charges\n \n | \n \n \n 1\u202f445\n \n | \n \n \n 513\n \n | \n \n \n (274)\n \n | \n \n \n (165)\n \n | \n \n \n 7\n \n | \n \n \n (28)\n \n | \n \n \n 1\u202f498\n \n | \n
| \n \n Total\n \n | \n \n \n 2\u202f085\n \n | \n \n \n 649\n \n | \n \n \n (383)\n \n | \n \n \n (166)\n \n | \n \n \n 10\n \n | \n \n \n (70)\n \n | \n \n \n 2\u202f125\n \n | \n
\n (a)\u00a0 Inclut les effets des variations de change et des \u00e9carts de r\u00e9\u00e9valuation. Voir Note\u00a030\u00a0concernant les Provisions pour retraites, frais m\u00e9dicaux et assimil\u00e9s.\n
\n\n Les provisions pour risques et charges correspondent \u00e0 l\u2019estimation des effets patrimoniaux des risques, litiges (voir Note\u00a032), situations contentieuses r\u00e9alis\u00e9s ou probables, qui r\u00e9sultent des activit\u00e9s du Groupe\u00a0: ces activit\u00e9s sont en effet men\u00e9es dans le contexte d\u2019un cadre r\u00e9glementaire international souvent impr\u00e9cis, \u00e9voluant selon les pays et dans le temps, et s\u2019appliquant \u00e0 des domaines aussi vari\u00e9s que la composition des produits, leur conditionnement, ou les relations avec les partenaires du Groupe (distributeurs, fournisseurs, actionnaires des filiales\u2026\u00a0).\n
\n\n Les passifs non courants relatifs aux positions fiscales incertaines incluent l\u2019estimation des risques, litiges, et situations contentieuses, r\u00e9alis\u00e9s ou probables, relatifs au calcul de l\u2019imp\u00f4t sur les r\u00e9sultats. Les entit\u00e9s du Groupe en France et \u00e0 l\u2019\u00e9tranger peuvent faire l\u2019objet de contr\u00f4les fiscaux et, le cas \u00e9ch\u00e9ant, de demandes de rectification de la part des administrations locales. Ces demandes de rectification, ainsi que les positions fiscales incertaines identifi\u00e9es non encore notifi\u00e9es, donnent lieu \u00e0 l\u2019enregistrement d\u2019un passif dont le montant est revu r\u00e9guli\u00e8rement conform\u00e9ment aux crit\u00e8res de l\u2019interpr\u00e9tation IFRIC\u00a023\u00a0Positions fiscales incertaines.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__54-1": { "value": "\n 1.21.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Provisions\n
\n\n Une provision est comptabilis\u00e9e d\u00e8s lors qu\u2019existe une obligation, vis-\u00e0-vis d\u2019un tiers, entra\u00eenant pour le Groupe un d\u00e9caissement probable dont le montant peut \u00eatre \u00e9valu\u00e9 de fa\u00e7on fiable. Voir \u00e9galement Notes\u00a01.25 et 20.\n
\n\n Lorsque la date d\u2019ex\u00e9cution de cette obligation est au-del\u00e0 d\u2019un an, le montant de la provision fait l\u2019objet d\u2019un calcul d\u2019actualisation, dont les effets sont enregistr\u00e9s en r\u00e9sultat financier selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
\n 1.25.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Retraites, participation aux frais m\u00e9dicaux et autres engagements vis-\u00e0-vis du personnel\n
\n\n Lorsque les r\u00e9gimes d\u2019indemnit\u00e9s de d\u00e9part \u00e0 la retraite, de retraites, de participation aux frais m\u00e9dicaux ou autres pr\u00e9voient le versement par le Groupe de cotisations \u00e0 des organismes ext\u00e9rieurs responsables du paiement ult\u00e9rieur des indemnit\u00e9s, des retraites ou de la participation aux frais m\u00e9dicaux, ces cotisations sont comptabilis\u00e9es dans les charges de l\u2019exercice au titre duquel elles sont dues, aucun passif n\u2019\u00e9tant comptabilis\u00e9 au bilan.\n
\n\n Lorsque le versement des indemnit\u00e9s de d\u00e9part \u00e0 la retraite, des retraites, de la participation aux frais m\u00e9dicaux ou autres sont \u00e0 la charge du Groupe, le montant de l\u2019engagement actuariel correspondant donne lieu \u00e0 provision au bilan (voir Note\u00a030). La variation de cette provision est comptabilis\u00e9e\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en r\u00e9sultat op\u00e9rationnel courant de l\u2019exercice, pour la part correspondant au service rendu par les employ\u00e9s durant l\u2019exercice et au co\u00fbt financier net de l\u2019exercice\u2006;\n
\n\n \u25cf\u00a0\u00a0 en gains et pertes enregistr\u00e9s en capitaux propres, pour la part li\u00e9e \u00e0 l\u2019\u00e9volution des hypoth\u00e8ses actuarielles et aux \u00e9carts entre les donn\u00e9es projet\u00e9es et les donn\u00e9es r\u00e9elles (\u00ab\u00a0effets d\u2019exp\u00e9rience\u00a0\u00bb).\n
\n\n Si cet engagement est couvert, partiellement ou en totalit\u00e9, par des fonds vers\u00e9s par le Groupe \u00e0 des organismes financiers, le montant de ces placements d\u00e9di\u00e9s vient en d\u00e9duction de l\u2019engagement actuariel au bilan.\n
\n\n L\u2019engagement actuariel est calcul\u00e9 sur la base d\u2019\u00e9valuations sp\u00e9cifiques au pays et \u00e0 la soci\u00e9t\u00e9 du Groupe concern\u00e9e\u2006; ces \u00e9valuations int\u00e8grent notamment des hypoth\u00e8ses de taux d\u2019actualisation, de progression des salaires, d\u2019inflation, d\u2019esp\u00e9rance de vie, et de rotation des effectifs.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__55-1": { "value": "\n 1.22.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dettes financi\u00e8res\n
\n\n Les dettes financi\u00e8res sont comptabilis\u00e9es au co\u00fbt amorti, c\u2019est-\u00e0-dire \u00e0 leur valeur nominale nette des primes et frais d\u2019\u00e9mission qui sont enregistr\u00e9s progressivement en r\u00e9sultat financier jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance, selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
\n\n En cas de couverture du risque de variation de valeur de la dette financi\u00e8re r\u00e9sultant de l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat, le montant couvert de la dette, ainsi que les instruments de couverture associ\u00e9s, figurent au bilan \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture\u2006; les effets de cette r\u00e9\u00e9valuation sont enregistr\u00e9s en r\u00e9sultat financier, au niveau des \u00ab\u00a0Effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et instruments de taux\u00a0\u00bb. Voir Note\u00a01.10\u00a0concernant l\u2019\u00e9valuation \u00e0 valeur de march\u00e9 de la dette couverte. Les charges et produits d\u2019int\u00e9r\u00eat relatifs aux instruments de couverture sont enregistr\u00e9s en R\u00e9sultat financier au niveau du \u00ab\u00a0Co\u00fbt de la dette financi\u00e8re brute\u00a0\u00bb.\n
\n\n En cas de couverture du risque d\u2019\u00e9volution de la charge d\u2019int\u00e9r\u00eat future, la dette financi\u00e8re dont les flux sont couverts reste comptabilis\u00e9e au co\u00fbt amorti, la variation de valeur de la part efficace de l\u2019instrument de couverture \u00e9tant enregistr\u00e9e dans les capitaux propres en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb.\n
\n\n En l\u2019absence de relation de couverture, ou pour la partie inefficace des couvertures, les variations de valeur des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es en r\u00e9sultat financier.\n
\n\n La dette financi\u00e8re nette est constitu\u00e9e des dettes financi\u00e8res \u00e0 plus et moins d\u2019un an et de la valeur de march\u00e9 \u00e0 la date de cl\u00f4ture des instruments d\u00e9riv\u00e9s sur risque de taux d\u2019int\u00e9r\u00eat, sous d\u00e9duction du montant des investissements financiers en couverture de dette financi\u00e8re, des placements financiers, de la tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie \u00e0 la date de cl\u00f4ture ainsi que de la valeur de march\u00e9 \u00e0 cette date des instruments d\u00e9riv\u00e9s sur risque de change associ\u00e9s \u00e0 l\u2019un de ces \u00e9l\u00e9ments.\n
\n 19.\u00a0\u00a0\u00a0\u00a0 Emprunts et dettes financi\u00e8res\n
\n\n 19.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dette financi\u00e8re nette\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Emprunts obligataires et Euro Medium-Term Notes (EMTN)\n \n | \n \n \n 11\u202f027\n \n | \n \n \n 10\u202f185\n \n | \n \n \n 11\u202f872\n \n | \n
| \n \n Emprunts bancaires\n \n | \n \n \n 200\n \n | \n \n \n 194\n \n | \n \n \n 293\n \n | \n
| \n \n Dette financi\u00e8re \u00e0 plus d\u2019un an\n \n | \n \n \n 11\u202f227\n \n | \n \n \n 10\u202f380\n \n | \n \n \n 12\u202f165\n \n | \n
| \n \n Emprunts obligataires et Euro Medium-Term Notes (EMTN)\n \n | \n \n \n 2\u202f685\n \n | \n \n \n 1\u202f486\n \n | \n \n \n 3\u202f072\n \n | \n
| \n \n Emprunts courants aupr\u00e8s des \u00e9tablissements de cr\u00e9dit\n \n | \n \n \n 338\n \n | \n \n \n 222\n \n | \n \n \n 377\n \n | \n
| \n \n Billets de tr\u00e9sorerie et US Commercial Paper\n \n | \n \n \n 7\u202f291\n \n | \n \n \n 7\u202f247\n \n | \n \n \n 4\u202f172\n \n | \n
| \n \n Autres emprunts et lignes de cr\u00e9dit\n \n | \n \n \n 152\n \n | \n \n \n 144\n \n | \n \n \n 191\n \n | \n
| \n \n D\u00e9couverts bancaires\n \n | \n \n \n 254\n \n | \n \n \n 200\n \n | \n \n \n 203\n \n | \n
| \n \n Int\u00e9r\u00eats courus\n \n | \n \n \n (40)\n \n | \n \n \n 60\n \n | \n \n \n 61\n \n | \n
| \n \n Dette financi\u00e8re \u00e0 moins d\u2019un an\n \n | \n \n \n 10\u202f680\n \n | \n \n \n 9\u202f360\n \n | \n \n \n 8\u202f075\n \n | \n
| \n \n Dette financi\u00e8re brute\n \n | \n \n \n 21\u202f907\n \n | \n \n \n 19\u202f739\n \n | \n \n \n 20\u202f241\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s li\u00e9s au risque de taux d\u2019int\u00e9r\u00eat\n \n | \n \n \n 96\n \n | \n \n \n 144\n \n | \n \n \n (6)\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s li\u00e9s au risque de change\n \n | \n \n \n 7\n \n | \n \n \n 170\n \n | \n \n \n (63)\n \n | \n
| \n \n Dette financi\u00e8re brute apr\u00e8s effet des instruments d\u00e9riv\u00e9s\n \n | \n \n \n 22\u202f010\n \n | \n \n \n 20\u202f053\n \n | \n \n \n 20\u202f172\n \n | \n
| \n \n Placements financiers\u00a0(a)\n \n | \n \n \n (3\u202f490)\n \n | \n \n \n (3\u202f552)\n \n | \n \n \n (2\u202f544)\n \n | \n
| \n \n Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\u00a0(b)\n \n | \n \n \n (7\u202f774)\n \n | \n \n \n (7\u202f300)\n \n | \n \n \n (8\u202f021)\n \n | \n
| \n \n Dette financi\u00e8re nette\n \n | \n \n \n 10\u202f746\n \n | \n \n \n 9\u202f201\n \n | \n \n \n 9\u202f607\n \n | \n
\n (a)\u00a0 Voir Note\u00a014.\n
\n\n (b)\u00a0 Voir Note\u00a015.1.\n
\n\n La dette financi\u00e8re nette n\u2019inclut ni les engagements d\u2019achat de titres de minoritaires (voir Note\u00a021) ni les dettes locatives (voir Note\u00a07).\n
\n\n La variation de la dette financi\u00e8re brute apr\u00e8s effet des instruments d\u00e9riv\u00e9s au cours de l\u2019exercice s\u2019analyse ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n Variations de la tr\u00e9sorerie\u00a0(a)\n \n | \n \n \n Effets des variations de change\n \n | \n \n \n Effets des variations de valeur de march\u00e9\n \n | \n \n \n Variations de p\u00e9rim\u00e8tre\n \n | \n \n \n Reclassements et autres\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n
| \n \n Dette financi\u00e8re \u00e0 plus d\u2019un an\n \n | \n \n \n 10\u202f380\n \n | \n \n \n 3\u202f531\n \n | \n \n \n (2)\n \n | \n \n \n 44\n \n | \n \n \n 49\n \n | \n \n \n (2\u202f775)\n \n | \n \n \n 11\u202f227\n \n | \n
| \n \n Dette financi\u00e8re \u00e0 moins d\u2019un an\n \n | \n \n \n 9\u202f359\n \n | \n \n \n (1\u202f637)\n \n | \n \n \n (35)\n \n | \n \n \n 1\n \n | \n \n \n 241\n \n | \n \n \n 2\u202f751\n \n | \n \n \n 10\u202f680\n \n | \n
| \n \n Dette financi\u00e8re brute\n \n | \n \n \n 19\u202f739\n \n | \n \n \n 1\u202f894\n \n | \n \n \n (37)\n \n | \n \n \n 45\n \n | \n \n \n 290\n \n | \n \n \n (24)\n \n | \n \n \n 21\u202f907\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n 314\n \n | \n \n \n 15\n \n | \n \n \n 1\n \n | \n \n \n (226)\n \n | \n \n \n (1)\n \n | \n \n \n -\n \n | \n \n \n 103\n \n | \n
| \n \n Dette financi\u00e8re brute apr\u00e8s effet des instruments d\u00e9riv\u00e9s\n \n | \n \n \n 20\u202f053\n \n | \n \n \n 1\u202f909\n \n | \n \n \n (36)\n \n | \n \n \n (181)\n \n | \n \n \n 289\n \n | \n \n \n (24)\n \n | \n \n \n 22\u202f010\n \n | \n
\n (a)\u00a0 Dont 5\u202f990\u00a0millions d\u2019euros au titre des \u00e9missions et souscriptions d\u2019emprunts, 3\u202f968\u00a0millions d\u2019euros au titre des remboursements d\u2019emprunts et de dettes financi\u00e8res et 55\u00a0millions d\u2019euros d\u2019augmentation des d\u00e9couverts bancaires.\n
\n\n Au cours du 1er\u00a0semestre 2023, LVMH a rembours\u00e9 l\u2019emprunt obligataire de 700\u00a0millions d\u2019euros \u00e9mis en 2019, ainsi que l\u2019emprunt obligataire de 700\u00a0millions de livres sterling, \u00e9mis en 2020. Les swaps de couverture associ\u00e9s \u00e0 ce dernier emprunt ont \u00e9t\u00e9 d\u00e9boucl\u00e9s concomitamment au remboursement.\n
\n\n Par ailleurs, dans le cadre de son programme EMTN, LVMH a r\u00e9alis\u00e9 trois \u00e9missions obligataires\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en avril 2023, \u00e9mission de 1\u202f000\u00a0millions d\u2019euros, \u00e0 \u00e9ch\u00e9ance octobre 2025, assortie d\u2019un coupon de 3,375\u2006%\u2006;\n
\n\n \u25cf\u00a0\u00a0 en septembre 2023, \u00e9mission de 1\u202f000\u00a0millions d\u2019euros \u00e0 \u00e9ch\u00e9ance septembre 2029, assortie d\u2019un coupon de 3,25\u2006%\u2006;\n
\n\n \u25cf\u00a0\u00a0 en septembre 2023, \u00e9mission de 1\u202f500\u00a0millions d\u2019euros \u00e0 \u00e9ch\u00e9ance septembre 2033, assortie d\u2019un coupon de 3,50\u2006%.\n
\n\n Au cours de l\u2019exercice 2022, LVMH a rembours\u00e9 l\u2019emprunt obligataire de 1\u202f750\u00a0millions d\u2019euros \u00e9mis en 2020, ainsi que l\u2019emprunt obligataire de 800\u00a0millions d\u2019euros et l\u2019emprunt obligataire de 400\u00a0millions de livres sterling, tous deux \u00e9mis en 2017. Les swaps de couverture associ\u00e9s ont \u00e9t\u00e9 d\u00e9boucl\u00e9s concomitamment aux remboursements.\n
\n\n Au cours de l\u2019exercice 2021, LVMH a rembours\u00e9 l\u2019emprunt obligataire de 300\u00a0millions d\u2019euros \u00e9mis en 2019. Le solde des obligations convertibles d\u00e9nouables en esp\u00e8ces \u00e9mises en 2016, d\u2019une valeur nominale initiale de 750\u00a0millions de dollars\u00a0US, a \u00e9galement \u00e9t\u00e9 rembours\u00e9, soit 156\u00a0millions de dollars\u00a0US. Un montant de 594\u00a0millions de dollars\u00a0US avait \u00e9t\u00e9 rembours\u00e9 par anticipation \u00e0 fin 2020, suite \u00e0 l\u2019exercice, par les porteurs d\u2019obligations, de la clause de conversion. Voir Note\u00a019 de l\u2019annexe aux comptes consolid\u00e9s 2020 concernant les d\u00e9tails du remboursement de ces obligations. Enfin, LVMH a proc\u00e9d\u00e9 au remboursement de l\u2019emprunt obligataire de 650\u00a0millions d\u2019euros \u00e9mis en 2014. Les swaps de couverture associ\u00e9s ont \u00e9t\u00e9 d\u00e9boucl\u00e9s concomitamment au remboursement. Les dettes obligataires de Tiffany ont \u00e9t\u00e9 comptabilis\u00e9es \u00e0 leur valeur de march\u00e9 \u00e0 la date d\u2019int\u00e9gration, soit 940\u00a0millions d\u2019euros. Il s\u2019agit de quatre \u00e9missions en dollars\u00a0US pour un nominal total de 800\u00a0millions de dollars\u00a0US et d\u2019une \u00e9mission de 10\u00a0milliards de yens japonais.\n
\n\n La valeur de march\u00e9 de la dette financi\u00e8re brute, \u00e9valu\u00e9e sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s, est de 20\u202f730\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2023 (18\u202f018\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022, 19\u202f442\u00a0millions au 31\u00a0d\u00e9cembre 2021), dont 10\u202f402\u00a0millions d\u2019euros \u00e0 moins d\u2019un an (9\u202f358\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022, 8\u202f035\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2021) et 10\u202f327\u00a0millions d\u2019euros \u00e0 plus d\u2019un an (8\u202f660\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022, 11\u202f407\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2021).\n
\n\n Aux 31\u00a0d\u00e9cembre 2023, 2022 et 2021, aucun encours n\u2019\u00e9tait comptabilis\u00e9 selon l\u2019option juste valeur. Voir Note\u00a01.23.\n
\n\n 19.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Emprunts obligataires et EMTN\n
\n| \n \n Montant nominal (en devises)\n \n | \n \n \n Date d\u2019\u00e9mission\n \n | \n \n \n \u00c9ch\u00e9ance\n \n | \n \n \n Taux d\u2019int\u00e9r\u00eat effectif initial\u00a0(a) (%)\n \n | \n \n \n 2023 (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2022 (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2021 (en\u00a0millions d\u2019euros)\n \n | \n
| \n \n EUR\u00a01\u202f500\u00a0000\u202f000\n \n | \n \n \n 2023\n \n | \n \n \n 2033\n \n | \n \n \n 3,5\n \n | \n \n \n 1\u202f496\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n EUR\u00a01\u202f000\u00a0000\u202f000\n \n | \n \n \n 2023\n \n | \n \n \n 2029\n \n | \n \n \n 3,25\n \n | \n \n \n 993\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n EUR\u00a01\u202f000\u00a0000\u202f000\n \n | \n \n \n 2023\n \n | \n \n \n 2025\n \n | \n \n \n 3,375\n \n | \n \n \n 999\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n GBP 850\u202f000\u00a0000\n \n | \n \n \n 2020\n \n | \n \n \n 2027\n \n | \n \n \n 1,125\n \n | \n \n \n 886\n \n | \n \n \n 824\n \n | \n \n \n 984\n \n | \n
| \n \n EUR\u00a01\u202f250\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2024\n \n | \n \n \n -\n \n | \n \n \n 1\u202f250\n \n | \n \n \n 1\u202f250\n \n | \n \n \n 1\u202f251\n \n | \n
| \n \n EUR\u00a01\u202f250\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2026\n \n | \n \n \n -\n \n | \n \n \n 1\u202f247\n \n | \n \n \n 1\u202f246\n \n | \n \n \n 1\u202f245\n \n | \n
| \n \n EUR\u00a01\u202f750\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2028\n \n | \n \n \n 0,125\n \n | \n \n \n 1\u202f738\n \n | \n \n \n 1\u202f727\n \n | \n \n \n 1\u202f737\n \n | \n
| \n \n EUR\u00a01\u202f500\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2031\n \n | \n \n \n 0,375\n \n | \n \n \n 1\u202f491\n \n | \n \n \n 1\u202f489\n \n | \n \n \n 1\u202f488\n \n | \n
| \n \n GBP 700\u202f000\u00a0000\n \n | \n \n \n 2020\n \n | \n \n \n 2023\n \n | \n \n \n 1,0\n \n | \n \n \n -\n \n | \n \n \n 786\n \n | \n \n \n 832\n \n | \n
| \n \n EUR\u00a01\u202f500\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2025\n \n | \n \n \n 0,375\n \n | \n \n \n 1\u202f498\n \n | \n \n \n 1\u202f497\n \n | \n \n \n 1\u202f496\n \n | \n
| \n \n EUR\u00a01\u202f750\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2022\n \n | \n \n \n Variable\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f750\n \n | \n
| \n \n EUR\u00a0700\u202f000\u00a0000\n \n | \n \n \n 2019\n \n | \n \n \n 2023\n \n | \n \n \n 0,26\n \n | \n \n \n -\n \n | \n \n \n 700\n \n | \n \n \n 699\n \n | \n
| \n \n EUR\u00a01\u202f200\u00a0000\u202f000\n \n | \n \n \n 2017\n \n | \n \n \n 2024\n \n | \n \n \n 0,82\n \n | \n \n \n 1\u202f195\n \n | \n \n \n 1\u202f187\n \n | \n \n \n 1\u202f202\n \n | \n
| \n \n EUR\u00a0800\u202f000\u00a0000\n \n | \n \n \n 2017\n \n | \n \n \n 2022\n \n | \n \n \n 0,46\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 800\n \n | \n
| \n \n GBP 400\u202f000\u00a0000\n \n | \n \n \n 2017\n \n | \n \n \n 2022\n \n | \n \n \n 1,09\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 477\n \n | \n
| \n \n Autres\n \n | \n \n | \n | \n | \n \n 918\n \n | \n \n \n 964\n \n | \n \n \n 984\n \n | \n
| \n \n Total emprunts obligataires et EMTN\n \n | \n \n | \n | \n | \n \n 13\u202f712\n \n | \n \n \n 11\u202f672\n \n | \n \n \n 14\u202f944\n \n | \n
\n (a)\u00a0 Avant effet des couvertures de taux mises en place concomitamment ou post\u00e9rieurement \u00e0 l\u2019\u00e9mission.\n
\n\n 19.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse de la dette financi\u00e8re brute par \u00e9ch\u00e9ance et par nature de taux\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Dette financi\u00e8re brute\n \n | \n \n \n Effets des instruments d\u00e9riv\u00e9s\n \n | \n \n \n Dette financi\u00e8re brute apr\u00e8s effets des instruments d\u00e9riv\u00e9s\n \n | \n |||||||
| \n \n Taux fixe\n \n | \n \n \n Taux variable\n \n | \n \n \n Total\n \n | \n \n \n Taux fixe\n \n | \n \n \n Taux variable\n \n | \n \n \n Total\n \n | \n \n \n Taux fixe\n \n | \n \n \n Taux variable\n \n | \n \n \n Total\n \n | \n ||
| \n \n \u00c9ch\u00e9ance\u00a0:\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2024\n \n | \n \n \n 2\u202f919\n \n | \n \n \n 7\u202f761\n \n | \n \n \n 10\u202f680\n \n | \n \n \n (295)\n \n | \n \n \n 315\n \n | \n \n \n 20\n \n | \n \n \n 2\u202f624\n \n | \n \n \n 8\u202f076\n \n | \n \n \n 10\u202f701\n \n | \n
| \n | \n \n Au 31\u00a0d\u00e9cembre 2025\n \n | \n \n \n 2\u202f586\n \n | \n \n \n -\n \n | \n \n \n 2\u202f586\n \n | \n \n \n (1)\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n 2\u202f585\n \n | \n \n \n -\n \n | \n \n \n 2\u202f585\n \n | \n
| \n | \n \n Au 31\u00a0d\u00e9cembre 2026\n \n | \n \n \n 1\u202f410\n \n | \n \n \n -\n \n | \n \n \n 1\u202f410\n \n | \n \n \n (19)\n \n | \n \n \n -\n \n | \n \n \n (19)\n \n | \n \n \n 1\u202f391\n \n | \n \n \n -\n \n | \n \n \n 1\u202f391\n \n | \n
| \n | \n \n Au 31\u00a0d\u00e9cembre 2027\n \n | \n \n \n 946\n \n | \n \n \n -\n \n | \n \n \n 946\n \n | \n \n \n (885)\n \n | \n \n \n 994\n \n | \n \n \n 109\n \n | \n \n \n 61\n \n | \n \n \n 994\n \n | \n \n \n 1\u202f055\n \n | \n
| \n | \n \n Au 31\u00a0d\u00e9cembre 2028\n \n | \n \n \n 1\u202f776\n \n | \n \n \n -\n \n | \n \n \n 1\u202f776\n \n | \n \n \n (213)\n \n | \n \n \n 208\n \n | \n \n \n (5)\n \n | \n \n \n 1\u202f562\n \n | \n \n \n 208\n \n | \n \n \n 1\u202f771\n \n | \n
| \n | \n \n Au 31\u00a0d\u00e9cembre 2029\n \n | \n \n \n 1\u202f004\n \n | \n \n \n -\n \n | \n \n \n 1\u202f004\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f004\n \n | \n \n \n -\n \n | \n \n \n 1\u202f004\n \n | \n
| \n | \n \n Au-del\u00e0\n \n | \n \n \n 3\u202f505\n \n | \n \n \n -\n \n | \n \n \n 3\u202f505\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 3\u202f505\n \n | \n \n \n -\n \n | \n \n \n 3\u202f505\n \n | \n
| \n \n Total\n \n | \n \n | \n \n 14\u202f147\n \n | \n \n \n 7\u202f761\n \n | \n \n \n 21\u202f908\n \n | \n \n \n (1\u202f414)\n \n | \n \n \n 1\u202f517\n \n | \n \n \n 104\n \n | \n \n \n 12\u202f733\n \n | \n \n \n 9\u202f278\n \n | \n \n \n 22\u202f012\n \n | \n
\n Voir Note\u00a023.3\u00a0pour la valeur de march\u00e9 des instruments de taux d\u2019int\u00e9r\u00eat.\n
\n\n L\u2019\u00e9ch\u00e9ance 2024 de la dette financi\u00e8re brute se d\u00e9compose ainsi, par trimestre\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n \u00c9ch\u00e9ance 2024\n \n | \n
| \n \n Premier trimestre\n \n | \n \n \n 6\u202f017\n \n | \n
| \n \n Deuxi\u00e8me trimestre\n \n | \n \n \n 3\u202f881\n \n | \n
| \n \n Troisi\u00e8me trimestre\n \n | \n \n \n 151\n \n | \n
| \n \n Quatri\u00e8me trimestre\n \n | \n \n \n 631\n \n | \n
| \n \n Total\n \n | \n \n \n 10\u202f680\n \n | \n
\n 19.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse de la dette financi\u00e8re brute par devise apr\u00e8s effet des instruments d\u00e9riv\u00e9s\n
\n\n La dette en devises a pour objet de financer le d\u00e9veloppement des activit\u00e9s du Groupe en dehors de la zone euro, ainsi que le patrimoine du Groupe libell\u00e9 en devises.\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Euro\n \n | \n \n \n 15\u202f647\n \n | \n \n \n 14\u202f836\n \n | \n \n \n 17\u202f576\n \n | \n
| \n \n Dollar US\n \n | \n \n \n 4\u202f048\n \n | \n \n \n 4\u202f564\n \n | \n \n \n 2\u202f845\n \n | \n
| \n \n Franc suisse\n \n | \n \n \n 375\n \n | \n \n \n (26)\n \n | \n \n \n 588\n \n | \n
| \n \n Yen japonais\n \n | \n \n \n 4\n \n | \n \n \n 309\n \n | \n \n \n 453\n \n | \n
| \n \n Autres devises\n \n | \n \n \n 1\u202f936\n \n | \n \n \n 371\n \n | \n \n \n (1\u202f290)\n \n | \n
| \n \n Total\u00a0(a)\n \n | \n \n \n 22\u202f010\n \n | \n \n \n 20\u202f053\n \n | \n \n \n 20\u202f172\n \n | \n
\n (a)\u00a0 Les montants pr\u00e9sent\u00e9s ci-dessus int\u00e8grent l\u2019effet des swaps de conversion des financements centraux vers les devises op\u00e9rationnelles des filiales, que ceux-ci soient emprunteurs ou pr\u00eateurs de la devise concern\u00e9e.\n
\n\n 19.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Lignes de cr\u00e9dit confirm\u00e9es non tir\u00e9es et covenants\n
\n\n Au 31\u00a0d\u00e9cembre 2023, le montant disponible des lignes de cr\u00e9dit confirm\u00e9es non tir\u00e9es s\u2019\u00e9l\u00e8ve \u00e0 11,1\u00a0milliards d\u2019euros. Il exc\u00e8de l\u2019encours des programmes de billets de tr\u00e9sorerie et d\u2019US Commercial Paper, dont le montant total s\u2019\u00e9l\u00e8ve \u00e0 7,3\u00a0milliards d\u2019euros au 31\u00a0d\u00e9cembre 2023. Dans le cadre de certaines lignes de cr\u00e9dit, le Groupe peut s\u2019engager \u00e0 respecter certains ratios financiers. Au 31\u00a0d\u00e9cembre 2023, aucune ligne de cr\u00e9dit significative n\u2019est concern\u00e9e par ces dispositions.\n
\n\n 19.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sensibilit\u00e9\n
\n\n Sur la base de la dette au 31\u00a0d\u00e9cembre 2023\u00a0:\n
\n\n \u25cf\u00a0\u00a0 une hausse instantan\u00e9e de 1,5\u00a0point sur les courbes de taux des devises d\u2019endettement du Groupe aurait pour effet une augmentation d\u2019environ 140\u00a0millions d\u2019euros du co\u00fbt annuel de la dette financi\u00e8re nette apr\u00e8s effet des instruments d\u00e9riv\u00e9s, et une baisse de 680\u00a0millions d\u2019euros de la valeur de march\u00e9 de la dette financi\u00e8re brute \u00e0 taux fixe apr\u00e8s effet des instruments d\u00e9riv\u00e9s\u2006;\n
\n\n \u25cf\u00a0\u00a0 une baisse instantan\u00e9e de 1,5\u00a0point de ces m\u00eames courbes aurait pour effet une diminution d\u2019environ 140\u00a0millions d\u2019euros du co\u00fbt annuel de la dette financi\u00e8re nette apr\u00e8s effet des instruments d\u00e9riv\u00e9s, et une hausse de 680\u00a0millions d\u2019euros de la valeur de march\u00e9 de la dette financi\u00e8re brute \u00e0 taux fixe apr\u00e8s effet des instruments d\u00e9riv\u00e9s.\n
\n\n 19.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Garanties et s\u00fbret\u00e9s r\u00e9elles\n
\n\n Au 31\u00a0d\u00e9cembre 2023, le montant de la dette financi\u00e8re couverte par des s\u00fbret\u00e9s r\u00e9elles est inf\u00e9rieur \u00e0 350\u00a0millions d\u2019euros.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27707": { "value": "\n 1.22.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dettes financi\u00e8res\n
\n\n Les dettes financi\u00e8res sont comptabilis\u00e9es au co\u00fbt amorti, c\u2019est-\u00e0-dire \u00e0 leur valeur nominale nette des primes et frais d\u2019\u00e9mission qui sont enregistr\u00e9s progressivement en r\u00e9sultat financier jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance, selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
\n\n En cas de couverture du risque de variation de valeur de la dette financi\u00e8re r\u00e9sultant de l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat, le montant couvert de la dette, ainsi que les instruments de couverture associ\u00e9s, figurent au bilan \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture\u2006; les effets de cette r\u00e9\u00e9valuation sont enregistr\u00e9s en r\u00e9sultat financier, au niveau des \u00ab\u00a0Effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et instruments de taux\u00a0\u00bb. Voir Note\u00a01.10\u00a0concernant l\u2019\u00e9valuation \u00e0 valeur de march\u00e9 de la dette couverte. Les charges et produits d\u2019int\u00e9r\u00eat relatifs aux instruments de couverture sont enregistr\u00e9s en R\u00e9sultat financier au niveau du \u00ab\u00a0Co\u00fbt de la dette financi\u00e8re brute\u00a0\u00bb.\n
\n\n En cas de couverture du risque d\u2019\u00e9volution de la charge d\u2019int\u00e9r\u00eat future, la dette financi\u00e8re dont les flux sont couverts reste comptabilis\u00e9e au co\u00fbt amorti, la variation de valeur de la part efficace de l\u2019instrument de couverture \u00e9tant enregistr\u00e9e dans les capitaux propres en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb.\n
\n\n En l\u2019absence de relation de couverture, ou pour la partie inefficace des couvertures, les variations de valeur des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es en r\u00e9sultat financier.\n
\n\n La dette financi\u00e8re nette est constitu\u00e9e des dettes financi\u00e8res \u00e0 plus et moins d\u2019un an et de la valeur de march\u00e9 \u00e0 la date de cl\u00f4ture des instruments d\u00e9riv\u00e9s sur risque de taux d\u2019int\u00e9r\u00eat, sous d\u00e9duction du montant des investissements financiers en couverture de dette financi\u00e8re, des placements financiers, de la tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie \u00e0 la date de cl\u00f4ture ainsi que de la valeur de march\u00e9 \u00e0 cette date des instruments d\u00e9riv\u00e9s sur risque de change associ\u00e9s \u00e0 l\u2019un de ces \u00e9l\u00e9ments.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__57-1": { "value": "\n 1.22.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dettes financi\u00e8res\n
\n\n Les dettes financi\u00e8res sont comptabilis\u00e9es au co\u00fbt amorti, c\u2019est-\u00e0-dire \u00e0 leur valeur nominale nette des primes et frais d\u2019\u00e9mission qui sont enregistr\u00e9s progressivement en r\u00e9sultat financier jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance, selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
\n\n En cas de couverture du risque de variation de valeur de la dette financi\u00e8re r\u00e9sultant de l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat, le montant couvert de la dette, ainsi que les instruments de couverture associ\u00e9s, figurent au bilan \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture\u2006; les effets de cette r\u00e9\u00e9valuation sont enregistr\u00e9s en r\u00e9sultat financier, au niveau des \u00ab\u00a0Effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et instruments de taux\u00a0\u00bb. Voir Note\u00a01.10\u00a0concernant l\u2019\u00e9valuation \u00e0 valeur de march\u00e9 de la dette couverte. Les charges et produits d\u2019int\u00e9r\u00eat relatifs aux instruments de couverture sont enregistr\u00e9s en R\u00e9sultat financier au niveau du \u00ab\u00a0Co\u00fbt de la dette financi\u00e8re brute\u00a0\u00bb.\n
\n\n En cas de couverture du risque d\u2019\u00e9volution de la charge d\u2019int\u00e9r\u00eat future, la dette financi\u00e8re dont les flux sont couverts reste comptabilis\u00e9e au co\u00fbt amorti, la variation de valeur de la part efficace de l\u2019instrument de couverture \u00e9tant enregistr\u00e9e dans les capitaux propres en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb.\n
\n\n En l\u2019absence de relation de couverture, ou pour la partie inefficace des couvertures, les variations de valeur des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es en r\u00e9sultat financier.\n
\n\n La dette financi\u00e8re nette est constitu\u00e9e des dettes financi\u00e8res \u00e0 plus et moins d\u2019un an et de la valeur de march\u00e9 \u00e0 la date de cl\u00f4ture des instruments d\u00e9riv\u00e9s sur risque de taux d\u2019int\u00e9r\u00eat, sous d\u00e9duction du montant des investissements financiers en couverture de dette financi\u00e8re, des placements financiers, de la tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie \u00e0 la date de cl\u00f4ture ainsi que de la valeur de march\u00e9 \u00e0 cette date des instruments d\u00e9riv\u00e9s sur risque de change associ\u00e9s \u00e0 l\u2019un de ces \u00e9l\u00e9ments.\n
\n 9.\u00a0\u00a0\u00a0\u00a0 Investissements financiers\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 1\u202f109\n \n | \n \n \n 1\u202f363\n \n | \n \n \n 739\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 212\n \n | \n \n \n 369\n \n | \n \n \n 569\n \n | \n
| \n \n Cessions \u00e0 valeur de vente\n \n | \n \n \n (30)\n \n | \n \n \n (98)\n \n | \n \n \n (107)\n \n | \n
| \n \n Variations de valeur de march\u00e9\u00a0(a)\n \n | \n \n \n 211\n \n | \n \n \n (125)\n \n | \n \n \n 153\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n (120)\n \n | \n \n \n (410)\n \n | \n \n \n (3)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (19)\n \n | \n \n \n 10\n \n | \n \n \n 12\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 1\u202f363\n \n | \n \n \n 1\u202f109\n \n | \n \n \n 1\u202f363\n \n | \n
\n (a)\u00a0 Enregistr\u00e9es en R\u00e9sultat financier et, en 2021, pour partie en Autres produits et charges op\u00e9rationnels (voir Note\u00a026).\n
\n\n Au 31\u00a0d\u00e9cembre 2023, le montant des titres en attente de consolidation est de 106\u00a0millions d\u2019euros, voir Note\u00a02. L\u2019essentiel de ces investissements feront l\u2019objet d\u2019une consolidation au 31\u00a0d\u00e9cembre 2024.\n
\n\n Les effets des variations de p\u00e9rim\u00e8tre de 2023 sont essentiellement relatifs \u00e0 la premi\u00e8re consolidation de diverses acquisitions r\u00e9alis\u00e9es ant\u00e9rieurement mais non encore consolid\u00e9es au 31\u00a0d\u00e9cembre 2022.\n
\n 19.\u00a0\u00a0\u00a0\u00a0 Emprunts et dettes financi\u00e8res\n
\n\n 19.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dette financi\u00e8re nette\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Emprunts obligataires et Euro Medium-Term Notes (EMTN)\n \n | \n \n \n 11\u202f027\n \n | \n \n \n 10\u202f185\n \n | \n \n \n 11\u202f872\n \n | \n
| \n \n Emprunts bancaires\n \n | \n \n \n 200\n \n | \n \n \n 194\n \n | \n \n \n 293\n \n | \n
| \n \n Dette financi\u00e8re \u00e0 plus d\u2019un an\n \n | \n \n \n 11\u202f227\n \n | \n \n \n 10\u202f380\n \n | \n \n \n 12\u202f165\n \n | \n
| \n \n Emprunts obligataires et Euro Medium-Term Notes (EMTN)\n \n | \n \n \n 2\u202f685\n \n | \n \n \n 1\u202f486\n \n | \n \n \n 3\u202f072\n \n | \n
| \n \n Emprunts courants aupr\u00e8s des \u00e9tablissements de cr\u00e9dit\n \n | \n \n \n 338\n \n | \n \n \n 222\n \n | \n \n \n 377\n \n | \n
| \n \n Billets de tr\u00e9sorerie et US Commercial Paper\n \n | \n \n \n 7\u202f291\n \n | \n \n \n 7\u202f247\n \n | \n \n \n 4\u202f172\n \n | \n
| \n \n Autres emprunts et lignes de cr\u00e9dit\n \n | \n \n \n 152\n \n | \n \n \n 144\n \n | \n \n \n 191\n \n | \n
| \n \n D\u00e9couverts bancaires\n \n | \n \n \n 254\n \n | \n \n \n 200\n \n | \n \n \n 203\n \n | \n
| \n \n Int\u00e9r\u00eats courus\n \n | \n \n \n (40)\n \n | \n \n \n 60\n \n | \n \n \n 61\n \n | \n
| \n \n Dette financi\u00e8re \u00e0 moins d\u2019un an\n \n | \n \n \n 10\u202f680\n \n | \n \n \n 9\u202f360\n \n | \n \n \n 8\u202f075\n \n | \n
| \n \n Dette financi\u00e8re brute\n \n | \n \n \n 21\u202f907\n \n | \n \n \n 19\u202f739\n \n | \n \n \n 20\u202f241\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s li\u00e9s au risque de taux d\u2019int\u00e9r\u00eat\n \n | \n \n \n 96\n \n | \n \n \n 144\n \n | \n \n \n (6)\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s li\u00e9s au risque de change\n \n | \n \n \n 7\n \n | \n \n \n 170\n \n | \n \n \n (63)\n \n | \n
| \n \n Dette financi\u00e8re brute apr\u00e8s effet des instruments d\u00e9riv\u00e9s\n \n | \n \n \n 22\u202f010\n \n | \n \n \n 20\u202f053\n \n | \n \n \n 20\u202f172\n \n | \n
| \n \n Placements financiers\u00a0(a)\n \n | \n \n \n (3\u202f490)\n \n | \n \n \n (3\u202f552)\n \n | \n \n \n (2\u202f544)\n \n | \n
| \n \n Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\u00a0(b)\n \n | \n \n \n (7\u202f774)\n \n | \n \n \n (7\u202f300)\n \n | \n \n \n (8\u202f021)\n \n | \n
| \n \n Dette financi\u00e8re nette\n \n | \n \n \n 10\u202f746\n \n | \n \n \n 9\u202f201\n \n | \n \n \n 9\u202f607\n \n | \n
\n (a)\u00a0 Voir Note\u00a014.\n
\n\n (b)\u00a0 Voir Note\u00a015.1.\n
\n\n La dette financi\u00e8re nette n\u2019inclut ni les engagements d\u2019achat de titres de minoritaires (voir Note\u00a021) ni les dettes locatives (voir Note\u00a07).\n
\n\n La variation de la dette financi\u00e8re brute apr\u00e8s effet des instruments d\u00e9riv\u00e9s au cours de l\u2019exercice s\u2019analyse ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n Variations de la tr\u00e9sorerie\u00a0(a)\n \n | \n \n \n Effets des variations de change\n \n | \n \n \n Effets des variations de valeur de march\u00e9\n \n | \n \n \n Variations de p\u00e9rim\u00e8tre\n \n | \n \n \n Reclassements et autres\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n
| \n \n Dette financi\u00e8re \u00e0 plus d\u2019un an\n \n | \n \n \n 10\u202f380\n \n | \n \n \n 3\u202f531\n \n | \n \n \n (2)\n \n | \n \n \n 44\n \n | \n \n \n 49\n \n | \n \n \n (2\u202f775)\n \n | \n \n \n 11\u202f227\n \n | \n
| \n \n Dette financi\u00e8re \u00e0 moins d\u2019un an\n \n | \n \n \n 9\u202f359\n \n | \n \n \n (1\u202f637)\n \n | \n \n \n (35)\n \n | \n \n \n 1\n \n | \n \n \n 241\n \n | \n \n \n 2\u202f751\n \n | \n \n \n 10\u202f680\n \n | \n
| \n \n Dette financi\u00e8re brute\n \n | \n \n \n 19\u202f739\n \n | \n \n \n 1\u202f894\n \n | \n \n \n (37)\n \n | \n \n \n 45\n \n | \n \n \n 290\n \n | \n \n \n (24)\n \n | \n \n \n 21\u202f907\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n 314\n \n | \n \n \n 15\n \n | \n \n \n 1\n \n | \n \n \n (226)\n \n | \n \n \n (1)\n \n | \n \n \n -\n \n | \n \n \n 103\n \n | \n
| \n \n Dette financi\u00e8re brute apr\u00e8s effet des instruments d\u00e9riv\u00e9s\n \n | \n \n \n 20\u202f053\n \n | \n \n \n 1\u202f909\n \n | \n \n \n (36)\n \n | \n \n \n (181)\n \n | \n \n \n 289\n \n | \n \n \n (24)\n \n | \n \n \n 22\u202f010\n \n | \n
\n (a)\u00a0 Dont 5\u202f990\u00a0millions d\u2019euros au titre des \u00e9missions et souscriptions d\u2019emprunts, 3\u202f968\u00a0millions d\u2019euros au titre des remboursements d\u2019emprunts et de dettes financi\u00e8res et 55\u00a0millions d\u2019euros d\u2019augmentation des d\u00e9couverts bancaires.\n
\n\n Au cours du 1er\u00a0semestre 2023, LVMH a rembours\u00e9 l\u2019emprunt obligataire de 700\u00a0millions d\u2019euros \u00e9mis en 2019, ainsi que l\u2019emprunt obligataire de 700\u00a0millions de livres sterling, \u00e9mis en 2020. Les swaps de couverture associ\u00e9s \u00e0 ce dernier emprunt ont \u00e9t\u00e9 d\u00e9boucl\u00e9s concomitamment au remboursement.\n
\n\n Par ailleurs, dans le cadre de son programme EMTN, LVMH a r\u00e9alis\u00e9 trois \u00e9missions obligataires\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en avril 2023, \u00e9mission de 1\u202f000\u00a0millions d\u2019euros, \u00e0 \u00e9ch\u00e9ance octobre 2025, assortie d\u2019un coupon de 3,375\u2006%\u2006;\n
\n\n \u25cf\u00a0\u00a0 en septembre 2023, \u00e9mission de 1\u202f000\u00a0millions d\u2019euros \u00e0 \u00e9ch\u00e9ance septembre 2029, assortie d\u2019un coupon de 3,25\u2006%\u2006;\n
\n\n \u25cf\u00a0\u00a0 en septembre 2023, \u00e9mission de 1\u202f500\u00a0millions d\u2019euros \u00e0 \u00e9ch\u00e9ance septembre 2033, assortie d\u2019un coupon de 3,50\u2006%.\n
\n\n Au cours de l\u2019exercice 2022, LVMH a rembours\u00e9 l\u2019emprunt obligataire de 1\u202f750\u00a0millions d\u2019euros \u00e9mis en 2020, ainsi que l\u2019emprunt obligataire de 800\u00a0millions d\u2019euros et l\u2019emprunt obligataire de 400\u00a0millions de livres sterling, tous deux \u00e9mis en 2017. Les swaps de couverture associ\u00e9s ont \u00e9t\u00e9 d\u00e9boucl\u00e9s concomitamment aux remboursements.\n
\n\n Au cours de l\u2019exercice 2021, LVMH a rembours\u00e9 l\u2019emprunt obligataire de 300\u00a0millions d\u2019euros \u00e9mis en 2019. Le solde des obligations convertibles d\u00e9nouables en esp\u00e8ces \u00e9mises en 2016, d\u2019une valeur nominale initiale de 750\u00a0millions de dollars\u00a0US, a \u00e9galement \u00e9t\u00e9 rembours\u00e9, soit 156\u00a0millions de dollars\u00a0US. Un montant de 594\u00a0millions de dollars\u00a0US avait \u00e9t\u00e9 rembours\u00e9 par anticipation \u00e0 fin 2020, suite \u00e0 l\u2019exercice, par les porteurs d\u2019obligations, de la clause de conversion. Voir Note\u00a019 de l\u2019annexe aux comptes consolid\u00e9s 2020 concernant les d\u00e9tails du remboursement de ces obligations. Enfin, LVMH a proc\u00e9d\u00e9 au remboursement de l\u2019emprunt obligataire de 650\u00a0millions d\u2019euros \u00e9mis en 2014. Les swaps de couverture associ\u00e9s ont \u00e9t\u00e9 d\u00e9boucl\u00e9s concomitamment au remboursement. Les dettes obligataires de Tiffany ont \u00e9t\u00e9 comptabilis\u00e9es \u00e0 leur valeur de march\u00e9 \u00e0 la date d\u2019int\u00e9gration, soit 940\u00a0millions d\u2019euros. Il s\u2019agit de quatre \u00e9missions en dollars\u00a0US pour un nominal total de 800\u00a0millions de dollars\u00a0US et d\u2019une \u00e9mission de 10\u00a0milliards de yens japonais.\n
\n\n La valeur de march\u00e9 de la dette financi\u00e8re brute, \u00e9valu\u00e9e sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s, est de 20\u202f730\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2023 (18\u202f018\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022, 19\u202f442\u00a0millions au 31\u00a0d\u00e9cembre 2021), dont 10\u202f402\u00a0millions d\u2019euros \u00e0 moins d\u2019un an (9\u202f358\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022, 8\u202f035\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2021) et 10\u202f327\u00a0millions d\u2019euros \u00e0 plus d\u2019un an (8\u202f660\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022, 11\u202f407\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2021).\n
\n\n Aux 31\u00a0d\u00e9cembre 2023, 2022 et 2021, aucun encours n\u2019\u00e9tait comptabilis\u00e9 selon l\u2019option juste valeur. Voir Note\u00a01.23.\n
\n\n 19.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Emprunts obligataires et EMTN\n
\n| \n \n Montant nominal (en devises)\n \n | \n \n \n Date d\u2019\u00e9mission\n \n | \n \n \n \u00c9ch\u00e9ance\n \n | \n \n \n Taux d\u2019int\u00e9r\u00eat effectif initial\u00a0(a) (%)\n \n | \n \n \n 2023 (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2022 (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2021 (en\u00a0millions d\u2019euros)\n \n | \n
| \n \n EUR\u00a01\u202f500\u00a0000\u202f000\n \n | \n \n \n 2023\n \n | \n \n \n 2033\n \n | \n \n \n 3,5\n \n | \n \n \n 1\u202f496\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n EUR\u00a01\u202f000\u00a0000\u202f000\n \n | \n \n \n 2023\n \n | \n \n \n 2029\n \n | \n \n \n 3,25\n \n | \n \n \n 993\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n EUR\u00a01\u202f000\u00a0000\u202f000\n \n | \n \n \n 2023\n \n | \n \n \n 2025\n \n | \n \n \n 3,375\n \n | \n \n \n 999\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n GBP 850\u202f000\u00a0000\n \n | \n \n \n 2020\n \n | \n \n \n 2027\n \n | \n \n \n 1,125\n \n | \n \n \n 886\n \n | \n \n \n 824\n \n | \n \n \n 984\n \n | \n
| \n \n EUR\u00a01\u202f250\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2024\n \n | \n \n \n -\n \n | \n \n \n 1\u202f250\n \n | \n \n \n 1\u202f250\n \n | \n \n \n 1\u202f251\n \n | \n
| \n \n EUR\u00a01\u202f250\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2026\n \n | \n \n \n -\n \n | \n \n \n 1\u202f247\n \n | \n \n \n 1\u202f246\n \n | \n \n \n 1\u202f245\n \n | \n
| \n \n EUR\u00a01\u202f750\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2028\n \n | \n \n \n 0,125\n \n | \n \n \n 1\u202f738\n \n | \n \n \n 1\u202f727\n \n | \n \n \n 1\u202f737\n \n | \n
| \n \n EUR\u00a01\u202f500\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2031\n \n | \n \n \n 0,375\n \n | \n \n \n 1\u202f491\n \n | \n \n \n 1\u202f489\n \n | \n \n \n 1\u202f488\n \n | \n
| \n \n GBP 700\u202f000\u00a0000\n \n | \n \n \n 2020\n \n | \n \n \n 2023\n \n | \n \n \n 1,0\n \n | \n \n \n -\n \n | \n \n \n 786\n \n | \n \n \n 832\n \n | \n
| \n \n EUR\u00a01\u202f500\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2025\n \n | \n \n \n 0,375\n \n | \n \n \n 1\u202f498\n \n | \n \n \n 1\u202f497\n \n | \n \n \n 1\u202f496\n \n | \n
| \n \n EUR\u00a01\u202f750\u00a0000\u202f000\n \n | \n \n \n 2020\n \n | \n \n \n 2022\n \n | \n \n \n Variable\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f750\n \n | \n
| \n \n EUR\u00a0700\u202f000\u00a0000\n \n | \n \n \n 2019\n \n | \n \n \n 2023\n \n | \n \n \n 0,26\n \n | \n \n \n -\n \n | \n \n \n 700\n \n | \n \n \n 699\n \n | \n
| \n \n EUR\u00a01\u202f200\u00a0000\u202f000\n \n | \n \n \n 2017\n \n | \n \n \n 2024\n \n | \n \n \n 0,82\n \n | \n \n \n 1\u202f195\n \n | \n \n \n 1\u202f187\n \n | \n \n \n 1\u202f202\n \n | \n
| \n \n EUR\u00a0800\u202f000\u00a0000\n \n | \n \n \n 2017\n \n | \n \n \n 2022\n \n | \n \n \n 0,46\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 800\n \n | \n
| \n \n GBP 400\u202f000\u00a0000\n \n | \n \n \n 2017\n \n | \n \n \n 2022\n \n | \n \n \n 1,09\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 477\n \n | \n
| \n \n Autres\n \n | \n \n | \n | \n | \n \n 918\n \n | \n \n \n 964\n \n | \n \n \n 984\n \n | \n
| \n \n Total emprunts obligataires et EMTN\n \n | \n \n | \n | \n | \n \n 13\u202f712\n \n | \n \n \n 11\u202f672\n \n | \n \n \n 14\u202f944\n \n | \n
\n (a)\u00a0 Avant effet des couvertures de taux mises en place concomitamment ou post\u00e9rieurement \u00e0 l\u2019\u00e9mission.\n
\n\n 19.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse de la dette financi\u00e8re brute par \u00e9ch\u00e9ance et par nature de taux\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Dette financi\u00e8re brute\n \n | \n \n \n Effets des instruments d\u00e9riv\u00e9s\n \n | \n \n \n Dette financi\u00e8re brute apr\u00e8s effets des instruments d\u00e9riv\u00e9s\n \n | \n |||||||
| \n \n Taux fixe\n \n | \n \n \n Taux variable\n \n | \n \n \n Total\n \n | \n \n \n Taux fixe\n \n | \n \n \n Taux variable\n \n | \n \n \n Total\n \n | \n \n \n Taux fixe\n \n | \n \n \n Taux variable\n \n | \n \n \n Total\n \n | \n ||
| \n \n \u00c9ch\u00e9ance\u00a0:\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2024\n \n | \n \n \n 2\u202f919\n \n | \n \n \n 7\u202f761\n \n | \n \n \n 10\u202f680\n \n | \n \n \n (295)\n \n | \n \n \n 315\n \n | \n \n \n 20\n \n | \n \n \n 2\u202f624\n \n | \n \n \n 8\u202f076\n \n | \n \n \n 10\u202f701\n \n | \n
| \n | \n \n Au 31\u00a0d\u00e9cembre 2025\n \n | \n \n \n 2\u202f586\n \n | \n \n \n -\n \n | \n \n \n 2\u202f586\n \n | \n \n \n (1)\n \n | \n \n \n -\n \n | \n \n \n (1)\n \n | \n \n \n 2\u202f585\n \n | \n \n \n -\n \n | \n \n \n 2\u202f585\n \n | \n
| \n | \n \n Au 31\u00a0d\u00e9cembre 2026\n \n | \n \n \n 1\u202f410\n \n | \n \n \n -\n \n | \n \n \n 1\u202f410\n \n | \n \n \n (19)\n \n | \n \n \n -\n \n | \n \n \n (19)\n \n | \n \n \n 1\u202f391\n \n | \n \n \n -\n \n | \n \n \n 1\u202f391\n \n | \n
| \n | \n \n Au 31\u00a0d\u00e9cembre 2027\n \n | \n \n \n 946\n \n | \n \n \n -\n \n | \n \n \n 946\n \n | \n \n \n (885)\n \n | \n \n \n 994\n \n | \n \n \n 109\n \n | \n \n \n 61\n \n | \n \n \n 994\n \n | \n \n \n 1\u202f055\n \n | \n
| \n | \n \n Au 31\u00a0d\u00e9cembre 2028\n \n | \n \n \n 1\u202f776\n \n | \n \n \n -\n \n | \n \n \n 1\u202f776\n \n | \n \n \n (213)\n \n | \n \n \n 208\n \n | \n \n \n (5)\n \n | \n \n \n 1\u202f562\n \n | \n \n \n 208\n \n | \n \n \n 1\u202f771\n \n | \n
| \n | \n \n Au 31\u00a0d\u00e9cembre 2029\n \n | \n \n \n 1\u202f004\n \n | \n \n \n -\n \n | \n \n \n 1\u202f004\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f004\n \n | \n \n \n -\n \n | \n \n \n 1\u202f004\n \n | \n
| \n | \n \n Au-del\u00e0\n \n | \n \n \n 3\u202f505\n \n | \n \n \n -\n \n | \n \n \n 3\u202f505\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 3\u202f505\n \n | \n \n \n -\n \n | \n \n \n 3\u202f505\n \n | \n
| \n \n Total\n \n | \n \n | \n \n 14\u202f147\n \n | \n \n \n 7\u202f761\n \n | \n \n \n 21\u202f908\n \n | \n \n \n (1\u202f414)\n \n | \n \n \n 1\u202f517\n \n | \n \n \n 104\n \n | \n \n \n 12\u202f733\n \n | \n \n \n 9\u202f278\n \n | \n \n \n 22\u202f012\n \n | \n
\n Voir Note\u00a023.3\u00a0pour la valeur de march\u00e9 des instruments de taux d\u2019int\u00e9r\u00eat.\n
\n\n L\u2019\u00e9ch\u00e9ance 2024 de la dette financi\u00e8re brute se d\u00e9compose ainsi, par trimestre\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n \u00c9ch\u00e9ance 2024\n \n | \n
| \n \n Premier trimestre\n \n | \n \n \n 6\u202f017\n \n | \n
| \n \n Deuxi\u00e8me trimestre\n \n | \n \n \n 3\u202f881\n \n | \n
| \n \n Troisi\u00e8me trimestre\n \n | \n \n \n 151\n \n | \n
| \n \n Quatri\u00e8me trimestre\n \n | \n \n \n 631\n \n | \n
| \n \n Total\n \n | \n \n \n 10\u202f680\n \n | \n
\n 19.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse de la dette financi\u00e8re brute par devise apr\u00e8s effet des instruments d\u00e9riv\u00e9s\n
\n\n La dette en devises a pour objet de financer le d\u00e9veloppement des activit\u00e9s du Groupe en dehors de la zone euro, ainsi que le patrimoine du Groupe libell\u00e9 en devises.\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Euro\n \n | \n \n \n 15\u202f647\n \n | \n \n \n 14\u202f836\n \n | \n \n \n 17\u202f576\n \n | \n
| \n \n Dollar US\n \n | \n \n \n 4\u202f048\n \n | \n \n \n 4\u202f564\n \n | \n \n \n 2\u202f845\n \n | \n
| \n \n Franc suisse\n \n | \n \n \n 375\n \n | \n \n \n (26)\n \n | \n \n \n 588\n \n | \n
| \n \n Yen japonais\n \n | \n \n \n 4\n \n | \n \n \n 309\n \n | \n \n \n 453\n \n | \n
| \n \n Autres devises\n \n | \n \n \n 1\u202f936\n \n | \n \n \n 371\n \n | \n \n \n (1\u202f290)\n \n | \n
| \n \n Total\u00a0(a)\n \n | \n \n \n 22\u202f010\n \n | \n \n \n 20\u202f053\n \n | \n \n \n 20\u202f172\n \n | \n
\n (a)\u00a0 Les montants pr\u00e9sent\u00e9s ci-dessus int\u00e8grent l\u2019effet des swaps de conversion des financements centraux vers les devises op\u00e9rationnelles des filiales, que ceux-ci soient emprunteurs ou pr\u00eateurs de la devise concern\u00e9e.\n
\n\n 19.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Lignes de cr\u00e9dit confirm\u00e9es non tir\u00e9es et covenants\n
\n\n Au 31\u00a0d\u00e9cembre 2023, le montant disponible des lignes de cr\u00e9dit confirm\u00e9es non tir\u00e9es s\u2019\u00e9l\u00e8ve \u00e0 11,1\u00a0milliards d\u2019euros. Il exc\u00e8de l\u2019encours des programmes de billets de tr\u00e9sorerie et d\u2019US Commercial Paper, dont le montant total s\u2019\u00e9l\u00e8ve \u00e0 7,3\u00a0milliards d\u2019euros au 31\u00a0d\u00e9cembre 2023. Dans le cadre de certaines lignes de cr\u00e9dit, le Groupe peut s\u2019engager \u00e0 respecter certains ratios financiers. Au 31\u00a0d\u00e9cembre 2023, aucune ligne de cr\u00e9dit significative n\u2019est concern\u00e9e par ces dispositions.\n
\n\n 19.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sensibilit\u00e9\n
\n\n Sur la base de la dette au 31\u00a0d\u00e9cembre 2023\u00a0:\n
\n\n \u25cf\u00a0\u00a0 une hausse instantan\u00e9e de 1,5\u00a0point sur les courbes de taux des devises d\u2019endettement du Groupe aurait pour effet une augmentation d\u2019environ 140\u00a0millions d\u2019euros du co\u00fbt annuel de la dette financi\u00e8re nette apr\u00e8s effet des instruments d\u00e9riv\u00e9s, et une baisse de 680\u00a0millions d\u2019euros de la valeur de march\u00e9 de la dette financi\u00e8re brute \u00e0 taux fixe apr\u00e8s effet des instruments d\u00e9riv\u00e9s\u2006;\n
\n\n \u25cf\u00a0\u00a0 une baisse instantan\u00e9e de 1,5\u00a0point de ces m\u00eames courbes aurait pour effet une diminution d\u2019environ 140\u00a0millions d\u2019euros du co\u00fbt annuel de la dette financi\u00e8re nette apr\u00e8s effet des instruments d\u00e9riv\u00e9s, et une hausse de 680\u00a0millions d\u2019euros de la valeur de march\u00e9 de la dette financi\u00e8re brute \u00e0 taux fixe apr\u00e8s effet des instruments d\u00e9riv\u00e9s.\n
\n\n 19.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Garanties et s\u00fbret\u00e9s r\u00e9elles\n
\n\n Au 31\u00a0d\u00e9cembre 2023, le montant de la dette financi\u00e8re couverte par des s\u00fbret\u00e9s r\u00e9elles est inf\u00e9rieur \u00e0 350\u00a0millions d\u2019euros.\n
\n 23.\u00a0\u00a0\u00a0\u00a0 Instruments financiers et gestion des risques de march\u00e9\n
\n\n 23.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Organisation de la gestion des risques de change, de taux et des march\u00e9s actions\n
\n\n Les instruments financiers utilis\u00e9s par le Groupe ont principalement pour objet la couverture des risques li\u00e9s \u00e0 son activit\u00e9 et \u00e0 son patrimoine.\n
\n\n La gestion des risques de change et de taux, les transactions sur actions et les instruments financiers sont effectu\u00e9s de fa\u00e7on centralis\u00e9e.\n
\n\n Le Groupe a mis en place une politique, des r\u00e8gles et des proc\u00e9dures strictes pour g\u00e9rer, mesurer et contr\u00f4ler ces risques de march\u00e9.\n
\n\n L\u2019organisation de ces activit\u00e9s repose sur la s\u00e9paration des fonctions de mesure des risques (middle-office), de mise en \u0153uvre des op\u00e9rations (front-office), de gestion administrative (back-office) et de contr\u00f4le financier.\n
\n\n Cette organisation s\u2019appuie sur un syst\u00e8me d\u2019information int\u00e9gr\u00e9 qui permet un contr\u00f4le rapide des op\u00e9rations.\n
\n\n Le dispositif de couverture est pr\u00e9sent\u00e9 au Comit\u00e9 d\u2019audit de la performance. Les d\u00e9cisions de couverture sont prises selon un processus \u00e9tabli qui comprend des pr\u00e9sentations r\u00e9guli\u00e8res au Comit\u00e9 ex\u00e9cutif du Groupe et font l\u2019objet d\u2019une documentation d\u00e9taill\u00e9e.\n
\n\n Les contreparties sont retenues notamment en fonction de leur notation et selon une approche de diversification des risques.\n
\n\n 23.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Synth\u00e8se des instruments d\u00e9riv\u00e9s\n
\n\n Les instruments d\u00e9riv\u00e9s sont comptabilis\u00e9s au bilan dans les rubriques et pour les montants suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n | \n | \n \n Notes\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Risque de taux d\u2019int\u00e9r\u00eat\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n 2\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n 23\n \n | \n \n \n 34\n \n | \n \n \n 31\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n (100)\n \n | \n \n \n (159)\n \n | \n \n \n (25)\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n (21)\n \n | \n \n \n (19)\n \n | \n \n \n (5)\n \n | \n
| \n | \n | \n | \n \n 23.3\n \n | \n \n \n (96)\n \n | \n \n \n (144)\n \n | \n \n \n 6\n \n | \n
| \n \n Risque de change\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n 97\n \n | \n \n \n 97\n \n | \n \n \n 51\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n 509\n \n | \n \n \n 421\n \n | \n \n \n 218\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n (31)\n \n | \n \n \n (47)\n \n | \n \n \n (20)\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n (126)\n \n | \n \n \n (277)\n \n | \n \n \n (182)\n \n | \n
| \n | \n | \n | \n \n 23.4\n \n | \n \n \n 450\n \n | \n \n \n 193\n \n | \n \n \n 68\n \n | \n
| \n \n Autres risques\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n 10\n \n | \n \n \n 7\n \n | \n \n \n 9\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n (2)\n \n | \n \n \n (3)\n \n | \n \n \n (8)\n \n | \n
| \n | \n | \n | \n \n 23.5\n \n | \n \n \n 9\n \n | \n \n \n 4\n \n | \n \n \n 1\n \n | \n
| \n \n Total\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n \n 10\n \n | \n \n \n 99\n \n | \n \n \n 97\n \n | \n \n \n 55\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n \n 13\n \n | \n \n \n 543\n \n | \n \n \n 462\n \n | \n \n \n 258\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n \n 20\n \n | \n \n \n (130)\n \n | \n \n \n (206)\n \n | \n \n \n (45)\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n \n 22\n \n | \n \n \n (149)\n \n | \n \n \n (300)\n \n | \n \n \n (195)\n \n | \n
| \n | \n | \n | \n | \n \n 363\n \n | \n \n \n 53\n \n | \n \n \n 74\n \n | \n
\n Les instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion des autres risques concernent essentiellement des instruments de couverture fermes ou optionnels sur certains m\u00e9taux pr\u00e9cieux, notamment l\u2019argent, l\u2019or et le platine.\n
\n\n 23.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de taux d\u2019int\u00e9r\u00eat\n
\n\n L\u2019objectif de la politique de gestion men\u00e9e est d\u2019adapter le profil de la dette au profil des actifs et \u00e0 la capacit\u00e9 de remboursement, de contenir les frais financiers, et de pr\u00e9munir le r\u00e9sultat contre une variation sensible des taux d\u2019int\u00e9r\u00eat.\n
\n\n Dans ce cadre, le Groupe utilise des instruments d\u00e9riv\u00e9s de taux \u00e0 nature ferme (swaps) ou conditionnelle (options).\n
\n\n Les instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de taux en vie au 31\u00a0d\u00e9cembre 2023 sont les suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Montants nominaux par \u00e9ch\u00e9ance\n \n | \n \n \n Valeur de march\u00e9\u00a0(a)\u00a0(b)\n \n | \n ||||||
| \n \n \u00c0 1\u00a0an\n \n | \n \n \n De 1\u00a0\u00e0 5\u00a0ans\n \n | \n \n \n Au-del\u00e0\n \n | \n \n \n Total\n \n | \n \n \n Couverture de flux de tr\u00e9sorerie futurs\n \n | \n \n \n Couverture de juste valeur\n \n | \n \n \n Non affect\u00e9s\n \n | \n \n \n Total\n \n | \n |
| \n \n Swaps de taux, payeur de taux variable\n \n | \n \n \n 300\n \n | \n \n \n 1\u202f178\n \n | \n \n \n -\n \n | \n \n \n 1\u202f478\n \n | \n \n \n -\n \n | \n \n \n (102)\n \n | \n \n \n -\n \n | \n \n \n (102)\n \n | \n
| \n \n Swaps de taux, payeur de taux fixe\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Swaps de devises, payeur de taux euro\n \n | \n \n \n -\n \n | \n \n \n 978\n \n | \n \n \n -\n \n | \n \n \n 978\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 5\n \n | \n \n \n 5\n \n | \n
| \n \n Swaps de devises, receveur de taux euro\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Options de taux\n \n | \n \n \n -\n \n | \n \n \n 400\n \n | \n \n \n -\n \n | \n \n \n 400\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Total\n \n | \n \n | \n | \n | \n | \n \n -\n \n | \n \n \n (102)\n \n | \n \n \n 5\n \n | \n \n \n (97)\n \n | \n
\n (a)\u00a0 Gain/(Perte).\n
\n\n (b)\u00a0 Voir Note\u00a01.10\u00a0concernant les modalit\u00e9s d\u2019\u00e9valuation \u00e0 la valeur de march\u00e9.\n
\n\n 23.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de change\n
\n\n Une part importante des ventes faites par les soci\u00e9t\u00e9s du Groupe, \u00e0 leurs clients ou \u00e0 leurs propres filiales de distribution, ainsi que certains de leurs achats, sont effectu\u00e9s en devises diff\u00e9rentes de leur monnaie fonctionnelle\u2006; ces flux en devises sont constitu\u00e9s principalement de flux intra-Groupe. Les instruments de couverture utilis\u00e9s ont pour objet de r\u00e9duire les risques de change issus des variations de parit\u00e9 de ces devises par rapport \u00e0 la monnaie fonctionnelle des soci\u00e9t\u00e9s exportatrices ou importatrices, et sont affect\u00e9s soit aux cr\u00e9ances ou dettes commerciales de l\u2019exercice (couverture de juste valeur), soit aux transactions pr\u00e9visionnelles des exercices suivants (couverture des flux de tr\u00e9sorerie futurs).\n
\n\n Les flux futurs de devises font l\u2019objet de pr\u00e9visions d\u00e9taill\u00e9es dans le cadre du processus budg\u00e9taire, et sont couverts progressivement, dans la limite d\u2019un horizon qui n\u2019exc\u00e8de un an que dans les cas o\u00f9 les probabilit\u00e9s de r\u00e9alisation le justifient. Dans ce cadre, et selon les \u00e9volutions de march\u00e9, les risques de change identifi\u00e9s sont couverts par des contrats \u00e0 terme ou des instruments de nature optionnelle.\n
\n\n En outre, le Groupe est expos\u00e9 au risque de change patrimonial li\u00e9 \u00e0 la d\u00e9tention d\u2019actifs en devises. Ce risque de change peut \u00eatre couvert totalement ou partiellement par la mise en place d\u2019emprunts en devises ou par des couvertures de situations nettes de ses filiales situ\u00e9es hors zone euro, en utilisant des instruments appropri\u00e9s ayant pour objet de limiter l\u2019effet sur ses capitaux propres consolid\u00e9s des variations de parit\u00e9 des devises concern\u00e9es contre l\u2019euro.\n
\n\n Les instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de change en vie au 31\u00a0d\u00e9cembre 2023 sont les suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Montants nominaux par exercice d\u2019affectation\u00a0(a)\n \n | \n \n \n Valeur de march\u00e9\u00a0(b)\u00a0(c)\n \n | \n ||||||
| \n \n 2023\n \n | \n \n \n 2024\n \n | \n \n \n Au-del\u00e0\n \n | \n \n \n Total\n \n | \n \n \n Couverture de flux de tr\u00e9sorerie futurs\n \n | \n \n \n Couverture de juste valeur\n \n | \n \n \n Non affect\u00e9s\n \n | \n \n \n Total\n \n | \n |
| \n \n Options achet\u00e9es\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Call USD\n \n | \n \n \n -\n \n | \n \n \n 127\n \n | \n \n \n -\n \n | \n \n \n 127\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\n \n | \n
| \n \n Put JPY\n \n | \n \n \n -\n \n | \n \n \n 20\n \n | \n \n \n -\n \n | \n \n \n 20\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Put CNY\n \n | \n \n \n -\n \n | \n \n \n 190\n \n | \n \n \n -\n \n | \n \n \n 190\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Autres\n \n | \n \n \n -\n \n | \n \n \n 11\n \n | \n \n \n -\n \n | \n \n \n 11\n \n | \n \n \n 3\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 3\n \n | \n
| \n | \n \n -\n \n | \n \n \n 348\n \n | \n \n \n -\n \n | \n \n \n 348\n \n | \n \n \n 4\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n
| \n \n Tunnels\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Vendeur USD\n \n | \n \n \n 242\n \n | \n \n \n 6\u202f066\n \n | \n \n \n 428\n \n | \n \n \n 6\u202f736\n \n | \n \n \n 157\n \n | \n \n \n 7\n \n | \n \n \n -\n \n | \n \n \n 164\n \n | \n
| \n \n Vendeur JPY\n \n | \n \n \n 146\n \n | \n \n \n 1\u202f573\n \n | \n \n \n 120\n \n | \n \n \n 1\u202f838\n \n | \n \n \n 77\n \n | \n \n \n 14\n \n | \n \n \n -\n \n | \n \n \n 92\n \n | \n
| \n \n Vendeur GBP\n \n | \n \n \n 51\n \n | \n \n \n 647\n \n | \n \n \n 43\n \n | \n \n \n 740\n \n | \n \n \n 9\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 9\n \n | \n
| \n \n Vendeur HKD\n \n | \n \n \n 13\n \n | \n \n \n 588\n \n | \n \n \n 45\n \n | \n \n \n 646\n \n | \n \n \n 19\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 19\n \n | \n
| \n \n Vendeur CNY\n \n | \n \n \n 274\n \n | \n \n \n 3\u202f239\n \n | \n \n \n 217\n \n | \n \n \n 3\u202f730\n \n | \n \n \n 118\n \n | \n \n \n 30\n \n | \n \n \n -\n \n | \n \n \n 149\n \n | \n
| \n | \n \n 726\n \n | \n \n \n 12\u202f113\n \n | \n \n \n 852\n \n | \n \n \n 13\u202f691\n \n | \n \n \n 381\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n 433\n \n | \n
| \n \n Contrats \u00e0 terme\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n USD\n \n | \n \n \n 121\n \n | \n \n \n 428\n \n | \n \n \n -\n \n | \n \n \n 548\n \n | \n \n \n 4\n \n | \n \n \n 12\n \n | \n \n \n -\n \n | \n \n \n 16\n \n | \n
| \n \n JPY\n \n | \n \n \n -\n \n | \n \n \n 9\n \n | \n \n \n -\n \n | \n \n \n 9\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n KRW\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n BRL\n \n | \n \n \n 1\n \n | \n \n \n 64\n \n | \n \n \n -\n \n | \n \n \n 65\n \n | \n \n \n -\n \n | \n \n \n (5)\n \n | \n \n \n -\n \n | \n \n \n (5)\n \n | \n
| \n \n Autres\n \n | \n \n \n (112)\n \n | \n \n \n 127\n \n | \n \n \n -\n \n | \n \n \n 15\n \n | \n \n \n -\n \n | \n \n \n 2\n \n | \n \n \n -\n \n | \n \n \n 2\n \n | \n
| \n | \n \n 62\n \n | \n \n \n 627\n \n | \n \n \n -\n \n | \n \n \n 689\n \n | \n \n \n 4\n \n | \n \n \n 10\n \n | \n \n \n -\n \n | \n \n \n 13\n \n | \n
| \n \n Swaps cambistes\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n USD\n \n | \n \n \n 116\n \n | \n \n \n (3\u202f632)\n \n | \n \n \n 17\n \n | \n \n \n (3\u202f499)\n \n | \n \n \n -\n \n | \n \n \n (6)\n \n | \n \n \n -\n \n | \n \n \n (6)\n \n | \n
| \n \n GBP\n \n | \n \n \n 2\n \n | \n \n \n 492\n \n | \n \n \n (655)\n \n | \n \n \n (162)\n \n | \n \n \n -\n \n | \n \n \n (32)\n \n | \n \n \n -\n \n | \n \n \n (32)\n \n | \n
| \n \n JPY\n \n | \n \n \n 7\n \n | \n \n \n (169)\n \n | \n \n \n 222\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n
| \n \n CNY\n \n | \n \n \n 72\n \n | \n \n \n 1\u202f227\n \n | \n \n \n -\n \n | \n \n \n 1\u202f299\n \n | \n \n \n -\n \n | \n \n \n 16\n \n | \n \n \n -\n \n | \n \n \n 16\n \n | \n
| \n \n HKD\n \n | \n \n \n 15\n \n | \n \n \n (1\u202f090)\n \n | \n \n \n -\n \n | \n \n \n (1\u202f075)\n \n | \n \n \n -\n \n | \n \n \n (24)\n \n | \n \n \n -\n \n | \n \n \n (24)\n \n | \n
| \n \n Autres\n \n | \n \n \n -\n \n | \n \n \n 1\u202f007\n \n | \n \n \n 21\n \n | \n \n \n 1\u202f028\n \n | \n \n \n -\n \n | \n \n \n (13)\n \n | \n \n \n -\n \n | \n \n \n (13)\n \n | \n
| \n | \n \n 212\n \n | \n \n \n (2\u202f164)\n \n | \n \n \n (396)\n \n | \n \n \n (2\u202f348)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Total\n \n | \n \n \n 999\n \n | \n \n \n 10\u202f924\n \n | \n \n \n 457\n \n | \n \n \n 12\u202f380\n \n | \n \n \n 389\n \n | \n \n \n 61\n \n | \n \n \n -\n \n | \n \n \n 450\n \n | \n
\n (a)\u00a0 Vente/(Achat).\n
\n\n (b)\u00a0 Voir Note\u00a01.10\u00a0concernant les modalit\u00e9s d\u2019\u00e9valuation \u00e0 la valeur de march\u00e9.\n
\n\n (c)\u00a0\u00a0 Gain/(Perte).\n
\n\n 23.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments financiers li\u00e9s \u00e0 la gestion des autres risques\n
\n\n La politique d\u2019investissement et de placement du Groupe s\u2019inscrit dans la dur\u00e9e. Occasionnellement, le Groupe peut investir dans des instruments financiers \u00e0 composante action ayant pour objectif de dynamiser la gestion de son portefeuille de placements.\n
\n\n Le Groupe est expos\u00e9 aux risques de variation de cours des actions soit directement, en raison de la d\u00e9tention de participations ou de placements financiers, soit indirectement du fait de la d\u00e9tention de fonds eux-m\u00eames investis partiellement en actions.\n
\n\n Le Groupe peut utiliser des instruments d\u00e9riv\u00e9s sur actions ayant pour objet de construire synth\u00e9tiquement une exposition \u00e9conomique \u00e0 des actifs particuliers, de couvrir les plans de r\u00e9mun\u00e9rations li\u00e9s au cours de l\u2019action LVMH, ou de couvrir certains risques li\u00e9s \u00e0 l\u2019\u00e9volution du cours de l\u2019action LVMH. Au 31\u00a0d\u00e9cembre 2023, aucun d\u00e9riv\u00e9 sur actions n\u2019est en vie.\n
\n\n Le Groupe, essentiellement \u00e0 travers son activit\u00e9 Montres et Joaillerie, peut \u00eatre expos\u00e9 \u00e0 la variation du prix de certains m\u00e9taux pr\u00e9cieux, notamment l\u2019argent, l\u2019or et le platine. Dans certains cas, afin de s\u00e9curiser le co\u00fbt de production, des couvertures peuvent \u00eatre mises en place, soit en n\u00e9gociant le prix de livraisons pr\u00e9visionnelles d\u2019alliages avec des affineurs, ou le prix de produits semi-finis avec des producteurs, soit par la mise en place de couvertures financi\u00e8res aupr\u00e8s de banques de premi\u00e8re cat\u00e9gorie. Dans ce dernier cas, ces couvertures consistent en des instruments fermes ou optionnels, avec des livraisons au comptant. D\u2019un montant nominal de 189\u00a0millions d\u2019euros, les instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la couverture du prix des m\u00e9taux pr\u00e9cieux en vie au 31\u00a0d\u00e9cembre 2023 ont une valeur de march\u00e9 positive de 9\u00a0millions d\u2019euros. Ces instruments financiers auraient, en cas de variation uniforme de 1\u2006% des cours de leurs sous-jacents au 31\u00a0d\u00e9cembre 2023, un effet net sur les r\u00e9serves consolid\u00e9es du Groupe de \u2013 2\u00a0millions d\u2019euros. Ils sont \u00e0 \u00e9ch\u00e9ance 2024.\n
\n\n 23.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Actifs et passifs financiers comptabilis\u00e9s \u00e0 la juste valeur ventil\u00e9s par m\u00e9thode de valorisation\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||||||
| \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n |
| \n \n Valorisation\u00a0(a)\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Cotation boursi\u00e8re\n \n | \n \n \n 3\u202f349\n \n | \n \n \n -\n \n | \n \n \n 7\u202f774\n \n | \n \n \n 3\u202f390\n \n | \n \n \n -\n \n | \n \n \n 7\u202f300\n \n | \n \n \n 2\u202f427\n \n | \n \n \n -\n \n | \n \n \n 8\u202f021\n \n | \n
| \n \n Mod\u00e8le de valorisation reposant sur des donn\u00e9es de march\u00e9\n \n | \n \n \n 10\n \n | \n \n \n 642\n \n | \n \n \n -\n \n | \n \n \n 18\n \n | \n \n \n 559\n \n | \n \n \n -\n \n | \n \n \n 96\n \n | \n \n \n 314\n \n | \n \n \n -\n \n | \n
| \n \n Cotations priv\u00e9es\n \n | \n \n \n 1\u202f492\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f254\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f384\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Actifs\n \n | \n \n \n 4\u202f853\n \n | \n \n \n 642\n \n | \n \n \n 7\u202f774\n \n | \n \n \n 4\u202f660\n \n | \n \n \n 559\n \n | \n \n \n 7\u202f300\n \n | \n \n \n 3\u202f907\n \n | \n \n \n 314\n \n | \n \n \n 8\u202f021\n \n | \n
| \n \n Valorisation\u00a0(a)\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Cotation boursi\u00e8re\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Mod\u00e8le de valorisation reposant sur des donn\u00e9es de march\u00e9\n \n | \n \n \n -\n \n | \n \n \n 279\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 506\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 240\n \n | \n \n \n -\n \n | \n
| \n \n Cotations priv\u00e9es\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Passifs\n \n | \n \n \n -\n \n | \n \n \n 279\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 506\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 240\n \n | \n \n \n -\n \n | \n
\n (a)\u00a0 Voir Note\u00a01.10\u00a0concernant les m\u00e9thodes de valorisation.\n
\n\n Les instruments d\u00e9riv\u00e9s utilis\u00e9s par le Groupe sont valoris\u00e9s \u00e0 leur juste valeur, \u00e9valu\u00e9e au moyen de mod\u00e8les de valorisation commun\u00e9ment utilis\u00e9s et sur la base de donn\u00e9es de march\u00e9. Le risque de contrepartie relatif \u00e0 ces instruments d\u00e9riv\u00e9s (\u00ab\u00a0Credit valuation adjustment\u00a0\u00bb) est \u00e9valu\u00e9 sur la base de spreads de cr\u00e9dit issus de donn\u00e9es de march\u00e9 observables, et de la valeur de march\u00e9 des instruments d\u00e9riv\u00e9s ajust\u00e9e par des add-ons forfaitaires fonction du type de sous-jacent et de la maturit\u00e9 de l\u2019instrument d\u00e9riv\u00e9. Celui-ci est non significatif aux 31\u00a0d\u00e9cembre 2023, 2022 et 2021.\n
\n\n Le montant des actifs financiers \u00e9valu\u00e9s sur la base de cotations priv\u00e9es a \u00e9volu\u00e9 ainsi en 2023\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 1\u202f254\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 214\n \n | \n
| \n \n Cessions (\u00e0 valeur de vente)\n \n | \n \n \n (26)\n \n | \n
| \n \n Gains et (pertes) enregistr\u00e9s en r\u00e9sultat\n \n | \n \n \n 189\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (19)\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\u00a0(a)\n \n | \n \n \n (120)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 1\u202f492\n \n | \n
\n (a)\u00a0 Voir Note\u00a09.\n
\n\n 23.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Incidence des instruments financiers sur l\u2019\u00e9tat global des gains et pertes consolid\u00e9s\n
\n\n L\u2019incidence des instruments financiers sur l\u2019\u00e9tat global des gains et pertes consolid\u00e9s de l\u2019exercice se d\u00e9compose ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Risque de change\u00a0(a)\n \n | \n \n \n Risque de taux d\u2019int\u00e9r\u00eat\u00a0(b)\n \n | \n \n \n Total\u00a0(c)\n \n | \n |||||||
| \n \n R\u00e9\u00e9valuations des parts efficaces, dont\u00a0:\n \n | \n \n \n R\u00e9\u00e9valuation du co\u00fbt des couvertures\n \n | \n \n \n Total\n \n | \n \n \n R\u00e9\u00e9valuations des parts efficaces\n \n | \n \n \n Inefficacit\u00e9\n \n | \n \n \n Total\n \n | \n |||||
| \n \n Couvertures de flux de tr\u00e9sorerie futurs en devises\n \n | \n \n \n Couvertures de juste valeur\n \n | \n \n \n Couvertures d\u2019actifs nets en devises\n \n | \n \n \n Total\n \n | \n |||||||
| \n \n Variations en\u00a0compte de r\u00e9sultat\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n \n \n 465\n \n | \n
| \n \n Variations en gains\u00a0et pertes consolid\u00e9s\n \n | \n \n \n (45)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (45)\n \n | \n \n \n 124\n \n | \n \n \n 79\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 79\n \n | \n
\n (a)\u00a0 Voir Notes\u00a01.10 et 1.23\u00a0concernant les principes de r\u00e9\u00e9valuation des instruments de couverture de risque de change.\n
\n\n (b)\u00a0 Voir Notes\u00a01.22 et 1.23\u00a0concernant les principes de r\u00e9\u00e9valuation des instruments de risque de taux d\u2019int\u00e9r\u00eat.\n
\n\n (c)\u00a0\u00a0 Gain/(Perte).\n
\n\n La r\u00e9\u00e9valuation des \u00e9l\u00e9ments couverts inscrits au bilan compensant la r\u00e9\u00e9valuation des parts efficaces des instruments de couverture de juste valeur (voir Note\u00a01.22), aucune inefficacit\u00e9 au titre des couvertures de change n\u2019a \u00e9t\u00e9 constat\u00e9e au cours de l\u2019exercice.\n
\n\n 23.8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyses de sensibilit\u00e9\n
\n\n L\u2019effet en r\u00e9sultat des couvertures de flux de tr\u00e9sorerie futurs ainsi que les flux de tr\u00e9sorerie futurs couverts par ces instruments seront comptabilis\u00e9s en 2024 principalement, leur montant \u00e9tant fonction des cours de change en vigueur \u00e0 cette date. Les incidences sur le r\u00e9sultat net de l\u2019exercice 2023 d\u2019une variation de 10\u2006% du dollar US, du yen japonais, de la livre sterling et du Hong Kong dollar contre l\u2019euro, y compris l\u2019effet des couvertures en vie durant l\u2019exercice, par rapport aux cours qui se sont appliqu\u00e9s en 2023 auraient \u00e9t\u00e9 les suivantes\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Dollar US\n \n | \n \n \n Yen japonais\n \n | \n \n \n Livre sterling\n \n | \n \n \n Hong Kong dollar\n \n | \n ||||
| \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n |
| \n \n Incidences li\u00e9es\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n -\u00a0\u00a0\u00a0au taux d\u2019encaissement des ventes en devises\n \n | \n \n \n 147\n \n | \n \n \n (63)\n \n | \n \n \n 9\n \n | \n \n \n 1\n \n | \n \n \n 25\n \n | \n \n \n (3)\n \n | \n \n \n 5\n \n | \n \n \n (2)\n \n | \n
| \n \n -\u00a0\u00a0\u00a0\u00e0 la conversion des r\u00e9sultats des soci\u00e9t\u00e9s consolid\u00e9es situ\u00e9es hors zone euro\n \n | \n \n \n 216\n \n | \n \n \n (216)\n \n | \n \n \n 65\n \n | \n \n \n (65)\n \n | \n \n \n 21\n \n | \n \n \n (20)\n \n | \n \n \n 46\n \n | \n \n \n (46)\n \n | \n
| \n \n Incidences sur le r\u00e9sultat net\n \n | \n \n \n 363\n \n | \n \n \n (279)\n \n | \n \n \n 74\n \n | \n \n \n (64)\n \n | \n \n \n 46\n \n | \n \n \n (23)\n \n | \n \n \n 51\n \n | \n \n \n (48)\n \n | \n
\n Les donn\u00e9es figurant dans le tableau ci-dessus doivent \u00eatre appr\u00e9ci\u00e9es sur la base des caract\u00e9ristiques des instruments de couverture en vie au cours de l\u2019exercice 2023, constitu\u00e9s principalement d\u2019options et de tunnels.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les encaissements pr\u00e9visionnels de 2024 en dollar US et yen japonais sont couverts \u00e0 hauteur de 71\u2006% et 67\u2006%, respectivement. Pour la part couverte, compte tenu de la nature optionnelle des instruments, les cours de cession seront plus favorables que 1,10\u00a0EUR/USD pour le dollar US et 151\u00a0EUR/JPY pour le yen japonais.\n
\n\n L\u2019incidence des variations de change sur les capitaux propres hors r\u00e9sultat net peut \u00eatre \u00e9valu\u00e9e au 31\u00a0d\u00e9cembre 2023 \u00e0 travers les effets d\u2019une variation de 10\u2006% du dollar US, du yen japonais, de la livre sterling et du Hong Kong dollar contre l\u2019euro par rapport aux cours \u00e0 la m\u00eame date\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Dollar US\n \n | \n \n \n Yen japonais\n \n | \n \n \n Livre sterling\n \n | \n \n \n Hong Kong dollar\n \n | \n ||||
| \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n |
| \n \n Conversion de l\u2019actif net en devises\n \n | \n \n \n 1\u202f787\n \n | \n \n \n (1\u202f787)\n \n | \n \n \n 95\n \n | \n \n \n (95)\n \n | \n \n \n 144\n \n | \n \n \n (144)\n \n | \n \n \n 159\n \n | \n \n \n (159)\n \n | \n
| \n \n Variation de valeur des instruments de couverture, apr\u00e8s imp\u00f4t\n \n | \n \n \n (149)\n \n | \n \n \n 428\n \n | \n \n \n (54)\n \n | \n \n \n 97\n \n | \n \n \n (29)\n \n | \n \n \n 40\n \n | \n \n \n (20)\n \n | \n \n \n 42\n \n | \n
| \n \n Incidences sur les capitaux propres, hors r\u00e9sultat net\n \n | \n \n \n 1\u202f638\n \n | \n \n \n (1\u202f359)\n \n | \n \n \n 41\n \n | \n \n \n 2\n \n | \n \n \n 115\n \n | \n \n \n (104)\n \n | \n \n \n 139\n \n | \n \n \n (117)\n \n | \n
\n 23.9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Risque de liquidit\u00e9\n
\n\n Outre des risques de liquidit\u00e9 locaux en r\u00e8gle g\u00e9n\u00e9rale peu significatifs, l\u2019exposition du Groupe au risque de liquidit\u00e9 peut \u00eatre appr\u00e9ci\u00e9e au moyen du montant de sa dette financi\u00e8re \u00e0 moins d\u2019un an avant prise en compte des instruments d\u00e9riv\u00e9s, soit 10,7\u00a0milliards d\u2019euros, inf\u00e9rieure au solde de 11,3\u00a0milliards d\u2019euros de tr\u00e9sorerie et \u00e9quivalents et placements financiers, ou de l\u2019encours de ses programmes de titres de cr\u00e9ances court terme n\u00e9gociables, soit 7,3\u00a0milliards d\u2019euros. Au regard du non-renouvellement \u00e9ventuel de ces concours, le Groupe dispose de lignes de cr\u00e9dit confirm\u00e9es non tir\u00e9es pour un montant de 11,1\u00a0milliards d\u2019euros.\n
\n\n La liquidit\u00e9 du Groupe repose ainsi sur l\u2019ampleur de ses placements, sur sa capacit\u00e9 \u00e0 d\u00e9gager des financements \u00e0 long terme, sur la diversit\u00e9 de sa base d\u2019investisseurs (titres \u00e0 court terme et obligations), ainsi que sur la qualit\u00e9 de ses relations bancaires, mat\u00e9rialis\u00e9e ou non par des lignes de cr\u00e9dit confirm\u00e9es.\n
\n\n Le tableau suivant pr\u00e9sente, pour les passifs financiers comptabilis\u00e9s au 31\u00a0d\u00e9cembre 2023, l\u2019\u00e9ch\u00e9ancier contractuel des d\u00e9caissements relatifs aux passifs financiers (hors instruments d\u00e9riv\u00e9s), nominal et int\u00e9r\u00eats, hors effet d\u2019actualisation\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2024\n \n | \n \n \n 2025\n \n | \n \n \n 2026\n \n | \n \n \n 2027\n \n | \n \n \n 2028\n \n | \n \n \n Au-del\u00e0 de 5\u00a0ans\n \n | \n \n \n Total\n \n | \n
| \n \n Emprunts obligataires et Euro Medium-Term Notes (EMTN)\n \n | \n \n \n 2\u202f800\n \n | \n \n \n 2\u202f669\n \n | \n \n \n 1\u202f427\n \n | \n \n \n 1\u202f045\n \n | \n \n \n 1\u202f839\n \n | \n \n \n 4\u202f809\n \n | \n \n \n 14\u202f589\n \n | \n
| \n \n Emprunts aupr\u00e8s des \u00e9tablissements de cr\u00e9dit\n \n | \n \n \n 320\n \n | \n \n \n 68\n \n | \n \n \n 88\n \n | \n \n \n 5\n \n | \n \n \n 30\n \n | \n \n \n 12\n \n | \n \n \n 523\n \n | \n
| \n \n Autres emprunts et lignes de cr\u00e9dit\n \n | \n \n \n 151\n \n | \n \n \n 14\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 165\n \n | \n
| \n \n Billets de tr\u00e9sorerie et USCP\n \n | \n \n \n 7\u202f291\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 7\u202f291\n \n | \n
| \n \n D\u00e9couverts bancaires\n \n | \n \n \n 254\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 254\n \n | \n
| \n \n Dette financi\u00e8re brute\n \n | \n \n \n 10\u202f816\n \n | \n \n \n 2\u202f751\n \n | \n \n \n 1\u202f515\n \n | \n \n \n 1\u202f050\n \n | \n \n \n 1\u202f869\n \n | \n \n \n 4\u202f821\n \n | \n \n \n 22\u202f821\n \n | \n
| \n \n Autres passifs, courants et non courants\u00a0(a)\n \n | \n \n \n 8\u202f275\n \n | \n \n \n 226\n \n | \n \n \n 26\n \n | \n \n \n 23\n \n | \n \n \n 135\n \n | \n \n \n 51\n \n | \n \n \n 8\u202f736\n \n | \n
| \n \n Fournisseurs et comptes rattach\u00e9s\n \n | \n \n \n 9\u202f049\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 9\u202f049\n \n | \n
| \n \n Autres passifs financiers\n \n | \n \n \n 17\u202f324\n \n | \n \n \n 226\n \n | \n \n \n 26\n \n | \n \n \n 23\n \n | \n \n \n 135\n \n | \n \n \n 51\n \n | \n \n \n 17\u202f785\n \n | \n
| \n \n Total des passifs financiers\n \n | \n \n \n 28\u202f140\n \n | \n \n \n 2\u202f977\n \n | \n \n \n 1\u202f541\n \n | \n \n \n 1\u202f073\n \n | \n \n \n 2\u202f004\n \n | \n \n \n 4\u202f872\n \n | \n \n \n 40\u202f607\n \n | \n
\n (a)\u00a0 Correspond \u00e0 hauteur de 8\u202f275\u00a0millions d\u2019euros aux \u00ab\u00a0Autres passifs courants\u00a0\u00bb (hors instruments d\u00e9riv\u00e9s, produits constat\u00e9s d\u2019avance et programmes de fid\u00e9lit\u00e9) et de 461\u00a0millions d\u2019euros aux \u00ab\u00a0Autres passifs non courants\u00a0\u00bb (hors instruments d\u00e9riv\u00e9s et produits constat\u00e9s d\u2019avance).\n
\n\n Voir \u00e9galement Note\u00a07\u00a0pour l\u2019\u00e9ch\u00e9ancier des d\u00e9caissements relatifs aux contrats de location.\n
\n\n Voir Note\u00a031.2\u00a0concernant l\u2019\u00e9ch\u00e9ancier contractuel des cautions et avals, Notes\u00a019.4 et 23.4\u00a0concernant les instruments d\u00e9riv\u00e9s de change et Note\u00a023.3\u00a0concernant les instruments d\u00e9riv\u00e9s de taux.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27709": { "value": "\n 1.22.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dettes financi\u00e8res\n
\n\n Les dettes financi\u00e8res sont comptabilis\u00e9es au co\u00fbt amorti, c\u2019est-\u00e0-dire \u00e0 leur valeur nominale nette des primes et frais d\u2019\u00e9mission qui sont enregistr\u00e9s progressivement en r\u00e9sultat financier jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance, selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif.\n
\n\n En cas de couverture du risque de variation de valeur de la dette financi\u00e8re r\u00e9sultant de l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat, le montant couvert de la dette, ainsi que les instruments de couverture associ\u00e9s, figurent au bilan \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture\u2006; les effets de cette r\u00e9\u00e9valuation sont enregistr\u00e9s en r\u00e9sultat financier, au niveau des \u00ab\u00a0Effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et instruments de taux\u00a0\u00bb. Voir Note\u00a01.10\u00a0concernant l\u2019\u00e9valuation \u00e0 valeur de march\u00e9 de la dette couverte. Les charges et produits d\u2019int\u00e9r\u00eat relatifs aux instruments de couverture sont enregistr\u00e9s en R\u00e9sultat financier au niveau du \u00ab\u00a0Co\u00fbt de la dette financi\u00e8re brute\u00a0\u00bb.\n
\n\n En cas de couverture du risque d\u2019\u00e9volution de la charge d\u2019int\u00e9r\u00eat future, la dette financi\u00e8re dont les flux sont couverts reste comptabilis\u00e9e au co\u00fbt amorti, la variation de valeur de la part efficace de l\u2019instrument de couverture \u00e9tant enregistr\u00e9e dans les capitaux propres en \u00ab\u00a0\u00c9carts de r\u00e9\u00e9valuation\u00a0\u00bb.\n
\n\n En l\u2019absence de relation de couverture, ou pour la partie inefficace des couvertures, les variations de valeur des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es en r\u00e9sultat financier.\n
\n\n La dette financi\u00e8re nette est constitu\u00e9e des dettes financi\u00e8res \u00e0 plus et moins d\u2019un an et de la valeur de march\u00e9 \u00e0 la date de cl\u00f4ture des instruments d\u00e9riv\u00e9s sur risque de taux d\u2019int\u00e9r\u00eat, sous d\u00e9duction du montant des investissements financiers en couverture de dette financi\u00e8re, des placements financiers, de la tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie \u00e0 la date de cl\u00f4ture ainsi que de la valeur de march\u00e9 \u00e0 cette date des instruments d\u00e9riv\u00e9s sur risque de change associ\u00e9s \u00e0 l\u2019un de ces \u00e9l\u00e9ments.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27716": { "value": "\n 1.23.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments d\u00e9riv\u00e9s\n
\n\n Le Groupe n\u00e9gocie des instruments financiers d\u00e9riv\u00e9s dans le cadre de sa strat\u00e9gie de couverture des risques de change, de taux d\u2019int\u00e9r\u00eat et de m\u00e9taux pr\u00e9cieux.\n
\n\n Concernant la couverture du risque de change commercial, financier ou patrimonial, le Groupe a recours \u00e0 des options, des contrats \u00e0 terme, des swaps cambistes, et des cross-currency swaps. Les valeurs temps des options, la composante points de terme des contrats \u00e0 terme et des swaps cambistes ainsi que la composante foreign currency basis spread des cross-currency swaps sont syst\u00e9matiquement exclues de la relation de couverture. Par cons\u00e9quent, seule la valeur intrins\u00e8que des instruments est consid\u00e9r\u00e9e comme instrument de couverture. Concernant les \u00e9l\u00e9ments couverts (flux de tr\u00e9sorerie futurs en devises, dettes et cr\u00e9ances commerciales ou financi\u00e8res en devises, situations nettes de filiales dont la monnaie fonctionnelle est diff\u00e9rente de l\u2019euro), seule leur variation de valeur au titre du risque de change est consid\u00e9r\u00e9e comme \u00e9l\u00e9ment couvert. Ainsi, l\u2019alignement des principales caract\u00e9ristiques des instruments (nominaux, devises, \u00e9ch\u00e9ances) de couverture avec celles des \u00e9l\u00e9ments couverts permet une parfaite compensation des variations de valeur.\n
\n\n Les instruments d\u00e9riv\u00e9s sont comptabilis\u00e9s au bilan \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture. Les variations de valeur des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es selon les modalit\u00e9s pr\u00e9cis\u00e9es en Note\u00a01.9\u00a0pour les couvertures de risque de change et en Note\u00a01.22\u00a0pour les couvertures de risque de taux d\u2019int\u00e9r\u00eat.\n
\n\n La valeur de march\u00e9 est \u00e9tablie sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s.\n
\n\n Les instruments d\u00e9riv\u00e9s dont la maturit\u00e9 est sup\u00e9rieure \u00e0 douze mois sont pr\u00e9sent\u00e9s en actifs et passifs non courants.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27717": { "value": "\n 1.23.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments d\u00e9riv\u00e9s\n
\n\n Le Groupe n\u00e9gocie des instruments financiers d\u00e9riv\u00e9s dans le cadre de sa strat\u00e9gie de couverture des risques de change, de taux d\u2019int\u00e9r\u00eat et de m\u00e9taux pr\u00e9cieux.\n
\n\n Concernant la couverture du risque de change commercial, financier ou patrimonial, le Groupe a recours \u00e0 des options, des contrats \u00e0 terme, des swaps cambistes, et des cross-currency swaps. Les valeurs temps des options, la composante points de terme des contrats \u00e0 terme et des swaps cambistes ainsi que la composante foreign currency basis spread des cross-currency swaps sont syst\u00e9matiquement exclues de la relation de couverture. Par cons\u00e9quent, seule la valeur intrins\u00e8que des instruments est consid\u00e9r\u00e9e comme instrument de couverture. Concernant les \u00e9l\u00e9ments couverts (flux de tr\u00e9sorerie futurs en devises, dettes et cr\u00e9ances commerciales ou financi\u00e8res en devises, situations nettes de filiales dont la monnaie fonctionnelle est diff\u00e9rente de l\u2019euro), seule leur variation de valeur au titre du risque de change est consid\u00e9r\u00e9e comme \u00e9l\u00e9ment couvert. Ainsi, l\u2019alignement des principales caract\u00e9ristiques des instruments (nominaux, devises, \u00e9ch\u00e9ances) de couverture avec celles des \u00e9l\u00e9ments couverts permet une parfaite compensation des variations de valeur.\n
\n\n Les instruments d\u00e9riv\u00e9s sont comptabilis\u00e9s au bilan \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture. Les variations de valeur des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es selon les modalit\u00e9s pr\u00e9cis\u00e9es en Note\u00a01.9\u00a0pour les couvertures de risque de change et en Note\u00a01.22\u00a0pour les couvertures de risque de taux d\u2019int\u00e9r\u00eat.\n
\n\n La valeur de march\u00e9 est \u00e9tablie sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s.\n
\n\n Les instruments d\u00e9riv\u00e9s dont la maturit\u00e9 est sup\u00e9rieure \u00e0 douze mois sont pr\u00e9sent\u00e9s en actifs et passifs non courants.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__61-1": { "value": "\n 1.23.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments d\u00e9riv\u00e9s\n
\n\n Le Groupe n\u00e9gocie des instruments financiers d\u00e9riv\u00e9s dans le cadre de sa strat\u00e9gie de couverture des risques de change, de taux d\u2019int\u00e9r\u00eat et de m\u00e9taux pr\u00e9cieux.\n
\n\n Concernant la couverture du risque de change commercial, financier ou patrimonial, le Groupe a recours \u00e0 des options, des contrats \u00e0 terme, des swaps cambistes, et des cross-currency swaps. Les valeurs temps des options, la composante points de terme des contrats \u00e0 terme et des swaps cambistes ainsi que la composante foreign currency basis spread des cross-currency swaps sont syst\u00e9matiquement exclues de la relation de couverture. Par cons\u00e9quent, seule la valeur intrins\u00e8que des instruments est consid\u00e9r\u00e9e comme instrument de couverture. Concernant les \u00e9l\u00e9ments couverts (flux de tr\u00e9sorerie futurs en devises, dettes et cr\u00e9ances commerciales ou financi\u00e8res en devises, situations nettes de filiales dont la monnaie fonctionnelle est diff\u00e9rente de l\u2019euro), seule leur variation de valeur au titre du risque de change est consid\u00e9r\u00e9e comme \u00e9l\u00e9ment couvert. Ainsi, l\u2019alignement des principales caract\u00e9ristiques des instruments (nominaux, devises, \u00e9ch\u00e9ances) de couverture avec celles des \u00e9l\u00e9ments couverts permet une parfaite compensation des variations de valeur.\n
\n\n Les instruments d\u00e9riv\u00e9s sont comptabilis\u00e9s au bilan \u00e0 leur valeur de march\u00e9 \u00e0 la date de cl\u00f4ture. Les variations de valeur des instruments d\u00e9riv\u00e9s sont enregistr\u00e9es selon les modalit\u00e9s pr\u00e9cis\u00e9es en Note\u00a01.9\u00a0pour les couvertures de risque de change et en Note\u00a01.22\u00a0pour les couvertures de risque de taux d\u2019int\u00e9r\u00eat.\n
\n\n La valeur de march\u00e9 est \u00e9tablie sur la base de donn\u00e9es de march\u00e9 et selon des mod\u00e8les d\u2019\u00e9valuation commun\u00e9ment utilis\u00e9s.\n
\n\n Les instruments d\u00e9riv\u00e9s dont la maturit\u00e9 est sup\u00e9rieure \u00e0 douze mois sont pr\u00e9sent\u00e9s en actifs et passifs non courants.\n
\n 23.\u00a0\u00a0\u00a0\u00a0 Instruments financiers et gestion des risques de march\u00e9\n
\n\n 23.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Organisation de la gestion des risques de change, de taux et des march\u00e9s actions\n
\n\n Les instruments financiers utilis\u00e9s par le Groupe ont principalement pour objet la couverture des risques li\u00e9s \u00e0 son activit\u00e9 et \u00e0 son patrimoine.\n
\n\n La gestion des risques de change et de taux, les transactions sur actions et les instruments financiers sont effectu\u00e9s de fa\u00e7on centralis\u00e9e.\n
\n\n Le Groupe a mis en place une politique, des r\u00e8gles et des proc\u00e9dures strictes pour g\u00e9rer, mesurer et contr\u00f4ler ces risques de march\u00e9.\n
\n\n L\u2019organisation de ces activit\u00e9s repose sur la s\u00e9paration des fonctions de mesure des risques (middle-office), de mise en \u0153uvre des op\u00e9rations (front-office), de gestion administrative (back-office) et de contr\u00f4le financier.\n
\n\n Cette organisation s\u2019appuie sur un syst\u00e8me d\u2019information int\u00e9gr\u00e9 qui permet un contr\u00f4le rapide des op\u00e9rations.\n
\n\n Le dispositif de couverture est pr\u00e9sent\u00e9 au Comit\u00e9 d\u2019audit de la performance. Les d\u00e9cisions de couverture sont prises selon un processus \u00e9tabli qui comprend des pr\u00e9sentations r\u00e9guli\u00e8res au Comit\u00e9 ex\u00e9cutif du Groupe et font l\u2019objet d\u2019une documentation d\u00e9taill\u00e9e.\n
\n\n Les contreparties sont retenues notamment en fonction de leur notation et selon une approche de diversification des risques.\n
\n\n 23.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Synth\u00e8se des instruments d\u00e9riv\u00e9s\n
\n\n Les instruments d\u00e9riv\u00e9s sont comptabilis\u00e9s au bilan dans les rubriques et pour les montants suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n | \n | \n \n Notes\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Risque de taux d\u2019int\u00e9r\u00eat\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n 2\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n 23\n \n | \n \n \n 34\n \n | \n \n \n 31\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n (100)\n \n | \n \n \n (159)\n \n | \n \n \n (25)\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n (21)\n \n | \n \n \n (19)\n \n | \n \n \n (5)\n \n | \n
| \n | \n | \n | \n \n 23.3\n \n | \n \n \n (96)\n \n | \n \n \n (144)\n \n | \n \n \n 6\n \n | \n
| \n \n Risque de change\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n 97\n \n | \n \n \n 97\n \n | \n \n \n 51\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n 509\n \n | \n \n \n 421\n \n | \n \n \n 218\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n (31)\n \n | \n \n \n (47)\n \n | \n \n \n (20)\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n (126)\n \n | \n \n \n (277)\n \n | \n \n \n (182)\n \n | \n
| \n | \n | \n | \n \n 23.4\n \n | \n \n \n 450\n \n | \n \n \n 193\n \n | \n \n \n 68\n \n | \n
| \n \n Autres risques\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n 10\n \n | \n \n \n 7\n \n | \n \n \n 9\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n (2)\n \n | \n \n \n (3)\n \n | \n \n \n (8)\n \n | \n
| \n | \n | \n | \n \n 23.5\n \n | \n \n \n 9\n \n | \n \n \n 4\n \n | \n \n \n 1\n \n | \n
| \n \n Total\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n \n 10\n \n | \n \n \n 99\n \n | \n \n \n 97\n \n | \n \n \n 55\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n \n 13\n \n | \n \n \n 543\n \n | \n \n \n 462\n \n | \n \n \n 258\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n \n 20\n \n | \n \n \n (130)\n \n | \n \n \n (206)\n \n | \n \n \n (45)\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n \n 22\n \n | \n \n \n (149)\n \n | \n \n \n (300)\n \n | \n \n \n (195)\n \n | \n
| \n | \n | \n | \n | \n \n 363\n \n | \n \n \n 53\n \n | \n \n \n 74\n \n | \n
\n Les instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion des autres risques concernent essentiellement des instruments de couverture fermes ou optionnels sur certains m\u00e9taux pr\u00e9cieux, notamment l\u2019argent, l\u2019or et le platine.\n
\n\n 23.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de taux d\u2019int\u00e9r\u00eat\n
\n\n L\u2019objectif de la politique de gestion men\u00e9e est d\u2019adapter le profil de la dette au profil des actifs et \u00e0 la capacit\u00e9 de remboursement, de contenir les frais financiers, et de pr\u00e9munir le r\u00e9sultat contre une variation sensible des taux d\u2019int\u00e9r\u00eat.\n
\n\n Dans ce cadre, le Groupe utilise des instruments d\u00e9riv\u00e9s de taux \u00e0 nature ferme (swaps) ou conditionnelle (options).\n
\n\n Les instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de taux en vie au 31\u00a0d\u00e9cembre 2023 sont les suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Montants nominaux par \u00e9ch\u00e9ance\n \n | \n \n \n Valeur de march\u00e9\u00a0(a)\u00a0(b)\n \n | \n ||||||
| \n \n \u00c0 1\u00a0an\n \n | \n \n \n De 1\u00a0\u00e0 5\u00a0ans\n \n | \n \n \n Au-del\u00e0\n \n | \n \n \n Total\n \n | \n \n \n Couverture de flux de tr\u00e9sorerie futurs\n \n | \n \n \n Couverture de juste valeur\n \n | \n \n \n Non affect\u00e9s\n \n | \n \n \n Total\n \n | \n |
| \n \n Swaps de taux, payeur de taux variable\n \n | \n \n \n 300\n \n | \n \n \n 1\u202f178\n \n | \n \n \n -\n \n | \n \n \n 1\u202f478\n \n | \n \n \n -\n \n | \n \n \n (102)\n \n | \n \n \n -\n \n | \n \n \n (102)\n \n | \n
| \n \n Swaps de taux, payeur de taux fixe\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Swaps de devises, payeur de taux euro\n \n | \n \n \n -\n \n | \n \n \n 978\n \n | \n \n \n -\n \n | \n \n \n 978\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 5\n \n | \n \n \n 5\n \n | \n
| \n \n Swaps de devises, receveur de taux euro\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Options de taux\n \n | \n \n \n -\n \n | \n \n \n 400\n \n | \n \n \n -\n \n | \n \n \n 400\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Total\n \n | \n \n | \n | \n | \n | \n \n -\n \n | \n \n \n (102)\n \n | \n \n \n 5\n \n | \n \n \n (97)\n \n | \n
\n (a)\u00a0 Gain/(Perte).\n
\n\n (b)\u00a0 Voir Note\u00a01.10\u00a0concernant les modalit\u00e9s d\u2019\u00e9valuation \u00e0 la valeur de march\u00e9.\n
\n\n 23.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de change\n
\n\n Une part importante des ventes faites par les soci\u00e9t\u00e9s du Groupe, \u00e0 leurs clients ou \u00e0 leurs propres filiales de distribution, ainsi que certains de leurs achats, sont effectu\u00e9s en devises diff\u00e9rentes de leur monnaie fonctionnelle\u2006; ces flux en devises sont constitu\u00e9s principalement de flux intra-Groupe. Les instruments de couverture utilis\u00e9s ont pour objet de r\u00e9duire les risques de change issus des variations de parit\u00e9 de ces devises par rapport \u00e0 la monnaie fonctionnelle des soci\u00e9t\u00e9s exportatrices ou importatrices, et sont affect\u00e9s soit aux cr\u00e9ances ou dettes commerciales de l\u2019exercice (couverture de juste valeur), soit aux transactions pr\u00e9visionnelles des exercices suivants (couverture des flux de tr\u00e9sorerie futurs).\n
\n\n Les flux futurs de devises font l\u2019objet de pr\u00e9visions d\u00e9taill\u00e9es dans le cadre du processus budg\u00e9taire, et sont couverts progressivement, dans la limite d\u2019un horizon qui n\u2019exc\u00e8de un an que dans les cas o\u00f9 les probabilit\u00e9s de r\u00e9alisation le justifient. Dans ce cadre, et selon les \u00e9volutions de march\u00e9, les risques de change identifi\u00e9s sont couverts par des contrats \u00e0 terme ou des instruments de nature optionnelle.\n
\n\n En outre, le Groupe est expos\u00e9 au risque de change patrimonial li\u00e9 \u00e0 la d\u00e9tention d\u2019actifs en devises. Ce risque de change peut \u00eatre couvert totalement ou partiellement par la mise en place d\u2019emprunts en devises ou par des couvertures de situations nettes de ses filiales situ\u00e9es hors zone euro, en utilisant des instruments appropri\u00e9s ayant pour objet de limiter l\u2019effet sur ses capitaux propres consolid\u00e9s des variations de parit\u00e9 des devises concern\u00e9es contre l\u2019euro.\n
\n\n Les instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de change en vie au 31\u00a0d\u00e9cembre 2023 sont les suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Montants nominaux par exercice d\u2019affectation\u00a0(a)\n \n | \n \n \n Valeur de march\u00e9\u00a0(b)\u00a0(c)\n \n | \n ||||||
| \n \n 2023\n \n | \n \n \n 2024\n \n | \n \n \n Au-del\u00e0\n \n | \n \n \n Total\n \n | \n \n \n Couverture de flux de tr\u00e9sorerie futurs\n \n | \n \n \n Couverture de juste valeur\n \n | \n \n \n Non affect\u00e9s\n \n | \n \n \n Total\n \n | \n |
| \n \n Options achet\u00e9es\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Call USD\n \n | \n \n \n -\n \n | \n \n \n 127\n \n | \n \n \n -\n \n | \n \n \n 127\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\n \n | \n
| \n \n Put JPY\n \n | \n \n \n -\n \n | \n \n \n 20\n \n | \n \n \n -\n \n | \n \n \n 20\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Put CNY\n \n | \n \n \n -\n \n | \n \n \n 190\n \n | \n \n \n -\n \n | \n \n \n 190\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Autres\n \n | \n \n \n -\n \n | \n \n \n 11\n \n | \n \n \n -\n \n | \n \n \n 11\n \n | \n \n \n 3\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 3\n \n | \n
| \n | \n \n -\n \n | \n \n \n 348\n \n | \n \n \n -\n \n | \n \n \n 348\n \n | \n \n \n 4\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n
| \n \n Tunnels\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Vendeur USD\n \n | \n \n \n 242\n \n | \n \n \n 6\u202f066\n \n | \n \n \n 428\n \n | \n \n \n 6\u202f736\n \n | \n \n \n 157\n \n | \n \n \n 7\n \n | \n \n \n -\n \n | \n \n \n 164\n \n | \n
| \n \n Vendeur JPY\n \n | \n \n \n 146\n \n | \n \n \n 1\u202f573\n \n | \n \n \n 120\n \n | \n \n \n 1\u202f838\n \n | \n \n \n 77\n \n | \n \n \n 14\n \n | \n \n \n -\n \n | \n \n \n 92\n \n | \n
| \n \n Vendeur GBP\n \n | \n \n \n 51\n \n | \n \n \n 647\n \n | \n \n \n 43\n \n | \n \n \n 740\n \n | \n \n \n 9\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 9\n \n | \n
| \n \n Vendeur HKD\n \n | \n \n \n 13\n \n | \n \n \n 588\n \n | \n \n \n 45\n \n | \n \n \n 646\n \n | \n \n \n 19\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 19\n \n | \n
| \n \n Vendeur CNY\n \n | \n \n \n 274\n \n | \n \n \n 3\u202f239\n \n | \n \n \n 217\n \n | \n \n \n 3\u202f730\n \n | \n \n \n 118\n \n | \n \n \n 30\n \n | \n \n \n -\n \n | \n \n \n 149\n \n | \n
| \n | \n \n 726\n \n | \n \n \n 12\u202f113\n \n | \n \n \n 852\n \n | \n \n \n 13\u202f691\n \n | \n \n \n 381\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n 433\n \n | \n
| \n \n Contrats \u00e0 terme\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n USD\n \n | \n \n \n 121\n \n | \n \n \n 428\n \n | \n \n \n -\n \n | \n \n \n 548\n \n | \n \n \n 4\n \n | \n \n \n 12\n \n | \n \n \n -\n \n | \n \n \n 16\n \n | \n
| \n \n JPY\n \n | \n \n \n -\n \n | \n \n \n 9\n \n | \n \n \n -\n \n | \n \n \n 9\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n KRW\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n BRL\n \n | \n \n \n 1\n \n | \n \n \n 64\n \n | \n \n \n -\n \n | \n \n \n 65\n \n | \n \n \n -\n \n | \n \n \n (5)\n \n | \n \n \n -\n \n | \n \n \n (5)\n \n | \n
| \n \n Autres\n \n | \n \n \n (112)\n \n | \n \n \n 127\n \n | \n \n \n -\n \n | \n \n \n 15\n \n | \n \n \n -\n \n | \n \n \n 2\n \n | \n \n \n -\n \n | \n \n \n 2\n \n | \n
| \n | \n \n 62\n \n | \n \n \n 627\n \n | \n \n \n -\n \n | \n \n \n 689\n \n | \n \n \n 4\n \n | \n \n \n 10\n \n | \n \n \n -\n \n | \n \n \n 13\n \n | \n
| \n \n Swaps cambistes\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n USD\n \n | \n \n \n 116\n \n | \n \n \n (3\u202f632)\n \n | \n \n \n 17\n \n | \n \n \n (3\u202f499)\n \n | \n \n \n -\n \n | \n \n \n (6)\n \n | \n \n \n -\n \n | \n \n \n (6)\n \n | \n
| \n \n GBP\n \n | \n \n \n 2\n \n | \n \n \n 492\n \n | \n \n \n (655)\n \n | \n \n \n (162)\n \n | \n \n \n -\n \n | \n \n \n (32)\n \n | \n \n \n -\n \n | \n \n \n (32)\n \n | \n
| \n \n JPY\n \n | \n \n \n 7\n \n | \n \n \n (169)\n \n | \n \n \n 222\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n
| \n \n CNY\n \n | \n \n \n 72\n \n | \n \n \n 1\u202f227\n \n | \n \n \n -\n \n | \n \n \n 1\u202f299\n \n | \n \n \n -\n \n | \n \n \n 16\n \n | \n \n \n -\n \n | \n \n \n 16\n \n | \n
| \n \n HKD\n \n | \n \n \n 15\n \n | \n \n \n (1\u202f090)\n \n | \n \n \n -\n \n | \n \n \n (1\u202f075)\n \n | \n \n \n -\n \n | \n \n \n (24)\n \n | \n \n \n -\n \n | \n \n \n (24)\n \n | \n
| \n \n Autres\n \n | \n \n \n -\n \n | \n \n \n 1\u202f007\n \n | \n \n \n 21\n \n | \n \n \n 1\u202f028\n \n | \n \n \n -\n \n | \n \n \n (13)\n \n | \n \n \n -\n \n | \n \n \n (13)\n \n | \n
| \n | \n \n 212\n \n | \n \n \n (2\u202f164)\n \n | \n \n \n (396)\n \n | \n \n \n (2\u202f348)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Total\n \n | \n \n \n 999\n \n | \n \n \n 10\u202f924\n \n | \n \n \n 457\n \n | \n \n \n 12\u202f380\n \n | \n \n \n 389\n \n | \n \n \n 61\n \n | \n \n \n -\n \n | \n \n \n 450\n \n | \n
\n (a)\u00a0 Vente/(Achat).\n
\n\n (b)\u00a0 Voir Note\u00a01.10\u00a0concernant les modalit\u00e9s d\u2019\u00e9valuation \u00e0 la valeur de march\u00e9.\n
\n\n (c)\u00a0\u00a0 Gain/(Perte).\n
\n\n 23.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments financiers li\u00e9s \u00e0 la gestion des autres risques\n
\n\n La politique d\u2019investissement et de placement du Groupe s\u2019inscrit dans la dur\u00e9e. Occasionnellement, le Groupe peut investir dans des instruments financiers \u00e0 composante action ayant pour objectif de dynamiser la gestion de son portefeuille de placements.\n
\n\n Le Groupe est expos\u00e9 aux risques de variation de cours des actions soit directement, en raison de la d\u00e9tention de participations ou de placements financiers, soit indirectement du fait de la d\u00e9tention de fonds eux-m\u00eames investis partiellement en actions.\n
\n\n Le Groupe peut utiliser des instruments d\u00e9riv\u00e9s sur actions ayant pour objet de construire synth\u00e9tiquement une exposition \u00e9conomique \u00e0 des actifs particuliers, de couvrir les plans de r\u00e9mun\u00e9rations li\u00e9s au cours de l\u2019action LVMH, ou de couvrir certains risques li\u00e9s \u00e0 l\u2019\u00e9volution du cours de l\u2019action LVMH. Au 31\u00a0d\u00e9cembre 2023, aucun d\u00e9riv\u00e9 sur actions n\u2019est en vie.\n
\n\n Le Groupe, essentiellement \u00e0 travers son activit\u00e9 Montres et Joaillerie, peut \u00eatre expos\u00e9 \u00e0 la variation du prix de certains m\u00e9taux pr\u00e9cieux, notamment l\u2019argent, l\u2019or et le platine. Dans certains cas, afin de s\u00e9curiser le co\u00fbt de production, des couvertures peuvent \u00eatre mises en place, soit en n\u00e9gociant le prix de livraisons pr\u00e9visionnelles d\u2019alliages avec des affineurs, ou le prix de produits semi-finis avec des producteurs, soit par la mise en place de couvertures financi\u00e8res aupr\u00e8s de banques de premi\u00e8re cat\u00e9gorie. Dans ce dernier cas, ces couvertures consistent en des instruments fermes ou optionnels, avec des livraisons au comptant. D\u2019un montant nominal de 189\u00a0millions d\u2019euros, les instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la couverture du prix des m\u00e9taux pr\u00e9cieux en vie au 31\u00a0d\u00e9cembre 2023 ont une valeur de march\u00e9 positive de 9\u00a0millions d\u2019euros. Ces instruments financiers auraient, en cas de variation uniforme de 1\u2006% des cours de leurs sous-jacents au 31\u00a0d\u00e9cembre 2023, un effet net sur les r\u00e9serves consolid\u00e9es du Groupe de \u2013 2\u00a0millions d\u2019euros. Ils sont \u00e0 \u00e9ch\u00e9ance 2024.\n
\n\n 23.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Actifs et passifs financiers comptabilis\u00e9s \u00e0 la juste valeur ventil\u00e9s par m\u00e9thode de valorisation\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||||||
| \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n |
| \n \n Valorisation\u00a0(a)\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Cotation boursi\u00e8re\n \n | \n \n \n 3\u202f349\n \n | \n \n \n -\n \n | \n \n \n 7\u202f774\n \n | \n \n \n 3\u202f390\n \n | \n \n \n -\n \n | \n \n \n 7\u202f300\n \n | \n \n \n 2\u202f427\n \n | \n \n \n -\n \n | \n \n \n 8\u202f021\n \n | \n
| \n \n Mod\u00e8le de valorisation reposant sur des donn\u00e9es de march\u00e9\n \n | \n \n \n 10\n \n | \n \n \n 642\n \n | \n \n \n -\n \n | \n \n \n 18\n \n | \n \n \n 559\n \n | \n \n \n -\n \n | \n \n \n 96\n \n | \n \n \n 314\n \n | \n \n \n -\n \n | \n
| \n \n Cotations priv\u00e9es\n \n | \n \n \n 1\u202f492\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f254\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f384\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Actifs\n \n | \n \n \n 4\u202f853\n \n | \n \n \n 642\n \n | \n \n \n 7\u202f774\n \n | \n \n \n 4\u202f660\n \n | \n \n \n 559\n \n | \n \n \n 7\u202f300\n \n | \n \n \n 3\u202f907\n \n | \n \n \n 314\n \n | \n \n \n 8\u202f021\n \n | \n
| \n \n Valorisation\u00a0(a)\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Cotation boursi\u00e8re\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Mod\u00e8le de valorisation reposant sur des donn\u00e9es de march\u00e9\n \n | \n \n \n -\n \n | \n \n \n 279\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 506\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 240\n \n | \n \n \n -\n \n | \n
| \n \n Cotations priv\u00e9es\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Passifs\n \n | \n \n \n -\n \n | \n \n \n 279\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 506\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 240\n \n | \n \n \n -\n \n | \n
\n (a)\u00a0 Voir Note\u00a01.10\u00a0concernant les m\u00e9thodes de valorisation.\n
\n\n Les instruments d\u00e9riv\u00e9s utilis\u00e9s par le Groupe sont valoris\u00e9s \u00e0 leur juste valeur, \u00e9valu\u00e9e au moyen de mod\u00e8les de valorisation commun\u00e9ment utilis\u00e9s et sur la base de donn\u00e9es de march\u00e9. Le risque de contrepartie relatif \u00e0 ces instruments d\u00e9riv\u00e9s (\u00ab\u00a0Credit valuation adjustment\u00a0\u00bb) est \u00e9valu\u00e9 sur la base de spreads de cr\u00e9dit issus de donn\u00e9es de march\u00e9 observables, et de la valeur de march\u00e9 des instruments d\u00e9riv\u00e9s ajust\u00e9e par des add-ons forfaitaires fonction du type de sous-jacent et de la maturit\u00e9 de l\u2019instrument d\u00e9riv\u00e9. Celui-ci est non significatif aux 31\u00a0d\u00e9cembre 2023, 2022 et 2021.\n
\n\n Le montant des actifs financiers \u00e9valu\u00e9s sur la base de cotations priv\u00e9es a \u00e9volu\u00e9 ainsi en 2023\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 1\u202f254\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 214\n \n | \n
| \n \n Cessions (\u00e0 valeur de vente)\n \n | \n \n \n (26)\n \n | \n
| \n \n Gains et (pertes) enregistr\u00e9s en r\u00e9sultat\n \n | \n \n \n 189\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (19)\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\u00a0(a)\n \n | \n \n \n (120)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 1\u202f492\n \n | \n
\n (a)\u00a0 Voir Note\u00a09.\n
\n\n 23.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Incidence des instruments financiers sur l\u2019\u00e9tat global des gains et pertes consolid\u00e9s\n
\n\n L\u2019incidence des instruments financiers sur l\u2019\u00e9tat global des gains et pertes consolid\u00e9s de l\u2019exercice se d\u00e9compose ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Risque de change\u00a0(a)\n \n | \n \n \n Risque de taux d\u2019int\u00e9r\u00eat\u00a0(b)\n \n | \n \n \n Total\u00a0(c)\n \n | \n |||||||
| \n \n R\u00e9\u00e9valuations des parts efficaces, dont\u00a0:\n \n | \n \n \n R\u00e9\u00e9valuation du co\u00fbt des couvertures\n \n | \n \n \n Total\n \n | \n \n \n R\u00e9\u00e9valuations des parts efficaces\n \n | \n \n \n Inefficacit\u00e9\n \n | \n \n \n Total\n \n | \n |||||
| \n \n Couvertures de flux de tr\u00e9sorerie futurs en devises\n \n | \n \n \n Couvertures de juste valeur\n \n | \n \n \n Couvertures d\u2019actifs nets en devises\n \n | \n \n \n Total\n \n | \n |||||||
| \n \n Variations en\u00a0compte de r\u00e9sultat\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n \n \n 465\n \n | \n
| \n \n Variations en gains\u00a0et pertes consolid\u00e9s\n \n | \n \n \n (45)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (45)\n \n | \n \n \n 124\n \n | \n \n \n 79\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 79\n \n | \n
\n (a)\u00a0 Voir Notes\u00a01.10 et 1.23\u00a0concernant les principes de r\u00e9\u00e9valuation des instruments de couverture de risque de change.\n
\n\n (b)\u00a0 Voir Notes\u00a01.22 et 1.23\u00a0concernant les principes de r\u00e9\u00e9valuation des instruments de risque de taux d\u2019int\u00e9r\u00eat.\n
\n\n (c)\u00a0\u00a0 Gain/(Perte).\n
\n\n La r\u00e9\u00e9valuation des \u00e9l\u00e9ments couverts inscrits au bilan compensant la r\u00e9\u00e9valuation des parts efficaces des instruments de couverture de juste valeur (voir Note\u00a01.22), aucune inefficacit\u00e9 au titre des couvertures de change n\u2019a \u00e9t\u00e9 constat\u00e9e au cours de l\u2019exercice.\n
\n\n 23.8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyses de sensibilit\u00e9\n
\n\n L\u2019effet en r\u00e9sultat des couvertures de flux de tr\u00e9sorerie futurs ainsi que les flux de tr\u00e9sorerie futurs couverts par ces instruments seront comptabilis\u00e9s en 2024 principalement, leur montant \u00e9tant fonction des cours de change en vigueur \u00e0 cette date. Les incidences sur le r\u00e9sultat net de l\u2019exercice 2023 d\u2019une variation de 10\u2006% du dollar US, du yen japonais, de la livre sterling et du Hong Kong dollar contre l\u2019euro, y compris l\u2019effet des couvertures en vie durant l\u2019exercice, par rapport aux cours qui se sont appliqu\u00e9s en 2023 auraient \u00e9t\u00e9 les suivantes\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Dollar US\n \n | \n \n \n Yen japonais\n \n | \n \n \n Livre sterling\n \n | \n \n \n Hong Kong dollar\n \n | \n ||||
| \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n |
| \n \n Incidences li\u00e9es\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n -\u00a0\u00a0\u00a0au taux d\u2019encaissement des ventes en devises\n \n | \n \n \n 147\n \n | \n \n \n (63)\n \n | \n \n \n 9\n \n | \n \n \n 1\n \n | \n \n \n 25\n \n | \n \n \n (3)\n \n | \n \n \n 5\n \n | \n \n \n (2)\n \n | \n
| \n \n -\u00a0\u00a0\u00a0\u00e0 la conversion des r\u00e9sultats des soci\u00e9t\u00e9s consolid\u00e9es situ\u00e9es hors zone euro\n \n | \n \n \n 216\n \n | \n \n \n (216)\n \n | \n \n \n 65\n \n | \n \n \n (65)\n \n | \n \n \n 21\n \n | \n \n \n (20)\n \n | \n \n \n 46\n \n | \n \n \n (46)\n \n | \n
| \n \n Incidences sur le r\u00e9sultat net\n \n | \n \n \n 363\n \n | \n \n \n (279)\n \n | \n \n \n 74\n \n | \n \n \n (64)\n \n | \n \n \n 46\n \n | \n \n \n (23)\n \n | \n \n \n 51\n \n | \n \n \n (48)\n \n | \n
\n Les donn\u00e9es figurant dans le tableau ci-dessus doivent \u00eatre appr\u00e9ci\u00e9es sur la base des caract\u00e9ristiques des instruments de couverture en vie au cours de l\u2019exercice 2023, constitu\u00e9s principalement d\u2019options et de tunnels.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les encaissements pr\u00e9visionnels de 2024 en dollar US et yen japonais sont couverts \u00e0 hauteur de 71\u2006% et 67\u2006%, respectivement. Pour la part couverte, compte tenu de la nature optionnelle des instruments, les cours de cession seront plus favorables que 1,10\u00a0EUR/USD pour le dollar US et 151\u00a0EUR/JPY pour le yen japonais.\n
\n\n L\u2019incidence des variations de change sur les capitaux propres hors r\u00e9sultat net peut \u00eatre \u00e9valu\u00e9e au 31\u00a0d\u00e9cembre 2023 \u00e0 travers les effets d\u2019une variation de 10\u2006% du dollar US, du yen japonais, de la livre sterling et du Hong Kong dollar contre l\u2019euro par rapport aux cours \u00e0 la m\u00eame date\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Dollar US\n \n | \n \n \n Yen japonais\n \n | \n \n \n Livre sterling\n \n | \n \n \n Hong Kong dollar\n \n | \n ||||
| \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n |
| \n \n Conversion de l\u2019actif net en devises\n \n | \n \n \n 1\u202f787\n \n | \n \n \n (1\u202f787)\n \n | \n \n \n 95\n \n | \n \n \n (95)\n \n | \n \n \n 144\n \n | \n \n \n (144)\n \n | \n \n \n 159\n \n | \n \n \n (159)\n \n | \n
| \n \n Variation de valeur des instruments de couverture, apr\u00e8s imp\u00f4t\n \n | \n \n \n (149)\n \n | \n \n \n 428\n \n | \n \n \n (54)\n \n | \n \n \n 97\n \n | \n \n \n (29)\n \n | \n \n \n 40\n \n | \n \n \n (20)\n \n | \n \n \n 42\n \n | \n
| \n \n Incidences sur les capitaux propres, hors r\u00e9sultat net\n \n | \n \n \n 1\u202f638\n \n | \n \n \n (1\u202f359)\n \n | \n \n \n 41\n \n | \n \n \n 2\n \n | \n \n \n 115\n \n | \n \n \n (104)\n \n | \n \n \n 139\n \n | \n \n \n (117)\n \n | \n
\n 23.9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Risque de liquidit\u00e9\n
\n\n Outre des risques de liquidit\u00e9 locaux en r\u00e8gle g\u00e9n\u00e9rale peu significatifs, l\u2019exposition du Groupe au risque de liquidit\u00e9 peut \u00eatre appr\u00e9ci\u00e9e au moyen du montant de sa dette financi\u00e8re \u00e0 moins d\u2019un an avant prise en compte des instruments d\u00e9riv\u00e9s, soit 10,7\u00a0milliards d\u2019euros, inf\u00e9rieure au solde de 11,3\u00a0milliards d\u2019euros de tr\u00e9sorerie et \u00e9quivalents et placements financiers, ou de l\u2019encours de ses programmes de titres de cr\u00e9ances court terme n\u00e9gociables, soit 7,3\u00a0milliards d\u2019euros. Au regard du non-renouvellement \u00e9ventuel de ces concours, le Groupe dispose de lignes de cr\u00e9dit confirm\u00e9es non tir\u00e9es pour un montant de 11,1\u00a0milliards d\u2019euros.\n
\n\n La liquidit\u00e9 du Groupe repose ainsi sur l\u2019ampleur de ses placements, sur sa capacit\u00e9 \u00e0 d\u00e9gager des financements \u00e0 long terme, sur la diversit\u00e9 de sa base d\u2019investisseurs (titres \u00e0 court terme et obligations), ainsi que sur la qualit\u00e9 de ses relations bancaires, mat\u00e9rialis\u00e9e ou non par des lignes de cr\u00e9dit confirm\u00e9es.\n
\n\n Le tableau suivant pr\u00e9sente, pour les passifs financiers comptabilis\u00e9s au 31\u00a0d\u00e9cembre 2023, l\u2019\u00e9ch\u00e9ancier contractuel des d\u00e9caissements relatifs aux passifs financiers (hors instruments d\u00e9riv\u00e9s), nominal et int\u00e9r\u00eats, hors effet d\u2019actualisation\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2024\n \n | \n \n \n 2025\n \n | \n \n \n 2026\n \n | \n \n \n 2027\n \n | \n \n \n 2028\n \n | \n \n \n Au-del\u00e0 de 5\u00a0ans\n \n | \n \n \n Total\n \n | \n
| \n \n Emprunts obligataires et Euro Medium-Term Notes (EMTN)\n \n | \n \n \n 2\u202f800\n \n | \n \n \n 2\u202f669\n \n | \n \n \n 1\u202f427\n \n | \n \n \n 1\u202f045\n \n | \n \n \n 1\u202f839\n \n | \n \n \n 4\u202f809\n \n | \n \n \n 14\u202f589\n \n | \n
| \n \n Emprunts aupr\u00e8s des \u00e9tablissements de cr\u00e9dit\n \n | \n \n \n 320\n \n | \n \n \n 68\n \n | \n \n \n 88\n \n | \n \n \n 5\n \n | \n \n \n 30\n \n | \n \n \n 12\n \n | \n \n \n 523\n \n | \n
| \n \n Autres emprunts et lignes de cr\u00e9dit\n \n | \n \n \n 151\n \n | \n \n \n 14\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 165\n \n | \n
| \n \n Billets de tr\u00e9sorerie et USCP\n \n | \n \n \n 7\u202f291\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 7\u202f291\n \n | \n
| \n \n D\u00e9couverts bancaires\n \n | \n \n \n 254\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 254\n \n | \n
| \n \n Dette financi\u00e8re brute\n \n | \n \n \n 10\u202f816\n \n | \n \n \n 2\u202f751\n \n | \n \n \n 1\u202f515\n \n | \n \n \n 1\u202f050\n \n | \n \n \n 1\u202f869\n \n | \n \n \n 4\u202f821\n \n | \n \n \n 22\u202f821\n \n | \n
| \n \n Autres passifs, courants et non courants\u00a0(a)\n \n | \n \n \n 8\u202f275\n \n | \n \n \n 226\n \n | \n \n \n 26\n \n | \n \n \n 23\n \n | \n \n \n 135\n \n | \n \n \n 51\n \n | \n \n \n 8\u202f736\n \n | \n
| \n \n Fournisseurs et comptes rattach\u00e9s\n \n | \n \n \n 9\u202f049\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 9\u202f049\n \n | \n
| \n \n Autres passifs financiers\n \n | \n \n \n 17\u202f324\n \n | \n \n \n 226\n \n | \n \n \n 26\n \n | \n \n \n 23\n \n | \n \n \n 135\n \n | \n \n \n 51\n \n | \n \n \n 17\u202f785\n \n | \n
| \n \n Total des passifs financiers\n \n | \n \n \n 28\u202f140\n \n | \n \n \n 2\u202f977\n \n | \n \n \n 1\u202f541\n \n | \n \n \n 1\u202f073\n \n | \n \n \n 2\u202f004\n \n | \n \n \n 4\u202f872\n \n | \n \n \n 40\u202f607\n \n | \n
\n (a)\u00a0 Correspond \u00e0 hauteur de 8\u202f275\u00a0millions d\u2019euros aux \u00ab\u00a0Autres passifs courants\u00a0\u00bb (hors instruments d\u00e9riv\u00e9s, produits constat\u00e9s d\u2019avance et programmes de fid\u00e9lit\u00e9) et de 461\u00a0millions d\u2019euros aux \u00ab\u00a0Autres passifs non courants\u00a0\u00bb (hors instruments d\u00e9riv\u00e9s et produits constat\u00e9s d\u2019avance).\n
\n\n Voir \u00e9galement Note\u00a07\u00a0pour l\u2019\u00e9ch\u00e9ancier des d\u00e9caissements relatifs aux contrats de location.\n
\n\n Voir Note\u00a031.2\u00a0concernant l\u2019\u00e9ch\u00e9ancier contractuel des cautions et avals, Notes\u00a019.4 et 23.4\u00a0concernant les instruments d\u00e9riv\u00e9s de change et Note\u00a023.3\u00a0concernant les instruments d\u00e9riv\u00e9s de taux.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27730": { "value": "\n 1.24.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Actions LVMH\n
\n\n Les actions LVMH d\u00e9tenues par le Groupe sont comptabilis\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition, en d\u00e9duction des capitaux propres consolid\u00e9s, quel que soit l\u2019objet de leur d\u00e9tention.\n
\n\n En cas de cession, le prix de revient des actions c\u00e9d\u00e9es est \u00e9tabli par cat\u00e9gorie d\u2019affectation (voir Note\u00a016.3) selon la m\u00e9thode Premier entr\u00e9-premier sorti (FIFO).\n
\n\n Les r\u00e9sultats de cession sont inscrits directement en capitaux propres, pour leur montant net d\u2019imp\u00f4t.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27731": { "value": "\n 1.24.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Actions LVMH\n
\n\n Les actions LVMH d\u00e9tenues par le Groupe sont comptabilis\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition, en d\u00e9duction des capitaux propres consolid\u00e9s, quel que soit l\u2019objet de leur d\u00e9tention.\n
\n\n En cas de cession, le prix de revient des actions c\u00e9d\u00e9es est \u00e9tabli par cat\u00e9gorie d\u2019affectation (voir Note\u00a016.3) selon la m\u00e9thode Premier entr\u00e9-premier sorti (FIFO).\n
\n\n Les r\u00e9sultats de cession sont inscrits directement en capitaux propres, pour leur montant net d\u2019imp\u00f4t.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__64-1": { "value": "\n 1.25.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Retraites, participation aux frais m\u00e9dicaux et autres engagements vis-\u00e0-vis du personnel\n
\n\n Lorsque les r\u00e9gimes d\u2019indemnit\u00e9s de d\u00e9part \u00e0 la retraite, de retraites, de participation aux frais m\u00e9dicaux ou autres pr\u00e9voient le versement par le Groupe de cotisations \u00e0 des organismes ext\u00e9rieurs responsables du paiement ult\u00e9rieur des indemnit\u00e9s, des retraites ou de la participation aux frais m\u00e9dicaux, ces cotisations sont comptabilis\u00e9es dans les charges de l\u2019exercice au titre duquel elles sont dues, aucun passif n\u2019\u00e9tant comptabilis\u00e9 au bilan.\n
\n\n Lorsque le versement des indemnit\u00e9s de d\u00e9part \u00e0 la retraite, des retraites, de la participation aux frais m\u00e9dicaux ou autres sont \u00e0 la charge du Groupe, le montant de l\u2019engagement actuariel correspondant donne lieu \u00e0 provision au bilan (voir Note\u00a030). La variation de cette provision est comptabilis\u00e9e\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en r\u00e9sultat op\u00e9rationnel courant de l\u2019exercice, pour la part correspondant au service rendu par les employ\u00e9s durant l\u2019exercice et au co\u00fbt financier net de l\u2019exercice\u2006;\n
\n\n \u25cf\u00a0\u00a0 en gains et pertes enregistr\u00e9s en capitaux propres, pour la part li\u00e9e \u00e0 l\u2019\u00e9volution des hypoth\u00e8ses actuarielles et aux \u00e9carts entre les donn\u00e9es projet\u00e9es et les donn\u00e9es r\u00e9elles (\u00ab\u00a0effets d\u2019exp\u00e9rience\u00a0\u00bb).\n
\n\n Si cet engagement est couvert, partiellement ou en totalit\u00e9, par des fonds vers\u00e9s par le Groupe \u00e0 des organismes financiers, le montant de ces placements d\u00e9di\u00e9s vient en d\u00e9duction de l\u2019engagement actuariel au bilan.\n
\n\n L\u2019engagement actuariel est calcul\u00e9 sur la base d\u2019\u00e9valuations sp\u00e9cifiques au pays et \u00e0 la soci\u00e9t\u00e9 du Groupe concern\u00e9e\u2006; ces \u00e9valuations int\u00e8grent notamment des hypoth\u00e8ses de taux d\u2019actualisation, de progression des salaires, d\u2019inflation, d\u2019esp\u00e9rance de vie, et de rotation des effectifs.\n
\n Les charges de personnel sont constitu\u00e9es des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Salaires et charges sociales\n \n | \n \n \n 14\u202f082\n \n | \n \n \n 12\u202f360\n \n | \n \n \n 10\u202f264\n \n | \n
| \n \n Retraites, participation aux frais m\u00e9dicaux et avantages assimil\u00e9s au titre des r\u00e9gimes \u00e0 prestations d\u00e9finies\u00a0(a)\n \n | \n \n \n 150\n \n | \n \n \n 157\n \n | \n \n \n 145\n \n | \n
| \n \n Charges li\u00e9es aux plans d\u2019actions gratuites et assimil\u00e9s\u00a0(b)\n \n | \n \n \n 117\n \n | \n \n \n 132\n \n | \n \n \n 132\n \n | \n
| \n \n Charges de personnel\n \n | \n \n \n 14\u202f349\n \n | \n \n \n 12\u202f649\n \n | \n \n \n 10\u202f541\n \n | \n
\n (a)\u00a0 Voir Note\u00a030.\n
\n\n (b)\u00a0 Voir Note\u00a017.4.\n
\n\n La r\u00e9partition par cat\u00e9gorie professionnelle de l\u2019effectif moyen de 2023 en \u00e9quivalent temps plein s\u2019\u00e9tablit ainsi\u00a0:\n
\n| \n \n (en nombre et en pourcentage)\n \n | \n \n \n 2023\n \n | \n \n \n %\n \n | \n \n \n 2022\n \n | \n \n \n %\n \n | \n \n \n 2021\n \n | \n \n \n %\n \n | \n
| \n \n Cadres\n \n | \n \n \n 44\u202f519\n \n | \n \n \n 23\u2006%\n \n | \n \n \n 39\u202f181\n \n | \n \n \n 23\u2006%\n \n | \n \n \n 35\u202f875\n \n | \n \n \n 23\u2006%\n \n | \n
| \n \n Techniciens, responsables d\u2019\u00e9quipe\n \n | \n \n \n 17\u202f767\n \n | \n \n \n 9\u2006%\n \n | \n \n \n 16\u202f703\n \n | \n \n \n 10\u2006%\n \n | \n \n \n 15\u202f688\n \n | \n \n \n 10\u2006%\n \n | \n
| \n \n Employ\u00e9s administratifs, personnel de vente\n \n | \n \n \n 96\u202f497\n \n | \n \n \n 50\u2006%\n \n | \n \n \n 86\u202f980\n \n | \n \n \n 50\u2006%\n \n | \n \n \n 78\u202f297\n \n | \n \n \n 50\u2006%\n \n | \n
| \n \n Personnel de production\n \n | \n \n \n 33\u202f504\n \n | \n \n \n 17\u2006%\n \n | \n \n \n 30\u202f627\n \n | \n \n \n 18\u2006%\n \n | \n \n \n 28\u202f093\n \n | \n \n \n 18\u2006%\n \n | \n
| \n \n Total\n \n | \n \n \n 192\u202f287\n \n | \n \n \n 100\u2006%\n \n | \n \n \n 173\u202f492\n \n | \n \n \n 100\u2006%\n \n | \n \n \n 157\u202f953\n \n | \n \n \n 100\u2006%\n \n | \n
\n 30.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Charge de l\u2019exercice\n
\n\n La charge enregistr\u00e9e au cours des exercices pr\u00e9sent\u00e9s au titre des engagements de retraite, de participation aux frais m\u00e9dicaux et autres engagements vis-\u00e0-vis du personnel s\u2019\u00e9tablit ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Co\u00fbt des services rendus\n \n | \n \n \n 122\n \n | \n \n \n 136\n \n | \n \n \n 130\n \n | \n
| \n \n Co\u00fbt financier, net\n \n | \n \n \n 23\n \n | \n \n \n 15\n \n | \n \n \n 15\n \n | \n
| \n \n \u00c9carts actuariels\n \n | \n \n \n 1\n \n | \n \n \n (3)\n \n | \n \n \n -\n \n | \n
| \n \n Modifications des r\u00e9gimes\n \n | \n \n \n 4\n \n | \n \n \n 8\n \n | \n \n \n (1)\n \n | \n
| \n \n Charge de l\u2019exercice au titre des r\u00e9gimes \u00e0 prestations d\u00e9finies\n \n | \n \n \n 150\n \n | \n \n \n 157\n \n | \n \n \n 145\n \n | \n
\n La r\u00e9forme des retraites en France intervenue en avril 2023 a un impact n\u00e9gligeable sur les engagements du Groupe.\n
\n\n 30.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagement net comptabilis\u00e9\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Notes\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Droits couverts par des actifs financiers\n \n | \n \n | \n \n 2\u202f185\n \n | \n \n \n 2\u202f205\n \n | \n \n \n 2\u202f656\n \n | \n
| \n \n Droits non couverts par des actifs financiers\n \n | \n \n | \n \n 380\n \n | \n \n \n 362\n \n | \n \n \n 472\n \n | \n
| \n \n Valeur actualis\u00e9e des droits\n \n | \n \n | \n \n 2\u202f566\n \n | \n \n \n 2\u202f567\n \n | \n \n \n 3\u202f128\n \n | \n
| \n \n Valeur de march\u00e9 des actifs financiers\n \n | \n \n | \n \n (2\u202f006)\n \n | \n \n \n (2\u202f005)\n \n | \n \n \n (2\u202f299)\n \n | \n
| \n \n Engagement net comptabilis\u00e9\n \n | \n \n | \n \n 559\n \n | \n \n \n 562\n \n | \n \n \n 829\n \n | \n
| \n \n Dont\u00a0: provisions \u00e0 plus d\u2019un an\n \n | \n \n \n 20\n \n | \n \n \n 609\n \n | \n \n \n 622\n \n | \n \n \n 915\n \n | \n
| \n \n provisions \u00e0 moins d\u2019un an\n \n | \n \n \n 20\n \n | \n \n \n 17\n \n | \n \n \n 17\n \n | \n \n \n 17\n \n | \n
| \n \n autres actifs\n \n | \n \n | \n \n (68)\n \n | \n \n \n (77)\n \n | \n \n \n (103)\n \n | \n
| \n \n Total\n \n | \n \n | \n \n 559\n \n | \n \n \n 562\n \n | \n \n \n 829\n \n | \n
\n 30.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse de la variation de l\u2019engagement net comptabilis\u00e9\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Valeur actualis\u00e9e des droits\n \n | \n \n \n Valeur de march\u00e9 des actifs financiers\n \n | \n \n \n Engagement net comptabilis\u00e9\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 2\u202f567\n \n | \n \n \n (2\u202f005)\n \n | \n \n \n 562\n \n | \n
| \n \n Co\u00fbt des services rendus\n \n | \n \n \n 122\n \n | \n \n \n -\n \n | \n \n \n 122\n \n | \n
| \n \n Co\u00fbt financier, net\n \n | \n \n \n 95\n \n | \n \n \n (72)\n \n | \n \n \n 23\n \n | \n
| \n \n Prestations aux b\u00e9n\u00e9ficiaires\n \n | \n \n \n (194)\n \n | \n \n \n 164\n \n | \n \n \n (30)\n \n | \n
| \n \n Augmentation des actifs financiers d\u00e9di\u00e9s\n \n | \n \n \n -\n \n | \n \n \n (92)\n \n | \n \n \n (92)\n \n | \n
| \n \n Contributions des employ\u00e9s\n \n | \n \n \n 15\n \n | \n \n \n (15)\n \n | \n \n \n -\n \n | \n
| \n \n Variations de p\u00e9rim\u00e8tre et reclassifications\n \n | \n \n \n 4\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n
| \n \n Modifications des r\u00e9gimes\n \n | \n \n \n 4\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n
| \n \n \u00c9carts actuariels\u00a0(a)\n \n | \n \n \n (22)\n \n | \n \n \n (7)\n \n | \n \n \n (29)\n \n | \n
| \n \n Dont\u00a0: effets d\u2019exp\u00e9rience\n \n | \n \n \n 50\n \n | \n \n \n (7)\n \n | \n \n \n 43\n \n | \n
| \n \n changements d\u2019hypoth\u00e8ses d\u00e9mographiques\n \n | \n \n \n (9)\n \n | \n \n \n -\n \n | \n \n \n (9)\n \n | \n
| \n \n changements d\u2019hypoth\u00e8ses financi\u00e8res\n \n | \n \n \n (63)\n \n | \n \n \n -\n \n | \n \n \n (63)\n \n | \n
| \n \n Effet des variations de taux de change\n \n | \n \n \n (25)\n \n | \n \n \n 20\n \n | \n \n \n (5)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 2\u202f566\n \n | \n \n \n (2\u202f006)\n \n | \n \n \n 559\n \n | \n
\n (a)\u00a0 (Gain)/Perte.\n
\n\n Les \u00e9carts actuariels li\u00e9s aux effets d\u2019exp\u00e9rience d\u00e9gag\u00e9s durant les exercices 2019 \u00e0 2022 se sont \u00e9lev\u00e9s \u00e0\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2019\n \n | \n \n \n 2020\n \n | \n \n \n 2021\n \n | \n \n \n 2022\n \n | \n
| \n \n \u00c9carts li\u00e9s aux effets d\u2019exp\u00e9rience sur la valeur actualis\u00e9e des droits\n \n | \n \n \n 31\n \n | \n \n \n (12)\n \n | \n \n \n (64)\n \n | \n \n \n 49\n \n | \n
| \n \n \u00c9carts li\u00e9s aux effets d\u2019exp\u00e9rience sur la valeur de march\u00e9 des actifs financiers\n \n | \n \n \n (82)\n \n | \n \n \n (67)\n \n | \n \n \n (112)\n \n | \n \n \n 428\n \n | \n
| \n \n \u00c9carts actuariels li\u00e9s aux effets d\u2019exp\u00e9rience\u00a0(a)\n \n | \n \n \n (51)\n \n | \n \n \n (79)\n \n | \n \n \n (176)\n \n | \n \n \n 477\n \n | \n
\n (a)\u00a0 (Gain)/Perte.\n
\n\n Les hypoth\u00e8ses actuarielles retenues pour l\u2019estimation des engagements dans les principaux pays concern\u00e9s sont les suivantes\u00a0:\n
\n| \n \n (en pourcentage)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||||||||||||
| \n \n France\n \n | \n \n \n \u00c9tats-Unis\n \n | \n \n \n Royaume-Uni\n \n | \n \n \n Japon\n \n | \n \n \n Suisse\n \n | \n \n \n France\n \n | \n \n \n \u00c9tats-Unis\n \n | \n \n \n Royaume-Uni\n \n | \n \n \n Japon\n \n | \n \n \n Suisse\n \n | \n \n \n France\n \n | \n \n \n \u00c9tats-Unis\n \n | \n \n \n Royaume-Uni\n \n | \n \n \n Japon\n \n | \n \n \n Suisse\n \n | \n |
| \n \n Taux d\u2019actualisation\u00a0(a)\n \n | \n \n \n 3,27\n \n | \n \n \n 5,17\n \n | \n \n \n 4,77\n \n | \n \n \n 1,83\n \n | \n \n \n 1,85\n \n | \n \n \n 3,38\n \n | \n \n \n 5,18\n \n | \n \n \n 4,78\n \n | \n \n \n 1,27\n \n | \n \n \n 1,50\n \n | \n \n \n 0,70\n \n | \n \n \n 2,89\n \n | \n \n \n 1,74\n \n | \n \n \n 1,00\n \n | \n \n \n 0,06\n \n | \n
| \n \n Taux d\u2019augmentation future des salaires\n \n | \n \n \n 3,00\n \n | \n \n \n 4,48\n \n | \n \n \n n.a.\n \n | \n \n \n 2,12\n \n | \n \n \n 2,28\n \n | \n \n \n 3,00\n \n | \n \n \n 4,52\n \n | \n \n \n n.a.\n \n | \n \n \n 2,10\n \n | \n \n \n 2,12\n \n | \n \n \n 1,96\n \n | \n \n \n 3,59\n \n | \n \n \n n.a.\n \n | \n \n \n 2,07\n \n | \n \n \n 1,75\n \n | \n
\n (a)\u00a0 Les taux d\u2019actualisation ont \u00e9t\u00e9 d\u00e9termin\u00e9s par r\u00e9f\u00e9rence aux taux de rendement des obligations priv\u00e9es not\u00e9es AA \u00e0 la date de cl\u00f4ture dans les pays concern\u00e9s. Ont \u00e9t\u00e9 retenues des obligations de maturit\u00e9s comparables \u00e0 celles des engagements.\n
\n\n n.a.\u00a0: Non applicable.\n
\n\n L\u2019hypoth\u00e8se d\u2019augmentation du co\u00fbt des frais m\u00e9dicaux aux \u00c9tats-Unis est de 6,2\u2006%.\n
\n\n Une augmentation de 1,5\u00a0point du taux d\u2019actualisation entra\u00eenerait une r\u00e9duction de 215\u00a0millions d\u2019euros de la valeur actualis\u00e9e des droits au 31\u00a0d\u00e9cembre 2023\u2006; une r\u00e9duction de 1,5\u00a0point du taux d\u2019actualisation entra\u00eenerait une augmentation de 235\u00a0millions d\u2019euros.\n
\n\n 30.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse des droits\n
\n\n L\u2019analyse de la valeur actualis\u00e9e des droits par type de r\u00e9gime est la suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Retraites compl\u00e9mentaires\n \n | \n \n \n 2\u202f047\n \n | \n \n \n 2\u202f102\n \n | \n \n \n 2\u202f601\n \n | \n
| \n \n Indemnit\u00e9s de d\u00e9part en retraite et assimil\u00e9es\n \n | \n \n \n 353\n \n | \n \n \n 308\n \n | \n \n \n 351\n \n | \n
| \n \n Frais m\u00e9dicaux\n \n | \n \n \n 106\n \n | \n \n \n 100\n \n | \n \n \n 133\n \n | \n
| \n \n Primes d\u2019anciennet\u00e9 et autres\n \n | \n \n \n 60\n \n | \n \n \n 57\n \n | \n \n \n 43\n \n | \n
| \n \n Valeur actualis\u00e9e des droits\n \n | \n \n \n 2\u202f566\n \n | \n \n \n 2\u202f567\n \n | \n \n \n 3\u202f128\n \n | \n
\n La r\u00e9partition g\u00e9ographique de la valeur actualis\u00e9e des droits est la suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n France\n \n | \n \n \n 606\n \n | \n \n \n 595\n \n | \n \n \n 746\n \n | \n
| \n \n Europe (hors France)\n \n | \n \n \n 639\n \n | \n \n \n 568\n \n | \n \n \n 647\n \n | \n
| \n \n \u00c9tats-Unis\n \n | \n \n \n 1\u202f123\n \n | \n \n \n 1\u202f195\n \n | \n \n \n 1\u202f514\n \n | \n
| \n \n Japon\n \n | \n \n \n 133\n \n | \n \n \n 151\n \n | \n \n \n 164\n \n | \n
| \n \n Asie (hors Japon)\n \n | \n \n \n 54\n \n | \n \n \n 49\n \n | \n \n \n 49\n \n | \n
| \n \n Autres pays\n \n | \n \n \n 11\n \n | \n \n \n 9\n \n | \n \n \n 8\n \n | \n
| \n \n Valeur actualis\u00e9e des droits\n \n | \n \n \n 2\u202f566\n \n | \n \n \n 2\u202f567\n \n | \n \n \n 3\u202f128\n \n | \n
\n Les principaux r\u00e9gimes constitutifs de l\u2019engagement au 31\u00a0d\u00e9cembre 2023 sont les suivants\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en France\u00a0:\n
\n\n -\u00a0\u00a0\u00a0il s\u2019agit de l\u2019engagement vis-\u00e0-vis des membres du Comit\u00e9 ex\u00e9cutif et de cadres dirigeants du Groupe, qui b\u00e9n\u00e9ficiaient, apr\u00e8s une certaine anciennet\u00e9 dans leurs fonctions, d\u2019un r\u00e9gime de retraite compl\u00e9mentaire dont le montant \u00e9tait fonction de la moyenne des trois r\u00e9mun\u00e9rations annuelles les plus \u00e9lev\u00e9es. En application de l\u2019ordonnance du 3\u00a0juillet 2019, ce r\u00e9gime de retraite compl\u00e9mentaire a \u00e9t\u00e9 ferm\u00e9 et les droits ont \u00e9t\u00e9 gel\u00e9s \u00e0 la date du 31\u00a0d\u00e9cembre 2019,\n
\n\n -\u00a0\u00a0\u00a0il s\u2019agit en outre des indemnit\u00e9s de fin de carri\u00e8re et m\u00e9dailles du travail, dont le versement est pr\u00e9vu par la loi et les conventions collectives, respectivement lors du d\u00e9part en retraite ou apr\u00e8s une certaine anciennet\u00e9\u2006;\n
\n\n \u25cf\u00a0\u00a0 en\u00a0Europe (hors France), les engagements concernent les r\u00e9gimes de retraite \u00e0 prestations d\u00e9finies mis en place au Royaume-Uni par certaines soci\u00e9t\u00e9s du Groupe, la participation des soci\u00e9t\u00e9s suisses au r\u00e9gime l\u00e9gal de retraite (\u00ab\u00a0Loi pour la Pr\u00e9voyance Professionnelle\u00a0\u00bb), ainsi que le TFR (Trattamento di Fine Rapporto) en Italie, dont le versement est pr\u00e9vu par la loi au moment du d\u00e9part de l\u2019entreprise, quel qu\u2019en soit le motif\u2006;\n
\n\n \u25cf\u00a0\u00a0 aux \u00c9tats-Unis, l\u2019engagement provient des r\u00e9gimes de retraite \u00e0 prestations d\u00e9finies ou de remboursement des frais m\u00e9dicaux aux retrait\u00e9s, mis en place par certaines soci\u00e9t\u00e9s du Groupe, notamment Tiffany. L\u2019essentiel de l\u2019engagement r\u00e9sulte de r\u00e9gimes de retraites qualifi\u00e9s au sens du code de l\u2019imp\u00f4t sur le revenu (Internal revenue service code) des \u00c9tats-Unis.\n
\n\n 30.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse des actifs financiers d\u00e9di\u00e9s\n
\n\n Les valeurs de march\u00e9 des actifs financiers dans lesquels les fonds vers\u00e9s sont investis se r\u00e9partissent ainsi, par type de support\u00a0:\n
\n| \n \n (en pourcentage de la valeur de march\u00e9 des actifs financiers d\u00e9di\u00e9s)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Actions\n \n | \n \n \n 23\n \n | \n \n \n 26\n \n | \n \n \n 30\n \n | \n
| \n \n Obligations\n \n | \n \n | \n | \n |
| \n \n -\u00a0\u00a0\u00a0\u00e9metteurs priv\u00e9s\n \n | \n \n \n 32\n \n | \n \n \n 34\n \n | \n \n \n 28\n \n | \n
| \n \n -\u00a0\u00a0\u00a0\u00e9metteurs publics\n \n | \n \n \n 10\n \n | \n \n \n 12\n \n | \n \n \n 13\n \n | \n
| \n \n Tr\u00e9sorerie, fonds d\u2019investissement, immobilier et autres\n \n | \n \n \n 35\n \n | \n \n \n 28\n \n | \n \n \n 29\n \n | \n
| \n \n Total\n \n | \n \n \n 100\n \n | \n \n \n 100\n \n | \n \n \n 100\n \n | \n
\n Ces actifs ne comportent pas de titres de cr\u00e9ance \u00e9mis par les soci\u00e9t\u00e9s du Groupe, ou d\u2019actions LVMH pour un montant important. Le Groupe pr\u00e9voit d\u2019augmenter en 2024 les actifs financiers d\u00e9di\u00e9s par des versements de 98\u00a0millions d\u2019euros environ.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27737": { "value": "\n 1.25.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Retraites, participation aux frais m\u00e9dicaux et autres engagements vis-\u00e0-vis du personnel\n
\n\n Lorsque les r\u00e9gimes d\u2019indemnit\u00e9s de d\u00e9part \u00e0 la retraite, de retraites, de participation aux frais m\u00e9dicaux ou autres pr\u00e9voient le versement par le Groupe de cotisations \u00e0 des organismes ext\u00e9rieurs responsables du paiement ult\u00e9rieur des indemnit\u00e9s, des retraites ou de la participation aux frais m\u00e9dicaux, ces cotisations sont comptabilis\u00e9es dans les charges de l\u2019exercice au titre duquel elles sont dues, aucun passif n\u2019\u00e9tant comptabilis\u00e9 au bilan.\n
\n\n Lorsque le versement des indemnit\u00e9s de d\u00e9part \u00e0 la retraite, des retraites, de la participation aux frais m\u00e9dicaux ou autres sont \u00e0 la charge du Groupe, le montant de l\u2019engagement actuariel correspondant donne lieu \u00e0 provision au bilan (voir Note\u00a030). La variation de cette provision est comptabilis\u00e9e\u00a0:\n
\n\n \u25cf\u00a0\u00a0 en r\u00e9sultat op\u00e9rationnel courant de l\u2019exercice, pour la part correspondant au service rendu par les employ\u00e9s durant l\u2019exercice et au co\u00fbt financier net de l\u2019exercice\u2006;\n
\n\n \u25cf\u00a0\u00a0 en gains et pertes enregistr\u00e9s en capitaux propres, pour la part li\u00e9e \u00e0 l\u2019\u00e9volution des hypoth\u00e8ses actuarielles et aux \u00e9carts entre les donn\u00e9es projet\u00e9es et les donn\u00e9es r\u00e9elles (\u00ab\u00a0effets d\u2019exp\u00e9rience\u00a0\u00bb).\n
\n\n Si cet engagement est couvert, partiellement ou en totalit\u00e9, par des fonds vers\u00e9s par le Groupe \u00e0 des organismes financiers, le montant de ces placements d\u00e9di\u00e9s vient en d\u00e9duction de l\u2019engagement actuariel au bilan.\n
\n\n L\u2019engagement actuariel est calcul\u00e9 sur la base d\u2019\u00e9valuations sp\u00e9cifiques au pays et \u00e0 la soci\u00e9t\u00e9 du Groupe concern\u00e9e\u2006; ces \u00e9valuations int\u00e8grent notamment des hypoth\u00e8ses de taux d\u2019actualisation, de progression des salaires, d\u2019inflation, d\u2019esp\u00e9rance de vie, et de rotation des effectifs.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__68-1": { "value": "\n 1.26.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Imp\u00f4ts courants et diff\u00e9r\u00e9s\n
\n\n La charge d\u2019imp\u00f4t comprend l\u2019imp\u00f4t exigible des diff\u00e9rentes soci\u00e9t\u00e9s consolid\u00e9es, l\u2019imp\u00f4t diff\u00e9r\u00e9 r\u00e9sultant de diff\u00e9rences temporelles et la variation des positions fiscales incertaines.\n
\n\n Les diff\u00e9rences temporelles entre les valeurs en consolidation des \u00e9l\u00e9ments d\u2019actif et de passif, et celles r\u00e9sultant de l\u2019application de la r\u00e9glementation fiscale, donnent lieu \u00e0 la constatation d\u2019imp\u00f4ts diff\u00e9r\u00e9s.\n
\n\n Le taux d\u2019imp\u00f4t retenu pour le calcul des imp\u00f4ts diff\u00e9r\u00e9s est celui connu \u00e0 la date de cl\u00f4ture\u2006; les effets des changements de taux sont enregistr\u00e9s sur la p\u00e9riode au cours de laquelle la d\u00e9cision de ce changement est prise.\n
\n\n Les \u00e9conomies d\u2019imp\u00f4t r\u00e9sultant de d\u00e9ficits fiscaux reportables sont enregistr\u00e9es en imp\u00f4ts diff\u00e9r\u00e9s actifs, qui sont d\u00e9pr\u00e9ci\u00e9s si estim\u00e9s non recouvrables, seul le montant dont l\u2019utilisation est probable \u00e9tant maintenu \u00e0 l\u2019actif du bilan.\n
\n\n Les actifs et passifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s ne sont pas actualis\u00e9s.\n
\n\n Les imp\u00f4ts dus au titre des r\u00e9serves distribuables des filiales font l\u2019objet de provisions \u00e0 hauteur des distributions envisag\u00e9es.\n
\n 28.\u00a0\u00a0\u00a0\u00a0 Imp\u00f4ts sur les r\u00e9sultats\n
\n\n 28.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse de la charge d\u2019imp\u00f4t\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Imp\u00f4t courant de l\u2019exercice\n \n | \n \n \n (6\u202f059)\n \n | \n \n \n (5\u202f877)\n \n | \n \n \n (5\u202f316)\n \n | \n
| \n \n Imp\u00f4t courant relatif aux exercices ant\u00e9rieurs\n \n | \n \n \n 8\n \n | \n \n \n (18)\n \n | \n \n \n (20)\n \n | \n
| \n \n Imp\u00f4t courant\n \n | \n \n \n (6\u202f051)\n \n | \n \n \n (5\u202f896)\n \n | \n \n \n (5\u202f336)\n \n | \n
| \n \n Variation des imp\u00f4ts diff\u00e9r\u00e9s\n \n | \n \n \n 378\n \n | \n \n \n 534\n \n | \n \n \n 913\n \n | \n
| \n \n Effet des changements de taux d\u2019imp\u00f4t sur les imp\u00f4ts diff\u00e9r\u00e9s\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (87)\n \n | \n
| \n \n Imp\u00f4ts diff\u00e9r\u00e9s\n \n | \n \n \n 378\n \n | \n \n \n 534\n \n | \n \n \n 826\n \n | \n
| \n \n Charge totale d\u2019imp\u00f4t au compte de r\u00e9sultat\n \n | \n \n \n (5\u202f673)\n \n | \n \n \n (5\u202f362)\n \n | \n \n \n (4\u202f510)\n \n | \n
| \n \n Imp\u00f4ts sur \u00e9l\u00e9ments comptabilis\u00e9s en capitaux propres\n \n | \n \n \n (34)\n \n | \n \n \n (147)\n \n | \n \n \n 89\n \n | \n
\n 28.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Ventilation des imp\u00f4ts diff\u00e9r\u00e9s nets au bilan\n
\n\n Les imp\u00f4ts diff\u00e9r\u00e9s nets au bilan s\u2019analysent comme suit\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Imp\u00f4ts diff\u00e9r\u00e9s actifs\n \n | \n \n \n 3\u202f992\n \n | \n \n \n 3\u202f661\n \n | \n \n \n 3\u202f156\n \n | \n
| \n \n Imp\u00f4ts diff\u00e9r\u00e9s passifs\n \n | \n \n \n (7\u202f012)\n \n | \n \n \n (6\u202f952)\n \n | \n \n \n (6\u202f704)\n \n | \n
| \n \n Imp\u00f4ts diff\u00e9r\u00e9s nets au bilan\n \n | \n \n \n (3\u202f020)\n \n | \n \n \n (3\u202f290)\n \n | \n \n \n (3\u202f549)\n \n | \n
\n 28.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse de l\u2019\u00e9cart entre le taux d\u2019imposition effectif et le taux d\u2019imposition th\u00e9orique\n
\n\n Le taux d\u2019imposition effectif s\u2019\u00e9tablit comme suit\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n R\u00e9sultat avant imp\u00f4t\n \n | \n \n \n 21\u202f625\n \n | \n \n \n 20\u202f113\n \n | \n \n \n 17\u202f208\n \n | \n
| \n \n Charge totale d\u2019imp\u00f4t\n \n | \n \n \n (5\u202f673)\n \n | \n \n \n (5\u202f362)\n \n | \n \n \n (4\u202f510)\n \n | \n
| \n \n Taux d\u2019imposition effectif\n \n | \n \n \n 26,2\u2006%\n \n | \n \n \n 26,7\u2006%\n \n | \n \n \n 26,2\u2006%\n \n | \n
\n Le rapprochement entre le taux d\u2019imposition th\u00e9orique, qui est le taux l\u00e9gal applicable aux soci\u00e9t\u00e9s fran\u00e7aises, y compris la contribution sociale de 3,3\u2006%, et le taux d\u2019imposition effectif constat\u00e9 dans les \u00e9tats financiers consolid\u00e9s, s\u2019\u00e9tablit de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en pourcentage du r\u00e9sultat avant imp\u00f4t)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Taux d\u2019imposition en France\n \n | \n \n \n 25,8\n \n | \n \n \n 25,8\n \n | \n \n \n 28,4\n \n | \n
| \n \n Changements de taux d\u2019imp\u00f4t\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 0,5\n \n | \n
| \n \n Diff\u00e9rences entre les taux d\u2019imposition \u00e9trangers et fran\u00e7ais\n \n | \n \n \n (2,0)\n \n | \n \n \n (1,5)\n \n | \n \n \n (3,0)\n \n | \n
| \n \n R\u00e9sultats et reports d\u00e9ficitaires, et autres variations d\u2019imp\u00f4ts diff\u00e9r\u00e9s\n \n | \n \n \n 0,2\n \n | \n \n \n 0,2\n \n | \n \n \n (3,2)\n \n | \n
| \n \n Diff\u00e9rences entre les r\u00e9sultats consolid\u00e9s et imposables, et r\u00e9sultats imposables \u00e0 un taux r\u00e9duit\n \n | \n \n \n 0,5\n \n | \n \n \n 0,5\n \n | \n \n \n 2,2\n \n | \n
| \n \n Imp\u00f4ts de distribution\u00a0(a)\n \n | \n \n \n 1,8\n \n | \n \n \n 1,7\n \n | \n \n \n 1,3\n \n | \n
| \n \n Taux d\u2019imposition effectif du Groupe\n \n | \n \n \n 26,2\n \n | \n \n \n 26,7\n \n | \n \n \n 26,2\n \n | \n
\n (a)\u00a0 Les imp\u00f4ts de distribution sont principalement relatifs \u00e0 la taxation des dividendes intragroupe.\n
\n\n Le taux effectif d\u2019imposition du Groupe est de 26,2\u2006% en 2023, contre 26,7\u2006% en 2022 et 26,2\u2006% en 2021. Au 31\u00a0d\u00e9cembre 2023, le taux effectif d\u2019imposition est en diminution de 0,5\u00a0point par rapport au 31\u00a0d\u00e9cembre 2022.\n
\n\n La r\u00e9forme de la fiscalit\u00e9 internationale \u00e9labor\u00e9e par l\u2019OCDE, dite \u00ab\u00a0Pilier 2\u00a0\u00bb, visant notamment \u00e0 \u00e9tablir un taux d\u2019imposition minimum de 15\u2006%, entrera en application en France \u00e0 compter de l\u2019exercice 2024. Le Groupe s\u2019est engag\u00e9 dans un projet afin d\u2019identifier les incidences et d\u2019organiser les processus permettant de se conformer \u00e0 ses obligations. En l\u2019\u00e9tat actuel des r\u00e9glementations des pays dans lesquels le Groupe est implant\u00e9, et sous r\u00e9serve des pr\u00e9cisions r\u00e9glementaires \u00e0 venir, les cons\u00e9quences financi\u00e8res portent principalement sur les pays du Moyen-Orient et ne sont pas significatives.\n
\n\n 28.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sources d\u2019imp\u00f4ts diff\u00e9r\u00e9s\n
\n\n Au compte de r\u00e9sultat\u00a0(a)\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n \u00c9valuation des marques\n \n | \n \n \n (40)\n \n | \n \n \n (47)\n \n | \n \n \n 350\n \n | \n
| \n \n Autres \u00e9carts de r\u00e9\u00e9valuation\n \n | \n \n \n 29\n \n | \n \n \n (51)\n \n | \n \n \n 245\n \n | \n
| \n \n Gains et pertes sur les investissements et placements financiers\n \n | \n \n \n (30)\n \n | \n \n \n 56\n \n | \n \n \n (125)\n \n | \n
| \n \n Gains et pertes au titre des couvertures de flux de tr\u00e9sorerie futurs en devises\n \n | \n \n \n -\n \n | \n \n \n 6\n \n | \n \n \n (9)\n \n | \n
| \n \n Provisions pour risques et charges\n \n | \n \n \n 107\n \n | \n \n \n 18\n \n | \n \n \n 121\n \n | \n
| \n \n Marge intra-Groupe comprise dans les stocks\n \n | \n \n \n 118\n \n | \n \n \n 268\n \n | \n \n \n 120\n \n | \n
| \n \n Autres retraitements de consolidation\n \n | \n \n \n 184\n \n | \n \n \n 267\n \n | \n \n \n 157\n \n | \n
| \n \n Reports d\u00e9ficitaires\n \n | \n \n \n 10\n \n | \n \n \n 18\n \n | \n \n \n (30)\n \n | \n
| \n \n Total\n \n | \n \n \n 378\n \n | \n \n \n 534\n \n | \n \n \n 826\n \n | \n
\n (a)\u00a0 Produits/(Charges).\n
\n\n En capitaux propres\u00a0(a)\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n R\u00e9\u00e9valuation des terres \u00e0 vignes \u00e0 valeur de march\u00e9\n \n | \n \n \n (11)\n \n | \n \n \n 18\n \n | \n \n \n (13)\n \n | \n
| \n \n Gains et pertes sur les investissements et placements financiers\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Gains et pertes au titre des couvertures de flux de tr\u00e9sorerie futurs en devises\n \n | \n \n \n (16)\n \n | \n \n \n (85)\n \n | \n \n \n 161\n \n | \n
| \n \n Gains et pertes au titre des engagements envers le personnel\n \n | \n \n \n (7)\n \n | \n \n \n (80)\n \n | \n \n \n (59)\n \n | \n
| \n \n Total\n \n | \n \n \n (34)\n \n | \n \n \n (147)\n \n | \n \n \n 89\n \n | \n
\n (a)\u00a0 Gains/(Pertes).\n
\n\n Au bilan\u00a0(a)\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n \u00c9valuation des marques\n \n | \n \n \n (5\u202f529)\n \n | \n \n \n (5\u202f525)\n \n | \n \n \n (5\u202f326)\n \n | \n
| \n \n R\u00e9\u00e9valuation des terres \u00e0 vigne \u00e0 valeur de march\u00e9\n \n | \n \n \n (588)\n \n | \n \n \n (578)\n \n | \n \n \n (595)\n \n | \n
| \n \n Autres \u00e9carts de r\u00e9\u00e9valuation\n \n | \n \n \n (552)\n \n | \n \n \n (589)\n \n | \n \n \n (615)\n \n | \n
| \n \n Gains et pertes sur les investissements et placements financiers\n \n | \n \n \n (120)\n \n | \n \n \n (90)\n \n | \n \n \n (144)\n \n | \n
| \n \n Gains et pertes au titre des couvertures de flux de tr\u00e9sorerie futurs en devises\n \n | \n \n \n (19)\n \n | \n \n \n (2)\n \n | \n \n \n 77\n \n | \n
| \n \n Provisions pour risques et charges\n \n | \n \n \n 948\n \n | \n \n \n 882\n \n | \n \n \n 945\n \n | \n
| \n \n Marge intra-Groupe comprise dans les stocks\n \n | \n \n \n 1\u202f320\n \n | \n \n \n 1\u202f209\n \n | \n \n \n 936\n \n | \n
| \n \n Autres retraitements de consolidation\n \n | \n \n \n 1\u202f367\n \n | \n \n \n 1\u202f249\n \n | \n \n \n 1\u202f051\n \n | \n
| \n \n Reports d\u00e9ficitaires\n \n | \n \n \n 155\n \n | \n \n \n 153\n \n | \n \n \n 122\n \n | \n
| \n \n Total\n \n | \n \n \n (3\u202f020)\n \n | \n \n \n (3\u202f290)\n \n | \n \n \n (3\u202f549)\n \n | \n
\n (a)\u00a0 Actif/(Passif).\n
\n\n 28.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Reports d\u00e9ficitaires\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les reports d\u00e9ficitaires et cr\u00e9dits d\u2019imp\u00f4t non encore utilis\u00e9s et n\u2019ayant pas donn\u00e9 lieu \u00e0 comptabilisation de montants \u00e0 l\u2019actif du bilan (imp\u00f4ts diff\u00e9r\u00e9s actifs ou cr\u00e9ances) repr\u00e9sentent une \u00e9conomie potentielle d\u2019imp\u00f4t de 511\u00a0millions d\u2019euros (398\u00a0millions d\u2019euros en 2022 et 416\u00a0millions en 2021).\n
\n\n 28.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Consolidations fiscales\n
\n\n Le r\u00e9gime fran\u00e7ais d\u2019int\u00e9gration fiscale permet \u00e0 la quasi-totalit\u00e9 des soci\u00e9t\u00e9s fran\u00e7aises du Groupe de compenser leurs r\u00e9sultats imposables pour la d\u00e9termination de la charge d\u2019imp\u00f4t d\u2019ensemble, dont seule la soci\u00e9t\u00e9 m\u00e8re int\u00e9grante est redevable. Ce r\u00e9gime a g\u00e9n\u00e9r\u00e9 une diminution de la charge d\u2019imp\u00f4t courant de 266\u00a0millions d\u2019euros en 2023 (diminution de la charge d\u2019imp\u00f4t de 66\u00a0millions d\u2019euros en 2022 et 91\u00a0millions d\u2019euros en 2021).\n
\n\n Les autres r\u00e9gimes de consolidation fiscale en vigueur, notamment aux \u00c9tats-Unis, ont g\u00e9n\u00e9r\u00e9 une diminution de la charge d\u2019imp\u00f4t courant de 80\u00a0millions d\u2019euros en 2023 (54\u00a0millions d\u2019euros en 2022 et 36\u00a0millions d\u2019euros en 2021).\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27750": { "value": "\n 1.26.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Imp\u00f4ts courants et diff\u00e9r\u00e9s\n
\n\n La charge d\u2019imp\u00f4t comprend l\u2019imp\u00f4t exigible des diff\u00e9rentes soci\u00e9t\u00e9s consolid\u00e9es, l\u2019imp\u00f4t diff\u00e9r\u00e9 r\u00e9sultant de diff\u00e9rences temporelles et la variation des positions fiscales incertaines.\n
\n\n Les diff\u00e9rences temporelles entre les valeurs en consolidation des \u00e9l\u00e9ments d\u2019actif et de passif, et celles r\u00e9sultant de l\u2019application de la r\u00e9glementation fiscale, donnent lieu \u00e0 la constatation d\u2019imp\u00f4ts diff\u00e9r\u00e9s.\n
\n\n Le taux d\u2019imp\u00f4t retenu pour le calcul des imp\u00f4ts diff\u00e9r\u00e9s est celui connu \u00e0 la date de cl\u00f4ture\u2006; les effets des changements de taux sont enregistr\u00e9s sur la p\u00e9riode au cours de laquelle la d\u00e9cision de ce changement est prise.\n
\n\n Les \u00e9conomies d\u2019imp\u00f4t r\u00e9sultant de d\u00e9ficits fiscaux reportables sont enregistr\u00e9es en imp\u00f4ts diff\u00e9r\u00e9s actifs, qui sont d\u00e9pr\u00e9ci\u00e9s si estim\u00e9s non recouvrables, seul le montant dont l\u2019utilisation est probable \u00e9tant maintenu \u00e0 l\u2019actif du bilan.\n
\n\n Les actifs et passifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s ne sont pas actualis\u00e9s.\n
\n\n Les imp\u00f4ts dus au titre des r\u00e9serves distribuables des filiales font l\u2019objet de provisions \u00e0 hauteur des distributions envisag\u00e9es.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__70-1": { "value": "\n 1.26.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Imp\u00f4ts courants et diff\u00e9r\u00e9s\n
\n\n La charge d\u2019imp\u00f4t comprend l\u2019imp\u00f4t exigible des diff\u00e9rentes soci\u00e9t\u00e9s consolid\u00e9es, l\u2019imp\u00f4t diff\u00e9r\u00e9 r\u00e9sultant de diff\u00e9rences temporelles et la variation des positions fiscales incertaines.\n
\n\n Les diff\u00e9rences temporelles entre les valeurs en consolidation des \u00e9l\u00e9ments d\u2019actif et de passif, et celles r\u00e9sultant de l\u2019application de la r\u00e9glementation fiscale, donnent lieu \u00e0 la constatation d\u2019imp\u00f4ts diff\u00e9r\u00e9s.\n
\n\n Le taux d\u2019imp\u00f4t retenu pour le calcul des imp\u00f4ts diff\u00e9r\u00e9s est celui connu \u00e0 la date de cl\u00f4ture\u2006; les effets des changements de taux sont enregistr\u00e9s sur la p\u00e9riode au cours de laquelle la d\u00e9cision de ce changement est prise.\n
\n\n Les \u00e9conomies d\u2019imp\u00f4t r\u00e9sultant de d\u00e9ficits fiscaux reportables sont enregistr\u00e9es en imp\u00f4ts diff\u00e9r\u00e9s actifs, qui sont d\u00e9pr\u00e9ci\u00e9s si estim\u00e9s non recouvrables, seul le montant dont l\u2019utilisation est probable \u00e9tant maintenu \u00e0 l\u2019actif du bilan.\n
\n\n Les actifs et passifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s ne sont pas actualis\u00e9s.\n
\n\n Les imp\u00f4ts dus au titre des r\u00e9serves distribuables des filiales font l\u2019objet de provisions \u00e0 hauteur des distributions envisag\u00e9es.\n
\n 28.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse de l\u2019\u00e9cart entre le taux d\u2019imposition effectif et le taux d\u2019imposition th\u00e9orique\n
\n\n Le taux d\u2019imposition effectif s\u2019\u00e9tablit comme suit\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n R\u00e9sultat avant imp\u00f4t\n \n | \n \n \n 21\u202f625\n \n | \n \n \n 20\u202f113\n \n | \n \n \n 17\u202f208\n \n | \n
| \n \n Charge totale d\u2019imp\u00f4t\n \n | \n \n \n (5\u202f673)\n \n | \n \n \n (5\u202f362)\n \n | \n \n \n (4\u202f510)\n \n | \n
| \n \n Taux d\u2019imposition effectif\n \n | \n \n \n 26,2\u2006%\n \n | \n \n \n 26,7\u2006%\n \n | \n \n \n 26,2\u2006%\n \n | \n
\n Le rapprochement entre le taux d\u2019imposition th\u00e9orique, qui est le taux l\u00e9gal applicable aux soci\u00e9t\u00e9s fran\u00e7aises, y compris la contribution sociale de 3,3\u2006%, et le taux d\u2019imposition effectif constat\u00e9 dans les \u00e9tats financiers consolid\u00e9s, s\u2019\u00e9tablit de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en pourcentage du r\u00e9sultat avant imp\u00f4t)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Taux d\u2019imposition en France\n \n | \n \n \n 25,8\n \n | \n \n \n 25,8\n \n | \n \n \n 28,4\n \n | \n
| \n \n Changements de taux d\u2019imp\u00f4t\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 0,5\n \n | \n
| \n \n Diff\u00e9rences entre les taux d\u2019imposition \u00e9trangers et fran\u00e7ais\n \n | \n \n \n (2,0)\n \n | \n \n \n (1,5)\n \n | \n \n \n (3,0)\n \n | \n
| \n \n R\u00e9sultats et reports d\u00e9ficitaires, et autres variations d\u2019imp\u00f4ts diff\u00e9r\u00e9s\n \n | \n \n \n 0,2\n \n | \n \n \n 0,2\n \n | \n \n \n (3,2)\n \n | \n
| \n \n Diff\u00e9rences entre les r\u00e9sultats consolid\u00e9s et imposables, et r\u00e9sultats imposables \u00e0 un taux r\u00e9duit\n \n | \n \n \n 0,5\n \n | \n \n \n 0,5\n \n | \n \n \n 2,2\n \n | \n
| \n \n Imp\u00f4ts de distribution\u00a0(a)\n \n | \n \n \n 1,8\n \n | \n \n \n 1,7\n \n | \n \n \n 1,3\n \n | \n
| \n \n Taux d\u2019imposition effectif du Groupe\n \n | \n \n \n 26,2\n \n | \n \n \n 26,7\n \n | \n \n \n 26,2\n \n | \n
\n (a)\u00a0 Les imp\u00f4ts de distribution sont principalement relatifs \u00e0 la taxation des dividendes intragroupe.\n
\n\n Le taux effectif d\u2019imposition du Groupe est de 26,2\u2006% en 2023, contre 26,7\u2006% en 2022 et 26,2\u2006% en 2021. Au 31\u00a0d\u00e9cembre 2023, le taux effectif d\u2019imposition est en diminution de 0,5\u00a0point par rapport au 31\u00a0d\u00e9cembre 2022.\n
\n\n La r\u00e9forme de la fiscalit\u00e9 internationale \u00e9labor\u00e9e par l\u2019OCDE, dite \u00ab\u00a0Pilier 2\u00a0\u00bb, visant notamment \u00e0 \u00e9tablir un taux d\u2019imposition minimum de 15\u2006%, entrera en application en France \u00e0 compter de l\u2019exercice 2024. Le Groupe s\u2019est engag\u00e9 dans un projet afin d\u2019identifier les incidences et d\u2019organiser les processus permettant de se conformer \u00e0 ses obligations. En l\u2019\u00e9tat actuel des r\u00e9glementations des pays dans lesquels le Groupe est implant\u00e9, et sous r\u00e9serve des pr\u00e9cisions r\u00e9glementaires \u00e0 venir, les cons\u00e9quences financi\u00e8res portent principalement sur les pays du Moyen-Orient et ne sont pas significatives.\n
\n 28.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sources d\u2019imp\u00f4ts diff\u00e9r\u00e9s\n
\n\n Au compte de r\u00e9sultat\u00a0(a)\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n \u00c9valuation des marques\n \n | \n \n \n (40)\n \n | \n \n \n (47)\n \n | \n \n \n 350\n \n | \n
| \n \n Autres \u00e9carts de r\u00e9\u00e9valuation\n \n | \n \n \n 29\n \n | \n \n \n (51)\n \n | \n \n \n 245\n \n | \n
| \n \n Gains et pertes sur les investissements et placements financiers\n \n | \n \n \n (30)\n \n | \n \n \n 56\n \n | \n \n \n (125)\n \n | \n
| \n \n Gains et pertes au titre des couvertures de flux de tr\u00e9sorerie futurs en devises\n \n | \n \n \n -\n \n | \n \n \n 6\n \n | \n \n \n (9)\n \n | \n
| \n \n Provisions pour risques et charges\n \n | \n \n \n 107\n \n | \n \n \n 18\n \n | \n \n \n 121\n \n | \n
| \n \n Marge intra-Groupe comprise dans les stocks\n \n | \n \n \n 118\n \n | \n \n \n 268\n \n | \n \n \n 120\n \n | \n
| \n \n Autres retraitements de consolidation\n \n | \n \n \n 184\n \n | \n \n \n 267\n \n | \n \n \n 157\n \n | \n
| \n \n Reports d\u00e9ficitaires\n \n | \n \n \n 10\n \n | \n \n \n 18\n \n | \n \n \n (30)\n \n | \n
| \n \n Total\n \n | \n \n \n 378\n \n | \n \n \n 534\n \n | \n \n \n 826\n \n | \n
\n (a)\u00a0 Produits/(Charges).\n
\n\n En capitaux propres\u00a0(a)\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n R\u00e9\u00e9valuation des terres \u00e0 vignes \u00e0 valeur de march\u00e9\n \n | \n \n \n (11)\n \n | \n \n \n 18\n \n | \n \n \n (13)\n \n | \n
| \n \n Gains et pertes sur les investissements et placements financiers\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Gains et pertes au titre des couvertures de flux de tr\u00e9sorerie futurs en devises\n \n | \n \n \n (16)\n \n | \n \n \n (85)\n \n | \n \n \n 161\n \n | \n
| \n \n Gains et pertes au titre des engagements envers le personnel\n \n | \n \n \n (7)\n \n | \n \n \n (80)\n \n | \n \n \n (59)\n \n | \n
| \n \n Total\n \n | \n \n \n (34)\n \n | \n \n \n (147)\n \n | \n \n \n 89\n \n | \n
\n (a)\u00a0 Gains/(Pertes).\n
\n\n Au bilan\u00a0(a)\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n \u00c9valuation des marques\n \n | \n \n \n (5\u202f529)\n \n | \n \n \n (5\u202f525)\n \n | \n \n \n (5\u202f326)\n \n | \n
| \n \n R\u00e9\u00e9valuation des terres \u00e0 vigne \u00e0 valeur de march\u00e9\n \n | \n \n \n (588)\n \n | \n \n \n (578)\n \n | \n \n \n (595)\n \n | \n
| \n \n Autres \u00e9carts de r\u00e9\u00e9valuation\n \n | \n \n \n (552)\n \n | \n \n \n (589)\n \n | \n \n \n (615)\n \n | \n
| \n \n Gains et pertes sur les investissements et placements financiers\n \n | \n \n \n (120)\n \n | \n \n \n (90)\n \n | \n \n \n (144)\n \n | \n
| \n \n Gains et pertes au titre des couvertures de flux de tr\u00e9sorerie futurs en devises\n \n | \n \n \n (19)\n \n | \n \n \n (2)\n \n | \n \n \n 77\n \n | \n
| \n \n Provisions pour risques et charges\n \n | \n \n \n 948\n \n | \n \n \n 882\n \n | \n \n \n 945\n \n | \n
| \n \n Marge intra-Groupe comprise dans les stocks\n \n | \n \n \n 1\u202f320\n \n | \n \n \n 1\u202f209\n \n | \n \n \n 936\n \n | \n
| \n \n Autres retraitements de consolidation\n \n | \n \n \n 1\u202f367\n \n | \n \n \n 1\u202f249\n \n | \n \n \n 1\u202f051\n \n | \n
| \n \n Reports d\u00e9ficitaires\n \n | \n \n \n 155\n \n | \n \n \n 153\n \n | \n \n \n 122\n \n | \n
| \n \n Total\n \n | \n \n \n (3\u202f020)\n \n | \n \n \n (3\u202f290)\n \n | \n \n \n (3\u202f549)\n \n | \n
\n (a)\u00a0 Actif/(Passif).\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27752": { "value": "\n 1.26.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Imp\u00f4ts courants et diff\u00e9r\u00e9s\n
\n\n La charge d\u2019imp\u00f4t comprend l\u2019imp\u00f4t exigible des diff\u00e9rentes soci\u00e9t\u00e9s consolid\u00e9es, l\u2019imp\u00f4t diff\u00e9r\u00e9 r\u00e9sultant de diff\u00e9rences temporelles et la variation des positions fiscales incertaines.\n
\n\n Les diff\u00e9rences temporelles entre les valeurs en consolidation des \u00e9l\u00e9ments d\u2019actif et de passif, et celles r\u00e9sultant de l\u2019application de la r\u00e9glementation fiscale, donnent lieu \u00e0 la constatation d\u2019imp\u00f4ts diff\u00e9r\u00e9s.\n
\n\n Le taux d\u2019imp\u00f4t retenu pour le calcul des imp\u00f4ts diff\u00e9r\u00e9s est celui connu \u00e0 la date de cl\u00f4ture\u2006; les effets des changements de taux sont enregistr\u00e9s sur la p\u00e9riode au cours de laquelle la d\u00e9cision de ce changement est prise.\n
\n\n Les \u00e9conomies d\u2019imp\u00f4t r\u00e9sultant de d\u00e9ficits fiscaux reportables sont enregistr\u00e9es en imp\u00f4ts diff\u00e9r\u00e9s actifs, qui sont d\u00e9pr\u00e9ci\u00e9s si estim\u00e9s non recouvrables, seul le montant dont l\u2019utilisation est probable \u00e9tant maintenu \u00e0 l\u2019actif du bilan.\n
\n\n Les actifs et passifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s ne sont pas actualis\u00e9s.\n
\n\n Les imp\u00f4ts dus au titre des r\u00e9serves distribuables des filiales font l\u2019objet de provisions \u00e0 hauteur des distributions envisag\u00e9es.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__72-1": { "value": "\n 1.27.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Comptabilisation des ventes\n
\n\n D\u00e9finition des ventes\n
\n\n Les ventes incluent principalement des ventes au d\u00e9tail dans le cadre des boutiques du Groupe (incluant les sites de e-commerce) et des ventes de gros \u00e0 des distributeurs et agents. Sont assimil\u00e9es \u00e0 des op\u00e9rations au d\u00e9tail les ventes effectu\u00e9es dans le cadre de boutiques appartenant \u00e0 des tiers si les risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 du stock sont conserv\u00e9s par le Groupe.\n
\n\n Les ventes au d\u00e9tail proviennent essentiellement des activit\u00e9s Mode et Maroquinerie et Distribution s\u00e9lective, ainsi que de certaines marques de Montres et Joaillerie ou de Parfums et Cosm\u00e9tiques. Ces ventes sont comptabilis\u00e9es lors du transfert de propri\u00e9t\u00e9, qui intervient g\u00e9n\u00e9ralement lors de l\u2019achat par la client\u00e8le.\n
\n\n Les ventes de gros proviennent essentiellement des activit\u00e9s Vins et Spiritueux et de certaines marques de Parfums et Cosm\u00e9tiques ou de Montres et Joaillerie. Ces ventes sont comptabilis\u00e9es lors du transfert de propri\u00e9t\u00e9.\n
\n\n Les frais d\u2019exp\u00e9dition et de transport refactur\u00e9s aux clients ne sont compris dans les ventes que lorsqu\u2019ils sont inclus forfaitairement dans le prix des produits factur\u00e9s.\n
\n\n Les ventes de services, qui concernent principalement les Autres activit\u00e9s, sont comptabilis\u00e9es lors de la r\u00e9alisation de la prestation.\n
\n\n Les ventes sont pr\u00e9sent\u00e9es nettes de toutes formes de remises et ristournes. En particulier, les sommes permettant le r\u00e9f\u00e9rencement des produits ou correspondant \u00e0 des accords de participation publicitaire avec le distributeur viennent en d\u00e9duction des ventes correspondantes.\n
\n\n Provision pour retours de produits\n
\n\n Les soci\u00e9t\u00e9s du groupe d\u2019activit\u00e9s Parfums et Cosm\u00e9tiques et dans une moindre mesure des activit\u00e9s Mode et Maroquinerie, ou Montres et Joaillerie, peuvent reprendre aupr\u00e8s de leurs clients et distributeurs les produits invendus ou p\u00e9rim\u00e9s. Les ventes de d\u00e9tail, et en particulier les ventes r\u00e9alis\u00e9es via les sites de e-commerce, g\u00e9n\u00e8rent \u00e9galement des retours de produits de la part des clients.\n
\n\n Lorsque ces pratiques sont \u00e9tablies, les ventes enregistr\u00e9es sont diminu\u00e9es d\u2019un montant correspondant \u00e0 une estimation de ces retours, en contrepartie d\u2019une provision comptabilis\u00e9e au sein des Autres passifs courants (Voir Note\u00a022.2) et d\u2019une inscription en stocks. Le taux de retour retenu pour l\u2019\u00e9tablissement de ces estimations est calcul\u00e9 sur la base de statistiques historiques.\n
\n\n Activit\u00e9s en partenariat avec Diageo\n
\n\n Une partie significative des ventes des activit\u00e9s Vins et Spiritueux est r\u00e9alis\u00e9e dans le cadre d\u2019accords de distribution avec Diageo, consistant le plus souvent en un partenariat dans des entit\u00e9s communes. Celles-ci assurent les livraisons et les ventes \u00e0 la client\u00e8le des marques des deux groupes, le partage du compte de r\u00e9sultat et du bilan de ces entit\u00e9s entre LVMH et Diageo \u00e9tant r\u00e9gi par les accords de distribution. Selon ces accords, les actifs et passifs, produits et charges des entit\u00e9s concern\u00e9es sont consolid\u00e9es \u00e0 hauteur de la part correspondant aux seules activit\u00e9s du Groupe.\n
\n 25.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyse des ventes\n
\n\n Les ventes sont constitu\u00e9es des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Ventes r\u00e9alis\u00e9es par les marques et enseignes\n \n | \n \n \n 85\u202f538\n \n | \n \n \n 78\u202f761\n \n | \n \n \n 63\u202f920\n \n | \n
| \n \n Royalties et revenus de licences\n \n | \n \n \n 157\n \n | \n \n \n 135\n \n | \n \n \n 105\n \n | \n
| \n \n Revenus des immeubles locatifs\n \n | \n \n \n 24\n \n | \n \n \n 25\n \n | \n \n \n 15\n \n | \n
| \n \n Autres revenus\n \n | \n \n \n 434\n \n | \n \n \n 262\n \n | \n \n \n 175\n \n | \n
| \n \n Total\n \n | \n \n \n 86\u202f153\n \n | \n \n \n 79\u202f184\n \n | \n \n \n 64\u202f215\n \n | \n
\n La part des ventes r\u00e9alis\u00e9es par le Groupe dans ses propres boutiques, y compris les ventes r\u00e9alis\u00e9es via les sites de e-commerce, repr\u00e9sente environ 77\u2006% des ventes en 2023 (75\u2006% en 2022, 74\u2006% en 2021), soit 66\u202f416\u00a0millions d\u2019euros en 2023 (59\u202f383\u00a0millions d\u2019euros en 2022, 47\u202f624\u00a0millions d\u2019euros en 2021).\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27761": { "value": "\n 1.27.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Comptabilisation des ventes\n
\n\n D\u00e9finition des ventes\n
\n\n Les ventes incluent principalement des ventes au d\u00e9tail dans le cadre des boutiques du Groupe (incluant les sites de e-commerce) et des ventes de gros \u00e0 des distributeurs et agents. Sont assimil\u00e9es \u00e0 des op\u00e9rations au d\u00e9tail les ventes effectu\u00e9es dans le cadre de boutiques appartenant \u00e0 des tiers si les risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 du stock sont conserv\u00e9s par le Groupe.\n
\n\n Les ventes au d\u00e9tail proviennent essentiellement des activit\u00e9s Mode et Maroquinerie et Distribution s\u00e9lective, ainsi que de certaines marques de Montres et Joaillerie ou de Parfums et Cosm\u00e9tiques. Ces ventes sont comptabilis\u00e9es lors du transfert de propri\u00e9t\u00e9, qui intervient g\u00e9n\u00e9ralement lors de l\u2019achat par la client\u00e8le.\n
\n\n Les ventes de gros proviennent essentiellement des activit\u00e9s Vins et Spiritueux et de certaines marques de Parfums et Cosm\u00e9tiques ou de Montres et Joaillerie. Ces ventes sont comptabilis\u00e9es lors du transfert de propri\u00e9t\u00e9.\n
\n\n Les frais d\u2019exp\u00e9dition et de transport refactur\u00e9s aux clients ne sont compris dans les ventes que lorsqu\u2019ils sont inclus forfaitairement dans le prix des produits factur\u00e9s.\n
\n\n Les ventes de services, qui concernent principalement les Autres activit\u00e9s, sont comptabilis\u00e9es lors de la r\u00e9alisation de la prestation.\n
\n\n Les ventes sont pr\u00e9sent\u00e9es nettes de toutes formes de remises et ristournes. En particulier, les sommes permettant le r\u00e9f\u00e9rencement des produits ou correspondant \u00e0 des accords de participation publicitaire avec le distributeur viennent en d\u00e9duction des ventes correspondantes.\n
\n\n Provision pour retours de produits\n
\n\n Les soci\u00e9t\u00e9s du groupe d\u2019activit\u00e9s Parfums et Cosm\u00e9tiques et dans une moindre mesure des activit\u00e9s Mode et Maroquinerie, ou Montres et Joaillerie, peuvent reprendre aupr\u00e8s de leurs clients et distributeurs les produits invendus ou p\u00e9rim\u00e9s. Les ventes de d\u00e9tail, et en particulier les ventes r\u00e9alis\u00e9es via les sites de e-commerce, g\u00e9n\u00e8rent \u00e9galement des retours de produits de la part des clients.\n
\n\n Lorsque ces pratiques sont \u00e9tablies, les ventes enregistr\u00e9es sont diminu\u00e9es d\u2019un montant correspondant \u00e0 une estimation de ces retours, en contrepartie d\u2019une provision comptabilis\u00e9e au sein des Autres passifs courants (Voir Note\u00a022.2) et d\u2019une inscription en stocks. Le taux de retour retenu pour l\u2019\u00e9tablissement de ces estimations est calcul\u00e9 sur la base de statistiques historiques.\n
\n\n Activit\u00e9s en partenariat avec Diageo\n
\n\n Une partie significative des ventes des activit\u00e9s Vins et Spiritueux est r\u00e9alis\u00e9e dans le cadre d\u2019accords de distribution avec Diageo, consistant le plus souvent en un partenariat dans des entit\u00e9s communes. Celles-ci assurent les livraisons et les ventes \u00e0 la client\u00e8le des marques des deux groupes, le partage du compte de r\u00e9sultat et du bilan de ces entit\u00e9s entre LVMH et Diageo \u00e9tant r\u00e9gi par les accords de distribution. Selon ces accords, les actifs et passifs, produits et charges des entit\u00e9s concern\u00e9es sont consolid\u00e9es \u00e0 hauteur de la part correspondant aux seules activit\u00e9s du Groupe.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__76-1": { "value": "\n 1.29.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Plans d\u2019actions gratuites et assimil\u00e9s\n
\n\n L\u2019estimation du gain pour les plans d\u2019attribution d\u2019actions gratuites est calcul\u00e9e sur la base du cours de cl\u00f4ture de l\u2019action la veille du Conseil d\u2019administration ayant mis en place le plan et sous d\u00e9duction du montant des dividendes anticip\u00e9s sur la p\u00e9riode d\u2019acquisition des droits. En cas de plans d\u2019attribution d\u2019actions gratuites assortis de conditions de performance, la charge de l\u2019exercice int\u00e8gre les attributions provisoires pour lesquelles l\u2019atteinte des conditions est jug\u00e9e probable.\n
\n\n Pour l\u2019ensemble des plans, la charge d\u2019amortissement est r\u00e9partie lin\u00e9airement en r\u00e9sultat sur la p\u00e9riode d\u2019acquisition des droits, en contrepartie des r\u00e9serves au bilan.\n
\n\n En cas de plan de r\u00e9mun\u00e9rations li\u00e9 au cours de l\u2019action LVMH et d\u00e9nou\u00e9 en num\u00e9raire, l\u2019estimation du gain est r\u00e9\u00e9valu\u00e9e \u00e0 chaque cl\u00f4ture du cours de l\u2019action LVMH \u00e0 cette date, et enregistr\u00e9e en charge prorata temporis sur la p\u00e9riode d\u2019acquisition des droits, en contrepartie d\u2019une provision au bilan. Au-del\u00e0 de cette date et jusqu\u2019au d\u00e9nouement, la variation de l\u2019esp\u00e9rance de gain r\u00e9sultant de la variation du cours de l\u2019action LVMH est enregistr\u00e9e en compte de r\u00e9sultat.\n
\n 17.\u00a0\u00a0\u00a0\u00a0 Plans d\u2019actions gratuites et assimil\u00e9s\n
\n\n 17.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Plans d\u2019actions gratuites\n
\n\n 17.1.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Caract\u00e9ristiques g\u00e9n\u00e9rales\n
\n\n L\u2019Assembl\u00e9e g\u00e9n\u00e9rale du 21\u00a0avril 2022 a renouvel\u00e9 l\u2019autorisation accord\u00e9e au Conseil d\u2019administration, pour une p\u00e9riode de vingt-six mois expirant en juin 2024, de proc\u00e9der, en une ou plusieurs fois, au b\u00e9n\u00e9fice de membres du personnel ou dirigeants des soci\u00e9t\u00e9s du Groupe, \u00e0 des attributions d\u2019actions gratuites existantes ou \u00e0 \u00e9mettre dans la limite de 1\u2006% du capital de la Soci\u00e9t\u00e9 au jour de cette autorisation.\n
\n\n Sauf cas particuliers, (i)\u00a0l\u2019attribution d\u00e9finitive des actions gratuites attribu\u00e9es par le Conseil d\u2019administration est subordonn\u00e9e \u00e0 la satisfaction de conditions de pr\u00e9sence et de performance, (ii)\u00a0la p\u00e9riode d\u2019acquisition est de trois ans et (iii)\u00a0les actions ne sont soumises \u00e0 aucune obligation de conservation apr\u00e8s leur attribution d\u00e9finitive.\n
\n\n Les conditions de performance portent, en r\u00e8gle g\u00e9n\u00e9rale, sur le p\u00e9rim\u00e8tre du Groupe mais sont, dans certains cas, relatives \u00e0 des objectifs \u00e0 atteindre au niveau d\u2019une filiale ou d\u2019une branche d\u2019activit\u00e9s. Les crit\u00e8res fix\u00e9s par le Conseil d\u2019administration sont, pour l\u2019essentiel, de nature financi\u00e8re mais \u00e9galement pour partie \u00e0 caract\u00e8re extra-financier. Les performances sont appr\u00e9ci\u00e9es le plus souvent sur deux exercices et pour certains plans sur une p\u00e9riode plus longue.\n
\n\n 17.1.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Attributions intervenues au cours de l\u2019exercice \u00e9coul\u00e9\n
\n\n Attributions provisoires\u00a0:\n
\n\n Le Conseil d\u2019administration, usant de la facult\u00e9 donn\u00e9e par l\u2019Assembl\u00e9e g\u00e9n\u00e9rale du 21\u00a0avril 2022, a d\u00e9cid\u00e9 la mise en place au cours de l\u2019ann\u00e9e 2023 de sept plans d\u2019actions gratuites dont l\u2019attribution d\u00e9finitive est soumise, pour la majorit\u00e9 d\u2019entre elles, \u00e0 une condition de pr\u00e9sence et \u00e0 des conditions de performance. Ces derni\u00e8res portent principalement sur l\u2019atteinte d\u2019objectifs financiers, soit du Groupe, soit d\u2019une filiale du Groupe, mais \u00e9galement sur l\u2019atteinte d\u2019objectifs extra-financiers relatifs en particulier au d\u00e9veloppement durable.\n
\n\n Attributions d\u00e9finitives\u00a0:\n
\n\n La condition de performance applicable aux actions du plan ouvert le 22\u00a0octobre 2020 ayant \u00e9t\u00e9 satisfaite en 2021 et 2022, les actions ont \u00e9t\u00e9 attribu\u00e9es d\u00e9finitivement aux b\u00e9n\u00e9ficiaires \u00e9ligibles le 22\u00a0octobre 2023.\n
\n\n La condition de performance \u00e0 caract\u00e8re financier applicable aux actions des plans ouverts les 28\u00a0octobre 2021, 27\u00a0janvier et 26\u00a0juillet 2022 ayant \u00e9t\u00e9 satisfaite en 2022 et en 2023 et celle \u00e0 caract\u00e8re extra-financier ayant \u00e9t\u00e9 atteinte en 2023, les actions seront attribu\u00e9es d\u00e9finitivement le 28\u00a0octobre 2024 sous r\u00e9serve de la condition de pr\u00e9sence des b\u00e9n\u00e9ficiaires \u00e0 cette date.\n
\n\n 17.1.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Plans concern\u00e9s par les conditions de performance financi\u00e8re\n
\n\n Les plans et exercices concern\u00e9s par les conditions de performance financi\u00e8re sont les suivants\u00a0:\n
\n| \n \n Date d\u2019ouverture du plan\n \n | \n \n \n Nature du plan\n \n | \n \n \n B\u00e9n\u00e9fice des actions subordonn\u00e9 \u00e0 une variation positive de l\u2019un des indicateurs entre les exercices\u00a0:\n \n | \n
| \n \n 22\u00a0octobre 2020\n \n | \n \n \n Actions gratuites\n \n | \n \n \n 2020 et 2021\u2006; 2020 et 2022\n \n | \n
| \n \n 28\u00a0octobre 2021\n \n | \n \n \n \u201d\u2006\n \n | \n \n \n 2021 et 2022\u2006; 2022 et 2023\u00a0(a)\n \n | \n
| \n \n 27\u00a0janvier 2022\n \n | \n \n \n \u201d\u2006\n \n | \n \n \n 2021 et 2022\u2006; 2022 et 2023\u00a0(a)\u00a0(b)\n \n | \n
| \n \n 26\u00a0juillet 2022\n \n | \n \n \n \u201d\u2006\n \n | \n \n \n 2021 et 2022\u2006; 2022 et 2023\u00a0(a)\u00a0(c)\n \n | \n
| \n \n 27\u00a0octobre 2022\n \n | \n \n \n \u201d\u2006\n \n | \n \n \n 2022 et 2023\u2006; 2023 et 2024\u00a0(a)\n \n | \n
| \n \n 26\u00a0janvier 2023\n \n | \n \n \n \u201d\u2006\n \n | \n \n \n 2022 et 2023\u2006; 2023 et 2024\u00a0(a)\u00a0(d)\n \n | \n
| \n \n 25\u00a0juillet 2023\n \n | \n \n \n \u201d\u2006\n \n | \n \n \n 2027 et 2028\u00a0(a)\u00a0(e)\n \n | \n
| \n \n 26\u00a0octobre 2023\n \n | \n \n \n \u201d\u2006\n \n | \n \n \n 2023 et 2024\u2006; 2024 et 2025\u00a0(a)\u00a0(f)\n \n | \n
\n (a)\u00a0 Les conditions de performance financi\u00e8res s\u2019appliquent \u00e0 l\u2019attribution d\u00e9finitive de 90\u2006% des actions gratuites pour les plans des 28\u00a0octobre 2021, 27\u00a0janvier et 26\u00a0juillet 2022 et 85\u2006% des actions gratuites pour les plans du 27\u00a0octobre 2022, du 26\u00a0janvier 2023, du 25\u00a0juillet 2023 et du 26\u00a0octobre 2023. L\u2019attribution d\u00e9finitive du solde des actions gratuites est soumise \u00e0 la satisfaction d\u2019une condition de performance extra-financi\u00e8re, en lien avec le programme LIFE\u00a0360.\n
\n\n (b)\u00a0 Cette condition concerne le plan portant sur 1\u202f308\u00a0actions. Voir Note\u00a017.2.\n
\n\n (c)\u00a0\u00a0 Cette condition concerne le plan portant sur 1\u202f682\u00a0actions. Voir Note\u00a017.2.\n
\n\n (d)\u00a0 Cette condition concerne le plan portant sur 1\u202f359\u00a0actions. Voir Note\u00a017.2.\n
\n\n (e)\u00a0 Cette condition concerne le plan portant sur 35\u202f000\u00a0actions. Voir Note\u00a017.2.\n
\n\n (f)\u00a0\u00a0 Cette condition concerne le plan portant sur 140\u202f895\u00a0actions. Voir Note\u00a017.2.\n
\n\n 17.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tableau de synth\u00e8se des plans d\u2019actions gratuites\n
\n\n Les principales caract\u00e9ristiques des plans d\u2019attribution d\u2019actions gratuites ainsi que leur \u00e9volution durant l\u2019exercice sont les suivantes\u00a0:\n
\n| \n \n Date d\u2019ouverture du plan\n \n | \n \n \n Attributions initiales\n \n | \n \n \n Dont\u00a0: actions de performance\u00a0(a)\n \n | \n \n \n Conditions satisfaites\u2006?\n \n | \n \n \n P\u00e9riode d\u2019acquisition des droits\n \n | \n \n \n Attributions devenues caduques en 2023\n \n | \n \n \n Attributions devenues d\u00e9finitives en 2023\n \n | \n \n \n Attributions provisoires au 31/12/2023\n \n | \n
| \n \n 22\u00a0octobre 2020\n \n | \n \n \n 177\u202f034\n \n | \n \n \n 177\u202f034\n \n | \n \n \n Oui\n \n | \n \n \n 3\u00a0ans\n \n | \n \n \n (5\u202f422)\n \n | \n \n \n (163\u202f134)\n \n | \n \n \n -\n \n | \n
| \n \n 26\u00a0janvier 2021\n \n | \n \n \n 124\u202f187\n \n | \n \n \n 40\u202f000\n \n | \n \n \n Oui\n \n | \n \n \n (c)\n \n | \n \n \n -\n \n | \n \n \n (50\u202f000)\n \n | \n \n \n -\n \n | \n
| \n \n 15\u00a0avril 2021\n \n | \n \n \n 40\u202f000\n \n | \n \n \n 40\u202f000\n \n | \n \n \n Oui\n \n | \n \n \n 2\u00a0ans\n \n | \n \n \n -\n \n | \n \n \n (40\u202f000)\n \n | \n \n \n -\n \n | \n
| \n \n 26\u00a0juillet 2021\n \n | \n \n \n 44\u202f225\n \n | \n \n \n 40\u202f000\n \n | \n \n \n Oui\n \n | \n \n \n (d)\n \n | \n \n \n -\n \n | \n \n \n (40\u202f000)\n \n | \n \n \n -\n \n | \n
| \n \n 28\u00a0octobre 2021\n \n | \n \n \n 188\u202f965\n \n | \n \n \n 184\u202f291\n \n | \n \n \n (b)\u00a0(e)\n \n | \n \n \n (f)\n \n | \n \n \n (3\u202f919)\n \n | \n \n \n (30\u202f072)\n \n | \n \n \n 146\u202f844\n \n | \n
| \n \n 27\u00a0janvier 2022\n \n | \n \n \n 10\u202f790\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u00a0an\n \n | \n \n \n -\n \n | \n \n \n (10\u202f790)\n \n | \n \n \n -\n \n | \n
| \n \n 27\u00a0janvier 2022\n \n | \n \n \n 1\u202f308\n \n | \n \n \n 1\u202f308\n \n | \n \n \n (b)\n \n | \n \n \n 2\u00a0ans et 9\u00a0mois\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f308\n \n | \n
| \n \n 26\u00a0juillet 2022\n \n | \n \n \n 25\u202f000\n \n | \n \n \n 25\u202f000\n \n | \n \n \n (g)\n \n | \n \n \n 2\u00a0ans et 8\u00a0mois\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 25\u202f000\n \n | \n
| \n \n 26\u00a0juillet 2022\n \n | \n \n \n 11\u202f032\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u00a0an\n \n | \n \n \n -\n \n | \n \n \n (11\u202f032)\n \n | \n \n \n -\n \n | \n
| \n \n 26\u00a0juillet 2022\n \n | \n \n \n 1\u202f682\n \n | \n \n \n 1\u202f682\n \n | \n \n \n (b)\n \n | \n \n \n 2\u00a0ans et 3\u00a0mois\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f682\n \n | \n
| \n \n 27\u00a0octobre 2022\n \n | \n \n \n 139\u202f592\n \n | \n \n \n 139\u202f592\n \n | \n \n \n (b)\n \n | \n \n \n 3\u00a0ans\n \n | \n \n \n (3\u202f325)\n \n | \n \n \n (40)\n \n | \n \n \n 136\u202f227\n \n | \n
| \n \n 26\u00a0janvier 2023\n \n | \n \n \n 1\u202f359\n \n | \n \n \n 1\u202f359\n \n | \n \n \n (b)\n \n | \n \n \n 2\u00a0ans et 9\u00a0mois\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f359\n \n | \n
| \n \n 26\u00a0janvier 2023\n \n | \n \n \n 1\u202f000\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u00a0an\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f000\n \n | \n
| \n \n 20\u00a0avril 2023\n \n | \n \n \n 13\u202f752\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u00a0an\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 13\u202f752\n \n | \n
| \n \n 25\u00a0juillet 2023\n \n | \n \n \n 15\u202f000\n \n | \n \n \n 15\u202f000\n \n | \n \n \n (b)\n \n | \n \n \n 4\u00a0ans et 8\u00a0mois\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 15\u202f000\n \n | \n
| \n \n 25\u00a0juillet 2023\n \n | \n \n \n 20\u202f000\n \n | \n \n \n 20\u202f000\n \n | \n \n \n (b)\n \n | \n \n \n 5\u00a0ans et 6\u00a0mois\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 20\u202f000\n \n | \n
| \n \n 26\u00a0octobre 2023\n \n | \n \n \n 140\u202f895\n \n | \n \n \n 140\u202f895\n \n | \n \n \n (b)\n \n | \n \n \n 3\u00a0ans\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 140\u202f895\n \n | \n
| \n \n 26\u00a0octobre 2023\n \n | \n \n \n 35\u202f000\n \n | \n \n \n 35\u202f000\n \n | \n \n \n (b)\n \n | \n \n \n 4\u00a0ans et 5\u00a0mois\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 35\u202f000\n \n | \n
| \n \n Total\n \n | \n \n \n 990\u202f821\n \n | \n \n \n 861\u202f161\n \n | \n \n | \n | \n \n (12\u202f666)\n \n | \n \n \n (345\u202f068)\n \n | \n \n \n 538\u202f067\n \n | \n
\n (a)\u00a0 Voir Note\u00a017.1.1\u00a0Caract\u00e9ristiques g\u00e9n\u00e9rales des plans.\n
\n\n (b)\u00a0 Les conditions de performance ont \u00e9t\u00e9 consid\u00e9r\u00e9es comme satisfaites pour la d\u00e9termination de la charge de l\u2019exercice 2023, sur la base des donn\u00e9es budg\u00e9taires.\n
\n\n (c)\u00a0\u00a0 Dont\u00a0: 44\u202f187\u00a0actions soumises \u00e0 aucune condition avec une p\u00e9riode d\u2019acquisition d\u2019un an\u2006; 40\u202f000\u00a0dont 30\u202f000\u00a0actions gratuites ayant une p\u00e9riode d\u2019acquisition des droits d\u2019un an et 10\u202f000\u00a0avec une p\u00e9riode d\u2019acquisition de deux ans compte tenu de la satisfaction de la condition de pr\u00e9sence\u2006; 40\u202f000\u00a0actions gratuites ayant une p\u00e9riode d\u2019acquisition des droits de deux ans compte tenu de la satisfaction de la condition de pr\u00e9sence et des conditions li\u00e9es sp\u00e9cifiquement \u00e0 l\u2019atteinte d\u2019objectifs d\u2019une filiale.\n
\n\n (d)\u00a0 Dont\u00a0: 4\u202f225\u00a0actions soumises \u00e0 aucune condition avec une p\u00e9riode d\u2019acquisition d\u2019un an\u2006; 40\u202f000\u00a0actions gratuites ayant une p\u00e9riode d\u2019acquisition des droits de deux ans.\n
\n\n (e)\u00a0 Dont\u00a0: 25\u202f000\u00a0actions soumises \u00e0 une condition de pr\u00e9sence et \u00e0 des conditions li\u00e9es sp\u00e9cifiquement \u00e0 la performance de filiales du groupe LVMH si les objectifs sont atteints au titre des exercices clos les 31\u00a0d\u00e9cembre 2023 et 31\u00a0d\u00e9cembre 2024.\n
\n\n (f)\u00a0\u00a0 Dont\u00a0: 4\u202f674\u00a0actions soumises \u00e0 aucune condition avec une p\u00e9riode d\u2019acquisition d\u2019un an\u2006; 30\u202f000\u00a0actions gratuites ayant une p\u00e9riode d\u2019acquisition des droits de 18\u00a0mois\u2006; 154\u202f291\u00a0actions gratuites ayant une p\u00e9riode d\u2019acquisition des droits de trois ans.\n
\n\n (g)\u00a0 Actions soumises \u00e0 une condition de pr\u00e9sence et \u00e0 des conditions li\u00e9es sp\u00e9cifiquement \u00e0 la performance de filiales du groupe LVMH si les objectifs sont atteints au titre de l\u2019exercice clos le 31\u00a0d\u00e9cembre 2024.\n
\n\n Le nombre d\u2019attributions provisoires a \u00e9volu\u00e9 comme d\u00e9crit ci-dessous au cours des exercices pr\u00e9sent\u00e9s\u00a0:\n
\n| \n \n (en nombre d\u2019actions)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Attributions provisoires au 1er\u00a0janvier\n \n | \n \n \n 668\u202f795\n \n | \n \n \n 666\u202f515\n \n | \n \n \n 824\u202f733\n \n | \n
| \n \n Attributions provisoires de la p\u00e9riode\n \n | \n \n \n 227\u202f006\n \n | \n \n \n 189\u202f404\n \n | \n \n \n 397\u202f377\n \n | \n
| \n \n Attributions devenues d\u00e9finitives\n \n | \n \n \n (345\u202f068)\n \n | \n \n \n (175\u202f499)\n \n | \n \n \n (544\u202f706)\n \n | \n
| \n \n Attributions devenues caduques\n \n | \n \n \n (12\u202f666)\n \n | \n \n \n (11\u202f625)\n \n | \n \n \n (10\u202f889)\n \n | \n
| \n \n Attributions provisoires \u00e0 la cl\u00f4ture\n \n | \n \n \n 538\u202f067\n \n | \n \n \n 668\u202f795\n \n | \n \n \n 666\u202f515\n \n | \n
\n 17.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Plans d\u2019options d\u2019achat et de souscription\n
\n\n Aucun plan d\u2019options de souscription ou d\u2019achat d\u2019actions n\u2019a \u00e9t\u00e9 mis en place depuis 2010. Aucun plan d\u2019options de souscription ou d\u2019achat n\u2019est en vigueur au 31\u00a0d\u00e9cembre 2023.\n
\n\n 17.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Charge de l\u2019exercice\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Charge de la p\u00e9riode au titre des plans d\u2019attribution d\u2019actions gratuites\n \n | \n \n \n 117\n \n | \n \n \n 132\n \n | \n \n \n 132\n \n | \n
\n Le cours de cl\u00f4ture de l\u2019action LVMH la veille de la date d\u2019attribution des plans 2023 et la valeur unitaire moyenne des attributions provisoires d\u2019actions gratuites de l\u2019exercice 2023 sont les suivants\u00a0:\n
\n| \n \n Date d\u2019ouverture du plan\n \n | \n \n \n P\u00e9riode d\u2019acquisition des droits\n \n | \n \n \n Cours de cl\u00f4ture de l\u2019action LVMH la veille de la date d\u2019attribution des plans\n \n | \n \n \n Valeur unitaire moyenne des attributions provisoires d\u2019actions gratuites\n \n | \n
| \n \n 26\u00a0janvier 2023\n \n | \n \n \n 2\u00a0ans et 9\u00a0mois\n \n | \n \n \n 792,3\n \n | \n \n \n 760,1\n \n | \n
| \n \n 26\u00a0janvier 2023\n \n | \n \n \n 1\u00a0an\n \n | \n \n \n 792,3\n \n | \n \n \n 780,1\n \n | \n
| \n \n 20\u00a0avril 2023\n \n | \n \n \n 1\u00a0an\n \n | \n \n \n 885,0\n \n | \n \n \n 872,6\n \n | \n
| \n \n 25\u00a0juillet 2023\n \n | \n \n \n 4\u00a0ans et 8\u00a0mois\n \n | \n \n \n 857,6\n \n | \n \n \n 797,9\n \n | \n
| \n \n 25\u00a0juillet 2023\n \n | \n \n \n 5\u00a0ans et 6\u00a0mois\n \n | \n \n \n 857,6\n \n | \n \n \n 783,0\n \n | \n
| \n \n 26\u00a0octobre 2023\n \n | \n \n \n 3\u00a0ans\n \n | \n \n \n 679,1\n \n | \n \n \n 639,4\n \n | \n
| \n \n 26\u00a0octobre 2023\n \n | \n \n \n 4\u00a0ans et 5\u00a0mois\n \n | \n \n \n 679,1\n \n | \n \n \n 619,0\n \n | \n
\n 1.29.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Plans d\u2019actions gratuites et assimil\u00e9s\n
\n\n L\u2019estimation du gain pour les plans d\u2019attribution d\u2019actions gratuites est calcul\u00e9e sur la base du cours de cl\u00f4ture de l\u2019action la veille du Conseil d\u2019administration ayant mis en place le plan et sous d\u00e9duction du montant des dividendes anticip\u00e9s sur la p\u00e9riode d\u2019acquisition des droits. En cas de plans d\u2019attribution d\u2019actions gratuites assortis de conditions de performance, la charge de l\u2019exercice int\u00e8gre les attributions provisoires pour lesquelles l\u2019atteinte des conditions est jug\u00e9e probable.\n
\n\n Pour l\u2019ensemble des plans, la charge d\u2019amortissement est r\u00e9partie lin\u00e9airement en r\u00e9sultat sur la p\u00e9riode d\u2019acquisition des droits, en contrepartie des r\u00e9serves au bilan.\n
\n\n En cas de plan de r\u00e9mun\u00e9rations li\u00e9 au cours de l\u2019action LVMH et d\u00e9nou\u00e9 en num\u00e9raire, l\u2019estimation du gain est r\u00e9\u00e9valu\u00e9e \u00e0 chaque cl\u00f4ture du cours de l\u2019action LVMH \u00e0 cette date, et enregistr\u00e9e en charge prorata temporis sur la p\u00e9riode d\u2019acquisition des droits, en contrepartie d\u2019une provision au bilan. Au-del\u00e0 de cette date et jusqu\u2019au d\u00e9nouement, la variation de l\u2019esp\u00e9rance de gain r\u00e9sultant de la variation du cours de l\u2019action LVMH est enregistr\u00e9e en compte de r\u00e9sultat.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__78-1": { "value": "\n 1.30.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 R\u00e9sultat par action\n
\n\n Le r\u00e9sultat par action est calcul\u00e9 sur la base du nombre moyen pond\u00e9r\u00e9 d\u2019actions en circulation durant l\u2019exercice, sous d\u00e9duction du nombre moyen d\u2019actions auto-d\u00e9tenues.\n
\n\n Le r\u00e9sultat par action apr\u00e8s dilution est \u00e9tabli sur la base du nombre moyen pond\u00e9r\u00e9 d\u2019actions avant dilution, major\u00e9 du nombre moyen pond\u00e9r\u00e9 d\u2019actions qui r\u00e9sulterait de la lev\u00e9e, durant l\u2019exercice, de tout instrument dilutif. Les fonds recueillis au titre de ces lev\u00e9es, augment\u00e9s de la charge restant \u00e0 comptabiliser au titre des plans d\u2019actions gratuites et assimil\u00e9s (voir Note\u00a01.29), sont pr\u00e9sum\u00e9s affect\u00e9s, dans ce calcul, au rachat d\u2019actions LVMH \u00e0 un prix correspondant \u00e0 leur cours de bourse moyen sur l\u2019exercice.\n
\n 29.\u00a0\u00a0\u00a0\u00a0 R\u00e9sultat par action\n
\n| \n | \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n R\u00e9sultat net, part du Groupe (en\u00a0millions d\u2019euros)\n \n | \n \n \n 15\u202f174\n \n | \n \n \n 14\u202f084\n \n | \n \n \n 12\u202f036\n \n | \n
| \n \n Nombre moyen d\u2019actions en circulation sur l\u2019exercice\n \n | \n \n \n 502\u202f290\u00a0188\n \n | \n \n \n 504\u202f157\u00a0339\n \n | \n \n \n 504\u202f757\u00a0339\n \n | \n
| \n \n Nombre moyen d\u2019actions auto-d\u00e9tenues sur l\u2019exercice\n \n | \n \n \n (2\u202f233\u00a0602)\n \n | \n \n \n (2\u202f036\u00a0645)\n \n | \n \n \n (1\u202f129\u00a0631)\n \n | \n
| \n \n Nombre moyen d\u2019actions pris en compte pour le calcul avant dilution\n \n | \n \n \n 500\u202f056\u00a0586\n \n | \n \n \n 502\u202f120\u00a0694\n \n | \n \n \n 503\u202f627\u00a0708\n \n | \n
| \n \n R\u00e9sultat par action (en\u00a0euros)\n \n | \n \n \n 30,34\n \n | \n \n \n 28,05\n \n | \n \n \n 23,90\n \n | \n
| \n \n Nombre moyen d\u2019actions en circulation pris en compte ci-dessus\n \n | \n \n \n 500\u202f056\u00a0586\n \n | \n \n \n 502\u202f120\u00a0694\n \n | \n \n \n 503\u202f627\u00a0708\n \n | \n
| \n \n Effet de dilution des plans d\u2019actions gratuites\n \n | \n \n \n 247\u202f730\n \n | \n \n \n 359\u202f406\n \n | \n \n \n 267\u202f884\n \n | \n
| \n \n Autres effets de dilution\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Nombre moyen d\u2019actions pris en compte pour le calcul apr\u00e8s effets dilutifs\n \n | \n \n \n 500\u202f304\u00a0316\n \n | \n \n \n 502\u202f480\u00a0100\n \n | \n \n \n 503\u202f895\u00a0592\n \n | \n
| \n \n R\u00e9sultat par action apr\u00e8s dilution (en\u00a0euros)\n \n | \n \n \n 30,33\n \n | \n \n \n 28,03\n \n | \n \n \n 23,89\n \n | \n
\n Le programme de rachat d\u2019actions LVMH initi\u00e9 le 21\u00a0d\u00e9cembre 2021 a pris fin le 14\u00a0janvier 2022\u00a0: les actions LVMH acquises dans le cadre de ce programme sont prises en compte dans le calcul du r\u00e9sultat par action avant dilution. Les actions restant \u00e0 acqu\u00e9rir en date de cl\u00f4ture ne sont pas prises en compte dans le calcul du r\u00e9sultat apr\u00e8s effets dilutifs au titre des autres effets de dilution.\n
\n\n Aucun \u00e9v\u00e9nement de nature \u00e0 modifier significativement le nombre d\u2019actions en circulation ou le nombre d\u2019actions potentielles n\u2019est intervenu entre le 31\u00a0d\u00e9cembre 2023 et la date d\u2019arr\u00eat\u00e9 des comptes.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27788": { "value": "\n 1.30.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 R\u00e9sultat par action\n
\n\n Le r\u00e9sultat par action est calcul\u00e9 sur la base du nombre moyen pond\u00e9r\u00e9 d\u2019actions en circulation durant l\u2019exercice, sous d\u00e9duction du nombre moyen d\u2019actions auto-d\u00e9tenues.\n
\n\n Le r\u00e9sultat par action apr\u00e8s dilution est \u00e9tabli sur la base du nombre moyen pond\u00e9r\u00e9 d\u2019actions avant dilution, major\u00e9 du nombre moyen pond\u00e9r\u00e9 d\u2019actions qui r\u00e9sulterait de la lev\u00e9e, durant l\u2019exercice, de tout instrument dilutif. Les fonds recueillis au titre de ces lev\u00e9es, augment\u00e9s de la charge restant \u00e0 comptabiliser au titre des plans d\u2019actions gratuites et assimil\u00e9s (voir Note\u00a01.29), sont pr\u00e9sum\u00e9s affect\u00e9s, dans ce calcul, au rachat d\u2019actions LVMH \u00e0 un prix correspondant \u00e0 leur cours de bourse moyen sur l\u2019exercice.\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__80-1": { "value": "\n\n 2.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exercice 2023\n
\n\n Minuty\n
\n\n En janvier 2023, Mo\u00ebt Hennessy a pris une participation majoritaire dans le capital de Minuty\u00a0SAS et le contr\u00f4le du patrimoine viticole associ\u00e9. Ch\u00e2teau Minuty est connu \u00e0 travers le monde pour son vin ros\u00e9, grand cru class\u00e9 depuis 1955 et situ\u00e9 \u00e0 Gassin sur la presqu\u2019\u00eele de Saint-Tropez (France).\n
\n\n Starboard & Onboard Cruise Services\n
\n\n En d\u00e9cembre 2023, LVMH a c\u00e9d\u00e9 80\u2006% de Cruise Line Holdings Co., la soci\u00e9t\u00e9 d\u00e9tenant les activit\u00e9s Starboard & Onboard Cruise Services, \u00e0 un ensemble d\u2019investisseurs priv\u00e9s.\n
\n\n Autres\n
\n\n En septembre 2023, LVMH a acquis une participation majoritaire dans le groupe Platinum Invest, fabricant fran\u00e7ais de Haute Joaillerie, afin de renforcer ses capacit\u00e9s de production, en particulier celles de Tiffany.\n
\n\n En septembre 2023 puis en novembre 2023, Th\u00e9lios a respectivement acquis la totalit\u00e9 des titres des soci\u00e9t\u00e9s propri\u00e9taires de Vuarnet et Barton Perreira, marques fran\u00e7aise et am\u00e9ricaine embl\u00e9matiques de lunettes.\n
\n\n En octobre 2023 puis en d\u00e9cembre 2023, LVMH M\u00e9tiers d\u2019Art a respectivement acquis une participation majoritaire dans la tannerie espagnole Verdeveleno et la totalit\u00e9 des titres de Menegatti, soci\u00e9t\u00e9 italienne sp\u00e9cialis\u00e9e dans la fabrication de pi\u00e8ces m\u00e9talliques.\n
\n\n En mai 2023, LVMH s\u2019est engag\u00e9 \u00e0 acqu\u00e9rir une participation majoritaire dans Nuti Ivo SpA, entreprise italienne sp\u00e9cialis\u00e9e dans le travail du cuir depuis 1955. Apr\u00e8s obtention de l\u2019approbation des autorit\u00e9s de la concurrence italiennes, l\u2019acquisition est intervenue en janvier 2024.\n
\n\n Les participations nouvellement consolid\u00e9es en 2023 n\u2019ont pas d\u2019incidence significative sur les ventes et le r\u00e9sultat op\u00e9rationnel courant de l\u2019exercice.\n
\n\n 2.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exercice 2022\n
\n\n Joseph Phelps\n
\n\n En ao\u00fbt 2022, le Groupe a acquis la totalit\u00e9 du domaine Joseph Phelps, une propri\u00e9t\u00e9 californienne proposant une collection de vins rouges produits dans la vall\u00e9e de Napa et sur la c\u00f4te de Sonoma. Le prix pay\u00e9 de 587\u00a0millions de dollar US (587\u00a0millions d\u2019euros) a \u00e9t\u00e9 essentiellement affect\u00e9 \u00e0 la marque Joseph Phelps pour un montant de 169\u00a0millions d\u2019euros et aux vignobles pour 119\u00a0millions d\u2019euros. L\u2019\u00e9cart d\u2019acquisition d\u00e9finitif est de 186\u00a0millions d\u2019euros.\n
\n\n Sephora\n
\n\n En octobre 2022, Sephora a c\u00e9d\u00e9 100\u2006% des actions de sa filiale en Russie.\n
\n\n Off-White\n
\n\n En septembre 2022, LVMH a acquis une participation compl\u00e9mentaire de 40\u2006% dans Off-White LLC, portant son pourcentage de d\u00e9tention \u00e0 100\u2006%.\n
\n\n Pedemonte\n
\n\n En novembre 2022, LVMH a acquis, aupr\u00e8s du fonds d\u2019investissement Equinox III SLP SIF, le groupe Pedemonte, producteur de joaillerie implant\u00e9 en Italie et en France. Cette participation a \u00e9t\u00e9 consolid\u00e9e en 2023.\n
\n\n Les participations nouvellement consolid\u00e9es en 2022 n\u2019ont pas d\u2019incidence significative sur les ventes et le r\u00e9sultat op\u00e9rationnel courant de l\u2019exercice.\n
\n\n 2.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exercice 2021\n
\n\n Tiffany\n
\n\n Le 7\u00a0janvier 2021, LVMH a acquis la totalit\u00e9 des actions de la soci\u00e9t\u00e9 Tiffany & Co. (\u00ab\u00a0Tiffany\u00a0\u00bb), conform\u00e9ment \u00e0 l\u2019accord sign\u00e9 en novembre 2019, amend\u00e9 en octobre 2020, et approuv\u00e9 par l\u2019Assembl\u00e9e g\u00e9n\u00e9rale de Tiffany le 30\u00a0d\u00e9cembre 2020. L\u2019acquisition a \u00e9t\u00e9 effectu\u00e9e au prix de 131,50\u00a0dollars\u00a0US par action, soit 16,1\u00a0milliards de dollars\u00a0US, pay\u00e9s en num\u00e9raire, repr\u00e9sentant 13,1\u00a0milliards d\u2019euros au cours du jour de l\u2019acquisition. Tiffany est consolid\u00e9e depuis janvier 2021.\n
\n\n L\u2019acquisition de Tiffany est venue renforcer la position de LVMH dans la Haute Joaillerie et accro\u00eetre davantage sa pr\u00e9sence aux \u00c9tats-Unis. L\u2019int\u00e9gration de cette marque am\u00e9ricaine iconique vient transformer en profondeur la branche Montres et Joaillerie de LVMH.\n
\n\n Le tableau suivant pr\u00e9sente les modalit\u00e9s d\u00e9finitives d\u2019allocation du prix pay\u00e9 par LVMH au 7\u00a0janvier 2021, date de prise de contr\u00f4le\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Allocation d\u00e9finitive du prix d\u2019acquisition\n \n | \n
| \n \n Marque et autres immobilisations incorporelles\n \n | \n \n \n 6\u202f124\n \n | \n
| \n \n Immobilisations corporelles\n \n | \n \n \n 1\u202f002\n \n | \n
| \n \n Droits d\u2019utilisation\n \n | \n \n \n 860\n \n | \n
| \n \n Stocks et en-cours\n \n | \n \n \n 1\u202f788\n \n | \n
| \n \n Imp\u00f4ts diff\u00e9r\u00e9s\n \n | \n \n \n (1\u202f199)\n \n | \n
| \n \n Dettes locatives\n \n | \n \n \n (927)\n \n | \n
| \n \n Dette financi\u00e8re nette\n \n | \n \n \n (345)\n \n | \n
| \n \n Autres actifs et passifs courants et non courants\n \n | \n \n \n (479)\n \n | \n
| \n \n Int\u00e9r\u00eats minoritaires\n \n | \n \n \n -\n \n | \n
| \n \n Actif net acquis\n \n | \n \n \n 6\u202f824\n \n | \n
| \n \n \u00c9cart d\u2019acquisition\n \n | \n \n \n 6\u202f750\n \n | \n
| \n \n Valeur comptable de la participation au 7\u00a0janvier 2021\n \n | \n \n \n 13\u202f574\n \n | \n
\n Les montants pr\u00e9sent\u00e9s dans le tableau ci-dessus sont issus des comptes de Tiffany \u00e0 la date de prise de contr\u00f4le, \u00e9tablis et pr\u00e9sent\u00e9s conform\u00e9ment aux principes comptables appliqu\u00e9s par LVMH\u2006; ceux-ci ont fait l\u2019objet de proc\u00e9dures d\u2019audit sp\u00e9cifiques.\n
\n\n La principale r\u00e9\u00e9valuation des actifs et passifs acquis porte sur la marque. Celle-ci a \u00e9t\u00e9 \u00e9valu\u00e9e \u00e0 titre principal selon la m\u00e9thode des redevances et \u00e0 titre secondaire selon la m\u00e9thode du surprofit. La valeur retenue, soit 7\u202f300\u00a0millions de dollars\u00a0US (5\u202f949\u00a0millions d\u2019euros) correspond \u00e0 la moyenne des fourchettes de valeurs obtenues. L\u2019\u00e9cart d\u2019acquisition d\u00e9finitif, d\u2019un montant de 8\u202f283\u00a0millions de dollars\u00a0US (6\u202f750\u00a0millions d\u2019euros) est repr\u00e9sentatif du savoir-faire sp\u00e9cifique au d\u00e9veloppement et \u00e0 la fabrication de produits de joaillerie de haute qualit\u00e9, de la capacit\u00e9 \u00e0 s\u2019appuyer sur un r\u00e9seau de distribution en propre qualitatif\u2006; en outre, l\u2019\u00e9cart d\u2019acquisition refl\u00e8te les synergies que l\u2019inclusion de Tiffany dans le groupe LVMH permettra de r\u00e9aliser.\n
\n\n La valeur comptable de la participation \u00e0 la date de prise de contr\u00f4le inclut l\u2019effet des couvertures de change r\u00e9alis\u00e9es en amont de l\u2019acquisition pour un montant de 477\u00a0millions d\u2019euros.\n
\n\n Au cours de l\u2019exercice 2021, l\u2019acquisition de Tiffany a g\u00e9n\u00e9r\u00e9 un d\u00e9caissement de 12,5\u00a0milliards d\u2019euros, net de la tr\u00e9sorerie acquise, de 0,6\u00a0milliard d\u2019euros. L\u2019op\u00e9ration a \u00e9t\u00e9 financ\u00e9e au moyen de diverses \u00e9missions obligataires en 2020, pour un montant total de 10,7\u00a0milliards d\u2019euros, et d\u2019\u00e9mission d\u2019US commercial paper pour le compl\u00e9ment (voir Note\u00a019 de l\u2019annexe aux comptes consolid\u00e9s 2020).\n
\n\n Les frais d\u2019acquisition de Tiffany ont \u00e9t\u00e9 enregistr\u00e9s en Autres produits et charges op\u00e9rationnels\u2006; ils repr\u00e9sentent des montants de 4\u00a0millions d\u2019euros, 35\u00a0millions d\u2019euros et 39\u00a0millions d\u2019euros pour les exercices 2021, 2020 et 2019, respectivement.\n
\n\n Au cours de l\u2019exercice 2021, les ventes consolid\u00e9es de Tiffany se sont \u00e9lev\u00e9es \u00e0 4\u202f321\u00a0millions d\u2019euros, pour un r\u00e9sultat op\u00e9rationnel courant de 778\u00a0millions d\u2019euros.\n
\n\n Ch\u00e2teau d\u2019Esclans\n
\n\n En mai 2021, LVMH a acquis une participation compl\u00e9mentaire de 45\u2006% dans Ch\u00e2teau d\u2019Esclans, portant ainsi sa d\u00e9tention \u00e0 100\u2006%.\n
\n\n Armand de Brignac\n
\n\n En mai 2021, LVMH a acquis une participation de 50\u2006% dans Armand de Brignac, un acteur majeur dans le domaine des champagnes de prestige. Le prix pay\u00e9 a \u00e9t\u00e9 principalement affect\u00e9 \u00e0 la marque Armand de Brignac pour un montant de 390\u00a0millions de dollars US (318\u00a0millions d\u2019euros), l\u2019\u00e9cart d\u2019acquisition d\u00e9finitif est de 112\u00a0millions d\u2019euros.\n
\n\n Rimowa\n
\n\n En juin 2021, l\u2019actionnaire minoritaire d\u00e9tenant 20\u2006% du capital de Rimowa a exerc\u00e9 son option de vente pour la totalit\u00e9 de ses titres. Le r\u00e8glement est intervenu en juillet 2021. \u00c0 l\u2019issue de cette transaction, LVMH d\u00e9tient la totalit\u00e9 des titres Rimowa.\n
\n\n Off-White\n
\n\n Le 1er\u00a0septembre 2021, LVMH a acquis une participation compl\u00e9mentaire de 25\u2006% dans Off-White LLC, portant son pourcentage de d\u00e9tention \u00e0 60\u2006%. Off-White LLC est propri\u00e9taire de la marque de mode Off-White fond\u00e9e par Virgil Abloh. Off-White LLC est consolid\u00e9e par int\u00e9gration globale \u00e0 compter de cette date, le prix pay\u00e9 a \u00e9t\u00e9 principalement affect\u00e9 \u00e0 la marque Off-White pour un montant de 291\u00a0millions de dollar US (236\u00a0millions d\u2019euros).\n
\n\n Feelunique\n
\n\n En septembre 2021, Sephora a acquis une participation de 100\u2006% dans Feelunique, acteur majeur du commerce en ligne de produits de beaut\u00e9 au Royaume-Uni. Cette acquisition, qui repr\u00e9sente la premi\u00e8re \u00e9tape pour \u00e9tablir la pr\u00e9sence de Sephora au Royaume-Uni, a \u00e9t\u00e9 consolid\u00e9e en 2022.\n
\n\n Officine Universelle Buly\n
\n\n En octobre 2021, le Groupe a acquis une participation de 100\u2006% dans l\u2019Officine Universelle Buly, marque parisienne sp\u00e9cialis\u00e9e dans les parfums et cosm\u00e9tiques cr\u00e9\u00e9e au 19e\u00a0si\u00e8cle et relanc\u00e9e en 2014. Cette participation a \u00e9t\u00e9 consolid\u00e9e en 2022.\n
\n\n Th\u00e9lios\n
\n\n En d\u00e9cembre 2021 LVMH a acquis une participation compl\u00e9mentaire de 49\u2006% dans Th\u00e9lios, entreprise sp\u00e9cialis\u00e9e dans la lunetterie, portant ainsi son pourcentage de d\u00e9tention \u00e0 100\u2006%.\n
\n\n 2.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Incidence sur la tr\u00e9sorerie nette des variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Montant pay\u00e9 pour l\u2019acquisition de titres consolid\u00e9s et de titres de minoritaires\n \n | \n \n \n (885)\n \n | \n \n \n (1\u202f158)\n \n | \n \n \n (14\u202f294)\n \n | \n
| \n \n Disponibilit\u00e9s/(d\u00e9couverts bancaires) des soci\u00e9t\u00e9s acquises\n \n | \n \n \n 80\n \n | \n \n \n 14\n \n | \n \n \n 658\n \n | \n
| \n \n Montant re\u00e7u pour la cession de titres consolid\u00e9s\n \n | \n \n \n 69\n \n | \n \n \n 4\n \n | \n \n \n 7\n \n | \n
| \n \n (Disponibilit\u00e9s)/d\u00e9couverts bancaires des soci\u00e9t\u00e9s c\u00e9d\u00e9es\n \n | \n \n \n (2)\n \n | \n \n \n (20)\n \n | \n \n \n (32)\n \n | \n
| \n \n Incidences des variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es sur la tr\u00e9sorerie nette\n \n | \n \n \n (738)\n \n | \n \n \n (1\u202f160)\n \n | \n \n \n (13\u202f661)\n \n | \n
| \n \n Dont\u00a0: Acquisitions et cessions de titres consolid\u00e9s\n \n | \n \n \n (721)\n \n | \n \n \n (809)\n \n | \n \n \n (13\u202f226)\n \n | \n
| \n \n Acquisitions et cessions d\u2019int\u00e9r\u00eats minoritaires\n \n | \n \n \n (17)\n \n | \n \n \n (351)\n \n | \n \n \n (435)\n \n | \n
\n En 2023, l\u2019incidence sur la tr\u00e9sorerie nette des variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es r\u00e9sulte principalement des acquisitions de Minuty, Platinum Invest, Barton Perreira et Vuarnet. Outre la tr\u00e9sorerie nette relative aux acquisitions et cessions de titres consolid\u00e9s, le Groupe peut assumer les dettes financi\u00e8res des entit\u00e9s acquises, voir Note\u00a019. Le plus souvent, celles-ci font l\u2019objet d\u2019un remboursement des pr\u00eateurs tiers.\n
\n\n En 2022, l\u2019incidence sur la tr\u00e9sorerie nette des variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es r\u00e9sultait principalement de l\u2019acquisition de Joseph Phelps.\n
\n\n En 2021, l\u2019incidence sur la tr\u00e9sorerie nette des variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es r\u00e9sultait pour l\u2019essentiel de l\u2019acquisition de Tiffany.\n
\n 8.\u00a0\u00a0\u00a0\u00a0 Participations mises en \u00e9quivalence\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n |||
| \n \n Net\n \n | \n \n \n Dont Activit\u00e9s en partenariat\n \n | \n \n \n Net\n \n | \n \n \n Dont Activit\u00e9s en partenariat\n \n | \n \n \n Net\n \n | \n \n \n Dont Activit\u00e9s en partenariat\n \n | \n |
| \n \n Part dans l\u2019actif net des participations mises en \u00e9quivalence au 1er\u00a0janvier\n \n | \n \n \n 1\u202f066\n \n | \n \n \n 496\n \n | \n \n \n 1\u202f084\n \n | \n \n \n 432\n \n | \n \n \n 990\n \n | \n \n \n 426\n \n | \n
| \n \n Part dans le r\u00e9sultat de la p\u00e9riode\n \n | \n \n \n 7\n \n | \n \n \n 4\n \n | \n \n \n 37\n \n | \n \n \n 4\n \n | \n \n \n 14\n \n | \n \n \n 1\n \n | \n
| \n \n Dividendes vers\u00e9s\n \n | \n \n \n (50)\n \n | \n \n \n (9)\n \n | \n \n \n (60)\n \n | \n \n \n (9)\n \n | \n \n \n (54)\n \n | \n \n \n (9)\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 63\n \n | \n \n \n -\n \n | \n \n \n 30\n \n | \n \n \n 31\n \n | \n \n \n 95\n \n | \n \n \n -\n \n | \n
| \n \n Effets des souscriptions aux augmentations de capital\n \n | \n \n \n 11\n \n | \n \n \n 5\n \n | \n \n \n 28\n \n | \n \n \n 26\n \n | \n \n \n 3\n \n | \n \n \n 2\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (16)\n \n | \n \n \n (6)\n \n | \n \n \n 15\n \n | \n \n \n 8\n \n | \n \n \n 36\n \n | \n \n \n 11\n \n | \n
| \n \n Effet des d\u00e9pr\u00e9ciations des \u00e9carts d\u2019acquisition et marques enregistr\u00e9es par des soci\u00e9t\u00e9s mises en \u00e9quivalence\n \n | \n \n \n (98)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Autres, y compris transferts\n \n | \n \n \n 8\n \n | \n \n \n 5\n \n | \n \n \n (69)\n \n | \n \n \n 3\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Part dans l\u2019actif net des participations mises en \u00e9quivalence au 31\u00a0d\u00e9cembre\n \n | \n \n \n 991\n \n | \n \n \n 495\n \n | \n \n \n 1\u202f066\n \n | \n \n \n 496\n \n | \n \n \n 1\u202f084\n \n | \n \n \n 432\n \n | \n
\n L\u2019effet des d\u00e9pr\u00e9ciations des \u00e9carts d\u2019acquisitions et marques enregistr\u00e9es par les soci\u00e9t\u00e9s mises en \u00e9quivalence est pr\u00e9sent\u00e9 en Autres produits et charges op\u00e9rationnels au compte de r\u00e9sultat consolid\u00e9 (voir Note\u00a026).\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les titres mis en \u00e9quivalence comprennent principalement\u00a0:\n
\n\n \u25cf\u00a0\u00a0 Pour les activit\u00e9s en partenariat\u00a0:\n
\n\n -\u00a0\u00a0\u00a0une participation de 50\u2006% dans le domaine viticole de Ch\u00e2teau Cheval Blanc (Gironde, France), producteur du Saint-\u00c9milion Grand cru class\u00e9 A du m\u00eame nom\u2006;\n
\n\n -\u00a0\u00a0\u00a0une participation de 50\u2006% dans les activit\u00e9s h\u00f4teli\u00e8res et ferroviaires op\u00e9r\u00e9es par Belmond au P\u00e9rou.\n
\n\n \u25cf\u00a0\u00a0 Pour les autres soci\u00e9t\u00e9s\u00a0:\n
\n\n -\u00a0\u00a0\u00a0une participation de 40\u2006% dans L Catterton Management, soci\u00e9t\u00e9 de gestion de fonds d\u2019investissement cr\u00e9\u00e9e en d\u00e9cembre 2015 en partenariat avec Catterton\u2006;\n
\n\n -\u00a0\u00a0\u00a0une participation de 49\u2006% dans Stella McCartney, marque londonienne de pr\u00eat-\u00e0-porter\u2006;\n
\n\n -\u00a0\u00a0\u00a0une participation de 30\u2006% dans Phoebe Philo, marque londonienne de pr\u00eat-\u00e0-porter\u2006;\n
\n\n -\u00a0\u00a0\u00a0une participation de 49\u2006% dans Editions Assouline, soci\u00e9t\u00e9 fran\u00e7aise d\u2019\u00e9dition.\n
\n\n Les effets de transfert de l\u2019exercice 2022 r\u00e9sultaient essentiellement de la prise de contr\u00f4le dans Mongoual\u00a0SA, soci\u00e9t\u00e9 immobili\u00e8re propri\u00e9taire d\u2019un immeuble de bureaux \u00e0 Paris (France).\n
\n\n Les effets de variation de p\u00e9rim\u00e8tre de l\u2019exercice 2021 r\u00e9sultaient essentiellement de la prise de participation dans Off-White Srl par l\u2019interm\u00e9diaire de Off-White LLC. Voir Note\u00a02.\n
\n Liste des soci\u00e9t\u00e9s consolid\u00e9es\n
\n| \n \n Soci\u00e9t\u00e9s\n \n | \n \n \n Si\u00e8ge social\n \n | \n \n \n M\u00e9thode de consolidation\n \n | \n \n \n Taux d\u2019int\u00e9r\u00eat\n \n | \n |
| \n \n Vins et Spiritueux\n \n | \n \n | \n | \n | |
| \n \n Moet Hennessy Hellas Single Member\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n MHCS\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Italia SpA\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Civile des Crus de Champagne\n \n | \n \n \n Reims, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Espa\u00f1a\n \n | \n \n \n Barcelone, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Portugal\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy (Suisse)\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Deutschland GmbH\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Entreprise Adapt\u00e9e\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SCEA Les Fournettes\n \n | \n \n \n Monthelon, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Champagne Des Moutiers\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy de Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Chamfipar\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Viticole de Reims\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Compagnie Fran\u00e7aise du Champagne et du Luxe\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Champagne Bernard Breuzon\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Belux\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Champagne De Mansin\n \n | \n \n \n Gy\u00e9-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy \u00d6sterreich\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Polska\n \n | \n \n \n Varsovie, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Suomi\n \n | \n \n \n Helsinki, Finlande\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Czech Republic\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Sverige\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Norge\n \n | \n \n \n Sandvika, Norv\u00e8ge\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Denmark\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Services UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Turkey\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy South Africa Pty Ltd\n \n | \n \n \n Johannesbourg, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SCEV 4F\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Nigeria\n \n | \n \n \n Lagos, Nigeria\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SCI JVIGNOBLES\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Middle East FZE\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Champagne Jacques Robert\n \n | \n \n \n Monthelon, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SCI du Domaine de Saint-Antoine\n \n | \n \n \n Monthelon, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Cotes de Saint Michel\n \n | \n \n \n Monthelon, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Nederland\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Moet Hennessy USA\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n MHD Mo\u00ebt Hennessy Diageo\n \n | \n \n \n Courbevoie, France\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SA Du Ch\u00e2teau d\u2019Yquem\n \n | \n \n \n Sauternes, France\n \n | \n \n \n IG\n \n | \n \n \n 97\u2006%\n \n | \n |
| \n \n SC Du Ch\u00e2teau d\u2019Yquem\n \n | \n \n \n Sauternes, France\n \n | \n \n \n IG\n \n | \n \n \n 97\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Civile Cheval Blanc (SCCB)\n \n | \n \n \n Saint Emilion, France\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 du Domaine des Lambrays\n \n | \n \n \n Morey-Saint-Denis, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Colgin Cellars\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n Chandon International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Domaine Chandon, Inc\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Do Brasil \u2013 Vinhos E Destilados\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Bodegas Chandon Argentina\n \n | \n \n \n Buenos Aires, Argentine\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Domaine Chandon Australia Pty\n \n | \n \n \n Coldstream, Victoria, Australie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Domaine Chandon (Ningxia) Mo\u00ebt Hennessy Co, Ltd\n \n | \n \n \n Yinchuan, Chine\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Chandon (Ningxia) Vineyards Co, Ltd\n \n | \n \n \n Yinchuan, Chine\n \n | \n \n \n IG\n \n | \n \n \n 40\u2006%\n \n | \n |
| \n \n Ch\u00e2teau d\u2019Esclans\n \n | \n \n \n La Motte, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Caves d\u2019Esclans\n \n | \n \n \n La Motte, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Esclans Estate\n \n | \n \n \n La Motte, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Ace Of Spades Holdings LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 33\u2006%\n \n | \n |
| \n \n Cheval Des Andes\n \n | \n \n \n Buenos Aires, Argentine\n \n | \n \n \n MEE\n \n | \n \n \n 33\u2006%\n \n | \n |
| \n \n Veuve Clicquot Pties Pty Ltd\n \n | \n \n \n Margaret River, Australie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Cloudy Bay Vineyards Ltd\n \n | \n \n \n Blenheim, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Shangri-La (Deqin) Winery Company\n \n | \n \n \n Deqin, Chine\n \n | \n \n \n IG\n \n | \n \n \n 53\u2006%\n \n | \n |
| \n \n Newton Vineyard LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Ch\u00e2teau du Galoupet\n \n | \n \n \n La Londe-les-Maures, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SCI du Domaine Cosson\n \n | \n \n \n Morey-Saint-Denis, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Beaux Monts\n \n | \n \n \n Morey-Saint-Denis, France\n \n | \n \n \n IG\n \n | \n \n \n 90\u2006%\n \n | \n |
| \n \n Hugo\n \n | \n \n \n Morey-Saint-Denis, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Minuty\u00a0SAS\n \n | \n \n \n Gassin, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n La Bastide de Verez\n \n | \n \n \n Vidauban, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Consorts Matton\n \n | \n \n \n Gassin, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Elise\n \n | \n \n \n Gassin, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Joseph Phelps Vineyards\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Jas Hennessy & Co.\n \n | \n \n \n Cognac, France\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Distillerie de la Groie\n \n | \n \n \n Cognac, France\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n SICA de Bagnolet\n \n | \n \n \n Cognac, France\n \n | \n \n \n IG\n \n | \n \n \n 3\u2006%\n \n | \n |
| \n \n Sodepa\n \n | \n \n \n Cognac, France\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Diageo Mo\u00ebt Hennessy BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Hennessy Dublin\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Edward Dillon & Co. Ltd\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n MEE\n \n | \n \n \n 26\u2006%\n \n | \n |
| \n \n Hennessy Far East\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Diageo Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Diageo Macau\n \n | \n \n \n Macao, Chine\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Diageo Singapore Pte\n \n | \n \n \n Singapour\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Diageo Malaysia Sdn.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Cambodia Co.\n \n | \n \n \n Phnom Penh, Cambodge\n \n | \n \n \n IG\n \n | \n \n \n 34\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Philippines\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Diageo Mo\u00ebt Hennessy Thailand\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Shanghai\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy India\n \n | \n \n \n Mumbai, Inde\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Jas Hennessy Taiwan\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Diageo China Company\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Distribution Russia\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Vietnam Distribution Shareholding Co.\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 33\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Russia\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n MH Champagnes and Wines Korea Ltd\n \n | \n \n \n Icheon, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Moet Hennessy (Hainan) Company Limited\n \n | \n \n \n Haikou, Chine\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n MHD Mo\u00ebt Hennessy Diageo\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Asia Pacific Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Australia\n \n | \n \n \n Mascot, Australie\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Polmos \u017byrard\u00f3w Sp. Z O.O.\n \n | \n \n \n Zyrardow, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n The Glenmorangie Company\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Macdonald & Muir Ltd\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Ardbeg Distillery Limited\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Glenmorangie Distillery Co. Ltd\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n James Martin & Company Ltd\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Nicol Anderson & Co. Ltd\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Woodinville Whiskey Company LLC\n \n | \n \n \n Washington, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n RUM Entreprise\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Davis Hogue Distilling Co\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Agrotequilera de Jalisco\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n MEE\n \n | \n \n \n 33\u2006%\n \n | \n |
| \n \n Dioniso S.R.L\n \n | \n \n \n Sesto San Giovanni, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 33\u2006%\n \n | \n |
| \n \n CRAVAN\u00a0S.A.S.U\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n MODE ET MAROQUINERIE\n \n | \n \n | \n | \n | |
| \n \n Manufacture de Souliers Louis Vuitton\n \n | \n \n \n Fiesso d\u2019Artico, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Malletier\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Saint-Barth\u00e9lemy\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Cantacilik Ticaret\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Editeur\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 des Ateliers Louis Vuitton\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Ateliers Joailliers Louis Vuitton\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufacture des Accessoires Louis Vuitton\n \n | \n \n \n Fiesso d\u2019Artico, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Bahrain WLL\n \n | \n \n \n Manama, Bahre\u00efn\n \n | \n \n \n IG\n \n | \n \n \n 75\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Louis Vuitton Services\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Qatar LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 73\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 des Magasins Louis Vuitton France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belle Jardini\u00e8re\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n La Fabrique du Temps Louis Vuitton\n \n | \n \n \n Meyrin, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n ELV\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Services Europe\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Ireland\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Deutschland\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Ukraine\n \n | \n \n \n Kiev, Ukraine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufacture de Maroquinerie et Accessoires Louis Vuitton\n \n | \n \n \n Barcelone, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Atepeli \u2013 Ateliers des Ponte de Lima\n \n | \n \n \n Calvelo, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Netherlands\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Belgium\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Luxembourg\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Hellas\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Portugal Maleiro\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Israel\n \n | \n \n \n Tel Aviv, Isra\u00ebl\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Danmark\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Aktiebolag\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Suisse\n \n | \n \n \n Meyrin, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Polska Sp. Z O.O.\n \n | \n \n \n Varsovie, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Ceska\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton \u00d6sterreich\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Kazakhstan\n \n | \n \n \n Almaty, Kazakhstan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton US Manufacturing,\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Somarest\n \n | \n \n \n Sibiu, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Hawaii,\u00a0Inc.\n \n | \n \n \n Hawa\u00ef, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Guam,\u00a0Inc.\n \n | \n \n \n Tamuning, Guam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Saipan\u00a0Inc.\n \n | \n \n \n Saipan, \u00celes Mariannes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Norge\n \n | \n \n \n Oslo, Norv\u00e8ge\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n San Dimas Luggage Company\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton North America,\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton USA,\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Liban Retail SAL\n \n | \n \n \n Beyrouth, Liban\n \n | \n \n \n IG\n \n | \n \n \n 95\u2006%\n \n | \n |
| \n \n Louis Vuitton Vietnam Company Limited\n \n | \n \n \n Hano\u00ef, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Suomi\n \n | \n \n \n Helsinki, Finlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Romania Srl\n \n | \n \n \n Bucarest, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group Brasil Ltda\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Panama,\u00a0Inc.\n \n | \n \n \n Panama City, Panama\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Chile SpA\n \n | \n \n \n Santiago de Chile, Chili\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton (Aruba)\n \n | \n \n \n Oranjestad, Aruba\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Republica Dominicana\n \n | \n \n \n Saint Domingue, R\u00e9publique Dominicaine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Argentina\n \n | \n \n \n Buenos Aires, Argentine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Peru S.R.L.\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Pacific\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Hong Kong Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton (Philippines)\u00a0Inc.\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Singapore Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LV Information & Operation Services Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT Louis Vuitton Indonesia\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 98\u2006%\n \n | \n |
| \n \n Louis Vuitton (Malaysia) Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton (Thailand) Soci\u00e9t\u00e9 Anonyme\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Taiwan Ltd.\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Australia Pty Ltd.\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton (China) Co. Ltd.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton New Zealand\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Kuwait WLL\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 37\u2006%\n \n | \n |
| \n \n Louis Vuitton India Retail Private Limited\n \n | \n \n \n Gurgaon, Inde\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton EAU LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 75\u2006%\n \n | \n |
| \n \n Louis Vuitton Saudi Arabia Ltd.\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 75\u2006%\n \n | \n |
| \n \n Louis Vuitton Middle East\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 75\u2006%\n \n | \n |
| \n \n Louis Vuitton \u2013 Jordan PSC\n \n | \n \n \n Amman, Jordanie\n \n | \n \n \n IG\n \n | \n \n \n 95\u2006%\n \n | \n |
| \n \n L.D.\u00a0Manufacture S.R.L.\n \n | \n \n \n Sant\u2019Antimo, Italie\n \n | \n \n \n IG\n \n | \n \n \n 90\u2006%\n \n | \n |
| \n \n Microedge S\u00e0rl\n \n | \n \n \n Vernier, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LV Qatar Airport QFZ LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Korea Ltd.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LV Investments\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n G\u00e9rald G.\u00a0SA\n \n | \n \n \n Meyrin, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Daniel R.\u00a0SA\n \n | \n \n \n Meyrin, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Art & D\u00a0SA\n \n | \n \n \n Carouges, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n H2L\u00a0SARL\n \n | \n \n \n Gland, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufacture de Souliers Des Marches S.R.L.\n \n | \n \n \n Civitanova Marche, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LV Industria Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group Trading Korea Ltd.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufacture de Textiles Louis Vuitton S.R.L.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n IRWINDALE ASSOCIATES LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Atelier Lut\u00e8ce\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n Adamantem\u00a0SAS\n \n | \n \n \n Gueux, France\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Louis Vuitton Hungaria Kft.\n \n | \n \n \n Budapest, Hongrie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Vostok\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LV Colombia\u00a0SAS\n \n | \n \n \n Santa F\u00e9 de Bogota, Colombie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Maroc\n \n | \n \n \n Casablanca, Maroc\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton South Africa\n \n | \n \n \n Johannesbourg, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Macau Company Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Japan KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Louis Vuitton Services KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Louis Vuitton Canada,\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Italia S.r.l.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Marc Jacobs International\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs International (UK)\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Trademarks\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Japan\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs International France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Commercial and Trading (Shanghai) Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Holdings\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Hong Kong Distribution Company\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Macau Distribution Company\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Loewe\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Hermanos\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufacturas Loewe\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Hermanos UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Commercial and Trading (Shanghai) Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Fashion\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Taiwan\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Macau Company\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Alemania\n \n | \n \n \n Francfort, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Italy\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Holanda B.V.\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Australia\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Thailand Ltd.\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Suecia AB\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Dinamarca Aps\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Switzerland\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group Support\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manifattura Berluti Srl\n \n | \n \n \n Ferrare, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti UK Limited (Company)\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Deutschland GmbH\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Macau Company Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Singapore Private Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti (Shanghai) Company Limited\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Taiwan Ltd.\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Hong Kong Company Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Orient FZ LLC\n \n | \n \n \n Ras Al-Khaimah, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Berluti EAU LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Berluti Korea Company Ltd.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Berluti Australia\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Japan KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Berluti Italia S.R.L.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group Services\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Interlux Company\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n John Galliano\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loro Piana\n \n | \n \n \n Quarona, Italie\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Switzerland\n \n | \n \n \n Lugano, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana GB\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n LG Distribution LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Warren Corporation\n \n | \n \n \n Connecticut, USA\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana & C.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana USA\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana (HK)\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana (Shanghai) Commercial Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana (Shanghai) Textile Trading Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Mongolia\n \n | \n \n \n Oulan Bator, Mongolie\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Korea Co.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana (Macau)\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Espa\u00f1a\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Japan Co.\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Far East\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Peru\n \n | \n \n \n Lucanas, P\u00e9rou\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Manifattura Loro Piana\n \n | \n \n \n Sillavengo, Italie\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Oesterreich\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Czech Republic\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Cashmere Lifestyle Luxury Trading LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Loro Piana Mexico S.A de C.V\n \n | \n \n \n Naucalpan, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Vicuna Trading W.L.L.\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 53\u2006%\n \n | \n |
| \n \n Loro Piana Kuwait\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Loro Piana (Thailand) Limited\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Hellas Single \u2013 Member P.C.\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Shared Service Management \u2013 FZ LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n HLI Holding Pte. Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Heng Long International Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Heng Long Leather Co. (Pte) Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Heng Long Leather (Guangzhou) Co. Ltd\n \n | \n \n \n Guangzhou, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n HL Australia Proprietary Ltd\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Starke Holding\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Cypress Creek Farms\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n The Florida Alligator Company\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pellefina\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH M\u00e9tiers D\u2019Art\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tanneries Roux\n \n | \n \n \n Romans-sur-Is\u00e8re, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Jade Creaction\n \n | \n \n \n Albergaria-A-Velha, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Jade Jewellery\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Fonderie Sylvain Compagnon\n \n | \n \n \n Chaumontel, France\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Off-White LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Off-White Operating SRL\n \n | \n \n \n Milan, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 25\u2006%\n \n | \n |
| \n \n Jean Patou\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Rimowa GmbH\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa GmbH & Co Distribution KG\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Electronic Tag GmbH\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa CZ spol s.r.o.\n \n | \n \n \n Pelhrimov, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa America Do Sul Malas De Viagem Ltda\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa North America\u00a0Inc.\n \n | \n \n \n Cambridge, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Distribution\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Far East Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Macau Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Japan Co. Ltd\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa France\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Italy Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Netherlands BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Spain SLU\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Great Britain Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Austria GmbH\n \n | \n \n \n Innsbruck, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Schweiz AG\n \n | \n \n \n Dubendorf, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 110\u00a0Vondrau Holdings\u00a0Inc.\n \n | \n \n \n Cambridge, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa China\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Group Services\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Middle East FZ-LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Orient Trading-LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Australia\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Group GmbH\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n RIMOWA Malaysia Sdn. Bhd\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Thailand Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Anin Star Holding Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney America,\u00a0Inc.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney Spain SL\n \n | \n \n \n Barcelone, Espagne\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney Italia SRL a socio unico\n \n | \n \n \n Milan, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney (Shanghai) Trading Limited\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney Japan Limited\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney Hong Kong Limited\n \n | \n \n \n Harbour City, Chine\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Th\u00e9lios\n \n | \n \n \n Longarone, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios USA\u00a0Inc.\n \n | \n \n \n New Jersey, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Asia Pacific Limited\n \n | \n \n \n Harbour City, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Deutschland GmbH\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Switzerland GmbH\n \n | \n \n \n Zurich, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Iberian Peninsula, S.L\n \n | \n \n \n Barcelone, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Portugal, Unipersoal Lda.\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Thelios Eyewear (Shanghai) Co., Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Nordics AB\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Australia Pty Ltd\n \n | \n \n \n Brisbane, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Distribuidora de lentes de lujo Th\u00e9lios\n \n | \n \n \n \u00c1lvaro Obreg\u00f3n \u2013 Ciudad de Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Benelux\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Middle East FZ-LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Barton Perreira\n \n | \n \n \n Irvine, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Financi\u00e8re Skilynx\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior GK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Far East Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Hong Kong Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Fashion (Malaysia) Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Singapore Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Australia Pty Ltd\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior New Zealand Ltd\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Taiwan Limited\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n OTELINE\n \n | \n \n \n Rillieux-Le-Pape, France\n \n | \n \n \n IG\n \n | \n \n \n 90\u2006%\n \n | \n |
| \n \n 161\u00a0NBS Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CHRISTIAN DIOR COUTURE CYPRUS\n \n | \n \n \n Nicosie, Chypre\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n FG MANUFACTURE\n \n | \n \n \n Villeurbanne, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rubens\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Art Lab\n \n | \n \n \n Santa Croce Sull\u2019arno, Italie\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Neri Sport\n \n | \n \n \n Venise, Italie\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Manifattura Salento AF\n \n | \n \n \n Casarano, Italie\n \n | \n \n \n IG\n \n | \n \n \n 40\u2006%\n \n | \n |
| \n \n PELLETERIE EIFFEL\n \n | \n \n \n Florence, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Christian Dior (Thailand) Co. Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pespow SpA\n \n | \n \n \n San Martino di Lupari, Italie\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Pespow Italy SRL\n \n | \n \n \n San Martino di Lupari, Italie\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Flinders\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Dior Creations\n \n | \n \n \n Selvazzano Dentro, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Almandine 150\u00a0CE\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Saipan Ltd\n \n | \n \n \n Saipan, \u00celes Mariannes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Guam Ltd\n \n | \n \n \n Tumon Bay, Guam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Espanola\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior UK Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Italia Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Suisse\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior GmbH\n \n | \n \n \n Pforzheim, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Fourrure M.C.\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT Christian Dior Indonesia\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Christian Dior do Brasil Ltda\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Belgique\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bopel\n \n | \n \n \n Lugagnano Val d\u2019Arda, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture CZ\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ateliers AS\n \n | \n \n \n Pierre B\u00e9nite, France\n \n | \n \n \n MEE\n \n | \n \n \n 25\u2006%\n \n | \n |
| \n \n Christian Dior Couture\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture FZE\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Maroc\n \n | \n \n \n Casablanca, Maroc\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Macau Single Shareholder Company Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior S. de R.L. de C.V.\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Ateliers Bijoux GmbH\n \n | \n \n \n Pforzheim, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Commercial (Shanghai) Co.Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Trading India Private Limited\n \n | \n \n \n Mumbai, Inde\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Stoleshnikov\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CDCH\u00a0SA\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n CDC Abu Dhabi LLC Couture\n \n | \n \n \n Abu-Dhabi, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Dior Gr\u00e8ce Soci\u00e9t\u00e9 Anonyme Garments Trading\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CDC General Trading LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Christian Dior Istanbul Magazacilik Anonim Sirketi\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Qatar LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 82\u2006%\n \n | \n |
| \n \n Christian Dior Couture Bahrain W.L.L.\n \n | \n \n \n Manama, Bahre\u00efn\n \n | \n \n \n IG\n \n | \n \n \n 84\u2006%\n \n | \n |
| \n \n PT Fashion Indonesia Trading Company\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Ukraine\n \n | \n \n \n Kiev, Ukraine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CDCG FZCO\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n COU.BO Srl\n \n | \n \n \n Arzano, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Netherlands BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Vietnam Limited Liability Company\n \n | \n \n \n Hano\u00ef, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Vermont\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Kazakhstan\n \n | \n \n \n Almaty, Kazakhstan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Austria GmbH\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufactures Dior Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Azerbaijan\n \n | \n \n \n Bakou, Azerba\u00efdjan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Draupnir\u00a0SA\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Myolnir\u00a0SA\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CD Philippines\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Luxembourg\u00a0SA\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Ateliers Horlogers Dior\n \n | \n \n \n La Chaux-de-Fonds, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Dior Montres\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n IDMC Manufacture\n \n | \n \n \n Limoges, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n GINZA\u00a0SA\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n GFEC. Srl\n \n | \n \n \n Casoria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CDC Kuwait Fashion Accessories with limited liability\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n AURELIA Solutions S.R.L\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Lemanus\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LikeABee\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CD Norway AS\n \n | \n \n \n Oslo, Norv\u00e8ge\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CADOR\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Arabia Trading\n \n | \n \n \n Riyadh, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Christian Dior Couture Ireland\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Portugal, Unipessoal LDA\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CD Montenegro\n \n | \n \n \n Podgorica, Mont\u00e9n\u00e9gro\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture ME SPV LTD\n \n | \n \n \n Abu-Dhabi, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Christian Dior Couture Travel retail Company\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Saint-Barth\u00e9lemy\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n JW Anderson Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 46\u2006%\n \n | \n |
| \n \n JW Anderson China\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n MEE\n \n | \n \n \n 46\u2006%\n \n | \n |
| \n \n Celine\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Avenue M International SCA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Enilec Gestion\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Montaigne\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Monte-Carlo\u00a0SA\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Germany GmbH\n \n | \n \n \n Berlin, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Production Srl\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Suisse\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine UK Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine (Hong Kong) Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Commercial and Trading (Shanghai) Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Distribution Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Boutique Taiwan Co. Ltd\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CPC Macau Company Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH FG Services UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Distribution Spain S.L.U.\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n RC Diffusion Rive Droite\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Netherlands BV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Australia Ltd Co.\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Sweden AB\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Czech Republic\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Middle East\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Celine Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Thailand\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Philippines\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Denmark\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LMP LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CELINE KOREA LTD\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rossimoda\n \n | \n \n \n Vigonza, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rossimoda Romania\n \n | \n \n \n Cluj-Napoca, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Service Italia SRL\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CELINE ITALIA\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Phoebe Philo Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 30\u2006%\n \n | \n |
| \n \n Givenchy\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Corporation\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy China Co.\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Couture Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy (Shanghai) Commercial and Trading Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n GCCL Macau Co.\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Italia Srl\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Germany\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Taiwan\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Trading WLL\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 52\u2006%\n \n | \n |
| \n \n LVMH FG ME FZ LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n George V EAU LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n GIVENCHY SAUDI FOR TRADING COMPANY\n \n | \n \n \n Riyadh, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 59\u2006%\n \n | \n |
| \n \n Givenchy Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy (Thailand) Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Belgique\u00a0SA\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Netherlands\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo UK Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Italia Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Japan KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Hong Kong Company\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris USA LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Macau Company Ltd.\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Holding Kenzo Asia\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Shanghai\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group Malaysia\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Outshine Mexico S. de R.L. de C.V.\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Timepieces\u00a0SA\n \n | \n \n \n Neuch\u00e2tel, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Prague s.r.o.\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Luxury Kuwait for Ready Wear Company WLL\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Fun Fashion Qatar LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Fendi Netherlands BV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Australia Pty Ltd\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Brasil-Comercio de Artigos de Luxo\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi RU LLC\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi International\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Doha LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Fendi Spain S. L.\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Monaco\u00a0S.A.M.\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fun Fashion Emirates LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Borgo Srl\n \n | \n \n \n Pienza, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 30\u2006%\n \n | \n |
| \n \n Fashion Furniture Design S.p.A.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 20\u2006%\n \n | \n |
| \n \n Fendi Greece Single Member\u00a0SA\n \n | \n \n \n Glyf\u00e1da, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fashion Furniture Design UK Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 20\u2006%\n \n | \n |
| \n \n FF Design USA,\u00a0INC.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 20\u2006%\n \n | \n |
| \n \n Fendi Vietnam Company Limited\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Qatar QFZ LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Maglificio Matisse Srl\n \n | \n \n \n Sant\u2019egidio Alla Vibrata, Italie\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n Fashion Furniture Design (Shanghai) Co., Ltd.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n MEE\n \n | \n \n \n 20\u2006%\n \n | \n |
| \n \n Fun Fashion Bahrain Co.WLL\n \n | \n \n \n Manama, Bahre\u00efn\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Fendi Srl\n \n | \n \n \n Rome, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Dis Ticaret Ltd Sti\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Philippines Corp.\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Italia Srl\n \n | \n \n \n Rome, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi UK Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi North America\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi (Thailand) Company Limited\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Taiwan Ltd\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Hong Kong Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi China Boutiques Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi (Singapore) Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Fashion (Malaysia) Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Switzerland\u00a0SA\n \n | \n \n \n Mendrisio, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fun Fashion FZCO\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Fendi Macau Company Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Germany GmbH\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Austria GmbH\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi (Shanghai) Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Saudi For Trading LLC\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Fun Fashion India Private Ltd\n \n | \n \n \n Mumbai, Inde\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Interservices & Trading\u00a0SA\n \n | \n \n \n Mendrisio, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Japan KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Emilio Pucci Srl\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Emilio Pucci International\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Emilio Pucci Ltd\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Emilio Pucci UK Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Emilio Pucci France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Emilio Pucci International srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PARFUMS ET COSM\u00c9TIQUES\n \n | \n \n | \n | \n | |
| \n \n Perfumes Loewe\u00a0SA\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes and Cosmetics (Thailand) Ltd.\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n LVMH P&C Do Brasil\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n France Argentine Cosmetic\n \n | \n \n \n Buenos Aires, Argentine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Commercial & Trade (Shanghai)\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C (Shanghai) Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Shang Pu Ecommerce (Shanghai)\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Finland\n \n | \n \n \n Helsinki, Finlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Hainan\n \n | \n \n \n Haikou, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Recherche\n \n | \n \n \n Saint-Jean-de-Braye, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PCIS\n \n | \n \n \n Neuilly-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SNC du 33\u00a0Avenue Hoche\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrances and Cosmetics (Singapore)\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Orient Co.\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Emirates\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 48\u2006%\n \n | \n |
| \n \n OOO Seldico\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n DP Seldico\n \n | \n \n \n Kiev, Ukraine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Cosmetics\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Arabia\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n EPCD\n \n | \n \n \n Varsovie, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n EPCD CZ & SK\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n EPCD RO Distribution\n \n | \n \n \n Bucarest, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n EPCD Hungaria\n \n | \n \n \n Budapest, Hongrie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Kazakhstan\n \n | \n \n \n Almaty, Kazakhstan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes e Cosm\u00e9tica\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L Beauty Pte\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n PT L Beauty Brands\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n L Beauty Luxury Asia\n \n | \n \n \n Taguig City, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n SCI Annabell\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L Beauty Vietnam\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n SCI Rose Blue\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PCD St Honor\u00e9\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes & Cosmetics Macau\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PCD Dubai General Trading\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 48\u2006%\n \n | \n |
| \n \n PCD Doha Perfumes & Cosmetics\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 47\u2006%\n \n | \n |
| \n \n Cristale\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\n \n | \n \n \n Rotterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\u00a0S.A.B.\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Luxembourg\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior (Ireland)\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Hellas\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\n \n | \n \n \n Zurich, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Perfumes\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Canada\n \n | \n \n \n Montr\u00e9al, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C de Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Japon\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior (Singapore)\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Inalux\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Asia Pacific\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fa Hua Frag. & Cosm. Taiwan\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n P&C (Shanghai)\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Korea\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Malaysia Sdn. Berhad\n \n | \n \n \n Petaling Jaya, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fa Hua Fragance & Cosmetic Co.\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pardior\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Denmark\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes & Cosmetics Group\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\n \n | \n \n \n Sandvika, Norv\u00e8ge\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes & Cosmetics (New Zealand)\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Austria\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH PROFUMI E COSMETICI ITALIA SRL\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Cosmetics of France\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands\n \n | \n \n \n Levallois-Perret, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands\n \n | \n \n \n D\u00fcsseldorf, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands WHD\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Francis Kurkdjian\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 71\u2006%\n \n | \n |
| \n \n Parfums Francis Kurkdjian LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 71\u2006%\n \n | \n |
| \n \n Maison Francis Kurkdjian UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 71\u2006%\n \n | \n |
| \n \n Benefit Cosmetics LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics Ireland Ltd\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics UK Ltd\n \n | \n \n \n Chelmsford, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics Services Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics Korea\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics Hong Kong Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh Canada\n \n | \n \n \n Montr\u00e9al, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh\n \n | \n \n \n Neuilly-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh Cosmetics\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh Korea\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L Beauty Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n L Beauty (Thailand) Co. Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 48\u2006%\n \n | \n |
| \n \n Guerlain\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Parfums & Kosmetik Deutschland GmbH\n \n | \n \n \n D\u00fcsseldorf, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain GmbH\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Benelux\u00a0SA\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PC Parfums Cosm\u00e9tiques\u00a0SA\n \n | \n \n \n Zurich, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain (Canada) Ltd\n \n | \n \n \n Saint-Jean, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain de Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain (Asia Pacific) Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Oceania Australia Pty Ltd\n \n | \n \n \n Botany, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT Guerlain Cosmetics Indonesia\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Guerlain KSA\u00a0SAS\n \n | \n \n \n Levallois-Perret, France\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Guerlain Orient DMCC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Saudi Limited\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n Guerlain Polska sp. z o.o.\n \n | \n \n \n Varsovie, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain CZ & SK S.R.O\n \n | \n \n \n Prague, R\u00e9publique tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Romania SRL\n \n | \n \n \n Bucarest, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Hungary KFT\n \n | \n \n \n Budapest, Hongrie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n G BEAUTY ORIENT L.L.C\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 31\u2006%\n \n | \n |
| \n \n Acqua di Parma\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Acqua di Parma\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Acqua di Parma Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Acqua di Parma\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Acqua Di Parma Srl (Succursale Paris)\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Make Up For Ever\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SCI Edison\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Make Up For Ever Academy China\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Make Up For Ever\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Make Up For Ever Canada\n \n | \n \n \n Montr\u00e9al, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Make Up For Ever UK Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Stella McCartney Beauty France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Stella McCartney Beauty UK\n \n | \n \n \n Hersham, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Stella McCartney Beauty US\n \n | \n \n \n New Jersey, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kendo Holdings\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fenty Skin LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Fenty Hair Products LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Fenty Fragrance LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Ole Henriksen of Denmark\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SLF USA\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Susanne Lang Fragrance\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n BHUS\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n KVD Beauty LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fenty Beauty LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Kendo Brands Ltd\n \n | \n \n \n Bicester, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kendo Brands\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kendo Hong Kong Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Buly France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Buly UK Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Buly Italy Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Buly Japan KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Buly HK Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n MONTRES ET JOAILLERIE\n \n | \n \n | \n | \n | |
| \n \n Fred Paris\n \n | \n \n \n Neuilly-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Joaillerie de Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fred\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fred Londres\n \n | \n \n \n Manchester, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n FRED Jewellery Trading LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fred Italia SRL\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tag Heuer International\n \n | \n \n \n La Chaux-de-Fonds, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH W&J FZ LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Thailand Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TAG Heuer Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Relojeria y Joyeria Espa\u00f1a\u00a0SA\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Montres & Joaillerie France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry UK\n \n | \n \n \n Manchester, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Canada\n \n | \n \n \n Richmond, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Malaysia\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Japan\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Australia Pty Ltd\n \n | \n \n \n Melbourne, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Taiwan\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TAG Heuer Connected\n \n | \n \n \n Besan\u00e7on, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry India\n \n | \n \n \n New Delhi, Inde\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry USA\n \n | \n \n \n Illinois, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Central Europe\n \n | \n \n \n Oberursel, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tag Heuer Boutique Outlet Store Roermond\n \n | \n \n \n Oberursel, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry (Shanghai) Commercial Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Russia LLC\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Artecad\n \n | \n \n \n Tramelan, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Golfcoders\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH W&J Trading LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Italy SpA\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet London\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Horlogerie\n \n | \n \n \n Nyon, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Korea Yuhan Hoesa\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Australia\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Middle East\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Chaumet UAE\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Farouk Trading\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Macau Company\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Iberia SL\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n BMC SPA\n \n | \n \n \n Valenza, Italie\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n Chaumet Russia LLC\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Swiss Manufactures\n \n | \n \n \n La Chaux-de-Fonds, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Delano\n \n | \n \n \n La Chaux-de-Fonds, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hublot\n \n | \n \n \n Nyon, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bentim International\u00a0SA\n \n | \n \n \n Nyon, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hublot\u00a0SA Gen\u00e8ve\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hublot of America\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benoit de Gorski\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hublot Boutique Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hublot Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Relojer\u00eda y Joyer\u00eda de Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n ECCO Watch Co., Ltd.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n BonCera CO.,LTD.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Bulgari SpA\n \n | \n \n \n Rome, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Italia\n \n | \n \n \n Rome, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Gioielli\n \n | \n \n \n Valenza, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari International Corporation (BIC)\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Corporation of America\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Horlogerie\n \n | \n \n \n Neuch\u00e2tel, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Japan\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (Deutschland)\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Montecarlo\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Espa\u00f1a\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari South Asian Operations\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (UK) Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Belgium\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Australia\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (Malaysia)\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Global Operations\n \n | \n \n \n Neuch\u00e2tel, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Denmark\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Asia Pacific\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (Taiwan)\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Korea\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Saint Barth\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Commercial (Shanghai) Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Hainan\n \n | \n \n \n Hainan, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Accessori\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (Austria) GmbH\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Holding (Thailand)\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (Thailand)\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Qatar\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Gulf Luxury Trading\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Bulgari do Brazil\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Ireland\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Turkey L\u00fcks \u00dcr\u00fcn Ticareti\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Lux Jewels Kuwait for Trading In Gold Jewelry and Precious Stones\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Lux Jewels Bahrain\n \n | \n \n \n Manama, Bahre\u00efn\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n India Luxco Retail\n \n | \n \n \n New Delhi, Inde\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n BK for Jewelry and Precious Metals and Stones Co.\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Bulgari Canada\n \n | \n \n \n Montr\u00e9al, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Commercial Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Russia\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Prague\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Portugal\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Philippines\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Vietnam\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari New Zealand\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Saudi for Trading LLC\n \n | \n \n \n Riyadh, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Bulgari Distribuzione S.r.l.\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Middle East DMCC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Roma\n \n | \n \n \n Rome, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Hotels And Resorts Milano Srl\n \n | \n \n \n Rome, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Repossi\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH W&J Jewelry Operations\n \n | \n \n \n Alessandria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n VPA S.p.A. Villa Pedemonte Atelier\n \n | \n \n \n Alessandria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Greco F.lli S.r.l.\n \n | \n \n \n Alessandria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Orsini F.LLI Gieffedi S.R.L.\n \n | \n \n \n Alessandria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Callegaro F.lli S.R.L.\n \n | \n \n \n Alessandria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Thea\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Valmanova\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Sourcing, LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds,\u00a0Inc.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. International\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Distribution Company LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company U.S. Sales, LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n East Pond Holdings,\u00a0Inc.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LCT Insurance Company\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n T. Risk Holdings,\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TRM Investments, LLC\n \n | \n \n \n New Jersey, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Atlantic City,\u00a0Inc.\n \n | \n \n \n New Jersey, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Luxembourg\u00a0S.A.R.L.\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Holding I LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Holding II LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Asia Holdings LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (GB)\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (UK) Holdings Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company (Germany Branch)\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company (Zurich Branch)\n \n | \n \n \n Zurich, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Switzerland) Jewelers S.a.r.l.\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Switzerland Watch Company SAGL\n \n | \n \n \n Chiasso, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Swiss Watches SAGL\n \n | \n \n \n Chiasso, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TIF Watch Holdings Sagl\n \n | \n \n \n Chiasso, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TIF Swiss Holdings GmbH\n \n | \n \n \n Chiasso, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Italia S.p.A.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Italy) S.r.l.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co.\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (FR) Holdings\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds Belgium BVBA\n \n | \n \n \n Anvers, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company (Austria Branch)\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Netherlands B.V.\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (CR) s.r.o.\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Denmark ApS\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO (NL) Logistics B.V.\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Sweden AB\n \n | \n \n \n Sunsvall, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Turkey\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Kuwait\n \n | \n \n \n Salmiya, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n TCO Kuwait Holding\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Tiffany & Co. of New\u00a0York Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Hong Kong Holding LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Pte. Ltd.\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. International (Taiwan Branch)\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Korea Ltd.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Korea Holding LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Australia) Pty. Ltd.\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (NZ) Limited\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Asia Pacific Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Uptown Alliance (M) Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Pte. Ltd. (Malaysia Branch)\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO Macau Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Shanghai) Commercial Company Limited\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Shanghai) Management Consulting Company Limited\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Jewelers (Thailand) Company Limited\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO Jewelers Vietnam LLC\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Philippines Corporation\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co Canada\n \n | \n \n \n Halifax, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co (Canada) LP\n \n | \n \n \n Winnepeg, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Mexico,\u00a0S.A. de C.V.\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany-Brasil Ltda.\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Belgium SPRL\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Jewellers) Limited\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany of New\u00a0York (Spain) S.L.U.\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Chile SpA\n \n | \n \n \n Santiago de Chile, Chili\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Puerto Rico\n \n | \n \n \n San Juan, Porto Rico\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany &\u00a0Co. (Aruba) VBA\n \n | \n \n \n Oranjestad, Aruba\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. DR S.R.L.\n \n | \n \n \n Saint Domingue, R\u00e9publique Dominicaine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company (Dubai Branch)\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO Damas Associates LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO Holdings Limited\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Russia LLC\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO Saudi for Trade\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 75\u2006%\n \n | \n |
| \n \n TCO KSA Holdings B.V.\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Japan\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Overseas Finance B.V.\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany NJ LLC\n \n | \n \n \n New Jersey, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Iridesse,\u00a0Inc.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n MVTCO,\u00a0Inc.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n DPFH Co. Ltd.\n \n | \n \n \n Tortola, \u00celes vierges britanniques\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffco Investment Vehicle,\u00a0Inc.\n \n | \n \n \n Tortola, \u00celes vierges britanniques\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n NHC, LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds South Africa (Proprietary) Limited\n \n | \n \n \n Johannesbourg, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds Vietnam, LLC\n \n | \n \n \n Hai Duong, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds (Mauritius) Limited\n \n | \n \n \n Port Louis, \u00cele Maurice\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n BWHC, LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds Botswana (Proprietary) Limited\n \n | \n \n \n Gaborone, Botswana\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Laurelton Gems (Thailand) Ltd.\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Jewelry, S.R.L.\n \n | \n \n \n Bajos De Haina, R\u00e9publique Dominicaine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCORD Holding Company LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Thailand Holdings I LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Thailand Holdings II LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton-Reign Diamonds (PTY) Ltd.\n \n | \n \n \n Windhoek, Namibie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds (Cambodia) Co., Ltd.\n \n | \n \n \n Phnom Penh, Cambodge\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Orest Group\u00a0SAS\n \n | \n \n \n Erstein, France\n \n | \n \n \n IG\n \n | \n \n \n 92\u2006%\n \n | \n |
| \n \n Platinum Invest\u00a0SAS\n \n | \n \n \n Erstein, France\n \n | \n \n \n IG\n \n | \n \n \n 92\u2006%\n \n | \n |
| \n \n BD Product Manufacture\u00a0SAS\n \n | \n \n \n Mamirolle, France\n \n | \n \n \n IG\n \n | \n \n \n 92\u2006%\n \n | \n |
| \n \n DISTRIBUTION S\u00c9LECTIVE\n \n | \n \n | \n | \n | |
| \n \n DFS Guam L.P.\n \n | \n \n \n Tamuning, Guam\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n LAX Duty Free Joint Venture 2000\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 46\u2006%\n \n | \n |
| \n \n JFK Terminal 4\u00a0Joint Venture 2001\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n SFO Duty Free & Luxury Store Joint Venture\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 46\u2006%\n \n | \n |
| \n \n SFOIT Specialty Retail Joint Venture\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 46\u2006%\n \n | \n |
| \n \n DFS Merchandising Limited\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Group LP\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Korea Limited\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Cotai Limitada\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS New Zealand Limited\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Australia Pty Limited\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Group Limited \u2013 USA\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Venture Singapore (Pte) Limited\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Vietnam (S) Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 43\u2006%\n \n | \n |
| \n \n New Asia Wave International (S) Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 43\u2006%\n \n | \n |
| \n \n Ipp Group (S) Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 43\u2006%\n \n | \n |
| \n \n DFS Van Don LLC\n \n | \n \n \n Van Don, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Vietnam Limited Liability Company\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Venture Vietnam Company Limited\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS (Cambodia) Limited\n \n | \n \n \n Phnom Penh, Cambodge\n \n | \n \n \n IG\n \n | \n \n \n 43\u2006%\n \n | \n |
| \n \n DFS Singapore (Pte) Limited\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Middle East LLC\n \n | \n \n \n Abu-Dhabi, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Italia Srl.\n \n | \n \n \n Venise, Italie\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Holdings Limited\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Okinawa KK\n \n | \n \n \n Okinawa, Japon\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Saipan Limited\n \n | \n \n \n Saipan, \u00celes Mariannes\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n Commonwealth Investment Company\u00a0Inc.\n \n | \n \n \n Saipan, \u00celes Mariannes\n \n | \n \n \n IG\n \n | \n \n \n 58\u2006%\n \n | \n |
| \n \n Kinkai Saipan LP\n \n | \n \n \n Saipan, \u00celes Mariannes\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Liquor Retailing Limited\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n Twenty-Seven Twenty Eight Corp.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Group Limited \u2013 HK\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Retail (Hainan) Company Limited\n \n | \n \n \n Haikou, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Management Consulting (Shenzhen) Company Limited\n \n | \n \n \n Shenzhen, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Commerce & Trade (Hainan) Co., Ltd.\n \n | \n \n \n Hainan, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Business Consulting (Shanghai) Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n JAL/DFS Co. Ltd\n \n | \n \n \n Chiba, Japon\n \n | \n \n \n MEE\n \n | \n \n \n 25\u2006%\n \n | \n |
| \n \n PT Sona Topas Tourism industry Tbk\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n MEE\n \n | \n \n \n 28\u2006%\n \n | \n |
| \n \n Central DFS Co., Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n MEE\n \n | \n \n \n 30\u2006%\n \n | \n |
| \n \n Shenzhen DFG E-Commerce Co Ltd\n \n | \n \n \n Shenzhen, Chine\n \n | \n \n \n MEE\n \n | \n \n \n 13\u2006%\n \n | \n |
| \n \n Sephora\u00a0SAS\n \n | \n \n \n Neuilly-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Greece\u00a0SA\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Cosmetics Romania\u00a0SA\n \n | \n \n \n Bucarest, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Cyprus Limited\n \n | \n \n \n Nicosie, Chypre\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Cosmetics Ltd (Serbia)\n \n | \n \n \n Belgrade, Serbie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Bulgaria EOOD\n \n | \n \n \n Sofia, Bulgarie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Danmark ApS\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Sweden AB\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Switzerland\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Germany GmbH\n \n | \n \n \n D\u00fcsseldorf, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora UK\n \n | \n \n \n Northampton, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Feelunique Holding limited\n \n | \n \n \n Saint-H\u00e9lier, Jersey\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Channel Island Commercial Group limited\n \n | \n \n \n Saint-H\u00e9lier, Jersey\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Feelunique International limited\n \n | \n \n \n Nottingham, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ocapel limited\n \n | \n \n \n Saint-H\u00e9lier, Jersey\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Feelunique France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Luxembourg\u00a0SARL\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Iberia SL\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Italia S.r.l.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Portugal Perfumaria Lda\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Polska Sp Z.O.O\n \n | \n \n \n Varsovie, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Sro (Republique Tch\u00e8que)\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Monaco SAM\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Sephora Cosmeticos Espana, SL\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Sephora Kozmetik AS (Turquie)\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora (Shanghai) Cosmetics Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Sephora (Beijing) Cosmetics Co. Ltd\n \n | \n \n \n Beijing, Chine\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Sephora Xiangyang (Shanghai) Cosmetics Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Sephora Hong Kong Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Le Bon March\u00e9\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SEGEP\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Franck & Fils\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Moyen-Orient\u00a0SA\n \n | \n \n \n Fribourg, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Sephora Middle East FZE\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Sephora Emirates LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Sephora Bahrain WLL\n \n | \n \n \n Manama, Bahre\u00efn\n \n | \n \n \n IG\n \n | \n \n \n 53\u2006%\n \n | \n |
| \n \n Sephora Qatar WLL\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 63\u2006%\n \n | \n |
| \n \n Sephora Arabia Limited\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Sephora Kuwait Co. WLL\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 59\u2006%\n \n | \n |
| \n \n Sephora Holding South Asia\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Singapore Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Beauty In Motion Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Cosmetics Private Limited (India)\n \n | \n \n \n New Delhi, Inde\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT Sephora Indonesia\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora (Thailand) Company (Limited)\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Australia Pty Ltd\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Digital Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Digital (Thailand) Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LX Services Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT MU and SC Trading (Indonesia)\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Services Philippines (Branch)\n \n | \n \n \n Manille, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora New Zealand Limited\n \n | \n \n \n Wellington, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT CAKRADARA MULIA ABADI\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 24\u00a0S\u00e8vres\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora USA\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LGCS\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Beauty Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Puerto Rico LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n S+\u00a0SAS\n \n | \n \n \n Neuilly-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Mexico S. de R.L de C.V\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Servicios Ziphorah S. de R.L de C.V\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Dotcom Group Com\u00e9rcio de Presentes\u00a0SA\n \n | \n \n \n Rio de Janeiro, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Avenue Hoche Varejista Limitada\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n AUTRES ACTIVIT\u00c9S\n \n | \n \n | \n | \n | |
| \n \n Amicitia\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Lupicini\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 48\u2006%\n \n | \n |
| \n \n 357\u00a0N. Beverly Drive LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 1\u00a0Main Street East Hampton LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n East 56th and East 57th Street LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Thelios Holdings LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pasticceria Confetteria Cova\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Cova Montenapoleone\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Cova France Sas\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Groupe Les Echos\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Museec\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Change Now\n \n | \n \n \n Vincennes, France\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Les Echos Management\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Radio Classique\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mezzo\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Les Echos Medias\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SFPA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Dematis\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Echos L\u00e9gal\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Echos\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pelham Media Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n WordAppeal\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pelham Media\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L\u2019Eclaireur\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n KCO Events\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pelham Media Production\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Alto International\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Happeningco\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Mo\u00ebt Hennessy - Louis Vuitton\u2006(a)\n \n | \n \n \n Paris, France\n \n | \n \n \n Soci\u00e9t\u00e9 m\u00e8re\n \n | \n ||
| \n \n Bayard (Shanghai) Investment and Consultancy Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH (Shanghai) Management & Consultancy Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH South & South East Asia Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Alderande\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 56\u2006%\n \n | \n |
| \n \n LVMH Group Treasury\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sofidiv Art Trading Company\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sofidiv\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Probinvest\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Publica\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Glacea\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Naxara\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ufipar\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pronos\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n EUPALINOS 1850\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L. Courtage R\u00e9assurance\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mongoual\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SARL Daves Rue de la Paix\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SARL Daves Place des Etats-Unis\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SNC HOTEL LES ANEMONES\n \n | \n \n \n Courchevel, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n OMEGA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n An\u00e9mone 1850\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Montaigne Jean Goujon\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n ENABLE\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 26\u00a0Cambon\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Villa Foscarini Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Vicuna Holding\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Gorgias\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LC Investissements\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n LVMH Representa\u00e7\u00f5es Ltda\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Investissements\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ufinvest\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n White 1921 Courchevel Soci\u00e9t\u00e9 d\u2019Exploitation H\u00f4teli\u00e8re\n \n | \n \n \n Courchevel, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Delta\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Immobili\u00e8re Paris Savoie Les Tovets\n \n | \n \n \n Courchevel, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Investissement H\u00f4telier Saint Barth Plage des Flamands\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 56\u2006%\n \n | \n |
| \n \n P&C International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Dajbog\u00a0S.A.\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Participations BV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Services BV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 2181 Kalakaua Holdings LLC\n \n | \n \n \n Texas, USA\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n 2181 Kalakaua LLC\n \n | \n \n \n Texas, USA\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Polynomes\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Breakfast Holdings Acquisition\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L Catterton Management\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 20\u2006%\n \n | \n |
| \n \n 449\u00a0North Beverly Drive\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Osaka Fudosan Company\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n One East 57th Street LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Creare\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Mo\u00ebt Hennessy Louis Vuitton KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH EU\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Marith\u00e9\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Delphine\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Meadowland Florida LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 461\u00a0North Beverly Drive\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n GIE CAPI13\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Miscellan\u00e9es\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sofidiv Uk Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Primae\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Asia Pacific\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes & Cosmetics\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Mo\u00ebt Hennessy Louis Vuitton\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Lafayette Art I LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Island Cay Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Halls Pond Exuma Ltd\n \n | \n \n \n Nassau, Bahamas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 598\u00a0Madison Leasing Corp.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Eutrope\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 468\u00a0North Rodeo Drive\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Flavius Investissements\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH BH Holdings LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rodeo Partners LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LBD Holding\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH MJ Holdings\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Arbelos Insurance\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 1896 Corp.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 313-317\u00a0N. Rodeo LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 319-323\u00a0N. Rodeo LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 420\u00a0N. Rodeo LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 456\u00a0North Rodeo Drive\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Services Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Investissements\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n LVMH Mo\u00ebt Hennessy Louis Vuitton BV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Italia SpA\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Investir Publications\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Echos Solutions\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Echos Publishing\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Editio\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n EuroArts Music International\n \n | \n \n \n Berlin, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Wansquare\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Agence d\u2019Ev\u00e9nements Culturels\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Opinion Way\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 76\u2006%\n \n | \n |
| \n \n Tamaris Holding\n \n | \n \n \n Paris, France\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n LVMH Hotel Management\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 d\u2019Exploitation H\u00f4teli\u00e8re de la Samaritaine\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 d\u2019Exploitation H\u00f4teli\u00e8re Isle de France\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 56\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 d\u2019Investissement Cheval Blanc Saint Barth Isle de France\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 56\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Cheval Blanc Saint Tropez\n \n | \n \n \n Saint-Tropez, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Villa Jacquemone\n \n | \n \n \n Saint-Tropez, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 33\u00a0Hoche\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Royal Van Lent Shipyard BV\n \n | \n \n \n Kaag, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tower Holding BV\n \n | \n \n \n Kaag, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Green Bell BV\n \n | \n \n \n Kaag, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Gebr. Olie Beheer BV\n \n | \n \n \n Waddinxveen, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Van der Loo Yachtinteriors BV\n \n | \n \n \n Waddinxveen, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Red Bell BV\n \n | \n \n \n Kaag, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n De Voogt Naval Architects BV\n \n | \n \n \n Haarlem, Pays-Bas\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Feadship Holland BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Feadship America\u00a0Inc.\n \n | \n \n \n Floride, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n OGMNL BV\n \n | \n \n \n Nieuw-Lekkerland, Pays-Bas\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Firstship BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n RVL Holding BV\n \n | \n \n \n Kaag, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Le Jardin d\u2019Acclimatation\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n T\u00fcrkisblo\u00a0S.A.\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n MONTAIGNE 1\u00a0BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Palladios Overseas Holding\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 75\u00a0Sloane Street Services Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond (UK) Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Dollar Treasury Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Finance Services Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Management Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Sterling Treasury Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Blanc Restaurants Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Great Scottish and Western Railway Holdings Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n The Great Scottish and Western Railway Company Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Horatio Properties Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Island Hotel (Madeira) Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mount Nelson Hotel Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n La Residencia Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Reid\u2019s Hotel Madeira Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n VSOE Holdings Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Venice Simplon-Orient-Express Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond CJ Dollar Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Croisieres Orex\u00a0SAS\n \n | \n \n \n St Usage, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n VSOE Voyages\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n VSOE Deutschland GmbH\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ireland Luxury Rail Tours Ltd\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Villa Margherita SpA\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Charleston Partners Inc\n \n | \n \n \n Caroline du Sud, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n La Samanna\u00a0SAS\n \n | \n \n \n Marigot, Saint-Martin\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Operadora de Hoteles Rivera Maya\u00a0SA de CV\n \n | \n \n \n Riviera Maya, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Plan Costa Maya\u00a0SA de CV\n \n | \n \n \n Riviera Maya, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SpA Residencial\u00a0SA de CV\n \n | \n \n \n Riviera Maya, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Societ\u00e0 Agricola SGG Srl\n \n | \n \n \n Fiesole, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LUXURY TRAINS SWITZELAND AG\n \n | \n \n \n Zurich, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Gambetta\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Belmond (Shanghai) Management & Consultancy Co., Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 360\u00a0N. Rodeo Drive LLC\n \n | \n \n \n Illinois, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Eastern & Oriental Express Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n E&O Services (Singapore) Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n E&O Services (Thailand) Pte Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Katanchel,\u00a0S.A. de C.V.\n \n | \n \n \n Guanajuato, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Sicily SpA\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Italia SpA\n \n | \n \n \n G\u00eanes, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hotel Caruso SpA\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hotel Cipriani SpA\n \n | \n \n \n Venise, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hotel Splendido SpA\n \n | \n \n \n Portofino, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Villa San Michele SpA\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Luxury Trains Servizi Srl\n \n | \n \n \n Venise, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Castello di Casole SpA\n \n | \n \n \n Querceto, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Castello di Casole Agricoltura SpA\n \n | \n \n \n Querceto, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Spanish Holdings SL\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Nomis Mallorcan Investments\u00a0SA\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Son Moragues\u00a0SA\n \n | \n \n \n Deia, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Reid\u2019s Hoteis Lda\n \n | \n \n \n Funchal, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Europe Hotel LLC\n \n | \n \n \n Saint-Petersbourg, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond USA Inc\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 21\u00a0Club Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Pacific Inc\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Reservation Services Inc\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Charleston Centre LLC\n \n | \n \n \n Caroline du Sud, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Charleston Place Holdings Inc\n \n | \n \n \n Caroline du Sud, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n El Encanto Inc\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Venice Simplon Orient Express Inc\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Cap Juluca Limited\n \n | \n \n \n Anguilla\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Holdings 1\u00a0Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Peru Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Leisure Holdings Asia Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Vessel Holdings 2\u00a0Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Anguilla Holdings LLC\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Anguilla Member LLC\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Anguilla Owner LLC\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Interfin Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Gametrackers (Botswana) (Pty) Ltd\n \n | \n \n \n Maun, Botswana\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Game Viewers (Pty) Ltd\n \n | \n \n \n Maun, Botswana\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Xaxaba Camp (Pty) Ltd\n \n | \n \n \n Gaborone, Botswana\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Phoenix Argente\u00a0SAS\n \n | \n \n \n Marigot, Saint-Martin\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CSN Immobiliaria\u00a0SA de CV\n \n | \n \n \n San Miguel De Allende, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n OEH Operadora San Miguel\u00a0SA de CV\n \n | \n \n \n San Miguel De Allende, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CSN Real Estate 1\u00a0SA de CV\n \n | \n \n \n San Miguel De Allende, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n OEH Servicios San Miguel\u00a0SA de CV\n \n | \n \n \n San Miguel De Allende, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Miraflores Ventures Ltd S.A de CV\n \n | \n \n \n Riviera Maya, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Belmond Brasil Hoteis\u00a0SA\n \n | \n \n \n Foz de Iguacu, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Companhia Hoteis Palace\u00a0SA\n \n | \n \n \n Rio de Janeiro, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 98\u2006%\n \n | \n |
| \n \n Iguassu Experiences Agencia de Turismo Ltda\n \n | \n \n \n Foz de Iguacu, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Brasil Servicos Hoteleiros\u00a0SA\n \n | \n \n \n Rio de Janeiro, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Robisi Empreendimentos e Participacoes\u00a0SA\n \n | \n \n \n Rio de Janeiro, Br\u00e9sil\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Signature Boutique Ltda\n \n | \n \n \n Rio de Janeiro, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CSN (San Miguel) Holdings Ltd\n \n | \n \n \n Tortola, \u00celes vierges britanniques\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Grupo Conceptos\u00a0SA\n \n | \n \n \n Road Town, \u00celes vierges britanniques\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Miraflores Ventures Ltd\n \n | \n \n \n Road Town, \u00celes vierges britanniques\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Peru Management\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Peru\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ferrocarril Transandino\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Perurail\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Peru Belmond Hotels\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Peru Experiences Belmond\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Belmond Japan Ltd\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Pacific Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond China Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Hong Kong Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hosia Company Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Hotels Singapore Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond (Thailand) Company Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fine resorts Co Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Samui Island Resort Co Ltd\n \n | \n \n \n Koh Samui, Thailande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Khmer Angkor Hotel Co Ltd\n \n | \n \n \n Siem Reap, Cambodge\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Hoteli\u00e8re de Pho Vao\n \n | \n \n \n Luang Prabang, Laos\n \n | \n \n \n IG\n \n | \n \n \n 69\u2006%\n \n | \n |
| \n \n Myanmar Cruises Ltd\n \n | \n \n \n Yangon, Myanmar\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Myanmar Hotels & Cruises Ltd\n \n | \n \n \n Yangon, Myanmar\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT Bali Resort & Leisure Co Ltd\n \n | \n \n \n Bali, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Exclusive Destinations (Pty) Ltd\n \n | \n \n \n Cape Town, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fraser\u2019s Helmsley Properties (Pty) Ltd\n \n | \n \n \n Cape Town, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mount Nelson Commercial Properties (Pty) Ltd\n \n | \n \n \n Cape Town, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mount Nelson Residential Properties (Pty) Ltd\n \n | \n \n \n Cape Town, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Client Services\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH GAIA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Happening\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMHappening LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Le Parisien Lib\u00e9r\u00e9\n \n | \n \n \n Saint-Ouen, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Team Diffusion\n \n | \n \n \n Saint-Ouen, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Team Media\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Nouvelle SICAVIC\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L.P.M.\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LP Management\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Editions Assouline\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Assouline Publishing Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Assouline Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Aristote in NY Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Aristote in OC Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Assouline UK Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Assouline Italy SRL\n \n | \n \n \n Venise, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Assouline PB LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Magasins de la Samaritaine\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n | \n | \n | \n | \n |
\n IG\u00a0: Soci\u00e9t\u00e9 consolid\u00e9e par int\u00e9gration globale.\n
\n\n MEE\u00a0: Soci\u00e9t\u00e9 consolid\u00e9e par mise en \u00e9quivalence.\n
\n\n JV\u00a0: Soci\u00e9t\u00e9 constitu\u00e9e en joint-venture avec Diageo\u00a0: int\u00e9gration de la seule activit\u00e9 Mo\u00ebt Hennessy. Voir \u00e9galement Notes 1.7 et 1.27 pour le principe de comptabilisation relatif \u00e0 ces soci\u00e9t\u00e9s.\n
\n\n (a)\u00a0 LVMH est une soci\u00e9t\u00e9 europ\u00e9enne, dont le si\u00e8ge social est situ\u00e9 au 22 avenue Montaigne, 75008 Paris, France.\n
\n Liste des soci\u00e9t\u00e9s non incluses dans la consolidation\n
\n| \n \n Soci\u00e9t\u00e9s\n \n | \n \n \n Si\u00e8ge social\n \n | \n \n \n Taux d\u2019int\u00e9r\u00eat\n \n | \n
| \n \n Soci\u00e9t\u00e9 d\u2019Exploitation H\u00f4teli\u00e8re de Saint-Tropez\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Soci\u00e9t\u00e9 Nouvelle de Libraire et de l\u2019Edition\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Samos 1850\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n BRN Invest NV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Toiltech\n \n | \n \n \n Paris, France\n \n | \n \n \n 90\u2006%\n \n | \n
| \n \n Sephora Macau Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 116\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 125\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 126\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 127\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 128\n \n | \n \n \n Bourg-de-P\u00e9age, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 132\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Nona Source\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 135\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 136\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 137\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 138\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 139\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 141\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 142\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 144\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Heristoria\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Mo\u00ebt Hennessy Wines & Spirits\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n LVMH Holdings\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Prolepsis Investment Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Innovacion en Marcas de Prestigio\u00a0SA\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n 65\u2006%\n \n | \n
| \n \n MS 33\u00a0Expansion\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Shinsegae International Co. Ltd LLC\n \n | \n \n \n Paris, France\n \n | \n \n \n 51\u2006%\n \n | \n
| \n \n Crystal Pumpkin\n \n | \n \n \n Florence, Italie\n \n | \n \n \n 99\u2006%\n \n | \n
| \n \n Groupement Forestier des Bois de la Celle\n \n | \n \n \n Cognac, France\n \n | \n \n \n 65\u2006%\n \n | \n
| \n \n Augesco\n \n | \n \n \n Paris, France\n \n | \n \n \n 50\u2006%\n \n | \n
| \n \n Folio St. Barths\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Editions Croque Futur\n \n | \n \n \n Paris, France\n \n | \n \n \n 40\u2006%\n \n | \n
| \n \n LVMH Luxury Ventures Advisors\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 154\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 159\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 160\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 161\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 162\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 163\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 164\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 165\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Biocr\u00e9ation Cosmetic\n \n | \n \n \n Saintigny, France\n \n | \n \n \n 60\u2006%\n \n | \n
| \n \n Blu Himalaya SL\n \n | \n \n \n B\u00e9tera, Espagne\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Verdeveleno SL\n \n | \n \n \n B\u00e9tera, Espagne\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Tracking Leather SL\n \n | \n \n \n B\u00e9tera, Espagne\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Samarinda Trading SL\n \n | \n \n \n B\u00e9tera, Espagne\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Verdeveleno Italia SRL\n \n | \n \n \n Santa Croce sull'Arno, Italie\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Verlos Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Pt Verlos Indonesia Leather\n \n | \n \n \n Bali, Indon\u00e9sie\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Heng Long Italy\n \n | \n \n \n Pieve a Nievole, Italie\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Renato Menegatti Srl\n \n | \n \n \n Villaverla, Italie\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Zhongshan Orest Industries\n \n | \n \n \n Zhongshan, Chine\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n MGV International\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Oriots Finance SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Financi\u00e8re Abysse SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Hamard Vitau SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Atelier Bleu Platine SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Alain Foubert SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n JAO \u2013 Joaillerie Assist\u00e9e par Ordinateur\n \n | \n \n \n Paris, France\n \n | \n \n \n 76\u2006%\n \n | \n
\n Les soci\u00e9t\u00e9s non incluses dans la consolidation sont soit des entit\u00e9s sans activit\u00e9 et/ou en cours de liquidation, soit des entit\u00e9s dont l\u2019int\u00e9gration, individuellement ou collectivement, n\u2019aurait pas d\u2019impact significatif sur les principaux agr\u00e9gats du Groupe.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__81-1": { "value": "\n\n 2.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exercice 2023\n
\n\n Minuty\n
\n\n En janvier 2023, Mo\u00ebt Hennessy a pris une participation majoritaire dans le capital de Minuty\u00a0SAS et le contr\u00f4le du patrimoine viticole associ\u00e9. Ch\u00e2teau Minuty est connu \u00e0 travers le monde pour son vin ros\u00e9, grand cru class\u00e9 depuis 1955 et situ\u00e9 \u00e0 Gassin sur la presqu\u2019\u00eele de Saint-Tropez (France).\n
\n\n Starboard & Onboard Cruise Services\n
\n\n En d\u00e9cembre 2023, LVMH a c\u00e9d\u00e9 80\u2006% de Cruise Line Holdings Co., la soci\u00e9t\u00e9 d\u00e9tenant les activit\u00e9s Starboard & Onboard Cruise Services, \u00e0 un ensemble d\u2019investisseurs priv\u00e9s.\n
\n\n Autres\n
\n\n En septembre 2023, LVMH a acquis une participation majoritaire dans le groupe Platinum Invest, fabricant fran\u00e7ais de Haute Joaillerie, afin de renforcer ses capacit\u00e9s de production, en particulier celles de Tiffany.\n
\n\n En septembre 2023 puis en novembre 2023, Th\u00e9lios a respectivement acquis la totalit\u00e9 des titres des soci\u00e9t\u00e9s propri\u00e9taires de Vuarnet et Barton Perreira, marques fran\u00e7aise et am\u00e9ricaine embl\u00e9matiques de lunettes.\n
\n\n En octobre 2023 puis en d\u00e9cembre 2023, LVMH M\u00e9tiers d\u2019Art a respectivement acquis une participation majoritaire dans la tannerie espagnole Verdeveleno et la totalit\u00e9 des titres de Menegatti, soci\u00e9t\u00e9 italienne sp\u00e9cialis\u00e9e dans la fabrication de pi\u00e8ces m\u00e9talliques.\n
\n\n En mai 2023, LVMH s\u2019est engag\u00e9 \u00e0 acqu\u00e9rir une participation majoritaire dans Nuti Ivo SpA, entreprise italienne sp\u00e9cialis\u00e9e dans le travail du cuir depuis 1955. Apr\u00e8s obtention de l\u2019approbation des autorit\u00e9s de la concurrence italiennes, l\u2019acquisition est intervenue en janvier 2024.\n
\n\n Les participations nouvellement consolid\u00e9es en 2023 n\u2019ont pas d\u2019incidence significative sur les ventes et le r\u00e9sultat op\u00e9rationnel courant de l\u2019exercice.\n
\n\n 2.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exercice 2022\n
\n\n Joseph Phelps\n
\n\n En ao\u00fbt 2022, le Groupe a acquis la totalit\u00e9 du domaine Joseph Phelps, une propri\u00e9t\u00e9 californienne proposant une collection de vins rouges produits dans la vall\u00e9e de Napa et sur la c\u00f4te de Sonoma. Le prix pay\u00e9 de 587\u00a0millions de dollar US (587\u00a0millions d\u2019euros) a \u00e9t\u00e9 essentiellement affect\u00e9 \u00e0 la marque Joseph Phelps pour un montant de 169\u00a0millions d\u2019euros et aux vignobles pour 119\u00a0millions d\u2019euros. L\u2019\u00e9cart d\u2019acquisition d\u00e9finitif est de 186\u00a0millions d\u2019euros.\n
\n\n Sephora\n
\n\n En octobre 2022, Sephora a c\u00e9d\u00e9 100\u2006% des actions de sa filiale en Russie.\n
\n\n Off-White\n
\n\n En septembre 2022, LVMH a acquis une participation compl\u00e9mentaire de 40\u2006% dans Off-White LLC, portant son pourcentage de d\u00e9tention \u00e0 100\u2006%.\n
\n\n Pedemonte\n
\n\n En novembre 2022, LVMH a acquis, aupr\u00e8s du fonds d\u2019investissement Equinox III SLP SIF, le groupe Pedemonte, producteur de joaillerie implant\u00e9 en Italie et en France. Cette participation a \u00e9t\u00e9 consolid\u00e9e en 2023.\n
\n\n Les participations nouvellement consolid\u00e9es en 2022 n\u2019ont pas d\u2019incidence significative sur les ventes et le r\u00e9sultat op\u00e9rationnel courant de l\u2019exercice.\n
\n\n 2.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exercice 2021\n
\n\n Tiffany\n
\n\n Le 7\u00a0janvier 2021, LVMH a acquis la totalit\u00e9 des actions de la soci\u00e9t\u00e9 Tiffany & Co. (\u00ab\u00a0Tiffany\u00a0\u00bb), conform\u00e9ment \u00e0 l\u2019accord sign\u00e9 en novembre 2019, amend\u00e9 en octobre 2020, et approuv\u00e9 par l\u2019Assembl\u00e9e g\u00e9n\u00e9rale de Tiffany le 30\u00a0d\u00e9cembre 2020. L\u2019acquisition a \u00e9t\u00e9 effectu\u00e9e au prix de 131,50\u00a0dollars\u00a0US par action, soit 16,1\u00a0milliards de dollars\u00a0US, pay\u00e9s en num\u00e9raire, repr\u00e9sentant 13,1\u00a0milliards d\u2019euros au cours du jour de l\u2019acquisition. Tiffany est consolid\u00e9e depuis janvier 2021.\n
\n\n L\u2019acquisition de Tiffany est venue renforcer la position de LVMH dans la Haute Joaillerie et accro\u00eetre davantage sa pr\u00e9sence aux \u00c9tats-Unis. L\u2019int\u00e9gration de cette marque am\u00e9ricaine iconique vient transformer en profondeur la branche Montres et Joaillerie de LVMH.\n
\n\n Le tableau suivant pr\u00e9sente les modalit\u00e9s d\u00e9finitives d\u2019allocation du prix pay\u00e9 par LVMH au 7\u00a0janvier 2021, date de prise de contr\u00f4le\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Allocation d\u00e9finitive du prix d\u2019acquisition\n \n | \n
| \n \n Marque et autres immobilisations incorporelles\n \n | \n \n \n 6\u202f124\n \n | \n
| \n \n Immobilisations corporelles\n \n | \n \n \n 1\u202f002\n \n | \n
| \n \n Droits d\u2019utilisation\n \n | \n \n \n 860\n \n | \n
| \n \n Stocks et en-cours\n \n | \n \n \n 1\u202f788\n \n | \n
| \n \n Imp\u00f4ts diff\u00e9r\u00e9s\n \n | \n \n \n (1\u202f199)\n \n | \n
| \n \n Dettes locatives\n \n | \n \n \n (927)\n \n | \n
| \n \n Dette financi\u00e8re nette\n \n | \n \n \n (345)\n \n | \n
| \n \n Autres actifs et passifs courants et non courants\n \n | \n \n \n (479)\n \n | \n
| \n \n Int\u00e9r\u00eats minoritaires\n \n | \n \n \n -\n \n | \n
| \n \n Actif net acquis\n \n | \n \n \n 6\u202f824\n \n | \n
| \n \n \u00c9cart d\u2019acquisition\n \n | \n \n \n 6\u202f750\n \n | \n
| \n \n Valeur comptable de la participation au 7\u00a0janvier 2021\n \n | \n \n \n 13\u202f574\n \n | \n
\n Les montants pr\u00e9sent\u00e9s dans le tableau ci-dessus sont issus des comptes de Tiffany \u00e0 la date de prise de contr\u00f4le, \u00e9tablis et pr\u00e9sent\u00e9s conform\u00e9ment aux principes comptables appliqu\u00e9s par LVMH\u2006; ceux-ci ont fait l\u2019objet de proc\u00e9dures d\u2019audit sp\u00e9cifiques.\n
\n\n La principale r\u00e9\u00e9valuation des actifs et passifs acquis porte sur la marque. Celle-ci a \u00e9t\u00e9 \u00e9valu\u00e9e \u00e0 titre principal selon la m\u00e9thode des redevances et \u00e0 titre secondaire selon la m\u00e9thode du surprofit. La valeur retenue, soit 7\u202f300\u00a0millions de dollars\u00a0US (5\u202f949\u00a0millions d\u2019euros) correspond \u00e0 la moyenne des fourchettes de valeurs obtenues. L\u2019\u00e9cart d\u2019acquisition d\u00e9finitif, d\u2019un montant de 8\u202f283\u00a0millions de dollars\u00a0US (6\u202f750\u00a0millions d\u2019euros) est repr\u00e9sentatif du savoir-faire sp\u00e9cifique au d\u00e9veloppement et \u00e0 la fabrication de produits de joaillerie de haute qualit\u00e9, de la capacit\u00e9 \u00e0 s\u2019appuyer sur un r\u00e9seau de distribution en propre qualitatif\u2006; en outre, l\u2019\u00e9cart d\u2019acquisition refl\u00e8te les synergies que l\u2019inclusion de Tiffany dans le groupe LVMH permettra de r\u00e9aliser.\n
\n\n La valeur comptable de la participation \u00e0 la date de prise de contr\u00f4le inclut l\u2019effet des couvertures de change r\u00e9alis\u00e9es en amont de l\u2019acquisition pour un montant de 477\u00a0millions d\u2019euros.\n
\n\n Au cours de l\u2019exercice 2021, l\u2019acquisition de Tiffany a g\u00e9n\u00e9r\u00e9 un d\u00e9caissement de 12,5\u00a0milliards d\u2019euros, net de la tr\u00e9sorerie acquise, de 0,6\u00a0milliard d\u2019euros. L\u2019op\u00e9ration a \u00e9t\u00e9 financ\u00e9e au moyen de diverses \u00e9missions obligataires en 2020, pour un montant total de 10,7\u00a0milliards d\u2019euros, et d\u2019\u00e9mission d\u2019US commercial paper pour le compl\u00e9ment (voir Note\u00a019 de l\u2019annexe aux comptes consolid\u00e9s 2020).\n
\n\n Les frais d\u2019acquisition de Tiffany ont \u00e9t\u00e9 enregistr\u00e9s en Autres produits et charges op\u00e9rationnels\u2006; ils repr\u00e9sentent des montants de 4\u00a0millions d\u2019euros, 35\u00a0millions d\u2019euros et 39\u00a0millions d\u2019euros pour les exercices 2021, 2020 et 2019, respectivement.\n
\n\n Au cours de l\u2019exercice 2021, les ventes consolid\u00e9es de Tiffany se sont \u00e9lev\u00e9es \u00e0 4\u202f321\u00a0millions d\u2019euros, pour un r\u00e9sultat op\u00e9rationnel courant de 778\u00a0millions d\u2019euros.\n
\n\n Ch\u00e2teau d\u2019Esclans\n
\n\n En mai 2021, LVMH a acquis une participation compl\u00e9mentaire de 45\u2006% dans Ch\u00e2teau d\u2019Esclans, portant ainsi sa d\u00e9tention \u00e0 100\u2006%.\n
\n\n Armand de Brignac\n
\n\n En mai 2021, LVMH a acquis une participation de 50\u2006% dans Armand de Brignac, un acteur majeur dans le domaine des champagnes de prestige. Le prix pay\u00e9 a \u00e9t\u00e9 principalement affect\u00e9 \u00e0 la marque Armand de Brignac pour un montant de 390\u00a0millions de dollars US (318\u00a0millions d\u2019euros), l\u2019\u00e9cart d\u2019acquisition d\u00e9finitif est de 112\u00a0millions d\u2019euros.\n
\n\n Rimowa\n
\n\n En juin 2021, l\u2019actionnaire minoritaire d\u00e9tenant 20\u2006% du capital de Rimowa a exerc\u00e9 son option de vente pour la totalit\u00e9 de ses titres. Le r\u00e8glement est intervenu en juillet 2021. \u00c0 l\u2019issue de cette transaction, LVMH d\u00e9tient la totalit\u00e9 des titres Rimowa.\n
\n\n Off-White\n
\n\n Le 1er\u00a0septembre 2021, LVMH a acquis une participation compl\u00e9mentaire de 25\u2006% dans Off-White LLC, portant son pourcentage de d\u00e9tention \u00e0 60\u2006%. Off-White LLC est propri\u00e9taire de la marque de mode Off-White fond\u00e9e par Virgil Abloh. Off-White LLC est consolid\u00e9e par int\u00e9gration globale \u00e0 compter de cette date, le prix pay\u00e9 a \u00e9t\u00e9 principalement affect\u00e9 \u00e0 la marque Off-White pour un montant de 291\u00a0millions de dollar US (236\u00a0millions d\u2019euros).\n
\n\n Feelunique\n
\n\n En septembre 2021, Sephora a acquis une participation de 100\u2006% dans Feelunique, acteur majeur du commerce en ligne de produits de beaut\u00e9 au Royaume-Uni. Cette acquisition, qui repr\u00e9sente la premi\u00e8re \u00e9tape pour \u00e9tablir la pr\u00e9sence de Sephora au Royaume-Uni, a \u00e9t\u00e9 consolid\u00e9e en 2022.\n
\n\n Officine Universelle Buly\n
\n\n En octobre 2021, le Groupe a acquis une participation de 100\u2006% dans l\u2019Officine Universelle Buly, marque parisienne sp\u00e9cialis\u00e9e dans les parfums et cosm\u00e9tiques cr\u00e9\u00e9e au 19e\u00a0si\u00e8cle et relanc\u00e9e en 2014. Cette participation a \u00e9t\u00e9 consolid\u00e9e en 2022.\n
\n\n Th\u00e9lios\n
\n\n En d\u00e9cembre 2021 LVMH a acquis une participation compl\u00e9mentaire de 49\u2006% dans Th\u00e9lios, entreprise sp\u00e9cialis\u00e9e dans la lunetterie, portant ainsi son pourcentage de d\u00e9tention \u00e0 100\u2006%.\n
\n\n 2.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Incidence sur la tr\u00e9sorerie nette des variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Montant pay\u00e9 pour l\u2019acquisition de titres consolid\u00e9s et de titres de minoritaires\n \n | \n \n \n (885)\n \n | \n \n \n (1\u202f158)\n \n | \n \n \n (14\u202f294)\n \n | \n
| \n \n Disponibilit\u00e9s/(d\u00e9couverts bancaires) des soci\u00e9t\u00e9s acquises\n \n | \n \n \n 80\n \n | \n \n \n 14\n \n | \n \n \n 658\n \n | \n
| \n \n Montant re\u00e7u pour la cession de titres consolid\u00e9s\n \n | \n \n \n 69\n \n | \n \n \n 4\n \n | \n \n \n 7\n \n | \n
| \n \n (Disponibilit\u00e9s)/d\u00e9couverts bancaires des soci\u00e9t\u00e9s c\u00e9d\u00e9es\n \n | \n \n \n (2)\n \n | \n \n \n (20)\n \n | \n \n \n (32)\n \n | \n
| \n \n Incidences des variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es sur la tr\u00e9sorerie nette\n \n | \n \n \n (738)\n \n | \n \n \n (1\u202f160)\n \n | \n \n \n (13\u202f661)\n \n | \n
| \n \n Dont\u00a0: Acquisitions et cessions de titres consolid\u00e9s\n \n | \n \n \n (721)\n \n | \n \n \n (809)\n \n | \n \n \n (13\u202f226)\n \n | \n
| \n \n Acquisitions et cessions d\u2019int\u00e9r\u00eats minoritaires\n \n | \n \n \n (17)\n \n | \n \n \n (351)\n \n | \n \n \n (435)\n \n | \n
\n En 2023, l\u2019incidence sur la tr\u00e9sorerie nette des variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es r\u00e9sulte principalement des acquisitions de Minuty, Platinum Invest, Barton Perreira et Vuarnet. Outre la tr\u00e9sorerie nette relative aux acquisitions et cessions de titres consolid\u00e9s, le Groupe peut assumer les dettes financi\u00e8res des entit\u00e9s acquises, voir Note\u00a019. Le plus souvent, celles-ci font l\u2019objet d\u2019un remboursement des pr\u00eateurs tiers.\n
\n\n En 2022, l\u2019incidence sur la tr\u00e9sorerie nette des variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es r\u00e9sultait principalement de l\u2019acquisition de Joseph Phelps.\n
\n\n En 2021, l\u2019incidence sur la tr\u00e9sorerie nette des variations de pourcentage d\u2019int\u00e9r\u00eat dans les entit\u00e9s consolid\u00e9es r\u00e9sultait pour l\u2019essentiel de l\u2019acquisition de Tiffany.\n
\n Liste des soci\u00e9t\u00e9s consolid\u00e9es\n
\n| \n \n Soci\u00e9t\u00e9s\n \n | \n \n \n Si\u00e8ge social\n \n | \n \n \n M\u00e9thode de consolidation\n \n | \n \n \n Taux d\u2019int\u00e9r\u00eat\n \n | \n |
| \n \n Vins et Spiritueux\n \n | \n \n | \n | \n | |
| \n \n Moet Hennessy Hellas Single Member\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n MHCS\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Italia SpA\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Civile des Crus de Champagne\n \n | \n \n \n Reims, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Espa\u00f1a\n \n | \n \n \n Barcelone, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Portugal\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy (Suisse)\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Deutschland GmbH\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Entreprise Adapt\u00e9e\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SCEA Les Fournettes\n \n | \n \n \n Monthelon, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Champagne Des Moutiers\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy de Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Chamfipar\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Viticole de Reims\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Compagnie Fran\u00e7aise du Champagne et du Luxe\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Champagne Bernard Breuzon\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Belux\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Champagne De Mansin\n \n | \n \n \n Gy\u00e9-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy \u00d6sterreich\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Polska\n \n | \n \n \n Varsovie, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Suomi\n \n | \n \n \n Helsinki, Finlande\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Czech Republic\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Sverige\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Norge\n \n | \n \n \n Sandvika, Norv\u00e8ge\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Denmark\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Services UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Turkey\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy South Africa Pty Ltd\n \n | \n \n \n Johannesbourg, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SCEV 4F\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Nigeria\n \n | \n \n \n Lagos, Nigeria\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SCI JVIGNOBLES\n \n | \n \n \n \u00c9pernay, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Middle East FZE\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Champagne Jacques Robert\n \n | \n \n \n Monthelon, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SCI du Domaine de Saint-Antoine\n \n | \n \n \n Monthelon, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Cotes de Saint Michel\n \n | \n \n \n Monthelon, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Nederland\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Moet Hennessy USA\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n MHD Mo\u00ebt Hennessy Diageo\n \n | \n \n \n Courbevoie, France\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SA Du Ch\u00e2teau d\u2019Yquem\n \n | \n \n \n Sauternes, France\n \n | \n \n \n IG\n \n | \n \n \n 97\u2006%\n \n | \n |
| \n \n SC Du Ch\u00e2teau d\u2019Yquem\n \n | \n \n \n Sauternes, France\n \n | \n \n \n IG\n \n | \n \n \n 97\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Civile Cheval Blanc (SCCB)\n \n | \n \n \n Saint Emilion, France\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 du Domaine des Lambrays\n \n | \n \n \n Morey-Saint-Denis, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Colgin Cellars\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n Chandon International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Domaine Chandon, Inc\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Do Brasil \u2013 Vinhos E Destilados\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Bodegas Chandon Argentina\n \n | \n \n \n Buenos Aires, Argentine\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Domaine Chandon Australia Pty\n \n | \n \n \n Coldstream, Victoria, Australie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Domaine Chandon (Ningxia) Mo\u00ebt Hennessy Co, Ltd\n \n | \n \n \n Yinchuan, Chine\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Chandon (Ningxia) Vineyards Co, Ltd\n \n | \n \n \n Yinchuan, Chine\n \n | \n \n \n IG\n \n | \n \n \n 40\u2006%\n \n | \n |
| \n \n Ch\u00e2teau d\u2019Esclans\n \n | \n \n \n La Motte, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Caves d\u2019Esclans\n \n | \n \n \n La Motte, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Esclans Estate\n \n | \n \n \n La Motte, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Ace Of Spades Holdings LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 33\u2006%\n \n | \n |
| \n \n Cheval Des Andes\n \n | \n \n \n Buenos Aires, Argentine\n \n | \n \n \n MEE\n \n | \n \n \n 33\u2006%\n \n | \n |
| \n \n Veuve Clicquot Pties Pty Ltd\n \n | \n \n \n Margaret River, Australie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Cloudy Bay Vineyards Ltd\n \n | \n \n \n Blenheim, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Shangri-La (Deqin) Winery Company\n \n | \n \n \n Deqin, Chine\n \n | \n \n \n IG\n \n | \n \n \n 53\u2006%\n \n | \n |
| \n \n Newton Vineyard LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Ch\u00e2teau du Galoupet\n \n | \n \n \n La Londe-les-Maures, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n SCI du Domaine Cosson\n \n | \n \n \n Morey-Saint-Denis, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Beaux Monts\n \n | \n \n \n Morey-Saint-Denis, France\n \n | \n \n \n IG\n \n | \n \n \n 90\u2006%\n \n | \n |
| \n \n Hugo\n \n | \n \n \n Morey-Saint-Denis, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Minuty\u00a0SAS\n \n | \n \n \n Gassin, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n La Bastide de Verez\n \n | \n \n \n Vidauban, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Consorts Matton\n \n | \n \n \n Gassin, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Elise\n \n | \n \n \n Gassin, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Joseph Phelps Vineyards\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Jas Hennessy & Co.\n \n | \n \n \n Cognac, France\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Distillerie de la Groie\n \n | \n \n \n Cognac, France\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n SICA de Bagnolet\n \n | \n \n \n Cognac, France\n \n | \n \n \n IG\n \n | \n \n \n 3\u2006%\n \n | \n |
| \n \n Sodepa\n \n | \n \n \n Cognac, France\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Diageo Mo\u00ebt Hennessy BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Hennessy Dublin\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Edward Dillon & Co. Ltd\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n MEE\n \n | \n \n \n 26\u2006%\n \n | \n |
| \n \n Hennessy Far East\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Diageo Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Diageo Macau\n \n | \n \n \n Macao, Chine\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Diageo Singapore Pte\n \n | \n \n \n Singapour\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Diageo Malaysia Sdn.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Cambodia Co.\n \n | \n \n \n Phnom Penh, Cambodge\n \n | \n \n \n IG\n \n | \n \n \n 34\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Philippines\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Diageo Mo\u00ebt Hennessy Thailand\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Shanghai\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy India\n \n | \n \n \n Mumbai, Inde\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Jas Hennessy Taiwan\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Diageo China Company\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Distribution Russia\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Vietnam Distribution Shareholding Co.\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 33\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Russia\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n MH Champagnes and Wines Korea Ltd\n \n | \n \n \n Icheon, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Moet Hennessy (Hainan) Company Limited\n \n | \n \n \n Haikou, Chine\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n MHD Mo\u00ebt Hennessy Diageo\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n JV\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Asia Pacific Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Australia\n \n | \n \n \n Mascot, Australie\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Polmos \u017byrard\u00f3w Sp. Z O.O.\n \n | \n \n \n Zyrardow, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n The Glenmorangie Company\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Macdonald & Muir Ltd\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Ardbeg Distillery Limited\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Glenmorangie Distillery Co. Ltd\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n James Martin & Company Ltd\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Nicol Anderson & Co. Ltd\n \n | \n \n \n Edimbourg, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Woodinville Whiskey Company LLC\n \n | \n \n \n Washington, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n RUM Entreprise\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Davis Hogue Distilling Co\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Agrotequilera de Jalisco\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n MEE\n \n | \n \n \n 33\u2006%\n \n | \n |
| \n \n Dioniso S.R.L\n \n | \n \n \n Sesto San Giovanni, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 33\u2006%\n \n | \n |
| \n \n CRAVAN\u00a0S.A.S.U\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n MODE ET MAROQUINERIE\n \n | \n \n | \n | \n | |
| \n \n Manufacture de Souliers Louis Vuitton\n \n | \n \n \n Fiesso d\u2019Artico, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Malletier\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Saint-Barth\u00e9lemy\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Cantacilik Ticaret\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Editeur\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 des Ateliers Louis Vuitton\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Ateliers Joailliers Louis Vuitton\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufacture des Accessoires Louis Vuitton\n \n | \n \n \n Fiesso d\u2019Artico, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Bahrain WLL\n \n | \n \n \n Manama, Bahre\u00efn\n \n | \n \n \n IG\n \n | \n \n \n 75\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Louis Vuitton Services\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Qatar LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 73\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 des Magasins Louis Vuitton France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belle Jardini\u00e8re\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n La Fabrique du Temps Louis Vuitton\n \n | \n \n \n Meyrin, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n ELV\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Services Europe\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Ireland\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Deutschland\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Ukraine\n \n | \n \n \n Kiev, Ukraine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufacture de Maroquinerie et Accessoires Louis Vuitton\n \n | \n \n \n Barcelone, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Atepeli \u2013 Ateliers des Ponte de Lima\n \n | \n \n \n Calvelo, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Netherlands\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Belgium\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Luxembourg\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Hellas\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Portugal Maleiro\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Israel\n \n | \n \n \n Tel Aviv, Isra\u00ebl\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Danmark\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Aktiebolag\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Suisse\n \n | \n \n \n Meyrin, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Polska Sp. Z O.O.\n \n | \n \n \n Varsovie, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Ceska\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton \u00d6sterreich\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Kazakhstan\n \n | \n \n \n Almaty, Kazakhstan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton US Manufacturing,\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Somarest\n \n | \n \n \n Sibiu, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Hawaii,\u00a0Inc.\n \n | \n \n \n Hawa\u00ef, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Guam,\u00a0Inc.\n \n | \n \n \n Tamuning, Guam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Saipan\u00a0Inc.\n \n | \n \n \n Saipan, \u00celes Mariannes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Norge\n \n | \n \n \n Oslo, Norv\u00e8ge\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n San Dimas Luggage Company\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton North America,\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton USA,\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Liban Retail SAL\n \n | \n \n \n Beyrouth, Liban\n \n | \n \n \n IG\n \n | \n \n \n 95\u2006%\n \n | \n |
| \n \n Louis Vuitton Vietnam Company Limited\n \n | \n \n \n Hano\u00ef, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Suomi\n \n | \n \n \n Helsinki, Finlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Romania Srl\n \n | \n \n \n Bucarest, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group Brasil Ltda\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Panama,\u00a0Inc.\n \n | \n \n \n Panama City, Panama\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Chile SpA\n \n | \n \n \n Santiago de Chile, Chili\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton (Aruba)\n \n | \n \n \n Oranjestad, Aruba\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Republica Dominicana\n \n | \n \n \n Saint Domingue, R\u00e9publique Dominicaine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Argentina\n \n | \n \n \n Buenos Aires, Argentine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Peru S.R.L.\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Pacific\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Hong Kong Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton (Philippines)\u00a0Inc.\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Singapore Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LV Information & Operation Services Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT Louis Vuitton Indonesia\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 98\u2006%\n \n | \n |
| \n \n Louis Vuitton (Malaysia) Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton (Thailand) Soci\u00e9t\u00e9 Anonyme\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Taiwan Ltd.\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Australia Pty Ltd.\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton (China) Co. Ltd.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton New Zealand\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Kuwait WLL\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 37\u2006%\n \n | \n |
| \n \n Louis Vuitton India Retail Private Limited\n \n | \n \n \n Gurgaon, Inde\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton EAU LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 75\u2006%\n \n | \n |
| \n \n Louis Vuitton Saudi Arabia Ltd.\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 75\u2006%\n \n | \n |
| \n \n Louis Vuitton Middle East\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 75\u2006%\n \n | \n |
| \n \n Louis Vuitton \u2013 Jordan PSC\n \n | \n \n \n Amman, Jordanie\n \n | \n \n \n IG\n \n | \n \n \n 95\u2006%\n \n | \n |
| \n \n L.D.\u00a0Manufacture S.R.L.\n \n | \n \n \n Sant\u2019Antimo, Italie\n \n | \n \n \n IG\n \n | \n \n \n 90\u2006%\n \n | \n |
| \n \n Microedge S\u00e0rl\n \n | \n \n \n Vernier, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LV Qatar Airport QFZ LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Korea Ltd.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LV Investments\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n G\u00e9rald G.\u00a0SA\n \n | \n \n \n Meyrin, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Daniel R.\u00a0SA\n \n | \n \n \n Meyrin, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Art & D\u00a0SA\n \n | \n \n \n Carouges, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n H2L\u00a0SARL\n \n | \n \n \n Gland, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufacture de Souliers Des Marches S.R.L.\n \n | \n \n \n Civitanova Marche, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LV Industria Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group Trading Korea Ltd.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufacture de Textiles Louis Vuitton S.R.L.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n IRWINDALE ASSOCIATES LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Atelier Lut\u00e8ce\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n Adamantem\u00a0SAS\n \n | \n \n \n Gueux, France\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Louis Vuitton Hungaria Kft.\n \n | \n \n \n Budapest, Hongrie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Vostok\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LV Colombia\u00a0SAS\n \n | \n \n \n Santa F\u00e9 de Bogota, Colombie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Maroc\n \n | \n \n \n Casablanca, Maroc\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton South Africa\n \n | \n \n \n Johannesbourg, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Macau Company Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Japan KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Louis Vuitton Services KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Louis Vuitton Canada,\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Louis Vuitton Italia S.r.l.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Marc Jacobs International\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs International (UK)\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Trademarks\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Japan\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs International France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Commercial and Trading (Shanghai) Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Holdings\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Hong Kong Distribution Company\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Macau Distribution Company\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Marc Jacobs Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Loewe\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Hermanos\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufacturas Loewe\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Hermanos UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Commercial and Trading (Shanghai) Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Fashion\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Taiwan\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Macau Company\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Alemania\n \n | \n \n \n Francfort, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Italy\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Holanda B.V.\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Australia\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Thailand Ltd.\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Suecia AB\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Dinamarca Aps\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loewe Switzerland\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group Support\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manifattura Berluti Srl\n \n | \n \n \n Ferrare, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti UK Limited (Company)\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Deutschland GmbH\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Macau Company Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Singapore Private Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti (Shanghai) Company Limited\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Taiwan Ltd.\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Hong Kong Company Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Orient FZ LLC\n \n | \n \n \n Ras Al-Khaimah, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Berluti EAU LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Berluti Korea Company Ltd.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Berluti Australia\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Berluti Japan KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Berluti Italia S.R.L.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group Services\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Interlux Company\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n John Galliano\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Loro Piana\n \n | \n \n \n Quarona, Italie\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Switzerland\n \n | \n \n \n Lugano, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana GB\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n LG Distribution LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Warren Corporation\n \n | \n \n \n Connecticut, USA\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana & C.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana USA\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana (HK)\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana (Shanghai) Commercial Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana (Shanghai) Textile Trading Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Mongolia\n \n | \n \n \n Oulan Bator, Mongolie\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Korea Co.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana (Macau)\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Espa\u00f1a\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Japan Co.\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Far East\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Peru\n \n | \n \n \n Lucanas, P\u00e9rou\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Manifattura Loro Piana\n \n | \n \n \n Sillavengo, Italie\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Oesterreich\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Czech Republic\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Cashmere Lifestyle Luxury Trading LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Loro Piana Mexico S.A de C.V\n \n | \n \n \n Naucalpan, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Vicuna Trading W.L.L.\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 53\u2006%\n \n | \n |
| \n \n Loro Piana Kuwait\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Loro Piana (Thailand) Limited\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Hellas Single \u2013 Member P.C.\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Loro Piana Shared Service Management \u2013 FZ LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n HLI Holding Pte. Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Heng Long International Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Heng Long Leather Co. (Pte) Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Heng Long Leather (Guangzhou) Co. Ltd\n \n | \n \n \n Guangzhou, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n HL Australia Proprietary Ltd\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Starke Holding\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Cypress Creek Farms\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n The Florida Alligator Company\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pellefina\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH M\u00e9tiers D\u2019Art\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tanneries Roux\n \n | \n \n \n Romans-sur-Is\u00e8re, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Jade Creaction\n \n | \n \n \n Albergaria-A-Velha, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Jade Jewellery\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Fonderie Sylvain Compagnon\n \n | \n \n \n Chaumontel, France\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Off-White LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Off-White Operating SRL\n \n | \n \n \n Milan, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 25\u2006%\n \n | \n |
| \n \n Jean Patou\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Rimowa GmbH\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa GmbH & Co Distribution KG\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Electronic Tag GmbH\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa CZ spol s.r.o.\n \n | \n \n \n Pelhrimov, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa America Do Sul Malas De Viagem Ltda\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa North America\u00a0Inc.\n \n | \n \n \n Cambridge, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Distribution\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Far East Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Macau Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Japan Co. Ltd\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa France\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Italy Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Netherlands BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Spain SLU\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Great Britain Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Austria GmbH\n \n | \n \n \n Innsbruck, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Schweiz AG\n \n | \n \n \n Dubendorf, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 110\u00a0Vondrau Holdings\u00a0Inc.\n \n | \n \n \n Cambridge, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa China\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Group Services\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Middle East FZ-LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Orient Trading-LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Australia\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Group GmbH\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n RIMOWA Malaysia Sdn. Bhd\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rimowa Thailand Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Anin Star Holding Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney America,\u00a0Inc.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney Spain SL\n \n | \n \n \n Barcelone, Espagne\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney Italia SRL a socio unico\n \n | \n \n \n Milan, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney (Shanghai) Trading Limited\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney Japan Limited\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Stella McCartney Hong Kong Limited\n \n | \n \n \n Harbour City, Chine\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Th\u00e9lios\n \n | \n \n \n Longarone, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios USA\u00a0Inc.\n \n | \n \n \n New Jersey, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Asia Pacific Limited\n \n | \n \n \n Harbour City, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Deutschland GmbH\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Switzerland GmbH\n \n | \n \n \n Zurich, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Iberian Peninsula, S.L\n \n | \n \n \n Barcelone, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Portugal, Unipersoal Lda.\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Thelios Eyewear (Shanghai) Co., Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Nordics AB\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Australia Pty Ltd\n \n | \n \n \n Brisbane, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Distribuidora de lentes de lujo Th\u00e9lios\n \n | \n \n \n \u00c1lvaro Obreg\u00f3n \u2013 Ciudad de Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Benelux\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Th\u00e9lios Middle East FZ-LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Barton Perreira\n \n | \n \n \n Irvine, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Financi\u00e8re Skilynx\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior GK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Far East Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Hong Kong Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Fashion (Malaysia) Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Singapore Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Australia Pty Ltd\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior New Zealand Ltd\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Taiwan Limited\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n OTELINE\n \n | \n \n \n Rillieux-Le-Pape, France\n \n | \n \n \n IG\n \n | \n \n \n 90\u2006%\n \n | \n |
| \n \n 161\u00a0NBS Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CHRISTIAN DIOR COUTURE CYPRUS\n \n | \n \n \n Nicosie, Chypre\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n FG MANUFACTURE\n \n | \n \n \n Villeurbanne, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rubens\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Art Lab\n \n | \n \n \n Santa Croce Sull\u2019arno, Italie\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Neri Sport\n \n | \n \n \n Venise, Italie\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Manifattura Salento AF\n \n | \n \n \n Casarano, Italie\n \n | \n \n \n IG\n \n | \n \n \n 40\u2006%\n \n | \n |
| \n \n PELLETERIE EIFFEL\n \n | \n \n \n Florence, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Christian Dior (Thailand) Co. Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pespow SpA\n \n | \n \n \n San Martino di Lupari, Italie\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Pespow Italy SRL\n \n | \n \n \n San Martino di Lupari, Italie\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Flinders\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Dior Creations\n \n | \n \n \n Selvazzano Dentro, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Almandine 150\u00a0CE\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Saipan Ltd\n \n | \n \n \n Saipan, \u00celes Mariannes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Guam Ltd\n \n | \n \n \n Tumon Bay, Guam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Espanola\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior UK Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Italia Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Suisse\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior GmbH\n \n | \n \n \n Pforzheim, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Fourrure M.C.\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT Christian Dior Indonesia\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Christian Dior do Brasil Ltda\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Belgique\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bopel\n \n | \n \n \n Lugagnano Val d\u2019Arda, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture CZ\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ateliers AS\n \n | \n \n \n Pierre B\u00e9nite, France\n \n | \n \n \n MEE\n \n | \n \n \n 25\u2006%\n \n | \n |
| \n \n Christian Dior Couture\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture FZE\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Maroc\n \n | \n \n \n Casablanca, Maroc\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Macau Single Shareholder Company Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior S. de R.L. de C.V.\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Ateliers Bijoux GmbH\n \n | \n \n \n Pforzheim, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Commercial (Shanghai) Co.Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Trading India Private Limited\n \n | \n \n \n Mumbai, Inde\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Stoleshnikov\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CDCH\u00a0SA\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n CDC Abu Dhabi LLC Couture\n \n | \n \n \n Abu-Dhabi, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Dior Gr\u00e8ce Soci\u00e9t\u00e9 Anonyme Garments Trading\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CDC General Trading LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Christian Dior Istanbul Magazacilik Anonim Sirketi\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Qatar LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 82\u2006%\n \n | \n |
| \n \n Christian Dior Couture Bahrain W.L.L.\n \n | \n \n \n Manama, Bahre\u00efn\n \n | \n \n \n IG\n \n | \n \n \n 84\u2006%\n \n | \n |
| \n \n PT Fashion Indonesia Trading Company\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Ukraine\n \n | \n \n \n Kiev, Ukraine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CDCG FZCO\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n COU.BO Srl\n \n | \n \n \n Arzano, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Netherlands BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Vietnam Limited Liability Company\n \n | \n \n \n Hano\u00ef, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Vermont\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Kazakhstan\n \n | \n \n \n Almaty, Kazakhstan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Austria GmbH\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Manufactures Dior Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Azerbaijan\n \n | \n \n \n Bakou, Azerba\u00efdjan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Draupnir\u00a0SA\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Myolnir\u00a0SA\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CD Philippines\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Luxembourg\u00a0SA\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Ateliers Horlogers Dior\n \n | \n \n \n La Chaux-de-Fonds, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Dior Montres\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n IDMC Manufacture\n \n | \n \n \n Limoges, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n GINZA\u00a0SA\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n GFEC. Srl\n \n | \n \n \n Casoria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CDC Kuwait Fashion Accessories with limited liability\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n AURELIA Solutions S.R.L\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Lemanus\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LikeABee\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CD Norway AS\n \n | \n \n \n Oslo, Norv\u00e8ge\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CADOR\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Arabia Trading\n \n | \n \n \n Riyadh, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Christian Dior Couture Ireland\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Portugal, Unipessoal LDA\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CD Montenegro\n \n | \n \n \n Podgorica, Mont\u00e9n\u00e9gro\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture ME SPV LTD\n \n | \n \n \n Abu-Dhabi, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Christian Dior Couture Travel retail Company\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Couture Saint-Barth\u00e9lemy\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n JW Anderson Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 46\u2006%\n \n | \n |
| \n \n JW Anderson China\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n MEE\n \n | \n \n \n 46\u2006%\n \n | \n |
| \n \n Celine\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Avenue M International SCA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Enilec Gestion\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Montaigne\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Monte-Carlo\u00a0SA\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Germany GmbH\n \n | \n \n \n Berlin, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Production Srl\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Suisse\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine UK Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine (Hong Kong) Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Commercial and Trading (Shanghai) Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Distribution Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Boutique Taiwan Co. Ltd\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CPC Macau Company Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH FG Services UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Distribution Spain S.L.U.\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n RC Diffusion Rive Droite\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Netherlands BV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Australia Ltd Co.\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Sweden AB\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Czech Republic\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Middle East\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Celine Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Thailand\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Philippines\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Denmark\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LMP LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CELINE KOREA LTD\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rossimoda\n \n | \n \n \n Vigonza, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rossimoda Romania\n \n | \n \n \n Cluj-Napoca, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Celine Service Italia SRL\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CELINE ITALIA\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Phoebe Philo Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 30\u2006%\n \n | \n |
| \n \n Givenchy\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Corporation\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy China Co.\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Couture Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy (Shanghai) Commercial and Trading Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n GCCL Macau Co.\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Italia Srl\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Germany\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Taiwan\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Trading WLL\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 52\u2006%\n \n | \n |
| \n \n LVMH FG ME FZ LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n George V EAU LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n GIVENCHY SAUDI FOR TRADING COMPANY\n \n | \n \n \n Riyadh, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 59\u2006%\n \n | \n |
| \n \n Givenchy Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Givenchy (Thailand) Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Belgique\u00a0SA\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Netherlands\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo UK Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Italia Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Japan KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Hong Kong Company\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris USA LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Macau Company Ltd.\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Holding Kenzo Asia\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kenzo Paris Shanghai\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fashion Group Malaysia\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Outshine Mexico S. de R.L. de C.V.\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Timepieces\u00a0SA\n \n | \n \n \n Neuch\u00e2tel, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Prague s.r.o.\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Luxury Kuwait for Ready Wear Company WLL\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Fun Fashion Qatar LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Fendi Netherlands BV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Australia Pty Ltd\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Brasil-Comercio de Artigos de Luxo\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi RU LLC\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi International\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Doha LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 65\u2006%\n \n | \n |
| \n \n Fendi Spain S. L.\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Monaco\u00a0S.A.M.\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fun Fashion Emirates LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Borgo Srl\n \n | \n \n \n Pienza, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 30\u2006%\n \n | \n |
| \n \n Fashion Furniture Design S.p.A.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 20\u2006%\n \n | \n |
| \n \n Fendi Greece Single Member\u00a0SA\n \n | \n \n \n Glyf\u00e1da, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fashion Furniture Design UK Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 20\u2006%\n \n | \n |
| \n \n FF Design USA,\u00a0INC.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 20\u2006%\n \n | \n |
| \n \n Fendi Vietnam Company Limited\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Qatar QFZ LLC\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Maglificio Matisse Srl\n \n | \n \n \n Sant\u2019egidio Alla Vibrata, Italie\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n Fashion Furniture Design (Shanghai) Co., Ltd.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n MEE\n \n | \n \n \n 20\u2006%\n \n | \n |
| \n \n Fun Fashion Bahrain Co.WLL\n \n | \n \n \n Manama, Bahre\u00efn\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Fendi Srl\n \n | \n \n \n Rome, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Dis Ticaret Ltd Sti\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Philippines Corp.\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Italia Srl\n \n | \n \n \n Rome, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi UK Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi North America\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi (Thailand) Company Limited\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Taiwan Ltd\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Hong Kong Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi China Boutiques Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi (Singapore) Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Fashion (Malaysia) Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Switzerland\u00a0SA\n \n | \n \n \n Mendrisio, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fun Fashion FZCO\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Fendi Macau Company Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Germany GmbH\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Austria GmbH\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi (Shanghai) Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Saudi For Trading LLC\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Fun Fashion India Private Ltd\n \n | \n \n \n Mumbai, Inde\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Interservices & Trading\u00a0SA\n \n | \n \n \n Mendrisio, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fendi Japan KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Emilio Pucci Srl\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Emilio Pucci International\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Emilio Pucci Ltd\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Emilio Pucci UK Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Emilio Pucci France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Emilio Pucci International srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PARFUMS ET COSM\u00c9TIQUES\n \n | \n \n | \n | \n | |
| \n \n Perfumes Loewe\u00a0SA\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes and Cosmetics (Thailand) Ltd.\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n LVMH P&C Do Brasil\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n France Argentine Cosmetic\n \n | \n \n \n Buenos Aires, Argentine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Commercial & Trade (Shanghai)\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C (Shanghai) Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Shang Pu Ecommerce (Shanghai)\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Finland\n \n | \n \n \n Helsinki, Finlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Hainan\n \n | \n \n \n Haikou, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Recherche\n \n | \n \n \n Saint-Jean-de-Braye, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PCIS\n \n | \n \n \n Neuilly-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SNC du 33\u00a0Avenue Hoche\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrances and Cosmetics (Singapore)\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Orient Co.\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Emirates\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 48\u2006%\n \n | \n |
| \n \n OOO Seldico\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n DP Seldico\n \n | \n \n \n Kiev, Ukraine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Cosmetics\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Arabia\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n EPCD\n \n | \n \n \n Varsovie, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n EPCD CZ & SK\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n EPCD RO Distribution\n \n | \n \n \n Bucarest, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n EPCD Hungaria\n \n | \n \n \n Budapest, Hongrie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Kazakhstan\n \n | \n \n \n Almaty, Kazakhstan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes e Cosm\u00e9tica\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L Beauty Pte\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n PT L Beauty Brands\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n L Beauty Luxury Asia\n \n | \n \n \n Taguig City, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n SCI Annabell\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L Beauty Vietnam\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n SCI Rose Blue\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PCD St Honor\u00e9\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes & Cosmetics Macau\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PCD Dubai General Trading\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 48\u2006%\n \n | \n |
| \n \n PCD Doha Perfumes & Cosmetics\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 47\u2006%\n \n | \n |
| \n \n Cristale\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\n \n | \n \n \n Rotterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\u00a0S.A.B.\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Luxembourg\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior (Ireland)\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Hellas\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\n \n | \n \n \n Zurich, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Christian Dior Perfumes\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Canada\n \n | \n \n \n Montr\u00e9al, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C de Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Japon\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior (Singapore)\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Inalux\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Asia Pacific\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fa Hua Frag. & Cosm. Taiwan\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n P&C (Shanghai)\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Korea\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH P&C Malaysia Sdn. Berhad\n \n | \n \n \n Petaling Jaya, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fa Hua Fragance & Cosmetic Co.\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pardior\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Denmark\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes & Cosmetics Group\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\n \n | \n \n \n Sandvika, Norv\u00e8ge\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior\n \n | \n \n \n Stockholm, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes & Cosmetics (New Zealand)\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Christian Dior Austria\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH PROFUMI E COSMETICI ITALIA SRL\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Cosmetics of France\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands\n \n | \n \n \n Levallois-Perret, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands\n \n | \n \n \n D\u00fcsseldorf, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands WHD\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Fragrance Brands Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Parfums Francis Kurkdjian\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 71\u2006%\n \n | \n |
| \n \n Parfums Francis Kurkdjian LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 71\u2006%\n \n | \n |
| \n \n Maison Francis Kurkdjian UK\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 71\u2006%\n \n | \n |
| \n \n Benefit Cosmetics LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics Ireland Ltd\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics UK Ltd\n \n | \n \n \n Chelmsford, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics Services Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics Korea\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benefit Cosmetics Hong Kong Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh Canada\n \n | \n \n \n Montr\u00e9al, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh\n \n | \n \n \n Neuilly-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh Cosmetics\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fresh Korea\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L Beauty Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n L Beauty (Thailand) Co. Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 48\u2006%\n \n | \n |
| \n \n Guerlain\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Parfums & Kosmetik Deutschland GmbH\n \n | \n \n \n D\u00fcsseldorf, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain GmbH\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Benelux\u00a0SA\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PC Parfums Cosm\u00e9tiques\u00a0SA\n \n | \n \n \n Zurich, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain (Canada) Ltd\n \n | \n \n \n Saint-Jean, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain de Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain (Asia Pacific) Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Oceania Australia Pty Ltd\n \n | \n \n \n Botany, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT Guerlain Cosmetics Indonesia\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Guerlain KSA\u00a0SAS\n \n | \n \n \n Levallois-Perret, France\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Guerlain Orient DMCC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Saudi Limited\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n Guerlain Polska sp. z o.o.\n \n | \n \n \n Varsovie, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain CZ & SK S.R.O\n \n | \n \n \n Prague, R\u00e9publique tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Romania SRL\n \n | \n \n \n Bucarest, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Guerlain Hungary KFT\n \n | \n \n \n Budapest, Hongrie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n G BEAUTY ORIENT L.L.C\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 31\u2006%\n \n | \n |
| \n \n Acqua di Parma\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Acqua di Parma\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Acqua di Parma Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Acqua di Parma\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Acqua Di Parma Srl (Succursale Paris)\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Make Up For Ever\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SCI Edison\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Make Up For Ever Academy China\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Make Up For Ever\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Make Up For Ever Canada\n \n | \n \n \n Montr\u00e9al, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Make Up For Ever UK Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Stella McCartney Beauty France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Stella McCartney Beauty UK\n \n | \n \n \n Hersham, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Stella McCartney Beauty US\n \n | \n \n \n New Jersey, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kendo Holdings\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fenty Skin LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Fenty Hair Products LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Fenty Fragrance LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Ole Henriksen of Denmark\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SLF USA\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Susanne Lang Fragrance\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n BHUS\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n KVD Beauty LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fenty Beauty LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Kendo Brands Ltd\n \n | \n \n \n Bicester, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kendo Brands\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Kendo Hong Kong Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Buly France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Buly UK Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Buly Italy Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Buly Japan KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Buly HK Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n MONTRES ET JOAILLERIE\n \n | \n \n | \n | \n | |
| \n \n Fred Paris\n \n | \n \n \n Neuilly-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Joaillerie de Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fred\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fred Londres\n \n | \n \n \n Manchester, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n FRED Jewellery Trading LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fred Italia SRL\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tag Heuer International\n \n | \n \n \n La Chaux-de-Fonds, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH W&J FZ LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Thailand Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TAG Heuer Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Relojeria y Joyeria Espa\u00f1a\u00a0SA\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Montres & Joaillerie France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry UK\n \n | \n \n \n Manchester, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Canada\n \n | \n \n \n Richmond, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Singapore\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Malaysia\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Japan\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Australia Pty Ltd\n \n | \n \n \n Melbourne, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Hong Kong\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Taiwan\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TAG Heuer Connected\n \n | \n \n \n Besan\u00e7on, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry India\n \n | \n \n \n New Delhi, Inde\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry USA\n \n | \n \n \n Illinois, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Central Europe\n \n | \n \n \n Oberursel, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tag Heuer Boutique Outlet Store Roermond\n \n | \n \n \n Oberursel, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry (Shanghai) Commercial Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Russia LLC\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Artecad\n \n | \n \n \n Tramelan, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Golfcoders\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH W&J Trading LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Italy SpA\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet London\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Horlogerie\n \n | \n \n \n Nyon, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Korea Yuhan Hoesa\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Australia\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Middle East\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Chaumet UAE\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Farouk Trading\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n LVMH Watch & Jewelry Macau Company\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Chaumet Iberia SL\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n BMC SPA\n \n | \n \n \n Valenza, Italie\n \n | \n \n \n IG\n \n | \n \n \n 60\u2006%\n \n | \n |
| \n \n Chaumet Russia LLC\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Swiss Manufactures\n \n | \n \n \n La Chaux-de-Fonds, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Delano\n \n | \n \n \n La Chaux-de-Fonds, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hublot\n \n | \n \n \n Nyon, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bentim International\u00a0SA\n \n | \n \n \n Nyon, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hublot\u00a0SA Gen\u00e8ve\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hublot of America\n \n | \n \n \n Floride, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Benoit de Gorski\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hublot Boutique Monaco\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hublot Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Relojer\u00eda y Joyer\u00eda de Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n ECCO Watch Co., Ltd.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n BonCera CO.,LTD.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Bulgari SpA\n \n | \n \n \n Rome, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Italia\n \n | \n \n \n Rome, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Gioielli\n \n | \n \n \n Valenza, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari International Corporation (BIC)\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Corporation of America\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Horlogerie\n \n | \n \n \n Neuch\u00e2tel, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Japan\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (Deutschland)\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari France\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Montecarlo\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Espa\u00f1a\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari South Asian Operations\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (UK) Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Belgium\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Australia\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (Malaysia)\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Global Operations\n \n | \n \n \n Neuch\u00e2tel, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Denmark\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Asia Pacific\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (Taiwan)\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Korea\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Saint Barth\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Commercial (Shanghai) Co.\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Hainan\n \n | \n \n \n Hainan, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Accessori\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (Austria) GmbH\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Holding (Thailand)\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari (Thailand)\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Qatar\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Gulf Luxury Trading\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Bulgari do Brazil\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Ireland\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Turkey L\u00fcks \u00dcr\u00fcn Ticareti\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Lux Jewels Kuwait for Trading In Gold Jewelry and Precious Stones\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Lux Jewels Bahrain\n \n | \n \n \n Manama, Bahre\u00efn\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n India Luxco Retail\n \n | \n \n \n New Delhi, Inde\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n BK for Jewelry and Precious Metals and Stones Co.\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Bulgari Canada\n \n | \n \n \n Montr\u00e9al, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Commercial Mexico\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Russia\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Prague\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Portugal\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Philippines\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Vietnam\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari New Zealand\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Saudi for Trading LLC\n \n | \n \n \n Riyadh, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Bulgari Distribuzione S.r.l.\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Middle East DMCC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Roma\n \n | \n \n \n Rome, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Bulgari Hotels And Resorts Milano Srl\n \n | \n \n \n Rome, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Repossi\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH W&J Jewelry Operations\n \n | \n \n \n Alessandria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n VPA S.p.A. Villa Pedemonte Atelier\n \n | \n \n \n Alessandria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Greco F.lli S.r.l.\n \n | \n \n \n Alessandria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Orsini F.LLI Gieffedi S.R.L.\n \n | \n \n \n Alessandria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Callegaro F.lli S.R.L.\n \n | \n \n \n Alessandria, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Thea\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Valmanova\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Sourcing, LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds,\u00a0Inc.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. International\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Distribution Company LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company U.S. Sales, LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n East Pond Holdings,\u00a0Inc.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LCT Insurance Company\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n T. Risk Holdings,\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TRM Investments, LLC\n \n | \n \n \n New Jersey, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Atlantic City,\u00a0Inc.\n \n | \n \n \n New Jersey, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Luxembourg\u00a0S.A.R.L.\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Holding I LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Holding II LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Asia Holdings LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (GB)\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (UK) Holdings Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company (Germany Branch)\n \n | \n \n \n Munich, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company (Zurich Branch)\n \n | \n \n \n Zurich, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Switzerland) Jewelers S.a.r.l.\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Switzerland Watch Company SAGL\n \n | \n \n \n Chiasso, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Swiss Watches SAGL\n \n | \n \n \n Chiasso, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TIF Watch Holdings Sagl\n \n | \n \n \n Chiasso, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TIF Swiss Holdings GmbH\n \n | \n \n \n Chiasso, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Italia S.p.A.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Italy) S.r.l.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co.\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (FR) Holdings\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds Belgium BVBA\n \n | \n \n \n Anvers, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company (Austria Branch)\n \n | \n \n \n Vienne, Autriche\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Netherlands B.V.\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (CR) s.r.o.\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Denmark ApS\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO (NL) Logistics B.V.\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Sweden AB\n \n | \n \n \n Sunsvall, Su\u00e8de\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Turkey\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Kuwait\n \n | \n \n \n Salmiya, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n TCO Kuwait Holding\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Tiffany & Co. of New\u00a0York Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Hong Kong Holding LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Pte. Ltd.\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. International (Taiwan Branch)\n \n | \n \n \n Taipei, Ta\u00efwan\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Korea Ltd.\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Korea Holding LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Australia) Pty. Ltd.\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (NZ) Limited\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Asia Pacific Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Uptown Alliance (M) Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Pte. Ltd. (Malaysia Branch)\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO Macau Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Shanghai) Commercial Company Limited\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Shanghai) Management Consulting Company Limited\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Jewelers (Thailand) Company Limited\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO Jewelers Vietnam LLC\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Philippines Corporation\n \n | \n \n \n Makati, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co Canada\n \n | \n \n \n Halifax, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co (Canada) LP\n \n | \n \n \n Winnepeg, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Mexico,\u00a0S.A. de C.V.\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany-Brasil Ltda.\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Belgium SPRL\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. (Jewellers) Limited\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany of New\u00a0York (Spain) S.L.U.\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Chile SpA\n \n | \n \n \n Santiago de Chile, Chili\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Puerto Rico\n \n | \n \n \n San Juan, Porto Rico\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany &\u00a0Co. (Aruba) VBA\n \n | \n \n \n Oranjestad, Aruba\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. DR S.R.L.\n \n | \n \n \n Saint Domingue, R\u00e9publique Dominicaine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany and Company (Dubai Branch)\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO Damas Associates LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO Holdings Limited\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Russia LLC\n \n | \n \n \n Moscou, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCO Saudi for Trade\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 75\u2006%\n \n | \n |
| \n \n TCO KSA Holdings B.V.\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Japan\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany & Co. Overseas Finance B.V.\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany NJ LLC\n \n | \n \n \n New Jersey, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Iridesse,\u00a0Inc.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n MVTCO,\u00a0Inc.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n DPFH Co. Ltd.\n \n | \n \n \n Tortola, \u00celes vierges britanniques\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffco Investment Vehicle,\u00a0Inc.\n \n | \n \n \n Tortola, \u00celes vierges britanniques\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n NHC, LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds South Africa (Proprietary) Limited\n \n | \n \n \n Johannesbourg, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds Vietnam, LLC\n \n | \n \n \n Hai Duong, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds (Mauritius) Limited\n \n | \n \n \n Port Louis, \u00cele Maurice\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n BWHC, LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds Botswana (Proprietary) Limited\n \n | \n \n \n Gaborone, Botswana\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Laurelton Gems (Thailand) Ltd.\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Jewelry, S.R.L.\n \n | \n \n \n Bajos De Haina, R\u00e9publique Dominicaine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n TCORD Holding Company LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Thailand Holdings I LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tiffany Thailand Holdings II LLC\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton-Reign Diamonds (PTY) Ltd.\n \n | \n \n \n Windhoek, Namibie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Laurelton Diamonds (Cambodia) Co., Ltd.\n \n | \n \n \n Phnom Penh, Cambodge\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Orest Group\u00a0SAS\n \n | \n \n \n Erstein, France\n \n | \n \n \n IG\n \n | \n \n \n 92\u2006%\n \n | \n |
| \n \n Platinum Invest\u00a0SAS\n \n | \n \n \n Erstein, France\n \n | \n \n \n IG\n \n | \n \n \n 92\u2006%\n \n | \n |
| \n \n BD Product Manufacture\u00a0SAS\n \n | \n \n \n Mamirolle, France\n \n | \n \n \n IG\n \n | \n \n \n 92\u2006%\n \n | \n |
| \n \n DISTRIBUTION S\u00c9LECTIVE\n \n | \n \n | \n | \n | |
| \n \n DFS Guam L.P.\n \n | \n \n \n Tamuning, Guam\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n LAX Duty Free Joint Venture 2000\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 46\u2006%\n \n | \n |
| \n \n JFK Terminal 4\u00a0Joint Venture 2001\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n SFO Duty Free & Luxury Store Joint Venture\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 46\u2006%\n \n | \n |
| \n \n SFOIT Specialty Retail Joint Venture\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 46\u2006%\n \n | \n |
| \n \n DFS Merchandising Limited\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Group LP\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Korea Limited\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Cotai Limitada\n \n | \n \n \n Macao, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS New Zealand Limited\n \n | \n \n \n Auckland, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Australia Pty Limited\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Group Limited \u2013 USA\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Venture Singapore (Pte) Limited\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Vietnam (S) Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 43\u2006%\n \n | \n |
| \n \n New Asia Wave International (S) Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 43\u2006%\n \n | \n |
| \n \n Ipp Group (S) Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 43\u2006%\n \n | \n |
| \n \n DFS Van Don LLC\n \n | \n \n \n Van Don, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Vietnam Limited Liability Company\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Venture Vietnam Company Limited\n \n | \n \n \n H\u00f4-Chi-Minh-Ville, Vietnam\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS (Cambodia) Limited\n \n | \n \n \n Phnom Penh, Cambodge\n \n | \n \n \n IG\n \n | \n \n \n 43\u2006%\n \n | \n |
| \n \n DFS Singapore (Pte) Limited\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Middle East LLC\n \n | \n \n \n Abu-Dhabi, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Italia Srl.\n \n | \n \n \n Venise, Italie\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Holdings Limited\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Okinawa KK\n \n | \n \n \n Okinawa, Japon\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Saipan Limited\n \n | \n \n \n Saipan, \u00celes Mariannes\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n Commonwealth Investment Company\u00a0Inc.\n \n | \n \n \n Saipan, \u00celes Mariannes\n \n | \n \n \n IG\n \n | \n \n \n 58\u2006%\n \n | \n |
| \n \n Kinkai Saipan LP\n \n | \n \n \n Saipan, \u00celes Mariannes\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Liquor Retailing Limited\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n Twenty-Seven Twenty Eight Corp.\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Group Limited \u2013 HK\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Retail (Hainan) Company Limited\n \n | \n \n \n Haikou, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Management Consulting (Shenzhen) Company Limited\n \n | \n \n \n Shenzhen, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Commerce & Trade (Hainan) Co., Ltd.\n \n | \n \n \n Hainan, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n DFS Business Consulting (Shanghai) Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 61\u2006%\n \n | \n |
| \n \n JAL/DFS Co. Ltd\n \n | \n \n \n Chiba, Japon\n \n | \n \n \n MEE\n \n | \n \n \n 25\u2006%\n \n | \n |
| \n \n PT Sona Topas Tourism industry Tbk\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n MEE\n \n | \n \n \n 28\u2006%\n \n | \n |
| \n \n Central DFS Co., Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n MEE\n \n | \n \n \n 30\u2006%\n \n | \n |
| \n \n Shenzhen DFG E-Commerce Co Ltd\n \n | \n \n \n Shenzhen, Chine\n \n | \n \n \n MEE\n \n | \n \n \n 13\u2006%\n \n | \n |
| \n \n Sephora\u00a0SAS\n \n | \n \n \n Neuilly-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Greece\u00a0SA\n \n | \n \n \n Ath\u00e8nes, Gr\u00e8ce\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Cosmetics Romania\u00a0SA\n \n | \n \n \n Bucarest, Roumanie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Cyprus Limited\n \n | \n \n \n Nicosie, Chypre\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Cosmetics Ltd (Serbia)\n \n | \n \n \n Belgrade, Serbie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Bulgaria EOOD\n \n | \n \n \n Sofia, Bulgarie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Danmark ApS\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Sweden AB\n \n | \n \n \n Copenhague, Danemark\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Switzerland\u00a0SA\n \n | \n \n \n Gen\u00e8ve, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Germany GmbH\n \n | \n \n \n D\u00fcsseldorf, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora UK\n \n | \n \n \n Northampton, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Feelunique Holding limited\n \n | \n \n \n Saint-H\u00e9lier, Jersey\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Channel Island Commercial Group limited\n \n | \n \n \n Saint-H\u00e9lier, Jersey\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Feelunique International limited\n \n | \n \n \n Nottingham, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ocapel limited\n \n | \n \n \n Saint-H\u00e9lier, Jersey\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Feelunique France\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Luxembourg\u00a0SARL\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Iberia SL\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Italia S.r.l.\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Portugal Perfumaria Lda\n \n | \n \n \n Lisbonne, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Polska Sp Z.O.O\n \n | \n \n \n Varsovie, Pologne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Sro (Republique Tch\u00e8que)\n \n | \n \n \n Prague, R\u00e9publique Tch\u00e8que\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Monaco SAM\n \n | \n \n \n Monte-Carlo, Monaco\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Sephora Cosmeticos Espana, SL\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Sephora Kozmetik AS (Turquie)\n \n | \n \n \n Istanbul, Turquie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora (Shanghai) Cosmetics Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Sephora (Beijing) Cosmetics Co. Ltd\n \n | \n \n \n Beijing, Chine\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Sephora Xiangyang (Shanghai) Cosmetics Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 81\u2006%\n \n | \n |
| \n \n Sephora Hong Kong Limited\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Le Bon March\u00e9\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SEGEP\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Franck & Fils\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Moyen-Orient\u00a0SA\n \n | \n \n \n Fribourg, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Sephora Middle East FZE\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Sephora Emirates LLC\n \n | \n \n \n Duba\u00ef, \u00c9mirats Arabes Unis\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Sephora Bahrain WLL\n \n | \n \n \n Manama, Bahre\u00efn\n \n | \n \n \n IG\n \n | \n \n \n 53\u2006%\n \n | \n |
| \n \n Sephora Qatar WLL\n \n | \n \n \n Doha, Qatar\n \n | \n \n \n IG\n \n | \n \n \n 63\u2006%\n \n | \n |
| \n \n Sephora Arabia Limited\n \n | \n \n \n Jeddah, Arabie Saoudite\n \n | \n \n \n IG\n \n | \n \n \n 70\u2006%\n \n | \n |
| \n \n Sephora Kuwait Co. WLL\n \n | \n \n \n Koweit City, Kowe\u00eft\n \n | \n \n \n IG\n \n | \n \n \n 59\u2006%\n \n | \n |
| \n \n Sephora Holding South Asia\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Singapore Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Beauty In Motion Sdn. Bhd.\n \n | \n \n \n Kuala Lumpur, Malaisie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Cosmetics Private Limited (India)\n \n | \n \n \n New Delhi, Inde\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT Sephora Indonesia\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora (Thailand) Company (Limited)\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Australia Pty Ltd\n \n | \n \n \n Sydney, Australie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Digital Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Digital (Thailand) Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LX Services Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT MU and SC Trading (Indonesia)\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Services Philippines (Branch)\n \n | \n \n \n Manille, Philippines\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora New Zealand Limited\n \n | \n \n \n Wellington, Nouvelle-Z\u00e9lande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT CAKRADARA MULIA ABADI\n \n | \n \n \n Jakarta, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 24\u00a0S\u00e8vres\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora USA\u00a0Inc.\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LGCS\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Beauty Canada\u00a0Inc.\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Puerto Rico LLC\n \n | \n \n \n Californie, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n S+\u00a0SAS\n \n | \n \n \n Neuilly-sur-Seine, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sephora Mexico S. de R.L de C.V\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Servicios Ziphorah S. de R.L de C.V\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Dotcom Group Com\u00e9rcio de Presentes\u00a0SA\n \n | \n \n \n Rio de Janeiro, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Avenue Hoche Varejista Limitada\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n AUTRES ACTIVIT\u00c9S\n \n | \n \n | \n | \n | |
| \n \n Amicitia\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n Lupicini\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 48\u2006%\n \n | \n |
| \n \n 357\u00a0N. Beverly Drive LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 1\u00a0Main Street East Hampton LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n East 56th and East 57th Street LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Thelios Holdings LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pasticceria Confetteria Cova\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Cova Montenapoleone\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Cova France Sas\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n Groupe Les Echos\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Museec\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Change Now\n \n | \n \n \n Vincennes, France\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Les Echos Management\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Radio Classique\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mezzo\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Les Echos Medias\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SFPA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Dematis\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Echos L\u00e9gal\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Echos\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pelham Media Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n WordAppeal\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pelham Media\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L\u2019Eclaireur\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n KCO Events\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pelham Media Production\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Alto International\u00a0SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Happeningco\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Mo\u00ebt Hennessy - Louis Vuitton\u2006(a)\n \n | \n \n \n Paris, France\n \n | \n \n \n Soci\u00e9t\u00e9 m\u00e8re\n \n | \n ||
| \n \n Bayard (Shanghai) Investment and Consultancy Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH (Shanghai) Management & Consultancy Co. Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Korea Ltd\n \n | \n \n \n S\u00e9oul, Cor\u00e9e du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH South & South East Asia Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Alderande\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 56\u2006%\n \n | \n |
| \n \n LVMH Group Treasury\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sofidiv Art Trading Company\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sofidiv\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Probinvest\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Publica\n \n | \n \n \n Bruxelles, Belgique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Glacea\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Naxara\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ufipar\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Pronos\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n EUPALINOS 1850\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L. Courtage R\u00e9assurance\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mongoual\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SARL Daves Rue de la Paix\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SARL Daves Place des Etats-Unis\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SNC HOTEL LES ANEMONES\n \n | \n \n \n Courchevel, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n OMEGA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n An\u00e9mone 1850\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Montaigne Jean Goujon\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n ENABLE\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 26\u00a0Cambon\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Villa Foscarini Srl\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Vicuna Holding\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Gorgias\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LC Investissements\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 51\u2006%\n \n | \n |
| \n \n LVMH Representa\u00e7\u00f5es Ltda\n \n | \n \n \n S\u00e3o Paulo, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Investissements\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ufinvest\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n White 1921 Courchevel Soci\u00e9t\u00e9 d\u2019Exploitation H\u00f4teli\u00e8re\n \n | \n \n \n Courchevel, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Delta\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Immobili\u00e8re Paris Savoie Les Tovets\n \n | \n \n \n Courchevel, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Investissement H\u00f4telier Saint Barth Plage des Flamands\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 56\u2006%\n \n | \n |
| \n \n P&C International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Dajbog\u00a0S.A.\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Participations BV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Services BV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 2181 Kalakaua Holdings LLC\n \n | \n \n \n Texas, USA\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n 2181 Kalakaua LLC\n \n | \n \n \n Texas, USA\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Polynomes\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Breakfast Holdings Acquisition\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L Catterton Management\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 20\u2006%\n \n | \n |
| \n \n 449\u00a0North Beverly Drive\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy International\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n Osaka Fudosan Company\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n One East 57th Street LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Creare\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Mo\u00ebt Hennessy Louis Vuitton KK\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH EU\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Marith\u00e9\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Delphine\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Meadowland Florida LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 461\u00a0North Beverly Drive\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n GIE CAPI13\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Miscellan\u00e9es\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Sofidiv Uk Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Primae\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Asia Pacific\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Canada\n \n | \n \n \n Toronto, Canada\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Perfumes & Cosmetics\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Mo\u00ebt Hennessy Louis Vuitton\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Lafayette Art I LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Island Cay Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Halls Pond Exuma Ltd\n \n | \n \n \n Nassau, Bahamas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 598\u00a0Madison Leasing Corp.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Eutrope\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 468\u00a0North Rodeo Drive\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Flavius Investissements\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH BH Holdings LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Rodeo Partners LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LBD Holding\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH MJ Holdings\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Arbelos Insurance\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 1896 Corp.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 313-317\u00a0N. Rodeo LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 319-323\u00a0N. Rodeo LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 420\u00a0N. Rodeo LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 456\u00a0North Rodeo Drive\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Services Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mo\u00ebt Hennessy Investissements\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 66\u2006%\n \n | \n |
| \n \n LVMH Mo\u00ebt Hennessy Louis Vuitton BV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Italia SpA\n \n | \n \n \n Milan, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Investir Publications\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Echos Solutions\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Les Echos Publishing\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Editio\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n EuroArts Music International\n \n | \n \n \n Berlin, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Wansquare\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Agence d\u2019Ev\u00e9nements Culturels\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 55\u2006%\n \n | \n |
| \n \n Opinion Way\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 76\u2006%\n \n | \n |
| \n \n Tamaris Holding\n \n | \n \n \n Paris, France\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n LVMH Hotel Management\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 d\u2019Exploitation H\u00f4teli\u00e8re de la Samaritaine\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 d\u2019Exploitation H\u00f4teli\u00e8re Isle de France\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 56\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 d\u2019Investissement Cheval Blanc Saint Barth Isle de France\n \n | \n \n \n Saint-Barth\u00e9lemy, Antilles fran\u00e7aises\n \n | \n \n \n IG\n \n | \n \n \n 56\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Cheval Blanc Saint Tropez\n \n | \n \n \n Saint-Tropez, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Villa Jacquemone\n \n | \n \n \n Saint-Tropez, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 33\u00a0Hoche\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Royal Van Lent Shipyard BV\n \n | \n \n \n Kaag, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Tower Holding BV\n \n | \n \n \n Kaag, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Green Bell BV\n \n | \n \n \n Kaag, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Gebr. Olie Beheer BV\n \n | \n \n \n Waddinxveen, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Van der Loo Yachtinteriors BV\n \n | \n \n \n Waddinxveen, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Red Bell BV\n \n | \n \n \n Kaag, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n De Voogt Naval Architects BV\n \n | \n \n \n Haarlem, Pays-Bas\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Feadship Holland BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Feadship America\u00a0Inc.\n \n | \n \n \n Floride, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n OGMNL BV\n \n | \n \n \n Nieuw-Lekkerland, Pays-Bas\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Firstship BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n RVL Holding BV\n \n | \n \n \n Kaag, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Le Jardin d\u2019Acclimatation\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 80\u2006%\n \n | \n |
| \n \n T\u00fcrkisblo\u00a0S.A.\n \n | \n \n \n Luxembourg\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n MONTAIGNE 1\u00a0BV\n \n | \n \n \n Amsterdam, Pays-Bas\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Palladios Overseas Holding\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 75\u00a0Sloane Street Services Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond (UK) Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Dollar Treasury Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Finance Services Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Management Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Sterling Treasury Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Blanc Restaurants Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Great Scottish and Western Railway Holdings Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n The Great Scottish and Western Railway Company Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Horatio Properties Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Island Hotel (Madeira) Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mount Nelson Hotel Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n La Residencia Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Reid\u2019s Hotel Madeira Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n VSOE Holdings Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Venice Simplon-Orient-Express Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond CJ Dollar Limited\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Croisieres Orex\u00a0SAS\n \n | \n \n \n St Usage, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n VSOE Voyages\u00a0SA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n VSOE Deutschland GmbH\n \n | \n \n \n Cologne, Allemagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ireland Luxury Rail Tours Ltd\n \n | \n \n \n Dublin, Irlande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Villa Margherita SpA\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Charleston Partners Inc\n \n | \n \n \n Caroline du Sud, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n La Samanna\u00a0SAS\n \n | \n \n \n Marigot, Saint-Martin\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Operadora de Hoteles Rivera Maya\u00a0SA de CV\n \n | \n \n \n Riviera Maya, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Plan Costa Maya\u00a0SA de CV\n \n | \n \n \n Riviera Maya, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n SpA Residencial\u00a0SA de CV\n \n | \n \n \n Riviera Maya, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Societ\u00e0 Agricola SGG Srl\n \n | \n \n \n Fiesole, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LUXURY TRAINS SWITZELAND AG\n \n | \n \n \n Zurich, Suisse\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Gambetta\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 85\u2006%\n \n | \n |
| \n \n Belmond (Shanghai) Management & Consultancy Co., Ltd\n \n | \n \n \n Shanghai, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 360\u00a0N. Rodeo Drive LLC\n \n | \n \n \n Illinois, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Eastern & Oriental Express Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n E&O Services (Singapore) Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n E&O Services (Thailand) Pte Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Katanchel,\u00a0S.A. de C.V.\n \n | \n \n \n Guanajuato, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Sicily SpA\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Italia SpA\n \n | \n \n \n G\u00eanes, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hotel Caruso SpA\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hotel Cipriani SpA\n \n | \n \n \n Venise, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hotel Splendido SpA\n \n | \n \n \n Portofino, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Villa San Michele SpA\n \n | \n \n \n Florence, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Luxury Trains Servizi Srl\n \n | \n \n \n Venise, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Castello di Casole SpA\n \n | \n \n \n Querceto, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Castello di Casole Agricoltura SpA\n \n | \n \n \n Querceto, Italie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Spanish Holdings SL\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Nomis Mallorcan Investments\u00a0SA\n \n | \n \n \n Madrid, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Son Moragues\u00a0SA\n \n | \n \n \n Deia, Espagne\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Reid\u2019s Hoteis Lda\n \n | \n \n \n Funchal, Portugal\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Europe Hotel LLC\n \n | \n \n \n Saint-Petersbourg, Russie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond USA Inc\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n 21\u00a0Club Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Pacific Inc\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Reservation Services Inc\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Charleston Centre LLC\n \n | \n \n \n Caroline du Sud, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Charleston Place Holdings Inc\n \n | \n \n \n Caroline du Sud, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n El Encanto Inc\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Venice Simplon Orient Express Inc\n \n | \n \n \n Delaware, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Cap Juluca Limited\n \n | \n \n \n Anguilla\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Holdings 1\u00a0Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Peru Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Leisure Holdings Asia Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Vessel Holdings 2\u00a0Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Anguilla Holdings LLC\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Anguilla Member LLC\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Anguilla Owner LLC\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Interfin Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Ltd\n \n | \n \n \n Hamilton, Bermudes\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Gametrackers (Botswana) (Pty) Ltd\n \n | \n \n \n Maun, Botswana\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Game Viewers (Pty) Ltd\n \n | \n \n \n Maun, Botswana\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Xaxaba Camp (Pty) Ltd\n \n | \n \n \n Gaborone, Botswana\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Phoenix Argente\u00a0SAS\n \n | \n \n \n Marigot, Saint-Martin\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CSN Immobiliaria\u00a0SA de CV\n \n | \n \n \n San Miguel De Allende, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n OEH Operadora San Miguel\u00a0SA de CV\n \n | \n \n \n San Miguel De Allende, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CSN Real Estate 1\u00a0SA de CV\n \n | \n \n \n San Miguel De Allende, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n OEH Servicios San Miguel\u00a0SA de CV\n \n | \n \n \n San Miguel De Allende, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Miraflores Ventures Ltd S.A de CV\n \n | \n \n \n Riviera Maya, Mexique\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Belmond Brasil Hoteis\u00a0SA\n \n | \n \n \n Foz de Iguacu, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Companhia Hoteis Palace\u00a0SA\n \n | \n \n \n Rio de Janeiro, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 98\u2006%\n \n | \n |
| \n \n Iguassu Experiences Agencia de Turismo Ltda\n \n | \n \n \n Foz de Iguacu, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Brasil Servicos Hoteleiros\u00a0SA\n \n | \n \n \n Rio de Janeiro, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Robisi Empreendimentos e Participacoes\u00a0SA\n \n | \n \n \n Rio de Janeiro, Br\u00e9sil\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Signature Boutique Ltda\n \n | \n \n \n Rio de Janeiro, Br\u00e9sil\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n CSN (San Miguel) Holdings Ltd\n \n | \n \n \n Tortola, \u00celes vierges britanniques\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Grupo Conceptos\u00a0SA\n \n | \n \n \n Road Town, \u00celes vierges britanniques\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Miraflores Ventures Ltd\n \n | \n \n \n Road Town, \u00celes vierges britanniques\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Peru Management\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Peru\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Ferrocarril Transandino\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Perurail\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Peru Belmond Hotels\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Peru Experiences Belmond\u00a0SA\n \n | \n \n \n Lima, P\u00e9rou\n \n | \n \n \n MEE\n \n | \n \n \n 50\u2006%\n \n | \n |
| \n \n Belmond Japan Ltd\n \n | \n \n \n Tokyo, Japon\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Pacific Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond China Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Hong Kong Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Hosia Company Ltd\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond Hotels Singapore Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Belmond (Thailand) Company Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fine resorts Co Ltd\n \n | \n \n \n Bangkok, Tha\u00eflande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Samui Island Resort Co Ltd\n \n | \n \n \n Koh Samui, Thailande\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Khmer Angkor Hotel Co Ltd\n \n | \n \n \n Siem Reap, Cambodge\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Hoteli\u00e8re de Pho Vao\n \n | \n \n \n Luang Prabang, Laos\n \n | \n \n \n IG\n \n | \n \n \n 69\u2006%\n \n | \n |
| \n \n Myanmar Cruises Ltd\n \n | \n \n \n Yangon, Myanmar\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Myanmar Hotels & Cruises Ltd\n \n | \n \n \n Yangon, Myanmar\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n PT Bali Resort & Leisure Co Ltd\n \n | \n \n \n Bali, Indon\u00e9sie\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Exclusive Destinations (Pty) Ltd\n \n | \n \n \n Cape Town, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Fraser\u2019s Helmsley Properties (Pty) Ltd\n \n | \n \n \n Cape Town, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mount Nelson Commercial Properties (Pty) Ltd\n \n | \n \n \n Cape Town, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Mount Nelson Residential Properties (Pty) Ltd\n \n | \n \n \n Cape Town, Afrique du Sud\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Client Services\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH GAIA\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMH Happening\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LVMHappening LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Le Parisien Lib\u00e9r\u00e9\n \n | \n \n \n Saint-Ouen, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Team Diffusion\n \n | \n \n \n Saint-Ouen, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Team Media\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Soci\u00e9t\u00e9 Nouvelle SICAVIC\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n L.P.M.\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n LP Management\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 100\u2006%\n \n | \n |
| \n \n Editions Assouline\u00a0SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Assouline Publishing Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Assouline Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Aristote in NY Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Aristote in OC Inc\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Assouline UK Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Assouline Italy SRL\n \n | \n \n \n Venise, Italie\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Assouline PB LLC\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n MEE\n \n | \n \n \n 49\u2006%\n \n | \n |
| \n \n Magasins de la Samaritaine\n \n | \n \n \n Paris, France\n \n | \n \n \n IG\n \n | \n \n \n 99\u2006%\n \n | \n |
| \n | \n | \n | \n | \n |
\n IG\u00a0: Soci\u00e9t\u00e9 consolid\u00e9e par int\u00e9gration globale.\n
\n\n MEE\u00a0: Soci\u00e9t\u00e9 consolid\u00e9e par mise en \u00e9quivalence.\n
\n\n JV\u00a0: Soci\u00e9t\u00e9 constitu\u00e9e en joint-venture avec Diageo\u00a0: int\u00e9gration de la seule activit\u00e9 Mo\u00ebt Hennessy. Voir \u00e9galement Notes 1.7 et 1.27 pour le principe de comptabilisation relatif \u00e0 ces soci\u00e9t\u00e9s.\n
\n\n (a)\u00a0 LVMH est une soci\u00e9t\u00e9 europ\u00e9enne, dont le si\u00e8ge social est situ\u00e9 au 22 avenue Montaigne, 75008 Paris, France.\n
\n Liste des soci\u00e9t\u00e9s non incluses dans la consolidation\n
\n| \n \n Soci\u00e9t\u00e9s\n \n | \n \n \n Si\u00e8ge social\n \n | \n \n \n Taux d\u2019int\u00e9r\u00eat\n \n | \n
| \n \n Soci\u00e9t\u00e9 d\u2019Exploitation H\u00f4teli\u00e8re de Saint-Tropez\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Soci\u00e9t\u00e9 Nouvelle de Libraire et de l\u2019Edition\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Samos 1850\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n BRN Invest NV\n \n | \n \n \n Baarn, Pays-Bas\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Toiltech\n \n | \n \n \n Paris, France\n \n | \n \n \n 90\u2006%\n \n | \n
| \n \n Sephora Macau Limited\n \n | \n \n \n Macao, Chine\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 116\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 125\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 126\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 127\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 128\n \n | \n \n \n Bourg-de-P\u00e9age, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 132\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Nona Source\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 135\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 136\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 137\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 138\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 139\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 141\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 142\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 144\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Heristoria\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Mo\u00ebt Hennessy Wines & Spirits\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n LVMH Holdings\u00a0Inc.\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Prolepsis Investment Ltd\n \n | \n \n \n Londres, Royaume-Uni\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Innovacion en Marcas de Prestigio\u00a0SA\n \n | \n \n \n Mexico, Mexique\n \n | \n \n \n 65\u2006%\n \n | \n
| \n \n MS 33\u00a0Expansion\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Shinsegae International Co. Ltd LLC\n \n | \n \n \n Paris, France\n \n | \n \n \n 51\u2006%\n \n | \n
| \n \n Crystal Pumpkin\n \n | \n \n \n Florence, Italie\n \n | \n \n \n 99\u2006%\n \n | \n
| \n \n Groupement Forestier des Bois de la Celle\n \n | \n \n \n Cognac, France\n \n | \n \n \n 65\u2006%\n \n | \n
| \n \n Augesco\n \n | \n \n \n Paris, France\n \n | \n \n \n 50\u2006%\n \n | \n
| \n \n Folio St. Barths\n \n | \n \n \n New\u00a0York, USA\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Editions Croque Futur\n \n | \n \n \n Paris, France\n \n | \n \n \n 40\u2006%\n \n | \n
| \n \n LVMH Luxury Ventures Advisors\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 154\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 159\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 160\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 161\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 162\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 163\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 164\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n SOFPAR 165\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Biocr\u00e9ation Cosmetic\n \n | \n \n \n Saintigny, France\n \n | \n \n \n 60\u2006%\n \n | \n
| \n \n Blu Himalaya SL\n \n | \n \n \n B\u00e9tera, Espagne\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Verdeveleno SL\n \n | \n \n \n B\u00e9tera, Espagne\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Tracking Leather SL\n \n | \n \n \n B\u00e9tera, Espagne\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Samarinda Trading SL\n \n | \n \n \n B\u00e9tera, Espagne\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Verdeveleno Italia SRL\n \n | \n \n \n Santa Croce sull'Arno, Italie\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Verlos Pte Ltd\n \n | \n \n \n Singapour\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Pt Verlos Indonesia Leather\n \n | \n \n \n Bali, Indon\u00e9sie\n \n | \n \n \n 55\u2006%\n \n | \n
| \n \n Heng Long Italy\n \n | \n \n \n Pieve a Nievole, Italie\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Renato Menegatti Srl\n \n | \n \n \n Villaverla, Italie\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Zhongshan Orest Industries\n \n | \n \n \n Zhongshan, Chine\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n MGV International\n \n | \n \n \n Hong Kong, Chine\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Oriots Finance SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Financi\u00e8re Abysse SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Hamard Vitau SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Atelier Bleu Platine SARL\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n Alain Foubert SAS\n \n | \n \n \n Paris, France\n \n | \n \n \n 100\u2006%\n \n | \n
| \n \n JAO \u2013 Joaillerie Assist\u00e9e par Ordinateur\n \n | \n \n \n Paris, France\n \n | \n \n \n 76\u2006%\n \n | \n
\n Les soci\u00e9t\u00e9s non incluses dans la consolidation sont soit des entit\u00e9s sans activit\u00e9 et/ou en cours de liquidation, soit des entit\u00e9s dont l\u2019int\u00e9gration, individuellement ou collectivement, n\u2019aurait pas d\u2019impact significatif sur les principaux agr\u00e9gats du Groupe.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28709": { "value": "\n 4.\u00a0\u00a0\u00a0\u00a0 \u00c9carts d\u2019acquisition\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n \u00c9carts d\u2019acquisition sur titres consolid\u00e9s\n \n | \n \n \n 20\u202f030\n \n | \n \n \n (1\u202f690)\n \n | \n \n \n 18\u202f340\n \n | \n \n \n 17\u202f883\n \n | \n \n \n 16\u202f834\n \n | \n
| \n \n \u00c9carts d\u2019acquisition sur engagements d\u2019achat de titres de minoritaires\n \n | \n \n \n 5\u202f682\n \n | \n \n \n -\n \n | \n \n \n 5\u202f682\n \n | \n \n \n 6\u202f899\n \n | \n \n \n 9\u202f070\n \n | \n
| \n \n Total\n \n | \n \n \n 25\u202f712\n \n | \n \n \n (1\u202f690)\n \n | \n \n \n 24\u202f022\n \n | \n \n \n 24\u202f782\n \n | \n \n \n 25\u202f904\n \n | \n
\n Les variations sur les exercices pr\u00e9sent\u00e9s du solde net des \u00e9carts d\u2019acquisition s\u2019analysent de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||
| \n \n Brut\n \n | \n \n \n D\u00e9pr\u00e9ciations\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n \n \n Net\n \n | \n |
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 26\u202f785\n \n | \n \n \n (2\u202f003)\n \n | \n \n \n 24\u202f782\n \n | \n \n \n 25\u202f904\n \n | \n \n \n 16\u202f042\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n 431\n \n | \n \n \n 282\n \n | \n \n \n 713\n \n | \n \n \n 604\n \n | \n \n \n 6\u202f879\n \n | \n
| \n \n Variation des engagements d\u2019achat de titres de minoritaires\n \n | \n \n \n (1\u202f235)\n \n | \n \n \n -\n \n | \n \n \n (1\u202f235)\n \n | \n \n \n (2\u202f204)\n \n | \n \n \n 2\u202f467\n \n | \n
| \n \n Variations des d\u00e9pr\u00e9ciations\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (27)\n \n | \n \n \n (78)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (268)\n \n | \n \n \n 31\n \n | \n \n \n (237)\n \n | \n \n \n 504\n \n | \n \n \n 595\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 25\u202f712\n \n | \n \n \n (1\u202f690)\n \n | \n \n \n 24\u202f022\n \n | \n \n \n 24\u202f782\n \n | \n \n \n 25\u202f904\n \n | \n
\n Voir Note\u00a021\u00a0pour les \u00e9carts d\u2019acquisition relatifs aux engagements d\u2019achat de titres de minoritaires.\n
\n\n Les effets des variations de p\u00e9rim\u00e8tre r\u00e9sultent essentiellement de l\u2019acquisition de Minuty, Platinum Invest, Barton Perreira et Vuarnet. Voir Note\u00a02.\n
\n\n Les effets des variations de change r\u00e9sultent principalement des \u00e9carts d\u2019acquisition comptabilis\u00e9s en dollar US en raison de l\u2019\u00e9volution de la parit\u00e9 du dollar US vis-\u00e0-vis de l\u2019euro entre le 1er\u00a0janvier et le 31\u00a0d\u00e9cembre 2023.\n
\n\n En 2022, les effets des variations de p\u00e9rim\u00e8tre r\u00e9sultaient principalement de l\u2019acquisition de Joseph Phelps ainsi que de l\u2019int\u00e9gration des acquisitions ant\u00e9rieures \u00e0 2022, notamment Officine Universelle Buly et Feelunique, et de la cession par Sephora de sa filiale en Russie. Voir Note\u00a02.\n
\n\n En 2021, l\u2019effet des variations de p\u00e9rim\u00e8tre r\u00e9sultait essentiellement de l\u2019acquisition de Tiffany. Voir Note\u00a02.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28881": { "value": "\n\n Les marques, enseignes et autres actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie ainsi que les \u00e9carts d\u2019acquisition ont fait l\u2019objet d\u2019un test annuel de perte de valeur. Aucune d\u00e9pr\u00e9ciation significative n\u2019a \u00e9t\u00e9 enregistr\u00e9e \u00e0 ce titre au cours de l\u2019exercice 2023.\n
\n\n Comme d\u00e9crit en Note\u00a01.16, l\u2019\u00e9valuation est effectu\u00e9e le plus souvent \u00e0 partir des flux de tr\u00e9sorerie pr\u00e9visionnels actualis\u00e9s attendus de ces actifs, d\u00e9termin\u00e9s dans le cadre de plans pluriannuels, \u00e9tablis au cours de chaque exercice. Les cons\u00e9quences du contexte macro-\u00e9conomique continuent de perturber les op\u00e9rations commerciales de certaines Maisons, en raison notamment de la diminution du trafic des voyageurs d\u2019affaires et de tourisme en Asie. Le Groupe estime toutefois que ces perturbations ne sont pas de nature \u00e0 remettre en cause la trajectoire fix\u00e9e dans les plans pluriannuels.\n
\n\n Les principaux param\u00e8tres retenus pour la d\u00e9termination des flux pr\u00e9visionnels sont les suivants\u00a0:\n
\n| \n \n (en pourcentage)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n |||||||
| \n \n Taux d\u2019actualisation\n \n | \n \n \n Taux de croissance moyen des ventes sur la dur\u00e9e du plan\n \n | \n \n \n Taux de croissance au-del\u00e0 de la dur\u00e9e du plan\n \n | \n \n \n Taux d\u2019actualisation apr\u00e8s imp\u00f4t\n \n | \n \n \n Taux de croissance moyen des ventes sur la dur\u00e9e du plan\n \n | \n \n \n Taux de croissance au-del\u00e0 de la dur\u00e9e du plan\n \n | \n \n \n Taux d\u2019actualisation apr\u00e8s imp\u00f4t\n \n | \n \n \n Taux de croissance moyen des ventes sur la dur\u00e9e du plan\n \n | \n \n \n Taux de croissance au-del\u00e0 de la dur\u00e9e du plan\n \n | \n ||
| \n \n Apr\u00e8s imp\u00f4t\n \n | \n \n \n Avant imp\u00f4t\n \n | \n |||||||||
| \n \n Vins et Spiritueux\n \n | \n \n \n 6,9\u00a0\u00e0 10,9\n \n | \n \n \n 9,3\u00a0\u00e0 14,7\n \n | \n \n \n 6,3\n \n | \n \n \n 2,5\n \n | \n \n \n 7,1\u00a0\u00e0 11,9\n \n | \n \n \n 8,2\n \n | \n \n \n 2,0\n \n | \n \n \n 6,7\u00a0\u00e0 11,6\n \n | \n \n \n 7,4\n \n | \n \n \n 2,0\n \n | \n
| \n \n Mode et Maroquinerie\n \n | \n \n \n 8,6\u00a0\u00e0 8,8\n \n | \n \n \n 11,6\u00a0\u00e0 11,9\n \n | \n \n \n 10,1\n \n | \n \n \n 3,3\n \n | \n \n \n 9,6\u00a0\u00e0 11,0\n \n | \n \n \n 9,4\n \n | \n \n \n 2,0\n \n | \n \n \n 7,4\u00a0\u00e0 10,2\n \n | \n \n \n 10,6\n \n | \n \n \n 2,0\n \n | \n
| \n \n Parfums et Cosm\u00e9tiques\n \n | \n \n \n 8,5\u00a0\u00e0 9,1\n \n | \n \n \n 11,5\u00a0\u00e0 12,3\n \n | \n \n \n 10,1\n \n | \n \n \n 3,0\n \n | \n \n \n 8,3\u00a0\u00e0 8,5\n \n | \n \n \n 10,9\n \n | \n \n \n 2,0\n \n | \n \n \n 7,3\n \n | \n \n \n 12,2\n \n | \n \n \n 2,0\n \n | \n
| \n \n Montres et Joaillerie\n \n | \n \n \n 8,6\u00a0\u00e0 9,1\n \n | \n \n \n 11,6\u00a0\u00e0 12,3\n \n | \n \n \n 10,4\n \n | \n \n \n 3,0\n \n | \n \n \n 8,8\u00a0\u00e0 9,0\n \n | \n \n \n 8,8\n \n | \n \n \n 2,0\u00a0\u00e0 2,5\n \n | \n \n \n 8,2\n \n | \n \n \n 10,1\n \n | \n \n \n 2,0\n \n | \n
| \n \n Distribution s\u00e9lective\n \n | \n \n \n 9,0\u00a0\u00e0 9,5\n \n | \n \n \n 12,2\u00a0\u00e0 12,8\n \n | \n \n \n 8,4\n \n | \n \n \n 2,5\n \n | \n \n \n 9,7\u00a0\u00e0 9,8\n \n | \n \n \n 9,5\n \n | \n \n \n 2,0\n \n | \n \n \n 8,6\n \n | \n \n \n 11,5\n \n | \n \n \n 2,0\n \n | \n
| \n \n Autres\n \n | \n \n \n 8,7\u00a0\u00e0 9,3\n \n | \n \n \n 11,8\u00a0\u00e0 12,6\n \n | \n \n \n 3,5\n \n | \n \n \n 2,0\n \n | \n \n \n 8,5\u00a0\u00e0 9,7\n \n | \n \n \n 4,7\n \n | \n \n \n 2,0\n \n | \n \n \n 6,6\u00a0\u00e0 9,0\n \n | \n \n \n 7,6\n \n | \n \n \n 2,0\n \n | \n
\n La dur\u00e9e des plans est de 5\u00a0ans, mais peut \u00eatre \u00e9tendue jusqu\u2019\u00e0 10\u00a0ans pour les marques dont le cycle de production s\u2019\u00e9tend sur plus de 5\u00a0ans ou pour les marques qui sont en cours de repositionnement strat\u00e9gique.\n
\n\n Les taux de croissance annuelle retenus pour la p\u00e9riode au-del\u00e0 de la dur\u00e9e des plans sont ceux habituellement retenus par le march\u00e9 pour les activit\u00e9s concern\u00e9es.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie dont les valeurs nettes comptables sont les plus significatives ainsi que les param\u00e8tres retenus pour le test de perte de valeur de ces actifs sont les suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Marques et enseignes\n \n | \n \n \n \u00c9carts d\u2019acquisition\n \n | \n \n \n Total\n \n | \n \n \n Taux d\u2019actualisation apr\u00e8s imp\u00f4t (en pourcentage)\n \n | \n \n \n Taux de croissance au-del\u00e0 de la dur\u00e9e du plan (en pourcentage)\n \n | \n \n \n P\u00e9riode couverte par les flux de tr\u00e9sorerie pr\u00e9visionnels\n \n | \n
| \n \n Christian Dior\n \n | \n \n \n 3\u202f500\n \n | \n \n \n 2\u202f243\n \n | \n \n \n 5\u202f743\n \n | \n \n \n 8,8\n \n | \n \n \n 3,3\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Louis Vuitton\n \n | \n \n \n 2\u202f060\n \n | \n \n \n 548\n \n | \n \n \n 2\u202f608\n \n | \n \n \n 8,8\n \n | \n \n \n 3,3\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Loro Piana\n \n | \n \n \n 1\u202f300\n \n | \n \n \n 1\u202f048\n \n | \n \n \n 2\u202f348\n \n | \n \n \n 8,8\n \n | \n \n \n 3,3\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Fendi\n \n | \n \n \n 713\n \n | \n \n \n 417\n \n | \n \n \n 1\u202f130\n \n | \n \n \n 8,8\n \n | \n \n \n 3,3\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Tiffany\u00a0(a)\n \n | \n \n \n 6\u202f606\n \n | \n \n \n 7\u202f768\n \n | \n \n \n 14\u202f375\n \n | \n \n \n 8,6\n \n | \n \n \n 3,0\n \n | \n \n \n 10\u00a0ans\n \n | \n
| \n \n Bulgari\n \n | \n \n \n 2\u202f100\n \n | \n \n \n 1\u202f547\n \n | \n \n \n 3\u202f647\n \n | \n \n \n 9,1\n \n | \n \n \n 3,0\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n TAG Heuer\n \n | \n \n \n 1\u202f340\n \n | \n \n \n 261\n \n | \n \n \n 1\u202f600\n \n | \n \n \n 9,1\n \n | \n \n \n 3,0\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n DFS\n \n | \n \n \n 2\u202f071\n \n | \n \n \n -\n \n | \n \n \n 2\u202f071\n \n | \n \n \n 9,5\n \n | \n \n \n 2,5\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Sephora\n \n | \n \n \n 265\n \n | \n \n \n 640\n \n | \n \n \n 905\n \n | \n \n \n 9,0\u00a0\u00e0 9,5\n \n | \n \n \n 2,5\n \n | \n \n \n 5\u00a0ans\n \n | \n
| \n \n Belmond\u00a0(a)\n \n | \n \n \n 126\n \n | \n \n \n 772\n \n | \n \n \n 898\n \n | \n \n \n 9,3\n \n | \n \n \n 2,0\n \n | \n \n \n 10\u00a0ans\n \n | \n
\n (a)\u00a0 Ces Maisons sont consid\u00e9r\u00e9es comme \u00e9tant en cours de repositionnement strat\u00e9gique\u00a0: un plan d\u2019affaires sur 10\u00a0ans a \u00e9t\u00e9 retenu.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, deux secteurs d\u2019activit\u00e9s pr\u00e9sentent des actifs incorporels ayant une valeur comptable proche de leur valeur recouvrable (dont un pour lequel la valeur nette comptable des actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie est significative). Les tests de perte de valeur concernant les actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie de ces secteurs ont \u00e9t\u00e9 effectu\u00e9s sur la base de la valeur d\u2019utilit\u00e9. Le montant de ces actifs incorporels au 31\u00a0d\u00e9cembre 2023, ainsi que le montant de la d\u00e9pr\u00e9ciation qui r\u00e9sulterait d\u2019une hausse de 1,5\u00a0point du taux d\u2019actualisation apr\u00e8s imp\u00f4t, ou d\u2019une baisse de 1,0\u00a0point du taux de croissance au-del\u00e0 de la dur\u00e9e des plans, ou d\u2019une baisse de 4,0\u00a0points du taux de croissance moyen des ventes par rapport aux taux retenus au 31\u00a0d\u00e9cembre 2023 sont d\u00e9taill\u00e9s ci-dessous\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Montant des actifs incorporels concern\u00e9s au 31/12/2023\n \n | \n \n \n Montant de la d\u00e9pr\u00e9ciation en cas de\u00a0:\n \n | \n ||
| \n \n Hausse de 1,5\u2006% du taux d\u2019actualisation apr\u00e8s imp\u00f4t\n \n | \n \n \n Baisse de 4\u2006% du taux de croissance moyen des ventes\n \n | \n \n \n Baisse de 1,0\u2006% du taux de croissance au-del\u00e0 de la dur\u00e9e des plans\n \n | \n ||
| \n \n Montres et Joaillerie\u00a0(a)\n \n | \n \n \n 1\u202f600\n \n | \n \n \n (46)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Autres activit\u00e9s\u00a0(b)\n \n | \n \n \n 260\n \n | \n \n \n (36)\n \n | \n \n \n (28)\n \n | \n \n \n (14)\n \n | \n
| \n \n Total\n \n | \n \n \n 1\u202f860\n \n | \n \n \n (82)\n \n | \n \n \n (28)\n \n | \n \n \n (14)\n \n | \n
\n (a)\u00a0 Concerne TAG Heuer.\n
\n\n (b)\u00a0 Concerne Royal Van Lent.\n
\n\n Le Groupe consid\u00e8re que des variations sup\u00e9rieures \u00e0 celles indiqu\u00e9es ci-dessus conduiraient \u00e0 des niveaux d\u2019hypoth\u00e8ses non pertinents, au regard de l\u2019environnement \u00e9conomique actuel et des perspectives de croissance des activit\u00e9s concern\u00e9es \u00e0 moyen et long terme. En outre, une baisse de 4\u2006% du taux de croissance moyen des ventes sur la dur\u00e9e du plan est une hypoth\u00e8se pessimiste avec une probabilit\u00e9 d\u2019occurrence tr\u00e8s faible.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les valeurs brutes et nettes des marques, enseignes et \u00e9carts d\u2019acquisition ayant donn\u00e9 lieu \u00e0 amortissement et/ou d\u00e9pr\u00e9ciation en 2023 sont de 51\u00a0millions d\u2019euros et 16\u00a0millions d\u2019euros, respectivement (471 et 193\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022).\n
\n\n Les d\u00e9pr\u00e9ciations et amortissements enregistr\u00e9s au cours de l\u2019exercice 2023 au titre des actifs incorporels \u00e0 dur\u00e9e de vie ind\u00e9finie s\u2019\u00e9l\u00e8vent \u00e0 7\u00a0millions d\u2019euros. Voir Note\u00a026.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__92-1": { "value": "\n 7.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagements hors bilan\n
\n\n Les engagements hors bilan relatifs \u00e0 la part fixe des loyers des contrats de location s\u2019analysent comme suit\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Contrats dont la date de prise d\u2019effet est post\u00e9rieure \u00e0 la cl\u00f4ture\n \n | \n \n \n 888\n \n | \n \n \n 872\n \n | \n \n \n 459\n \n | \n
| \n \n Contrats relatifs aux actifs de faible valeur et contrats de courte dur\u00e9e\n \n | \n \n \n 286\n \n | \n \n \n 207\n \n | \n \n \n 167\n \n | \n
| \n \n Total des paiements futurs non actualis\u00e9s\n \n | \n \n \n 1\u202f174\n \n | \n \n \n 1\u202f078\n \n | \n \n \n 626\n \n | \n
\n Dans le cadre de la gestion dynamique de son r\u00e9seau de boutiques, le Groupe n\u00e9gocie et conclut des contrats de location dont la date d\u2019effet est post\u00e9rieure \u00e0 la date de cl\u00f4ture. Les engagements relatifs \u00e0 ces contrats ne sont pas inscrits en dettes locatives mais en engagements hors bilan.\n
\n\n En outre, le Groupe peut souscrire des contrats de location ou de concession comportant un montant garanti variable, non refl\u00e9t\u00e9 dans les engagements ci-dessus.\n
\n 31.\u00a0\u00a0\u00a0\u00a0 Engagements hors bilan\n
\n\n 31.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagements d\u2019achat\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Raisins, vins et eaux-de-vie\n \n | \n \n \n 3\u202f463\n \n | \n \n \n 3\u202f138\n \n | \n \n \n 2\u202f843\n \n | \n
| \n \n Autres engagements d\u2019achat de mati\u00e8res premi\u00e8res\n \n | \n \n \n 803\n \n | \n \n \n 810\n \n | \n \n \n 759\n \n | \n
| \n \n Immobilisations industrielles ou commerciales\n \n | \n \n \n 1\u202f432\n \n | \n \n \n 1\u202f173\n \n | \n \n \n 715\n \n | \n
| \n \n Titres de participation et investissements financiers\u2006(a)\n \n | \n \n \n 367\n \n | \n \n \n 181\n \n | \n \n \n 317\n \n | \n
\n (a)\u00a0 Voir \u00e9galement Note 2.\n
\n\n Dans l\u2019activit\u00e9 Vins et Spiritueux, une partie des approvisionnements futurs en raisins, vins clairs et eaux-de-vie r\u00e9sulte d\u2019engagements d\u2019achat aupr\u00e8s de producteurs locaux diversifi\u00e9s. Ces engagements sont \u00e9valu\u00e9s, selon la nature des approvisionnements, sur la base des termes contractuels, ou sur la base des prix connus \u00e0 la date de la cl\u00f4ture et de rendements de production estim\u00e9s.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, l\u2019\u00e9ch\u00e9ancier des engagements d\u2019achat est le suivant\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n \u00c0 moins d\u2019un an\n \n | \n \n \n De un \u00e0 cinq ans\n \n | \n \n \n Au-del\u00e0 de cinq ans\n \n | \n \n \n Total\n \n | \n
| \n \n Raisins, vins et eaux-de-vie\n \n | \n \n \n 907\n \n | \n \n \n 2\u202f195\n \n | \n \n \n 361\n \n | \n \n \n 3\u202f463\n \n | \n
| \n \n Autres engagements d\u2019achat de mati\u00e8res premi\u00e8res\n \n | \n \n \n 369\n \n | \n \n \n 433\n \n | \n \n \n -\n \n | \n \n \n 803\n \n | \n
| \n \n Immobilisations industrielles ou commerciales\n \n | \n \n \n 591\n \n | \n \n \n 704\n \n | \n \n \n 137\n \n | \n \n \n 1\u202f432\n \n | \n
| \n \n Titres de participation et investissements financiers\n \n | \n \n \n 367\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 367\n \n | \n
\n 31.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cautions, avals et autres garanties\n
\n\n Au 31\u00a0d\u00e9cembre 2023, ces engagements s\u2019analysent de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Avals et cautions\n \n | \n \n \n 643\n \n | \n \n \n 415\n \n | \n \n \n 415\n \n | \n
| \n \n Autres garanties\n \n | \n \n \n 327\n \n | \n \n \n 328\n \n | \n \n \n 162\n \n | \n
| \n \n Garanties donn\u00e9es\n \n | \n \n \n 970\n \n | \n \n \n 744\n \n | \n \n \n 577\n \n | \n
| \n \n Garanties re\u00e7ues\n \n | \n \n \n (42)\n \n | \n \n \n (53)\n \n | \n \n \n (65)\n \n | \n
\n Les \u00e9ch\u00e9ances de ces engagements se r\u00e9partissent ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n \u00c0 moins d\u2019un an\n \n | \n \n \n De un \u00e0 cinq ans\n \n | \n \n \n Au-del\u00e0 de cinq ans\n \n | \n \n \n Total\n \n | \n
| \n \n Avals et cautions\n \n | \n \n \n 522\n \n | \n \n \n 80\n \n | \n \n \n 41\n \n | \n \n \n 643\n \n | \n
| \n \n Autres garanties\n \n | \n \n \n 128\n \n | \n \n \n 150\n \n | \n \n \n 49\n \n | \n \n \n 327\n \n | \n
| \n \n Garanties donn\u00e9es\n \n | \n \n \n 650\n \n | \n \n \n 231\n \n | \n \n \n 89\n \n | \n \n \n 970\n \n | \n
| \n \n Garanties re\u00e7ues\n \n | \n \n \n (19)\n \n | \n \n \n (20)\n \n | \n \n \n (3)\n \n | \n \n \n (42)\n \n | \n
\n 31.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Autres engagements\n
\n\n \u00c0 la connaissance du Groupe, il n\u2019existe pas d\u2019engagements hors bilan significatifs autres que ceux d\u00e9crits ci-dessus.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__93-1": { "value": "\n 7.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagements hors bilan\n
\n\n Les engagements hors bilan relatifs \u00e0 la part fixe des loyers des contrats de location s\u2019analysent comme suit\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Contrats dont la date de prise d\u2019effet est post\u00e9rieure \u00e0 la cl\u00f4ture\n \n | \n \n \n 888\n \n | \n \n \n 872\n \n | \n \n \n 459\n \n | \n
| \n \n Contrats relatifs aux actifs de faible valeur et contrats de courte dur\u00e9e\n \n | \n \n \n 286\n \n | \n \n \n 207\n \n | \n \n \n 167\n \n | \n
| \n \n Total des paiements futurs non actualis\u00e9s\n \n | \n \n \n 1\u202f174\n \n | \n \n \n 1\u202f078\n \n | \n \n \n 626\n \n | \n
\n Dans le cadre de la gestion dynamique de son r\u00e9seau de boutiques, le Groupe n\u00e9gocie et conclut des contrats de location dont la date d\u2019effet est post\u00e9rieure \u00e0 la date de cl\u00f4ture. Les engagements relatifs \u00e0 ces contrats ne sont pas inscrits en dettes locatives mais en engagements hors bilan.\n
\n\n En outre, le Groupe peut souscrire des contrats de location ou de concession comportant un montant garanti variable, non refl\u00e9t\u00e9 dans les engagements ci-dessus.\n
\n 31.\u00a0\u00a0\u00a0\u00a0 Engagements hors bilan\n
\n\n 31.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Engagements d\u2019achat\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Raisins, vins et eaux-de-vie\n \n | \n \n \n 3\u202f463\n \n | \n \n \n 3\u202f138\n \n | \n \n \n 2\u202f843\n \n | \n
| \n \n Autres engagements d\u2019achat de mati\u00e8res premi\u00e8res\n \n | \n \n \n 803\n \n | \n \n \n 810\n \n | \n \n \n 759\n \n | \n
| \n \n Immobilisations industrielles ou commerciales\n \n | \n \n \n 1\u202f432\n \n | \n \n \n 1\u202f173\n \n | \n \n \n 715\n \n | \n
| \n \n Titres de participation et investissements financiers\u2006(a)\n \n | \n \n \n 367\n \n | \n \n \n 181\n \n | \n \n \n 317\n \n | \n
\n (a)\u00a0 Voir \u00e9galement Note 2.\n
\n\n Dans l\u2019activit\u00e9 Vins et Spiritueux, une partie des approvisionnements futurs en raisins, vins clairs et eaux-de-vie r\u00e9sulte d\u2019engagements d\u2019achat aupr\u00e8s de producteurs locaux diversifi\u00e9s. Ces engagements sont \u00e9valu\u00e9s, selon la nature des approvisionnements, sur la base des termes contractuels, ou sur la base des prix connus \u00e0 la date de la cl\u00f4ture et de rendements de production estim\u00e9s.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, l\u2019\u00e9ch\u00e9ancier des engagements d\u2019achat est le suivant\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n \u00c0 moins d\u2019un an\n \n | \n \n \n De un \u00e0 cinq ans\n \n | \n \n \n Au-del\u00e0 de cinq ans\n \n | \n \n \n Total\n \n | \n
| \n \n Raisins, vins et eaux-de-vie\n \n | \n \n \n 907\n \n | \n \n \n 2\u202f195\n \n | \n \n \n 361\n \n | \n \n \n 3\u202f463\n \n | \n
| \n \n Autres engagements d\u2019achat de mati\u00e8res premi\u00e8res\n \n | \n \n \n 369\n \n | \n \n \n 433\n \n | \n \n \n -\n \n | \n \n \n 803\n \n | \n
| \n \n Immobilisations industrielles ou commerciales\n \n | \n \n \n 591\n \n | \n \n \n 704\n \n | \n \n \n 137\n \n | \n \n \n 1\u202f432\n \n | \n
| \n \n Titres de participation et investissements financiers\n \n | \n \n \n 367\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 367\n \n | \n
\n 31.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cautions, avals et autres garanties\n
\n\n Au 31\u00a0d\u00e9cembre 2023, ces engagements s\u2019analysent de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Avals et cautions\n \n | \n \n \n 643\n \n | \n \n \n 415\n \n | \n \n \n 415\n \n | \n
| \n \n Autres garanties\n \n | \n \n \n 327\n \n | \n \n \n 328\n \n | \n \n \n 162\n \n | \n
| \n \n Garanties donn\u00e9es\n \n | \n \n \n 970\n \n | \n \n \n 744\n \n | \n \n \n 577\n \n | \n
| \n \n Garanties re\u00e7ues\n \n | \n \n \n (42)\n \n | \n \n \n (53)\n \n | \n \n \n (65)\n \n | \n
\n Les \u00e9ch\u00e9ances de ces engagements se r\u00e9partissent ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n \u00c0 moins d\u2019un an\n \n | \n \n \n De un \u00e0 cinq ans\n \n | \n \n \n Au-del\u00e0 de cinq ans\n \n | \n \n \n Total\n \n | \n
| \n \n Avals et cautions\n \n | \n \n \n 522\n \n | \n \n \n 80\n \n | \n \n \n 41\n \n | \n \n \n 643\n \n | \n
| \n \n Autres garanties\n \n | \n \n \n 128\n \n | \n \n \n 150\n \n | \n \n \n 49\n \n | \n \n \n 327\n \n | \n
| \n \n Garanties donn\u00e9es\n \n | \n \n \n 650\n \n | \n \n \n 231\n \n | \n \n \n 89\n \n | \n \n \n 970\n \n | \n
| \n \n Garanties re\u00e7ues\n \n | \n \n \n (19)\n \n | \n \n \n (20)\n \n | \n \n \n (3)\n \n | \n \n \n (42)\n \n | \n
\n 31.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Autres engagements\n
\n\n \u00c0 la connaissance du Groupe, il n\u2019existe pas d\u2019engagements hors bilan significatifs autres que ceux d\u00e9crits ci-dessus.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31780": { "value": "\n 9.\u00a0\u00a0\u00a0\u00a0 Investissements financiers\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 1\u202f109\n \n | \n \n \n 1\u202f363\n \n | \n \n \n 739\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 212\n \n | \n \n \n 369\n \n | \n \n \n 569\n \n | \n
| \n \n Cessions \u00e0 valeur de vente\n \n | \n \n \n (30)\n \n | \n \n \n (98)\n \n | \n \n \n (107)\n \n | \n
| \n \n Variations de valeur de march\u00e9\u00a0(a)\n \n | \n \n \n 211\n \n | \n \n \n (125)\n \n | \n \n \n 153\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n (120)\n \n | \n \n \n (410)\n \n | \n \n \n (3)\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (19)\n \n | \n \n \n 10\n \n | \n \n \n 12\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 1\u202f363\n \n | \n \n \n 1\u202f109\n \n | \n \n \n 1\u202f363\n \n | \n
\n (a)\u00a0 Enregistr\u00e9es en R\u00e9sultat financier et, en 2021, pour partie en Autres produits et charges op\u00e9rationnels (voir Note\u00a026).\n
\n\n Au 31\u00a0d\u00e9cembre 2023, le montant des titres en attente de consolidation est de 106\u00a0millions d\u2019euros, voir Note\u00a02. L\u2019essentiel de ces investissements feront l\u2019objet d\u2019une consolidation au 31\u00a0d\u00e9cembre 2024.\n
\n\n Les effets des variations de p\u00e9rim\u00e8tre de 2023 sont essentiellement relatifs \u00e0 la premi\u00e8re consolidation de diverses acquisitions r\u00e9alis\u00e9es ant\u00e9rieurement mais non encore consolid\u00e9es au 31\u00a0d\u00e9cembre 2022.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__98-1": { "value": "\n 10.\u00a0\u00a0\u00a0\u00a0 Autres actifs non courants\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n D\u00e9p\u00f4ts de garantie\n \n | \n \n \n 577\n \n | \n \n \n 554\n \n | \n \n \n 482\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\u00a0(a)\n \n | \n \n \n 99\n \n | \n \n \n 97\n \n | \n \n \n 55\n \n | \n
| \n \n Cr\u00e9ances et pr\u00eats\n \n | \n \n \n 243\n \n | \n \n \n 444\n \n | \n \n \n 413\n \n | \n
| \n \n Autres\n \n | \n \n \n 98\n \n | \n \n \n 91\n \n | \n \n \n 103\n \n | \n
| \n \n Total\n \n | \n \n \n 1\u202f017\n \n | \n \n \n 1\u202f186\n \n | \n \n \n 1\u202f054\n \n | \n
\n (a)\u00a0 Voir Note\u00a023.\n
\n 13.\u00a0\u00a0\u00a0\u00a0 Autres actifs courants\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Placements financiers\u00a0(a)\n \n | \n \n \n 3\u202f490\n \n | \n \n \n 3\u202f552\n \n | \n \n \n 2\u202f544\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\u00a0(b)\n \n | \n \n \n 543\n \n | \n \n \n 462\n \n | \n \n \n 258\n \n | \n
| \n \n Cr\u00e9ances d\u2019imp\u00f4ts et taxes, hors imp\u00f4t sur les r\u00e9sultats\n \n | \n \n \n 1\u202f833\n \n | \n \n \n 1\u202f602\n \n | \n \n \n 1\u202f210\n \n | \n
| \n \n Fournisseurs\u00a0: avances et acomptes\n \n | \n \n \n 326\n \n | \n \n \n 386\n \n | \n \n \n 315\n \n | \n
| \n \n Charges constat\u00e9es d\u2019avance\n \n | \n \n \n 681\n \n | \n \n \n 613\n \n | \n \n \n 503\n \n | \n
| \n \n Autres cr\u00e9ances\n \n | \n \n \n 850\n \n | \n \n \n 875\n \n | \n \n \n 777\n \n | \n
| \n \n Total\n \n | \n \n \n 7\u202f723\n \n | \n \n \n 7\u202f488\n \n | \n \n \n 5\u202f606\n \n | \n
\n (a)\u00a0 Voir Note\u00a014.\n
\n\n (b)\u00a0 Voir Note\u00a023.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31863": { "value": "\n 10.\u00a0\u00a0\u00a0\u00a0 Autres actifs non courants\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n D\u00e9p\u00f4ts de garantie\n \n | \n \n \n 577\n \n | \n \n \n 554\n \n | \n \n \n 482\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\u00a0(a)\n \n | \n \n \n 99\n \n | \n \n \n 97\n \n | \n \n \n 55\n \n | \n
| \n \n Cr\u00e9ances et pr\u00eats\n \n | \n \n \n 243\n \n | \n \n \n 444\n \n | \n \n \n 413\n \n | \n
| \n \n Autres\n \n | \n \n \n 98\n \n | \n \n \n 91\n \n | \n \n \n 103\n \n | \n
| \n \n Total\n \n | \n \n \n 1\u202f017\n \n | \n \n \n 1\u202f186\n \n | \n \n \n 1\u202f054\n \n | \n
\n (a)\u00a0 Voir Note\u00a023.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32471": { "value": "\n 13.\u00a0\u00a0\u00a0\u00a0 Autres actifs courants\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Placements financiers\u00a0(a)\n \n | \n \n \n 3\u202f490\n \n | \n \n \n 3\u202f552\n \n | \n \n \n 2\u202f544\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\u00a0(b)\n \n | \n \n \n 543\n \n | \n \n \n 462\n \n | \n \n \n 258\n \n | \n
| \n \n Cr\u00e9ances d\u2019imp\u00f4ts et taxes, hors imp\u00f4t sur les r\u00e9sultats\n \n | \n \n \n 1\u202f833\n \n | \n \n \n 1\u202f602\n \n | \n \n \n 1\u202f210\n \n | \n
| \n \n Fournisseurs\u00a0: avances et acomptes\n \n | \n \n \n 326\n \n | \n \n \n 386\n \n | \n \n \n 315\n \n | \n
| \n \n Charges constat\u00e9es d\u2019avance\n \n | \n \n \n 681\n \n | \n \n \n 613\n \n | \n \n \n 503\n \n | \n
| \n \n Autres cr\u00e9ances\n \n | \n \n \n 850\n \n | \n \n \n 875\n \n | \n \n \n 777\n \n | \n
| \n \n Total\n \n | \n \n \n 7\u202f723\n \n | \n \n \n 7\u202f488\n \n | \n \n \n 5\u202f606\n \n | \n
\n (a)\u00a0 Voir Note\u00a014.\n
\n\n (b)\u00a0 Voir Note\u00a023.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32552": { "value": "\n 14.\u00a0\u00a0\u00a0\u00a0 Placements financiers\n
\n\n La valeur nette des placements financiers a \u00e9volu\u00e9 de la fa\u00e7on suivante au cours des exercices pr\u00e9sent\u00e9s\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 3\u202f552\n \n | \n \n \n 2\u202f544\n \n | \n \n \n 752\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 17\n \n | \n \n \n 1\u202f449\n \n | \n \n \n 1\u202f692\n \n | \n
| \n \n Cessions \u00e0 valeur de vente\n \n | \n \n \n (161)\n \n | \n \n \n (360)\n \n | \n \n \n (296)\n \n | \n
| \n \n Variations de valeur de march\u00e9\u00a0(a)\n \n | \n \n \n 82\n \n | \n \n \n (81)\n \n | \n \n \n 394\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 2\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 3\u202f490\n \n | \n \n \n 3\u202f552\n \n | \n \n \n 2\u202f544\n \n | \n
| \n \n Dont\u00a0: co\u00fbt historique des placements financiers\n \n | \n \n \n 3\u202f071\n \n | \n \n \n 3\u202f199\n \n | \n \n \n 2\u202f117\n \n | \n
\n (a)\u00a0 Enregistr\u00e9es en R\u00e9sultat financier (voir Note\u00a027).\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__107-1": { "value": "\n 15.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dividendes et acomptes vers\u00e9s et autres op\u00e9rations en capital\n
\n\n Au cours des exercices pr\u00e9sent\u00e9s, les dividendes et acomptes vers\u00e9s sont constitu\u00e9s des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Dividendes et acomptes vers\u00e9s par la soci\u00e9t\u00e9 LVMH\u00a0SE\n \n | \n \n \n (6\u202f251)\n \n | \n \n \n (6\u202f025)\n \n | \n \n \n (3\u202f527)\n \n | \n
| \n \n Dividendes et acomptes vers\u00e9s aux minoritaires des filiales consolid\u00e9es\n \n | \n \n \n (532)\n \n | \n \n \n (421)\n \n | \n \n \n (408)\n \n | \n
| \n \n Imp\u00f4t pay\u00e9 relatif aux dividendes et acomptes vers\u00e9s\u00a0(a)\n \n | \n \n \n (376)\n \n | \n \n \n (329)\n \n | \n \n \n (226)\n \n | \n
| \n \n Dividendes et acomptes vers\u00e9s\n \n | \n \n \n (7\u202f159)\n \n | \n \n \n (6\u202f774)\n \n | \n \n \n (4\u202f161)\n \n | \n
\n (a)\u00a0 L\u2019imp\u00f4t pay\u00e9 relatif aux dividendes et acomptes vers\u00e9s est exclusivement relatif aux dividendes intragroupe, voir Note\u00a028.\n
\n\n Au cours des exercices pr\u00e9sent\u00e9s, les autres op\u00e9rations en capital sont constitu\u00e9es des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Notes\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Augmentations de capital de la soci\u00e9t\u00e9 LVMH\n \n | \n \n \n 16\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Augmentations de capital des filiales souscrites par les minoritaires\n \n | \n \n | \n \n 15\n \n | \n \n \n 12\n \n | \n \n \n 4\n \n | \n
| \n \n Acquisitions et cessions d\u2019actions LVMH\n \n | \n \n \n 16\n \n | \n \n \n (1\u202f584)\n \n | \n \n \n (1\u202f616)\n \n | \n \n \n (556)\n \n | \n
| \n \n Autres op\u00e9rations en capital\n \n | \n \n | \n \n (1\u202f569)\n \n | \n \n \n (1\u202f604)\n \n | \n \n \n (552)\n \n | \n
\n 16.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dividendes vers\u00e9s par la soci\u00e9t\u00e9 m\u00e8re LVMH\u00a0SE\n
\n\n Selon la r\u00e9glementation fran\u00e7aise, les dividendes sont pr\u00e9lev\u00e9s sur le r\u00e9sultat de l\u2019exercice et les r\u00e9serves distribuables de la soci\u00e9t\u00e9 m\u00e8re, apr\u00e8s d\u00e9duction de l\u2019imp\u00f4t de distribution \u00e9ventuellement d\u00fb et de la valeur des actions auto-d\u00e9tenues. Au 31\u00a0d\u00e9cembre 2023, le montant distribuable s\u2019\u00e9l\u00e8ve ainsi \u00e0 25\u202f673\u00a0millions d\u2019euros\u2006; il est de 21\u202f908\u00a0millions d\u2019euros apr\u00e8s prise en compte de la proposition de distribution de dividendes pour l\u2019exercice 2023.\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Acompte au titre de l\u2019exercice en cours (2023\u00a0: 5,50\u00a0euros\u2006; 2022\u00a0: 5,00\u00a0euros\u2006; 2021\u00a0: 3,00\u00a0euros)\n \n | \n \n \n 2\u202f761\n \n | \n \n \n 2\u202f516\n \n | \n \n \n 1\u202f514\n \n | \n
| \n \n Effet des actions auto-d\u00e9tenues\n \n | \n \n \n (14)\n \n | \n \n \n (11)\n \n | \n \n \n (3)\n \n | \n
| \n \n Montant brut vers\u00e9 au titre de la p\u00e9riode\n \n | \n \n \n 2\u202f747\n \n | \n \n \n 2\u202f505\n \n | \n \n \n 1\u202f511\n \n | \n
| \n \n Solde au titre de l\u2019exercice pr\u00e9c\u00e9dent (2022\u00a0: 7,00\u00a0euros\u2006; 2021\u00a0: 7,00\u00a0euros\u2006; 2020\u00a0: 4,00\u00a0euros)\n \n | \n \n \n 3\u202f514\n \n | \n \n \n 3\u202f533\n \n | \n \n \n 2\u202f019\n \n | \n
| \n \n Effet des actions auto-d\u00e9tenues\n \n | \n \n \n (11)\n \n | \n \n \n (14)\n \n | \n \n \n (3)\n \n | \n
| \n \n Montant brut vers\u00e9 au titre de l\u2019exercice pr\u00e9c\u00e9dent\n \n | \n \n \n 3\u202f503\n \n | \n \n \n 3\u202f519\n \n | \n \n \n 2\u202f016\n \n | \n
| \n \n Montant brut total vers\u00e9 au cours de la p\u00e9riode\u00a0(a)\n \n | \n \n \n 6\u202f251\n \n | \n \n \n 6\u202f025\n \n | \n \n \n 3\u202f527\n \n | \n
\n (a)\u00a0 Avant effets de la r\u00e9glementation fiscale applicable au b\u00e9n\u00e9ficiaire.\n
\n\n Le solde du dividende pour l\u2019exercice 2023, propos\u00e9 \u00e0 l\u2019Assembl\u00e9e g\u00e9n\u00e9rale des actionnaires du 18\u00a0avril 2024 est de 7,50\u00a0euros par action, soit un montant total de 3 765\u00a0millions d\u2019euros avant d\u00e9duction du montant correspondant aux actions auto-d\u00e9tenues \u00e0 la date du d\u00e9tachement du dividende.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f33030": { "value": "\n 16.\u00a0\u00a0\u00a0\u00a0 Capitaux propres\n
\n\n 16.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Capitaux propres\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Notes\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Capital\n \n | \n \n \n 16.2\n \n | \n \n \n 151\n \n | \n \n \n 151\n \n | \n \n \n 152\n \n | \n
| \n \n Primes\n \n | \n \n \n 16.2\n \n | \n \n \n 530\n \n | \n \n \n 1\u202f289\n \n | \n \n \n 2\u202f225\n \n | \n
| \n \n Actions LVMH\n \n | \n \n \n 16.3\n \n | \n \n \n (1\u202f953)\n \n | \n \n \n (1\u202f293)\n \n | \n \n \n (912)\n \n | \n
| \n \n \u00c9carts de conversion\n \n | \n \n \n 16.5\n \n | \n \n \n 1\u202f525\n \n | \n \n \n 2\u202f586\n \n | \n \n \n 1\u202f380\n \n | \n
| \n \n \u00c9carts de r\u00e9\u00e9valuation\n \n | \n \n | \n \n 1\u202f392\n \n | \n \n \n 1\u202f286\n \n | \n \n \n 875\n \n | \n
| \n \n Autres r\u00e9serves\n \n | \n \n | \n \n 44\u202f199\n \n | \n \n \n 37\u202f007\n \n | \n \n \n 31\u202f363\n \n | \n
| \n \n R\u00e9sultat net, part du Groupe\n \n | \n \n | \n \n 15\u202f174\n \n | \n \n \n 14\u202f084\n \n | \n \n \n 12\u202f036\n \n | \n
| \n \n Capitaux propres, part du Groupe\n \n | \n \n | \n \n 61\u202f017\n \n | \n \n \n 55\u202f111\n \n | \n \n \n 47\u202f119\n \n | \n
\n 16.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Capital social et primes\n
\n\n Au 31\u00a0d\u00e9cembre 2023, le capital social, enti\u00e8rement lib\u00e9r\u00e9, est constitu\u00e9 de 502\u202f048\u00a0400\u00a0actions (503\u202f257\u00a0339 au 31\u00a0d\u00e9cembre 2022 et 504\u202f757\u00a0339 au 31\u00a0d\u00e9cembre 2021) au nominal de 0,30\u00a0euro\u2006; 233\u202f120\u00a0916\u00a0actions b\u00e9n\u00e9ficient d\u2019un droit de vote double, accord\u00e9 aux actions d\u00e9tenues sous forme nominative depuis plus de trois ans (231\u202f307\u00a0286 au 31\u00a0d\u00e9cembre 2022, 238\u202f140\u00a0651 au 31\u00a0d\u00e9cembre 2021).\n
\n\n Les variations du capital social et des primes, en nombre d\u2019actions et en valeur, s\u2019analysent de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n |||
| \n \n Nombre\n \n | \n \n \n Montant\n \n | \n \n \n Montant\n \n | \n \n \n Montant\n \n | \n |||
| \n \n Capital\n \n | \n \n \n Primes li\u00e9es au capital\n \n | \n \n \n Total\n \n | \n ||||
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 503\u202f257\u00a0339\n \n | \n \n \n 151\n \n | \n \n \n 1\u202f289\n \n | \n \n \n 1\u202f440\n \n | \n \n \n 2\u202f376\n \n | \n \n \n 2\u202f376\n \n | \n
| \n \n Annulation d\u2019actions LVMH\n \n | \n \n \n (1\u202f208\u00a0939)\n \n | \n \n \n -\n \n | \n \n \n (759)\n \n | \n \n \n (759)\n \n | \n \n \n (936)\n \n | \n \n \n -\n \n | \n
| \n \n \u00c0 la cl\u00f4ture\n \n | \n \n \n 502\u202f048\u00a0400\n \n | \n \n \n 151\n \n | \n \n \n 530\n \n | \n \n \n 681\n \n | \n \n \n 1\u202f440\n \n | \n \n \n 2\u202f376\n \n | \n
\n 16.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Actions LVMH\n
\n\n Le portefeuille d\u2019actions LVMH, ainsi que leur affectation, s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n |
| \n \n Nombre\n \n | \n \n \n Montant\n \n | \n \n \n Montant\n \n | \n \n \n Montant\n \n | \n |
| \n \n Plans d\u2019attribution d\u2019actions gratuites\n \n | \n \n \n 606\u202f392\n \n | \n \n \n 352\n \n | \n \n \n 520\n \n | \n \n \n 597\n \n | \n
| \n \n Couverture des plans d\u2019actions gratuites et assimil\u00e9s\u00a0(a)\n \n | \n \n \n 606\u202f392\n \n | \n \n \n 352\n \n | \n \n \n 520\n \n | \n \n \n 597\n \n | \n
| \n \n Contrat de liquidit\u00e9\n \n | \n \n \n 22\u202f000\n \n | \n \n \n 16\n \n | \n \n \n 14\n \n | \n \n \n 15\n \n | \n
| \n \n Actions destin\u00e9es \u00e0 \u00eatre annul\u00e9es\n \n | \n \n \n 1\u202f906\u00a0702\n \n | \n \n \n 1\u202f585\n \n | \n \n \n 759\n \n | \n \n \n 300\n \n | \n
| \n \n Actions LVMH\n \n | \n \n \n 2\u202f535\u00a0094\n \n | \n \n \n 1\u202f953\n \n | \n \n \n 1\u202f293\n \n | \n \n \n 912\n \n | \n
\n (a)\u00a0 Voir Note\u00a017\u00a0concernant les plans d\u2019actions gratuites et assimil\u00e9s.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, la valeur boursi\u00e8re des actions LVMH d\u00e9tenues dans le cadre du contrat de liquidit\u00e9 est de 16\u00a0millions d\u2019euros.\n
\n\n En d\u00e9cembre 2021, LVMH a annonc\u00e9 la mise en \u0153uvre d\u2019un programme de rachat d\u2019actions portant sur l\u2019acquisition de ses propres actions pour un montant maximum de 300\u00a0millions d\u2019euros sur une p\u00e9riode d\u00e9butant le 21\u00a0d\u00e9cembre 2021 et pouvant s\u2019\u00e9tendre jusqu\u2019au 15\u00a0f\u00e9vrier 2022. Le programme a pris fin le 14\u00a0janvier 2022 apr\u00e8s acquisition de 417\u202f261\u00a0actions, toutes destin\u00e9es \u00e0 \u00eatre annul\u00e9es.\n
\n\n En mai 2022, un nouveau programme de rachat d\u2019actions a \u00e9t\u00e9 mis en \u0153uvre par LVMH portant sur l\u2019acquisition de ses propres actions pour un montant maximum d\u2019un milliard d\u2019euros sur une p\u00e9riode d\u00e9butant le 17\u00a0mai et pouvant s\u2019\u00e9tendre jusqu\u2019au 15\u00a0novembre 2022. Le programme a pris fin le 15\u00a0novembre 2022 apr\u00e8s acquisition de 1\u202f625\u00a0050\u00a0actions repr\u00e9sentant un montant de 1\u00a0milliard d\u2019euros, toutes destin\u00e9es \u00e0 \u00eatre annul\u00e9es.\n
\n\n En mars 2023, LVMH a annonc\u00e9 la mise en \u0153uvre d\u2019un programme de rachat d\u2019actions portant sur l\u2019acquisition de ses propres actions pour un montant maximum de 1,5\u00a0milliard d\u2019euros, sur une p\u00e9riode d\u00e9butant le 1er\u00a0mars 2023 et pouvant s\u2019\u00e9tendre jusqu\u2019au 20\u00a0juillet 2023. \u00c0 l\u2019issue de ce programme, 1\u202f791\u00a0189\u00a0actions repr\u00e9sentant un montant de 1\u202f500\u00a0millions d\u2019euros ont \u00e9t\u00e9 acquises.\n
\n\n Au cours de l\u2019exercice, les mouvements sur le portefeuille d\u2019actions LVMH ont \u00e9t\u00e9 les suivants\u00a0:\n
\n| \n \n (en nombre d\u2019actions ou en\u00a0millions d\u2019euros)\n \n | \n \n \n Nombre\n \n | \n \n \n Montant\n \n | \n \n \n Effet sur la tr\u00e9sorerie\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 2\u202f180\u00a0399\n \n | \n \n \n 1\u202f293\n \n | \n \n |
| \n \n Achats d\u2019actions\n \n | \n \n \n 2\u202f285\u00a0143\n \n | \n \n \n 1\u202f881\n \n | \n \n \n (1\u202f878)\n \n | \n
| \n \n Attribution d\u00e9finitive d\u2019actions gratuites\n \n | \n \n \n (345\u202f068)\n \n | \n \n \n (168)\n \n | \n \n \n -\n \n | \n
| \n \n Annulation d\u2019actions LVMH\n \n | \n \n \n (1\u202f208\u00a0939)\n \n | \n \n \n (759)\n \n | \n \n \n -\n \n | \n
| \n \n Cessions \u00e0 valeur de vente\n \n | \n \n \n (376\u202f441)\n \n | \n \n \n (294)\n \n | \n \n \n 294\n \n | \n
| \n \n Plus value/(moins value) de cession\n \n | \n \n \n -\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 2\u202f535\u00a0094\n \n | \n \n \n 1\u202f953\n \n | \n \n \n (1\u202f584)\n \n | \n
\n 16.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Dividendes vers\u00e9s par la soci\u00e9t\u00e9 m\u00e8re LVMH\u00a0SE\n
\n\n Selon la r\u00e9glementation fran\u00e7aise, les dividendes sont pr\u00e9lev\u00e9s sur le r\u00e9sultat de l\u2019exercice et les r\u00e9serves distribuables de la soci\u00e9t\u00e9 m\u00e8re, apr\u00e8s d\u00e9duction de l\u2019imp\u00f4t de distribution \u00e9ventuellement d\u00fb et de la valeur des actions auto-d\u00e9tenues. Au 31\u00a0d\u00e9cembre 2023, le montant distribuable s\u2019\u00e9l\u00e8ve ainsi \u00e0 25\u202f673\u00a0millions d\u2019euros\u2006; il est de 21\u202f908\u00a0millions d\u2019euros apr\u00e8s prise en compte de la proposition de distribution de dividendes pour l\u2019exercice 2023.\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Acompte au titre de l\u2019exercice en cours (2023\u00a0: 5,50\u00a0euros\u2006; 2022\u00a0: 5,00\u00a0euros\u2006; 2021\u00a0: 3,00\u00a0euros)\n \n | \n \n \n 2\u202f761\n \n | \n \n \n 2\u202f516\n \n | \n \n \n 1\u202f514\n \n | \n
| \n \n Effet des actions auto-d\u00e9tenues\n \n | \n \n \n (14)\n \n | \n \n \n (11)\n \n | \n \n \n (3)\n \n | \n
| \n \n Montant brut vers\u00e9 au titre de la p\u00e9riode\n \n | \n \n \n 2\u202f747\n \n | \n \n \n 2\u202f505\n \n | \n \n \n 1\u202f511\n \n | \n
| \n \n Solde au titre de l\u2019exercice pr\u00e9c\u00e9dent (2022\u00a0: 7,00\u00a0euros\u2006; 2021\u00a0: 7,00\u00a0euros\u2006; 2020\u00a0: 4,00\u00a0euros)\n \n | \n \n \n 3\u202f514\n \n | \n \n \n 3\u202f533\n \n | \n \n \n 2\u202f019\n \n | \n
| \n \n Effet des actions auto-d\u00e9tenues\n \n | \n \n \n (11)\n \n | \n \n \n (14)\n \n | \n \n \n (3)\n \n | \n
| \n \n Montant brut vers\u00e9 au titre de l\u2019exercice pr\u00e9c\u00e9dent\n \n | \n \n \n 3\u202f503\n \n | \n \n \n 3\u202f519\n \n | \n \n \n 2\u202f016\n \n | \n
| \n \n Montant brut total vers\u00e9 au cours de la p\u00e9riode\u00a0(a)\n \n | \n \n \n 6\u202f251\n \n | \n \n \n 6\u202f025\n \n | \n \n \n 3\u202f527\n \n | \n
\n (a)\u00a0 Avant effets de la r\u00e9glementation fiscale applicable au b\u00e9n\u00e9ficiaire.\n
\n\n Le solde du dividende pour l\u2019exercice 2023, propos\u00e9 \u00e0 l\u2019Assembl\u00e9e g\u00e9n\u00e9rale des actionnaires du 18\u00a0avril 2024 est de 7,50\u00a0euros par action, soit un montant total de 3 765\u00a0millions d\u2019euros avant d\u00e9duction du montant correspondant aux actions auto-d\u00e9tenues \u00e0 la date du d\u00e9tachement du dividende.\n
\n\n 16.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00c9carts de conversion\n
\n\n La variation du montant des \u00e9carts de conversion inscrits dans les capitaux propres part du Groupe, y compris les effets de couverture des actifs nets en devises, s\u2019analyse par devise de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n Variation\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Dollar US\n \n | \n \n \n 1\u202f013\n \n | \n \n \n (680)\n \n | \n \n \n 1\u202f693\n \n | \n \n \n 747\n \n | \n
| \n \n Franc suisse\n \n | \n \n \n 1\u202f214\n \n | \n \n \n 170\n \n | \n \n \n 1\u202f044\n \n | \n \n \n 928\n \n | \n
| \n \n Yen japonais\n \n | \n \n \n (140)\n \n | \n \n \n (120)\n \n | \n \n \n (20)\n \n | \n \n \n 71\n \n | \n
| \n \n Dollar de Hong Kong\n \n | \n \n \n 318\n \n | \n \n \n (189)\n \n | \n \n \n 507\n \n | \n \n \n 532\n \n | \n
| \n \n Livre Sterling\n \n | \n \n \n (79)\n \n | \n \n \n 44\n \n | \n \n \n (123)\n \n | \n \n \n 25\n \n | \n
| \n \n Autres devises\n \n | \n \n \n (603)\n \n | \n \n \n (286)\n \n | \n \n \n (317)\n \n | \n \n \n (616)\n \n | \n
| \n \n Couvertures d\u2019actifs nets en devises\u00a0(a)\n \n | \n \n \n (198)\n \n | \n \n \n -\n \n | \n \n \n (198)\n \n | \n \n \n (307)\n \n | \n
| \n \n Total, part du Groupe\n \n | \n \n \n 1\u202f525\n \n | \n \n \n (1\u202f062)\n \n | \n \n \n 2\u202f586\n \n | \n \n \n 1\u202f380\n \n | \n
\n (a)\u00a0 Dont\u00a0: -\u2006144\u00a0millions d\u2019euros au titre du dollar US, -\u2006118\u00a0millions d\u2019euros au titre du dollar de Hong Kong et -\u2006223\u00a0millions d\u2019euros au titre du franc suisse. Ces montants restent inchang\u00e9s depuis le 30\u00a0juin 2022 et incluent l\u2019effet d\u2019imp\u00f4t.\n
\n\n 16.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Strat\u00e9gie en mati\u00e8re de structure financi\u00e8re\n
\n\n Le Groupe estime que la gestion de la structure financi\u00e8re participe, avec le d\u00e9veloppement des soci\u00e9t\u00e9s qu\u2019il d\u00e9tient et la gestion du portefeuille de marques, \u00e0 l\u2019objectif d\u2019accroissement de la richesse de ses actionnaires. Le maintien d\u2019une qualit\u00e9 de cr\u00e9dit adapt\u00e9e constitue un objectif essentiel pour le Groupe, autorisant une large capacit\u00e9 d\u2019acc\u00e8s aux march\u00e9s, \u00e0 des conditions favorables, ce qui permet \u00e0 la fois de saisir des opportunit\u00e9s et de b\u00e9n\u00e9ficier des ressources n\u00e9cessaires au d\u00e9veloppement de son activit\u00e9.\n
\n\n \u00c0 cette fin, le Groupe suit un certain nombre de ratios et d\u2019agr\u00e9gats\u00a0:\n
\n\n \u25cf\u00a0\u00a0 dette financi\u00e8re nette (voir Note\u00a019) sur capitaux propres\u2006;\n
\n\n \u25cf\u00a0\u00a0 capacit\u00e9 d\u2019autofinancement g\u00e9n\u00e9r\u00e9e par l\u2019activit\u00e9 sur dette financi\u00e8re nette\u2006;\n
\n\n \u25cf\u00a0\u00a0 variation de tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation\u2006;\n
\n\n \u25cf\u00a0\u00a0 cash flow disponible d\u2019exploitation (voir Tableau de variation de la tr\u00e9sorerie consolid\u00e9e)\u2006;\n
\n\n \u25cf\u00a0\u00a0 capitaux permanents sur actifs immobilis\u00e9s\u2006;\n
\n\n \u25cf\u00a0\u00a0 part de la dette \u00e0 plus d\u2019un an dans la dette financi\u00e8re nette.\n
\n\n Les capitaux permanents s\u2019entendent comme la somme des capitaux propres et des passifs non courants.\n
\n\n Ces indicateurs sont, le cas \u00e9ch\u00e9ant, ajust\u00e9s des engagements financiers hors bilan du Groupe.\n
\n\n L\u2019objectif de flexibilit\u00e9 financi\u00e8re se traduit aussi par l\u2019entretien de relations bancaires nombreuses et diversifi\u00e9es, par le recours r\u00e9gulier \u00e0 plusieurs march\u00e9s de dette n\u00e9gociable (\u00e0 plus d\u2019un an comme \u00e0 moins d\u2019un an), par la d\u00e9tention d\u2019un montant significatif de tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie et par l\u2019existence de montants appr\u00e9ciables de lignes de cr\u00e9dit confirm\u00e9es non tir\u00e9es, ayant vocation \u00e0 couvrir (et au-del\u00e0) l\u2019encours de ses programmes de titres de cr\u00e9ances court terme n\u00e9gociables, tout en repr\u00e9sentant un co\u00fbt raisonnable pour le Groupe.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f33033": { "value": "\n 16.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Capitaux propres\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Notes\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Capital\n \n | \n \n \n 16.2\n \n | \n \n \n 151\n \n | \n \n \n 151\n \n | \n \n \n 152\n \n | \n
| \n \n Primes\n \n | \n \n \n 16.2\n \n | \n \n \n 530\n \n | \n \n \n 1\u202f289\n \n | \n \n \n 2\u202f225\n \n | \n
| \n \n Actions LVMH\n \n | \n \n \n 16.3\n \n | \n \n \n (1\u202f953)\n \n | \n \n \n (1\u202f293)\n \n | \n \n \n (912)\n \n | \n
| \n \n \u00c9carts de conversion\n \n | \n \n \n 16.5\n \n | \n \n \n 1\u202f525\n \n | \n \n \n 2\u202f586\n \n | \n \n \n 1\u202f380\n \n | \n
| \n \n \u00c9carts de r\u00e9\u00e9valuation\n \n | \n \n | \n \n 1\u202f392\n \n | \n \n \n 1\u202f286\n \n | \n \n \n 875\n \n | \n
| \n \n Autres r\u00e9serves\n \n | \n \n | \n \n 44\u202f199\n \n | \n \n \n 37\u202f007\n \n | \n \n \n 31\u202f363\n \n | \n
| \n \n R\u00e9sultat net, part du Groupe\n \n | \n \n | \n \n 15\u202f174\n \n | \n \n \n 14\u202f084\n \n | \n \n \n 12\u202f036\n \n | \n
| \n \n Capitaux propres, part du Groupe\n \n | \n \n | \n \n 61\u202f017\n \n | \n \n \n 55\u202f111\n \n | \n \n \n 47\u202f119\n \n | \n
\n 16.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Strat\u00e9gie en mati\u00e8re de structure financi\u00e8re\n
\n\n Le Groupe estime que la gestion de la structure financi\u00e8re participe, avec le d\u00e9veloppement des soci\u00e9t\u00e9s qu\u2019il d\u00e9tient et la gestion du portefeuille de marques, \u00e0 l\u2019objectif d\u2019accroissement de la richesse de ses actionnaires. Le maintien d\u2019une qualit\u00e9 de cr\u00e9dit adapt\u00e9e constitue un objectif essentiel pour le Groupe, autorisant une large capacit\u00e9 d\u2019acc\u00e8s aux march\u00e9s, \u00e0 des conditions favorables, ce qui permet \u00e0 la fois de saisir des opportunit\u00e9s et de b\u00e9n\u00e9ficier des ressources n\u00e9cessaires au d\u00e9veloppement de son activit\u00e9.\n
\n\n \u00c0 cette fin, le Groupe suit un certain nombre de ratios et d\u2019agr\u00e9gats\u00a0:\n
\n\n \u25cf\u00a0\u00a0 dette financi\u00e8re nette (voir Note\u00a019) sur capitaux propres\u2006;\n
\n\n \u25cf\u00a0\u00a0 capacit\u00e9 d\u2019autofinancement g\u00e9n\u00e9r\u00e9e par l\u2019activit\u00e9 sur dette financi\u00e8re nette\u2006;\n
\n\n \u25cf\u00a0\u00a0 variation de tr\u00e9sorerie issue des op\u00e9rations d\u2019exploitation\u2006;\n
\n\n \u25cf\u00a0\u00a0 cash flow disponible d\u2019exploitation (voir Tableau de variation de la tr\u00e9sorerie consolid\u00e9e)\u2006;\n
\n\n \u25cf\u00a0\u00a0 capitaux permanents sur actifs immobilis\u00e9s\u2006;\n
\n\n \u25cf\u00a0\u00a0 part de la dette \u00e0 plus d\u2019un an dans la dette financi\u00e8re nette.\n
\n\n Les capitaux permanents s\u2019entendent comme la somme des capitaux propres et des passifs non courants.\n
\n\n Ces indicateurs sont, le cas \u00e9ch\u00e9ant, ajust\u00e9s des engagements financiers hors bilan du Groupe.\n
\n\n L\u2019objectif de flexibilit\u00e9 financi\u00e8re se traduit aussi par l\u2019entretien de relations bancaires nombreuses et diversifi\u00e9es, par le recours r\u00e9gulier \u00e0 plusieurs march\u00e9s de dette n\u00e9gociable (\u00e0 plus d\u2019un an comme \u00e0 moins d\u2019un an), par la d\u00e9tention d\u2019un montant significatif de tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie et par l\u2019existence de montants appr\u00e9ciables de lignes de cr\u00e9dit confirm\u00e9es non tir\u00e9es, ayant vocation \u00e0 couvrir (et au-del\u00e0) l\u2019encours de ses programmes de titres de cr\u00e9ances court terme n\u00e9gociables, tout en repr\u00e9sentant un co\u00fbt raisonnable pour le Groupe.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f34223": { "value": "\n 18.\u00a0\u00a0\u00a0\u00a0 Int\u00e9r\u00eats minoritaires\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 1\u202f493\n \n | \n \n \n 1\u202f790\n \n | \n \n \n 1\u202f417\n \n | \n
| \n \n Part des minoritaires dans le r\u00e9sultat\n \n | \n \n \n 778\n \n | \n \n \n 667\n \n | \n \n \n 662\n \n | \n
| \n \n Dividendes vers\u00e9s aux minoritaires\n \n | \n \n \n (513)\n \n | \n \n \n (382)\n \n | \n \n \n (428)\n \n | \n
| \n \n Effets des prises et pertes de contr\u00f4le dans les entit\u00e9s consolid\u00e9es\n \n | \n \n \n 10\n \n | \n \n \n 6\n \n | \n \n \n 397\n \n | \n
| \n \n Effets des acquisitions et cessions de titres de minoritaires\n \n | \n \n \n (4)\n \n | \n \n \n (138)\n \n | \n \n \n (211)\n \n | \n
| \n \n Augmentations de capital souscrites par les minoritaires\n \n | \n \n \n 19\n \n | \n \n \n 28\n \n | \n \n \n 12\n \n | \n
| \n \n Part des minoritaires dans les gains et pertes en capitaux propres\n \n | \n \n \n (29)\n \n | \n \n \n 88\n \n | \n \n \n 101\n \n | \n
| \n \n Part des minoritaires dans les charges li\u00e9es aux plans d\u2019actions gratuites\n \n | \n \n \n 4\n \n | \n \n \n 5\n \n | \n \n \n 6\n \n | \n
| \n \n Effets des variations des int\u00e9r\u00eats minoritaires b\u00e9n\u00e9ficiant d\u2019engagements d\u2019achat\n \n | \n \n \n (74)\n \n | \n \n \n (571)\n \n | \n \n \n (166)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 1\u202f684\n \n | \n \n \n 1\u202f493\n \n | \n \n \n 1\u202f790\n \n | \n
\n L\u2019\u00e9volution de la part des int\u00e9r\u00eats minoritaires dans les gains et pertes enregistr\u00e9s en capitaux propres se d\u00e9compose ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n \u00c9carts de conversion\n \n | \n \n \n Couvertures de flux de tr\u00e9sorerie futurs en devises et co\u00fbt des couvertures\n \n | \n \n \n Terres \u00e0 vignes\n \n | \n \n \n Engagements envers le personnel\n \n | \n \n \n Part des int\u00e9r\u00eats minoritaires dans les \u00e9carts de conversion et de r\u00e9\u00e9valuation\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2020\n \n | \n \n \n 22\n \n | \n \n \n 18\n \n | \n \n \n 267\n \n | \n \n \n (53)\n \n | \n \n \n 254\n \n | \n
| \n \n Variations de l\u2019exercice\n \n | \n \n \n 118\n \n | \n \n \n (43)\n \n | \n \n \n 11\n \n | \n \n \n 14\n \n | \n \n \n 101\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2021\n \n | \n \n \n 140\n \n | \n \n \n (24)\n \n | \n \n \n 278\n \n | \n \n \n (39)\n \n | \n \n \n 355\n \n | \n
| \n \n Variations de l\u2019exercice\n \n | \n \n \n 61\n \n | \n \n \n 18\n \n | \n \n \n (10)\n \n | \n \n \n 19\n \n | \n \n \n 88\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 201\n \n | \n \n \n (6)\n \n | \n \n \n 268\n \n | \n \n \n (20)\n \n | \n \n \n 443\n \n | \n
| \n \n Variations de l\u2019exercice\n \n | \n \n \n (50)\n \n | \n \n \n 6\n \n | \n \n \n 10\n \n | \n \n \n 5\n \n | \n \n \n (29)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 151\n \n | \n \n \n -\n \n | \n \n \n 278\n \n | \n \n \n (15)\n \n | \n \n \n 414\n \n | \n
\n Les int\u00e9r\u00eats minoritaires sont principalement constitu\u00e9s des 34\u2006% d\u00e9tenus par Diageo dans Mo\u00ebt Hennessy\u00a0SAS et Mo\u00ebt Hennessy International\u00a0SAS (\u00ab\u00a0Mo\u00ebt Hennessy\u00a0\u00bb) ainsi que des 39\u2006% d\u00e9tenus par Mari-Cha Group Ltd dans DFS. Les 34\u2006% d\u00e9tenus par Diageo dans Mo\u00ebt Hennessy faisant l\u2019objet d\u2019un engagement d\u2019achat, ils sont reclass\u00e9s \u00e0 la cl\u00f4ture en Engagements d\u2019achat de titres de minoritaires, au sein des Passifs non courants, et sont donc exclus du total des int\u00e9r\u00eats minoritaires \u00e0 la date de cl\u00f4ture. Voir Note\u00a01.13 et Note\u00a021\u00a0ci-dessous.\n
\n\n Le montant des dividendes vers\u00e9s \u00e0 Diageo en 2023 est de 241\u00a0millions d\u2019euros, au titre de l\u2019exercice 2022. La part du r\u00e9sultat net de l\u2019exercice 2023 revenant \u00e0 Diageo s\u2019\u00e9l\u00e8ve \u00e0 480\u00a0millions d\u2019euros, et sa part dans les int\u00e9r\u00eats minoritaires cumul\u00e9s (avant effets comptables de l\u2019engagement d\u2019achat octroy\u00e9 \u00e0 Diageo) s\u2019\u00e9l\u00e8ve \u00e0 4\u202f281\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2023. \u00c0 cette date, le bilan consolid\u00e9 r\u00e9sum\u00e9 de Mo\u00ebt Hennessy se pr\u00e9sente ainsi\u00a0:\n
\n| \n \n (en milliards d\u2019euros)\n \n | \n \n \n 2023\n \n | \n
| \n \n Immobilisations corporelles et incorporelles\n \n | \n \n \n 6,4\n \n | \n
| \n \n Autres actifs non courants\n \n | \n \n \n 1,0\n \n | \n
| \n \n Actifs non courants\n \n | \n \n \n 7,4\n \n | \n
| \n \n Stocks et en-cours\n \n | \n \n \n 7,6\n \n | \n
| \n \n Autres actifs courants\n \n | \n \n \n 1,7\n \n | \n
| \n \n Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\n \n | \n \n \n 2,0\n \n | \n
| \n \n Actifs courants\n \n | \n \n \n 11,4\n \n | \n
| \n \n Total de l\u2019actif\n \n | \n \n \n 18,8\n \n | \n
| \n \n (en milliards d\u2019euros)\n \n | \n \n \n 2023\n \n | \n
| \n \n Capitaux propres\n \n | \n \n \n 12,5\n \n | \n
| \n \n Passifs non courants\n \n | \n \n \n 2,4\n \n | \n
| \n \n Capitaux permanents\n \n | \n \n \n 14,9\n \n | \n
| \n \n Dette financi\u00e8re \u00e0 moins d\u2019un an\n \n | \n \n \n 1,8\n \n | \n
| \n \n Autres passifs courants\n \n | \n \n \n 2,1\n \n | \n
| \n \n Passifs courants\n \n | \n \n \n 3,9\n \n | \n
| \n \n Total du passif et des capitaux propres\n \n | \n \n \n 18,8\n \n | \n
\n Aucun dividende n\u2019a \u00e9t\u00e9 vers\u00e9 \u00e0 Mari-Cha Group Ltd en 2023. La part du r\u00e9sultat net 2023 revenant \u00e0 Mari-Cha Group Ltd s\u2019\u00e9l\u00e8ve \u00e0 -\u200638\u00a0millions d\u2019euros, et sa part dans les int\u00e9r\u00eats minoritaires cumul\u00e9s au 31\u00a0d\u00e9cembre 2023 s\u2019\u00e9l\u00e8ve \u00e0 1\u202f173\u00a0millions d\u2019euros.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f34224": { "value": "\n 18.\u00a0\u00a0\u00a0\u00a0 Int\u00e9r\u00eats minoritaires\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 1\u202f493\n \n | \n \n \n 1\u202f790\n \n | \n \n \n 1\u202f417\n \n | \n
| \n \n Part des minoritaires dans le r\u00e9sultat\n \n | \n \n \n 778\n \n | \n \n \n 667\n \n | \n \n \n 662\n \n | \n
| \n \n Dividendes vers\u00e9s aux minoritaires\n \n | \n \n \n (513)\n \n | \n \n \n (382)\n \n | \n \n \n (428)\n \n | \n
| \n \n Effets des prises et pertes de contr\u00f4le dans les entit\u00e9s consolid\u00e9es\n \n | \n \n \n 10\n \n | \n \n \n 6\n \n | \n \n \n 397\n \n | \n
| \n \n Effets des acquisitions et cessions de titres de minoritaires\n \n | \n \n \n (4)\n \n | \n \n \n (138)\n \n | \n \n \n (211)\n \n | \n
| \n \n Augmentations de capital souscrites par les minoritaires\n \n | \n \n \n 19\n \n | \n \n \n 28\n \n | \n \n \n 12\n \n | \n
| \n \n Part des minoritaires dans les gains et pertes en capitaux propres\n \n | \n \n \n (29)\n \n | \n \n \n 88\n \n | \n \n \n 101\n \n | \n
| \n \n Part des minoritaires dans les charges li\u00e9es aux plans d\u2019actions gratuites\n \n | \n \n \n 4\n \n | \n \n \n 5\n \n | \n \n \n 6\n \n | \n
| \n \n Effets des variations des int\u00e9r\u00eats minoritaires b\u00e9n\u00e9ficiant d\u2019engagements d\u2019achat\n \n | \n \n \n (74)\n \n | \n \n \n (571)\n \n | \n \n \n (166)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 1\u202f684\n \n | \n \n \n 1\u202f493\n \n | \n \n \n 1\u202f790\n \n | \n
\n L\u2019\u00e9volution de la part des int\u00e9r\u00eats minoritaires dans les gains et pertes enregistr\u00e9s en capitaux propres se d\u00e9compose ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n \u00c9carts de conversion\n \n | \n \n \n Couvertures de flux de tr\u00e9sorerie futurs en devises et co\u00fbt des couvertures\n \n | \n \n \n Terres \u00e0 vignes\n \n | \n \n \n Engagements envers le personnel\n \n | \n \n \n Part des int\u00e9r\u00eats minoritaires dans les \u00e9carts de conversion et de r\u00e9\u00e9valuation\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2020\n \n | \n \n \n 22\n \n | \n \n \n 18\n \n | \n \n \n 267\n \n | \n \n \n (53)\n \n | \n \n \n 254\n \n | \n
| \n \n Variations de l\u2019exercice\n \n | \n \n \n 118\n \n | \n \n \n (43)\n \n | \n \n \n 11\n \n | \n \n \n 14\n \n | \n \n \n 101\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2021\n \n | \n \n \n 140\n \n | \n \n \n (24)\n \n | \n \n \n 278\n \n | \n \n \n (39)\n \n | \n \n \n 355\n \n | \n
| \n \n Variations de l\u2019exercice\n \n | \n \n \n 61\n \n | \n \n \n 18\n \n | \n \n \n (10)\n \n | \n \n \n 19\n \n | \n \n \n 88\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n 201\n \n | \n \n \n (6)\n \n | \n \n \n 268\n \n | \n \n \n (20)\n \n | \n \n \n 443\n \n | \n
| \n \n Variations de l\u2019exercice\n \n | \n \n \n (50)\n \n | \n \n \n 6\n \n | \n \n \n 10\n \n | \n \n \n 5\n \n | \n \n \n (29)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n \n \n 151\n \n | \n \n \n -\n \n | \n \n \n 278\n \n | \n \n \n (15)\n \n | \n \n \n 414\n \n | \n
\n Les int\u00e9r\u00eats minoritaires sont principalement constitu\u00e9s des 34\u2006% d\u00e9tenus par Diageo dans Mo\u00ebt Hennessy\u00a0SAS et Mo\u00ebt Hennessy International\u00a0SAS (\u00ab\u00a0Mo\u00ebt Hennessy\u00a0\u00bb) ainsi que des 39\u2006% d\u00e9tenus par Mari-Cha Group Ltd dans DFS. Les 34\u2006% d\u00e9tenus par Diageo dans Mo\u00ebt Hennessy faisant l\u2019objet d\u2019un engagement d\u2019achat, ils sont reclass\u00e9s \u00e0 la cl\u00f4ture en Engagements d\u2019achat de titres de minoritaires, au sein des Passifs non courants, et sont donc exclus du total des int\u00e9r\u00eats minoritaires \u00e0 la date de cl\u00f4ture. Voir Note\u00a01.13 et Note\u00a021\u00a0ci-dessous.\n
\n\n Le montant des dividendes vers\u00e9s \u00e0 Diageo en 2023 est de 241\u00a0millions d\u2019euros, au titre de l\u2019exercice 2022. La part du r\u00e9sultat net de l\u2019exercice 2023 revenant \u00e0 Diageo s\u2019\u00e9l\u00e8ve \u00e0 480\u00a0millions d\u2019euros, et sa part dans les int\u00e9r\u00eats minoritaires cumul\u00e9s (avant effets comptables de l\u2019engagement d\u2019achat octroy\u00e9 \u00e0 Diageo) s\u2019\u00e9l\u00e8ve \u00e0 4\u202f281\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2023. \u00c0 cette date, le bilan consolid\u00e9 r\u00e9sum\u00e9 de Mo\u00ebt Hennessy se pr\u00e9sente ainsi\u00a0:\n
\n| \n \n (en milliards d\u2019euros)\n \n | \n \n \n 2023\n \n | \n
| \n \n Immobilisations corporelles et incorporelles\n \n | \n \n \n 6,4\n \n | \n
| \n \n Autres actifs non courants\n \n | \n \n \n 1,0\n \n | \n
| \n \n Actifs non courants\n \n | \n \n \n 7,4\n \n | \n
| \n \n Stocks et en-cours\n \n | \n \n \n 7,6\n \n | \n
| \n \n Autres actifs courants\n \n | \n \n \n 1,7\n \n | \n
| \n \n Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie\n \n | \n \n \n 2,0\n \n | \n
| \n \n Actifs courants\n \n | \n \n \n 11,4\n \n | \n
| \n \n Total de l\u2019actif\n \n | \n \n \n 18,8\n \n | \n
| \n \n (en milliards d\u2019euros)\n \n | \n \n \n 2023\n \n | \n
| \n \n Capitaux propres\n \n | \n \n \n 12,5\n \n | \n
| \n \n Passifs non courants\n \n | \n \n \n 2,4\n \n | \n
| \n \n Capitaux permanents\n \n | \n \n \n 14,9\n \n | \n
| \n \n Dette financi\u00e8re \u00e0 moins d\u2019un an\n \n | \n \n \n 1,8\n \n | \n
| \n \n Autres passifs courants\n \n | \n \n \n 2,1\n \n | \n
| \n \n Passifs courants\n \n | \n \n \n 3,9\n \n | \n
| \n \n Total du passif et des capitaux propres\n \n | \n \n \n 18,8\n \n | \n
\n Aucun dividende n\u2019a \u00e9t\u00e9 vers\u00e9 \u00e0 Mari-Cha Group Ltd en 2023. La part du r\u00e9sultat net 2023 revenant \u00e0 Mari-Cha Group Ltd s\u2019\u00e9l\u00e8ve \u00e0 -\u200638\u00a0millions d\u2019euros, et sa part dans les int\u00e9r\u00eats minoritaires cumul\u00e9s au 31\u00a0d\u00e9cembre 2023 s\u2019\u00e9l\u00e8ve \u00e0 1\u202f173\u00a0millions d\u2019euros.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__120-1": { "value": "\n 19.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Garanties et s\u00fbret\u00e9s r\u00e9elles\n
\n\n Au 31\u00a0d\u00e9cembre 2023, le montant de la dette financi\u00e8re couverte par des s\u00fbret\u00e9s r\u00e9elles est inf\u00e9rieur \u00e0 350\u00a0millions d\u2019euros.\n
\n 31.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cautions, avals et autres garanties\n
\n\n Au 31\u00a0d\u00e9cembre 2023, ces engagements s\u2019analysent de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Avals et cautions\n \n | \n \n \n 643\n \n | \n \n \n 415\n \n | \n \n \n 415\n \n | \n
| \n \n Autres garanties\n \n | \n \n \n 327\n \n | \n \n \n 328\n \n | \n \n \n 162\n \n | \n
| \n \n Garanties donn\u00e9es\n \n | \n \n \n 970\n \n | \n \n \n 744\n \n | \n \n \n 577\n \n | \n
| \n \n Garanties re\u00e7ues\n \n | \n \n \n (42)\n \n | \n \n \n (53)\n \n | \n \n \n (65)\n \n | \n
\n Les \u00e9ch\u00e9ances de ces engagements se r\u00e9partissent ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n \u00c0 moins d\u2019un an\n \n | \n \n \n De un \u00e0 cinq ans\n \n | \n \n \n Au-del\u00e0 de cinq ans\n \n | \n \n \n Total\n \n | \n
| \n \n Avals et cautions\n \n | \n \n \n 522\n \n | \n \n \n 80\n \n | \n \n \n 41\n \n | \n \n \n 643\n \n | \n
| \n \n Autres garanties\n \n | \n \n \n 128\n \n | \n \n \n 150\n \n | \n \n \n 49\n \n | \n \n \n 327\n \n | \n
| \n \n Garanties donn\u00e9es\n \n | \n \n \n 650\n \n | \n \n \n 231\n \n | \n \n \n 89\n \n | \n \n \n 970\n \n | \n
| \n \n Garanties re\u00e7ues\n \n | \n \n \n (19)\n \n | \n \n \n (20)\n \n | \n \n \n (3)\n \n | \n \n \n (42)\n \n | \n
\n 20.\u00a0\u00a0\u00a0\u00a0 Provisions et autres passifs non courants\n
\n\n Les provisions et autres passifs non courants s\u2019analysent ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Provisions \u00e0 plus d\u2019un an\n \n | \n \n \n 1\u202f529\n \n | \n \n \n 1\u202f529\n \n | \n \n \n 1\u202f771\n \n | \n
| \n \n Positions fiscales incertaines\n \n | \n \n \n 1\u202f438\n \n | \n \n \n 1\u202f400\n \n | \n \n \n 1\u202f404\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\u00a0(a)\n \n | \n \n \n 130\n \n | \n \n \n 206\n \n | \n \n \n 45\n \n | \n
| \n \n Participation du personnel aux r\u00e9sultats\n \n | \n \n \n 132\n \n | \n \n \n 123\n \n | \n \n \n 105\n \n | \n
| \n \n Autres dettes\n \n | \n \n \n 650\n \n | \n \n \n 644\n \n | \n \n \n 656\n \n | \n
| \n \n Provisions et autres passifs non courants\n \n | \n \n \n 3\u202f880\n \n | \n \n \n 3\u202f902\n \n | \n \n \n 3\u202f980\n \n | \n
\n (a)\u00a0 Voir Note\u00a023.\n
\n\n Les provisions sont relatives aux natures de risques et charges suivantes\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Provisions pour retraites, frais m\u00e9dicaux et engagements assimil\u00e9s\n \n | \n \n \n 609\n \n | \n \n \n 622\n \n | \n \n \n 915\n \n | \n
| \n \n Provisions pour risques et charges\n \n | \n \n \n 920\n \n | \n \n \n 907\n \n | \n \n \n 856\n \n | \n
| \n \n Provisions \u00e0 plus d\u2019un an\n \n | \n \n \n 1\u202f529\n \n | \n \n \n 1\u202f529\n \n | \n \n \n 1\u202f771\n \n | \n
| \n \n Provisions pour retraites, frais m\u00e9dicaux et engagements assimil\u00e9s\n \n | \n \n \n 17\n \n | \n \n \n 17\n \n | \n \n \n 17\n \n | \n
| \n \n Provisions pour risques et charges\n \n | \n \n \n 578\n \n | \n \n \n 539\n \n | \n \n \n 582\n \n | \n
| \n \n Provisions \u00e0 moins d\u2019un an\n \n | \n \n \n 595\n \n | \n \n \n 556\n \n | \n \n \n 598\n \n | \n
| \n \n Total\n \n | \n \n \n 2\u202f125\n \n | \n \n \n 2\u202f085\n \n | \n \n \n 2\u202f369\n \n | \n
\n Les soldes des provisions ont \u00e9volu\u00e9 de la fa\u00e7on suivante au cours de l\u2019exercice\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2022\n \n | \n \n \n Dotations\n \n | \n \n \n Utilisations\n \n | \n \n \n Reprises\n \n | \n \n \n Variations de p\u00e9rim\u00e8tre\n \n | \n \n \n Autres\u00a0(a)\n \n | \n \n \n Au 31\u00a0d\u00e9cembre 2023\n \n | \n
| \n \n Provisions pour retraites, frais m\u00e9dicaux et engagements assimil\u00e9s\n \n | \n \n \n 639\n \n | \n \n \n 136\n \n | \n \n \n (109)\n \n | \n \n \n (1)\n \n | \n \n \n 3\n \n | \n \n \n (41)\n \n | \n \n \n 627\n \n | \n
| \n \n Provisions pour risques et charges\n \n | \n \n \n 1\u202f445\n \n | \n \n \n 513\n \n | \n \n \n (274)\n \n | \n \n \n (165)\n \n | \n \n \n 7\n \n | \n \n \n (28)\n \n | \n \n \n 1\u202f498\n \n | \n
| \n \n Total\n \n | \n \n \n 2\u202f085\n \n | \n \n \n 649\n \n | \n \n \n (383)\n \n | \n \n \n (166)\n \n | \n \n \n 10\n \n | \n \n \n (70)\n \n | \n \n \n 2\u202f125\n \n | \n
\n (a)\u00a0 Inclut les effets des variations de change et des \u00e9carts de r\u00e9\u00e9valuation. Voir Note\u00a030\u00a0concernant les Provisions pour retraites, frais m\u00e9dicaux et assimil\u00e9s.\n
\n\n Les provisions pour risques et charges correspondent \u00e0 l\u2019estimation des effets patrimoniaux des risques, litiges (voir Note\u00a032), situations contentieuses r\u00e9alis\u00e9s ou probables, qui r\u00e9sultent des activit\u00e9s du Groupe\u00a0: ces activit\u00e9s sont en effet men\u00e9es dans le contexte d\u2019un cadre r\u00e9glementaire international souvent impr\u00e9cis, \u00e9voluant selon les pays et dans le temps, et s\u2019appliquant \u00e0 des domaines aussi vari\u00e9s que la composition des produits, leur conditionnement, ou les relations avec les partenaires du Groupe (distributeurs, fournisseurs, actionnaires des filiales\u2026\u00a0).\n
\n\n Les passifs non courants relatifs aux positions fiscales incertaines incluent l\u2019estimation des risques, litiges, et situations contentieuses, r\u00e9alis\u00e9s ou probables, relatifs au calcul de l\u2019imp\u00f4t sur les r\u00e9sultats. Les entit\u00e9s du Groupe en France et \u00e0 l\u2019\u00e9tranger peuvent faire l\u2019objet de contr\u00f4les fiscaux et, le cas \u00e9ch\u00e9ant, de demandes de rectification de la part des administrations locales. Ces demandes de rectification, ainsi que les positions fiscales incertaines identifi\u00e9es non encore notifi\u00e9es, donnent lieu \u00e0 l\u2019enregistrement d\u2019un passif dont le montant est revu r\u00e9guli\u00e8rement conform\u00e9ment aux crit\u00e8res de l\u2019interpr\u00e9tation IFRIC\u00a023\u00a0Positions fiscales incertaines.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f35657": { "value": "\n 22.\u00a0\u00a0\u00a0\u00a0 Fournisseurs et autres passifs courants\n
\n\n 22.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fournisseurs et comptes rattach\u00e9s\n
\n\n La variation des dettes fournisseurs et comptes rattach\u00e9s au cours des exercices pr\u00e9sent\u00e9s provient des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 8\u202f788\n \n | \n \n \n 7\u202f086\n \n | \n \n \n 5\u202f098\n \n | \n
| \n \n Variations des fournisseurs et comptes rattach\u00e9s\n \n | \n \n \n 428\n \n | \n \n \n 1\u202f532\n \n | \n \n \n 1\u202f576\n \n | \n
| \n \n Variations des clients cr\u00e9diteurs\n \n | \n \n \n 24\n \n | \n \n \n 6\n \n | \n \n \n 27\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n -\n \n | \n \n \n 62\n \n | \n \n \n 243\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (175)\n \n | \n \n \n 81\n \n | \n \n \n 226\n \n | \n
| \n \n Reclassements\n \n | \n \n \n (17)\n \n | \n \n \n 21\n \n | \n \n \n (85)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 9\u202f049\n \n | \n \n \n 8\u202f788\n \n | \n \n \n 7\u202f086\n \n | \n
\n 22.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Provisions et autres passifs courants\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Provisions \u00e0 moins d\u2019un an\u00a0(a)\n \n | \n \n \n 595\n \n | \n \n \n 556\n \n | \n \n \n 598\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\u00a0(b)\n \n | \n \n \n 149\n \n | \n \n \n 300\n \n | \n \n \n 195\n \n | \n
| \n \n Personnel et organismes sociaux\n \n | \n \n \n 2\u202f671\n \n | \n \n \n 2\u202f448\n \n | \n \n \n 2\u202f244\n \n | \n
| \n \n Participation du personnel aux r\u00e9sultats\n \n | \n \n \n 317\n \n | \n \n \n 266\n \n | \n \n \n 226\n \n | \n
| \n \n \u00c9tat et collectivit\u00e9s locales\u00a0: imp\u00f4ts et taxes, hors imp\u00f4t sur les r\u00e9sultats\n \n | \n \n \n 1\u202f393\n \n | \n \n \n 1\u202f261\n \n | \n \n \n 1\u202f101\n \n | \n
| \n \n Clients\u00a0: avances et acomptes vers\u00e9s\n \n | \n \n \n 1\u202f167\n \n | \n \n \n 1\u202f224\n \n | \n \n \n 1\u202f079\n \n | \n
| \n \n Provision pour retour et reprise de produits\u00a0(c)\n \n | \n \n \n 646\n \n | \n \n \n 653\n \n | \n \n \n 648\n \n | \n
| \n \n Diff\u00e9r\u00e9 de r\u00e8glement d\u2019immobilisations\n \n | \n \n \n 936\n \n | \n \n \n 787\n \n | \n \n \n 907\n \n | \n
| \n \n Produits constat\u00e9s d\u2019avance\n \n | \n \n \n 291\n \n | \n \n \n 275\n \n | \n \n \n 230\n \n | \n
| \n \n Programmes de fid\u00e9lit\u00e9 et Cartes cadeaux\n \n | \n \n \n 651\n \n | \n \n \n 543\n \n | \n \n \n 451\n \n | \n
| \n \n Autres dettes locatives et subventions\n \n | \n \n \n 431\n \n | \n \n \n 321\n \n | \n \n \n 324\n \n | \n
| \n \n Autres dettes\n \n | \n \n \n 293\n \n | \n \n \n 919\n \n | \n \n \n 1\u202f170\n \n | \n
| \n \n Total\n \n | \n \n \n 9\u202f540\n \n | \n \n \n 9\u202f553\n \n | \n \n \n 9\u202f174\n \n | \n
\n (a)\u00a0 Voir Note\u00a020.\n
\n\n (b)\u00a0 Voir Note\u00a023.\n
\n\n (c)\u00a0\u00a0 Voir Note\u00a01.27.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f35658": { "value": "\n 22.\u00a0\u00a0\u00a0\u00a0 Fournisseurs et autres passifs courants\n
\n\n 22.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fournisseurs et comptes rattach\u00e9s\n
\n\n La variation des dettes fournisseurs et comptes rattach\u00e9s au cours des exercices pr\u00e9sent\u00e9s provient des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 8\u202f788\n \n | \n \n \n 7\u202f086\n \n | \n \n \n 5\u202f098\n \n | \n
| \n \n Variations des fournisseurs et comptes rattach\u00e9s\n \n | \n \n \n 428\n \n | \n \n \n 1\u202f532\n \n | \n \n \n 1\u202f576\n \n | \n
| \n \n Variations des clients cr\u00e9diteurs\n \n | \n \n \n 24\n \n | \n \n \n 6\n \n | \n \n \n 27\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n -\n \n | \n \n \n 62\n \n | \n \n \n 243\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (175)\n \n | \n \n \n 81\n \n | \n \n \n 226\n \n | \n
| \n \n Reclassements\n \n | \n \n \n (17)\n \n | \n \n \n 21\n \n | \n \n \n (85)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 9\u202f049\n \n | \n \n \n 8\u202f788\n \n | \n \n \n 7\u202f086\n \n | \n
\n 22.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Provisions et autres passifs courants\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Provisions \u00e0 moins d\u2019un an\u00a0(a)\n \n | \n \n \n 595\n \n | \n \n \n 556\n \n | \n \n \n 598\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\u00a0(b)\n \n | \n \n \n 149\n \n | \n \n \n 300\n \n | \n \n \n 195\n \n | \n
| \n \n Personnel et organismes sociaux\n \n | \n \n \n 2\u202f671\n \n | \n \n \n 2\u202f448\n \n | \n \n \n 2\u202f244\n \n | \n
| \n \n Participation du personnel aux r\u00e9sultats\n \n | \n \n \n 317\n \n | \n \n \n 266\n \n | \n \n \n 226\n \n | \n
| \n \n \u00c9tat et collectivit\u00e9s locales\u00a0: imp\u00f4ts et taxes, hors imp\u00f4t sur les r\u00e9sultats\n \n | \n \n \n 1\u202f393\n \n | \n \n \n 1\u202f261\n \n | \n \n \n 1\u202f101\n \n | \n
| \n \n Clients\u00a0: avances et acomptes vers\u00e9s\n \n | \n \n \n 1\u202f167\n \n | \n \n \n 1\u202f224\n \n | \n \n \n 1\u202f079\n \n | \n
| \n \n Provision pour retour et reprise de produits\u00a0(c)\n \n | \n \n \n 646\n \n | \n \n \n 653\n \n | \n \n \n 648\n \n | \n
| \n \n Diff\u00e9r\u00e9 de r\u00e8glement d\u2019immobilisations\n \n | \n \n \n 936\n \n | \n \n \n 787\n \n | \n \n \n 907\n \n | \n
| \n \n Produits constat\u00e9s d\u2019avance\n \n | \n \n \n 291\n \n | \n \n \n 275\n \n | \n \n \n 230\n \n | \n
| \n \n Programmes de fid\u00e9lit\u00e9 et Cartes cadeaux\n \n | \n \n \n 651\n \n | \n \n \n 543\n \n | \n \n \n 451\n \n | \n
| \n \n Autres dettes locatives et subventions\n \n | \n \n \n 431\n \n | \n \n \n 321\n \n | \n \n \n 324\n \n | \n
| \n \n Autres dettes\n \n | \n \n \n 293\n \n | \n \n \n 919\n \n | \n \n \n 1\u202f170\n \n | \n
| \n \n Total\n \n | \n \n \n 9\u202f540\n \n | \n \n \n 9\u202f553\n \n | \n \n \n 9\u202f174\n \n | \n
\n (a)\u00a0 Voir Note\u00a020.\n
\n\n (b)\u00a0 Voir Note\u00a023.\n
\n\n (c)\u00a0\u00a0 Voir Note\u00a01.27.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f35659": { "value": "\n 22.\u00a0\u00a0\u00a0\u00a0 Fournisseurs et autres passifs courants\n
\n\n 22.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fournisseurs et comptes rattach\u00e9s\n
\n\n La variation des dettes fournisseurs et comptes rattach\u00e9s au cours des exercices pr\u00e9sent\u00e9s provient des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 8\u202f788\n \n | \n \n \n 7\u202f086\n \n | \n \n \n 5\u202f098\n \n | \n
| \n \n Variations des fournisseurs et comptes rattach\u00e9s\n \n | \n \n \n 428\n \n | \n \n \n 1\u202f532\n \n | \n \n \n 1\u202f576\n \n | \n
| \n \n Variations des clients cr\u00e9diteurs\n \n | \n \n \n 24\n \n | \n \n \n 6\n \n | \n \n \n 27\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\n \n | \n \n \n -\n \n | \n \n \n 62\n \n | \n \n \n 243\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (175)\n \n | \n \n \n 81\n \n | \n \n \n 226\n \n | \n
| \n \n Reclassements\n \n | \n \n \n (17)\n \n | \n \n \n 21\n \n | \n \n \n (85)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 9\u202f049\n \n | \n \n \n 8\u202f788\n \n | \n \n \n 7\u202f086\n \n | \n
\n 22.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Provisions et autres passifs courants\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Provisions \u00e0 moins d\u2019un an\u00a0(a)\n \n | \n \n \n 595\n \n | \n \n \n 556\n \n | \n \n \n 598\n \n | \n
| \n \n Instruments d\u00e9riv\u00e9s\u00a0(b)\n \n | \n \n \n 149\n \n | \n \n \n 300\n \n | \n \n \n 195\n \n | \n
| \n \n Personnel et organismes sociaux\n \n | \n \n \n 2\u202f671\n \n | \n \n \n 2\u202f448\n \n | \n \n \n 2\u202f244\n \n | \n
| \n \n Participation du personnel aux r\u00e9sultats\n \n | \n \n \n 317\n \n | \n \n \n 266\n \n | \n \n \n 226\n \n | \n
| \n \n \u00c9tat et collectivit\u00e9s locales\u00a0: imp\u00f4ts et taxes, hors imp\u00f4t sur les r\u00e9sultats\n \n | \n \n \n 1\u202f393\n \n | \n \n \n 1\u202f261\n \n | \n \n \n 1\u202f101\n \n | \n
| \n \n Clients\u00a0: avances et acomptes vers\u00e9s\n \n | \n \n \n 1\u202f167\n \n | \n \n \n 1\u202f224\n \n | \n \n \n 1\u202f079\n \n | \n
| \n \n Provision pour retour et reprise de produits\u00a0(c)\n \n | \n \n \n 646\n \n | \n \n \n 653\n \n | \n \n \n 648\n \n | \n
| \n \n Diff\u00e9r\u00e9 de r\u00e8glement d\u2019immobilisations\n \n | \n \n \n 936\n \n | \n \n \n 787\n \n | \n \n \n 907\n \n | \n
| \n \n Produits constat\u00e9s d\u2019avance\n \n | \n \n \n 291\n \n | \n \n \n 275\n \n | \n \n \n 230\n \n | \n
| \n \n Programmes de fid\u00e9lit\u00e9 et Cartes cadeaux\n \n | \n \n \n 651\n \n | \n \n \n 543\n \n | \n \n \n 451\n \n | \n
| \n \n Autres dettes locatives et subventions\n \n | \n \n \n 431\n \n | \n \n \n 321\n \n | \n \n \n 324\n \n | \n
| \n \n Autres dettes\n \n | \n \n \n 293\n \n | \n \n \n 919\n \n | \n \n \n 1\u202f170\n \n | \n
| \n \n Total\n \n | \n \n \n 9\u202f540\n \n | \n \n \n 9\u202f553\n \n | \n \n \n 9\u202f174\n \n | \n
\n (a)\u00a0 Voir Note\u00a020.\n
\n\n (b)\u00a0 Voir Note\u00a023.\n
\n\n (c)\u00a0\u00a0 Voir Note\u00a01.27.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f35875": { "value": "\n 23.\u00a0\u00a0\u00a0\u00a0 Instruments financiers et gestion des risques de march\u00e9\n
\n\n 23.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Organisation de la gestion des risques de change, de taux et des march\u00e9s actions\n
\n\n Les instruments financiers utilis\u00e9s par le Groupe ont principalement pour objet la couverture des risques li\u00e9s \u00e0 son activit\u00e9 et \u00e0 son patrimoine.\n
\n\n La gestion des risques de change et de taux, les transactions sur actions et les instruments financiers sont effectu\u00e9s de fa\u00e7on centralis\u00e9e.\n
\n\n Le Groupe a mis en place une politique, des r\u00e8gles et des proc\u00e9dures strictes pour g\u00e9rer, mesurer et contr\u00f4ler ces risques de march\u00e9.\n
\n\n L\u2019organisation de ces activit\u00e9s repose sur la s\u00e9paration des fonctions de mesure des risques (middle-office), de mise en \u0153uvre des op\u00e9rations (front-office), de gestion administrative (back-office) et de contr\u00f4le financier.\n
\n\n Cette organisation s\u2019appuie sur un syst\u00e8me d\u2019information int\u00e9gr\u00e9 qui permet un contr\u00f4le rapide des op\u00e9rations.\n
\n\n Le dispositif de couverture est pr\u00e9sent\u00e9 au Comit\u00e9 d\u2019audit de la performance. Les d\u00e9cisions de couverture sont prises selon un processus \u00e9tabli qui comprend des pr\u00e9sentations r\u00e9guli\u00e8res au Comit\u00e9 ex\u00e9cutif du Groupe et font l\u2019objet d\u2019une documentation d\u00e9taill\u00e9e.\n
\n\n Les contreparties sont retenues notamment en fonction de leur notation et selon une approche de diversification des risques.\n
\n\n 23.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Synth\u00e8se des instruments d\u00e9riv\u00e9s\n
\n\n Les instruments d\u00e9riv\u00e9s sont comptabilis\u00e9s au bilan dans les rubriques et pour les montants suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n | \n | \n \n Notes\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Risque de taux d\u2019int\u00e9r\u00eat\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n 2\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n 23\n \n | \n \n \n 34\n \n | \n \n \n 31\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n (100)\n \n | \n \n \n (159)\n \n | \n \n \n (25)\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n (21)\n \n | \n \n \n (19)\n \n | \n \n \n (5)\n \n | \n
| \n | \n | \n | \n \n 23.3\n \n | \n \n \n (96)\n \n | \n \n \n (144)\n \n | \n \n \n 6\n \n | \n
| \n \n Risque de change\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n 97\n \n | \n \n \n 97\n \n | \n \n \n 51\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n 509\n \n | \n \n \n 421\n \n | \n \n \n 218\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n (31)\n \n | \n \n \n (47)\n \n | \n \n \n (20)\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n (126)\n \n | \n \n \n (277)\n \n | \n \n \n (182)\n \n | \n
| \n | \n | \n | \n \n 23.4\n \n | \n \n \n 450\n \n | \n \n \n 193\n \n | \n \n \n 68\n \n | \n
| \n \n Autres risques\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n 10\n \n | \n \n \n 7\n \n | \n \n \n 9\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n | \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n | \n \n (2)\n \n | \n \n \n (3)\n \n | \n \n \n (8)\n \n | \n
| \n | \n | \n | \n \n 23.5\n \n | \n \n \n 9\n \n | \n \n \n 4\n \n | \n \n \n 1\n \n | \n
| \n \n Total\n \n | \n \n \n Actifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n \n 10\n \n | \n \n \n 99\n \n | \n \n \n 97\n \n | \n \n \n 55\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n \n 13\n \n | \n \n \n 543\n \n | \n \n \n 462\n \n | \n \n \n 258\n \n | \n
| \n | \n \n Passifs\u00a0:\n \n | \n \n \n non courants\n \n | \n \n \n 20\n \n | \n \n \n (130)\n \n | \n \n \n (206)\n \n | \n \n \n (45)\n \n | \n
| \n | \n | \n \n courants\n \n | \n \n \n 22\n \n | \n \n \n (149)\n \n | \n \n \n (300)\n \n | \n \n \n (195)\n \n | \n
| \n | \n | \n | \n | \n \n 363\n \n | \n \n \n 53\n \n | \n \n \n 74\n \n | \n
\n Les instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion des autres risques concernent essentiellement des instruments de couverture fermes ou optionnels sur certains m\u00e9taux pr\u00e9cieux, notamment l\u2019argent, l\u2019or et le platine.\n
\n\n 23.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de taux d\u2019int\u00e9r\u00eat\n
\n\n L\u2019objectif de la politique de gestion men\u00e9e est d\u2019adapter le profil de la dette au profil des actifs et \u00e0 la capacit\u00e9 de remboursement, de contenir les frais financiers, et de pr\u00e9munir le r\u00e9sultat contre une variation sensible des taux d\u2019int\u00e9r\u00eat.\n
\n\n Dans ce cadre, le Groupe utilise des instruments d\u00e9riv\u00e9s de taux \u00e0 nature ferme (swaps) ou conditionnelle (options).\n
\n\n Les instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de taux en vie au 31\u00a0d\u00e9cembre 2023 sont les suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Montants nominaux par \u00e9ch\u00e9ance\n \n | \n \n \n Valeur de march\u00e9\u00a0(a)\u00a0(b)\n \n | \n ||||||
| \n \n \u00c0 1\u00a0an\n \n | \n \n \n De 1\u00a0\u00e0 5\u00a0ans\n \n | \n \n \n Au-del\u00e0\n \n | \n \n \n Total\n \n | \n \n \n Couverture de flux de tr\u00e9sorerie futurs\n \n | \n \n \n Couverture de juste valeur\n \n | \n \n \n Non affect\u00e9s\n \n | \n \n \n Total\n \n | \n |
| \n \n Swaps de taux, payeur de taux variable\n \n | \n \n \n 300\n \n | \n \n \n 1\u202f178\n \n | \n \n \n -\n \n | \n \n \n 1\u202f478\n \n | \n \n \n -\n \n | \n \n \n (102)\n \n | \n \n \n -\n \n | \n \n \n (102)\n \n | \n
| \n \n Swaps de taux, payeur de taux fixe\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Swaps de devises, payeur de taux euro\n \n | \n \n \n -\n \n | \n \n \n 978\n \n | \n \n \n -\n \n | \n \n \n 978\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 5\n \n | \n \n \n 5\n \n | \n
| \n \n Swaps de devises, receveur de taux euro\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Options de taux\n \n | \n \n \n -\n \n | \n \n \n 400\n \n | \n \n \n -\n \n | \n \n \n 400\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Total\n \n | \n \n | \n | \n | \n | \n \n -\n \n | \n \n \n (102)\n \n | \n \n \n 5\n \n | \n \n \n (97)\n \n | \n
\n (a)\u00a0 Gain/(Perte).\n
\n\n (b)\u00a0 Voir Note\u00a01.10\u00a0concernant les modalit\u00e9s d\u2019\u00e9valuation \u00e0 la valeur de march\u00e9.\n
\n\n 23.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de change\n
\n\n Une part importante des ventes faites par les soci\u00e9t\u00e9s du Groupe, \u00e0 leurs clients ou \u00e0 leurs propres filiales de distribution, ainsi que certains de leurs achats, sont effectu\u00e9s en devises diff\u00e9rentes de leur monnaie fonctionnelle\u2006; ces flux en devises sont constitu\u00e9s principalement de flux intra-Groupe. Les instruments de couverture utilis\u00e9s ont pour objet de r\u00e9duire les risques de change issus des variations de parit\u00e9 de ces devises par rapport \u00e0 la monnaie fonctionnelle des soci\u00e9t\u00e9s exportatrices ou importatrices, et sont affect\u00e9s soit aux cr\u00e9ances ou dettes commerciales de l\u2019exercice (couverture de juste valeur), soit aux transactions pr\u00e9visionnelles des exercices suivants (couverture des flux de tr\u00e9sorerie futurs).\n
\n\n Les flux futurs de devises font l\u2019objet de pr\u00e9visions d\u00e9taill\u00e9es dans le cadre du processus budg\u00e9taire, et sont couverts progressivement, dans la limite d\u2019un horizon qui n\u2019exc\u00e8de un an que dans les cas o\u00f9 les probabilit\u00e9s de r\u00e9alisation le justifient. Dans ce cadre, et selon les \u00e9volutions de march\u00e9, les risques de change identifi\u00e9s sont couverts par des contrats \u00e0 terme ou des instruments de nature optionnelle.\n
\n\n En outre, le Groupe est expos\u00e9 au risque de change patrimonial li\u00e9 \u00e0 la d\u00e9tention d\u2019actifs en devises. Ce risque de change peut \u00eatre couvert totalement ou partiellement par la mise en place d\u2019emprunts en devises ou par des couvertures de situations nettes de ses filiales situ\u00e9es hors zone euro, en utilisant des instruments appropri\u00e9s ayant pour objet de limiter l\u2019effet sur ses capitaux propres consolid\u00e9s des variations de parit\u00e9 des devises concern\u00e9es contre l\u2019euro.\n
\n\n Les instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion du risque de change en vie au 31\u00a0d\u00e9cembre 2023 sont les suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Montants nominaux par exercice d\u2019affectation\u00a0(a)\n \n | \n \n \n Valeur de march\u00e9\u00a0(b)\u00a0(c)\n \n | \n ||||||
| \n \n 2023\n \n | \n \n \n 2024\n \n | \n \n \n Au-del\u00e0\n \n | \n \n \n Total\n \n | \n \n \n Couverture de flux de tr\u00e9sorerie futurs\n \n | \n \n \n Couverture de juste valeur\n \n | \n \n \n Non affect\u00e9s\n \n | \n \n \n Total\n \n | \n |
| \n \n Options achet\u00e9es\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Call USD\n \n | \n \n \n -\n \n | \n \n \n 127\n \n | \n \n \n -\n \n | \n \n \n 127\n \n | \n \n \n 1\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\n \n | \n
| \n \n Put JPY\n \n | \n \n \n -\n \n | \n \n \n 20\n \n | \n \n \n -\n \n | \n \n \n 20\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Put CNY\n \n | \n \n \n -\n \n | \n \n \n 190\n \n | \n \n \n -\n \n | \n \n \n 190\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Autres\n \n | \n \n \n -\n \n | \n \n \n 11\n \n | \n \n \n -\n \n | \n \n \n 11\n \n | \n \n \n 3\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 3\n \n | \n
| \n | \n \n -\n \n | \n \n \n 348\n \n | \n \n \n -\n \n | \n \n \n 348\n \n | \n \n \n 4\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n
| \n \n Tunnels\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Vendeur USD\n \n | \n \n \n 242\n \n | \n \n \n 6\u202f066\n \n | \n \n \n 428\n \n | \n \n \n 6\u202f736\n \n | \n \n \n 157\n \n | \n \n \n 7\n \n | \n \n \n -\n \n | \n \n \n 164\n \n | \n
| \n \n Vendeur JPY\n \n | \n \n \n 146\n \n | \n \n \n 1\u202f573\n \n | \n \n \n 120\n \n | \n \n \n 1\u202f838\n \n | \n \n \n 77\n \n | \n \n \n 14\n \n | \n \n \n -\n \n | \n \n \n 92\n \n | \n
| \n \n Vendeur GBP\n \n | \n \n \n 51\n \n | \n \n \n 647\n \n | \n \n \n 43\n \n | \n \n \n 740\n \n | \n \n \n 9\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 9\n \n | \n
| \n \n Vendeur HKD\n \n | \n \n \n 13\n \n | \n \n \n 588\n \n | \n \n \n 45\n \n | \n \n \n 646\n \n | \n \n \n 19\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 19\n \n | \n
| \n \n Vendeur CNY\n \n | \n \n \n 274\n \n | \n \n \n 3\u202f239\n \n | \n \n \n 217\n \n | \n \n \n 3\u202f730\n \n | \n \n \n 118\n \n | \n \n \n 30\n \n | \n \n \n -\n \n | \n \n \n 149\n \n | \n
| \n | \n \n 726\n \n | \n \n \n 12\u202f113\n \n | \n \n \n 852\n \n | \n \n \n 13\u202f691\n \n | \n \n \n 381\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n 433\n \n | \n
| \n \n Contrats \u00e0 terme\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n USD\n \n | \n \n \n 121\n \n | \n \n \n 428\n \n | \n \n \n -\n \n | \n \n \n 548\n \n | \n \n \n 4\n \n | \n \n \n 12\n \n | \n \n \n -\n \n | \n \n \n 16\n \n | \n
| \n \n JPY\n \n | \n \n \n -\n \n | \n \n \n 9\n \n | \n \n \n -\n \n | \n \n \n 9\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n KRW\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 52\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n BRL\n \n | \n \n \n 1\n \n | \n \n \n 64\n \n | \n \n \n -\n \n | \n \n \n 65\n \n | \n \n \n -\n \n | \n \n \n (5)\n \n | \n \n \n -\n \n | \n \n \n (5)\n \n | \n
| \n \n Autres\n \n | \n \n \n (112)\n \n | \n \n \n 127\n \n | \n \n \n -\n \n | \n \n \n 15\n \n | \n \n \n -\n \n | \n \n \n 2\n \n | \n \n \n -\n \n | \n \n \n 2\n \n | \n
| \n | \n \n 62\n \n | \n \n \n 627\n \n | \n \n \n -\n \n | \n \n \n 689\n \n | \n \n \n 4\n \n | \n \n \n 10\n \n | \n \n \n -\n \n | \n \n \n 13\n \n | \n
| \n \n Swaps cambistes\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n USD\n \n | \n \n \n 116\n \n | \n \n \n (3\u202f632)\n \n | \n \n \n 17\n \n | \n \n \n (3\u202f499)\n \n | \n \n \n -\n \n | \n \n \n (6)\n \n | \n \n \n -\n \n | \n \n \n (6)\n \n | \n
| \n \n GBP\n \n | \n \n \n 2\n \n | \n \n \n 492\n \n | \n \n \n (655)\n \n | \n \n \n (162)\n \n | \n \n \n -\n \n | \n \n \n (32)\n \n | \n \n \n -\n \n | \n \n \n (32)\n \n | \n
| \n \n JPY\n \n | \n \n \n 7\n \n | \n \n \n (169)\n \n | \n \n \n 222\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n
| \n \n CNY\n \n | \n \n \n 72\n \n | \n \n \n 1\u202f227\n \n | \n \n \n -\n \n | \n \n \n 1\u202f299\n \n | \n \n \n -\n \n | \n \n \n 16\n \n | \n \n \n -\n \n | \n \n \n 16\n \n | \n
| \n \n HKD\n \n | \n \n \n 15\n \n | \n \n \n (1\u202f090)\n \n | \n \n \n -\n \n | \n \n \n (1\u202f075)\n \n | \n \n \n -\n \n | \n \n \n (24)\n \n | \n \n \n -\n \n | \n \n \n (24)\n \n | \n
| \n \n Autres\n \n | \n \n \n -\n \n | \n \n \n 1\u202f007\n \n | \n \n \n 21\n \n | \n \n \n 1\u202f028\n \n | \n \n \n -\n \n | \n \n \n (13)\n \n | \n \n \n -\n \n | \n \n \n (13)\n \n | \n
| \n | \n \n 212\n \n | \n \n \n (2\u202f164)\n \n | \n \n \n (396)\n \n | \n \n \n (2\u202f348)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Total\n \n | \n \n \n 999\n \n | \n \n \n 10\u202f924\n \n | \n \n \n 457\n \n | \n \n \n 12\u202f380\n \n | \n \n \n 389\n \n | \n \n \n 61\n \n | \n \n \n -\n \n | \n \n \n 450\n \n | \n
\n (a)\u00a0 Vente/(Achat).\n
\n\n (b)\u00a0 Voir Note\u00a01.10\u00a0concernant les modalit\u00e9s d\u2019\u00e9valuation \u00e0 la valeur de march\u00e9.\n
\n\n (c)\u00a0\u00a0 Gain/(Perte).\n
\n\n 23.5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Instruments financiers li\u00e9s \u00e0 la gestion des autres risques\n
\n\n La politique d\u2019investissement et de placement du Groupe s\u2019inscrit dans la dur\u00e9e. Occasionnellement, le Groupe peut investir dans des instruments financiers \u00e0 composante action ayant pour objectif de dynamiser la gestion de son portefeuille de placements.\n
\n\n Le Groupe est expos\u00e9 aux risques de variation de cours des actions soit directement, en raison de la d\u00e9tention de participations ou de placements financiers, soit indirectement du fait de la d\u00e9tention de fonds eux-m\u00eames investis partiellement en actions.\n
\n\n Le Groupe peut utiliser des instruments d\u00e9riv\u00e9s sur actions ayant pour objet de construire synth\u00e9tiquement une exposition \u00e9conomique \u00e0 des actifs particuliers, de couvrir les plans de r\u00e9mun\u00e9rations li\u00e9s au cours de l\u2019action LVMH, ou de couvrir certains risques li\u00e9s \u00e0 l\u2019\u00e9volution du cours de l\u2019action LVMH. Au 31\u00a0d\u00e9cembre 2023, aucun d\u00e9riv\u00e9 sur actions n\u2019est en vie.\n
\n\n Le Groupe, essentiellement \u00e0 travers son activit\u00e9 Montres et Joaillerie, peut \u00eatre expos\u00e9 \u00e0 la variation du prix de certains m\u00e9taux pr\u00e9cieux, notamment l\u2019argent, l\u2019or et le platine. Dans certains cas, afin de s\u00e9curiser le co\u00fbt de production, des couvertures peuvent \u00eatre mises en place, soit en n\u00e9gociant le prix de livraisons pr\u00e9visionnelles d\u2019alliages avec des affineurs, ou le prix de produits semi-finis avec des producteurs, soit par la mise en place de couvertures financi\u00e8res aupr\u00e8s de banques de premi\u00e8re cat\u00e9gorie. Dans ce dernier cas, ces couvertures consistent en des instruments fermes ou optionnels, avec des livraisons au comptant. D\u2019un montant nominal de 189\u00a0millions d\u2019euros, les instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la couverture du prix des m\u00e9taux pr\u00e9cieux en vie au 31\u00a0d\u00e9cembre 2023 ont une valeur de march\u00e9 positive de 9\u00a0millions d\u2019euros. Ces instruments financiers auraient, en cas de variation uniforme de 1\u2006% des cours de leurs sous-jacents au 31\u00a0d\u00e9cembre 2023, un effet net sur les r\u00e9serves consolid\u00e9es du Groupe de \u2013 2\u00a0millions d\u2019euros. Ils sont \u00e0 \u00e9ch\u00e9ance 2024.\n
\n\n 23.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Actifs et passifs financiers comptabilis\u00e9s \u00e0 la juste valeur ventil\u00e9s par m\u00e9thode de valorisation\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||||||
| \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n |
| \n \n Valorisation\u00a0(a)\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Cotation boursi\u00e8re\n \n | \n \n \n 3\u202f349\n \n | \n \n \n -\n \n | \n \n \n 7\u202f774\n \n | \n \n \n 3\u202f390\n \n | \n \n \n -\n \n | \n \n \n 7\u202f300\n \n | \n \n \n 2\u202f427\n \n | \n \n \n -\n \n | \n \n \n 8\u202f021\n \n | \n
| \n \n Mod\u00e8le de valorisation reposant sur des donn\u00e9es de march\u00e9\n \n | \n \n \n 10\n \n | \n \n \n 642\n \n | \n \n \n -\n \n | \n \n \n 18\n \n | \n \n \n 559\n \n | \n \n \n -\n \n | \n \n \n 96\n \n | \n \n \n 314\n \n | \n \n \n -\n \n | \n
| \n \n Cotations priv\u00e9es\n \n | \n \n \n 1\u202f492\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f254\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f384\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Actifs\n \n | \n \n \n 4\u202f853\n \n | \n \n \n 642\n \n | \n \n \n 7\u202f774\n \n | \n \n \n 4\u202f660\n \n | \n \n \n 559\n \n | \n \n \n 7\u202f300\n \n | \n \n \n 3\u202f907\n \n | \n \n \n 314\n \n | \n \n \n 8\u202f021\n \n | \n
| \n \n Valorisation\u00a0(a)\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Cotation boursi\u00e8re\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Mod\u00e8le de valorisation reposant sur des donn\u00e9es de march\u00e9\n \n | \n \n \n -\n \n | \n \n \n 279\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 506\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 240\n \n | \n \n \n -\n \n | \n
| \n \n Cotations priv\u00e9es\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Passifs\n \n | \n \n \n -\n \n | \n \n \n 279\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 506\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 240\n \n | \n \n \n -\n \n | \n
\n (a)\u00a0 Voir Note\u00a01.10\u00a0concernant les m\u00e9thodes de valorisation.\n
\n\n Les instruments d\u00e9riv\u00e9s utilis\u00e9s par le Groupe sont valoris\u00e9s \u00e0 leur juste valeur, \u00e9valu\u00e9e au moyen de mod\u00e8les de valorisation commun\u00e9ment utilis\u00e9s et sur la base de donn\u00e9es de march\u00e9. Le risque de contrepartie relatif \u00e0 ces instruments d\u00e9riv\u00e9s (\u00ab\u00a0Credit valuation adjustment\u00a0\u00bb) est \u00e9valu\u00e9 sur la base de spreads de cr\u00e9dit issus de donn\u00e9es de march\u00e9 observables, et de la valeur de march\u00e9 des instruments d\u00e9riv\u00e9s ajust\u00e9e par des add-ons forfaitaires fonction du type de sous-jacent et de la maturit\u00e9 de l\u2019instrument d\u00e9riv\u00e9. Celui-ci est non significatif aux 31\u00a0d\u00e9cembre 2023, 2022 et 2021.\n
\n\n Le montant des actifs financiers \u00e9valu\u00e9s sur la base de cotations priv\u00e9es a \u00e9volu\u00e9 ainsi en 2023\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 1\u202f254\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 214\n \n | \n
| \n \n Cessions (\u00e0 valeur de vente)\n \n | \n \n \n (26)\n \n | \n
| \n \n Gains et (pertes) enregistr\u00e9s en r\u00e9sultat\n \n | \n \n \n 189\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (19)\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\u00a0(a)\n \n | \n \n \n (120)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 1\u202f492\n \n | \n
\n (a)\u00a0 Voir Note\u00a09.\n
\n\n 23.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Incidence des instruments financiers sur l\u2019\u00e9tat global des gains et pertes consolid\u00e9s\n
\n\n L\u2019incidence des instruments financiers sur l\u2019\u00e9tat global des gains et pertes consolid\u00e9s de l\u2019exercice se d\u00e9compose ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Risque de change\u00a0(a)\n \n | \n \n \n Risque de taux d\u2019int\u00e9r\u00eat\u00a0(b)\n \n | \n \n \n Total\u00a0(c)\n \n | \n |||||||
| \n \n R\u00e9\u00e9valuations des parts efficaces, dont\u00a0:\n \n | \n \n \n R\u00e9\u00e9valuation du co\u00fbt des couvertures\n \n | \n \n \n Total\n \n | \n \n \n R\u00e9\u00e9valuations des parts efficaces\n \n | \n \n \n Inefficacit\u00e9\n \n | \n \n \n Total\n \n | \n |||||
| \n \n Couvertures de flux de tr\u00e9sorerie futurs en devises\n \n | \n \n \n Couvertures de juste valeur\n \n | \n \n \n Couvertures d\u2019actifs nets en devises\n \n | \n \n \n Total\n \n | \n |||||||
| \n \n Variations en\u00a0compte de r\u00e9sultat\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n \n \n 465\n \n | \n
| \n \n Variations en gains\u00a0et pertes consolid\u00e9s\n \n | \n \n \n (45)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (45)\n \n | \n \n \n 124\n \n | \n \n \n 79\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 79\n \n | \n
\n (a)\u00a0 Voir Notes\u00a01.10 et 1.23\u00a0concernant les principes de r\u00e9\u00e9valuation des instruments de couverture de risque de change.\n
\n\n (b)\u00a0 Voir Notes\u00a01.22 et 1.23\u00a0concernant les principes de r\u00e9\u00e9valuation des instruments de risque de taux d\u2019int\u00e9r\u00eat.\n
\n\n (c)\u00a0\u00a0 Gain/(Perte).\n
\n\n La r\u00e9\u00e9valuation des \u00e9l\u00e9ments couverts inscrits au bilan compensant la r\u00e9\u00e9valuation des parts efficaces des instruments de couverture de juste valeur (voir Note\u00a01.22), aucune inefficacit\u00e9 au titre des couvertures de change n\u2019a \u00e9t\u00e9 constat\u00e9e au cours de l\u2019exercice.\n
\n\n 23.8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyses de sensibilit\u00e9\n
\n\n L\u2019effet en r\u00e9sultat des couvertures de flux de tr\u00e9sorerie futurs ainsi que les flux de tr\u00e9sorerie futurs couverts par ces instruments seront comptabilis\u00e9s en 2024 principalement, leur montant \u00e9tant fonction des cours de change en vigueur \u00e0 cette date. Les incidences sur le r\u00e9sultat net de l\u2019exercice 2023 d\u2019une variation de 10\u2006% du dollar US, du yen japonais, de la livre sterling et du Hong Kong dollar contre l\u2019euro, y compris l\u2019effet des couvertures en vie durant l\u2019exercice, par rapport aux cours qui se sont appliqu\u00e9s en 2023 auraient \u00e9t\u00e9 les suivantes\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Dollar US\n \n | \n \n \n Yen japonais\n \n | \n \n \n Livre sterling\n \n | \n \n \n Hong Kong dollar\n \n | \n ||||
| \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n |
| \n \n Incidences li\u00e9es\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n -\u00a0\u00a0\u00a0au taux d\u2019encaissement des ventes en devises\n \n | \n \n \n 147\n \n | \n \n \n (63)\n \n | \n \n \n 9\n \n | \n \n \n 1\n \n | \n \n \n 25\n \n | \n \n \n (3)\n \n | \n \n \n 5\n \n | \n \n \n (2)\n \n | \n
| \n \n -\u00a0\u00a0\u00a0\u00e0 la conversion des r\u00e9sultats des soci\u00e9t\u00e9s consolid\u00e9es situ\u00e9es hors zone euro\n \n | \n \n \n 216\n \n | \n \n \n (216)\n \n | \n \n \n 65\n \n | \n \n \n (65)\n \n | \n \n \n 21\n \n | \n \n \n (20)\n \n | \n \n \n 46\n \n | \n \n \n (46)\n \n | \n
| \n \n Incidences sur le r\u00e9sultat net\n \n | \n \n \n 363\n \n | \n \n \n (279)\n \n | \n \n \n 74\n \n | \n \n \n (64)\n \n | \n \n \n 46\n \n | \n \n \n (23)\n \n | \n \n \n 51\n \n | \n \n \n (48)\n \n | \n
\n Les donn\u00e9es figurant dans le tableau ci-dessus doivent \u00eatre appr\u00e9ci\u00e9es sur la base des caract\u00e9ristiques des instruments de couverture en vie au cours de l\u2019exercice 2023, constitu\u00e9s principalement d\u2019options et de tunnels.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les encaissements pr\u00e9visionnels de 2024 en dollar US et yen japonais sont couverts \u00e0 hauteur de 71\u2006% et 67\u2006%, respectivement. Pour la part couverte, compte tenu de la nature optionnelle des instruments, les cours de cession seront plus favorables que 1,10\u00a0EUR/USD pour le dollar US et 151\u00a0EUR/JPY pour le yen japonais.\n
\n\n L\u2019incidence des variations de change sur les capitaux propres hors r\u00e9sultat net peut \u00eatre \u00e9valu\u00e9e au 31\u00a0d\u00e9cembre 2023 \u00e0 travers les effets d\u2019une variation de 10\u2006% du dollar US, du yen japonais, de la livre sterling et du Hong Kong dollar contre l\u2019euro par rapport aux cours \u00e0 la m\u00eame date\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Dollar US\n \n | \n \n \n Yen japonais\n \n | \n \n \n Livre sterling\n \n | \n \n \n Hong Kong dollar\n \n | \n ||||
| \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n |
| \n \n Conversion de l\u2019actif net en devises\n \n | \n \n \n 1\u202f787\n \n | \n \n \n (1\u202f787)\n \n | \n \n \n 95\n \n | \n \n \n (95)\n \n | \n \n \n 144\n \n | \n \n \n (144)\n \n | \n \n \n 159\n \n | \n \n \n (159)\n \n | \n
| \n \n Variation de valeur des instruments de couverture, apr\u00e8s imp\u00f4t\n \n | \n \n \n (149)\n \n | \n \n \n 428\n \n | \n \n \n (54)\n \n | \n \n \n 97\n \n | \n \n \n (29)\n \n | \n \n \n 40\n \n | \n \n \n (20)\n \n | \n \n \n 42\n \n | \n
| \n \n Incidences sur les capitaux propres, hors r\u00e9sultat net\n \n | \n \n \n 1\u202f638\n \n | \n \n \n (1\u202f359)\n \n | \n \n \n 41\n \n | \n \n \n 2\n \n | \n \n \n 115\n \n | \n \n \n (104)\n \n | \n \n \n 139\n \n | \n \n \n (117)\n \n | \n
\n 23.9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Risque de liquidit\u00e9\n
\n\n Outre des risques de liquidit\u00e9 locaux en r\u00e8gle g\u00e9n\u00e9rale peu significatifs, l\u2019exposition du Groupe au risque de liquidit\u00e9 peut \u00eatre appr\u00e9ci\u00e9e au moyen du montant de sa dette financi\u00e8re \u00e0 moins d\u2019un an avant prise en compte des instruments d\u00e9riv\u00e9s, soit 10,7\u00a0milliards d\u2019euros, inf\u00e9rieure au solde de 11,3\u00a0milliards d\u2019euros de tr\u00e9sorerie et \u00e9quivalents et placements financiers, ou de l\u2019encours de ses programmes de titres de cr\u00e9ances court terme n\u00e9gociables, soit 7,3\u00a0milliards d\u2019euros. Au regard du non-renouvellement \u00e9ventuel de ces concours, le Groupe dispose de lignes de cr\u00e9dit confirm\u00e9es non tir\u00e9es pour un montant de 11,1\u00a0milliards d\u2019euros.\n
\n\n La liquidit\u00e9 du Groupe repose ainsi sur l\u2019ampleur de ses placements, sur sa capacit\u00e9 \u00e0 d\u00e9gager des financements \u00e0 long terme, sur la diversit\u00e9 de sa base d\u2019investisseurs (titres \u00e0 court terme et obligations), ainsi que sur la qualit\u00e9 de ses relations bancaires, mat\u00e9rialis\u00e9e ou non par des lignes de cr\u00e9dit confirm\u00e9es.\n
\n\n Le tableau suivant pr\u00e9sente, pour les passifs financiers comptabilis\u00e9s au 31\u00a0d\u00e9cembre 2023, l\u2019\u00e9ch\u00e9ancier contractuel des d\u00e9caissements relatifs aux passifs financiers (hors instruments d\u00e9riv\u00e9s), nominal et int\u00e9r\u00eats, hors effet d\u2019actualisation\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2024\n \n | \n \n \n 2025\n \n | \n \n \n 2026\n \n | \n \n \n 2027\n \n | \n \n \n 2028\n \n | \n \n \n Au-del\u00e0 de 5\u00a0ans\n \n | \n \n \n Total\n \n | \n
| \n \n Emprunts obligataires et Euro Medium-Term Notes (EMTN)\n \n | \n \n \n 2\u202f800\n \n | \n \n \n 2\u202f669\n \n | \n \n \n 1\u202f427\n \n | \n \n \n 1\u202f045\n \n | \n \n \n 1\u202f839\n \n | \n \n \n 4\u202f809\n \n | \n \n \n 14\u202f589\n \n | \n
| \n \n Emprunts aupr\u00e8s des \u00e9tablissements de cr\u00e9dit\n \n | \n \n \n 320\n \n | \n \n \n 68\n \n | \n \n \n 88\n \n | \n \n \n 5\n \n | \n \n \n 30\n \n | \n \n \n 12\n \n | \n \n \n 523\n \n | \n
| \n \n Autres emprunts et lignes de cr\u00e9dit\n \n | \n \n \n 151\n \n | \n \n \n 14\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 165\n \n | \n
| \n \n Billets de tr\u00e9sorerie et USCP\n \n | \n \n \n 7\u202f291\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 7\u202f291\n \n | \n
| \n \n D\u00e9couverts bancaires\n \n | \n \n \n 254\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 254\n \n | \n
| \n \n Dette financi\u00e8re brute\n \n | \n \n \n 10\u202f816\n \n | \n \n \n 2\u202f751\n \n | \n \n \n 1\u202f515\n \n | \n \n \n 1\u202f050\n \n | \n \n \n 1\u202f869\n \n | \n \n \n 4\u202f821\n \n | \n \n \n 22\u202f821\n \n | \n
| \n \n Autres passifs, courants et non courants\u00a0(a)\n \n | \n \n \n 8\u202f275\n \n | \n \n \n 226\n \n | \n \n \n 26\n \n | \n \n \n 23\n \n | \n \n \n 135\n \n | \n \n \n 51\n \n | \n \n \n 8\u202f736\n \n | \n
| \n \n Fournisseurs et comptes rattach\u00e9s\n \n | \n \n \n 9\u202f049\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 9\u202f049\n \n | \n
| \n \n Autres passifs financiers\n \n | \n \n \n 17\u202f324\n \n | \n \n \n 226\n \n | \n \n \n 26\n \n | \n \n \n 23\n \n | \n \n \n 135\n \n | \n \n \n 51\n \n | \n \n \n 17\u202f785\n \n | \n
| \n \n Total des passifs financiers\n \n | \n \n \n 28\u202f140\n \n | \n \n \n 2\u202f977\n \n | \n \n \n 1\u202f541\n \n | \n \n \n 1\u202f073\n \n | \n \n \n 2\u202f004\n \n | \n \n \n 4\u202f872\n \n | \n \n \n 40\u202f607\n \n | \n
\n (a)\u00a0 Correspond \u00e0 hauteur de 8\u202f275\u00a0millions d\u2019euros aux \u00ab\u00a0Autres passifs courants\u00a0\u00bb (hors instruments d\u00e9riv\u00e9s, produits constat\u00e9s d\u2019avance et programmes de fid\u00e9lit\u00e9) et de 461\u00a0millions d\u2019euros aux \u00ab\u00a0Autres passifs non courants\u00a0\u00bb (hors instruments d\u00e9riv\u00e9s et produits constat\u00e9s d\u2019avance).\n
\n\n Voir \u00e9galement Note\u00a07\u00a0pour l\u2019\u00e9ch\u00e9ancier des d\u00e9caissements relatifs aux contrats de location.\n
\n\n Voir Note\u00a031.2\u00a0concernant l\u2019\u00e9ch\u00e9ancier contractuel des cautions et avals, Notes\u00a019.4 et 23.4\u00a0concernant les instruments d\u00e9riv\u00e9s de change et Note\u00a023.3\u00a0concernant les instruments d\u00e9riv\u00e9s de taux.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__130-1": { "value": "\n 23.6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Actifs et passifs financiers comptabilis\u00e9s \u00e0 la juste valeur ventil\u00e9s par m\u00e9thode de valorisation\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n ||||||
| \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n \n \n Investissements et placements financiers\n \n | \n \n \n Instruments d\u00e9riv\u00e9s\n \n | \n \n \n Tr\u00e9sorerie et \u00e9quivalents (parts de SICAV et FCP mon\u00e9taires)\n \n | \n |
| \n \n Valorisation\u00a0(a)\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Cotation boursi\u00e8re\n \n | \n \n \n 3\u202f349\n \n | \n \n \n -\n \n | \n \n \n 7\u202f774\n \n | \n \n \n 3\u202f390\n \n | \n \n \n -\n \n | \n \n \n 7\u202f300\n \n | \n \n \n 2\u202f427\n \n | \n \n \n -\n \n | \n \n \n 8\u202f021\n \n | \n
| \n \n Mod\u00e8le de valorisation reposant sur des donn\u00e9es de march\u00e9\n \n | \n \n \n 10\n \n | \n \n \n 642\n \n | \n \n \n -\n \n | \n \n \n 18\n \n | \n \n \n 559\n \n | \n \n \n -\n \n | \n \n \n 96\n \n | \n \n \n 314\n \n | \n \n \n -\n \n | \n
| \n \n Cotations priv\u00e9es\n \n | \n \n \n 1\u202f492\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f254\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 1\u202f384\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Actifs\n \n | \n \n \n 4\u202f853\n \n | \n \n \n 642\n \n | \n \n \n 7\u202f774\n \n | \n \n \n 4\u202f660\n \n | \n \n \n 559\n \n | \n \n \n 7\u202f300\n \n | \n \n \n 3\u202f907\n \n | \n \n \n 314\n \n | \n \n \n 8\u202f021\n \n | \n
| \n \n Valorisation\u00a0(a)\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n Cotation boursi\u00e8re\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Mod\u00e8le de valorisation reposant sur des donn\u00e9es de march\u00e9\n \n | \n \n \n -\n \n | \n \n \n 279\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 506\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 240\n \n | \n \n \n -\n \n | \n
| \n \n Cotations priv\u00e9es\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Passifs\n \n | \n \n \n -\n \n | \n \n \n 279\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 506\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 240\n \n | \n \n \n -\n \n | \n
\n (a)\u00a0 Voir Note\u00a01.10\u00a0concernant les m\u00e9thodes de valorisation.\n
\n\n Les instruments d\u00e9riv\u00e9s utilis\u00e9s par le Groupe sont valoris\u00e9s \u00e0 leur juste valeur, \u00e9valu\u00e9e au moyen de mod\u00e8les de valorisation commun\u00e9ment utilis\u00e9s et sur la base de donn\u00e9es de march\u00e9. Le risque de contrepartie relatif \u00e0 ces instruments d\u00e9riv\u00e9s (\u00ab\u00a0Credit valuation adjustment\u00a0\u00bb) est \u00e9valu\u00e9 sur la base de spreads de cr\u00e9dit issus de donn\u00e9es de march\u00e9 observables, et de la valeur de march\u00e9 des instruments d\u00e9riv\u00e9s ajust\u00e9e par des add-ons forfaitaires fonction du type de sous-jacent et de la maturit\u00e9 de l\u2019instrument d\u00e9riv\u00e9. Celui-ci est non significatif aux 31\u00a0d\u00e9cembre 2023, 2022 et 2021.\n
\n\n Le montant des actifs financiers \u00e9valu\u00e9s sur la base de cotations priv\u00e9es a \u00e9volu\u00e9 ainsi en 2023\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n
| \n \n Au 1er\u00a0janvier\n \n | \n \n \n 1\u202f254\n \n | \n
| \n \n Acquisitions\n \n | \n \n \n 214\n \n | \n
| \n \n Cessions (\u00e0 valeur de vente)\n \n | \n \n \n (26)\n \n | \n
| \n \n Gains et (pertes) enregistr\u00e9s en r\u00e9sultat\n \n | \n \n \n 189\n \n | \n
| \n \n Effets des variations de change\n \n | \n \n \n (19)\n \n | \n
| \n \n Reclassements\n \n | \n \n \n -\n \n | \n
| \n \n Effets des variations de p\u00e9rim\u00e8tre\u00a0(a)\n \n | \n \n \n (120)\n \n | \n
| \n \n Au 31\u00a0d\u00e9cembre\n \n | \n \n \n 1\u202f492\n \n | \n
\n (a)\u00a0 Voir Note\u00a09.\n
\n 23.7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Incidence des instruments financiers sur l\u2019\u00e9tat global des gains et pertes consolid\u00e9s\n
\n\n L\u2019incidence des instruments financiers sur l\u2019\u00e9tat global des gains et pertes consolid\u00e9s de l\u2019exercice se d\u00e9compose ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Risque de change\u00a0(a)\n \n | \n \n \n Risque de taux d\u2019int\u00e9r\u00eat\u00a0(b)\n \n | \n \n \n Total\u00a0(c)\n \n | \n |||||||
| \n \n R\u00e9\u00e9valuations des parts efficaces, dont\u00a0:\n \n | \n \n \n R\u00e9\u00e9valuation du co\u00fbt des couvertures\n \n | \n \n \n Total\n \n | \n \n \n R\u00e9\u00e9valuations des parts efficaces\n \n | \n \n \n Inefficacit\u00e9\n \n | \n \n \n Total\n \n | \n |||||
| \n \n Couvertures de flux de tr\u00e9sorerie futurs en devises\n \n | \n \n \n Couvertures de juste valeur\n \n | \n \n \n Couvertures d\u2019actifs nets en devises\n \n | \n \n \n Total\n \n | \n |||||||
| \n \n Variations en\u00a0compte de r\u00e9sultat\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n -\n \n | \n \n \n 405\n \n | \n \n \n 60\n \n | \n \n \n -\n \n | \n \n \n 60\n \n | \n \n \n 465\n \n | \n
| \n \n Variations en gains\u00a0et pertes consolid\u00e9s\n \n | \n \n \n (45)\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n (45)\n \n | \n \n \n 124\n \n | \n \n \n 79\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 79\n \n | \n
\n (a)\u00a0 Voir Notes\u00a01.10 et 1.23\u00a0concernant les principes de r\u00e9\u00e9valuation des instruments de couverture de risque de change.\n
\n\n (b)\u00a0 Voir Notes\u00a01.22 et 1.23\u00a0concernant les principes de r\u00e9\u00e9valuation des instruments de risque de taux d\u2019int\u00e9r\u00eat.\n
\n\n (c)\u00a0\u00a0 Gain/(Perte).\n
\n\n La r\u00e9\u00e9valuation des \u00e9l\u00e9ments couverts inscrits au bilan compensant la r\u00e9\u00e9valuation des parts efficaces des instruments de couverture de juste valeur (voir Note\u00a01.22), aucune inefficacit\u00e9 au titre des couvertures de change n\u2019a \u00e9t\u00e9 constat\u00e9e au cours de l\u2019exercice.\n
\n 23.8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Analyses de sensibilit\u00e9\n
\n\n L\u2019effet en r\u00e9sultat des couvertures de flux de tr\u00e9sorerie futurs ainsi que les flux de tr\u00e9sorerie futurs couverts par ces instruments seront comptabilis\u00e9s en 2024 principalement, leur montant \u00e9tant fonction des cours de change en vigueur \u00e0 cette date. Les incidences sur le r\u00e9sultat net de l\u2019exercice 2023 d\u2019une variation de 10\u2006% du dollar US, du yen japonais, de la livre sterling et du Hong Kong dollar contre l\u2019euro, y compris l\u2019effet des couvertures en vie durant l\u2019exercice, par rapport aux cours qui se sont appliqu\u00e9s en 2023 auraient \u00e9t\u00e9 les suivantes\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Dollar US\n \n | \n \n \n Yen japonais\n \n | \n \n \n Livre sterling\n \n | \n \n \n Hong Kong dollar\n \n | \n ||||
| \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n |
| \n \n Incidences li\u00e9es\u00a0:\n \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n \n -\u00a0\u00a0\u00a0au taux d\u2019encaissement des ventes en devises\n \n | \n \n \n 147\n \n | \n \n \n (63)\n \n | \n \n \n 9\n \n | \n \n \n 1\n \n | \n \n \n 25\n \n | \n \n \n (3)\n \n | \n \n \n 5\n \n | \n \n \n (2)\n \n | \n
| \n \n -\u00a0\u00a0\u00a0\u00e0 la conversion des r\u00e9sultats des soci\u00e9t\u00e9s consolid\u00e9es situ\u00e9es hors zone euro\n \n | \n \n \n 216\n \n | \n \n \n (216)\n \n | \n \n \n 65\n \n | \n \n \n (65)\n \n | \n \n \n 21\n \n | \n \n \n (20)\n \n | \n \n \n 46\n \n | \n \n \n (46)\n \n | \n
| \n \n Incidences sur le r\u00e9sultat net\n \n | \n \n \n 363\n \n | \n \n \n (279)\n \n | \n \n \n 74\n \n | \n \n \n (64)\n \n | \n \n \n 46\n \n | \n \n \n (23)\n \n | \n \n \n 51\n \n | \n \n \n (48)\n \n | \n
\n Les donn\u00e9es figurant dans le tableau ci-dessus doivent \u00eatre appr\u00e9ci\u00e9es sur la base des caract\u00e9ristiques des instruments de couverture en vie au cours de l\u2019exercice 2023, constitu\u00e9s principalement d\u2019options et de tunnels.\n
\n\n Au 31\u00a0d\u00e9cembre 2023, les encaissements pr\u00e9visionnels de 2024 en dollar US et yen japonais sont couverts \u00e0 hauteur de 71\u2006% et 67\u2006%, respectivement. Pour la part couverte, compte tenu de la nature optionnelle des instruments, les cours de cession seront plus favorables que 1,10\u00a0EUR/USD pour le dollar US et 151\u00a0EUR/JPY pour le yen japonais.\n
\n\n L\u2019incidence des variations de change sur les capitaux propres hors r\u00e9sultat net peut \u00eatre \u00e9valu\u00e9e au 31\u00a0d\u00e9cembre 2023 \u00e0 travers les effets d\u2019une variation de 10\u2006% du dollar US, du yen japonais, de la livre sterling et du Hong Kong dollar contre l\u2019euro par rapport aux cours \u00e0 la m\u00eame date\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Dollar US\n \n | \n \n \n Yen japonais\n \n | \n \n \n Livre sterling\n \n | \n \n \n Hong Kong dollar\n \n | \n ||||
| \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n \n \n +\u200610\u2006%\n \n | \n \n \n -\u200610\u2006%\n \n | \n |
| \n \n Conversion de l\u2019actif net en devises\n \n | \n \n \n 1\u202f787\n \n | \n \n \n (1\u202f787)\n \n | \n \n \n 95\n \n | \n \n \n (95)\n \n | \n \n \n 144\n \n | \n \n \n (144)\n \n | \n \n \n 159\n \n | \n \n \n (159)\n \n | \n
| \n \n Variation de valeur des instruments de couverture, apr\u00e8s imp\u00f4t\n \n | \n \n \n (149)\n \n | \n \n \n 428\n \n | \n \n \n (54)\n \n | \n \n \n 97\n \n | \n \n \n (29)\n \n | \n \n \n 40\n \n | \n \n \n (20)\n \n | \n \n \n 42\n \n | \n
| \n \n Incidences sur les capitaux propres, hors r\u00e9sultat net\n \n | \n \n \n 1\u202f638\n \n | \n \n \n (1\u202f359)\n \n | \n \n \n 41\n \n | \n \n \n 2\n \n | \n \n \n 115\n \n | \n \n \n (104)\n \n | \n \n \n 139\n \n | \n \n \n (117)\n \n | \n
\n 23.9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Risque de liquidit\u00e9\n
\n\n Outre des risques de liquidit\u00e9 locaux en r\u00e8gle g\u00e9n\u00e9rale peu significatifs, l\u2019exposition du Groupe au risque de liquidit\u00e9 peut \u00eatre appr\u00e9ci\u00e9e au moyen du montant de sa dette financi\u00e8re \u00e0 moins d\u2019un an avant prise en compte des instruments d\u00e9riv\u00e9s, soit 10,7\u00a0milliards d\u2019euros, inf\u00e9rieure au solde de 11,3\u00a0milliards d\u2019euros de tr\u00e9sorerie et \u00e9quivalents et placements financiers, ou de l\u2019encours de ses programmes de titres de cr\u00e9ances court terme n\u00e9gociables, soit 7,3\u00a0milliards d\u2019euros. Au regard du non-renouvellement \u00e9ventuel de ces concours, le Groupe dispose de lignes de cr\u00e9dit confirm\u00e9es non tir\u00e9es pour un montant de 11,1\u00a0milliards d\u2019euros.\n
\n\n La liquidit\u00e9 du Groupe repose ainsi sur l\u2019ampleur de ses placements, sur sa capacit\u00e9 \u00e0 d\u00e9gager des financements \u00e0 long terme, sur la diversit\u00e9 de sa base d\u2019investisseurs (titres \u00e0 court terme et obligations), ainsi que sur la qualit\u00e9 de ses relations bancaires, mat\u00e9rialis\u00e9e ou non par des lignes de cr\u00e9dit confirm\u00e9es.\n
\n\n Le tableau suivant pr\u00e9sente, pour les passifs financiers comptabilis\u00e9s au 31\u00a0d\u00e9cembre 2023, l\u2019\u00e9ch\u00e9ancier contractuel des d\u00e9caissements relatifs aux passifs financiers (hors instruments d\u00e9riv\u00e9s), nominal et int\u00e9r\u00eats, hors effet d\u2019actualisation\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2024\n \n | \n \n \n 2025\n \n | \n \n \n 2026\n \n | \n \n \n 2027\n \n | \n \n \n 2028\n \n | \n \n \n Au-del\u00e0 de 5\u00a0ans\n \n | \n \n \n Total\n \n | \n
| \n \n Emprunts obligataires et Euro Medium-Term Notes (EMTN)\n \n | \n \n \n 2\u202f800\n \n | \n \n \n 2\u202f669\n \n | \n \n \n 1\u202f427\n \n | \n \n \n 1\u202f045\n \n | \n \n \n 1\u202f839\n \n | \n \n \n 4\u202f809\n \n | \n \n \n 14\u202f589\n \n | \n
| \n \n Emprunts aupr\u00e8s des \u00e9tablissements de cr\u00e9dit\n \n | \n \n \n 320\n \n | \n \n \n 68\n \n | \n \n \n 88\n \n | \n \n \n 5\n \n | \n \n \n 30\n \n | \n \n \n 12\n \n | \n \n \n 523\n \n | \n
| \n \n Autres emprunts et lignes de cr\u00e9dit\n \n | \n \n \n 151\n \n | \n \n \n 14\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 165\n \n | \n
| \n \n Billets de tr\u00e9sorerie et USCP\n \n | \n \n \n 7\u202f291\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 7\u202f291\n \n | \n
| \n \n D\u00e9couverts bancaires\n \n | \n \n \n 254\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 254\n \n | \n
| \n \n Dette financi\u00e8re brute\n \n | \n \n \n 10\u202f816\n \n | \n \n \n 2\u202f751\n \n | \n \n \n 1\u202f515\n \n | \n \n \n 1\u202f050\n \n | \n \n \n 1\u202f869\n \n | \n \n \n 4\u202f821\n \n | \n \n \n 22\u202f821\n \n | \n
| \n \n Autres passifs, courants et non courants\u00a0(a)\n \n | \n \n \n 8\u202f275\n \n | \n \n \n 226\n \n | \n \n \n 26\n \n | \n \n \n 23\n \n | \n \n \n 135\n \n | \n \n \n 51\n \n | \n \n \n 8\u202f736\n \n | \n
| \n \n Fournisseurs et comptes rattach\u00e9s\n \n | \n \n \n 9\u202f049\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 9\u202f049\n \n | \n
| \n \n Autres passifs financiers\n \n | \n \n \n 17\u202f324\n \n | \n \n \n 226\n \n | \n \n \n 26\n \n | \n \n \n 23\n \n | \n \n \n 135\n \n | \n \n \n 51\n \n | \n \n \n 17\u202f785\n \n | \n
| \n \n Total des passifs financiers\n \n | \n \n \n 28\u202f140\n \n | \n \n \n 2\u202f977\n \n | \n \n \n 1\u202f541\n \n | \n \n \n 1\u202f073\n \n | \n \n \n 2\u202f004\n \n | \n \n \n 4\u202f872\n \n | \n \n \n 40\u202f607\n \n | \n
\n (a)\u00a0 Correspond \u00e0 hauteur de 8\u202f275\u00a0millions d\u2019euros aux \u00ab\u00a0Autres passifs courants\u00a0\u00bb (hors instruments d\u00e9riv\u00e9s, produits constat\u00e9s d\u2019avance et programmes de fid\u00e9lit\u00e9) et de 461\u00a0millions d\u2019euros aux \u00ab\u00a0Autres passifs non courants\u00a0\u00bb (hors instruments d\u00e9riv\u00e9s et produits constat\u00e9s d\u2019avance).\n
\n\n Voir \u00e9galement Note\u00a07\u00a0pour l\u2019\u00e9ch\u00e9ancier des d\u00e9caissements relatifs aux contrats de location.\n
\n\n Voir Note\u00a031.2\u00a0concernant l\u2019\u00e9ch\u00e9ancier contractuel des cautions et avals, Notes\u00a019.4 et 23.4\u00a0concernant les instruments d\u00e9riv\u00e9s de change et Note\u00a023.3\u00a0concernant les instruments d\u00e9riv\u00e9s de taux.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f37622": { "value": "\n 24.\u00a0\u00a0\u00a0\u00a0 Information sectorielle\n
\n\n Les marques et enseignes du Groupe sont organis\u00e9es en six groupes d\u2019activit\u00e9s. Quatre groupes d\u2019activit\u00e9s\u00a0: Vins et Spiritueux, Mode et Maroquinerie, Parfums et Cosm\u00e9tiques, Montres et Joaillerie, regroupent les marques de produits de m\u00eame nature, ayant des modes de production et de distribution similaires. Les informations concernant Louis Vuitton, Bulgari et Tiffany sont pr\u00e9sent\u00e9es selon l\u2019activit\u00e9 pr\u00e9pond\u00e9rante de la marque, soit le groupe d\u2019activit\u00e9s Mode et Maroquinerie pour Louis Vuitton et le groupe d\u2019activit\u00e9s Montres et Joaillerie pour Bulgari et Tiffany. Le groupe d\u2019activit\u00e9s Distribution s\u00e9lective regroupe les activit\u00e9s de distribution sous enseigne. Le groupe Autres et Holdings r\u00e9unit les marques et activit\u00e9s ne relevant pas des groupes pr\u00e9cit\u00e9s, notamment le p\u00f4le m\u00e9dia, le constructeur de yachts n\u00e9erlandais Royal Van Lent, les activit\u00e9s h\u00f4teli\u00e8res ainsi que l\u2019activit\u00e9 des soci\u00e9t\u00e9s holdings ou immobili\u00e8res.\n
\n\n 24.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Informations par groupe d\u2019activit\u00e9s\n
\n\n Exercice 2023\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Vins et Spiritueux\n \n | \n \n \n Mode et Maroquinerie\n \n | \n \n \n Parfums et Cosm\u00e9tiques\n \n | \n \n \n Montres et Joaillerie\n \n | \n \n \n Distribution s\u00e9lective\n \n | \n \n \n Autres et Holdings\n \n | \n \n \n \u00c9liminations et non affect\u00e9\u00a0(a)\n \n | \n \n \n Total\n \n | \n
| \n \n Ventes hors Groupe\n \n | \n \n \n 6\u202f587\n \n | \n \n \n 42\u202f089\n \n | \n \n \n 7\u202f126\n \n | \n \n \n 10\u202f811\n \n | \n \n \n 17\u202f781\n \n | \n \n \n 1\u202f759\n \n | \n \n \n -\n \n | \n \n \n 86\u202f153\n \n | \n
| \n \n Ventes intra-Groupe\n \n | \n \n \n 14\n \n | \n \n \n 80\n \n | \n \n \n 1\u202f145\n \n | \n \n \n 91\n \n | \n \n \n 104\n \n | \n \n \n 61\n \n | \n \n \n (1\u202f496)\n \n | \n \n \n -\n \n | \n
| \n \n Total des ventes\n \n | \n \n \n 6\u202f602\n \n | \n \n \n 42\u202f169\n \n | \n \n \n 8\u202f271\n \n | \n \n \n 10\u202f902\n \n | \n \n \n 17\u202f885\n \n | \n \n \n 1\u202f820\n \n | \n \n \n (1\u202f496)\n \n | \n \n \n 86\u202f153\n \n | \n
| \n \n R\u00e9sultat op\u00e9rationnel courant\n \n | \n \n \n 2\u202f109\n \n | \n \n \n 16\u202f836\n \n | \n \n \n 713\n \n | \n \n \n 2\u202f162\n \n | \n \n \n 1\u202f391\n \n | \n \n \n (397)\n \n | \n \n \n (12)\n \n | \n \n \n 22\u202f802\n \n | \n
| \n \n Autres produits et charges op\u00e9rationnels\n \n | \n \n \n (15)\n \n | \n \n \n (117)\n \n | \n \n \n (25)\n \n | \n \n \n (5)\n \n | \n \n \n (109)\n \n | \n \n \n 27\n \n | \n \n \n -\n \n | \n \n \n (242)\n \n | \n
| \n \n Charges d\u2019amortissement et de d\u00e9pr\u00e9ciation\n \n | \n \n \n (274)\n \n | \n \n \n (2\u202f599)\n \n | \n \n \n (507)\n \n | \n \n \n (1\u202f012)\n \n | \n \n \n (1\u202f377)\n \n | \n \n \n (388)\n \n | \n \n \n 138\n \n | \n \n \n (6\u202f018)\n \n | \n
| \n \n Dont\u00a0: Droits d\u2019utilisation\n \n | \n \n \n (31)\n \n | \n \n \n (1\u202f475)\n \n | \n \n \n (164)\n \n | \n \n \n (536)\n \n | \n \n \n (851)\n \n | \n \n \n (113)\n \n | \n \n \n 138\n \n | \n \n \n (3\u202f031)\n \n | \n
| \n \n Autres\n \n | \n \n \n (242)\n \n | \n \n \n (1\u202f124)\n \n | \n \n \n (343)\n \n | \n \n \n (476)\n \n | \n \n \n (526)\n \n | \n \n \n (276)\n \n | \n \n \n -\n \n | \n \n \n (2\u202f987)\n \n | \n
| \n \n Immo. incorporelles et \u00e9carts d\u2019acquisition\u00a0(b)\n \n | \n \n \n 2\u202f540\n \n | \n \n \n 14\u202f142\n \n | \n \n \n 1\u202f542\n \n | \n \n \n 20\u202f668\n \n | \n \n \n 3\u202f404\n \n | \n \n \n 7\u202f320\n \n | \n \n \n (5)\n \n | \n \n \n 49\u202f611\n \n | \n
| \n \n Droits d\u2019utilisation\n \n | \n \n \n 221\n \n | \n \n \n 8\u202f124\n \n | \n \n \n 644\n \n | \n \n \n 2\u202f562\n \n | \n \n \n 4\u202f182\n \n | \n \n \n 926\n \n | \n \n \n (982)\n \n | \n \n \n 15\u202f679\n \n | \n
| \n \n Immobilisations corporelles\n \n | \n \n \n 4\u202f248\n \n | \n \n \n 7\u202f099\n \n | \n \n \n 897\n \n | \n \n \n 2\u202f411\n \n | \n \n \n 1\u202f695\n \n | \n \n \n 10\u202f988\n \n | \n \n \n (8)\n \n | \n \n \n 27\u202f331\n \n | \n
| \n \n Stocks et en-cours\n \n | \n \n \n 7\u202f703\n \n | \n \n \n 5\u202f635\n \n | \n \n \n 1\u202f118\n \n | \n \n \n 5\u202f758\n \n | \n \n \n 2\u202f966\n \n | \n \n \n 94\n \n | \n \n \n (323)\n \n | \n \n \n 22\u202f952\n \n | \n
| \n \n Autres actifs op\u00e9rationnels\u00a0(c)\n \n | \n \n \n 1\u202f712\n \n | \n \n \n 3\u202f529\n \n | \n \n \n 1\u202f561\n \n | \n \n \n 1\u202f761\n \n | \n \n \n 949\n \n | \n \n \n 1\u202f666\n \n | \n \n \n 16\u202f943\n \n | \n \n \n 28\u202f121\n \n | \n
| \n \n Total actif\n \n | \n \n \n 16\u202f425\n \n | \n \n \n 38\u202f529\n \n | \n \n \n 5\u202f763\n \n | \n \n \n 33\u202f160\n \n | \n \n \n 13\u202f197\n \n | \n \n \n 20\u202f994\n \n | \n \n \n 15\u202f626\n \n | \n \n \n 143\u202f694\n \n | \n
| \n \n Capitaux propres\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 62\u202f701\n \n | \n \n \n 62\u202f701\n \n | \n
| \n \n Dettes locatives\n \n | \n \n \n 239\n \n | \n \n \n 8\u202f474\n \n | \n \n \n 700\n \n | \n \n \n 2\u202f637\n \n | \n \n \n 4\u202f444\n \n | \n \n \n 1\u202f023\n \n | \n \n \n (978)\n \n | \n \n \n 16\u202f538\n \n | \n
| \n \n Autres passifs\u00a0(d)\n \n | \n \n \n 2\u202f114\n \n | \n \n \n 7\u202f841\n \n | \n \n \n 2\u202f938\n \n | \n \n \n 2\u202f482\n \n | \n \n \n 4\u202f196\n \n | \n \n \n 1\u202f738\n \n | \n \n \n 43\u202f146\n \n | \n \n \n 64\u202f455\n \n | \n
| \n \n Total passif et capitaux propres\n \n | \n \n \n 2\u202f353\n \n | \n \n \n 16\u202f315\n \n | \n \n \n 3\u202f638\n \n | \n \n \n 5\u202f119\n \n | \n \n \n 8\u202f640\n \n | \n \n \n 2\u202f761\n \n | \n \n \n 104\u202f870\n \n | \n \n \n 143\u202f694\n \n | \n
| \n \n Investissements d\u2019exploitation\u00a0(e)\n \n | \n \n \n (538)\n \n | \n \n \n (3\u202f025)\n \n | \n \n \n (432)\n \n | \n \n \n (871)\n \n | \n \n \n (571)\n \n | \n \n \n (2\u202f041)\n \n | \n \n \n (1)\n \n | \n \n \n (7\u202f478)\n \n | \n
\n Exercice 2022\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Vins et Spiritueux\n \n | \n \n \n Mode et Maroquinerie\n \n | \n \n \n Parfums et Cosm\u00e9tiques\n \n | \n \n \n Montres et Joaillerie\n \n | \n \n \n Distribution s\u00e9lective\n \n | \n \n \n Autres et Holdings\n \n | \n \n \n \u00c9liminations et non affect\u00e9\u00a0(a)\n \n | \n \n \n Total\n \n | \n
| \n \n Ventes hors Groupe\n \n | \n \n \n 7\u202f086\n \n | \n \n \n 38\u202f576\n \n | \n \n \n 6\u202f701\n \n | \n \n \n 10\u202f512\n \n | \n \n \n 14\u202f774\n \n | \n \n \n 1\u202f536\n \n | \n \n \n -\n \n | \n \n \n 79\u202f184\n \n | \n
| \n \n Ventes intra-Groupe\n \n | \n \n \n 13\n \n | \n \n \n 72\n \n | \n \n \n 1\u202f021\n \n | \n \n \n 70\n \n | \n \n \n 79\n \n | \n \n \n 50\n \n | \n \n \n (1\u202f304)\n \n | \n \n \n -\n \n | \n
| \n \n Total des ventes\n \n | \n \n \n 7\u202f099\n \n | \n \n \n 38\u202f648\n \n | \n \n \n 7\u202f722\n \n | \n \n \n 10\u202f581\n \n | \n \n \n 14\u202f852\n \n | \n \n \n 1\u202f586\n \n | \n \n \n (1\u202f304)\n \n | \n \n \n 79\u202f184\n \n | \n
| \n \n R\u00e9sultat op\u00e9rationnel courant\n \n | \n \n \n 2\u202f155\n \n | \n \n \n 15\u202f709\n \n | \n \n \n 660\n \n | \n \n \n 2\u202f017\n \n | \n \n \n 788\n \n | \n \n \n (267)\n \n | \n \n \n (7)\n \n | \n \n \n 21\u202f055\n \n | \n
| \n \n Autres produits et charges op\u00e9rationnels\n \n | \n \n \n (12)\n \n | \n \n \n (7)\n \n | \n \n \n (12)\n \n | \n \n \n (5)\n \n | \n \n \n (208)\n \n | \n \n \n 190\n \n | \n \n \n -\n \n | \n \n \n (54)\n \n | \n
| \n \n Charges d\u2019amortissement et de d\u00e9pr\u00e9ciation\n \n | \n \n \n (261)\n \n | \n \n \n (2\u202f431)\n \n | \n \n \n (480)\n \n | \n \n \n (994)\n \n | \n \n \n (1\u202f427)\n \n | \n \n \n (291)\n \n | \n \n \n 112\n \n | \n \n \n (5\u202f772)\n \n | \n
| \n \n Dont\u00a0: Droits d\u2019utilisation\n \n | \n \n \n (34)\n \n | \n \n \n (1\u202f422)\n \n | \n \n \n (160)\n \n | \n \n \n (523)\n \n | \n \n \n (883)\n \n | \n \n \n (96)\n \n | \n \n \n 112\n \n | \n \n \n (3\u202f007)\n \n | \n
| \n \n Autres\n \n | \n \n \n (227)\n \n | \n \n \n (1\u202f008)\n \n | \n \n \n (321)\n \n | \n \n \n (471)\n \n | \n \n \n (544)\n \n | \n \n \n (194)\n \n | \n \n \n -\n \n | \n \n \n (2\u202f766)\n \n | \n
| \n \n Immo. incorporelles et \u00e9carts d\u2019acquisition\u00a0(b)\n \n | \n \n \n 8\u202f861\n \n | \n \n \n 13\u202f937\n \n | \n \n \n 1\u202f696\n \n | \n \n \n 20\u202f594\n \n | \n \n \n 3\u202f609\n \n | \n \n \n 1\u202f522\n \n | \n \n \n (5)\n \n | \n \n \n 50\u202f213\n \n | \n
| \n \n Droits d\u2019utilisation\n \n | \n \n \n 234\n \n | \n \n \n 7\u202f138\n \n | \n \n \n 646\n \n | \n \n \n 2\u202f277\n \n | \n \n \n 4\u202f284\n \n | \n \n \n 922\n \n | \n \n \n (886)\n \n | \n \n \n 14\u202f615\n \n | \n
| \n \n Immobilisations corporelles\n \n | \n \n \n 3\u202f822\n \n | \n \n \n 5\u202f397\n \n | \n \n \n 839\n \n | \n \n \n 2\u202f005\n \n | \n \n \n 1\u202f688\n \n | \n \n \n 9\u202f312\n \n | \n \n \n (8)\n \n | \n \n \n 23\u202f055\n \n | \n
| \n \n Stocks et en-cours\n \n | \n \n \n 6\u202f892\n \n | \n \n \n 4\u202f793\n \n | \n \n \n 1\u202f033\n \n | \n \n \n 5\u202f051\n \n | \n \n \n 2\u202f805\n \n | \n \n \n 72\n \n | \n \n \n (327)\n \n | \n \n \n 20\u202f319\n \n | \n
| \n \n Autres actifs op\u00e9rationnels\u00a0(c)\n \n | \n \n \n 1\u202f674\n \n | \n \n \n 3\u202f297\n \n | \n \n \n 1\u202f493\n \n | \n \n \n 1\u202f720\n \n | \n \n \n 775\n \n | \n \n \n 1\u202f436\n \n | \n \n \n 16\u202f048\n \n | \n \n \n 26\u202f443\n \n | \n
| \n \n Total actif\n \n | \n \n \n 21\u202f483\n \n | \n \n \n 34\u202f562\n \n | \n \n \n 5\u202f707\n \n | \n \n \n 31\u202f646\n \n | \n \n \n 13\u202f161\n \n | \n \n \n 13\u202f264\n \n | \n \n \n 14\u202f823\n \n | \n \n \n 134\u202f646\n \n | \n
| \n \n Capitaux propres\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 56\u202f604\n \n | \n \n \n 56\u202f604\n \n | \n
| \n \n Dettes locatives\n \n | \n \n \n 247\n \n | \n \n \n 7\u202f426\n \n | \n \n \n 695\n \n | \n \n \n 2\u202f363\n \n | \n \n \n 4\u202f537\n \n | \n \n \n 1\u202f019\n \n | \n \n \n (879)\n \n | \n \n \n 15\u202f408\n \n | \n
| \n \n Autres passifs\u00a0(d)\n \n | \n \n \n 2\u202f161\n \n | \n \n \n 7\u202f731\n \n | \n \n \n 2\u202f953\n \n | \n \n \n 2\u202f583\n \n | \n \n \n 3\u202f651\n \n | \n \n \n 1\u202f743\n \n | \n \n \n 41\u202f812\n \n | \n \n \n 62\u202f634\n \n | \n
| \n \n Total passif et capitaux propres\n \n | \n \n \n 2\u202f408\n \n | \n \n \n 15\u202f157\n \n | \n \n \n 3\u202f648\n \n | \n \n \n 4\u202f946\n \n | \n \n \n 8\u202f188\n \n | \n \n \n 2\u202f762\n \n | \n \n \n 97\u202f537\n \n | \n \n \n 134\u202f646\n \n | \n
| \n \n Investissements d\u2019exploitation\u00a0(e)\n \n | \n \n \n (440)\n \n | \n \n \n (1\u202f872)\n \n | \n \n \n (409)\n \n | \n \n \n (654)\n \n | \n \n \n (523)\n \n | \n \n \n (1\u202f074)\n \n | \n \n \n 1\n \n | \n \n \n (4\u202f969)\n \n | \n
\n Exercice 2021\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Vins et Spiritueux\n \n | \n \n \n Mode et Maroquinerie\n \n | \n \n \n Parfums et Cosm\u00e9tiques\n \n | \n \n \n Montres et Joaillerie\n \n | \n \n \n Distribution s\u00e9lective\n \n | \n \n \n Autres et Holdings\n \n | \n \n \n \u00c9liminations et non affect\u00e9\u00a0(a)\n \n | \n \n \n Total\n \n | \n
| \n \n Ventes hors Groupe\n \n | \n \n \n 5\u202f965\n \n | \n \n \n 30\u202f844\n \n | \n \n \n 5\u202f711\n \n | \n \n \n 8\u202f872\n \n | \n \n \n 11\u202f680\n \n | \n \n \n 1\u202f142\n \n | \n \n \n -\n \n | \n \n \n 64\u202f215\n \n | \n
| \n \n Ventes intra-Groupe\n \n | \n \n \n 9\n \n | \n \n \n 52\n \n | \n \n \n 897\n \n | \n \n \n 92\n \n | \n \n \n 74\n \n | \n \n \n 27\n \n | \n \n \n (1\u202f150)\n \n | \n \n \n -\n \n | \n
| \n \n Total des ventes\n \n | \n \n \n 5\u202f974\n \n | \n \n \n 30\u202f896\n \n | \n \n \n 6\u202f608\n \n | \n \n \n 8\u202f964\n \n | \n \n \n 11\u202f754\n \n | \n \n \n 1\u202f169\n \n | \n \n \n (1\u202f150)\n \n | \n \n \n 64\u202f215\n \n | \n
| \n \n R\u00e9sultat op\u00e9rationnel courant\n \n | \n \n \n 1\u202f863\n \n | \n \n \n 12\u202f842\n \n | \n \n \n 684\n \n | \n \n \n 1\u202f679\n \n | \n \n \n 534\n \n | \n \n \n (436)\n \n | \n \n \n (15)\n \n | \n \n \n 17\u202f151\n \n | \n
| \n \n Autres produits et charges op\u00e9rationnels\n \n | \n \n \n (26)\n \n | \n \n \n (47)\n \n | \n \n \n (17)\n \n | \n \n \n (4)\n \n | \n \n \n (53)\n \n | \n \n \n 151\n \n | \n \n \n -\n \n | \n \n \n 4\n \n | \n
| \n \n Charges d\u2019amortissement et de d\u00e9pr\u00e9ciation\n \n | \n \n \n (228)\n \n | \n \n \n (2\u202f142)\n \n | \n \n \n (443)\n \n | \n \n \n (860)\n \n | \n \n \n (1\u202f399)\n \n | \n \n \n (294)\n \n | \n \n \n 113\n \n | \n \n \n (5\u202f253)\n \n | \n
| \n \n Dont\u00a0: Droits d\u2019utilisation\n \n | \n \n \n (32)\n \n | \n \n \n (1\u202f291)\n \n | \n \n \n (149)\n \n | \n \n \n (410)\n \n | \n \n \n (836)\n \n | \n \n \n (89)\n \n | \n \n \n 110\n \n | \n \n \n (2\u202f698)\n \n | \n
| \n \n Autres\n \n | \n \n \n (196)\n \n | \n \n \n (851)\n \n | \n \n \n (294)\n \n | \n \n \n (449)\n \n | \n \n \n (563)\n \n | \n \n \n (205)\n \n | \n \n \n 3\n \n | \n \n \n (2\u202f555)\n \n | \n
| \n \n Immo. incorporelles et \u00e9carts d\u2019acquisition\u00a0(b)\n \n | \n \n \n 10\u202f688\n \n | \n \n \n 13\u202f510\n \n | \n \n \n 1\u202f417\n \n | \n \n \n 19\u202f726\n \n | \n \n \n 3\u202f348\n \n | \n \n \n 1\u202f766\n \n | \n \n \n -\n \n | \n \n \n 50\u202f455\n \n | \n
| \n \n Droits d\u2019utilisation\n \n | \n \n \n 153\n \n | \n \n \n 6\u202f755\n \n | \n \n \n 556\n \n | \n \n \n 1\u202f922\n \n | \n \n \n 4\u202f142\n \n | \n \n \n 841\n \n | \n \n \n (665)\n \n | \n \n \n 13\u202f705\n \n | \n
| \n \n Immobilisations corporelles\n \n | \n \n \n 3\u202f450\n \n | \n \n \n 4\u202f569\n \n | \n \n \n 752\n \n | \n \n \n 1\u202f730\n \n | \n \n \n 1\u202f667\n \n | \n \n \n 8\u202f032\n \n | \n \n \n (8)\n \n | \n \n \n 20\u202f193\n \n | \n
| \n \n Stocks et en-cours\n \n | \n \n \n 6\u202f278\n \n | \n \n \n 3\u202f374\n \n | \n \n \n 831\n \n | \n \n \n 3\u202f949\n \n | \n \n \n 2\u202f410\n \n | \n \n \n 41\n \n | \n \n \n (335)\n \n | \n \n \n 16\u202f549\n \n | \n
| \n \n Autres actifs op\u00e9rationnels\u00a0(c)\n \n | \n \n \n 1\u202f597\n \n | \n \n \n 2\u202f807\n \n | \n \n \n 1\u202f281\n \n | \n \n \n 1\u202f409\n \n | \n \n \n 747\n \n | \n \n \n 1\u202f060\n \n | \n \n \n 15\u202f508\n \n | \n \n \n 24\u202f409\n \n | \n
| \n \n Total actif\n \n | \n \n \n 22\u202f167\n \n | \n \n \n 31\u202f016\n \n | \n \n \n 4\u202f838\n \n | \n \n \n 28\u202f737\n \n | \n \n \n 12\u202f313\n \n | \n \n \n 11\u202f741\n \n | \n \n \n 14\u202f500\n \n | \n \n \n 125\u202f311\n \n | \n
| \n \n Capitaux propres\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n 48\u202f909\n \n | \n \n \n 48\u202f909\n \n | \n
| \n \n Dettes locatives\n \n | \n \n \n 164\n \n | \n \n \n 6\u202f894\n \n | \n \n \n 594\n \n | \n \n \n 1\u202f985\n \n | \n \n \n 4\u202f362\n \n | \n \n \n 931\n \n | \n \n \n (656)\n \n | \n \n \n 14\u202f275\n \n | \n
| \n \n Autres passifs\u00a0(d)\n \n | \n \n \n 1\u202f843\n \n | \n \n \n 6\u202f800\n \n | \n \n \n 2\u202f770\n \n | \n \n \n 2\u202f471\n \n | \n \n \n 3\u202f050\n \n | \n \n \n 1\u202f992\n \n | \n \n \n 43\u202f202\n \n | \n \n \n 62\u202f128\n \n | \n
| \n \n Total passif et capitaux propres\n \n | \n \n \n 2\u202f007\n \n | \n \n \n 13\u202f694\n \n | \n \n \n 3\u202f364\n \n | \n \n \n 4\u202f456\n \n | \n \n \n 7\u202f412\n \n | \n \n \n 2\u202f923\n \n | \n \n \n 91\u202f454\n \n | \n \n \n 125\u202f311\n \n | \n
| \n \n Investissements d\u2019exploitation\u00a0(e)\n \n | \n \n \n (328)\n \n | \n \n \n (1\u202f131)\n \n | \n \n \n (290)\n \n | \n \n \n (458)\n \n | \n \n \n (370)\n \n | \n \n \n (89)\n \n | \n \n \n 1\n \n | \n \n \n (2\u202f664)\n \n | \n
\n (a)\u00a0 Les \u00e9liminations portent sur les ventes entre groupes d\u2019activit\u00e9s\u2006; il s\u2019agit le plus souvent de ventes des groupes d\u2019activit\u00e9s hors Distribution s\u00e9lective \u00e0 ce dernier. Les prix de cession entre les groupes d\u2019activit\u00e9s correspondent aux prix habituellement utilis\u00e9s pour des ventes \u00e0 des grossistes ou \u00e0 des d\u00e9taillants hors Groupe.\n
\n\n (b)\u00a0 Les immobilisations incorporelles et \u00e9carts d\u2019acquisition sont constitu\u00e9s des montants nets figurant en Notes\u00a03 et 4.\n
\n\n (c)\u00a0\u00a0 Les actifs non affect\u00e9s incluent les investissements et placements financiers, les autres actifs \u00e0 caract\u00e8re financier et les cr\u00e9ances d\u2019imp\u00f4t courant et diff\u00e9r\u00e9.\n
\n\n (d)\u00a0 Les passifs non affect\u00e9s incluent les dettes financi\u00e8res, les dettes d\u2019imp\u00f4t courant et diff\u00e9r\u00e9 ainsi que les dettes relatives aux engagements d\u2019achat de titres de minoritaires.\n
\n\n (e)\u00a0 Augmentation/(Diminution) de la tr\u00e9sorerie.\n
\n\n 24.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Informations par zone g\u00e9ographique\n
\n\n La r\u00e9partition des ventes par zone g\u00e9ographique de destination est la suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n France\n \n | \n \n \n 6\u202f830\n \n | \n \n \n 6\u202f071\n \n | \n \n \n 4\u202f111\n \n | \n
| \n \n Europe (hors France)\n \n | \n \n \n 14\u202f145\n \n | \n \n \n 12\u202f717\n \n | \n \n \n 9\u202f860\n \n | \n
| \n \n \u00c9tats-Unis\n \n | \n \n \n 21\u202f764\n \n | \n \n \n 21\u202f542\n \n | \n \n \n 16\u202f591\n \n | \n
| \n \n Japon\n \n | \n \n \n 6\u202f314\n \n | \n \n \n 5\u202f436\n \n | \n \n \n 4\u202f384\n \n | \n
| \n \n Asie (hors Japon)\n \n | \n \n \n 26\u202f577\n \n | \n \n \n 23\u202f785\n \n | \n \n \n 22\u202f365\n \n | \n
| \n \n Autres pays\n \n | \n \n \n 10\u202f523\n \n | \n \n \n 9\u202f632\n \n | \n \n \n 6\u202f904\n \n | \n
| \n \n Ventes\n \n | \n \n \n 86\u202f153\n \n | \n \n \n 79\u202f184\n \n | \n \n \n 64\u202f215\n \n | \n
\n La r\u00e9partition des investissements d\u2019exploitation par zone g\u00e9ographique se pr\u00e9sente ainsi\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n France\n \n | \n \n \n 3\u202f575\n \n | \n \n \n 1\u202f891\n \n | \n \n \n 1\u202f054\n \n | \n
| \n \n Europe (hors France)\n \n | \n \n \n 1\u202f318\n \n | \n \n \n 905\n \n | \n \n \n 520\n \n | \n
| \n \n \u00c9tats-Unis\n \n | \n \n \n 1\u202f095\n \n | \n \n \n 955\n \n | \n \n \n 313\n \n | \n
| \n \n Japon\n \n | \n \n \n 202\n \n | \n \n \n 133\n \n | \n \n \n 82\n \n | \n
| \n \n Asie (hors Japon)\n \n | \n \n \n 844\n \n | \n \n \n 761\n \n | \n \n \n 488\n \n | \n
| \n \n Autres pays\n \n | \n \n \n 444\n \n | \n \n \n 324\n \n | \n \n \n 207\n \n | \n
| \n \n Investissements d\u2019exploitation\n \n | \n \n \n 7\u202f478\n \n | \n \n \n 4\u202f969\n \n | \n \n \n 2\u202f664\n \n | \n
\n Il n\u2019est pas pr\u00e9sent\u00e9 de r\u00e9partition des actifs sectoriels par zone g\u00e9ographique dans la mesure o\u00f9 une part significative de ces actifs est constitu\u00e9e de marques et \u00e9carts d\u2019acquisition, qui doivent \u00eatre analys\u00e9s sur la base du chiffre d\u2019affaires que ceux-ci g\u00e9n\u00e8rent par r\u00e9gion, et non en fonction de la r\u00e9gion de leur d\u00e9tention juridique.\n
\n\n 24.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Informations trimestrielles\n
\n\n La r\u00e9partition des ventes par groupe d\u2019activit\u00e9s et par trimestre est la suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n Vins et Spiritueux\n \n | \n \n \n Mode et Maroquinerie\n \n | \n \n \n Parfums et Cosm\u00e9tiques\n \n | \n \n \n Montres et Joaillerie\n \n | \n \n \n Distribution s\u00e9lective\n \n | \n \n \n Autres et Holdings\n \n | \n \n \n \u00c9liminations\n \n | \n \n \n Total\n \n | \n
| \n \n Premier trimestre\n \n | \n \n \n 1\u202f694\n \n | \n \n \n 10\u202f728\n \n | \n \n \n 2\u202f115\n \n | \n \n \n 2\u202f589\n \n | \n \n \n 3\u202f961\n \n | \n \n \n 341\n \n | \n \n \n (394)\n \n | \n \n \n 21\u202f035\n \n | \n
| \n \n Deuxi\u00e8me trimestre\n \n | \n \n \n 1\u202f486\n \n | \n \n \n 10\u202f434\n \n | \n \n \n 1\u202f913\n \n | \n \n \n 2\u202f839\n \n | \n \n \n 4\u202f394\n \n | \n \n \n 491\n \n | \n \n \n (351)\n \n | \n \n \n 21\u202f206\n \n | \n
| \n \n Troisi\u00e8me trimestre\n \n | \n \n \n 1\u202f509\n \n | \n \n \n 9\u202f750\n \n | \n \n \n 1\u202f993\n \n | \n \n \n 2\u202f524\n \n | \n \n \n 4\u202f076\n \n | \n \n \n 512\n \n | \n \n \n (399)\n \n | \n \n \n 19\u202f964\n \n | \n
| \n \n Quatri\u00e8me trimestre\n \n | \n \n \n 1\u202f912\n \n | \n \n \n 11\u202f257\n \n | \n \n \n 2\u202f250\n \n | \n \n \n 2\u202f951\n \n | \n \n \n 5\u202f454\n \n | \n \n \n 476\n \n | \n \n \n (352)\n \n | \n \n \n 23\u202f948\n \n | \n
| \n \n Total 2023\n \n | \n \n \n 6\u202f602\n \n | \n \n \n 42\u202f169\n \n | \n \n \n 8\u202f271\n \n | \n \n \n 10\u202f902\n \n | \n \n \n 17\u202f885\n \n | \n \n \n 1\u202f820\n \n | \n \n \n (1\u202f496)\n \n | \n \n \n 86\u202f153\n \n | \n
| \n \n Premier trimestre\n \n | \n \n \n 1\u202f638\n \n | \n \n \n 9\u202f123\n \n | \n \n \n 1\u202f905\n \n | \n \n \n 2\u202f338\n \n | \n \n \n 3\u202f040\n \n | \n \n \n 282\n \n | \n \n \n (322)\n \n | \n \n \n 18\u202f003\n \n | \n
| \n \n Deuxi\u00e8me trimestre\n \n | \n \n \n 1\u202f689\n \n | \n \n \n 9\u202f013\n \n | \n \n \n 1\u202f714\n \n | \n \n \n 2\u202f570\n \n | \n \n \n 3\u202f591\n \n | \n \n \n 441\n \n | \n \n \n (291)\n \n | \n \n \n 18\u202f726\n \n | \n
| \n \n Troisi\u00e8me trimestre\n \n | \n \n \n 1\u202f899\n \n | \n \n \n 9\u202f687\n \n | \n \n \n 1\u202f959\n \n | \n \n \n 2\u202f666\n \n | \n \n \n 3\u202f465\n \n | \n \n \n 443\n \n | \n \n \n (364)\n \n | \n \n \n 19\u202f755\n \n | \n
| \n \n Quatri\u00e8me trimestre\n \n | \n \n \n 1\u202f873\n \n | \n \n \n 10\u202f825\n \n | \n \n \n 2\u202f145\n \n | \n \n \n 3\u202f006\n \n | \n \n \n 4\u202f757\n \n | \n \n \n 420\n \n | \n \n \n (327)\n \n | \n \n \n 22\u202f699\n \n | \n
| \n \n Total 2022\n \n | \n \n \n 7\u202f099\n \n | \n \n \n 38\u202f648\n \n | \n \n \n 7\u202f722\n \n | \n \n \n 10\u202f581\n \n | \n \n \n 14\u202f852\n \n | \n \n \n 1\u202f586\n \n | \n \n \n (1\u202f304)\n \n | \n \n \n 79\u202f184\n \n | \n
| \n \n Premier trimestre\n \n | \n \n \n 1\u202f510\n \n | \n \n \n 6\u202f738\n \n | \n \n \n 1\u202f550\n \n | \n \n \n 1\u202f883\n \n | \n \n \n 2\u202f337\n \n | \n \n \n 215\n \n | \n \n \n (274)\n \n | \n \n \n 13\u202f959\n \n | \n
| \n \n Deuxi\u00e8me trimestre\n \n | \n \n \n 1\u202f195\n \n | \n \n \n 7\u202f125\n \n | \n \n \n 1\u202f475\n \n | \n \n \n 2\u202f140\n \n | \n \n \n 2\u202f748\n \n | \n \n \n 280\n \n | \n \n \n (257)\n \n | \n \n \n 14\u202f706\n \n | \n
| \n \n Troisi\u00e8me trimestre\n \n | \n \n \n 1\u202f546\n \n | \n \n \n 7\u202f452\n \n | \n \n \n 1\u202f642\n \n | \n \n \n 2\u202f137\n \n | \n \n \n 2\u202f710\n \n | \n \n \n 330\n \n | \n \n \n (305)\n \n | \n \n \n 15\u202f512\n \n | \n
| \n \n Quatri\u00e8me trimestre\n \n | \n \n \n 1\u202f723\n \n | \n \n \n 9\u202f581\n \n | \n \n \n 1\u202f941\n \n | \n \n \n 2\u202f804\n \n | \n \n \n 3\u202f959\n \n | \n \n \n 344\n \n | \n \n \n (314)\n \n | \n \n \n 20\u202f038\n \n | \n
| \n \n Total 2021\n \n | \n \n \n 5\u202f974\n \n | \n \n \n 30\u202f896\n \n | \n \n \n 6\u202f608\n \n | \n \n \n 8\u202f964\n \n | \n \n \n 11\u202f754\n \n | \n \n \n 1\u202f169\n \n | \n \n \n (1\u202f150)\n \n | \n \n \n 64\u202f215\n \n | \n
\n 25.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Charges par nature\n
\n\n Le r\u00e9sultat op\u00e9rationnel courant inclut notamment les charges suivantes\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Frais de publicit\u00e9 et de promotion\n \n | \n \n \n 10\u202f221\n \n | \n \n \n 9\u202f584\n \n | \n \n \n 7\u202f291\n \n | \n
| \n \n Charges de personnel\n \n | \n \n \n 14\u202f349\n \n | \n \n \n 12\u202f649\n \n | \n \n \n 10\u202f541\n \n | \n
\n Voir \u00e9galement Note\u00a07\u00a0concernant le d\u00e9tail des charges li\u00e9es aux contrats de location.\n
\n\n Les frais de publicit\u00e9 et de promotion sont principalement constitu\u00e9s du co\u00fbt des campagnes m\u00e9dias et des frais de publicit\u00e9 sur les lieux de vente\u2006; ils int\u00e8grent \u00e9galement les frais du personnel d\u00e9di\u00e9 \u00e0 cette fonction. Au 31\u00a0d\u00e9cembre 2023, le nombre de magasins exploit\u00e9s par le Groupe dans le monde, en particulier par les groupes Mode et Maroquinerie et Distribution s\u00e9lective est de 6\u202f097 (5\u202f664\u00a0en 2022, 5\u202f556\u00a0en 2021).\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f39408": { "value": "\n La r\u00e9partition par cat\u00e9gorie professionnelle de l\u2019effectif moyen de 2023 en \u00e9quivalent temps plein s\u2019\u00e9tablit ainsi\u00a0:\n
\n| \n \n (en nombre et en pourcentage)\n \n | \n \n \n 2023\n \n | \n \n \n %\n \n | \n \n \n 2022\n \n | \n \n \n %\n \n | \n \n \n 2021\n \n | \n \n \n %\n \n | \n
| \n \n Cadres\n \n | \n \n \n 44\u202f519\n \n | \n \n \n 23\u2006%\n \n | \n \n \n 39\u202f181\n \n | \n \n \n 23\u2006%\n \n | \n \n \n 35\u202f875\n \n | \n \n \n 23\u2006%\n \n | \n
| \n \n Techniciens, responsables d\u2019\u00e9quipe\n \n | \n \n \n 17\u202f767\n \n | \n \n \n 9\u2006%\n \n | \n \n \n 16\u202f703\n \n | \n \n \n 10\u2006%\n \n | \n \n \n 15\u202f688\n \n | \n \n \n 10\u2006%\n \n | \n
| \n \n Employ\u00e9s administratifs, personnel de vente\n \n | \n \n \n 96\u202f497\n \n | \n \n \n 50\u2006%\n \n | \n \n \n 86\u202f980\n \n | \n \n \n 50\u2006%\n \n | \n \n \n 78\u202f297\n \n | \n \n \n 50\u2006%\n \n | \n
| \n \n Personnel de production\n \n | \n \n \n 33\u202f504\n \n | \n \n \n 17\u2006%\n \n | \n \n \n 30\u202f627\n \n | \n \n \n 18\u2006%\n \n | \n \n \n 28\u202f093\n \n | \n \n \n 18\u2006%\n \n | \n
| \n \n Total\n \n | \n \n \n 192\u202f287\n \n | \n \n \n 100\u2006%\n \n | \n \n \n 173\u202f492\n \n | \n \n \n 100\u2006%\n \n | \n \n \n 157\u202f953\n \n | \n \n \n 100\u2006%\n \n | \n
\n 25.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Honoraires des Commissaires aux comptes\n
\n\n Le montant des honoraires des Commissaires aux comptes de LVMH\u00a0SE et des membres de leurs r\u00e9seaux enregistr\u00e9s dans le compte de r\u00e9sultat consolid\u00e9 de l\u2019exercice 2023 se d\u00e9taille comme suit\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros, hors taxes)\n \n | \n \n \n \u00a02023\n \n | \n ||
| \n \n Deloitte\n \n | \n \n \n Mazars\n \n | \n \n \n Total\n \n | \n |
| \n \n Honoraires relatifs \u00e0 des prestations d\u2019audit\n \n | \n \n \n 15\n \n | \n \n \n 18\n \n | \n \n \n 33\n \n | \n
| \n \n Prestations fiscales\n \n | \n \n \n 1\n \n | \n \n \n NS\n \n | \n \n \n 1\n \n | \n
| \n \n Autres\n \n | \n \n \n 1\n \n | \n \n \n NS\n \n | \n \n \n 1\n \n | \n
| \n \n Honoraires relatifs \u00e0 des prestations autres que l\u2019audit\n \n | \n \n \n 2\n \n | \n \n \n NS\n \n | \n \n \n 2\n \n | \n
| \n \n Total\n \n | \n \n \n 17\n \n | \n \n \n 18\n \n | \n \n \n 35\n \n | \n
\n NS\u00a0: Non significatif.\n
\n\n Les honoraires relatifs aux prestations d\u2019audit incluent des prestations connexes aux missions de certification des comptes consolid\u00e9s et statutaires pour des montants peu significatifs. Ils incluent en outre les prestations de v\u00e9rifications particuli\u00e8res r\u00e9alis\u00e9es \u00e0 la demande du Groupe, principalement dans les pays o\u00f9 l\u2019audit l\u00e9gal n\u2019est pas requis, ou de certains de ses partenaires.\n
\n\n Outre les prestations fiscales, principalement r\u00e9alis\u00e9es hors d\u2019Europe afin de permettre aux filiales du Groupe de r\u00e9pondre \u00e0 leurs obligations d\u00e9claratives locales, les prestations autres que l\u2019audit incluent des attestations de natures diverses, portant principalement sur le chiffre d\u2019affaires de certaines boutiques requises par les bailleurs et la v\u00e9rification de la d\u00e9claration de performance extra-financi\u00e8re.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f39567": { "value": "\n 26.\u00a0\u00a0\u00a0\u00a0 Autres produits et charges op\u00e9rationnels\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n R\u00e9sultats de cessions\n \n | \n \n \n (102)\n \n | \n \n \n (210)\n \n | \n \n \n 9\n \n | \n
| \n \n R\u00e9organisations\n \n | \n \n \n (9)\n \n | \n \n \n 3\n \n | \n \n \n -\n \n | \n
| \n \n R\u00e9\u00e9valuation de titres acquis ant\u00e9rieurement \u00e0 leur premi\u00e8re consolidation\n \n | \n \n \n 2\n \n | \n \n \n 232\n \n | \n \n \n 119\n \n | \n
| \n \n Frais li\u00e9s aux acquisitions de soci\u00e9t\u00e9s consolid\u00e9es\n \n | \n \n \n (14)\n \n | \n \n \n (25)\n \n | \n \n \n (18)\n \n | \n
| \n \n D\u00e9pr\u00e9ciation ou amortissement des marques, enseignes, \u00e9carts d\u2019acquisition et autres actifs immobilis\u00e9s\n \n | \n \n \n (105)\n \n | \n \n \n (50)\n \n | \n \n \n (89)\n \n | \n
| \n \n Autres, nets\n \n | \n \n \n (14)\n \n | \n \n \n (3)\n \n | \n \n \n (16)\n \n | \n
| \n \n Autres produits et charges op\u00e9rationnels\n \n | \n \n \n (242)\n \n | \n \n \n (54)\n \n | \n \n \n 4\n \n | \n
\n Pour les d\u00e9pr\u00e9ciations et amortissements enregistr\u00e9s en 2023, voir Notes\u00a05 et 8.\n
\n\n En 2023, les r\u00e9sultats de cessions sont essentiellement relatifs \u00e0 la cession de 80\u2006% de Cruise Line Holdings Co., voir Note\u00a02.\n
\n\n En 2022, les r\u00e9sultats de cessions \u00e9taient principalement relatifs \u00e0 la vente par Sephora de sa filiale en Russie, d\u00e9finitivement conclue en octobre 2022. La r\u00e9\u00e9valuation des titres acquis ant\u00e9rieurement \u00e0 leur premi\u00e8re consolidation en 2022 r\u00e9sulte de l\u2019acquisition de 60\u2006% de Mongoual\u00a0SA, ant\u00e9rieurement d\u00e9tenue \u00e0 hauteur de 40\u2006% et mise en \u00e9quivalence (voir Note\u00a08).\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f39647": { "value": "\n 27.\u00a0\u00a0\u00a0\u00a0 R\u00e9sultat financier\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Co\u00fbt de la dette financi\u00e8re brute\n \n | \n \n \n (580)\n \n | \n \n \n (128)\n \n | \n \n \n 4\n \n | \n
| \n \n Produits de la tr\u00e9sorerie et des placements financiers\n \n | \n \n \n 212\n \n | \n \n \n 113\n \n | \n \n \n 40\n \n | \n
| \n \n Effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et instruments de taux\n \n | \n \n \n 1\n \n | \n \n \n (2)\n \n | \n \n \n (3)\n \n | \n
| \n \n Co\u00fbt de la dette financi\u00e8re nette\n \n | \n \n \n (367)\n \n | \n \n \n (17)\n \n | \n \n \n 41\n \n | \n
| \n \n Int\u00e9r\u00eats sur dettes locatives\n \n | \n \n \n (393)\n \n | \n \n \n (254)\n \n | \n \n \n (242)\n \n | \n
| \n \n Dividendes re\u00e7us au titre des investissements financiers\n \n | \n \n \n 5\n \n | \n \n \n 8\n \n | \n \n \n 10\n \n | \n
| \n \n Co\u00fbt des d\u00e9riv\u00e9s de change\n \n | \n \n \n (399)\n \n | \n \n \n (358)\n \n | \n \n \n (206)\n \n | \n
| \n \n Effets des r\u00e9\u00e9valuations des investissements et placements financiers\n \n | \n \n \n 263\n \n | \n \n \n (225)\n \n | \n \n \n 499\n \n | \n
| \n \n Autres, nets\n \n | \n \n \n (43)\n \n | \n \n \n (42)\n \n | \n \n \n (49)\n \n | \n
| \n \n Autres produits et charges financiers\n \n | \n \n \n (175)\n \n | \n \n \n (618)\n \n | \n \n \n 254\n \n | \n
| \n \n R\u00e9sultat financier\n \n | \n \n \n (935)\n \n | \n \n \n (888)\n \n | \n \n \n 53\n \n | \n
\n Les produits de la tr\u00e9sorerie et des placements financiers comprennent les \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Revenus de la tr\u00e9sorerie et \u00e9quivalents\n \n | \n \n \n 136\n \n | \n \n \n 49\n \n | \n \n \n 27\n \n | \n
| \n \n Revenus des placements financiers(a)\n \n | \n \n \n 77\n \n | \n \n \n 65\n \n | \n \n \n 13\n \n | \n
| \n \n Produits de la tr\u00e9sorerie et des placements financiers\n \n | \n \n \n 212\n \n | \n \n \n 113\n \n | \n \n \n 40\n \n | \n
\n (a)\u00a0 Dont 60\u00a0millions d\u2019euros relatifs \u00e0 des dividendes re\u00e7us au 31\u00a0d\u00e9cembre 2023 (50\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022, 9\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2021).\n
\n\n Les effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et des instruments de taux proviennent des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Dette financi\u00e8re couverte\n \n | \n \n \n (60)\n \n | \n \n \n 139\n \n | \n \n \n 82\n \n | \n
| \n \n D\u00e9riv\u00e9s de couverture\n \n | \n \n \n 60\n \n | \n \n \n (135)\n \n | \n \n \n (80)\n \n | \n
| \n \n D\u00e9riv\u00e9s non affect\u00e9s\n \n | \n \n \n 1\n \n | \n \n \n (6)\n \n | \n \n \n (5)\n \n | \n
| \n \n Effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et instruments de taux\n \n | \n \n \n 1\n \n | \n \n \n (2)\n \n | \n \n \n (3)\n \n | \n
\n Le co\u00fbt des d\u00e9riv\u00e9s de change s\u2019analyse comme suit\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Co\u00fbt des d\u00e9riv\u00e9s de change commerciaux\n \n | \n \n \n (405)\n \n | \n \n \n (348)\n \n | \n \n \n (196)\n \n | \n
| \n \n Co\u00fbt des d\u00e9riv\u00e9s de change relatifs aux actifs nets en devises\n \n | \n \n \n -\n \n | \n \n \n (12)\n \n | \n \n \n 3\n \n | \n
| \n \n Co\u00fbt et autres \u00e9l\u00e9ments relatifs aux autres d\u00e9riv\u00e9s de change\n \n | \n \n \n 5\n \n | \n \n \n 3\n \n | \n \n \n (13)\n \n | \n
| \n \n Co\u00fbt des d\u00e9riv\u00e9s de change\n \n | \n \n \n (399)\n \n | \n \n \n (358)\n \n | \n \n \n (206)\n \n | \n
\n 27.\u00a0\u00a0\u00a0\u00a0 R\u00e9sultat financier\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Co\u00fbt de la dette financi\u00e8re brute\n \n | \n \n \n (580)\n \n | \n \n \n (128)\n \n | \n \n \n 4\n \n | \n
| \n \n Produits de la tr\u00e9sorerie et des placements financiers\n \n | \n \n \n 212\n \n | \n \n \n 113\n \n | \n \n \n 40\n \n | \n
| \n \n Effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et instruments de taux\n \n | \n \n \n 1\n \n | \n \n \n (2)\n \n | \n \n \n (3)\n \n | \n
| \n \n Co\u00fbt de la dette financi\u00e8re nette\n \n | \n \n \n (367)\n \n | \n \n \n (17)\n \n | \n \n \n 41\n \n | \n
| \n \n Int\u00e9r\u00eats sur dettes locatives\n \n | \n \n \n (393)\n \n | \n \n \n (254)\n \n | \n \n \n (242)\n \n | \n
| \n \n Dividendes re\u00e7us au titre des investissements financiers\n \n | \n \n \n 5\n \n | \n \n \n 8\n \n | \n \n \n 10\n \n | \n
| \n \n Co\u00fbt des d\u00e9riv\u00e9s de change\n \n | \n \n \n (399)\n \n | \n \n \n (358)\n \n | \n \n \n (206)\n \n | \n
| \n \n Effets des r\u00e9\u00e9valuations des investissements et placements financiers\n \n | \n \n \n 263\n \n | \n \n \n (225)\n \n | \n \n \n 499\n \n | \n
| \n \n Autres, nets\n \n | \n \n \n (43)\n \n | \n \n \n (42)\n \n | \n \n \n (49)\n \n | \n
| \n \n Autres produits et charges financiers\n \n | \n \n \n (175)\n \n | \n \n \n (618)\n \n | \n \n \n 254\n \n | \n
| \n \n R\u00e9sultat financier\n \n | \n \n \n (935)\n \n | \n \n \n (888)\n \n | \n \n \n 53\n \n | \n
\n Les produits de la tr\u00e9sorerie et des placements financiers comprennent les \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Revenus de la tr\u00e9sorerie et \u00e9quivalents\n \n | \n \n \n 136\n \n | \n \n \n 49\n \n | \n \n \n 27\n \n | \n
| \n \n Revenus des placements financiers(a)\n \n | \n \n \n 77\n \n | \n \n \n 65\n \n | \n \n \n 13\n \n | \n
| \n \n Produits de la tr\u00e9sorerie et des placements financiers\n \n | \n \n \n 212\n \n | \n \n \n 113\n \n | \n \n \n 40\n \n | \n
\n (a)\u00a0 Dont 60\u00a0millions d\u2019euros relatifs \u00e0 des dividendes re\u00e7us au 31\u00a0d\u00e9cembre 2023 (50\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022, 9\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2021).\n
\n\n Les effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et des instruments de taux proviennent des \u00e9l\u00e9ments suivants\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Dette financi\u00e8re couverte\n \n | \n \n \n (60)\n \n | \n \n \n 139\n \n | \n \n \n 82\n \n | \n
| \n \n D\u00e9riv\u00e9s de couverture\n \n | \n \n \n 60\n \n | \n \n \n (135)\n \n | \n \n \n (80)\n \n | \n
| \n \n D\u00e9riv\u00e9s non affect\u00e9s\n \n | \n \n \n 1\n \n | \n \n \n (6)\n \n | \n \n \n (5)\n \n | \n
| \n \n Effets des r\u00e9\u00e9valuations de la dette financi\u00e8re et instruments de taux\n \n | \n \n \n 1\n \n | \n \n \n (2)\n \n | \n \n \n (3)\n \n | \n
\n Le co\u00fbt des d\u00e9riv\u00e9s de change s\u2019analyse comme suit\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Co\u00fbt des d\u00e9riv\u00e9s de change commerciaux\n \n | \n \n \n (405)\n \n | \n \n \n (348)\n \n | \n \n \n (196)\n \n | \n
| \n \n Co\u00fbt des d\u00e9riv\u00e9s de change relatifs aux actifs nets en devises\n \n | \n \n \n -\n \n | \n \n \n (12)\n \n | \n \n \n 3\n \n | \n
| \n \n Co\u00fbt et autres \u00e9l\u00e9ments relatifs aux autres d\u00e9riv\u00e9s de change\n \n | \n \n \n 5\n \n | \n \n \n 3\n \n | \n \n \n (13)\n \n | \n
| \n \n Co\u00fbt des d\u00e9riv\u00e9s de change\n \n | \n \n \n (399)\n \n | \n \n \n (358)\n \n | \n \n \n (206)\n \n | \n
\n 32.\u00a0\u00a0\u00a0\u00a0 faits exceptionnels et litiges\n
\n\n Dans le cadre de la gestion de ses activit\u00e9s courantes, le Groupe est partie \u00e0 diverses proc\u00e9dures concernant le droit des marques, la protection des donn\u00e9es personnelles, la protection des droits de propri\u00e9t\u00e9 intellectuelle, la protection des r\u00e9seaux de distribution s\u00e9lective, la protection des consommateurs, les contrats de licence, les relations avec ses salari\u00e9s, le contr\u00f4le des d\u00e9clarations fiscales et toutes autres mati\u00e8res inh\u00e9rentes \u00e0 ses activit\u00e9s. Le Groupe estime que les provisions constitu\u00e9es au bilan, au titre de ces risques, litiges ou situations contentieuses connus ou en cours \u00e0 la date de cl\u00f4ture, sont d\u2019un montant suffisant pour que la situation financi\u00e8re consolid\u00e9e ne soit pas affect\u00e9e de mani\u00e8re significative en cas d\u2019issue d\u00e9favorable.\n
\n\n Il n\u2019existe pas de proc\u00e9dure administrative, judiciaire ou d\u2019arbitrage dont la Soci\u00e9t\u00e9 a connaissance, qui soit en cours ou dont elle est menac\u00e9e, susceptible d\u2019avoir ou ayant eu au cours des douze derniers mois des effets significatifs sur la situation financi\u00e8re ou la rentabilit\u00e9 du Groupe.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f41430": { "value": "\n 33.\u00a0\u00a0\u00a0\u00a0 Parties li\u00e9es\n
\n\n 33.1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Relations de LVMH avec Christian Dior et Agache\n
\n\n Le groupe LVMH est consolid\u00e9 dans les comptes de Christian Dior, soci\u00e9t\u00e9 cot\u00e9e sur l\u2019Eurolist d\u2019Euronext Paris et contr\u00f4l\u00e9e par la soci\u00e9t\u00e9 Agache S.C.A. (\u00ab\u00a0Agache\u00a0\u00bb), via sa filiale Financi\u00e8re Agache.\n
\n\n La soci\u00e9t\u00e9 Agache, qui dispose d\u2019\u00e9quipes sp\u00e9cialis\u00e9es, fournit au groupe LVMH des prestations d\u2019assistance principalement dans les domaines de l\u2019ing\u00e9nierie financi\u00e8re, de la strat\u00e9gie, du d\u00e9veloppement, du droit des affaires et de l\u2019immobilier. En outre, la soci\u00e9t\u00e9 Agache donne en location au groupe LVMH des locaux \u00e0 usage de bureaux.\n
\n\n Inversement, le groupe LVMH fournit diverses prestations administratives et op\u00e9rationnelles et donne en location des biens immobiliers ou mobiliers \u00e0 la soci\u00e9t\u00e9 Agache ou \u00e0 certaines de ses filiales.\n
\n\n Les transactions entre LVMH et Agache et ses filiales peuvent \u00eatre r\u00e9sum\u00e9es comme suit\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n Facturations d\u2019Agache et ses filiales \u00e0 LVMH\n \n | \n \n \n (3)\n \n | \n \n \n (4)\n \n | \n \n \n (2)\n \n | \n
| \n \n Montant d\u00fb au 31\u00a0d\u00e9cembre\n \n | \n \n \n (1)\n \n | \n \n \n (1)\n \n | \n \n \n -\n \n | \n
| \n \n Facturations de LVMH \u00e0 Agache et ses filiales\n \n | \n \n \n 14\n \n | \n \n \n 12\n \n | \n \n \n 9\n \n | \n
| \n \n Montant \u00e0 recevoir au 31\u00a0d\u00e9cembre\n \n | \n \n \n 5\n \n | \n \n \n 4\n \n | \n \n \n 3\n \n | \n
\n 33.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Relations avec Diageo\n
\n\n Mo\u00ebt Hennessy\u00a0SAS et Mo\u00ebt Hennessy International\u00a0SAS (ci-apr\u00e8s \u00ab\u00a0Mo\u00ebt Hennessy\u00a0\u00bb) d\u00e9tiennent les participations Vins et Spiritueux du groupe LVMH, \u00e0 l\u2019exception de Ch\u00e2teau d\u2019Yquem, de Ch\u00e2teau Cheval Blanc, du Domaine du Clos des Lambrays, de Colgin Cellars et de certains vignobles champenois. Le groupe Diageo d\u00e9tient une participation de 34\u2006% dans Mo\u00ebt Hennessy. Lors de la prise de participation, en 1994, a \u00e9t\u00e9 \u00e9tablie une convention entre Diageo et LVMH ayant pour objet la r\u00e9partition des frais communs de holding entre Mo\u00ebt Hennessy et les autres holdings du groupe LVMH.\n
\n\n En application de cette convention, Mo\u00ebt Hennessy a support\u00e9 11\u2006% des frais communs en 2023 (12\u2006% en 2022 et 13\u2006% 2021), et a refactur\u00e9 \u00e0 ce titre \u00e0 LVMH\u00a0SE les frais exc\u00e9dentaires encourus. Apr\u00e8s refacturation, le montant des frais communs support\u00e9 par Mo\u00ebt Hennessy s\u2019\u00e9l\u00e8ve \u00e0 30\u00a0millions d\u2019euros en 2023 (21\u00a0millions d\u2019euros en 2022, 19\u00a0millions d\u2019euros en 2021).\n
\n\n 33.3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Relations avec la Fondation Louis Vuitton\n
\n\n La Fondation Louis Vuitton a ouvert en 2014 un mus\u00e9e d\u2019art moderne et contemporain \u00e0 Paris. Le groupe LVMH finance la Fondation dans le cadre de ses actions de m\u00e9c\u00e9nat. Les contributions nettes correspondantes figurent en \u00ab\u00a0Immobilisations corporelles\u00a0\u00bb et sont amorties depuis l\u2019ouverture du mus\u00e9e, soit depuis 2014, sur la dur\u00e9e r\u00e9siduelle de la convention d\u2019occupation du domaine public octroy\u00e9e par la Ville de Paris.\n
\n\n 33.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Organes de Direction\n
\n\n La r\u00e9mun\u00e9ration globale des membres du Comit\u00e9 ex\u00e9cutif et du Conseil d\u2019administration, au titre de leurs fonctions dans le Groupe, s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n R\u00e9mun\u00e9rations brutes, charges patronales et avantages en nature\n \n | \n \n \n 109\n \n | \n \n \n 94\n \n | \n \n \n 78\n \n | \n
| \n \n Avantages post emploi\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Autres avantages \u00e0 long terme\n \n | \n \n \n 5\n \n | \n \n \n 7\n \n | \n \n \n (5)\n \n | \n
| \n \n Indemnit\u00e9s de fin de contrat de travail\n \n | \n \n \n -\n \n | \n \n \n 2\n \n | \n \n \n -\n \n | \n
| \n \n Co\u00fbt des plans d\u2019actions gratuites et assimil\u00e9s\n \n | \n \n \n 59\n \n | \n \n \n 84\n \n | \n \n \n 97\n \n | \n
| \n \n Total\n \n | \n \n \n 173\n \n | \n \n \n 187\n \n | \n \n \n 170\n \n | \n
\n L\u2019engagement comptabilis\u00e9 au 31\u00a0d\u00e9cembre 2023 au titre des avantages post-emploi, net des actifs financiers d\u00e9di\u00e9s, est un actif net de 5\u00a0millions d\u2019euros (contre un engagement net de 24\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022, et de 71\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2021).\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f41434": { "value": "Christian Dior", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f41436": { "value": "Agache S.C.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f41492": { "value": "\n 33.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Organes de Direction\n
\n\n La r\u00e9mun\u00e9ration globale des membres du Comit\u00e9 ex\u00e9cutif et du Conseil d\u2019administration, au titre de leurs fonctions dans le Groupe, s\u2019analyse de la fa\u00e7on suivante\u00a0:\n
\n| \n \n (en\u00a0millions d\u2019euros)\n \n | \n \n \n 2023\n \n | \n \n \n 2022\n \n | \n \n \n 2021\n \n | \n
| \n \n R\u00e9mun\u00e9rations brutes, charges patronales et avantages en nature\n \n | \n \n \n 109\n \n | \n \n \n 94\n \n | \n \n \n 78\n \n | \n
| \n \n Avantages post emploi\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n \n \n -\n \n | \n
| \n \n Autres avantages \u00e0 long terme\n \n | \n \n \n 5\n \n | \n \n \n 7\n \n | \n \n \n (5)\n \n | \n
| \n \n Indemnit\u00e9s de fin de contrat de travail\n \n | \n \n \n -\n \n | \n \n \n 2\n \n | \n \n \n -\n \n | \n
| \n \n Co\u00fbt des plans d\u2019actions gratuites et assimil\u00e9s\n \n | \n \n \n 59\n \n | \n \n \n 84\n \n | \n \n \n 97\n \n | \n
| \n \n Total\n \n | \n \n \n 173\n \n | \n \n \n 187\n \n | \n \n \n 170\n \n | \n
\n L\u2019engagement comptabilis\u00e9 au 31\u00a0d\u00e9cembre 2023 au titre des avantages post-emploi, net des actifs financiers d\u00e9di\u00e9s, est un actif net de 5\u00a0millions d\u2019euros (contre un engagement net de 24\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2022, et de 71\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2021).\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f41561": { "value": "\n 34.\u00a0\u00a0\u00a0\u00a0 \u00c9v\u00e9nements post\u00e9rieurs \u00e0 la cl\u00f4ture\n
\n\n Aucun \u00e9v\u00e9nement significatif n\u2019est intervenu entre le 31\u00a0d\u00e9cembre 2023 et la date d\u2019arr\u00eat\u00e9 des comptes par le Conseil d\u2019administration, le 25\u00a0janvier 2024.\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f53470": { "value": "LVMH", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f53471": { "value": "soci\u00e9t\u00e9 europ\u00e9enne", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f53472": { "value": "22 avenue Montaigne, 75008 Paris, France.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f53473": { "value": "France", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f53474": { "value": "France", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-672": { "value": "12", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:IOG4E947OATN0KJYSD45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } } } }