E=Z 0 LVMH in 2016: Its Diversification into Luxury Goods John E. Gamble Texas A&M University-Corpus Christi 12016, LVMH Mott Hennessy Louis Vuitton was the world’s largest luxury products company with annual sales of €35,7 billion and a business portfo- lio that included some of the most prestigious brand names in wines, spirits, and champagnes, fashion, watches and jewelry, and perfumes and cosmetics. The French conglomerate’s business portfolio also included a luxury yacht producer, a 19th-century- styled French amusement park, two prestigious Parisian department stores, duty-free stores, a retail cosmetics chain, high-end luxury hotels, and a vari- ety of French media properties. Even though no one needed LVMH's products—certain vintages of its Dom Pérignon champagne could retail for well over $1,000, its Givenchy dresses frequently sold for $5,000 or more, and popular Zenith chronograph watches carried retail prices of more than $10,000— the company’s products were desired by millions across the world. LVMH CEO Bernard Arnault sug- gested desire for the company’s products "in some way, fulfills a fantasy. You feel as if you must buy it, in fact, or else you won't be in the moment. You will be left behind.”! The company’s business portfolio began to take shape in 1987 when Louis Vuition, known world- wide for its purses and Juggage, merged with the maker of Moét & Chandon champagne and Hen- nessy cognac. LYMH’s current lineup of star luxury brands was forged by Bernard Arnauli, who became CEO of the company in 1989 and promptly set about acquiring such names as Fendi, Donna Karan, Given- chy, Celine, Mare Jacobs, and Nicholas Kirkwood in fashion and leather goods; TAG Heuer, Bulgari, and Zenith in watches and jewelry; and Le Bon Marche gsconnect and Sephora in retailing. By 2016 Arnault had assembled a portfolio of 70 luxury brands, which he categorized as a collection of star brands and rising stars. When asked about the managerial challenges of developing star brands, Arnault stated, “Mastering the paradox of star brands is very difficult and rare— fortunately. In my opinion, there are fewer than ten star brands in the luxury world.”* Arnault believed LVMH's collection of star brands such as Moét & Chandon, Krug, Louis Vuitton, Givenchy, and Parfums Christian Dior and its ris- ing stars like Edun, Nicholas Kirkwood, and Mare Jacobs would lead to long-term corporate advantage since star brands had staying power. “The brand is built, if you wish, for eternity. It has been around for a long time; it has become an institution. Dom Pérignon is a perfect example. I can guarantee that people will be drinking it in the next century. It wa created 250 years ago, but it will be relevant and desired for another century and beyond that.”> Arnault’s rapidly growing portfolio had allowed LYMH to grow from approximately €2.5 billion in 1990 to €35.7 billion in 2013. The company set revenue and operating profit records in 2015, with both growing by 16 percent since 2014. The com- pany’s stellar performance was driven by the appeal of its iconic brands and a mix of its newer aspira Hional brands. However, the company’s overall per- formance was negatively impacted by acquisitions thought to be rising stars that did not materialize. Arnault had select divestitures of underperform- ing businesses, the most recent of which was the Copyright © 2016 by John E. Gamble, All rights reserved,CASE 22 announced sale of Donna Karan International in July 2016. The planned $650 million divestiture was to be completed by early 2017. Also, several LVMH businesses competed in glamorous indus- ties, but had failed to make meaningful contribu. tions to the company’s performance. There was a concern among certain analysts that Arnault, as the company’s majority shareholder and CEO, was able to utilize the company's ample cash flows to make acquisitions based on his personal interests rather than based on potential to boost shareholder value, A summary of LVMH’s financial performance between 2011 and 2015 is presented in Exhibit 1. COMPANY HISTORY LVMH's history as an enterprise is traced to 1743 when Moat & Chandon was established in the Cham- pagne Province in northeastern France. Moét & Chandon not only became among France's premier brands of champagne, but was also sought after LVMH in 2016: Its Diversification into Luxury Goods C291 outside of France with exports accounting for a large percentage of its sales by the 20th century. The com- pany first diversified in 1968 when it acquired Par- fums Christian Dior and a 1971 merger between Mo&t & Chandon and Champagne Mercier combined’s two best-selling brands of champagne. The company changed its name to Moét-Hennessy when it again merged in 1971, this time with Jas Hennessy & Co... the world's second-largest producer of cognac. The company diversified further in 1987 as the French government launched into an era of privati- zation to promote economic growth and reduce the country’s excessively high unemployment rate. The families who controlled Moét-Hennessy and leather goods designer Louis Vuitton saw a merger between their two companies as their best strategy to prevent the companies from becoming takeover targets of large international corporations that were making investments in France. The $4 billion merger that cre- ated LVMH Moét-Hennessy Louis Vuitton allowed the heirs of the two companies’ founders to retain EXHIBIT 1 LVMH Income Statements, 2011-2015 (in millions of euros, except per share amounts) Revenue €29.016 €28,103 €23,569 Cost of sales 9997 9917 8,092 Gross margin 19019 18.186 «15,567 Marketing and selling expenses 10,767 10,101 8,360 General and administrative expenses 2212 2.164 1944 Income (loss) from joint ventures and associates 23 Profit from recurring operations 6017 5921 5,263 Other operating income (expenses) (19) 182 (109) Operating profit, 5.898 5,739 5,154 Cost of net financial debt 101 140 151 Other financial income (expenses) 97) 126 -91 ‘Net financial income (expense) (198) (10) (236) Income taxes —1253 1,820 1.453 Net profit before minority interests 3.987 3,909 3.465 Minority interests Si __485 400 Net profit ©3436 €3,424 €3,065, Earnings per share, basic 6.87 €6.86 €6.27 Earnings per share, diluted 6.83 6.82 €6.23 Source: LVI arinc-292 control of LVMH with a combined ownership of 50 percent of outstanding shares. The new ownership structure also placed Hennessy heir and chair Alain Chevalier in the position of chair of LVMH while Vuitton family member and company president, Henry Racamier, became LVMH’s director general. ‘The new company became France's 40th-largest company with total revenues in 1987 of FF 13.1 billion ($2.1 billion) and a portfolio of such well- known luxury brands as Veuve Clicquot, Moét & Chandon and Dom Pérignon champagnes, Hennessy cognac, Christian Dior and Givenchy perfumes and cosmetics, and Louis Vuitton leather handbags and luggage. On the day the merger was consummated, LVMH chair Alain Chevalier also signed an inter- national distribution agreement with British brewer Guinness PLC to improve the distribution of the company’s champagne and cognac brands in and the United States. The joint venture with Guinness called for both firms to acquire interlocking interests of about 10 percent of each company’s shares and accounted for nearly one-fourth of LVMH and Guin- ness profits within the joint venture’s first year. The success of the LVMH-Guinness joint ven- ture led Alain Chevalier to propose that Guinness purchase an additional 10 percent interest in LVMH to further protect the company from possible for- eign raiders. The growing relative importance of the company’s wine and champagne businesses and the proposal for increased ownership of LVMH shares by Guinness became worrisome to Racamier and other Vuitton family members who believed the company’s core business should center on fashion and leather goods. To fortify the company’s focus on haute couture, Racamier asked Bernard Arnault (the owner of Christian Dior, Celine, and Chr Lacroix brands) in mid-1988 to purchase shares of LVMH and join forces with Vuitton heirs in their disagreement with Chevalier. Thirty-nine-year-old Bernard Arnault had only recently become known among France's business elite, since only four years before he was building condominiums in Florida for his family's: modest real estate and construction firm, Arnault returned to France in 1984 and purchased nearly bankrupt Agache-Willot-Boussac—a state-owned conglomer- ate of retailing, fashion, and manufacturing. Arnault sold the assets of Agache-Willot-Boussac’s poor performing businesses and retained its profitable businesses, of which Christian Dior was the most notable. Within three years the company had earned PART 2. Cases in Crafting and Executing Strategy $112 million on revenues of $1.9 billion. In 1987, ‘Arnault leveraged Christian Dior's cash flow to pur- chase Celine, a fashion and leather goods company and the launch of a new fashion brand headed by France's hottest young designer, Christian Lacroix. Upon the invitation of LVMH Director General Racamier to become an LVMH shareholder, Arnault also met with LVMH chair Chevalier before form- ing a joint venture with Guinness PLC to purchase 37 percent of LVMH shares. Guinness was recep- tive to Arnault’s proposal to form the joint venture since it assured the British company’s manage- ment that its highly profitable distribution agree- ment with LVMH would remain intact, despite the feud between Hennessy and Vuitton clans. The joint venture provided Arnault with a 60 percent interest in the joint venture while Guinness held 40 percent and made Bernard Arnault the largest shareholder of LVMH by November 1988. After becoming LVMH’s largest shareholder and asked of his intentions to bring about management changes at the company, Bernard Arault commented that he approved of chair Chevalier's strategies, but “his problem is that he is not a major shareholder. In the businesses I manage, I’m the principal shareholder; and that helps me control the situation’ Bernard Arnault became LVMH's president in January 1989 and chair in mid-1990 after prevailing in an 18-month legal battle with Henry Racamier, who had petitioned the court to invalidate a por- tion of Arnault’s stake in LVMH. Upon becoming chair, Arnault launched an aggressive plan to trans form LVMH into France’s largest company. Arnault dismissed LVMHT’s top management; folded Dior, Celine, and Christian Lacroix into LVMH; and began making rapid acquisitions to expand the company's portfolio of luxury brands, Many French executives resented Arnault’s business tactics and questioned his motives in becoming the head of LVMH, with an ex-LVMIH officer calling Arnault “an asset shuffler, araider, a French Donald Trump.”> LVMH UNDER BERNARD ARNAULT When Bernard Arnault became president of LVMH. in January 1989, the company was the world's leading luxury products group with revenues of FE 164 billion (approximately 2.5 billion euros) and net income of FF 20 billion (approximatelyCASE 22 300 million euros) in 1988. The com portfolio included champagnes and wines; cognac and spirits; luggage, leather goods, and accessories: and perfumes and beauty products, LVMH's charm, pagnes and wines business unit was the global leader in premium champagnes with some of the oldest and most prestigious brands in the world, Dom Pérignon was arguably the best-known brand of champagne, Ruinart was the world’s oldest champagne com. pany, and Mercier was France’s best-selling brand of champagne. Moat & Chandon, Canard-Duchéne, Veuve Clicquot Ponsardin, and Henriot rounded out LVMH’s portfolio of centuries-old champagne brands. LVMH’s champagne and wine division also included the respected Napa Valley sparkling wine producer Domaine Chandon. LVMH’s cognac and spirits business, like its champagnes and wines busi- ness unit, possessed two of the most prestigious brands worldwide with Hennessy and Hine—both founded in the mid-1700s and consistently recog- nized by connoisseurs for quality. Louis Vuitton accounted for the largest share of LVMH’s luggage, leather goods. and accessories division's sales with market-leading positions in luggage and travel accessories worldwide. Louis Vuit- ton's luggage had been popular since the mid-1800s when Vuitton’s monogrammed products first became available to affluent travelers who visited his store. Loew a prestigious Spanish brand that earned the distinction of Supplier to the Royal Household in 1905 and had since become noted for fine ready-to- wear leather and textile apparel, handbags, and travel accessories. Loewe also marketed a fragrance line. LVMH's perfumes and beauty products division was composed of three different houses: Parfums Christian Dior was internationally renowned for its quality, innovation, and prestige and was the leading prestige brand of fragrance in France. The brand was also among the fastest growing in the United States tnd held the number one position in Western Europe. Parfums Givenchy was among the most successful prestige brands in the United Stat and had extended its product line to include cosmetics in 1988. 'pany’s business LVMH's Rapid Growth under Bernard Arnault LVMI’s rapid portfolio diversification began shorty after Arnault gained a controlling percentage of com- pany shares when it acquired Givenchy Couiure November. 1988, LVMH's management hd been LVMH in 2016: its Diversification into Luxury Goods C-293 working to unite its Parfums Givenchy with Given- chy Couture since 1987 and agreed on terms with Hubert de Givenchy just prior to Amnault becoming President of LVMH in January 1989. In 1990 Arnault Purchased an additional interest in Loewe and pur- chased all assets of Pommery—the largest vineyard in the Champagne Province and producer of cham- Pagnes since 1860. Arnault’s most ambitious target during 1990 was Guinness PLC. Arnault increased LVMH's share in Guinness from about 12 to 24 per- cent in what was suggested by outsiders as an attempt to make LVMH the world’s largest alcoholic bever- age seller with more $5.5 billion in sales and a vast international distribution network. ‘Arnault abandoned his quest to gain a control- ling stake in Guinness in 1994 when Guinness man- agement agreed to a stock swap between LVMH and the British brewer that netted LVMH $1.9 billion in cash, Arnault had initiated a few small acquisi- tions of fashion and spirits businesses between 1990 and 1994, but LVMH’s $1.9 billion cash infusion that resulted from the Guinness stock swap allowed Arnault to pursue his pledge to shareholders that “We're going to buy more luxury companies” in cos- metics, perfume, fashion, and retailing.® Arnault ini- tially focused on L'Oréal, a leading manufacturer and marketer of cosmetics with 1993 sales of $6 billion, and French drug manufacturer Sanofi, who bought Yves Saint-Laurent in 1993. However, neither com- pany was acquired by LVMH, and Arnault brought, additional fashion and fragrance brands to the com- pany's portfolio and diversified outside of luxury goods with the purchase of three of France's lead- ing financial and business publications—Investir, La Tribune Desfosses, and L'Agefi. Arault also utilized the company's cash reserves to expand the number of company-owned retail stores where its Louis Vuitton and Loewe leather goods and Celine, Christian Dior, and Givenchy could be found. Bernard Arnault believed that LVMH control of the retail channels where its products were sold was critical to the success of luxury brands. The use of company-owned retail locations allowed LVMH to, not only make certain its products were of the high- est quality and most elegant, but also allowed the company to ensure its products were sold by retail- cers olfering the highest level of customer servic ‘Arnault believed that ultimately the finer points of retailing impacted the overall image of luxury prod- ucts as much as the products’ attributes. This belief drove the company’s moves into vertical integrationc.294 into the operation of Louis Vuitton, Christian Dior, and other designer-label stores in Paris, New York, Beverly Hills, and other locations and also led to the $2.5 billion acquisition of DFS (Duty Free Shop- pers) in 1996. San Francisco-based DFS operated a chain of 180 duty-free boutiques in ‘Asia and various international airports. Arnault saw DFS as an ideal acquisition candidate since the chain specialized in the sale of luxury goods to afflu- ent international travelers and since its stores were concentrated in Asia. Asia was among LVMH's best geographic markets, accounting for as much as two- thirds of the sales of such products as Louis Vuitton luggage. ‘Arnault expanded further into retailing in 1997 with the acquisition of French cosmetics retailer Sephora and the purchase of a 30 percent interest in Douglas International, a German beauty-goods retailer with 190 stores in Europe and the United States, LVMH also expanded its line of fine cham- pagnes in a 1997 acquisition of Chateau d’ Yquem— a brand produced under such care and exacting standards that each vine yielded just one glass of champagne. Arnault again made an attempt to have LVMH become the world’s largest wine and spirits, producer and distributor when he spent $2.3 bil- lion in 1997 to purchase 11 percent of Grand Met- ropolitan PLC—a British food conglomerate with $1.5 billion in annual wine and spirits sales. Arnault used the ownership position in Grand Met to insert himself into merger negotiations that were underway between Guinness and Grand Met. Arnault proposed an alternate merger scenario that would combine Guinness, Grand Met, and LVMH and make LVMH the controlling entity with a 35 percent stake in the three-way merger, Guinness and Grand Met share- holders rejected the proposil, but provided Arnault with a $400 million payoff to allow the Wwo-way merger to proceed, an 11 percent interest in the new company, and a seat on its board of directors. ‘Arnault expanded LVMI's retailing operations beyond specialty retailing in 1998 with the acquisi- tion of famous Parisian department stores La Belle Jardiniere and Le Bon Marché, but his boldest acqui- sition spree occurred during 1999 and 2000, During the two-year period, Arnault creaied a new watch and jewelry division with the purchase of TAG Heuer, Chauinet, and Zenith, and pushed the company into makeup artist quality cosmetics with the purchase of Bliss, Benefit, Make Up For Ever, and Fresh. PART 2. Cases in Crafting and Executing Strategy ‘Amnault’s buying binge also expanded the company's media operations with the addition of a French radio network and magazines targeted to music aficionados and art connoisseurs; added New World wine producers located in the United States and Australia; obtained new retail outlets for its products with the acquisition of an Italian cosmet- ics retailing chain and Starboard Cruise Services, which offered duty-free shopping aboard 100 cruise ships sailing in the Caribbean and elsewhere; and enhanced its line of champagnes with Krug—the producer of some of the world’s most expensive champagnes. Arnault also added the fashion houses of Emilio Pucci, Thomas Pink, and Fendi. ‘Amnault had attempted to add Gucci to the com- pany’s impressive lineup of designer brands by pur- chasing more than 34 percent of the Italian fashion label's shares, but was thwarted by rival French con- glomerate Pinault-Printemps-Redout (PPR) when it acquired 42 percent of Gucci shares. The battle for control of Gucci pitted France’s two wealthiest men, LVMH’s Armault and PPR's Francois Pinault, against each other in a battle that would eventually be won by Pinault in 2001 but would provide Arnault with more than $1.8 billion for his stake in Gucci. In 2002, Amnault launched a takeover run at Her- més with a series of secret cash-settled equity swaps that totaled 23.2 percent of Hermes shares by 2014. The equity swaps went unnoticed by Hermes family share- holders for eight years at which time Hermes heirs pur- sued Arnault and LVMH with criminal insider trading charges and also began purchasing shares to prevent a takeover of the company. Hermés heirs accumulated 50.2 percent of company shares by 2014, which ended the possibility of a voting majority by Amnault. Hermes CEO Axel Dumas, a sixth-generation Hermes fam- ily member, called it “the batlle of my generation. ... Hermes is not for sale, and we are going to fight to stay independent."” Amault agreed to spin off the 23.2 per- ‘cent interest in Hermés to LVMH shareholders in 2014 afier LVMH had been tined $10 million by French reg- ulwtors for violating securities disclosure regulations. Even though the settlement brokered in French civil courts ended Arnault's attempt to acquire Hermes, it provided LVMH with a $5 billion gain on its pur- chases of Hermds shares. The company’s most note- Worthy acquisitions after Arnault’s takeover attempt of Herm@s included Fendi in 2003; Glenmorangie in 2005; Belvedere in 2007; Hublot, Royal Van Lent, and Dior in 2009; and Bulgari in 2011CASE 22 LVMH in 2016: its Diversification into Luxury Goods In 2016, Bernard Arnault was rank, on Forbes's list of billionaires with a one 4th bes ‘ith a net wort $36.7 billion. His wealth was primarily related ‘a ie Arnault family group’s 46.6 percent Ownership stake inLVMH. The ownership was structured through his 70 percent interest in Christian Dior, which owned a 40+ percent share of LVMH, Bernard Arnault also held a separate stake in LVMH of approxi- mate 6 percent in LVMH. The Arnault family group EXHIBIT 2 LVMH Acquisitions, 1987-2015, Hine Givenchy 11.4% of Guinness Pic (United Kingdom) 10.75% of Loewe SA (Spain) Pommery Christian Lacroix Kenzo 55% of Desfosses International Outstanding 50% of Investir 49,99% of Djedi Holding (Guerlain) Further 41% of Fred Jolllier 44% of Desfosses International Further 76% of Loewe SA (Spain) Outstanding interest in Djedi Holding (Guerlain) 54% of Celine SA Remaining interest in Fred Joailller 58.75% of DFS (USA) Remaining 46% of Celine 51% of Chateau d'Yquem Sephora Further 37% of Chateau d'Yquem Marie-Jeanne Godard Le Bon Marche 99% of La Belle Jardinieve Krug 1993 1994 1996 1997 1998 1999 Bliss Benefit Increased interest to 64% in Chateau d'Yquem TAG Heuer Thomas Pink Ebel Chaumet Make Up For Ever C-295 Controlled 62.9 percent of voting rights exercised at shareholders’ meetings. The company had a market Capitalization of €73.6 billion at year-end 2015 and had consistently outperformed the CAC 40 index of the largest public French companies since 2009. A list of major LVMH's acquisitions between 1987 and 2016 is presented in Exhibit 2. The com- Pany’s stock performance from 2006 through August 2016 is presented in Exhibit 3. Principal Business Cognac production Haute couture, ready-to-wear fashions Brewing and spirits production and distribution Leather goods, fashion ‘Champagne production Haute couture, ready-to-wear fashions Haute couture, ready-to-wear fashions/fragrances Media production, magazines, radio Financial magazine Fragrances Haute couture, ready-to-wear fashions Media production, magazines, radio Leather goods, fashion Fragrances Haute couture, ready-to-wear fashions Haute couture, ready-to-wear fashions Duty-free retail shops in Asia/Pacific, airports Haute couture, ready-to-wear fashions Champagne production Cosmetics retailing Champagne production Fragrances Parisian department store Parisian retailer Champagne production Cosmetics production, health spas Cosmetics production Champagne production Watch design and assembly Haute couture, ready-to-wear fashions Watch design and assembly Watch design and assembly Cosmetics producer (Continue)C-296 Sc ec! Zenith Radio Classique & SID Editions 72.5% interest in Phillips, de Pury & Luxembourg Starboard Cruise Services 67% of Emilio Pucc! (Italy) ‘Omas (italy) Fresh 60% of Newton Vineyards Mountadam Vineyards Art & Auction, Connaissance des Arts Majority interest in La Samaritaine Donna Karan International Acqua di Parma Rossimoda Fendi Glenmorangie Les Echos Belvedere ‘Wen Jun Numanthia Termes Hublot Royal Van Lent Dior Chateau Cheval Blanc Bulgari Investir Cova Montenapoleone Loro Piana Nicholas Kirkwood Domaine du Clos des Lambrays Luxola 2000 2001 2003 2005 2007 2008 2009 2011 2013 2014 2015 PART 2. Cases in Crafting and Executing Strategy Watch design and assembly, mechanism production French radio stations, media Fine art auctioning Duty-free cruiseline retailing Haute couture, ready-to-wear fashions Writing Instrument production Cosmetics production Winery and vineyards Winery and vineyards ‘Art magazines Parisian department store Apparel Fragrances Footwear Fashion, leather Spirits Newspaper, media Spirits Spirits (China) Wines Watches Yacht production Apparel, fragrances Wines Jewelry, watches, fragrances Magazine, media Milan, italy café Fashion Fashion Wines Cosmetics ‘Sources: LVMH Annual Reports; various years; Extel Financial Limited Annual Card, April 24, 2002 LVMH'S APPROACH TO BUILDING SHAREHOLDER VALUE IN LUXURY PRODUCTS BUSINESSES LVMH's corporate strategy under Bernard Arnault included diversification into the sale of lusury prod- ucts of varying types. The company's wines, cham- pagnes, haute couture and ready-to-wear fashions, cosmetics, fragrances, watches, and jewelry were among the most innovative, prestigious, elegant, and expensive produced, The company’s retailing divi- sion focused on the sale of luxury items—whether LVMH products or brands offered by rival producers. The company's other businesses included periodi- cals of interest to the financial and art communities, custom luxury yacht production, and fine hotels. 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