LVMH
LVMH Moët Hennessy Louis Vuitton, commonly known as LVMH, is a French multinational holding company and conglomerate specializing in luxury goods, headquartered in Paris. The company was formed in 1987 through the merger of fashion house Louis Vuitton with Moët Hennessy, which was established following the 1971 merger between the champagne producer Moët & Chandon and the cognac producer Hennessy. In April 2023, LVMH became the first European company to surpass a valuation of $500 billion. In 2023, the company was ranked 47th in the Forbes Global 2000.
Some of the key events about LVMH
- 1987Merger of Louis Vuitton and Moët Hennessy created LVMH, forming a luxury goods powerhouse
- 1987Faced criticism for aggressive acquisition strategies in the luxury goods market
- 1994Acquired Guerlain, expanding its presence in the perfume and cosmetics sector
- 1996Launched the "Young Fashion Designers" competition, supporting emerging talent in the fashion industry
- 1999Established the LVMH Prize for Young Fashion Designers, further promoting new talent
- 1999Accused of attempting a hostile takeover of Gucci, leading to legal battles
- 2001Opened the first Sephora store in China, marking a significant expansion into the Asian market
- 2001Fined €600,000 by French stock market regulators for providing misleading information
- 2004Criticized for poor working conditions in some of its suppliers' factories
- 2007Sued by eBay for allegedly engaging in anti-competitive practices
- 2010Fined €10 million by France's competition watchdog for cartel practices
- 2011Acquired Bulgari, strengthening its position in the luxury jewelry and watch market
- 2011Accused of using child labor in cotton harvesting for its products
- 2013Established the Institut des Métiers d'Excellence to preserve and develop traditional craftsmanship skills
- 2015Criticized for animal cruelty in the production of crocodile skin products
- 2017Launched LVMH Initiatives For the Environment (LIFE) program to improve environmental performance across its brands
- 2017Faced backlash for cultural appropriation in a Dior perfume campaign
- 2019Acquired Tiffany & Co., marking the largest deal in the luxury goods sector
- 2020Repurposed its perfume and cosmetics production facilities to manufacture hand sanitizer during the COVID-19 pandemic
- 2020Sued by Tiffany & Co. for attempting to back out of a $16 billion acquisition deal
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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