Louis Vuitton 2004 Annual Report Download - page 43

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ETICS
In an extremely
competitive environment,
the Perfumes and
Cosmetics business group
posted organic sales
growth of 4% and again
improved its operating
margin.
The vitality of the LVMH
brands was driven by the
success of new perfume
products and the strong
performances of the
make-up lines.
Parfums Christian Dior
improved its positions in
Europe and made
significant gains in Asia.
The French brands
repositioned their
distribution in the United
States with a more
selective perspective. This
strategic redeployment,
while it limited sales
growth in 2004,
improved the outlook for
future growth in the
American market.
BeneFit Cosmetics, Fresh,
Acqua di Parma and
Parfums Loewe continued
their good performances.
LVMH annual report 2004
41