Appointment of Jean-Jacques Guiony

LVMH, the world leading luxury products group, announces the appointment of Jean-Jacques GUIONY to its executive committee in the position of deputy CFO reporting to Patrick HOUEL, CFO. Jean-Jacques GUIONY, currently a general partner of Lazard Frères in Paris, is a graduate of HEC ; he will join LVMH on 15 September. In summer 2004 he will succeed Patrick HOUEL as CFO. At that time, Patrick HOUEL will be appointed adviser to the Chairman ; he will be proposed as a board member of LVMH at the next annual shareholders meeting in May 2004.