Moët Hennessy Louis Vuitton
reached 5,036 million Euros, an increase of 40% compared to 1999.

The very strong sales growth
seen in the first quarter (+39%) continued during the second quarter (+41%).

Sales increased in all our
markets, by +37% in Europe, +68% in the US and +38% in Asia.

On a divisional basis, growth
was as follows:

millions of Euros
half 2000
half 1999
Wines &
869 874 NS
& Leather Goods
1,447 1,033 +40%
& Cosmetics
902 738 +22%
Watch &
270 NS
1,493 940 +59%
Other activities 55 14 NS
Total 5,036 3,599 +40%

Growth in Champagne sales
is in line with our targets. Sales in the first nine months of 1999 had been
very high and had to be limited in the fourth quarter for optimal stock management.
Demand for new products, such as the Nectar Impérial cuvée, which
was launched on the American market, remains constant. Sales in Asia registered
very strong growth.

Sales of Cognac are up by
16%. Sales of VSOP and XO are growing strongly in the US and in Asia (excluding
Japan), especially in China and Korea. Pure White performed very well in Europe.

Sales in the Fashion &
Leather Goods business group registered an exceptional increase of 40%. Sales
for Louis Vuitton Malletier, which now has 271 stores, are up by 50%. A new
global store has been opened in Munich and two new boutiques in China (Beijing
and Schenzhen). The new Epi collections are meeting with great success, as are
the new shoe and men’s ready-to-wear collections. Sales for Loewe and Céline
are growing through new products and the opening of new stores.

Sales in the Fragrances
& Cosmetics business group are increasing particularly strongly. In the
four fragrance houses alone sales are up by 22%. “J’Adore” by Christian Dior
continues to perform very well, along with “Indécence” by Givenchy
and “Time for Peace” by Kenzo. The new “Oblique” fragrance from Givenchy
has met with great success. Sales growth in the US has exceeded 40%. The recently
acquired start-ups, Bliss, BeneFit, Hard Candy, Urban Decay, Make up For Ever,
have registered strong sales growth.

The Watch & Jewelry
business group has demonstrated sustained growth, particularly TAG Heuer which
has performed extremely well in the US, Europe and Asia thanks to the success
of the “Alter Ego”model. Initial sales of the new “Class Elite Dual Time”
model by Zenith are very good, as are those of Chaumet’s new “Class One Joaillerie”
model. LVMH has strengthened its position in writing instruments through the
acquisitions of Omas, the world leader in luxury pens.

Sales in the Selective Retailing
business group are up by 59%. Sales at DFS continue to grow at a sustained rate
(+31%), particularly in Hong Kong and in Oceania. This growth is the result
of the increased number of Japanese tourists and of a higher number of visits
to Gallerias, owing to a policy of continuous improvement of merchandise. New
airport concessions have been won in Los Angeles and Seoul. Sephora, with 334
stores, is pursuing growth in Europe with the creation of a joint venture in
Greece and the first successful opening in the UK. Growth continues to be strong
in the US, where Sephora has 57 stores. In Japan, the network now comprises
4 stores.

The continued growth of
sales in the first half enables us to confirm our operating profit growth objective
of at least 20% in 2000.

First half results will
be published on 14th September.

“Certain information included
in this release is forward-looking and is subject to important risks and uncertainties
that could cause actual results to differ materially. The Company’s businesses
include its wines and spirits, fashion and leather goods, fragrances and cosmetics,
watches, and selective retailing activities, and its outlook is predominantly
based on its interpretation of what it considers to be the key economic factors
affecting these businesses. Forward-looking statements with regard to the Company’s
businesses involve a number of important factors that are subject to change,
as are mentioned under “Risk Factors” in the Company’s Form 20-F for the year
ended December 31, 1998, which is on file with the United States Securities
and Exchange Commission.”