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.