LVMH announces sale of Michael Kors fragrance license

New York, New York, May 9, 2003 — LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, today announced that it has sold its Michael Kors Fragrance Brand license to The Estée Lauder Companies Inc. Camille McDonald, President and CEO of Parfums Givenchy Inc., Guerlain Inc. and American Designer Fragrances LLC, said, «We are proud of the successful fragrance business we built with Michael Kors over the past three years, and we know this brand will continue to thrive with its new licensing partner.» Ms. McDonald continued, «We remain focused on maximizing the U.S. growth potential of the legendary Parfums Givenchy and Guerlain fragrance brands and on the continued development of our American Designer Fragrances portfolio, all of which will launch new scents over the next twelve months.» Patrick Choël, President of the LVMH Perfumes & Cosmetics Group, said, «Under American Designer Fragrances’ talented leadership, Michael Kors fragrances have grown to be a sizable business in the U.S. Consistent with LVMH’s focus on its core businesses, this transaction follows the sale of the Group’s interest in Michael Kors earlier this year and was done in conjunction with Sportswear Holdings, the new owner of the brand.»