The Hublot manufacture inauguration: Philippe Pascal, Daniel Rosselat, Bernard Arnault and Jean-Claude Biver

It is now a few months since Hublot’s workshops and offices were brought together under the roof of a brand new manufacture, and the time has come to officially celebrate the success of this momentous step forward in the brand’s burgeoning development. Hublot’s CEO Jean-Claude Biver has invited LVMH Group Chairman and CEO Bernard Arnault to oversee the inauguration ceremony, accompanied by Philippe Pascal, President of the LVMH Timepieces and Jewellery division. Various celebrities, friends of the brand, partners, as well as representatives from local authorities and the press will attend the celebrations.

Two years after the building’s first stone was laid, Jean-Claude Biver is proud to present the new 6,000 m2 Hublot Manufacture, already running at full capacity. In fact, although the first machines have been operational since March 2009, the entire workforce actually began work in April. After the August break, the “Hublotins” creche welcomed its first youngsters. Although this is a time for celebration rather than evaluation, we can still assert that the Hublot project has already been a great success.

Jean-Claude Biver and his team realized their ambitions by beginning construction of a 6,000 m2 building in 2007, designed in the medium term to house 300 employees.

When workers return after the August break in 2010, the company will also serve as a training centre, welcoming apprentice watchmakers into its workshops.

The Hublot Unico movement

UNICO movement

The integration of the various production stages should give the Manufacture even greater autonomy. The UNICO movement, a chronograph developed entirely by Hublot’s Research & Development department, is now in its “functional prototype” stage until the end of 2009. It will eventually be housed inside the case of the King Power, the latest model to be launched by the brand this year. The workshop is currently producing bridges, main plates and assorted steel components, which will be assembled by fifteen or so new employees to be specially appointed in January for production of the UNICO. The aim is to produce 2,000 UNICO movements in 2010, and close to 20,000 in the medium term.

A special feature of this flyback chronograph is the position of its mechanism and the famous “column wheel” on the side of the dial. However, one of its main innovations is the removable platform escapement, on which the watch owner’s initials can be engraved by special request!

A clever yet subtle feature allowing easier servicing and maintenance, and offering the owner the option to personalize the timepiece. The escapement (escape wheel and pallet fork) is made from silicon, a light, durable and technologically advanced material which resists wear and guarantees more accurate operation.

The Hublot Building

The building

Situated close to the motorway, the classic, restrained building faces Lake Geneva and the Alps. Its light, spacious interior is home to the entire Hublot world. The machine and assembly shops occupy the first two floors, along with the after-sales service, technical departments and purchasing divisions. The 3rd floor is set aside for management, marketing, sales, accounts and a large showroom, as well as the Hublot TV studios. The creche has its own separate entrance, and the children have access to a secure wooded garden.

Viewing the completed site as a promising sign for the future of Hublot, a thrilled Jean-Claude Biver exclaimed: “It’s fantastic. In 5 years we’ve gone from a small, outdated and ill-equipped building to this magnificent, ultra-modern and high-tech enterprise! We launched the Big Bang collection, which was a phenomenal success, and we’ve now even produced our own movement! I am so very proud to be here today, and also proud of my team, which has helped us meet this challenge and will ensure we continue our innovation into the future.”

LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded revenue of €7.8 billion in the first half of 2009, reflecting a slight increase over the same period in 2008 despite the crisis and a high comparable.

Profit from recurring operations came to €1,363 million. It increased tangibly in the brands that control their distribution, like, for example, Louis Vuitton. The brands distributed by third parties, on the other hand, suffered a massive destocking impact by these distributors. This is notably the case for the Wines & Spirits and Watches & Jewelry business groups.

Bernard Arnault, Chairman and CEO of LVMH, commented:

“The first half results once again demonstrate the exceptional appeal of our brands as well as the effectiveness of our strategy, particularly remarkable given the global economic crisis. LVMH thus proves its exceptional capacity to resist thanks to the strength of its brands, the responsiveness of its organization and the talent of its teams. Louis Vuitton has had a particularly exceptional first half of the year, probably the best in the luxury universe, with double-digit revenue growth and exceptional profitability. Reassured by the good resilience in the first half of the year, the Group approaches the second half with confidence. It will rely upon the creativity and quality of its products as well as the effectiveness of its teams who implement notably cost reduction measures adapted to the crisis, to pursue further development in its historical markets as well as in high potential emerging markets.”

Highlights of the first half of 2009 include:

• A slight increase in Group revenue despite the crisis,
• Market share gains of all our brands notably with double-digit revenue growth at Louis Vuitton, whose profitability continues to be at an exceptional level,
• Confirmed strong potential of emerging markets, which represent 30% of Group revenue,
• Considerable destocking by distributors in the Wines & Spirits and Watches & Jewelry business groups,
• Exceptional resilience of Parfums Christian Dior and Guerlain, which are gaining market share,
• Growth at Sephora in all of its markets,
• Solid financial position with a net debt ratio of 32%,
• Net cash flow from operations before changes in working capital increased by 5%.

Revenue by business group:

* With comparable structure and exchange rates

Profit from recurring operations by business group:

Wines & Spirits: destocking by the distributors

The difficult economic environment weighed on revenue and profitability of the Wines & Spirits business group. Champagne revenue was impacted by the high stock levels at distributors who destocked massively in the first half. With trends improving slightly in the second quarter, the Cognac business was more resilient and was supported by its Asian markets. While sticking to cutting costs and vigorously selecting its investments, the Wines & Spirits business group will continue its value strategy and maintain its strong culture of innovation.

Fashion & Leather Goods: exceptional momentum at Louis Vuitton

The Fashion & Leather Goods business group saw revenue growth of 8% in the first half of 2009. Profit from recurring operations stood at €919 million. Louis Vuitton increased its progress in all of its markets thanks to the quality of its products and the control of its store network. The brand registered double-digit revenue growth in the first half of 2009 and strengthens its position in all regions. Asia and Europe confirmed their strong momentum and the United States showed good resilience. As the Yen strengthened, the Japanese at the beginning of the year made purchases outside of their own country. The brand is always supported by an incomparable innovation capacity, illustrated notably by the launches of numerous timeless lines and the creations by Marc Jacobs in honour of Stephen Sprouse, which enjoyed a worldwide success with clients in the first half. The other fashion brands were penalised, notably in the second quarter, by the continued difficult environment at large department stores. Fendi, however, saw an improvement in its performance in the second quarter and Donna Karan consolidated its progress in terms of positioning and profitability.

Perfumes & Cosmetics: success of the mythic perfumes

The Perfumes & Cosmetics business group increased its market share in the first half of 2009, despite revenue decline due to destocking by distributors. With a still high comparable base, the second quarter saw a slight increase in orders from retailers who considerably reduced their stock levels at the beginning of the year. Profit from recurring operations stood at €121 million. By accelerating the development of its star lines, Parfums Christian Dior proved its good resilience and increased its market share. Beyond the global success of J’Adore, the first half was notable for the progress of Miss Dior Chérie and Eau Sauvage, the leading French male fragrance. In make-up, the new foundation, Diorskin Nude, was very successful. Guerlain successfully launched its new lipstick Rouge G and benefited from the continued rise of the mythic Shalimar. Givenchy released its masculine perfume Play. Sustained by their international expansion, Benefit and Make Up For Ever accomplished good performances.

Watches & Jewelry: strong exposure to retailers destocking

Revenue from Watches & Jewelry decreased by 17% in the first half of 2009. Profit from recurring operations stood at €20 million. In a particularly difficult environment marked by destocking at retailers, the Watches & Jewelry brands have focused on strengthening their iconic lines and maintaining rigorous cost management. TAG Heuer won market share in the United States thanks to its targeted actions, and continued its expansion in Asia. Confirming its position as a rising star brand, Hublot showed good resilience and opened its new Manufacture near Geneva. Zenith celebrated 40 years of El Primero and Montres Dior continued to develop its Christal line. Chaumet, De Beers and Fred concentrated on improving the productivity of their networks and their boutiques.

Selective Distribution : good performance at Sephora

The Selective Distribution business group saw revenue growth of 7% in the first half of 2009. Profit from recurring operations stood at €129 million. DFS continued its cost cutting efforts in order to limit the impact of the decrease in international travel which was amplified in the second quarter by health concerns. DFS benefited, however, from its recent store openings which are confirming their potential. The Galleria at Macao, in particular, saw sustained growth and a second site is going to be opened on the island. The outlet at the heart of Abu Dhabi airport has made a promising start.
Sephora registered revenue growth in all of its markets in the first half of 2009, and an increase in its profit from recurring operations. It continues to win market share through the strengthening of its commercial reactivity and innovative and exclusive service and product offers. Its network of stores continues to grow in the most promising markets, notably in China where the expansion proceeds at a sustained pace.

2009 Outlook

In the current economic crisis, LVMH will continue to gain market share thanks to the numerous product launches planned before the end of the year, to its geographic expansion in promising markets and to its cost management.

Our strategy of focusing on quality across our entire product range, combined with the dynamism and unparalleled creativity of our teams, will enable us to reinforce, once again in 2009, LVMH’s global leadership position in luxury products.

The LVMH Board will meet on July 29th to approve the financial statements for the first half 2009, already presented to the Audit Committee, and to decide the payment on December 2, 2009 of an interim dividend of 0.35 euros.

Appendix – Revenue by business group and by quarter (PDF)

Regulated information related to this press release is available on our internet site www.lvmh.com.
Audit procedures carried out, audit report to be issued after the Board meeting.

“Jean-Frédéric Dufour joins us with deep experience in the watchmaking industry, which will come as a strong asset for pursuing the worldwide development of the Zenith Manufacture” stated Philippe Pascal, LVMH Watches and Jewelry President.

A Graduate in Commercial and Industrial Sciences (University of Genève), Jean-Frédéric Dufour assumed increasing responsibilities in the manufacturing, commercial, marketing and management fields of several watchmaking companies (Chopard and Cie Genève, Swatch Group, Ulysse Nardin). Prior to joining LVMH, he has been in charge of product development for Chopard Watches and Jewelry since 2001.

The ZENITH watch of Gandhi

The luxury watch manufacture ZENITH – LVMH Moët Hennessy Louis Vuitton Group – wishes to express the company’s keen sense of honor in seeing its name associated with one of the rare material objects cherished by the Mahatma Gandhi.

The pocket alarm watch that faithfully accompanied him in his travels is one of the many models embodying the history of the Manufacture Zenith – a history enriched by 144 years of horological expertise devoted to the service of time measurement. Georges Favre-Jacot, who founded the company in 1865, was deeply attached to the universal distribution of the watches that he made. Crisscrossing the globe to make known his collections known far and wide, he superseded national borders with a unifying message based on sharing the correct time. People need to synchronize their schedules in order to live together, and time is a universal value that units them above and beyond their differences.

The pocket alarm watch was born from this penchant for sharing that leads men and women to travel and to live together day and night by harmonizing their lifestyles.

The ZENITH watch of Gandhi

The early 20th century witnessed the development of travel, particularly with a view to boosting business in an era of international expansion of industry and commerce, as well as exploratory forms of tourism. The evolution and multiplication of the various means of rail, road and maritime transport generated new requirements during this period, including the need to reduce the volume of objects being transported. Waking up on time and having a dependable watch were essential prerequisites for such public transport, and travelers needed to be able to rely on a time measuring instrument that would accompany them by day and night. This concern was shared by the military, who found the wristwatch to be the best solution to the specific constraints of their activities.

In 1914, the Manufacture ZENITH, which at the time still bore its founder’s name, began focusing its production on high-quality watches housing refined movements endowed with complications. From 1915 onwards, the alarm watch became an iconic model within the ZENITH collection. It chimed by means of a hammer striking a gong that was separate from the case middle. The sound was clear and melodic, a fact that distinguished it from many other models of the time equipped with striking mechanisms that were less sophisticated but also less pleasing to the ear.

The alarm watch project had been the object of research conducted by the ZENITH engineers for many years already. A patent registered in 1913 for an “advanced alarm clock” describes a system that is different from that of the model finally chosen, but reveals the brand’s interest in this type of function.

The ZENITH watch of Gandhi

With this model, ZENITH introduced the perfect alarm watch that was neither thicker nor bulkier than a classic pocket-watch. The dual-function crown cleverly winds the movement in the usual left to right direction. In the other direction, it augments the striking-mechanism power reserve. The case middle is fitted with two adjustment pushers on either side of the crown. The right-hand pusher serves to adjust the time and the one on the left adjust the alarm time as confirmed by a subdial at 12 o’clock. There were several known types of dials, and those in enamel featuring painted numerals with a luminescent radium coating to guarantee nighttime readability date back to the early 1920s.

The seconds hand is classically located at 6 o’clock, as on most pocket-watches, which leaves plenty of space on the dial and ensures that the user can read off the time in a smooth, unobstructed manner. This particular model was a fashionable gift right through to the late 1930s and was frequently highlighted in the product catalogues of the period.

The watch can be placed upright by opening from below the second case-back that is hinge-mounted at 12 o’clock. This cover serves as a stand by slightly tilting the case backwards, and opening it ensures a more resonant ring. Whether crafted in gold, including in various luxurious enameled, chassed or gem-set variations, or in silver, nickel silver, steel or gold-plated versions, these watches have retained all the charm of the great ocean crossings and railway journeys for which they were indispensable accessories.

Through a simple function, this watch model serves as a reminder that a watch can also be an audible instrument, and guarantees the peace of mind of its owner who can rely on being awakened in good time. Whether as an alarm or to signal appointments, its extreme user friendliness reflects the reasons behind the success of vibrating wristwatches. ZENITH acquired useful experience in the field of making such wristwatch movements up until 2006, when the alarm function was integrated into a Class Traveller model, alongside other functions and complications enriching an El Primero caliber.

The Mahatma Gandhi watch strikes a vibrant chord in El Primero’s 40th anniversary year.

A truly legendary movement in contemporary watchmaking history, the El Primero chronograph caliber transcends time. The incredibly modern nature of its construction in 1969 enables the Manufacture ZENITH to continue writing new chapters in its adventures and to introduce ever more complicated variations on this inexhaustible theme since 2001. Tourbillon, split-second, large date, minute repeater, moon-phase, day/night display and world-time multi-city functions: the same spirit that guided the Manufacture on the dawn of the 20th century continues to inspire Thierry Nataf in sharing around the globe the pleasure of wearing a watch that ennobles the measurement of time. The zero gravity tourbillon that keeps the tourbillon flat whatever the position of the watch has enabled ZENITH to emerge victorious from a 200 year-long race among watchmakers the world over.

The only self-winding column-wheel chronograph caliber powered by a balance oscillating at 36,000 vibrations per hour, El Primero remains a premier movement in terms of its exceptional combination of reliability and adaptability. Capable of rising to extreme challenges, it is equally at home in the DEFY models designed for adventure and for battling the elements, the CHRONOMASTER collection imbued with refined elegance, the timeless CLASS collection, and the cleverly structured PORT ROYAL collection.

Firmly rooted in the 144 years of history of the Manufacture ZENITH, the El Primero offers watch connoisseurs the eternal youth of its conception and the boldness of its experience. Never one to choose simplistic options, it is serenely celebrating its 40th birthday in 2009 through a collection featuring an historical emblem and a three-color strip exclusive to this year’s models: red as a glowing token of vitality; purple symbolizing a love of truth and the truth of love; and an orange border synonymous with liberation.

The ZENITH star has thus been lighting the path of humankind for almost a century and a half, guiding it towards the universal ties that bind people together and inspiring them to share the unfathomable riches of time.

By business group, revenue progress was as follows:

* With a comparable structure and at constant exchange rates.

In Wines & Spirits, the positive exchange rate impact offset, in part, the decrease in champagne and cognac volumes. In champagne, demand was weak in its traditional markets following the effect of de-stocking at the beginning of the year. This reflects the fact that retailers, given the current economic environment, are reducing their stock levels. Sustained by the development of the Asian markets, the cognac business showed a better resilience despite the unfavourable timing of Chinese New Year. It is worthy to note the relatively limited weight of the first quarter revenue on the full year.

Fashion & Leather Goods achieved 11% revenue growth in the first quarter of 2009. Louis Vuitton recorded revenue growth in all its geographic zones, with particularly notable performances in Europe, Asia and the US. The first quarter was driven by the success of the Damier Graphite line, launched in 2008, and numerous creations such as the new collections inspired by the collaboration between Marc Jacobs and Stephen Sprouse. Marc Jacobs has continued on its growth trajectory thanks to good momentum in accessories and in licensing. Givenchy has benefited from good sales in ready-to-wear.

In Perfumes & Cosmetics, revenue in the first quarter of 2009 decreased by 8% due in part to the difficult comparison with very strong revenue in the year-ago quarter and by retailers decreasing their stock levels. Demand remains robust in Russia and China. LVMH’s brands continued to win market share in all key regions. Christian Dior successfully launched its new fragrance, Miss Dior Chérie L’Eau and the foundation Diorskin Nude. Guerlain continued the expansion of its premium skin care range, Orchidée Impériale, and Givenchy rolled out its Very Irresistible perfume. Benefit and Make Up For Ever confirmed good growth momentum thanks to their ongoing international expansion.

Watches & Jewelry reported a 27% decrease in revenue in the first quarter of 2009. This was principally due to global de-stocking by watch and jewelry retailers and by the considerable exposure of TAG Heuer and De Beers to the American market. The new collections presented at the Basel watch fair were very well-received. These were focused on the iconic lines Aquaracer 500 by TAG Heuer, Big Bang King Power by Hublot, Chronomaster El Primero by Zenith and Christal Automatiques by Dior. Our brands, despite the context of de-stocking at retailers, gained consumer market share.

In Selective Retailing, DFS benefited from the excellent opening of the Macao Galleria despite the general decrease in international travel, in particular in the United States. Sephora recorded revenue growth in all of its markets. New exclusive and innovative products were successfully introduced into its stores and the expansion of its distribution network continued in key countries.

In the particularly difficult economic environment seen at the beginning of the year, LVMH has used to its key strategic assets – the strength of its brands, the responsiveness of its organisation, the diversification of its business lines and the geographic balance of its revenue – to its advantage. The efforts to adapt to the current context will continue throughout the year through the strict management of costs and selective investments. Fueled by the talent of its motivated teams, LVMH’s objective in 2009 is to continue to increase its leadership in the worldwide luxury goods market.

The regulated information linked to this press release is available on the website www.lvmh.com

In the fourth quarter, reported revenue was 5.2 billion Euros, an increase of 4%.

Profit from recurring operations rose by 2% to 3 628 million Euros. This performance, achieved in the current economic environment, is even more noteworthy when compared to the Group’s strong performance in 2007. The negative exchange rate impact was again high this year, particularly in the first half. At constant exchange rates, profit from recurring operations increased by 6% in 2008.

Group share of net profit was stable compared to 2007 and came to 2 026 million Euros.

Mr Bernard Arnault, Chairman and CEO of LVMH, said: “The 2008 results demonstrate the exceptional reactivity of our organization in this period of economic crisis. The Group has always emerged stronger from previous economic downturns thanks to the dynamic innovation of its brands, the quality of its products and the effectiveness of its teams. LVMH approaches the challenges and the opportunities of 2009 with confidence and determination and has set the objective of increasing its leadership position in the worldwide luxury goods sector.”

Highlights of 2008 include:
• Increased revenue and profits of the Group,
• Continued growth of major brands,
• Further market share gains,
• Double-digit organic revenue growth at Louis Vuitton, which continued to record an exceptional level of profitability,
• Excellent performance of Perfumes & Cosmetics, led by Christian Dior,
• Excellent performance of Sephora,
• Strong financial position reaffirmed with a net debt ratio of 28%.

LVMH group, Moet Hennessy Louis Vuitton: world leader in luxury, listed on CAC 40 index.

Revenue by business group:

* With comparable structure and exchange rates

Profit from recurring operations by business group:

Wines & Spirits: good resilience to market conditions
Wines & Spirits saw organic revenue growth of 1% in 2008. Profit from recurring operations was 1 060 million Euros.
This performance was achieved thanks to an ongoing policy of price increases consistent with the Group’s value strategy and the high-end positioning of its brands. Regional performances varied: overall trends were positive in Europe but demand was less dynamic in the US and Japan due to market conditions. Emerging markets, such as China, Russia and the Middle East, recorded high growth.
The year was notable for the acquisitions of the Spanish wine group Numanthia Termes and of the Montaudon champagne house, which enabled the business group to strengthen its champagne reserves.

Fashion & Leather Goods: outstanding performance and strengthened leadership of Louis Vuitton
Fashion & Leather Goods recorded 10% organic revenue growth in 2008. Profit from recurring operations was 1 927 million Euros. Louis Vuitton recorded double-digit organic revenue growth in 2008, accompanied by exceptional profitability. The brand once again showed its powerful creativity with new, highly successful additions to its traditional lines and the success of its new canvas, Damier Graphite. A new, very colorful, collection, inspired by a previous collaboration between Marc Jacobs and Stephen Sprouse, has been a great success at the beginning of this year. Fendi performed well, driven by the continued success of the Baguette handbag and its leather goods line Selleria. Donna Karan and Marc Jacobs also proved resilient in the difficult environment at the end of the year.

Perfumes & Cosmetics: market share gains and improved profitability
Perfumes & Cosmetics registered organic revenue growth of 8% in 2008. Profit from recurring operations reached 290 million Euros. The current operating margin reached 10%. Christian Dior continued to win market share. The vitality of its star perfume, J’Adore, and the success of Dior Homme Sport, have contributed to the brand’s strong momentum. Make-up is growing fast and has benefited from the success of the Dior Addict and Diorshow lines. The excellent performance of Guerlain was supported by the successful launches of the masculine perfume Guerlain Homme and Le 2 mascara. The principal drivers of Givenchy’s growth were the continued progress of Very Irresistible, the launch of the masculine fragrance Play and the new mascara Phenomen’Eyes. Benefit enjoyed rapid growth in China and confirmed its worldwide success.

Watches & Jewelry: strengthened iconic lines
Following the growth seen in the first nine months of the year, Watches & Jewelry saw a slowdown in the last quarter. Profit from recurring operations was 118 million Euros. The good performance in Europe and Asia compensated in part for the slowdown in the American and Japanese markets.
TAG Heuer continued its worldwide roll-out of the Grand Carrera collections and launched a new range of high-end luxury mobile phones. At Montres Dior, automatic models have enhanced the Christal line, while Zenith strengthened its Manufacture Horlogère position. The acquisition of Hublot in 2008 is in keeping with a true logic of complementarity.  Supported by its Big Bang collection, the brand saw double-digit revenue growth in all of its markets. Chaumet strengthened its jewelry lines Liens and Attrape-Moi. Fred confirmed the success of Force 10 and De Beers expanded its network of stores.

Selective Retailing: strong growth at Sephora
In 2008, Selective Retailing registered organic revenue growth of 9%. Profit from recurring operations was 388 million Euros.
DFS revenue grew slightly. The slowdown in Japanese tourism was offset by the momentum of other Asian clients. DFS benefited from this trend through the opening of the Macao Galleria and the airport concessions at Mumbai and Abu Dhabi. Opening new stores in these destinations requires short-term investment but constitutes an important source of future growth.

Sephora continued its strong momentum in 2008 which resulted in market share gains and a continued good level of profitability. Revenue growth on a same-store basis was steady. The brand is expanding its presence in key markets and continues the evolution of its existing store network. On-line sales have shown strong growth in France, the US and China. Sephora continued its differentiation strategy with a more innovative and exclusive product offering, complemented by a large range of in-store services and treatments.

Further market share gains in 2009
Taking into account the limited visibility on the depth and duration of the global economic and financial crisis, LVMH continues to apply a strong financial discipline in managing all of its businesses. The Group will concentrate its resources on the most profitable businesses and markets and will continue to pursue its strategy of internal growth by capitalizing on the leading positions of its brands.

Bolstered by the flexibility of its organization and the good balance between its different businesses and geographical presence, LVMH’s objective in 2009 is to continue to increase its leadership of the worldwide luxury goods market.

Dividend of 1.60 Euros per share for 2008
At the Annual General Meeting of Shareholders on May 14, 2009, LVMH will propose a dividend of 1.60 Euros per share. An interim dividend of 0.35 Euros per share was distributed on December 2 last year. The balance of 1.25 Euros will be paid on May 25, 2009.

Appendix – Quarterly revenue by business group (PDF)

Regulated information related to this press release is available on our internet site www.lvmh.com.
Audit procedures carried out, audit report in progress.

Thierry Nataf, President of Zenith International S.A. - © Zenith

The Swiss Manufacture de Haute Horlogerie ZENITH INTERNATIONAL SA belongs to the Watch & Jewelry division of the Louis Vuitton Moët Hennessy group, which it joined in November 1999. Since his arrival at the head of the company almost four years ago, Thierry Nataf has undertaken to, as he phrases it, “take ZENITH back to its zenith”. He has thus devoted himself to rethinking the entire set of collections and the brand universe, ensuring a subtle blend of tradition and modernity, techniques and emotions. This has been done by maintaining rigorous respect for the founding values, while adopting a consistently daring approach. In his own words, “ZENITH has now become a luxury Watch House which, by rediscovering its past, is regaining all its pride and, by dreaming its future, is creating its present.”

Appointed CEO of ZENITH INTERNATIONAL on June 11th 2001, Thierry Nataf became its President on January 1st 2002. He then launched the renewal of virtually all product ranges, while relying firmly on the historical movements developed by the Manufacture, El Primero and Elite. “At the heart of my concerns lies the Watch: sound, beautiful, balanced.”

Thierry Nataf studied at various French and American universities from which he graduated with several MA degrees in Corporate Management. He has served on the management team of companies specializing in electronics, travel goods and the luxury product industry, in the United States, Europe and other countries. Before transferring to the Manufacture ZENITH, he was international vice-president for VEUVE CLICQUOT PONSARDIN (LVMH group).