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Stewardship principles Sustainable business practices
Continuously held since: 2020
Holding as at end 2025: 0.08 percent
LVMH is the world's largest luxury goods group. It represents more than 75 brands, or Maisons, including Louis Vuitton and Dior. Our investment case is grounded in the group's exceptional brand-building and capital allocation capabilities, which are overseen by its long-term owner-manager, Bernard Arnault.
Continuously held since: 2020
Holding as at end 2025: 0.08 percent
| Engagement type | First engaged on the topic |
|---|
| Assess supply chain integrity and oversight following instances of worker exploitation | Assessing | 2024 |
Following labour exploitation cases in the Italian luxury supply chain, we consulted external experts in 2024 to understand structural risks and inform our approach. In 2025, we engaged directly with LVMH, focusing on audit integrity, industry collaboration and the benefits and trade-offs of bringing more production in-house (vertical integration) to mitigate supply-chain risks.
The brand equity of LVMH Maisons rests on narratives of craftsmanship and technical expertise, with safe and fairly paid work an implied part of the luxury promise. Our research and engagement aim to assess whether the group's overall approach and ambition regarding labour rights due diligence in Italy aligns with the scale and systemic nature of the risk.
Status
Ongoing
The company has enhanced supply chain oversight, strengthening audit integrity by replacing third-party auditors, increasing unannounced audits and improving disclosure, supported by a new internal platform to share audit results across Maisons.
LVMH is actively contributing to a cross-industry supplier certification platform in Italy, helping address structural labour-rights risks and encouraging consistent standards across brands.
It is investing in additional in-house manufacturing capacity and bringing in experienced talent to safeguard craftsmanship and reduce supply-chain risks.