Core Insights - LVMH's Q4 organic revenue grew by 1% year-on-year, slightly above market expectations; however, total annual revenue declined by 4.6%, in line with forecasts. Currency fluctuations negatively impacted annual revenue by approximately 3% [1] Revenue Breakdown - Fashion and Leather Goods: Q4 organic revenue decreased by 3%, accelerating the decline and slightly exceeding market expectations; annual organic revenue fell by 5%, yet maintained a high operating margin of around 35% [1] - Wines and Spirits: Q4 organic revenue plummeted by 9%, significantly underperforming expectations; annual recurring operating profit dropped by 25% [1] - Perfumes and Cosmetics: Q4 organic revenue unexpectedly declined by 1%, failing to achieve anticipated growth [1] - Watches and Jewelry: Q4 organic revenue increased by 8%, far surpassing analyst expectations; annual organic growth was 3%, serving as a crucial counterbalance to the weakness in other segments [1] - Selective Retailing (Sephora, DFS): Q4 organic revenue rose by 7%, with annual recurring operating profit soaring by 28%, driven by Sephora's global expansion and effective brand selection strategy [1]