LVMH is a French luxury conglomerate that owns dozens of prestige brands spanning fashion and leather goods, wines and spirits, perfumes and cosmetics, watches and jewelry, and selective retailing. Louis Vuitton and Moet Hennessy anchor a portfolio that also includes Dior, Fendi, Tiffany, Sephora and many others, giving the group exposure across nearly every category of luxury spending. Its scale lets LVMH control distribution, protect brand exclusivity and absorb weaker periods in any one division without threatening the whole group. Demand for LVMH's brands is closely tied to the spending power of wealthy consumers globally, particularly in China and other parts of Asia.