The rapid restructuring of Yves Saint Laurent has laid the foundation for profitable future growth.

The tragic events of September 11 have clouded the global economic environment and trading conditions in the luxury goods industry.

By freezing the voting rights of both LVMH and (Gucci's) employee trust, today's decision by the court will ensure that the voice of our independent shareholders will be heard at the extraordinary general meeting of shareholders on March 23.

The big issue is what happens to the yen, as weakness in the yen can hurt the industry as a whole.

So far we're doing very well.

We are delighted to acquire one of the world's great fashion brands and we are particularly pleased that Nicolas has agreed to play a key role in its future. His work displays exceptional creative talent and commercial sense.