This document discusses an external analysis of LVMH's Fashion & Leather Goods sector. It will use Porter's Five Forces model and a PESTEL analysis to evaluate the industry and external environment. The Five Forces model assesses competition, potential new entrants, bargaining power of suppliers and buyers, and threats of substitute products. A PESTEL analysis examines political, economic, social, technological, environmental, and legal factors. The analysis seeks to understand opportunities and threats in LVMH's external environment.