advertiser in the press. 1945 through 2000 During this period, Louis Vuitton began to incorporate leather into most of its products, which ranged from small purses and wallets to larger pieces of luggage. In order to broaden its line, the company revamped its signature Monogram Canvas in 1959 to make it more supple, allowing it to be used for purses, bags, and wallets. It is believed that in the 1920s, counterfeiting returned as a greater issue to continue on into the 21st century. In 1966, the Papillon was launched (a cylindrical bag that is still popular today). By 1977 with annual revenue up to 70 million Francs (US$14.27 million). A year later, the label opened its first stores in Japan: in Tokyo and Osaka. In 1983, the company joined with America's Cup to form the Louis Vuitton Cup, a preliminary competition (known as an eliminatory regatta) for the yacht race. Louis Vuitton later expanded its presence in Asia with the opening of a store in Taipei, Taiwan in 1983 and Seoul, South Korea in 1984. In the following year, 1985, the Epi leather line was introduced. 1987 saw the creation of LVMH. Moët et Chandon and Hennessy, leading manufacturers of champagne and cognac, merged respectively with Louis Vuitton to form the luxury goods conglomerate. Profits for 1988 were reported to have been up by 49% more than in 1987. By 1989, Louis Vuitton came to operate 130 stores worldwide. Entering the 1990s, Yves Carcelle was named president of LV, and in 1992, Louis Vuitton entered mainland China by opening its first store in Beijing at the Palace Hotel. Further products became introduced such as the Taiga leather line in 1993, and the literature collection of Voyager Avec... in 1994. In 1996, the celebration of the Centennial of the Monogram Canvas was held in seven cities worldwide. In 1997, Louis Vuitton made Marc Jacobs its Artistic Director. In March of the following year, he designed and introduced the company's first "prêt-à-porter" line of clothing for men and women. Also in this year products introduced included the Monogram Vernis line, the LV scrapbooks, and the Louis Vuitton City Guide. The last events in the 20th century were the release of the mini monogram line in 1999. The opening of the first store in Africa in Marrakech, Morocco, in 2000. Finally, the auction at the International Film Festival in Venice, Italy, where the