Bernard Arnault
In the latest trip by a foreign executive to try to reconnect with the world’s second-largest economy, Bernard Arnault, chief executive of French luxury group LVMH, is visiting China this week, social media posts showed.
The second richest man in the world was seen, on Tuesday, in Beijing at the luxurious “SKB” shopping complex and the “Sanlitun Taikou Lee” shopping center, according to videos that were widely circulated on the Chinese social network “Weibo”.
He was seen later Wednesday in Chengdu, where he toured the international financial center as well as other luxury stores, according to posts.
Chinese state media reported on the visit, according to the video clips spread on social networks.
Arnault is accompanied by two of his children, his daughter Delphine, who heads the “Dior” perfume and fashion house, and his son Jean, who heads the watch development and marketing department at the “Louis Vuitton” house.
China is a major market for luxury goods, and before the Covid-19 pandemic, it represented a third of global spending on this category of goods.
The pandemic hit the luxury products sector hard, which led to a decline in China’s market share to about 17 percent in 2022, but according to analysts at UBS Bank, they expected that 2023 would be the “year of the Chinese consumer.”
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“The number of Chinese customers is much more than in 2019,” Jean-Jacques Guigny, CFO of LVMH, said recently.
The group, which includes dozens of brands including “Louis Vuitton”, “Givenchy” and “Kenzo”, continued to achieve strong revenue and profit growth despite global economic headwinds.
Arnault has previously said he is “optimistic about the Chinese market”.
2023-06-29 10:50:09
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