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One of the benefits of living Mweemba Bernard Arnault and that you can afford patience. The program of rich who manages the world’s largest company LVMH spent 15 years and repaired € 750m The Samaritan, a well-known store in Paris, only the Covid-19 epidemic disrupted its grand opening at the end of spring.
About a year later, Arnault’s wait will end on Wednesday, when first-time customers will be received at the Art Nouveau temple on a business trip along Seine.
It’s a clear indication of how LVMH has put Covid behind it long ago more than most people fear being given prediction beyond the 2019 budget this year.
There is another unfortunate thing – Arnault’s increased wealth and family, which Forbes estimates have risen by almost 80% to $ 194bn since early 2020. a few days in May, Arnault also ousted Amazon founder Jeff Bezos as the world’s richest man.
LVMH has added a few more shares in its shares than any other company in Europe since then – about $ 175bn – a huge success whether it be Apple’s $ 903bn or Amazon’s $ 871bn. It now has the largest capitalization of all European companies.
Retailers like La Samaritaine are at the center of high-end advertising, even online. © Bloomberg
Advertisers value the company for the same price as 39 times its earnings, almost twice as many as in the last five years, and it is higher than the technical benchmarks such as Apple at 25, Brand 28 and Microsoft at 32.
Economic growth and its financial consequences have not made the public’s desire for 3,000 bags and 500 handkerchiefs surprising. Important things, these are not.
But what has led to the growth of the sector, which Bain’s advisers put at 6% annual growth from 1996 to 2019, has not changed due to Covid.
In China, the largest market that makes up two-thirds of its growth, the midwives still go to Cartier or Louis Vuitton to demonstrate their position. Although foreign traffic is currently under ban, it is buy on home instead.
Precious, explicit literature is not just about selling things – it sells dreams, ideas, group ideas or certain traditions. He sells creative art from Coco Chanel to Karl Lagerfeld. In the digital age, it is also selling buyers a selfie or appropriate Tik Tok phone from the time they take off the new dress to the wearable.
These promotional rules do not apply. Want to grow your market? Raise prices. Want to attract customers? Make it easy for them to buy by blocking the distribution Waiting is part of the experience, showing the buyer that he or she has joined a top club even if it is growing.
Metal corridors and banisters on the main stairs in the main theater of La Samaritaine © Bloomberg
This is the commercial world. Another difference is that it is a big part of a shopping mall like La Samaritaine even online. White house such as Louis Vuitton, Cartier and Hermès developed and developed the concept in a manner consistent with the way Procter & Gamble wrote the book on retail sales.
Arnault’s greatest achievement was developing these skills and making several colors under one roof, supporting them with solid paper, and training skilled supervisors.
So how long can the surface growth last?
Erwan Rambourg, an HSBC researcher who worked on advertising in Cartier and Dior, thinks it’s time to act. In his book Luxe Future, lists drivers who have been left out as a boost to China’s economy, leading to the perception that they are the least popular among American consumers, as well as the rise of “selfie generation”. “The need for high-quality products must remain strong for a long time and take root,” he wrote.
However Rambourg recently lowered its stance on LVMH by buying to allay concerns that more and more traffic could be reduced in the coming homes, as prices rise as radio events such as fashion shows resume.
Arnault did not appear to be worried Monday when he launched La Samaritaine at a ceremony hosted by President Emmanuel Macron. Billionaire asked the audience to imagine what the venue would look like once the shopping center opened, with busy streets not only for shoppers but also for guests at the new LVMH hotel nearby.
“I see in this place a third sign of French expertise in architecture, architecture and business,” he said. “Only a family-oriented group can use such funds without having to pay for years.”
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