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Louis Vuitton CEO shows no concern to financial turmoil

Louis Vuitton CEO Yves Carcelle said Friday that the luxury brand was ready to withstand financial turmoil, with demand for its products on the rise even amid global uncertainty.

According to AFP’s report, Yves Carcelle, said on Friday :"What you see, what you hear in the news everywhere is more that the states are close to bankrupt than the individual". Despite the precarious financial position of some European states, where unemployment was rising and sovereign debt has forced leadership changes, he said that rich people and those with jobs were not seeing their incomes fall.

"It looks like today customers say, ‘Oh, we don’t know what tomorrow will be done. Geez, if I see a nice pair of shoes, nice bag, nice suit or dress that will not change completely my future. Maybe I don’t buy the big apartment I was dreaming of, or increase the size of my boat, but I can afford a pair of shoes.’"

Carcelle said that luxury customers were ready to spend and were increasingly demanding more sophisticated and personalised products. He said that planning for the new Sydney store, only the second in the world to offer made-to-measure shoes for men and which will also offer a service allowing customers to design a unique handbag, began in July 2009.

He also said Louis Vuitton, founded in Paris in 1854, planned for the long term and would never devise a strategy simply to counter short-term problems. "Yes, I think that one day or another we will have to pay, at least in Europe or in the (United) States for the mismanagement of the states," he added.

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