LVMH boss on how to manage crisis
The richest french business-man, owner of fashion leader LVMH (Louis Vuitton Moet Hennessey), Bernard Arnault has offered a series of interviews on the group’s strategies during the crisis. Arnault surprises by defining luxury by means of quality and considers that the buying power will not return to previous levels for the next ten years. Arnault believes that overcoming the crisis is a matter of corporate susteinability and going back to the heritage and core values, and less about restructuring and excessive discounts. Brand values and quality are elements that will save the top luxury brands, especially with the competition being pretty fierce. Online sales and fighting counterfeit products will become an important strategy for LVMH in the coming years. Arnault would not disclose any rumors regarding the taking over of GIORGIO ARMANI.