LVMH owner shows confidence in Vuitton’s new Creative Director
Bernard Arnauld, owner and CEO of LVMH Group has expressed confidence in Nicolas Ghesquière, the newly appointed Creative Director of Louis Vuitton, who replaces Marc Jacobs. ”He (Ghesquiere) is someone with huge potential, in line with the spirit of Vuitton – creative audacity with extreme refinement,” Arnaud said at an annual results presentation.
LVMH reported a slight rise in profits in 2013, increasing by 0.4 per cent to €3.43 billion euros compared with €3.42 in 2012. When asked why growth wasn’t faster, Arnault attributed the figures to “less dynamism” in emerging markets, especially China; weakening of currencies such as the dollar and yen; as well as a “more reasonable growth strategy” at Louis Vuitton and a slower rate of store openings.