Louis Vuitton, the world's biggest luxury brand in terms of sales, is planning to dampen its expansion worldwide and focus on high-end products to preserve its exclusive image, according to Bernard Arnault, CEO of parent LVMH.
Arnault said Louis Vuitton, which recently launched a major television ad campaign, was not planning to open boutiques in second and third-tier cities in China to "avoid becoming too commonplace."
LVMH Moët Hennessy Louis Vuitton SA said on Tuesday that US consumers helped drive revenue gains last year, offsetting continued sluggish sales in China.
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China has a shopping mall glut, but investors believe there is still room to grow. L Capital Asia, the Asian private equity business backed by LVMH Moët Hennessy Louis Vuitton S.A., will on Friday announce its second largest investment ever in China, and its first investment in an outlet mall anywhere in the world.
French luxury products group LVMH and internet search engine Google have agreed to work together to fight the sale of counterfeit goods online, the two firms said on Thursday.
The agreement ends nearly 10 years of litigation over complaints by LVMH – owner of top luxury labels in everything from champagne to luggage – that the Google Adwords key words service helped counterfeiters sell their products on the back of LVMH brands.
LVMH on Thursday posted lower profits and margins on the back of a 3 percent rise in first-half sales that came in below expectations.
The world's biggest luxury group, owner of Hennessy cognac and the Louis Vuitton fashion brand, made a profit from recurring operations of EUR2.576 billion (USD3.47b), down 5 percent from the same period a year earlier.
LVMH posted first-half revenue growth of 3 percent, or 5 percent on a like-for-like basis.
LVMH and eBay have settled a six-year legal battle in which the online auction site was accused of allowing users to sell knock-off luxury goods.
In a joint statement released on Thursday, the two companies said they had agreed to settle ongoing litigation and put "cooperation measures" in place.
World’s largest luxury group, LVMH, has recently acquired Singapore-based Crystal Jade restaurant chain for around USD100 million. The deal will give LCapital Asia, the private equity division of LVMH, a 90 percent stake in the restaurant group. With over 130 restaurants in over 10 countries in Asia, Crystal Jade includes a mix of Chinese fine dining, casual dining, and specialty restaurants.
Owner of LVMH, world’s largest luxury group and France’s wealthiest man, Bernard Arnault is reported to be under criminal probe over his activities in Belgium, the financial daily De Tijd reported on Saturday. The probe follows a preliminary investigation opened last year into a capital increase of EUR2.9 billion (USD3.9 billion) in LVMH’s Belgian holding company Pilinvest, prosecution spokesman Jennifer Vanderputten told the Flemish-language paper.
French luxury giant LVMH said it remains confident for 2013 despite releasing Tuesday slower growth sales figures for its fashion, watches and perfumes businesses.
Neverfull - the name of Louis Vuitton's best-selling handbag - sums up its parent LVMH pretty well, since even if it snapped up all of the world's last remaining independent luxury brands, it would still have room for more.