LVMH Group Chairman Bernard Arnault
Wears TAG Heuer Watch During Visit to Korea
Bernard Arnault, Chairman and CEO of Louis Vuitton Mo?t Hennessy (LVMH) and known as the world's richest person, visited South Korea for a 3-day, 2-night trip, drawing renewed attention to the watch he wore.
During his 3-day visit, Arnault held meetings with owners and representatives of major domestic retail companies such as Lotte, Shinsegae, and Hyundai, maintaining a busy schedule. On the first day, the 20th, he visited the 'Dior Seongsu' pop-up store located in Seongsu-dong, Seoul. The watch on his wrist caught the eye when he visited the Dior pop-up store that day.
The watch is known to be the TAG Heuer 'Carrera Porsche Chronograph Special Edition,' priced close to 9 million KRW. TAG Heuer is a Swiss luxury watch brand under LVMH, led by Arnault's third son, Fr?d?ric Arnault, who became CEO at the age of 25 in 2020 after joining TAG Heuer in 2017.
This watch was created in collaboration with the luxury sports car brand Porsche. Made with black calfskin leather, it features red accents symbolizing Porsche. The product is an automatic watch with an 80-hour power reserve, and its ceramic bezel includes a tachymeter scale and red Porsche lettering that stand out. According to TAG Heuer's official website, this product is sold domestically for 8.77 million KRW.
Bernard Arnault, Chairman and CEO of LVMH Group (left), is entering The Hyundai Seoul in Yeongdeungpo-gu, Seoul, on the afternoon of the 21st. [Photo by Reader Provided]
TAG Heuer continues its brand legacy with unparalleled technology. According to LVMH's earnings report released in January, sales in the luxury watch segment, including TAG Heuer, increased by approximately 18% year-over-year last year.
Attention is also focused on the attire of Delphine Arnault, Dior's Chairwoman and daughter of Bernard Arnault, who accompanied him on the visit. The coat and knitwear she wore were both Dior products, priced at 10.5 million KRW and 4 million KRW respectively. The bag she carried throughout the visit was Dior's 'Lady D-Joy,' reportedly priced in the 6 million KRW range.
Bernard Arnault's net worth is approximately 250 trillion KRW, making him the world's richest person, surpassing Elon Musk, CEO of Tesla.
South Korea, the World's Largest Luxury Goods Consumer per Capita
Meanwhile, the U.S. economic media outlet Bloomberg reported on the 26th of last month (local time), citing a luxury consumption report by global investment bank Morgan Stanley, that South Korea has emerged as the world's number one country in luxury goods consumption per capita.
According to the report, last year, the per capita luxury consumption in South Korea was estimated at $325, significantly higher than that of the United States ($280), the world's largest economy, and China ($55).
When converted to the total luxury market, South Korea's luxury market size last year was $16.8 billion, marking a 24% increase compared to the previous year.
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