Bernard Arnault, chairman of the French luxury group Louis Vuitton Mo?t Hennessy (LVMH), visited China.
According to foreign media such as Bloomberg and CNN on the 28th (local time), Arnault visited a luxury shopping mall in Beijing, China, the day before. This is Arnault's first visit to China since the COVID-19 pandemic. Photos of Arnault touring stores of LVMH-owned brands such as Christian Dior and Bulgari were posted on Chinese social networking services (SNS).
Arnault was reportedly accompanied by his eldest daughter and Dior CEO Delphine Arnault, and Louis Vuitton CEO Pietro Beccari. This visit to China came amid a surge in luxury consumption in China following the lifting of COVID-19 lockdown measures.
The increase in sales in China is a key driver of LVMH's growth. With a sharp rise in stock prices, LVMH's corporate value has entered the top 10 worldwide.
Although the Chinese government is politically and militarily at odds with the West, including the United States, it appears to maintain normal relations with foreign companies. This is seen as a way to dispel concerns about foreign capital and to warmly welcome global economic figures. Recently, global economic leaders such as Elon Musk, CEO of Tesla, and Jamie Dimon, CEO of JP Morgan, have consecutively visited China.
Pablo Moron, China partner of Digital Luxury Group, said, "Because the market, consumer behavior, and the emergence of regional high-end brands have all changed during the past three years of the COVID-19 pandemic, such visits are very important for luxury company executives," adding, "Whether to express confidence or not, it reflects high expectations for China."
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