The head of luxury house LVMH, Bernard Arnault, said Thursday that the company’s outlook for this year is “so far good.”
“You’ve seen the numbers for the first quarter, I can say the beginning of April was pretty much in the same vein,” he told reporters on the sidelines of his empire’s annual shareholder meeting.
Last week, LVMH issued a forecast that exceeded the 23 percent rise in first-quarter like-for-like sales, with growth driven by fashion and leather goods, its largest division and home to Louis Vuitton and Dior, among other labels.
Looking ahead, the performance of the group, which includes high-end Bulgari hotels and Hennessy cognac, will depend on “a number of things”, he added, citing the Covid-19 lockdown in China and the geopolitical situation in Europe.
Arnaud also said it was too early to tell whether rising inflation is affecting luxury consumer behavior.
When asked about the situation in China, he said that “the demand is there”, but the prospects will depend on how long the strict measures to contain the spread of the coronavirus in the country will be in effect.
Mimosa Spencer and Sarah Moreland; Editors: Tasila Hamel and Kirsten Donovan
The proposed modification shows he is “giving himself a longer horizon to decide” on his succession plans, said Philippe Pelle-Clamour, adjunct professor at HEC Paris business school.
https://www.businessoffashion.com/news/luxury/bernard-arnault-says-lvmhs-2022-outlook-is-so-far-so-good/ Bernard Arnault says LVMH outlook for 2022 ‘so far good’