Bernard Arnault Meets With China’s Minister of Commerce in Paris
LONDON — Bernard Arnault, chairman and chief executive officer of LVMH Moët Hennessy Louis Vuitton, met with Wang Wentao, China’s minister of commerce, at Dior’s Avenue Montaigne flagship in Paris on Friday, following French President Emmanuel Macron’s controversial visit to China earlier this month.
Members of the senior management team at LVMH, including Delphine Arnault, chairman and CEO of Christian Dior Couture; Pietro Beccari, chairman and CEO of Louis Vuitton, and Stéphane Rinderknecht, chairman and CEO of the group’s beauty division, also attended the meeting with Wang, who has been in his current position since December 2020.
More from WWD
The company, which owns brands including Louis Vuitton, Dior, Sephora and Tiffany & Co., said the meeting between Arnault and Wang highlighted “the sustainable growth of the Chinese economy, the constant dynamism of LVMH’s brands in China, as well as the longstanding and intense ties between the two partners.”
Wang expressed his satisfaction with the strength and diversity of the world’s largest luxury group’s commitment to China, praising the “many commercial and cultural contributions” made by various brands under the group, and the care they take to “provide the same exceptional quality products in boutiques that are just as remarkable as in France” to Chinese customers.
Meanwhile, Arnault reiterated the group’s commitment to China and his confidence in the strength of the Chinese economy, underlining the importance that this market holds for LVMH.
Since the opening of the first mainland China Louis Vuitton store at The Peninsula Beijing in 1992, LVMH has invested heavily in the market, opening bigger flagships in top-tier cities, while steadily penetrating into lower-tier cities.
Earlier this year, Arnault said during an earnings call that the company is cautiously confident heading into 2023 amid signs of a recovery in China following President Xi Jinping’s decision to reverse strict COVID-19 restrictions.
“I’m quite confident that the Chinese leaders, being very shrewd, they will surely take advantage of the period that is starting to revitalize Chinese growth. If this is the case — and we’ve seen signs of it in January — then we have every reason to be confident, even optimistic, about the Chinese market,” he told analysts and reporters after the luxury group reported another year of record results.
During his meeting with Wang, Arnault also expressed LVMH’s willingness to contribute to promoting cultural exchanges between the two countries, in close collaboration with the Chinese and French authorities.
Toward the end of the meeting, it was revealed that LVMH will participate in the sixth China International Import Expo to be held later this year in Shanghai, between Nov. 5 and 10. The company has been an active participant in the fair since its inception.
“The CIIE represents a unique opportunity for LVMH to celebrate its close ties with China and to present to Chinese customers the new creations and latest innovations of its most emblematic Maisons,” LVMH said in a statement.
It’s understood that the official signing of this partnership took place that same day at the Ile-de-France Chamber of Commerce and Industry.
Macron visited China earlier this month and was feted elaborately by President Xi. But the French president’s visit sparked an outcry in the West for his failure to pressure China over its continued failure to criticize Russia over its invasion of Ukraine.
Best of WWD
