The Ledger
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Arnault: Competitors trying to copy LVMH's multi-brand strategy have failed
“I remember people telling me, it doesn't make sense to put together so many brands, and it was a success. It was a recognized success, and for the last 10 years now, every competitor is trying to imitate. I think they are not successful, but they'll try.”
Inditex Almost Acquired Sephora Before LVMH Bought It
“They almost bought Sephora before LVMH buys it.”
At 40, Arnault declared his goal to build the largest luxury group
“Arnold said he wanted to make LVMH the biggest luxury goods group in the world.”
Arnault pairs extreme impatience with an exceptionally long-term view
“He has this rare combination of he's intolerant of slowness, and he has an unbelievably long-term view that I think is very, has been beneficial.”
Arnault's LVMH share purchases at record highs proved incredibly cheap long-term
“At the time, it looked expensive. What looked expensive was actually unbelievably cheap, and no one saw it but Arnall.”
Arnault secured complete control of LVMH by January 1989
“He starts buying into LVMH, I think, in 1987, and has complete control by 1989, I think. Let's go back to the beginning of the book to make sure I'm right. Yeah. Friday, January, 13th, January 1989.”
Arnault raised 3.3 billion francs by restructuring Dior to buy LVMH
“Immediately, he transformed Dior Couture into a holding company, allocated its stake in LVMH, and offered the capital to the holding company, and offered the capital of the holding company to private investors. Why did he do that? Because this brought Bernard …”
Arnault acquired Boussac specifically to get Dior and eventually LVMH
“Bernard targets Boussac because he wants Dior. That is the first in a chain of events that's going to eventually lead him to overtaking and taking over LVMH.”
LVMH shares dropped 50% following the October 1987 stock market crash
“LVMH was now quoted at only 1200 francs. It was down 50%.”
Arnault exclusively targets timeless brands proven to survive multiple economic cycles
“He targets timeless brands that have proven themselves in different economic cycles and through changes in consumer preferences, even though LVMH may be 3040 years old, whatever it is, some of their brands are hundreds of years old.”