LVMH chief Bernard Arnault is set to visit China in June after Elon Musk: the world’s richest man runs the luxury giant behind Dior and Tiffany and will head to the region amid post-Covid-19 recovery

Jun 5 , 2023

Bernard Arnault, chairman of LVMH, is set to visit China in June. Photo: AP

LVMH chief Bernard Arnault is set to visit China, two sources told Reuters on Thursday, as European luxury goods makers closely track the pace of recovery of the key market following three years of Covid-19 disruptions.

Bernard Arnault, chairman of LVMH Moët Hennessy Louis Vuitton, attends the LVMH Innovation Award ceremony at the Viva Technology conference dedicated to innovation and start-ups at the Porte de Versailles exhibition centre in Paris, France, in June 2022. Photo: Reuters

One of the sources close to the matter said Arnault’s visit to the all-important Chinese market, which comes after high-profile visits to the country this week by JPMorgan Chase & Co CEO Jamie Dimon and Tesla Inc chief Elon Musk, will take place later this month.

LVMH, home to brands ranging from Moët to Givenchy, declined to comment.

The sources didn’t give a reason for the trip or say where in the country Arnault was likely to visit.

Bernard Arnault, billionaire and chairman of LVMH Moët Hennessy Louis Vuitton SE, speaks at the inauguration of the Atelier Louis Vuitton Vendome in Vendome, France, in February 2022. Photo: Bloomberg

The LVMH chairman and chief executive met with Chinese commerce minister Wang Wentao in Paris in April at the Avenue Montaigne flagship store of the group’s Christian Dior label.

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Arnault’s daughter Delphine Arnault, CEO of Dior, as well as other top LVMH executives attended the meeting, and the group pledged take part in China’s International Import Expo, which will be held in Shanghai in November.

Pedestrians wearing masks walk past a Louis Vuitton store in the Central district of Hong Kong, in February 2020. Photo: Bloomberg

Chinese officials have been eager to emphasise the country is open for business since lifting lockdowns in December. The recovery has been patchy but the luxury sector has outperformed other consumer categories as wealthy consumers have maintained their spending habits on the mainland.

Tiffany & Co.’s flagship store in Shanghai, China. Photo: Bloomberg

The planned visit for Arnault comes at a critical time for LVMH’s reboot of US jeweller Tiffany, its largest acquisition ever, which it seeks to expand in China as part of a strategy to catch up with larger rival Cartier.

A rebound in China helped lift LVMH’s first-quarter sales, which grew 17 per cent.

Executives from other luxury companies are also emphasising China, especially as sector sales in the United States show signs of easing off of a strong, post-pandemic surge.

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Luxury CEOs

The LVMH boss is set to visit China, a key market for luxury consumers, in June after meeting with Chinese commerce minister Wang Wentao in Paris in April at the Avenue Montaigne
Arnault’s daughter Delphine Arnault, CEO of Dior, also attended the meeting, with LVMH agreeing to join China’s International Import Expo, which will be held in Shanghai in November