The French luxury goods group LVMH is coming out of the Covid-19 crisis “rather stronger” thanks to its worldwide presence, according to its chairman and chief executive Bernard Arnault.
“We have for a long time had the strategy of covering most of the planet with our sites, stores, subsidiaries,” he said in an interview with BFM Business.
He noted that when a part of the world is underperforming, other regions fair better. Europe is the most affected region currently, while China is enjoying a surprising rebound and Japan is “doing quite well,” he added. In the U.S., the health situation is worrying but the economy “seems to be working,” Arnault pointed out.
A group like LVMH gets stronger during a crisis, because its reach enables it to “weather difficult moments better than others,” he stressed, adding that “compared to some competitors, we come out rather stronger.”
He noted that the group can continue communicating in dire times, which is harder to do for smaller companies, “so the market share of our group tends to increase.”