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| Name | How LVMH Became A $500 Billion Luxury Powerhouse |
| Video Uploader | Video From CNBC |
| Upload Date | This Video Uploaded At 15-05-2023 16:39:53 |
| Video Discription | The luxury conglomerate LVMH Moët Hennessy Louis Vuitton controls 75 Maisons, or brands, including Tiffany & Co., Sephora, Dior, Givenchy and TAG Heuer. At the helm of the luxury empire is the richest person in the world, Bernard Arnault, whose five children all hold senior executive roles within the company. With a keen eye for luxury, ruthless negotiation skills and an effective business acumen, Arnault has acquired some of the biggest names in the world. Most recently, in 2021, the company bought Tiffany & Co. for $15.8 billion after a bitter dispute about price due to the Covid-19 pandemic, and to salvage the luxury sector's biggest-ever deal. Though most companies struggled during the pandemic, LVMH’s stock steadily rose while it continued to report record revenue year after year as wealthy consumers participated in what McKinsey & Co. called "revenge spending." For the first quarter of 2023, LVMH reported a 17% increase in revenue from the same period a year earlier. The Asia market, which had seen the most significant drop due to Covid-19 closures, had a 14% rise in revenue after an 8% decrease in the fourth quarter of 2022. In April 2023, LVMH became the first European company to surpass $500 billion in market value. Corrections: 04:43 - Misidentified Frédéric Arnault's photo for Jean Arnault. 17:08 - Cheval Blanc Maisons and Bulgari Hotels were existing brands in the LVMH portfolio at the time of the 2019 Belmond acquisition. Produced Shot and Edited by: Jade Tungul, Natalie Rice Animation: Christina Locopo, Alexander Wood Senior Managing Producer: Tala Hadavi Additional Camera by: Shawn Baldwin Additional Footage: Getty Images, LVMH, Reuters Additional Sources: LVMH, Richmont, Kering, IBISWorld, McKinsey & Company » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Subscribe to CNBC PRO: https://cnb.cx/2NLi9AN #CNBC How LVMH Became A $500 Billion Luxury Powerhouse NBmIFTyiGos |
| Category | News & Politics |
| Tags | Louis Vuitton | Bernard Arnault | Dior | LVMH | Tiffany | Tiffany & Co. | luxury | luxury products | handbags | fashion | acquisition | pandemic | recession-proof | Anish Melwani | investment | Covid-19 | shopping | fifth avenue | wealth | CNBC | business | news | finance stock | stock market | news channel | news station | breaking news | us news | world news | cable | cable news | finance news | money | money tips | financial news | Stock market news | stocks | luxury goods industry |
