• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
Private jet landing, approaching runway. Luxury travel. - Supply Chain News

LVMH Chairman and CEO Bernard Arnault Visits China Following Luxury Spending Rebound

06/26/2023
Netanyahu at White House as Trump Hints at New Tariffs

Netanyahu at White House as Trump Hints at New Tariffs

07/08/2025
Reciprocal Tariff Deadline Extended to August 1 as Trump Renews Duty Threats

Reciprocal Tariff Deadline Extended to August 1 as Trump Renews Duty Threats

07/08/2025
Trump Extends Tariff Deadline, Warns of New Duties Up to 40%

Trump Extends Tariff Deadline, Warns of New Duties Up to 40%

07/08/2025
Trump Sets 25% Tariffs on Japan, South Korea, Adds Duties for 12 Nations

25% Tariffs on Japan, South Korea Set, Plus New Duties for 12 Nations, Trump Confirms

07/08/2025
Trump Extends Tariff Deadline for 14 Countries Until August

Tariff Deadline for 14 Countries Extended Until August, Says Trump

07/08/2025
Innovative Filtrex Techno Engineering India Pvt. Ltd. Earns Nomination for Go Global Awards 2025

Innovative Filtrex® Expands Global Presence with Sustainable Engineering and Clean Energy Solutions

07/07/2025
Innovative Filtrex Techno Engineering India Pvt. Ltd. Earns Nomination for Go Global Awards 2025

Innovative Filtrex Techno Engineering India Pvt. Ltd. Earns Nomination for Go Global Awards 2025

07/07/2025
Q2 U.S. Auto Sales Grow, While Tariffs Threaten Higher Prices

Q2 U.S. Auto Sales Grow, While Tariffs Threaten Higher Prices

07/03/2025
Rising Import Costs Put Pressure on U.S. Restaurants Amid Tariffs

Rising Import Costs Put Pressure on U.S. Restaurants Amid Tariffs

07/03/2025
Vietnam Trade Deal Secured as U.S. Prepares for Tariff Changes

Vietnam Trade Deal Secured as U.S. Prepares for Tariff Changes

07/03/2025
U.S. and Vietnam Reach Trade Agreement Including New 20% Tariff on Imports

U.S. and Vietnam Reach Trade Agreement Including New 20% Tariff on Imports

07/03/2025
Uncertainty Grows as July 9 Tariff Deadline Nears Amid Ongoing Trade Talks

Uncertainty Grows as July 9 Tariff Deadline Nears Amid Ongoing Trade Talks

07/03/2025
supplychainreport
Tuesday, July 15, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

LVMH Chairman and CEO Bernard Arnault Visits China Following Luxury Spending Rebound

by Raxer X.
06/26/2023
in Global Trade, Market Trends, Trade Policies

Renowned entrepreneur Bernard Arnault, the owner of LVMH (LVMHF), has embarked on his inaugural visit to China since the relaxation of stringent Covid restrictions in the country. This visit comes on the heels of a substantial increase in sales for his company, driven by a rapid resurgence in Chinese spending on luxury goods.

Arnault, a French billionaire, is the latest in a series of prominent business leaders to journey to China, following visits by Tesla (TSLA) CEO Elon Musk and JP Morgan (JPM) CEO Jamie Dimon last month. Beijing has actively engaged global CEOs in an effort to rejuvenate business confidence and to promote a separation between Western businesses and government policies concerning China.

Reports from state media indicate that Arnault was seen at several shopping malls in downtown Beijing on Tuesday. He was observed inspecting various brand stores owned by LVMH, including Christian Dior and Bulgari, located in the WF Central and SKP malls. These observations were corroborated by photos shared on Chinese social media platforms.

LVMH did not immediately respond to a CNN request for comment.

LVMH reported a significant 17% increase in its first-quarter sales compared to the previous year, surpassing analyst expectations. This surge was primarily attributed to the recovery of China’s luxury market, which had experienced a decline during the pandemic.

According to the company’s Chief Financial Officer, Jean-Jacques Guiony, consumers have been returning to the company’s physical stores, and online sales have been on the rise. He expressed optimism about the market’s normalization, anticipating a strong push from mainland China in 2023.

China officially abandoned its strict zero-Covid policy in December, leading to a burst in consumer activity after three years of intermittent lockdowns. Luxury goods spending rebounded faster than any other sector in the first quarter.

While the economic momentum has slightly slowed in recent months, luxury goods sales have continued to accelerate. Government statistics released this month revealed that retail sales of jewelry, gold, and silver surged by 19.5% in the first five months of 2023 compared to the previous year, marking the most significant increase among all categories of goods.

Before the Covid outbreak, China was one of the world’s largest luxury goods markets. According to Bain & Co., Chinese consumer spending accounted for approximately 17% of the global luxury market in 2022, down from 35% in 2019. However, the firm predicts a resurgence this year, driven by robust local consumer demand and China’s post-Covid recovery, as it boasts a growing number of middle- and high-income consumers.

Charm Offensive

Arnault’s visit to China coincides with Beijing’s efforts to court global CEOs, addressing concerns about unfriendly policies toward foreign capital. Recent actions, including Chinese authorities raiding foreign consultancies, have left Western companies uncertain about their future in the country. This deteriorating sentiment has contributed to China’s economic challenges, including a decline in private-sector investment and rising unemployment.

Last month, Elon Musk made his first visit to China in three years, meeting with senior officials who encouraged him to expand investments and operations in the country. Chinese leaders are also advocating for a division between businesses and governments on their China policies to counteract Western nations’ attempts to “de-risk” from the Chinese economy.

During a World Economic Forum event, Chinese Premier Li Qiang stated that decisions regarding “de-risking” should be left to companies rather than governments. He emphasized that such concepts are misleading and that businesses are in the best position to assess and address risks. Li encouraged governments and relevant organizations not to overreach in these matters.

Discover comprehensive supply chain report news insights at The Supply Chain Report. For international trade resources, visit ADAMftd.com.

YOU MAY ALSO LIKE

Netanyahu at White House as Trump Hints at New Tariffs

Reciprocal Tariff Deadline Extended to August 1 as Trump Renews Duty Threats

#BernardArnault #LVMH #LuxuryGoods #ChinaMarket #ElonMusk #JPMorgan #BusinessConfidence #LuxurySales #CovidRecovery #ChineseSpending #ChristianDior #Bulgari #ChineseRetail #EconomicRecovery #BainCo #ChineseLuxuryMarket #GlobalCEOs #PostCovidResurgence #RetailSales #ChinaEconomy #BeijingVisit #CharmOffensive #LuxuryBrandRecovery

ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.