ON FLEXIBILITY
BERNARD ARNAULT, Ultimate Tastemaker: Founder, Luxury-Goods Conglomerate LVMH
The success of LVMH is built on creativity, quality, entrepreneurship and, most importantly, long-term vision. For instance, I remember the first time I visited China, in 1991. I arrived in Beijing — I saw no cars, only bicycles, no tall buildings. The GDP was 4% of what it is today. Nonetheless, we decided to open our first Louis Vuitton store in China. Today Louis Vuitton is the number one luxury brand in the country and across the world. We have been seeing for the past 25 years a growing desire for high-quality products and an acceleration of buying power. Nowadays, the internet makes the planet much smaller. Product launches now need to be global in order to be successful. When you start something today, you usually have to start it all over the world at the same time to be successful, and you can see what’s going on anywhere, instantly. That requires higher investment–which gives us an advantage. Creating increasingly desirable new products and selling them worldwide is what LVMH does best.

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