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