Opinion
LVMH has become a luxury department store
Before Bernard Arnault, few believed in the idea of a luxury conglomerate, but he saw potential in placing brands in one technology and marketing house, writes the FT's John Gapper.
John GapperContributorIn Au Bonheur Des Dames, Émile Zola’s 1883 novel, an entrepreneur who plans to create the grandest department store in Paris is asked a pertinent question. “Was this gigantic shop not a rash and fantastic undertaking . . . Where would you find the customers to fill this commercial cathedral?”
Bernard Arnault, chairman and chief executive of LVMH, faces the same question about La Samaritaine, the grand magasin he is to reopen in April in the heart of Paris after a €750 million ($1.2 billion) restoration of its ornate buildings. La Samaritaine was an emblem of the consumer age when it opened in 1870, but operating a department store in the era of ecommerce and fast fashion is perilous.
Financial Times
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