“We are not interested in selling virtual sneakers for 10 euros”. This is how LVMH‘s Number One Bernard Arnault approaches (and destroys?) the Metaverse, stating that it may be an exciting, interesting, fun world, but LVMH continues to be focused on the real world. And it couldn’t be any different, given the latest financial results, in explaining which Arnault went beyond judging the Metaverse. In fact, he also talked about prices, pointing the finger at those who practice excessive increases (was he referring to Chanel?) and stressing the advantage of his group “being able to have a certain flexibility on price lists”.
Arnault destroys the Metaverse
“Adelante, Pedro, con juicio, si puedes”. Arnault moves through the Metaverse like the Spanish Grand Chancellor Ferrer in The Betrothed. He doesn’t have all this eagerness (or need) to ride this wave. “Beware of bubbles,” warned the French billionaire, citing the time when everyone wanted to become Facebook, but only one succeeded. “So let’s be cautious,” he noted, “we are in the real world and we sell real products. If it’s well done (the metaverse, ed), it can probably have a positive impact on brands’ businesses. But we are not interested in selling virtual sneakers for 10 euros”.
Reasonable prices
Arnault also spoke about the issue of pricing: “When it comes to price, everything is relative. What matters most is the quality of the product”. And he underlined the advantage of a luxury conglomerate like LVMH “being able to have a certain flexibility on prices. So, in the face of inflation, we have the means to react. I think the demand for our products will continue to be strong.” During the video conference with analysts and journalists, there was a passage that many interpreted as being aimed at Chanel. “We don’t want to give the impression, as some brands do, of moving towards prices that no longer correspond to the economic reality of the price of products. We have to be reasonable.”
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