So close, and yet so far: but surely ready for parallel convergences. Bernard Arnault (LVMH) and François-Henri Pinault (Kering), the two top players of the global luxury segment, compared opinions while afar. Both participated in their respective Board meetings and found common ground on a few matters. Which ones? They are both confident in what the future holds. Moreover: they both believe that their businesses will come out of the pandemic stronger than before. They both hid their future plans for acquisitions and invoked creative freedom in response to PETA’s statements.
Parallel convergences
“Our trust in the segment remains intact”, said Mr. Pinault, president and CEO of Kering (in photo on the left). “Even though the future is uncertain due to the pandemic – claimed Arnault (in photo on the right), president and CEO of LVMH –,we can be reasonably optimistic”. Neither of the two made any statement regarding future acquisitions. LVMH hides, while just a few days before the general assembly, general director Toni Belloni participated in the Fashion & Acquisition market, claiming that LVMH is ready for new operations. The group’s CFO, Jean-Jacques Guiony, excluded any upcoming acquisitions during the annual meeting, stating that the group “can’t dilute” the resources destined for Tiffany’s growth, according to Fashion Network. Mr. Pinault minimized the need for acquisitions, but admitted that Kering has the financial tools to take on opportunities that can improve its brand portfolio. “Organic growth is the priority”, said Pinault.
With regards to PETA
Mr. Pinault answered actress Gillian Anderson, who asked the fur-free conversion of the entire Kering Holding on behalf of PETA. ”The majority of brands doesn’t use fur, as of today – he says -. That been said, a small number of them still uses fur in their collections. The creative freedom of artistic directors of our brands is one of our principles”. Kering also highlighted its rigorous traceability and animal-welfare standards. Belloni also answered PETA, which had made the same demand to LVMH. He says that the group has no intention of stop using fur and exotic leather. He does however pose the condition that the materials are created responsibly. “We believe in freedom of choice, for our clients and for our brands”.
Read also:
- “LVMH will still make acquisitions” (but not the most talked about)
- Gucci flies again, Bottega Veneta confirms, Kering says thanks
- LVMH does well in the first quarter: fashion and leather goods up 52% on 202
