Regardless, “luxury is doing very well“. Word from Pietro Beccari, CEO of Louis Vuitton. The manager is extremely confident over a “great luxury renaissance“. Then, he talks about young people, prices, and his goals for the world’s largest brand. He also discusses Nicolas Ghesquière, the creative director of Vuitton’s women’s collection.
However, Vuitton is doing very well
For Pietro Beccari, there is no luxury crisis. Especially when a brand, like the one he heads, is growing by 15-16%. “Luxury however is doing very well. Louis Vuitton is doing very well. We are used to 15-16% growth, so it’s normal Mr. Arnault is mentioning normalization of growth“, Beccari says in the interview with MF Fashion. And it will always get better, because he believes that “after every crisis, there is always a great rebirth for the luxury segment: I am optimistic”. Beccari also discusses how he deals with a period such as the current one. For example, “after Covid, the curve accelerated. There are always crisis, but afterwards there is a recovery. During the recovery, if you are good at dealing with this curve with speed, others hit the brake, and you are the one who takes advantage”.
Prices and turnovers
Beccari believes that “when there is a strong product that attracts, price is not the determining element“. And he attributes the increases to galloping inflation, “which has slaughtered us in the last two years and led all companies to raise prices”. But this is the past. The future should focus on consolidating Louis Vuitton as a cultural brand. Beccari also adds that revenue growth isn’t the primary goal. “My goal is to put Louis Vuitton more and more in people’s heads: as a desirable, current, modern brand that speaks to people”.
Being an artisan has great value
Beccari discusses Nicolas Ghesquière as well, “perhaps the best couturier around now” and is convinced that young people are very interested in the world of luxury. Although “in Italy we haven’t managed to convince young people that being an artisan has great value. If we succeed, we will have done something good for young people today, for employment in Italy and for the perpetuity of an industry that has helped make us the country we are”.
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