LVMH says Spain is a “fundamental market” due to its constant luxury growth
today May 20, 2019
Sidney Toledano, the chairman and chief executive officer of French luxury goods group Louis Vuitton Moet Hennessy (LVMH) Fashion Group, has declared that Spain is a “fundamental” market for the multinational company as its luxury sector is in “constant growth”.
“Spain is fundamental for me and for the group I lead because it is in continuous development, and it is of paramount importance for the luxury market because it is constantly growing. Additionally, we have about 5,000 employees and manufacturing sites here,” said Toledano in a panel talk at the FT Business of Luxury Summit, adding that Spain is a source of inspiration for luxury companies.
Toledano said that working as the CEO of a large group like LVMH is like being an “orchestra conductor” who needs to make sure he leads his soloists well.
“You can’t be the CEO of a fashion firm if you don’t like fashion, because the perfect triangle for it to work is the union between the brand, the designer and the CEO. I have to manage and harmonise the meeting points and standardise criteria that help global brands grow,” he said.
The Rihanna partnership as a luxury brand
With regards to his group, which comprises iconic luxury brands such as Christian Dior, Marc Jacobs, Louis Vuitton or Dom Perignon, he stressed it is not a conglomerate but a “company with family roots”. “The high fashion brands are fundamental for us, but it is not about having a great company. It’s about projecting the right image for the company,” he said.
He pointed out that LVMH is a multinational company that prioritises gender equality in the workforce. Women are present in 75% of the companies that make up the group. “There are several female executives in my committees and in the brands there are up to seven CEOs. Men have a lot of ego whilst women have more of a limitless vision and less ego. In the future, we want at least 50% of top management roles to be held by women,” he revealed.
On the other hand, Toledano talked about the process of working with fashion designers who are famously innovative and disruptive. “We need less ego in the world of designers. They have to understand women although passion is fundamental for creation and innovation,” he explained.
The LVMH CEO also used the opportunity to talk about the new partnership with singer Rihanna, which will result in a luxury fashion brand designed by the pop artist. “It was a challenge. She didn’t accept just any strategy to promote it. Rihanna is not a haute couture designer, but she gives us very interesting ideas", he said.
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