The Olympics are about competitors, sure, however at their greatest, they’re additionally about mutual respect between peoples and international locations.
The identical simply may go for luxurious conglomerates.
When Bernard Arnault, whose LVMH Moët Hennessy Louis Vuitton is premium companion for the Paris Summer season Video games, sat down with CNBC’s Andrew Ross Sorkin forward of the Opening Ceremony, he was pondering extra about mutual respect.
Requested about an earlier Bloomberg report that Arnault had taken a stake in competitor Compagnie Financière Richemont, the posh titan acknowledged the funding, however tossed chilly water on the concept it’s a prelude to a mega buyout.
“I do know, properly the proprietor, Mr. Johann Rupert of Richemont,” Arnault stated. “We’ve got relationship and I informed him that I’ll by no means do something towards him. That’s clear. And if I purchased some shares, it’s simply my portfolio supervisor put some shares.
“Nevertheless it’s a really minor stake and I’m very completely happy,” Arnault stated. “He has carried out one thing implausible with Richemont, with Cartier, with Van Cleef, and I believe he’s unbiased. He needs to remain unbiased. And I agree fully on that.”
Arnault grew his luxurious empire by snapping up opponents — and he doesn’t appear to have modified his tack, having purchased Tiffany & Co. for almost $16 billion in 2021. However even for LVMH, with a market capitalization of 331 billion euros, Richemont could be a giant purchase because it has a market cap of 79 billion Swiss francs, or about 82 billion euros.
For now, it appears the posh large establishment reigns, though Arnault is at all times wanting greater.
Through the interview, Arnault stated he’d be sitting with “my pal” Elon Musk that day at an occasion with the French President Emmanuel Macron.
“I love very a lot what he’s doing as a result of I believe he’s a genius,” Arnault stated, noting his successes with each Tesla and SpaceX.
Arnault stated there had additionally been some discussions about two of the billionaires’ firms working collectively.
“Possibly we’ll see a Louis Vuitton rocket, a SpaceX, Louis Vuitton collab,” Arnault stated.
“We’ve got to assume [about it],” Arnault stated, noting the model might assist package out the within of a rocket. “He didn’t say no.”
But when Arnault is seeking to launch Louis Vuitton into orbit, he’s much less sure about going himself.
“I’m afraid he’ll ask me to go together with him within the rocket,” Arnault confessed.
Requested if he would go, Arnault stated with amusing, “I’m unsure.”
