Posted May 2, 2023, 3:22 AM
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![NYguy's Avatar](image.php?s=f79c682a330eef8d2ee0adfc4d6d4f16&u=167&dateline=1333454802) |
New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,606
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We'll see how this plays out here...
https://www.businessinsider.com/lvmh...ng-lost-2023-4
LVMH chief Bernard Arnault ordered a makeover for Tiffany's Fifth Avenue store after getting lost inside
Ryan Hogg
Apr 29, 2023
Quote:
LVMH CEO Bernard Arnault got lost inside Tiffany's flagship New York store, which led him to order a complete revamp of the building that cost hundreds of millions of dollars.
In a rare interview with The Wall Street Journal, the world's richest person said he was given a tour of the Fifth Avenue store by a senior Tiffany executive as he was negotiating to acquire the luxury jeweler in 2019.
"We got lost in the building," Arnault said. "Here is a guy getting lost in his own shop. I said, 'We have some work to do on this.'"
Arnault ordered a complete revision to renovation plans that focused on the traditional dark wooden interior of the store when it first opened in 1940.
"We decided to stop this and do something else, which is more in line with the beauty and the myth which is Tiffany," he told the newspaper. "Tiffany is, I think, the most recognizable and the most mythical US brand in the world."
.....LVMH is thought to have spent hundreds of millions on the revamp, with the Journal quoting analysts who estimated the bill to be about $500 million.
When asked about that figure, Arnault told the Journal: "You cannot dream when you talk numbers. When you create desire, profits are a consequence."
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https://www.livemint.com/companies/p...860524146.html
World’s Richest Man Likes the View Atop Refurbished Tiffany
wsj
April 30, 2023
Quote:
As a young tycoon living in New York in the 1980s, Bernard Arnault quickly realized some of the most valuable real estate was located on the corner of Fifth Avenue and 57th Street. When he bought the building that houses the Louis Vuitton flagship store on the northeast corner, he got a close-up view of Tiffany & Co. across the street to the south.
“We said, maybe at one point we’ll have more than one corner," Mr. Arnault said in a rare interview from the glass-enclosed top floor of Tiffany’s newly renovated store, where he could gaze out and survey his domain. He now has three.
Mr. Arnault, chief executive, chairman and controlling shareholder of LVMH Moët Hennessy Louis Vuitton SE, has literally and figuratively cornered the luxury-goods industry. With the acquisition of Bulgari in 2011, followed a decade later by Tiffany, the only corner of the gilded intersection he doesn’t control is owned by department store Bergdorf Goodman.
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Quote:
Since his acquisition of Dior in 1984, Mr. Arnault has built LVMH, now valued at around $500 billion, through a series of high-stakes corporate takeovers while also cultivating fashion designers. Rivals call him the “wolf in cashmere."
Demand for the company’s dozens of brands, including jewelry, fine wine, fashion labels and upscale hotels, helped LVMH emerge from the pandemic as the most valuable listed company in Europe. It also helped Mr. Arnault surpass Elon Musk as the world’s richest person.
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