The Luxury Industry The Achievement Bases On Borrowing Money
September 16th, 2009In the Financial Times luxury meeting, the CEO and chairman of LVMH which is the biggest luxury enterprise in the world Bernard Arnault said in the past five and six years the increasing trend of the luxury industry depends on extreme borrowing not the real increasing economy, at least this is the situation in the west.
“Many investors are very insensible, they want to join everything.” Arnault said, “The luxury industry is condidered as profitable so many people rush to purchase but don’t know how to operate.” Compared with this situation, LVMH slowed down its business movements to clear the lost brand like Christian Lacroix when at the same time it also made come little investment. For example, last year they bought the watch brand Hublot to stable its position in watch industry.And more you can see my blog.