French luxury giant LVMH Group hails 'exceptional' Chinese market

Declaring that "the result of the launch of a bag, of a jewel, of a perfume in China is a fantastic indicator of its success and its quality", Marc-Antoine Jamet, general secretary of LVMH Group, said the French luxury producer is determined to have an even more innovative and dynamic presence in the Chinese market.

"Not only is China a market unrivaled in size, it is, with France, the best laboratory we can imagine for developing the luxury products of tomorrow," Jamet said. "When a product is popular in China, you can be sure it will be popular everywhere else in the world."

LVMH Group has been a regular participant in the China International Import Expo since 2019.

"The CIIE is a fantastic opportunity to celebrate the close and longstanding ties that unite us with China, to see our local partners, to bring together a number of our Chinese employees and managers, meet our customers and introduce them to the latest creations from our houses in fashion and leather goods, perfumes and cosmetics, watches and jewelry," said Jamet.

LVMH signed its fifth participation in this year's CIIE on April 16 in Paris, and Jamet said the group has planned to participate in the expo's parallel event, the Hongqiao International Economic Forum. Its exhibition booth will be larger, bringing together more than 12 of its most famous brands, including Louis Vuitton, Dior, Guerlain, Tiffany and Hennessy. Building a bridge between the two cultures, in addition to iconic products reflecting the French "art of living", it will highlight new cooperation with Chinese artists and artisans.

This year marks the 60th anniversary of diplomatic relations between China and France, and the two nations are celebrating the China-France Year of Culture and Tourism. Additionally, France has been invited to be a guest country of honor at the upcoming seventh CIIE.

This will be an opportunity for LVMH, which as far back as 1895 exported bottles of Hennessy to China, to look on three decades of friendship that saw the French group open its first luxury boutique in Beijing in 1992 in what became the Peninsula Beijing; the first luxury mall location at Shanghai's Plaza 66 in 1999; the first fashion show, on the Great Wall, with Fendi; and, on the Bund, during the universal exhibition, with Dior, Jamet said.

Building on the foundation of mutual trust, LVMH was one of the first companies with foreign capital to penetrate the Chinese market in its entirety. Driven by the growth and commercial dynamics of China, LVMH brands are now ubiquitous throughout the country, thanks to a network of 1,400 stores and its more than 28,000 employees.

"Over the years, we have been able to create a real dialogue with the Chinese administration. We believe the open policy that China is currently pursuing is so important and must continue," Jamet said. "We are neither rivals nor competitors; we are partners. We bring the best of France and Europe to Chinese customers who are informed, demanding and sophisticated in their use of digital networks."

In 2013, the group created the Ao Yun vineyards at the foot of the Himalayas, next to the city of Shangri-La, Yunnan province. The vineyards range in altitude from 2,200 to 2,600 meters and are operated by local farmers who use LVMH's expertise in wine culture and tradition, as well as in sustainability and regenerative viticulture. With its focus on ecology, the group has deployed the same method of living soils to save water that it used successfully in Champagne, France.

"Our ambition was to create in China a great Chinese wine worthy of comparison with the greatest world wines," said Jamet. "This is a perfect example of cooperation between China and France. It's a win-win partnership."