Bernard Arnault announced LVMH's record-high year-end revenues in Paris on Friday, revealing the company's pretax profit to be up 30 percent. He also discussed LVMH's strategy toward Hermès, of which LVMH now owns 20.2 percent. “Don’t count on us to be aggressive,” he said. “We are very pleased to be a shareholder in this very fine company. We want to support the family shareholders, and we want to support the management.” He also pooh-poohed accusations that LVMH's new shareholder status would dilute the elite culture of Hermès: “I find it pointless to compare cultures. It’s like asking, ‘Do you prefer Victor Hugo or Molière?’ They’re different writers, you can’t compare." He later added, “We can guarantee the preservation of [Hermès’s] culture in the long term.” Another promise: No duty-free stuff, ever. “No other luxury company has this elite strategy,” he said. “We never have duty free shops in airports like other brands.” [WWD]
Most Viewed Stories
Want the Old J.Crew Back? You Just Might Get It
The Italian Wife Juggling Work and Sex
Surprise! Good Things Can Come From Awkward, Weird Sex
Owen Labrie Found Not Guilty of Felony Sexual-Assault in St. Paul’s Trial [Updated]
Even Celebrities Seem to Suffer at Disneyworld
Everything We’ve Heard From Witnesses in the St. Paul’s Rape Case
Why Rape Trials Like St. Paul’s Are So Rare
I Had a Kid. Will My Bladder Ever Be Normal?
Salad Is a Lie
Study: Older Sisters Weigh More
From Our Partners
You've Been Applying Under-Eye Concealer All Wrong
Sean Penn Is Adopting Charlize Theron's Son
Who What Wear
The Zara Outfit Every Girl In New York City Is Wearing
Fabulous Find of the Week: H&M Marble Print Skirt
powered by PubExchange
Latest News from The CutStudy: Older Sisters Weigh More
Being firstborn isn't all it's cracked up to be.8 Actually Good Things That Happened This Week
Pugs return home and pandas fight the enemy.Why Rape Trials Like St. Paul’s Are So Rare
The jury debated questions of consent, and that's actually pretty rare in a courtroom.I Had a Kid. Will My Bladder Ever Be Normal?
Is everybody peeing in their pants as much as me?Dakota Johnson and Liv Tyler Partied Together
Plus: Kendall Jenner, Jenna Lyons, Owen Wilson, and more in this week's roundup.World Cup Winner Sydney Leroux on Tuning Out the Haters, Game-Day Prep, and Her Team’s Unstoppable Will to Win
The soccer star aims to strike while the iron's hot.Owen Labrie Found Not Guilty of Felony Sexual-Assault in St. Paul’s Trial [Updated]
The former St. Paul's School student was found not guilty on all three felony sexual-assault charges.14 Ways to Wrap a Scarf Around Your Head
Without looking like you just escaped Grey Gardens.Every Wedding Needs a Lindsay Lohan
In honor of your nuptials, she will make a huge scene.Surprise! Good Things Can Come From Awkward, Weird Sex
A new comedian explains why.
Seems appropriate, to say the least.See Women in Longchamp Eat French Food
In the brand's new campaign video.Tyga Accessorized With a Fat Stack of Hundreds
Subtle.Are You Baby-Curious?
What to read (and watch) when you're expecting to be expecting.Is Agender Fashion a Trend, or a Movement?
Refinery29 hosted a candid discussion about the topic.How Not to Message a Woman Online
A case study.Here’s a Depressing But Helpful Suggestion: Buy Your Winter Stuff Now
Because those Bean boots will be gone in November.Want the Old J.Crew Back? You Just Might Get It
CEO Mickey Drexler is promising a return to form.A Japanese Drugstore Blush Loved by Jenna Lyons
She called it amazing.Hey, Sweetie, Here’s What We Really Did While You Were Gone at Camp
Letters to a camper.