As Paris hosts the Olympics for the first time in a century, the city is abuzz with excitement. Among the most significant brand partnerships formed for this monumental event is that between LVMH, the world-renowned French luxury conglomerate, and the Paris 2024 Olympic and Paralympic Games.
LVMH Group, which has Louis Vuitton, Dior, Celine, Bulgari and Fendi in its stable, is known for asserting its cultural relevance via collaborations, brand ambassadors and artistic tie-ups. Antoine Arnault, son of LVMH founder Bernard Arnault, is Head of Image and Environment of the group, and the architect behind this unique collaboration. Here he shares insights into why this partnership is significant for LVMH and its broader implications.
“This is not a luxury partnership, but a creative partnership, and this difference is fundamental to me,” says Arnault, who adds that LVMH’s involvement with the Olympics transcends a typical luxury brand collaboration. For the French businessman and former CEO of Dior and Berluti, this tie-up is unique in LVMH’s history.
“It’s an exceptional event that hasn’t been held in France for 100 years, one of the most closely followed in the world, and it’s taking place in the city where most of our maisons were born,” he says. Given this context, becoming a partner was not only a natural choice but also a responsibility for LVMH as France’s leading luxury group.
For the group’s hero French fashion brands Dior and Louis Vuitton, being leaders in culture and cultural movements is crucial. These iconic brands, with Paris as their birthplace, serve as cultural ambassadors for the city.
“Louis Vuitton and Dior are already the world’s leading luxury brands in their own fields,” Arnault notes. Hence LVMH is this time leveraging their sophistication creatively to promote both Paris and the Games, dressing teams, athletes and major global celebrities during the Games, and even designing Olympic medals (Chaumet) and creating unique monogram trunks (Louis Vuitton) for the said medals.
“We wanted to use their savoir-faire in a creative way to promote Paris and the Games, and I think we’ve succeeded,” Arnault adds.
While the group and its brands might eventually benefit from this partnership in terms of image and sales, “Financial benefits were never our motivation for this partnership with the Paris 2024 Olympic and Paralympic Games,” says Arnault. Instead, the luxury group aims to showcase French expertise and contribute to its global influence – a goal that aligns with LVMH’s ongoing aim to play a pivotal role as ambassador for France, its culture, and its art de vivre.
“We hope that all the spectators – whether they are in front of their TV or in the stadiums in Paris – appreciate our contribution,” Arnault says, referencing the Louis Vuitton trunks and trays, Berluti outfits, Dior looks for the opening ceremony, and the medals designed by Chaumet.
In the face of a wavering global luxury market, LVMH remains steadfast in maintaining its leadership position through a long-term vision.
“LVMH is a family business and, under the leadership of my father Bernard Arnault, we are focusing on a long-term vision for the development of our maisons,” Arnault says. The group’s strategy centers on strengthening the desirability of its maisons for the next 50 years by constantly improving the customer experience and maintaining the highest product quality.
“This strategy, this vision, is our compass for increasing our lead in the years to come,” he says.
However, the luxury market is going through rocky times. In July, LVMH released its second-quarter and first-half 2024 financial report, showing 2% YoY organic revenue growth, reaching 41.7 billion euros ($45.11 billion), despite ongoing geopolitical and economic uncertainties.
By segment, the group’s retail business posted 8% organic growth, fashion and leather goods grew by 1%, perfumes and cosmetics increased by 6%, while watches and jewelry experienced a 3% organic decline, and wines and spirits saw a 9% organic decline.
Speaking on the role of luxury goods in a world facing multiple crises, Arnault says that LVMH’s diverse portfolio serves as a respite amid global challenges.
“Our maisons and the products we offer are there to inspire dreams and provide moments of lightness for both big and small celebrations,” he says. And while the post pandemic era underscored this need, as many people sought to treat themselves in the months that followed. “We saw this clearly” Arnault says.
As for LVMH, the partnership with the Paris 2024 Olympics is a long game -going beyond a corporate sponsorship, to a celebration of French heritage, craftsmanship, and cultural influence. It is also helping the luxury giant to underscore its role as a global ambassador for French art de vivre. As the world converges in Paris for the Olympics, LVMH stands poised to leave a lasting impression, showcasing the best of its maisons and their impact on culture on a global stage.