Bernard Arnault Bets on Craftsmanship to Help LVMH Ride Out the Luxury Downturn

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PARIS Excellence in craftsmanship will be key to riding out the turbulence roiling the luxury market, LVMH Moët Hennessy Louis Vuitton chairman and chief executive officer Bernard Arnault said on Thursday.

Speaking at an event marking the 10th anniversary of the luxury group’s Institut des Métiers d’Excellence, the vocational training program aimed at promoting, enhancing and ensuring the transmission of know-how, Arnault began his speech by quoting French philosopher Denis Diderot, who lauded artisans for their wisdom, patience and mental resilience.

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“At this stage of the company’s development, you have to be patient,” Arnault said. “It’s an absolutely essential quality to get through a troubled economic period and to continue feeling passionate about what makes the group successful, that is to say, the quality of the products.”

Speaking to the crowd gathered at the Grand Rex cinema in Paris for the evening event, which featured personalities including Belgian singer Pierre de Maere, retired basketball player Tony Parker, and Maria Grazia Chiuri, artistic director of womenswear at Dior, the luxury magnate argued that marketing should take a backseat to product.

“We must keep in mind that the long-term success of a group like LVMH is based mainly on what the artisans contribute in terms of quality of detail, and that’s where patience is key,” he said.

“People talk a lot about marketing, but ultimately, marketing is completely secondary,” Arnault continued. “Our future customers should feel drawn to our products because of their perception of the excellence of our craftspeople, and not because we’re trying to reel them in with some classic marketing tactic based on a study of what they want.”

A rendering of the entrance of LVMH's future Maison des Métiers d’Excellence in Paris
A rendering of the entrance of LVMH’s future Maison des Métiers d’Excellence in Paris.

The pep talk came as LVMH unveiled the first renderings of its future Maison des Métiers d’Excellence in Paris and announced that Ramy Fischler has been commissioned to design the dedicated space for craftsmanship, which LVMH plans to open in 2026 in a move designed to give the group a competitive edge amid a shortage of skilled workers.

The house located in the French capital’s 8th arrondissement, a stone’s throw from the Dior ateliers and Avenue Montaigne, will allow visitors to touch and feel the breadth of the 280 skilled trades represented across its 75 brands, which range from Louis Vuitton to Dom Pérignon, Tiffany & Co. and Sephora.