Posted by Sara Zucker on January 14, 2010 11:55 AM
Luxury firm Moët Hennessy Louis Vuitton LVMH has concluded negotiations with former British Prime Minister Tony Blair. Blair will serve as an adviser to the brand (which includes luxury brands Louis Vuitton, Marc Jacobs, Sephora, Givenchy, Fendi, Hennessy, and Dior). It is well-known that Blair and LVMH head Bernard Arnault, the world’s 16th richest person, are close friends.
Although the pairing may seem unlikely, luxury analyst at Bernstein in London, Luca Solca, commended the partnership. "Blair could help LVMH open up new markets, get necessary authorizations, and resolve complex issues.”
One such market is India. The French umbrella corporation, like many of its competitors, has had trouble expanding into India due to lack of retail space, high restrictions and requirements, and a poor political foundation. According to analysts, India has the potential to bring LVMH $15 billion in annual sales.Continue reading...