Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Walgreens Store Closures: Full List of Locations Shutting Down This Month

    June 4, 2025

    Expert Predicts Summer 2025 Travel Deals: 5 Budget-Friendly Destinations to Book Now

    May 28, 2025

    Walmart Addresses Trump’s Demand to Cover Tariff Costs

    May 25, 2025
    Facebook X (Twitter) Instagram
    Friday, June 6
    X (Twitter) Instagram
    NinepenniesNinepennies
    • Home
    • Featured

      The Highest-Paying Jobs in America—And It’s Not in Finance!

      March 27, 2025

      7 Must-Buy Costco Sale Items Before They’re Gone This February 

      February 10, 2025

      Steel Stocks on the Rise: 3 Winners After Tariff Announcements

      February 4, 2025

      The Best Oil Stocks to Invest $200 in Right Now

      January 28, 2025

      Top 10 Best Jobs of the Year: High Demand, Six-Figure Salaries, and Bright Futures

      January 23, 2025
    • Entrepreneur News

      Walgreens Store Closures: Full List of Locations Shutting Down This Month

      June 4, 2025

      Walmart Addresses Trump’s Demand to Cover Tariff Costs

      May 25, 2025

      Walgreens Expands Use of Prescription-Filling Robots to Reduce Costs and Support Pharmacists During Turnaround

      May 15, 2025

      Hooters Declares Bankruptcy

      April 8, 2025

      Costco to Open 6 New U.S. Stores Next Month and Another in April—See the Locations and Dates

      February 28, 2025
    • Financial Wellness

      Smart and Risky Spots To Store Your Cash, Coins, Crypto, and More

      April 24, 2025

      The Minimum Salary Needed to Be in the Upper-Middle Class in 2025

      March 21, 2025

      Should You Buy, Sell, or Hold Amazon in 2025?

      March 7, 2025

      From Hawaii to West Virginia: The Shocking 77-Year Gap in Retirement Savings Longevity

      February 24, 2025

      Are the 3 Highest-Paying Dividend Stocks in the Dow Jones Worth Buying?

      February 17, 2025
    • Popular Now

      European Markets Climb as Trump Moves to Cut Tariffs on Auto Parts

      May 1, 2025

      Robinhood Expands Trading to Include Bitcoin, Oil, and Gold Futures 

      January 30, 2025

      Powerball Winning Numbers for January 18: Oregon Player Takes Home $328.5 Million Jackpot

      January 21, 2025

      Morgan Stanley Surpasses Estimates With Robust Equities and Fixed Income Trading Revenue

      January 20, 2025

      10-Year Treasury Yield Edges Lower Amid Anticipation of Economic Data, Fed Remarks

      November 21, 2024
    • Wealth

      America’s 10 Wealthiest Self-Made Women, According to Forbes— #1 May Surprise You

      February 5, 2025

      8 Wealthiest Royals in History

      February 4, 2025

      One Powerful ETF That Grew $10,000 to $55,000 in a Decade: Is It Worth Buying in 2025?

      January 28, 2025

      Coinbase CEO Predicts Bitcoin Could Hit Multi-Million Dollar Value

      January 24, 2025

      Dogecoin Surged After Elon Musk’s Appointment: What’s Happening With This Popular Meme Coin?

      November 18, 2024
    NinepenniesNinepennies
    Home » LVMH CEO Bernard Arnault Olympics Sponsorship Celebrates the Spirit of France, Half-Year Report
    General

    LVMH CEO Bernard Arnault Olympics Sponsorship Celebrates the Spirit of France, Half-Year Report

    DeborahBy DeborahAugust 8, 20247 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    LVMH sponsors Paris Olympics 2024
    Source: Pinterest
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Olympic Games are not just a celebration of athletic mastery but also an avenue for showcasing culture, history, and national pride around the world. For the first time, a luxury brand is sponsoring the 2024 Olympics in Paris—and it’s not just one brand—it’s the empire of LVMH. 

    Paris Olympics 2024
    Source: Pinterest

    This is more than just a marketing move; it’s a tribute to the spirit of France. The CEO of LVMH, Bernard Arnault, has eloquently described how this sponsorship honors the spirit of France and aligns with French heritage. So before we get into the specifics, a little history on Bernard Arnault’s journey at LVMH first.

    Is Bernard Arnault the Third-Richest Man in the World?

    Over nearly four decades, the 75-year-old CEO of LVMH, Bernard Arnault, has created a large luxury empire that includes brands like Louis Vuitton, TAG Heuer, and Dom Pérignon. With a net worth of almost $200 billion, he is currently the third richest man in the world, though he temporarily reclaimed the spot in March 2024. 

    Bernard Arnault, 3rd world richest man
    Source: Pinterest

    Arnault, Bezos, and Musk have alternated as the wealthiest people on multiple occasions. He’s also brought his five kids into the family company, drawing comparisons to HBO’s Succession.

    When Did Bernard Arnault Gain Control of the LVMH Group?

    Bernard Arnault started working with LVMH in 1984, and by 1989, he had a sizable amount of power. Initially involved in his family’s construction business, Arnault later saw the potential of luxury goods. He entered the luxury market at the beginning of the 1980s when he acquired the near-bankrupt Boussac Saint-Frères, which owned Christian Dior. 

    Bernard Arnault giving a speech
    Source: Pinterest

    Acknowledging the possibilities of combining luxury brands, Arnault made smart acquisitions of additional businesses until gaining control over LVMH, which was established by the merger of Louis Vuitton and Moët Hennessy.

    ALSO READ: Bernard Renault Again Becomes Richest Person in the World 

    How Did Bernard Arnault Own LVMH?

    Arnault’s acquisition of LVMH was a strategic masterclass. After managing Boussac Saint-Frères and Dior, he shifted his attention to LVMH, gaining allies within the company and buying shares quietly to avoid an increase in prices. Initially, he became the largest shareholder after buying a 24% stake. 

    Bernard Arnault
    Source: Pinterest

    With the help of Louis Vuitton’s chairman, Henry Racamier, he gained a majority position. By 1990, Arnault had established his power, ousting the previous leadership and securing the dominance of French luxury goods worldwide.

    Who Is the Sponsor of the Olympics 2024?

    The fact that LVMH is sponsoring the 2024 Olympics is historic for the firm and for France, as it brings the Games back to Paris after a century. This sponsorship, in Bernard Arnault’s opinion, is a celebration of French culture and history. 

    LVMH and the Olympics 2024
    Source: Pinterest

    He believes that the Olympics, which bring athletes from all over the world together, are the ideal platform for showcasing France’s excellence and creativity. LVMH personifies the art de vivre of France with its iconic brands. Through this sponsorship, France’s rich cultural legacy is honored on a worldwide scale.

    Pre-Olympics Lunch

    French President Emmanuel Macron hosted a pre-Olympics lunch with executives from around the world, including Arnault, Airbnb CEO Brian Chesky, and Tesla CEO Elon Musk. Arnault presented his idea to key stakeholders, stressing that LVMH’s sponsorship honors French pride and history. 

    Paris Olympics
    Source: Pinterest

    He highlighted plans to promote young athletes, create special-edition products, and collaborate with designers for the French team’s uniforms. Arnault emphasized that this sponsorship is more than just marketing; it aims to combine luxury, history, and sport in a way that honors France’s legacy and benefits the global community.

    LVMH’s $160 Million Olympics Sponsorship Deal

    LVMH’s sponsorship deal took a year of negotiations. Eventually, it resulted in about $160 million worth of investment from the parent company of brands, including Loewe, Tiffany, TAG Heuer, Celine, Louis Vuitton, and Dom Perignon. The partnership will be on display during the 2024 Paris Olympic Games.

    LVMH sponsors the Olympics 2024
    Source: Pinterest

    Chaumet, owned by LVMH and with origins in Paris dating back to 1812, is the first jeweler in the Olympic and Paralympic Games history to design medals. The medals will be housed in trunks made by the LVMH brand Louis Vuitton. The company’s Moët Hennessy spirits and wines will be served in the hospitality suites. For the opening ceremony, French teams will wear clothes created by Berluti, a division of LVMH.

    The Godfather of the Olympics

    While Bernard Arnault’s brands take center stage, his low-key public profile stands out from high-profile figures like Musk and Bezos. Despite his skill at digital marketing, Arnault hates social media and would rather blend in with the crowd at fashion shows. 

    Bernard Arnault
    Source: Pinterest

    Despite his understated presence, he wields significant influence, and this was evident after President Macron awarded him the Légion d’Honneur. Frank Tapiro, a political image consultant who worked with Arnault, refers to him as the “godfather of the Olympics” and compares him to Louis XIV, demonstrating the extent of his influence and authority.

    LVMH Shares Drop Amid Disappointing Second-Quarter Sales

    While Arnault enjoyed high praise, his company saw a 4.7% decline in share prices in July 2024 as second-quarter revenue results fell short of analyst projections. Sales came in at 20.98 billion euros as opposed to the projected 21.6 billion euros. 

    Shares market chart
    Source: Pinterest

    After declining by 6% in the first quarter, the Asian market—aside from Japan—saw a 14% decline in comparison to the prior year, which caused the sales decline. Shares of other luxury companies, including Kering, the owner of Gucci, declined as well.

    ALSO READ: Elon Musk Suffers Biggest Loss for a Billionaire in 2024, for Now

    Exceptional Growth in Japan Boosts LVMH Sales

    A 10% decline in sales throughout Asia, outside Japan, contrasted with 57% year-over-year growth in sales in Japan for the three months ending in June, following a 44% increase in the first half of the year. 

    Louis Vuitton store
    Source: Pinterest

    LVMH attributed this significant surge to purchases made by travelers from China. Over this time, Japan became one of the most successful markets for LVMH’s watches and jewelry, fashion and leather products, and perfumes and cosmetics divisions.

    LVMH Reports Declines in Wine and Spirits, Watches and Jewelry

    LVMH’s wine and spirits division saw a 5% year-over-year revenue loss in the second quarter of 2024, while the watches and jewelry division saw a 4% decline. Europe, the US, and China showed decreased consumer demand in the first half of the year, especially in the wine and spirits category. 

    Moet Hennessy store
    Source: Pinterest

    The lasting impacts of the COVID-19 outbreak have led to diminished demand in China for luxury products, including LVMH. Burberry and Hugo Boss are two more names that have reported weak performance.

    LVMH’s Growth and Family Legacy

    LVMH is now three times bigger than it was in 2009. Last year, it recorded 86.2 billion euros ($93.2 billion) in revenue and 22.8 billion euros ($24.6 billion) in profit from ongoing operations, for a profit margin of more than 26.5%, which is unheard of for companies in industries like retail food, cars, and airlines. 

    Bernard Arnault and his family
    Source: Pinterest

    It’s a public company but run by a family. Bernard Arnault’s five children each hold important responsibilities in the company, fueling media speculation over who will succeed him. That being said, his decision to raise the retirement age from 75 to 80 suggests he may not be gone for very long.

    You May Also Like:

    Where Are China’s Ultra-Rich Investing Their Wealth Amid a Stagnant Economy?

    Airbus and Boeing Face Supply Chain Concerns as Orders Dwindle at this Year’s Largest Air Show

    Family Offices Offer Equity and Profit Shares to Top Staff to Attract Top Talent

    Washington, D.C., Attorney General Files Lawsuit Against StubHub Over Alleged Deceptive Pricing

    Stellantis Proposes Broad Buyouts for U.S. Salaried Employees, Potential Layoffs Loom

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous Article7 Things You Should Avoid Purchasing at a Convenience Store 
    Next Article July Sees Jobless Rates Drop for Asian Americans, Defying the Overall Trend

    Related Posts

    General

    Expert Predicts Summer 2025 Travel Deals: 5 Budget-Friendly Destinations to Book Now

    May 28, 2025
    General

    NYSE Expands: A New Stock Exchange Is Coming to Texas

    February 13, 2025
    General

    Dell CEO Delivers a Firm Wake-Up Call to Employees

    February 3, 2025
    Add A Comment

    Comments are closed.

    Top Posts

    How to Delete Credit Karma Account: Step-by-Step Guide

    October 14, 2024

    Home Depot Penny Items: How To Find Them

    October 17, 2024

    Introducing the 2025 Caterpillar Pickup Truck for the U.S. Market

    September 5, 2024
    Stay In Touch
    • Twitter
    • Instagram
    You Might Like

    Subscribe to Updates

    Get the latest tech news from FooBar about tech, design and biz.

    Most Popular

    How to Delete Credit Karma Account: Step-by-Step Guide

    October 14, 2024

    Home Depot Penny Items: How To Find Them

    October 17, 2024

    Introducing the 2025 Caterpillar Pickup Truck for the U.S. Market

    September 5, 2024
    Our Picks

    Walgreens Store Closures: Full List of Locations Shutting Down This Month

    June 4, 2025

    Expert Predicts Summer 2025 Travel Deals: 5 Budget-Friendly Destinations to Book Now

    May 28, 2025

    Walmart Addresses Trump’s Demand to Cover Tariff Costs

    May 25, 2025
    X (Twitter) Instagram
    • Home
    • Editor’s Picks
    • About Us
    • Get In Touch
    • Privacy Policy
    • Terms of Use
    • Editorial Standards
    © 2025 Ninepennies.

    Type above and press Enter to search. Press Esc to cancel.