LVMH founder, richest man in the world, visits Korea

Industry

Published: 21 Mar. 2023, 18:39 Updated: 21 Mar. 2023, 18:47

LVMH founder, richest man in the world, visits Korea

Louis Vuitton Moet Hennessy Group’s founder and Chairman Bernald Arnault met with Hyundai Department Store Chairman Chung Ji-sun to tour the department store’s Pangyo branch in Gyeonggi on Tuesday. [NEWS1]

LVMH founder and chairman Bernard Arnault met with the executives of Korean retail companies during a three-day stay in Korea, floating the possibility of opening new LVMH shops in domestic department stores and duty-free stores.

Arnault visited Hyundai Department Store’s Pangyo branch in Gyeonggi and met the Chairman Chung Ji-sun on Tuesday. He also toured Shinsegae Department Store’s Gangnam branch in southern Seoul with Shinsegae CEO Son Yung-sik.

On Monday, Arnault met with Lotte Chairman Shin Dong-bin and Lotte Department Store CEO Jung Joon-ho at the department store’s Jamsil branch in Southern Seoul to look at LVMH brands, such as Louis Vuitton, Christian Dior and Berluti.

Arnault visited Galleria Department Store in Cheongdam-dong and visited the stores with CEO Kim Eun-soo.

"Arnault wanted to see the renewal construction in domestic department stores, as well as LVMH stores in duty-free shops for Lotte Hotel, Hotel Shilla and Shinsegae, " said a spokesperson from the retail industry who wished to be anonymous. "It's known that executives from department stores and duty-free stores who are meeting with Arnault are in the final stages of giving presentations for additional entries of LVMH brands."

Sources say the founder is scheduled for an unofficial visit to Leeum Museum of Art in Yongsan District, central Seoul.

It’s the first time the LVMH founder visited Korea since October 2019, when he attended the opening ceremony of the LVMH’s flagship boutique in Cheongdam-dong in southern Seoul.

Arnault visited Korea every year between 2016 and 2019.

He is accompanied by daughter Delphine Arnault, the CEO of Christian Dior, and Alexandre Arnault, Tiffany’s executive vice president.

Lotte Department Store currently has four Louis Vuitton stores. Shinsegae Department Store has seven, and Hyundai Department Store has five.
The founder will also inspect arrangements for Louis Vuitton’s 2023 pre-fall show set to be hosted in Korea next month.

It’s the first-ever fashion show hosted by the luxury brand in Korea and the brand’s first-ever event to showcase a pre-fall collection.

Arnault is currently the richest man in the world, with net worth of $172 billion by Bloomberg, taking the title from Tesla CEO Elon Musk.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]