Bernard Arnault Returns to Shanghai for the Third Consecutive Year

On September 17, Bernard Arnault, the chairman and CEO of the world’s leading luxury conglomerate, was observed in Shanghai for his third visit in three years.

He was first seen yesterday near the new Louis Vuitton boat-shaped concept store on West Nanjing Road in Jing’an district, as shared on social media platforms.

Later, Arnault visited Laopu Gold’s jewelry boutique at the Shanghai IFC Mall in Pudong New Area. Social media users noted that he appeared captivated by the jewelry, describing the pieces as “exquisite and intriguing.”

Independent sources confirmed that Arnault and his entourage did indeed visit the Laopu Gold boutique. They also mentioned that this wasn’t the first visit by LVMH executives; another senior member had previously toured one of the company’s jewelry stores in Beijing back in June for research reasons.

Data from Frost and Sullivan indicate that over 77 percent of customers of Laopu Gold overlap with those of brands owned by this luxury group, such as Louis Vuitton, Hermès, Cartier, and Bulgari.

Over the past two years, global luxury consumption has slowed notably, with demand for high-end goods declining sharply, resulting in reduced revenues for associated companies. For instance, the group’s revenue decreased by 4 percent in the first half of this year compared to the same period last year, while net profit shrank by 22 percent.

According to a report by Bain & Company, the number of luxury consumers worldwide fell from 400 million in 2022 to 350 million at the end of last year.