Luxury goods sales have defied gravity through the various economic upheavals that have afflicted the world over the past two decades and French house LVMH, currently Europe’s most valuable company (owner Bernard Arnault is reckoned to be the world’s richest) has a majority of them.
LVMH stands for Moët Hennessy Louis Vuitton but it also owns Tiffany & Co., Christian Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Kenzo, Celine, Sephora, Princess Yachts, TAG Heuer, and Bulgari.
A trophy media account then, especially for a French agency, and seemingly all-conquering Publicis Media in North America has reportedly wrested the business away from dentsu. Publicis already handled it in Europe and most places East. Strange, in a way, that it had to wait this long. LVMH spent an estimated €9.5 billion on advertising and promotion in 2022.
Publicis is already the biggest ad holding company by market value at around $20bn, with the US its biggest market. The others could find themselves playing catch-up.