LVMH sponsors Olympics with $160 million investment, faces mixed sales figures

From CNBC: 2024-07-26 08:35:01

LVMH becomes the first luxury brand to sponsor the Olympics, investing approximately $160 million in the partnership. The empire includes brands like Louis Vuitton, Celine, and Tiffany, with involvement in various aspects of the 2024 Paris Games.

Luxury market faces pressures as LVMH reports mixed sales figures, with strong growth in Japan but decline in other Asian markets. The weakening Japanese Yen drives Chinese luxury shoppers to buy LVMH products at discounted prices, impacting overall sales performance.

French President Macron hosts a pre-Olympics lunch with global executives, including LVMH Chairman Bernard Arnault, Tesla CEO Elon Musk, and Airbnb CEO Brian Chesky. Discussions center around the future economy powered by AI and robotics, aiming to encourage investment in France amidst uncertainty post-snap election.



Read more at CNBC: LVMH CEO Bernard Arnault: Olympics sponsorship honors France