Luxury Lifestyle

Bernard Arno, the richest Frenchman, head of LVMH Moet Hennessy Louis Vuitton SA, has declared, that in the nearest five years world expenses for luxury goods will be doubled and achieve €300 billions. He said, growth of an expensive things’ market would be supported by solvent consumers from Russia and China, and also such “growing old” economies, as the USA and Japan.

Experts confirm that well-to-do people forced by irrational, will buy luxury goods in any case.

Bernard Arno is the general director of LVMH Moet Hennessy Louis Vuitton SA - the world leader in the field of manufacture and trade in luxury goods. In 1989 he bought for 1,8 billion dollars 24 % of shares of LVMH holding (it has appeared as a result of a merger of alcoholic giant Moet Hennessy and leather goods manufacturer Louis Vuitton). Now company Groupe Arnault belonging to Arno, supervises 47,5 % of LVMH’s capital (63,5 % of voting shares).

French businessman claims that decline in credit sphere will not touch luxury industry. The increase in demand for luxury goods will be promoted by three factors: appearance of new rich people, growth of the amount of consumers, and also development of the new markets. Arno asserts that Russia, India and China have already «represent the important part of the business» and «a third of all luxury production in the nearest ten years will go to these markets».