LVMH’s Tokyo Stores Are ‘Less Full’ After Tsunami, Arnault Says
LVMH Moet Hennessy Louis Vuitton SA (MC) Chief Executive Officer Bernard Arnault said the luxury-goods maker’s Tokyo stores are “less full” than usual following this month’s tsunami and amid the ongoing nuclear crisis in Japan.
“Our Tokyo stores are less full than usual but the whole western part of Japan is unaffected,” Arnault told reporters after the company’s annual general meeting today in Paris.
Japan, which accounts for about 9 percent of LVMH sales, is struggling after the earthquake and tsunami left almost 28,000 people dead or missing and triggered the world’s worst nuclear crisis in a quarter-century at the Fukushima power plant.
Arnault said he’s confident that Japan will recover from the disaster over time.
“I’m optimistic for Japan in the medium-term,” Arnault told LVMH shareholders. “I have confidence in the capacity of the Japanese to face this situation and perhaps even come back stronger.”
To contact the reporter on this story: Mark Deen in Paris at markdeen@bloomberg.net
To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net
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