Louis Vuitton’s flagship store in Beijing has yet to open.
Photographer: Na Bian/BloombergConsumer
LVMH’s Empty Chinese Megastore Signals Deepening Luxury Crash
Upmarket brands are scrambling to adjust strategy after being wrongfooted by the rapid downturn in Chinese spending.
When LVMH CEO Bernard Arnault toured China in June last year, he visited a five-story site in Beijing where the company’s top brand Louis Vuitton planned to open its flagship store in the first half of 2024.
More than a year later, the building remains fenced off. The store may not open until as late as next year, according to people familiar with the matter.