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Text | Lion knife
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If you can set up a large group that operates high-end luxury goods, through the synergy between the various brands, you will be able to "strengthen".
Now, when we walk in the splendid boutique shopping area of ​​Guomao, we may see a luxury brand every few steps. In fact, they all have a common name behind them: LVMH.
Luxury companies are not ordinary companies. They are family-owned companies. Only by keeping them a sense of honor in the family business can they maintain the brand's evergreen.
Not long ago, LVMH announced the acquisition of the remaining 26% of Dior for 6.5 billion euros. Since then, LVMH Group has owned 100% of Dior and voting rights, and has won the return of good people.
Trump Arnott
Speaking of LVHM, I have to mention the "LVMH acquisition" that was a sensation in the past. The current LVHM president, Arnott, became famous in World War I and was described by Business Week as a shuffler of wealth, an intruder, and a French Trump.
This is not to praise him.
The story is like this: In the early 1980s, when LV's president Rakamiya was the third generation of the old Louis Vuitton, he found that LV could no longer expand profits by relying on high-end routes, so he decided to sell champagne. The merger of MH (Mu Yue Hennessy).
However, after the merger, the two sides often tear each other due to interest issues. In order to find a middleman to coordinate the conflict, Lakamiye invited Arnault, who was already famous under the Boussac case, to enter.
Boussac was a fast-closing department store at the time, but Arnott quietly raised 400 million francs before the government auctioned it, and bought it in the eyes of everyone. In fact, Arnott is not interested in department stores. The real reason for buying it is to look at the two brands the group owns: BonMarche and Christian Dior.
At the time, Dior's founder, Dior, had passed away, and sales were declining and sluggish. Under the arduous steps, Dior had to descend from the body and put the trademark civilians on the stockings, glasses and even matchboxes. Arnott couldn't bear to see Dior ruining himself. He thought that if a large group that runs high-end luxury goods can be set up, it will be able to “get stronger†through the synergy between brands.
Since then, a great plan has been formed in his mind.
Just at this time, LVMH is looking for him to cooperate. At the right time, Arnott took his "Liangzhou soldiers" to settle in.
He first set up a leather bag company, owning 60% of the shares, and then wait and see. In October 1987, the French stock market suddenly collapsed, LVMH stocks dived, Arnott used the bag company to buy 43% of the group's stock at a low price, became the company's largest shareholder, and got the absolute control of the group. right. At this time, LV's Lakamiya and MH's Chevalier are both in a hurry, and when they return to God, it is too late.
Arnot quickly rushed away the group veterans including Lakamie and began to slowly move bricks into the building of LVMH:
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Of course, Arnault also had a loss of the front, such as the Gucci Group, which lost between 1999 and 2004, and Hermès, which has not yet completed the acquisition in 2010.
Now, when we walk in the splendid boutique shopping area of ​​Guomao, we may see a luxury brand every few steps. In fact, they all have a common name behind them: LVMH.
All of this stems from Arnault, who wanted to save Dior in the heat.
Three-step acquisition method
Arnault’s acquisition is very straightforward.
The first step: buy. He aimed at the brand of Xinshui and then made the acquisition in the midst of a depression: this move is like emptying the shopping cart during the “Double Elevenâ€, which greatly reduces the cost of “buy and buyâ€. It can be seen that his acquisition time is concentrated in the economic depression period, from 1987 to 1988, from 1997 to 2001, and after 2008, the timing is very accurate.
The second step: selling. After the acquisition, it will be re-integrated through “buy and sellâ€, so that its sub-brands will always maintain high profitability. Arnott not only bought more than 60 companies, but also sold more than 40 companies. Although he has the brand "collecting cockroaches", in terms of business management, it can achieve complete decentralization. His philosophy is that luxury companies are not ordinary companies, they are family-owned companies, and only by keeping them a sense of honor in the family business can they maintain the brand's evergreen. Under this concept, each brand maintains its independence and revitalizes its utmost vitality.
The third step is to change. Arnott has a unique vision when selecting designers for the brand. After LV became synonymous with "old gas street bag", he decisively appointed the new designer Marc Jacobs as the company's creative director, designed a Graffiti bag with the full name of the LV. Successfully integrated the ancient nobleness of LV into modern life.
Next step?
As can be seen from this Dior acquisition, Arnott did not use cash acquisitions. Under the takeover offer, the Arnott family will pay 172 euros in cash for each Dior share, plus 0.192 shares of Hermès. This shows that after years of struggle and sneak attack, LVMH Group finally decided to give up the acquisition of Hermès.
Today, perhaps only Hermès and Chanel can stand up against Arnault.
Where will the next step of Arnold's claws reach?
One of the conjectures
Clock
With the development of smart watches and e-commerce platforms, the consumption of luxury watches has been affected, and the changes in China’s customs tax policy (and “eight regulationsâ€) have increased the cross-border e-commerce And the regulation of inbound goods, which may further compress the global watch luxury consumer market. In fact, the watch market is indeed a bleak cloud. It has continued to decline since 2015, and many high-end brands have begun to reduce their product lines.
However, just as the luxury watch market is facing difficulties, LVMH Group has turned to the industry: In December last year, LVMH Group announced its two watch brands, TAG Heuer and Zenith, and its The Excellent Crafts Institute works together to create a watch school. The first training course consisted of 12 watch apprentices who will learn to master the brand's “avant-garde and innovative spirit†and learn about “watch tradition and craft traditionâ€.
According to Arnault's past means, this is definitely not to carry forward the "artisan spirit", but to prepare the signal of the "bargain-hunting" watch industry.
Guess two
Domestic brands
LVMH has a $12 billion private equity fund company and established its Asian subsidiary in 2010. LVMH's first domestic brand investment was Xinhe Apparel and became its third largest shareholder; subsequently, LVMH acquired a 10% stake in Heki International Group for US$200 million; last year, GXG Men's Wear Company, known as e-commerce black horse Zhe Mushang became the third potential stock to be seen. With the continuous growth of Chinese brands, the high-quality potential stocks in the domestic market are likely to become the targets of Arnault's aim. Cooperation with LVMH is also a good opportunity for us to get rid of the title of “Kingdom Kingdomâ€.
Lions knives:
In 1984, Arnott only had Dior. Today, he holds more than 60 luxury brands, and Dior has changed from a mad, dying brand to a world-famous luxury brand with a sales of 252 euros per share and sales of 2 billion euros. Now, Dior has finally become 100% of Arnott. In my opinion, this is true love.
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