Bernard Arnault, chairman and CEO of LVMH, has reportedly arrived in China for his first visit to the country since the end of its strict Covid restrictions, after his company posted a jump in sales driven by a rapid rebound in China’s luxury spending
The French entrepreneur is the latest in a string of prominent business leaders to have visited China, following trips by Tesla CEO Elon Musk and JP Morgan CEO Jamie Dimon last month. Beijing has been wooing global CEOs in an effort both to arrest a slump in business confidence and to divide Western businesses from governments on their policy toward China.
, including Christian Dior and Bulgari, in the WF Central and SKP malls, citing photos taken by local residents. didn’t immediately respond to a CNN request for comment. reported its first-quarter sales surged 17% from a year ago, beating analyst expectations, driven by a rebound in China’s luxury market from the downturn it experienced during the pandemic. The company had registered “some pretty nice pick up in China, which bodes well for the rest of the year,” its chief financial officer Jean-Jacques Guiony told analysts during an earnings call in April. Consumers were returning to the company’s stores, and online sales were picking up, he said.
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