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Asia's financial troubles have triggered the world's biggest marketplace for luxury goods to all but fall off the map. American and European makers of high priced liqueurs, haute couture, but no purveyor is a lot more exposed towards the Asian downdraft than France's Louis Vuitton Moet Hennessy. The maker of Louis Vuitton handbags, Moet Chandon champagne, Hennessy cognac, Givenchy fashions, and Christian Dior perfumes gets 40% of its sales from Asia. At one particular point late final fall, the stock hit a low, shaving off more than a third with the company's market place capitalization.
Investors have been reacting for the fact that louis vuitton italia Chairman Bernard Arnault, who is broadly admired as an alltoorare example of a French manager with Americanstyle entrepreneurial spirit, had not too long ago invested large within the area. In late 1996, Arnault paid $2.5 billion for 61% on the Duty Totally free Shops retail chain; but practically all of DFS's 180 outlets are in Asia or cater to Japanese tourists. Ouch. Says a defensive Arnault: "You can say it would have already been improved to get it now than one particular year ago. It was for sale final year, not today."
"Arnault has created some great acquisitions, but DFS was a misjudgment," says Edouard de Boisgelin, a luxurygoods analyst at Merrill Lynch in London.Arnault, who's also louis vuitton outlet italia largest shareholder, nonetheless dismisses his existing troubles as a trou d'air, or downdraft. Says an elegantly attired Arnault,in his Paris workplace above the headquarters of style giant Christian Dior: "We are in Asia for the long term, not for the short. In truth, within the medium term I am particular of doubledigit development.
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