Bernard Arnault, CEO of the LVMH group, said that the recovery of the luxury industry giant depends on a quick resolution of the conflict in the Middle East, warning that it could degenerate into a «global catastrophe». He made the statements during the company’s annual general meeting, stating that the situation in the region is «very unpredictable» and that the world is going through a serious crisis, FT notes. Arnault said LVMH could return to growth in all its divisions, from fashion and bags to hotels and premium drinks, if the conflict between the US, Israel and Iran does not drag on. Otherwise, he warned, the situation could evolve into a crisis with severe global economic effects and difficult to anticipate. The conflict has already affected global consumption, delaying the recovery in demand for luxury goods after a difficult period.
For other news, analyses, articles and business information in real time, follow NV on WhatsApp Channels