LVMH: Working with Arnault & Luxury M&A

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I'm curious as to what made an opportunity a desirable opportunity in terms of the business. Was there a strategic element? You know, all those things?

Due to the nature of that management, governance, and philosophy, M&A can be both very strategic and, if I may say, follow a long, well-thought-out hunting path. Some targets are clearly identified for strategic reasons that we understand from A to Z. When the opportunity arises, we act decisively, like with Tiffany and Bulgari.

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I'm curious as to what made an opportunity a desirable opportunity in terms of the business. Was there a strategic element? You know, all those things?

In other cases, we are super opportunistic. If something comes across that makes sense, and we believe we can enhance it, we go for it. The decision is based on judgment, both from an aesthetic standpoint and the brand's identity, as well as what we can contribute to managing the brand better. This applies to businesses that are brands or related to brands, adding them to our portfolio.

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To make sure I understand, to the extent we can generalize about the methodology, I want to ensure I grasp the key elements. You mentioned there's a communication aspect, a real estate aspect, a controlling the distribution aspect, and a general elevation. Are those the four key elements of the methodology, or how would you describe it?

If you believe the company has good distribution and communicates well, but the price positioning could be better and the product needs improvement, then you focus on enhancing the product while leveraging the rest. Conversely, if the product is fantastic and the price positioning is great, then distribution and marketing might be the areas to improve.

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