Bernard Arnault, chair and CEO of LVMH, spoke at the company's annual general meeting in Paris on Thursday, highlighting the Middle East crisis's drag on sales, strong reception for Dior's new designs, and his succession plans. Amid a 25% drop in share price this year, Arnault expressed confidence in the luxury group's future and revealed his family's stake exceeds 50%. He dismissed rumors of selling the La Samaritaine department store.
The meeting took place at the Carrousel du Louvre, where Arnault, wearing a Louis Vuitton Tambour Einstein watch, quoted Albert Einstein: “Imagination is more important than knowledge.” He tackled the Middle East conflict, which reduced LVMH's Q1 2026 organic growth by about 1 percentage point. “This crisis has reduced the first-quarter growth we expected by half,” Arnault said, noting the outcome remains unpredictable but expressing hope for a quick resolution to revive business momentum. LVMH reported Q1 sales up 1% overall, though fashion and leather goods fell 2% after 2025 revenue of €80.8 billion, down from €84.7 billion in 2024. On China, Arnault remained optimistic, calling it the second-largest market after the US and one where quality now matters more than before. He reaffirmed commitment to La Samaritaine, reopened in 2021, stating: “Of course, we want to keep it. It’s an extraordinary asset and we’ll make it work,” crediting Patrice Wagner's team. Dior's new creative director Jonathan Anderson's collections, launched January 2, saw strong demand, with many products sold out, according to Delphine Arnault, chair and CEO of Christian Dior Couture. “It’s off to a flying start,” Bernard Arnault added. CFO Cécile Cabanis noted Dior's Q1 improvement. New House of Dior flagships are planned for Milan and Osaka this year. Succession drew questions, but Arnault pointed to last year's shareholder approval extending his tenure, renewed at 99% for 10 years. His five children—Jean, Frédéric, Alexandre, Delphine, and Antoine—each presented on their roles at Louis Vuitton, Loro Piana, Moët Hennessy, Dior Couture, and LVMH image and environment. “You renewed me last year at 99% for the next 10 years. So we’ll talk about all that again in seven or eight years,” he said. Arnault buys shares during dips and urged patience, telling a young shareholder: “Congratulations for buying shares. It’s a good time. I do it too. ”