LVMH, investments in Italy and support for the industry

LVMH, investments in Italy and support for the industry

“Italy is important to us as much as France is. Our fashion and leather goods division, most of all, is engaged in production over there; besides that, we currently run 30 manufacturing plants”. Right considering its high importance, the group made some remarkable investments (“over 200 million euros in 2019”) and, at the same time, actively strove to enhance their support for the industry during Coronavirus pandemic.

However, this is not the first time LVMH top managers illustrate Italy’s paramount role for the holding’s business strategies. Yet, after starting the building construction of Fendi Factory, in Bagno a Ripoli, Antoine Arnault goes beyond. While talking to Il Sole 24 Ore, the manager of the group (in the picture), who is also the son of chief owner Bernard, emphasized how close relations between LVMH system and Italy are: “We do not only rely on Italy’s know-how, but we are also part of it”.

Support for the industry

“In 2019, we invested in Italy over 200 million euros – pointed out Arnault –, which is indeed a considerable amount to be allocated to one single country. We have been investing a great deal in training young artisans”. The pandemic, and its consequent repercussions, is a rather striking shock which might potentially jeopardize the whole made in Italy manufacturing industry.

LVMH cannot afford to run such risk light-heartedly. “We are fully aware of our role in the system. That is why even during the lockdown days – he continued – we kept delivering orders to our suppliers: we knew perfectly well they would not be able to get over such a critical period, unlike LVMH, which is a major group. Furthermore, right during lockdown our fashion houses clearly showed they had no intention of paying less attention to sustainability, which keeps being a top priority”.

The value of quality

Talking about circular economy, Fendi top managers have announced, while speaking to WWD, they are planning to provide their boutiques with decorations made by using 49,340 square metres of leather scraps from the processing carried out by the fashion brand itself. Arnault reassured about LVMH efforts on quality, which, he claimed, aim at a specific goal.

“Together with the 75 fashion houses of the group – he wrapped up – we are striving hard to give back to Earth part of what the planet gives us. Of course, this action is not entirely philanthropic: as a matter of fact, at present our clients opt for buying from the ones who are able to make the most appealing items in the most sustainable way”.

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