LVMH and Google signed the luxury-tech partnership. The French group’s objective is dual: using AI and data analysis to, first of all, improve inventory management. How? By predicting product demand. Second, LVMH wants to improve the consumers’ digital experience. Short-term goals will be joined by medium and long-term ones, such as co-innovation opportunities and the launch of a “Data and AI Academy” in Paris. The financial terms of the partnership weren’t disclosed.
LVMH and Google
“The partnership with Google Cloud, which is the first of its kind, reflects our grand ambitions in this field – said Toni Belloni, CEO of LVMH, to Corriere della Sera –.For us, privacy, customization and luxury are all synonyms. The new opportunities we will be able to offer our clients will be exactly what we are working for with our teams: a unique and unforgettable experience”.
New technology that can make demand predictions more accurate and optimize inventory management. And more. It can also improve customer experience thanks to customization, all while guaranteeing privacy and safety. Google Cloud will help making LVMH’s innovation culture better, with new requalification programs and other certifications. A Data and AI Academy will be launched in Paris. And last but not least, the two groups will develop new algorithms together, components of artificial intelligence and machine learning. For Thomas Kurian, CEO of Google Cloud, the initiative can “guide the future of customer experience in the luxury segment”.