LVMH Taps Michael Schriver To Oversee Greater China, Korea

Luxurious conglomerate LVMH has named Michael Schriver, a veteran government from the group’s DFS, Louis Vuitton and Tiffany models, to guide its operations in China and South Korea as Group President for North Asia.

Andrew Wu, the group’s present president for Larger China, will stay in place, reporting to Schriver.

The transfer to bolster its management within the area comes amid an uneven restoration from coronavirus, with well being restrictions together with sporadic strict lockdowns making the important thing Chinese language market unpredictable and tough for manufacturers to navigate. LVMH’s gross sales in Asia (excluding Japan), rose simply 1 % within the first half of the 12 months.

Schriver has beforehand labored as President, North Asia at LVMH flagship Louis Vuitton and as Chief Working Officer of tax-free retailer DFS.

The nomination is “a robust sign of our dedication to put money into our future in Asia and to reinforce collaboration throughout our organisation,” LVMH chairman Bernard Arnault stated in a press release.

Study extra:

Luxurious’s Outlook in China Is More and more Unsure

The long-term fundamentals of the all-important China market stay sturdy however short-term headwinds imply luxurious manufacturers may face a difficult 12 months forward.