- In 1987, Louis Vuitton and Moët Hennessy merged to form the LVMH Empire, which is now worth a staggering $408 billion dollars.
- In 2021, the company was valued at $329 billion, making it the most valuable company in Europe.
- LVMH controls 60 subsidiaries, managing over 75 small brands, including well-known names like Tiffany & Co., Christian Dior, Fendi, Givenchy, Marc Jacobs, Kenzo, Celine, Sephora, Princess Yachts, TAG Heuer, Bulgari, and Off-White. They offer a wide range of products including clothing, cosmetics, fashion, jewelry, perfumes, spirits, watches, and wines.
Now, you may be wondering why this matters to you. The founder of LVMH has split up roles within the company in a “Succession” style, with each of his five children running a different sector of the business. For example, his daughter Delphine will run Christian Dior Couture.
You may be asking, “What does this have to do with me?” When I think about these brands, I see my friends, colleagues, and peer group – other Black and Brown people. We have contributed to this $408 billion conglomerate! Imagine if we invested this kind of backing into Black-Owned Companies. Next month is Black History Month, and I challenge you to shop mainly from Black-Owned businesses. Let’s create our own “Succession” and our own billion-dollar companies, passing down CEO leadership roles to future generations.”
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