DP will outlive the iPhone, says Arnault7th May, 2014 by Lauren Eads
Bernard Arnault, chairman and CEO of luxury goods conglomerate LVMH, believes Dom Pérignon Champagne will still be enjoyed 20 years from now, long after the iPhone has fallen out of favour.
Speaking to CNBC during a rare television interview the 64-year-old said his brands had the potential to outlive technology such as Apple’s iPhone, despite praising Apple for its popular handset.
He said: “Can you say that in 20 years people would still use the iPhone?
“Maybe not. Maybe we’d have a new product or something more innovative. What I can say today, is that in 20 years, I’m quite convinced that people will still drink Dom Pérignon.”
He also dismissed fears that the economic slowdown in China could stem the growing demand for Western luxury goods there.
Instead, Arnault expects buying power to increase all over the world – a trend which he said would continue for at least another 10 years to the benefit of his global empire.
He said: “As always in China, you have ups and downs.
“And in spite of what you can consider a lower level for growth, it’s still growing very fast. I am confident about the future of China.”
The French businessman is reported to be worth an estimated US$33.5 billion, according to Forbe’s rich list, making him the world’s richest man with a vested intrest in the drinks industry.
LVMH’s 60-strong portfolio includes high-end brands such as Dom Pérignon, Bulgari, Louis Vuitton, and Moët Hennessy.