LVMH (LVMY), the Paris-based luxury goods parent that owns famous jewelry, champagne, and haute couture brands, has added a popular three-star Parisian bistro to its portfolio. Bernard Arnault, who is among the top three billionaires in the world, heads Louis Vuitton Moet Hennessy LVMH.
The French giant has many of the most opulent brands in the world. It is a little surprising that the French giant has added a lesser-known bistro to its high-end portfolio. CWEB analyses some of the reasons behind this investment.
LVMH announced that it had bought Chez l’Ami Louis. The company described the 100-year-old bistro as an “authentic Parisian gem.” It did not mention the size of its stake in the bistro. CWEB believes that LVMH has been looking at diversity in its portfolio with expansion in the hospitality business, which they have already heavily invested in.
CWEB also thinks that the bistro has deep cultural roots, which may have influenced the decision to invest in it. Well-known personalities such as Bill Clinton and Martin Scorsese have visited the restaurant.
LVMH is the biggest sponsor of the Summer Olympics 2024 in Paris. One of its jewelry brands, Chaumet, designs all three medals: gold, silver, and bronze.
The company is stamping the mark of Paris on the global games using its brands, and Chez l’Ami Louis has a deep century-old cultural history that may strengthen the LVMH brand.
Paris-based LVMH has several haute couture brands. The company is synonymous with jewelry, high-end apparel, expensive champagne, and high-end hotels, as it owns Belmond and Cheval Blanc.
Before the Paris Olympics, it might diversify its portfolio by focusing on history and authenticity rather than luxury, as many of the visitors coming to Paris for the Olympics might not be in a position to splurge on luxury goods.
LVMH said in its press release, “Chez L’Ami Louis’ has acquired an unprecedented atmosphere and popularity among Parisians, becoming a go-to destination for those seeking an authentic culinary experience in the capital.”
The press release also mentioned that the bistro’s produce comes from small breeders and market gardeners. The restaurant’s menu includes foie gras, French fries, and fresh fruit platters.
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