Bernard Arnault, chairman of LVMH (Louis Vuitton Moët Hennessy), met with the Lotte Group founding family, including Chairman Shin Dong-bin and Shin Yoo-yeol, head of Lotte Holdings' future growth division, to personally inspect the operation of major retail channels in Korea.
According to industry sources on Tuesday, Arnault visited Lotte Department Store's main branch earlier in the day before moving on to the Jamsil branch. Shin and Shin, head of the future growth division, greeted him in person on site. Lotte Department Store CEO Jung Hyun-suk also accompanied the group from the main branch to the Jamsil branch, guiding them through the stores. The visit to Korea also included key LVMH figures such as Delphine Arnault, Arnault's daughter and CEO of Christian Dior, and Pietro Beccari, CEO of Louis Vuitton.
Arnault's entourage and Lotte Group officials toured stores of major brands including Louis Vuitton, Dior, Loro Piana, Tiffany & Co. and Bulgari. They also visited the Louis Vuitton pop-up store operating on the first basement floor of Avenuel. The on-site inspection lasted about 50 minutes, and Shin presented Arnault with a commemorative gift at the end of the tour. As both the main branch and the Jamsil branch of Lotte Department Store were open for normal business, Arnault responded to autograph requests from customers and exchanged brief conversations with shoppers.
Before visiting Lotte Department Store, Arnault also stopped by the main branch of Shinsegae Department Store. Guided by Shinsegae CEO Park Ju-hyung, he toured the store and received briefings on its operations. Industry observers view Arnault's first official visit to Korea in three years as an effort to personally assess the domestic luxury market and strengthen partnerships with major retail groups.
Meanwhile, Louis Vuitton plans to raise prices of its products in Korea on Wednesday, the day after Arnault's visit. The move comes just a month after it raised prices on some jewelry items last month, following three rounds of price hikes on select products in January, April and November of last year. The latest adjustment covers major categories including handbags, leather goods and jewelry, with increases of up to 10 percent expected. As a result, the "Capucines BB," currently priced in the 9.9 million won range, is expected to surpass 10 million won.
