Luxury not only pockets the recovery but relaunches. Starting with the French giant LVMH, which has decided to focus on artificial intelligence and cloud to further improve the budget accounts. The group, chaired by Bernard Arnault, announced that it has signed a strategic partnership with Google to accelerate innovation and develop new artificial intelligence based on cloud solutions.
New technologies, explains a note, can improve forecasting of demand and optimize inventory, but also improve customer experiences through personalization, ensuring privacy and security. The companies will also explore co-innovation opportunities and launch a Data and AI Academy in Paris. “This new, unprecedented and significant partnership with Google Cloud is a reflection of our great ambitions in this field” comments LVMH managing director Antonio Belloni, while Thomas Kurian, CEO of Google Cloud, underlines: “Together we can help lead the future of the customer experience in the luxury sector ».
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Another positive signal for the sector arrived yesterday from France. Chanel, as reported by the FT, expects a growth in turnover in 2021 of about 35% compared to 2020, which closed with a decline of 18% on 2019. The growth this year, therefore, would be 10-11 % compared to pre covid 2019 turnover, thanks to a recovery starting from the fourth quarter of 2020, which accelerated further in the first part of 2021. According to Equita, taking into account Chanel’s exposure to the beauty segment (about one third of turnover) among the most penalized by the drop in duty free consumption, its marginal exposure to online and the reduced presence in China (only 15 stores), “it is possible that these indications from the group’s chief financial officer anticipate a certain margin of upside compared to our estimates for the other players ».
In Piazza Affari, on the other hand, it was Tod’s who celebrated yesterday, ending trading up 6.7% to 53 euros per share, after an intraday maximum of 54.65 euros, a level not seen since November 2018. Second market rumors the reason for yesterday’s leap also lies in the positive debut on the Frankfurt Stock Exchange of the online fashion store About You, which has reached a capitalization of around 4 billion euros. The operators see similarities especially in the online sales sector after Chiara Ferragni joins the board of directors of the Marche group. In the background remains the speculative hypothesis of acquisition by LVMH. Tod’s stock in the last year has a positive balance of over 97 percent.