Conglomerates went out of style long ago in Europe and the US. LVMH is the exception proving the rule. Its market worth closed at almost €300bn on Wednesday. Entire swaths of banks and metal bashers are worth less.
Europeans may fret that their continent’s most valuable company exemplifies comparative advantage in handbags, not tech. They should celebrate a success story that has confounded theorists.
LVMH’s diverse structure reflects founder Bernard Arnault’s skill in buying and nurturing famous, undervalued brands such as Christian Dior. It all hangs together thanks to French tolerance for business Svengalis and the allure to creative employees of a group with multiple brands they can hop between.
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