Daily Digest

Arnault Lets Them Eat Cake Amid Luxury Hospitality Push

Cova | Source:Bloomberg

“After decades of acquiring luxury goods that consumers can drink and wear, the chairman of LVMH Moet Hennessy Louis Vuitton SA (MC) last week bought a five-star hotel in St. Barths and in June added a storied Milanese cafe, accelerating his push to meet all his well-heeled clients’ earthly needs. The summer spending spree, which bookended LVMH’s $2.6 billion acquisition of Italian cashmere clothier Loro Piana SpA, expands Arnault’s $95 billion empire in hospitality, part of a broader shift by luxury brands into high-end services.”