Today Bernard’s fortune amounts to $200 billion which makes him the second richest person on the planet. Let’s share a couple of Bernard’s rules for entrepreneurs.
Take your time
"We were very lucky to bring so many fantastic brands together. However, in order to provide sound growth for them, we shouldn’t be too hasty. They are growing swiftly but their growth should align with the market and our possibilities without compromising the product quality".
Put aside critics
"Our team was the first to believe in a business model of a company group manufacturing luxurious goods. In the very beginning, I was roughly criticized for putting all the brands together. However, today people understand my vision and some even look up to what we are doing."
Be creative and forward-looking
"LVMH’s success was based on creativity, high quality, and, most importantly, a long-term vision. I vividly remember the day when I first came to China in 1991. I arrived in Beijing, and there were no cars or skyscrapers. Its GPD was miserably low in comparison to today’s numbers. Nevertheless, we dared to open a Louis Vuitton store in China.
For the last decades, we have observed a sustainable growth demand for high quality products and acceleration of the purchasing power. Currently, we are the leading luxury brand in China as well as across the globe".
Make your product global
Nowadays the Internet has made the planet much smaller. The launch of a product should cover the whole planet in order to be successful. Your project should be launched globally and simultaneously. Of course, it requires huge investments which gives us an advantage as a large group.
"Ideas are important, though they account only for 20%, the rest 80% is your performance. I have invested in tech startups a lot. If you take a look at the most famous ones such as Facebook, you will see a perfect idea.
However, there were the same concepts, why did Mark Zuckerberg succeed? The thing is performance. No matter how many ideas you have, be resistant and perform better than anyone else."
Which rule do you think is the most important? Comment below ⬇️