Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

LVMH revamps digital approach as star hire leaves for start-up

Published 11/30/2020, 08:16 AM
Updated 11/30/2020, 08:20 AM
© Reuters. FILE PHOTO: A woman walks past a Louis Vuitton shop in Brussels

PARIS (Reuters) - Louis Vuitton LVMH is set to rejig the team that oversees its online strategy after Ian Rogers (NYSE:ROG), recruited from Apple (NASDAQ:AAPL) as the group's digital chief in 2015, left to join a French start-up focused on cryptocurrencies.

Rogers said in a note posted on his Twitter account that he would remain an adviser to Paris-based LVMH, the world's biggest luxury goods group.

LVMH, meanwhile, is set to promote Michael David, a Vuitton executive in charge of online retail at the brand, to a new group-wide role as chief omnichannel officer, according to an internal memo seen by Reuters.

Omnichannel refers to the crossover of store sales and digital platforms, at a time when retailers are trying to blend the two together more seamlessly.

Luxury brands were slow to shift business online, with many fearing that doing so would dilute their aura of exclusivity, but in recent years, most have rushed to catch up.

The coronavirus pandemic, which has forced retailers to close stores during government-enforced lockdowns, has accelerated the digital shift for luxury groups even more.

Rogers said in his statement that he had long envisaged his job to shake up LVMH's digital approach as a five-year mission. He is set to join Ledger, a firm which makes hardware wallets to keep cryptocurrencies secure.

During his time at LVMH, the group's main brands, which also include Christian Dior, have made big investments in digital marketing and social media and shifted more sales online, although the group does not break out details.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

LVMH also launched 24S, a multi-brand online retailer for its own labels, though the platform remains far smaller than others in the luxury industry which are open to third-party brands, such as Richemont's Yoox (MI:YNAP) Net-a-Porter.

24S will now come under the remit of Chris de Lapuente, the former head of beauty retailer Sephora who will become chairman and chief executive of all distribution activities at LVMH, according to a separate internal memo.

This division will also include airport retailer DFS as well as Sephora and department store Le Bon Marche.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.