Italy is becoming
increasingly important as
a production hub for
LVMH. In March, the
French luxury group opened a
new jewellery manufacturing facility for Bulgari in Valenza,
Piedmont - Europe’s largest - and now has turned its sights
on Tuscany, where it plans to enlarge the production facilities
for Fendi and Celine. LVMH also announced the building of a
new eyewear factory in Longarone, in the Veneto region.
“We manufacture 90% of our range in Europe, and over 80%
of this output is sold outside the European borders. A large
part of this output is produced in Italy,” said Belloni,
reminding his audience that LVMH employs 8,000 people in
Italy, of whom 1,000 were hired in 2017, and operates 220
stores in the country, as well as featuring no less than seven
Italian labels in its portfolio (Emilio Pucci, Bulgari, Fendi,
Loro Piana, Acqua di Parma, footwear manufacturer
Rossimoda and the Cova café chain).
Between 2012 and 2016, the world luxury goods number one invested €100 million a year in Italy, a figure which in 2017 rose to €150 million, and the trend will not slow down in the next few years, as the group is busy on several other projects. LVMH plans to eventually hire 350 employees, and build a factory specialised in leather goods in Bagno a Ripoli, close to Florence, where the group recently acquired a 90,000 m2 site, formerly home to a blast furnace. As for the business forecast for 2018, the luxury giant, whose sales in the first nine months of this year grew by 14%, reaching €30.1 billion, is planning to “do a little better than in 2017.