LVMH entrusts the North Asian market to Michael Schriver
While the Chinese market is decelerating and has affected the latest half-year results of many fashion brands, LVMH has announced a strategic appointment in the region. Michael Schriver, who has been working with the French luxury giant for nearly a quarter of a century, has been appointed LVMH group president North Asia.
"In his new role, he will be responsible for all of the group's operations in Greater China and South Korea," the company said in a statement. "This is a very good time to have an overview of our activities, and to draw the strategies that will guide our development. This is especially true given the current travel constraints in these geographical regions," it continued.
The company is particularly pleased to benefit from Schriver's extensive regional knowledge. "He has witnessed the rapid growth and transformation of Asia over the years and has developed an intimate understanding of the consumer, retail and broader business environment," it noted.
After a 20-year career with the American retail chain Macy's, he joined the LVMH group in 1998 when he joined its duty-free chain DFS. He first began in the Hawaii division and became COO 14 years later. In 2014, he left DFS to become president of North Asia at Louis Vuitton. He also recently served at Tiffany & Co.
Schriver will work alongside the teams of the various LVMH brands, "providing a company-wide perspective on strategies for connecting with Gen Z consumers, distribution and infrastructure development, and organizational opportunities. This broader perspective will help each house refine its own choices and maximize long-term potential and desirability," said the group.
The current president of LVMH Greater China, Andrew Wu, and the president of LVMH South Korea, Ouk Cho, will retain their positions and report directly to Schriver. Schriver will also work closely with Roula Rozakeas, senior vice president human resources for Asia Pacific.
With the arrival of this seasoned executive in Asia in a senior management role, the world's number one luxury brand hopes to regain lost ground in the region. In the first half of the year, its sales grew by only 1% in Asia (excluding Japan), which represents 32% of its total revenues. After increasing by 8% in the first quarter, they fell by 8% between April and June. In China alone, which according to analysts accounts for almost 20% of its total sales, turnover has fallen by more than 10%.
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