David Rosenthal: belief

Transcript context

…That's luxury. They do the exact same thing that my $120 sneakers do. Another bull case is while there won't be another China, the current trend with South Korea is crazy. They did $17 billion of sales in the luxury industry in South Korea last year. They've definitely got a market there. Southeast Asia is developing quickly. India could be a strong luxury market, so there's a lot to be hopeful there. A lot of people also think there is a lot more running room in China, especially as they emerged from the pandemic. Another one that I mentioned earlier is LVMH as a brand itself and building that corporate brand to be the acquirer of choice. We'll see if that happens, but that definitely is a bull case. My last one is really around family control. If they are able to do this succession well, it does allow for very, very long term views and leadership at the company. Yup, that was the one thing I was going to add on bookcase if you didn't cover it there. We haven't gone into detail on any of the children. I think a lot of the narrative around LVMH recently has been this like, oh, the succession thing. Wow, what drama, who's going to take over? The five kids are pitted against one another. I think to a certain extent, some people have thought, oh, that's an overhang on the stock. Having dug into it, maybe they're just very French and very good at putting forth a united front. But at a minimum, most, if not all of the children are extremely accomplished and appear to be extremely talented managers of luxury businesses. I think the whole succession battle is something that the press wants to exist that isn't real.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.