France's LVMH is raising projects in the luxury goods sector by entrepreneurs, including a startup working with silkworms on new materials and another whose software may help spot forgeries. Recently, the Louis Vuitton owner revealed a Paris-based startup programme, which aims to support 50 businesses a year by presenting them in a mega-campus where they can work together with its brands.
The world's biggest luxury goods LVMH, is following the paths of French cosmetics giant L'Oreal in grasping a corner of Station F, a massive startup incubator in Paris where it offers rent-free space to the startups. Ian Rogers, a former Apple music executive says the idea is to animate and activate those conversations around the things that may affect the luxury industry.
He further adds that LVMH has been concentrating its startup efforts in the French capital. LVMH, which also owns fashion label Christian Dior and champagne house Moet and Chandon, did not disclose how much it was spending on Its Station F venture, which kicked off in November but was recently unveiled.
Rogers did not rule out that LVMH or its venture capital arm could invest in some of the startups later on, and stated that there were no immediate plans to support the firms financially. Increased by strong demand from Chinese consumers recently LVMH posted a rise in first quarter sales. A lot of startups had some contact with LVMH or other luxury brands but want to grow their reach.
