LVMH chief executive Bernard Arnault said the luxury giant’s recovery depended on a swift resolution of the war in the Middle East, which the billionaire warned could spiral into a “global catastrophe”.
“You will have noticed that the world is now in a very serious crisis in the Middle East . . . it’s very unpredictable,” Arnault said at LVMH’s annual meeting on Thursday.
LVMH’s chief said the group could return to growth across all its businesses this year — which range from fashion and handbags to hotels and high-end spirits — if the US and Israel’s war with Iran does not drag on.
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