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Bernard Arnault once revealed how he first visited China in 1991, and while the country’s GDP was quite low they decided to open their first Louis Vuitton store there. Now, decades later, Louis Vuitton is the top luxury brand there and in the world. “I remember the first time I visited China, in 1991…I arrived in Beijing—I saw no cars, only bicycles, no tall buildings. The GDP was 4% of what it is today. Nonetheless, we decided to open our first Louis Vuitton store in China. Today Louis Vuitton is the number one luxury brand in the country and across the world. We have been seeing for the past 25 years a growing desire for high-quality products and an acceleration of buying power,” Arnault told Forbes in an earlier interview.
2. Don’t be too obsessed with money, just do the right thing
“Money is just a consequence. I always say to my team, ‘Don’t worry too much about profitability. If you do your job well, the profitability will come’,” Arnault once said, as per GQ. Looking at Arnault’s own journey– that he became one of the biggest billionaires in the world only in the last few years, and the richest person in the world at the age of 74– his advice stands true.
3. Know what’s happening at the grassroot level in your company
Instead of just focusing on the profits, Arnault believes that one should stay connected with their company and employees and know what is happening at the grass root level. This will give them a better picture of the overall workings in the team and company, and help them improvise.
“I often say to my team we should behave as if we’re still a startup. Don’t go to the office too much. Stay on the ground with the customer or with the designers as they work… I visit stores every week. I always look for the store managers. I want to see them on the ground, not in their offices doing paper work,” Arnault told Forbes.
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