LVMH Will Launch An Innovation Grand Prix To Support Start-Up Companies.

France

Tycoon

The group announced that it was preparing to launch a LVMH Innovation Award to support start-up companies.

According to the world clothing and shoe net, the winner of this award will be selected from the company participating in the second emerging digital technology trade exhibition Viva Technology Paris.

Last year, the LVMH echo media group echoes and Publicis, the advertising public relations giant, jointly launched the first Viva Technology Paris event.

This year's activities will be held from 15 to 17 6.

(see earlier reports: LVMH sponsored digital start-ups trade show Viva Technology Paris)

LVMH chief digital officer Ian Rogers announced the news at a conference held at the presidential palace of the Elysee Palace in Paris. At the press conference, the chairman of the board of directors of the LVMH group and CEO Bernard Arnault, the CEO lion L e vy of the public lion group, were also quoted by the French President, "the number of incubators in Paris is ranked first in Europe." in the past few years, France has been encouraging the support of start-ups and technology companies.

In the first Viva Technology Paris event, LVMH group launched a lab called Luxury Lab, which specializes in luxury goods industry in an area of 500 square meters, and invited 40 companies to focus on solving the challenges of luxury brands in the future.

These companies involve fashion and

Wine, spirits, perfumes, cosmetics, watches and jewellery.

Bernard Arnault said: "(Viva Technology Paris) is becoming a world-renowned event, comparable with the Las Vegas International Consumer Electronics Exhibition (Consumer Electronics Show).

I believe there will be more participants this year than last year. "

Last year, Viva Technology Paris attracted 45 thousand tourists and 5000 start-up companies, 6000 CEO and 250 investors.

The French government hopes to make Viva Technology Paris a leading global innovation activity. This year, the heavyweight guests scheduled to attend include: Peter Fenton, a partner of the famous Vc firm Benchmark, CEO CEO of Zappos, Xie Jiahua, chairman of general electric board and CEO Jeffrey Immelt, and vice president of Microsoft business development.

Bernard Arnault hopes to demonstrate the flexibility of LVMH group through this activity, and appealed to the French government to relax restrictions on French companies.

"I think entrepreneurship is the key to the success of management in the LVMH group.

That is to say, even if it is a big brand, we must uphold the spirit of entrepreneurs. This helps us to connect the past and future of the brand, and is also the key to success.

We are in the evolving digital world. Our previously developed Tag Heuer smart watch has been a success, and the new model will soon be available.

This is a real watch equipped with many modern equipment, which is called evolution.

Bernard Arnault has previously revealed that since the advent of tiger Heuer smart watches, 100 thousand watches have been sold.

He also revealed that the brand of LVMH group will launch smart suitcase, but it does not specify whether Louis Vuitton is the newly acquired high-end luggage brand Rimowa (Japan).

(see the previous report: LVMH group spent 640 million euros to acquire RIMOWA 80% equity of German luxury suitcase brand).

When asked whether the innovation contest will be held in the Elysee Palace, Bernard Arnault said, "why not? In the future, we will prove that France is the world of startups.

It is hoped that this activity will further promote the French government's support for entrepreneurs and entrepreneurship in the future, instead of sticking to the rule of putting more financial pressure, social and regulatory rules on business development. "

Ian Rogers points out that the idea of launching LVMH Innovation Award comes from his conversation with the LVMH group's little girl, Alexandre Arnault.

The idea of "Innovation Award" comes from Alexandre. When it comes to how LVMH relates to start-up companies, he says, "can we do one hundred small things instead of doing something meaningful?"

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Alexandre Arnault is only 25 years old and has a master's degree in innovation from Paris Polytechnic. She was named Rimowa joint CEO last year. She met her father in New York this month and met with the new US president, Donald Trump.

Ian Rogers is from the US Silicon Valley. It is a senior entrepreneur of digital music. It used to be CEO of Beats Music, and also helped Apple Corp to launch Apple Music subscription service.

Ian Rogers said: "we don't want to start our business as an animal in the zoo.

Instead, I want to do something that really benefits the start-up company.

I started my own 7 company, and three of them sold to big companies.

Joining a large company or maintaining a start-up company has its own value.

Neither of them is good or bad, so the best is to take the two.

LVMH Innovation Award has already opened the application channel, any creation time is less than five years, the latest valuation is less than 100 million US dollars. The activities related to the LVMH company group can start from February 21st to March 31st, and apply through LVMH Innovation Award page of Viva Technology official website.

The youth designer Grand Prix LVMH Prize model is adopted. The jury of 32 entrepreneurs, including entrepreneurs, CEO, investors, journalists and so on, will select the first prize winner after the exhibition of LVMH Lab this year.

Ian Rogers said, "we hope to screen the list of people who are helpful to them.

We hope to connect these start-ups and those who are valuable to the luxury ecosystem. "

The company will meet with LVMH group's private equity investment team to discuss the potential cooperation between the brand and the group.

LVMH group will provide guidance, consultation, cooperation or investment.

Ian Rogers said: "one thing we learned from LVMH Prize is whether winning is not important, and the process is most valuable.

Many companies participating in Viva Technology Paris have worked with LVMH group last year.

So, not only do we know them through this exhibition, but we can introduce them to others through organizing competitions. "

LVMH group has recently been very active in supporting cutting-edge brands and venture projects. In early February this year, it announced that it will set up the first venture capital firm for LVMH Luxury Ventures: the first phase of the fund will be 50 million euros, which will be used to acquire a minority stake in some new luxury brands. These brands need to have high growth potential and attractive business models.

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