Billionaire Luxury Titan Bernard Arnault Warns Of ‘World Catastrophe’ If Iran War Is Unresolved [Forbes]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Forbes
one of the world's richest people on the conflict, as luxury brands have reported a slowdown in demand in recent weeks. Arnault, who spoke Thursday during LVMH's annual shareholder meeting in Paris, said the world is “now in a pretty serious crisis in the Middle East” and warned the Iran war could spiral into a “world catastrophe with very serious and very negative economic impact,” according to a translation by LVMH. Should the conflict persist, Arnault said it would be impossible to predict the outcome, but noted a resolution would allow businesses to recover and “resume their normal course.” LVMH last week reported the Middle East conflict had a 1% negative impact on organic growth through its latest quarter, citing a slowdown in tourist spending throughout Europe, and chief financial officer Cécile Cabanis said during an earnings call there has been an up to 70% decline in demand since the war began in late February. Shares of LVMH, which trade at the Euronext Paris stock
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