We won’t sacrifice growth for environmental concerns, says billionaire Louis Vuitton heir

Louis Vuitton owner LVMH will not sacrifice growth to accommodate environmental concerns, the eldest son of billionaire Bernard Arnault has said.

Antoine Arnault, who heads up LVMH’s environmental initiatives, said the luxury giant will prioritise expansion over climate targets.

Between 2019 and 2022, LVMH cut back emissions by reducing how much energy it uses in its stores.

However, its supply chain emissions – known as ‘Scope 3’ emissions – rose by 16pc.

Over the three years, sales were up 48pc – with scope 3 emissions now accounting for most of LVMH’s carbon footprint. 

LVMH has recently unveiled plans to help its suppliers reduce their emissions, although Mr Arnualt said bosses of the world’s biggest luxury group were “champions of continued growth and certainly not of decline”. 

In an interview with the Financial Times, he defended how LVMH sets its eco-friendly targets: “We have always done things a little differently. 

“It doesn’t bother us because we own the decisions we make and above all, we believe in data, science and the reality of things, not in some sort of incantations that we could make to clear our conscience. 

“Not everyone likes it, but that’s how it is. And so we will continue to set objectives like those you’ve seen.”

It comes as luxury companies grapple with pressure to improve their environmental practices.

Rival Kering, which makes Gucci and Yves Saint Laurent products, earlier this year unveiled plans to reduce its absolute greenhouse gas emissions by 40pc by 2035.

Kering’s chief sustainability and institutional affairs officer Marie-Claire Daveu at the time said the challenge was cutting emissions while also trying to sell more products. 

However, Mr Arnault pushed back on suggestions that cutting emissions could mean encouraging customers to buy less. 

He said: “Becoming a sort of example of lower consumption, that’s not at all our objective and I don’t think that’s what our customers want either.”

Despite this, Mr Arnault hinted that LVMH could cut ties with suppliers if they failed to hit climate targets.