LVMH Is Leading the Luxury-Meets-Art Race

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Researchers at Berstein took into account the wide swath of tactics Europe’s luxury groups are deploying, from contributing to the restoration of artistic landmarks and sponsoring art museums to high-profile collaborations with famous artists and architects.
“Luxury brands need to associate themselves with global aspirations and ideals in order to ignite desire,” said the report, issued Wednesday. “Doing this in a de-globalizing world is tricky. Hence, the need to find naturally global realms — like the arts and the sports.”
Megabrands are best positioned to capitalize on the associations, given their financial might, rich heritage and capabilities to monetize enhanced branding, according to Bernstein.
The report includes some staggering figures, including an estimated 800-million-euro investment for the Frank Gehry designed Fondation Louis Vuitton in Paris, and the 25 million euros Tod’s ponied up for the restoration of the Coliseum in Rome.