For instance, Chanel’s focus on timeless elegance, liberated femininity, and uncomplicated luxury sets it apart from other high-end brands, emphasising simplicity over extravagance.

Arnault has never acquired a business with back-office synergies on his mind

Indeed, that is the genius of the LVMH model that Arnault has created. It’s quite possible that being the C.E.O. of LVMH would be a less fun and desirable job than being the C.E.O. of Tiffany’s, or Tag Heuer or Dior, or one of the incredible French wineries that LVMH owns.