SKP-S, a high-end shopping outlet based in Beijing, capital of China Photo: IC

 
LVMH chief Bernard Arnault has been spotted by Chinese netizens at several Beijing shopping malls, according to pictures circulating in Chinese social media. It comes after media reports that Arnault planned to visit China in June.

Arnault was spotted at a Dior store at SKP, a luxurious shopping mall in Beijing on Tuesday afternoon, according to pictures posted on China's lifestyle app Xiaohongshu.

"I went shopping for a bag and bumped into a billionaire. It's amazing to see someone in real life that I usually only see online," Chinese internet user huasheng posted on Xiaohongshu.

He was also spotted at a Dior store at WF CENTRAL, another high-end shopping mall in Beijing, according to pictures online. 

Reuters reported that the LVMH CEO had planned a visit to China in June and it comes at a critical time for LVMH's reboot of US jeweler Tiffany, its largest acquisition ever, which it wants to expand in China as part of a strategy to catch up with larger rival Cartier.

LVMH reported a 17 percent rise in first-quarter sales, more than double analysts' expectations, as China rebounded sharply from the epidemic.

LVMH said first-quarter sales grew by 14 percent in Asia, excluding Japan, compared with an 8 percent decline in the fourth quarter of last year, and the group said it expected China to drive growth in 2023.

A report from Bain & Co on Friday showed that China will continue to drive luxury market growth in 2023.

"The market in the Chinese mainland, which saw Q1 growth, is expected to rise again this year," the report said.

Arnault's visit was preceded by a slew of visits by foreign executives, who also eyed the massive business opportunities in the Chinese market.

Among them were Microsoft co-founder Bill Gates, Tesla CEO Elon Musk, Apple CEO Tim Cook, Qualcomm CEO Cristiano Amon, ASML CEO Peter Wennink, and JPMorgan Chase & Co CEO Jamie Dimon.