London - LVMH has launched a new accelerator programme which aims to support 50 start-ups a year, which includes start-ups focusing on artificial intelligence, augmented reality as well as the internet of things.
“Innovation is an integral part of the history of our Maisons, which are often centuries old. This is why we know, perhaps better than others, how to find ways of working with startups that benefit us all”
The French conglomerate revealed its Paris-based start-up programme on Tuesday morning, which will be based at the Station F incubator centre. The new initiative is set to drive business acceleration between LVMH's 70 Maisons and startups to create innovative new products and services for the luxury market.
"LVMH has long held innovation as a core value," said Ian Rogers, Chief Digital Officer at LMVH in a statement. "Innovation isn’t just a buzzword at LVMH, it’s a practical obsession, crucial to maintaining our leadership position long-term. Collaborating with startups helps us stay abreast of both business opportunities and ways of working. A healthy startup ecosystem is necessary for a healthy industry."
LVMH to support 50 international start-ups each year through accelerator programme
The new programme is said to be unique in its multi-sector approach as it includes a range of entrepreneurs whose innovations are relevant to the group's different sectors, like its fashion & leather goods, perfume & cosmetics and selective retailing. More than half the start-ups that joined the program were highlighted through the LVMH Innovation Award and nearly all of them have already worked with one of the LVMH Maisons in one way.
The LVMH start-up program is set to welcome 50 international start-ups each year at Station F in two six-month terms. The first group joined the campus in November 2017. Launched last year by French billionaire Xavier Niel, who is the partner of Delphine Arnault, an executive at Vuitton and daughter of LVMH boss Bernard Arnault, Station F is the world's biggest start-up campus.
"Just like Station F, LVMH is a talent incubator," added Chantal Gaemperle, EVP Human Resources & Synergies, and member of LVMH Executive Committee. "We are delighted that the collaboration between the entrepreneurs of La Maison des Startups program and the talent of our Maisons contributes positively to the development of everyone’s skills. Innovation arises from exchanges and constructive confrontations."
The start-ups participating in the LVMH program will also receive personalized coaching and support from LVMH group experts. The programme launch comes as more and more luxury and beauty companies tap into the possibilities offered by technology to increase engagement with their customers.Photo: LVMH