Luxury fashion group LVMH will not be doing business on Amazon.
The company reported strong earnings through the first nine months of the year showing growth across nearly all regions.
LVMH plans “to rely on the power of its brands and the talent of its teams to further extend its global leadership in the luxury market in 2016. This apparently does not include Amazon in spite of Amazon’s expansion to luxury brands such as Michael Kors and Kate Spade.
According to the Business of Fashion, the CFO for LVMH, Jean-Jacques Guiony said in a conference call, “We believe the business of Amazon does not fit with LVMH full stop and it does not fit with our brands.” With an air of finality, he said, “There is no way we can do business with them for the time being.”