{"text":[[{"start":7.95,"text":"LVMH chief executive Bernard Arnault said the luxury giant’s recovery depended on a swift resolution of the war in the Middle East, which the billionaire warned could spiral into a “global catastrophe”."}],[{"start":20.25,"text":"“You will have noticed that the world is now in a very serious crisis in the Middle East . . . it’s very unpredictable,” Arnault said at LVMH’s annual meeting on Thursday. "}],[{"start":30.25,"text":"LVMH’s chief said the group could return to growth across all its businesses this year — which range from fashion and handbags to hotels and high-end spirits — if the US and Israel’s war with Iran does not drag on. "}],[{"start":44.15,"text":"“Otherwise, we will have to face a crisis,” he said, adding that it could turn into a “global catastrophe with extremely serious and very negative economic developments. And at that point, who can say how things will turn out?”"}],[{"start":56.05,"text":"Arnault, 77, also batted away questions from investors about succession planning at the family-controlled group, a topic that has increasingly preoccupied shareholders. "}],[{"start":67.35,"text":"“I’ll answer this once and for all: you renewed my contract last year with 99 per cent of the vote for the next 10 years. So we’ll talk about all this again in seven or eight years,” he said. "}],[{"start":79.1,"text":"All five of Arnault’s children have significant operational roles at LVMH and were each invited to speak briefly to assembled investors for the first time. They outlined their work, which ranges from Jean, the youngest at 27, overseeing watchmaking at Louis Vuitton, to Delphine, the eldest, serving as chief executive of Dior. The four eldest siblings also hold seats on the luxury group’s board."}],[{"start":104.64999999999999,"text":"“I have a very good relationship with my shareholders, and my shareholders are kept in the loop regarding the activities of each of them, who are all very focused on a particular domain, and who are . . . all very brilliant in their domain,” Arnault later told journalists at the event. "}],[{"start":118.6,"text":"The Middle East conflict, which threatens to drag down consumer spending around the world, has delayed an anticipated recovery in demand for luxury goods after a bruising couple of years. "}],[{"start":130.04999999999998,"text":"The Paris-listed group behind Louis Vuitton and Dior said last week that the war knocked a percentage point off its first-quarter sales growth, which came in at 1 per cent on an organic basis. LVMH’s sales in some malls in the Middle East fell by as much as 70 per cent in early March, shortly after the outbreak of the war. "}],[{"start":149.95,"text":"The US and Iran are embroiled in a stand-off in the Strait of Hormuz, causing major disruption to global shipping and energy markets. The countries have accused each other of breaching a ceasefire agreement in recent days and a fresh round of peace talks has yet to begin."}],[{"start":165.45,"text":"Arnault has cultivated a close relationship with US President Donald Trump, who he has known since the two worked in real estate in New York in the 1980s. He attended Trump’s inauguration in January last year."}],[{"start":178.54999999999998,"text":"LVMH shares have fallen 26 per cent this year. Shares in rivals Kering, Hermès and Richemont are all down by double digits in 2026. "}],[{"start":196.79999999999998,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776985976_7896.mp3"}