Well, hi everybody. We are now live from Paris. I'm here with Jean-Jacques Gianni, who is one of the leading forces behind LVMH. And LVMH is a company where every Norwegian person owns roughly $1,000. So it's quite incredible.

But let's kind of kick off in a bit of a simple way here.

So for you, Jean-Jacques, what is luxury?

It's quite a complicated question.

I thought about it ahead of the meeting.

It's a very complicated question because if you start defining luxury through only products, stores, marketing, etc., you miss the point.

The point is the customer behavior.

The customer's desire.

What do people want and why do they buy luxury goods?

It's actually to please themselves, to make good, to raise their

self-esteem. I mean, that's exactly about personal behavior and what people are trying to

achieve in terms of status, in terms of the way they look, in terms of how they interact

with others. And we are providing products, or not only products, actually, experiences, I mean the global luxury industry,

that help people really achieve the goals of looking better, feeling better.

That's actually the definition in my view of luxury.

And one important point is not to put in the same basket luxury and high end for

for instance i don't know take steinway pianos there is nothing more i mean i played piano

there is nothing better than steinway pianos it's not a luxury item it's a fabulous instrument

but it's not a luxury item why not because it has no volume and because it is not something that you would show off with

or at the very least express yourself with.

It's really a dialogue between the product and yourself.

Luxury is not simply a dialogue between the product and the client.

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