LVMH has launched a new media division within its empire, as the French luxury conglomerates extends its reach into the entertainment industry.
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Dubbed ’22 Montaigne Entertainment’, the new media division is designed to boost its flagship products’ marketing strategies, and is a partnership with California-based Superconnector Studios and its co-founders, Jae Goodman and John Kaplan, LVMH said.
The division will support collaboration with leading entertainment creators, producers and distributors to co-develop, co-produce and co-finance films, TV shows and audio formats.
Taking its name from the Parisian address of the LVMH group’s headquarters, 22 Montaigne Entertainment will be helmed by a committee led by Antoine Arnault, the eldest son of LVMH CEO Bernard Arnault, and Anish Melwani, North America CEO at LVMH.
The luxury giant is not the first high-end fashion company to get into film. Last year, for instance, French fashion house Saint Laurent launched its production company, Saint Laurent Productions.
Meanwhile, luxury rival Francois-Henri Pinault, CEO of Kering, purchased a majority stake in major Los Angeles agency Creative Artists Agency.
In its most recent trading update, LVMH said total revenues were up 10 percent to EUR 24 billion (USD 26 billion) during the fourth-quarter, as high-end luxury shoppers proved resilient during the final three months of the year, despite the broader luxury slowdown affecting the industry.