French luxury giant LVMH has created a hothouse accelerator program at its Paris campus where 50 startups will be invited to develop their business concepts.
The initiative aims to drive business acceleration between LVMH’s maisons and startups to invent innovative new products and services for the luxury market.
“By creating La Maison des Startups in the heart of the world’s biggest startup campus, LVMH reaffirms its values of innovation, entrepreneurial spirit and excellence, the pillars that anchor the Group’s growth,” the company says.
La Maison des Startups will accelerate collaboration between LVMH Maisons and startups whose solutions have potential in the luxury industry, giving entrepreneurs privileged access to the unique ecosystem formed by the Group’s 70 brands that include TAG Heuer, Hublot, Chaumet, Bulgari and Zenith.
Among the scheme’s first inductees, which began in Paris in November, 9% are working on projects relating to the watch and jewelry side of the business, and many others touch areas including marketing, e-commerce and the digital economy.
9% of the startups originate from the United States, the largest contributor outside of France.
In addition to a workspace and a hothouse environemnt, the LVMH program gives entrepreneurs personalized coaching and support from LVMH group experts.
A series of workshops will allow the startups to familiarize themselves with challenges facing the luxury industry, and pitch sessions will be regularly organized to let them present the evolution of their solutions to representatives of LVMH Maisons.
“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.” Bernard Arnault, chairman and CEO, LVMH
“LVMH has long held innovation as a core value. 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.” adds Ian Rogers, chief digital officer at LVMH.