As the world turns its eyes to Paris for the start of the Summer Olympics next month, Louis Vuitton pulled out all the stops for its largest, most extravagant, and expensive high-jewellery collection with the title Awakened Hands, Awakened Minds.
Making its debut in St. Tropez on Wednesday night, the collection will encompass 13 themes and 220 pieces, some of which have yet to be unveiled. Of the 100 unique pieces that were exhibited as the first chapter, one overarching theme is clear: French pride and the celebration of the remarkably transformative period in 19th-century France, which witnessed an explosion of French influence and inventiveness.
“France in the 19th century was a phenomenal time of incredible change, and when Paris really became the centre of the world,” says Francesca Amfitheatrof, artistic director for watches and jewellery, in a news release. “The design language of Awakened Hands, Awakened Minds reflects that—all its intricacies, complications, and innovations—turned into incredible jewels.”
The collection explores a journey through that century, beginning with the end of royal court rule, which resulted in a surge of creativity and talent as France’s ateliers and master craftsmen explored and experimented without limits. Among those influenced by this vibrant zeitgeist was a 16-year-old Louis Vuitton, who arrived in Paris in 1837. The apprentice developed his own unique trunkmaking métier, devising a flat and stackable trunk specifically designed for travel.
“Craftsmanship becomes the currency of this country,” Amfitheatrof said. “It is the birth of France’s Art de Vivre —and the birth of what we know as luxury today.”
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Courtesy of Louis Vuitton
The collection’s Splendeur suite took inspiration from an imperial bed embellished with low-relief woodwork in lace-like floral patterns. But the luxury brand is looking to compete for consumers with more than just aesthetics: The jewels feature more than 110 perfectly matched rubies from Mozambique, all fully traceable through blockchain technology, making Louis Vuitton the first to offer traceability of coloured stones.
Louis Vuitton’s iconic LV Monogram Flower is the chosen theme. The symbol was designed by Louis Vuitton’s son Georges in 1896 in memory of his late father. The flower is portrayed in gold and diamonds with a large center ruby in earrings that complement a high collar, transformable necklace set with 52 rubies framed with an intricate, woven mesh of carved gold flowers. Among the collection’s most complex creations, the Splendeur necklace required the workmanship of 17 setters and 30 jewellers, who spent a total of 3,217 hours on its creation.
Louis Vuitton’s passion for travel is explored in the Vision necklace, which plays on the rivets of Louis Vuitton trunks. Crafted in platinum, yellow gold, diamonds, and yellow sapphires, the disruptive design interlaces V-shaped structures, highlighted with two octagonal-cut yellow sapphires measuring 13.47 carats and 11.79 carats. The piece occupied five jewellers, who mounted and set the necklace section by section over the course of 2,504 hours.
The masterpiece of the entire collection is the Cœur de Paris, the most expensive high-jewellery piece the maison has ever produced.
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Courtesy of Louis Vuitton
The necklace pays homage to the Eiffel Tower, which was unveiled to the world at the 1899 Exposition Universelle as a beacon of modernity and ingenuity. The Cœur de Paris offers a new perspective on the structure, as if you are viewing it from underneath looking up. Pink gold rods embrace a grid of baguette settings and diamond-lit arrows, which frame the jewel’s centrepiece: a captivating 56.23-carat diamond christened the Cœur de Paris. The collection’s rarest and most important master stone radiates a unique colour with an intense pink hue complemented with unusual tones of orange and brown. It is set in a medallion that can be detached to wear as a brooch.
The centrepiece dangles from a 5.73-carat LV Monogram Star-cut diamond interlinked with 26 LV Monogram Star-cut diamonds in an opulent rivière creation that is a first for the house. A companion ring features a complementary 12.67-carat, museum-quality diamond that emanates a fancy deep, brownish pink and orange hue.
“Awakened Hands, Awakened Minds tells a story that’s very close to who we are,” Amfitheatrof said. “By showing this mixture of craftsmanship, engineering, invention, and bravery, we are really talking about Louis Vuitton. … we couldn’t celebrate in a better way.”
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Multinationals like Starbucks and Marriott are taking a hard look at their Chinese operations—and tempering their outlooks.
For years, global companies showcased their Chinese operations as a source of robust growth. A burgeoning middle class, a stream of people moving to cities, and the creation of new services to cater to them—along with the promise of the further opening of the world’s second-largest economy—drew companies eager to tap into the action.
Then Covid hit, isolating China from much of the world. Chinese leader Xi Jinping tightened control of the economy, and U.S.-China relations hit a nadir. After decades of rapid growth, China’s economy is stuck in a rut, with increasing concerns about what will drive the next phase of its growth.
Though Chinese officials have acknowledged the sputtering economy, they have been reluctant to take more than incremental steps to reverse the trend. Making matters worse, government crackdowns on internet companies and measures to burst the country’s property bubble left households and businesses scarred.
Lowered Expectations
Now, multinational companies are taking a hard look at their Chinese operations and tempering their outlooks. Marriott International narrowed its global revenue per available room growth rate to 3% to 4%, citing continued weakness in China and expectations that demand could weaken further in the third quarter. Paris-based Kering , home to brands Gucci and Saint Laurent, posted a 22% decline in sales in the Asia-Pacific region, excluding Japan, in the first half amid weaker demand in Greater China, which includes Hong Kong and Macau.
Pricing pressure and deflation were common themes in quarterly results. Starbucks , which helped build a coffee culture in China over the past 25 years, described it as one of its most notable international challenges as it posted a 14% decline in sales from that business. As Chinese consumers reconsidered whether to spend money on Starbucks lattes, competitors such as Luckin Coffee increased pressure on the Seattle company. Starbucks executives said in their quarterly earnings call that “unprecedented store expansion” by rivals and a price war hurt profits and caused “significant disruptions” to the operating environment.
Executive anxiety extends beyond consumer companies. Elevator maker Otis Worldwide saw new-equipment orders in China fall by double digits in the second quarter, forcing it to cut its outlook for growth out of Asia. CEO Judy Marks told analysts on a quarterly earnings call that prices in China were down roughly 10% year over year, and she doesn’t see the pricing pressure abating. The company is turning to productivity improvements and cost cutting to blunt the hit.
Add in the uncertainty created by deteriorating U.S.-China relations, and many investors are steering clear. The iShares MSCI China exchange-traded fund has lost half its value since March 2021. Recovery attempts have been short-lived. undefined undefined And now some of those concerns are creeping into the U.S. market. “A decade ago China exposure [for a global company] was a way to add revenue growth to our portfolio,” says Margaret Vitrano, co-manager of large-cap growth strategies at ClearBridge Investments in New York. Today, she notes, “we now want to manage the risk of the China exposure.”
Vitrano expects improvement in 2025, but cautions it will be slow. Uncertainty over who will win the U.S. presidential election and the prospect of higher tariffs pose additional risks for global companies.
Behind the Malaise
For now, China is inching along at roughly 5% economic growth—down from a peak of 14% in 2007 and an average of about 8% in the 10 years before the pandemic. Chinese consumers hit by job losses and continued declines in property values are rethinking spending habits. Businesses worried about policy uncertainty are reluctant to invest and hire.
The trouble goes beyond frugal consumers. Xi is changing the economy’s growth model, relying less on the infrastructure and real estate market that fueled earlier growth. That means investing aggressively in manufacturing and exports as China looks to become more self-reliant and guard against geopolitical tensions.
The shift is hurting western multinationals, with deflationary forces amid burgeoning production capacity. “We have seen the investment community mark down expectations for these companies because they will have to change tack with lower-cost products and services,” says Joseph Quinlan, head of market strategy for the chief investment office at Merrill and Bank of America Private Bank.
Another challenge for multinationals outside of China is stiffened competition as Chinese companies innovate and expand—often with the backing of the government. Local rivals are upping the ante across sectors by building on their knowledge of local consumer preferences and the ability to produce higher-quality products.
Some global multinationals are having a hard time keeping up with homegrown innovation. Auto makers including General Motors have seen sales tumble and struggled to turn profitable as Chinese car shoppers increasingly opt for electric vehicles from BYD or NIO that are similar in price to internal-combustion-engine cars from foreign auto makers.
“China’s electric-vehicle makers have by leaps and bounds surpassed the capabilities of foreign brands who have a tie to the profit pool of internal combustible engines that they don’t want to disrupt,” says Christine Phillpotts, a fund manager for Ariel Investments’ emerging markets strategies.
Chinese companies are often faster than global rivals to market with new products or tweaks. “The cycle can be half of what it is for a global multinational with subsidiaries that need to check with headquarters, do an analysis, and then refresh,” Phillpotts says.
For many companies and investors, next year remains a question mark. Ashland CEO Guillermo Novo said in an August call with analysts that the chemical company was seeing a “big change” in China, with activity slowing and competition on pricing becoming more aggressive. The company, he said, was still trying to grasp the repercussions as it has created uncertainty in its 2025 outlook.
Sticking Around
Few companies are giving up. Executives at big global consumer and retail companies show no signs of reducing investment, with most still describing China as a long-term growth market, says Dana Telsey, CEO of Telsey Advisory Group.
Starbucks executives described the long-term opportunity as “significant,” with higher growth and margin opportunities in the future as China’s population continues to move from rural to suburban areas. But they also noted that their approach is evolving and they are in the early stages of exploring strategic partnerships.
Walmart sold its stake in August in Chinese e-commerce giant JD.com for $3.6 billion after an eight-year noncompete agreement expired. Analysts expect it to pump the money into its own Sam’s Club and Walmart China operation, which have benefited from the trend toward trading down in China.
“The story isn’t over for the global companies,” Phillpotts says. “It just means the effort and investment will be greater to compete.”
Corrections & Amplifications
Joseph Quinlan is head of market strategy for the chief investment office at Merrill and Bank of America Private Bank. An earlier version of this article incorrectly used his old title.