AOC awoke Saturday morning to news that LVMH has set in motion the acquisition of Belmond Hotels. “Belmond, a fast-growing company based in London, offers its wealthy customers some of the most opulent travel experiences money can buy in settings like the Hotel Cipriani in Venice, the Copacabana Palace in Rio de Janeiro and Orient Express trains connecting major European cities,” wrote The New York Times.
LVMH, the world’s largest luxury company based on revenues from brands like Christian Dior, Louis Vuitton and Fendi, offered to pay $25 a share for Belmond, a premium of more than 40 percent on the company’s closing price, in a deal valued at $2.6 billion.
The deal emphasized the limitless financial resources available to the world’s very rich customers. as well as the ongoing move away from buying ‘things’ and the growing appetite for ‘experiences’. This transition to the value of ‘experiences’ is pronounced among the entire younger generation, regardless of income, and dovetails well with their environmental concerns over accumulating more stuff.
Perhaps it was no coincidence that Friday’s Porter Edit had a sponsored post from Belmond Africa, based in South Africa and Botswana. The luxury hotel jumping off point gave us an opportunity to update the hot topic of the well-being of Botswana’s elephants, the largest elephant population in Africa and one that has been relatively stable until disputed reports of almost 90 dead elephants hit headlines in September.