Jean-Marc Loubier on steering Delvaux to new luxury heights

Leading Delvaux is Jean-Marc Loubier, a seasoned, razor-sharp CEO with a distinguished luxury track record. After discovering, acquiring and awakening the 195-year-old Belgian ‘sleeping beauty,’ he’s steering it to new heights after selling it to industry giant Richemont in 2021. Before Delvaux, Loubier helmed various prestigious houses. As president and CEO of Celine, and CEO at Escada, he was pivotal in enhancing the brands’ global appeal. An earlier tenure as executive vice president at Louis Vuitton was notable for his instrumental role in the brand’s entry into China, setting the stage for what would become a pivotal market for luxury goods. The move proved to be a cornerstone of global luxury growth, pioneering a robust China presence for LV, but also setting a benchmark for other Western luxury labels seeking to break into Asia. In the early 1990s, this marked the genesis of the continent’s luxury boom. Loubier has since demonstrated a deft understanding of the ever-changing luxury market, and such experience matters most in times of uncertainty. Delvaux, the oldest fine leather goods house in the globe, is by far his most personal project. He emphasizes the brand’s unparalleled craftsmanship and modern design sensibilities. Under his guidance, Delvaux has not only celebrated its rich Belgian roots, but also embraced ambitious international expansion in strategic markets like China and the Middle East. Positioned as a paragon of timeless luxury and innovation in the highly competitive leather accessories sector, Delvaux now captivates a global audience of those in the know. Jing Daily: You discovered Delvaux in the mid 1990s in Japan, where you saw an interestingly shaped “Le Brillant” bag. How did you end up acquiring the brand? Jean-Marc Loubier: On that Ginza trip, I was attracted by something very specific, very different from all the surroundings. But then I never saw a Delvaux again for years. It was when I created First Heritage Brands with Asian partners that we had the angle to be a small investment company that would give value to brands that could potentially become international successes. We were interested in small companies in turmoil, but which could have an interesting statement and potential. Delvaux was almost disappearing, nearly bankrupt; up for sale. You needed to see that this brand could become very interesting, you needed to have the courage for it because it was a very small label in a world of big brands. And you need to interpret what the company has been in the past, to try to write a story, which can be attractive for people now who don’t need one more bag. JD: It was Delvaux’s unique history and legacy that sealed the deal for you? JML: To be unique is not sufficient, you know, cemeteries are full of unique things, museums are full of unique things. When you are in charge of a company, you’re not in charge of a museum. When you are selling bags at 5,000 euros ($5,461) or 6,000 euros ($6,553), there must be a reason for people to be ready to pay for that. So, you need to prepare all these elements to go further on the journey; we have to put in the energy to do it. Then you propose a reference portfolio that has very strong statements that people can relate to: that we are the oldest handbag company always in activity from designing to manufacturing since 1829. We were the first one in the world to patent luxury leather handbags in 1908.... and in a few years we are going into our third century. That means we are a pioneer, and we are an inventor. So, then you start giving the direction, which is going to help you define every moment in the life of the company. JD: What is the ambition with Delvaux? JML: I don’t want to be a fashion company. I don’t want to be a usual luxury company. I just want to be Delvaux. I want to be the reference with this core business of the excellence of leather – the architect of leather. Delvaux is not just a maison, it is a brand. A maison is just legacy, a brand is a philosophy for the future. JD: What was your strategy for Delvaux’s global expansion and why start in Asia? JML: At that time, there was a kind of soft power in South Korea, for the whole of Asia; I was able to go on to prepare ground in China and then also Japan. I created a kind of base for us where we could grow in order to be able to invest in the second term, where we went to other European countries and to America. My first American store was in 2019, but I bought Delvaux in 2011. You know, when I bought the company, 98% of the sales were to Belgian people. Now, we are 90% outside of Belgium. We grew a lot. But in terms of scale in the industry, we’re small, but we are meaningful. That’s why there is a nice future in front of us. But it won’t come by chance. As a businessman, you need to do it step by step, but making sure each step is solid. Our newest path is the Middle East. I opened my first Delvaux store there two years ago. JD: Why do Chinese clients have such a strong connection to Delvaux? JML: Because they are proud to be among the first people to discover Delvaux. So, it’s very important they were pioneers among the elite and they feel acknowledged by the brand. We have also tried to be different in our retail network in China. Beijing is a good example – we have two very different stores (SKP and Wang Fu Central) in Beijing that are very interesting. And I have my people working in small circles. It’s really a close connection. Its proximity, its value, and valuing each element of contact – I think Chinese people are receptive to that. JD: Why is each Delvaux boutique designed differently? JML: Yes, they look different, but the philosophy is always there. Okay. I conceived my stores as a bridge between Brussels to the place we are opening, whether it’s Omotesando in Tokyo or Fifth Avenue in New York. The stores are the bridge to the culture and the Delvaux universe. In these stores, you are in touch with design, the history of design, but not just with the past, with the present moment and the future. There’s a dialogue there with different worlds. That pollination is in play today. There are design elements, furniture, which are like a beautiful platter on which you can apply the philosophy of Les Arts Decoratifs. But it is at the service of a mission, which is a store, and a store needs to sell. JD: How have your previous roles informed how you lead Delvaux? JML: When I bought Delvaux in 2011, luxury was already a very mature industry. The approach was very important to understand why people are buying luxury, the kind of products they buy, who they are, where they are from. China was already a country with many interesting shopping moments, but there was also Korea, a bigger part in the States – it was very dynamic everywhere. And today it’s different. In life, when you want to be active and understand what's going on, you need to understand the past, but crave the future, and digest everything at the very moment. The temptation is to stick to what you have been doing before, because it’s clear, concrete, easy to assess, and it’s easy to rewrite. If you just do that, you have problems: repeating means being late. It’s not attractive. With Delvaux, clearly it is not Louis Vuitton – maybe it’s a tautology, but it’s not just a question of size, it’s a question of the idiosyncrasy of the company, the surroundings, the luxury landscape. When I arrived at Louis Vuitton, a long time ago, the company was not as big as it is now, but already very big and successful and developing. But it was still a new world, mostly at that time in Europe, the States, and Japan was the North Star at that time. It’s so different now. JD: The luxury industry faces numerous challenges like economic headwinds. What are your thoughts on how to tackle this? JML: It was not easy when I started in China. Nobody could buy [luxury] at the time. I remember people laughing at me because I was going to China in 1991, 1992. They couldn’t understand why I was going, when people there couldn’t buy ... I think it’s short-sighted when people say that with all these current [luxury] crises, the Chinese market is finished. You need to think about how to assess the situation in China. Is it easy? No. It’s difficult for everybody! And anyone who tells you it isn’t – rubbish. People considered the Japan market as dead five years ago, and now they all want to open stores in Japan again, because they see tourism. And what will they do when tourism slows in Japan? Because it will. As a business you need to have a very precise line of conduct … and on that, there will be bumps. You need to accept the complexity of the world. We are no longer in just accumulation mode, and that is the problem of fast fashion, but there is still a need in the world for enjoyment, a need to be in front of beauty. This interview has been edited and condensed for clarity and brevity. Jing Daily presents Jing Masterminds — a regular, exclusive interview series profiling today’s most iconic names in art, fashion, commerce and culture. Delving deep into their personal journeys, creative processes, business strategies and societal impacts, the series offers readers an intimate look at the lives and minds shaping our industries.

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Jean-Marc Loubier on steering Delvaux to new luxury heights