Cahier 2019-06| Titre : | Luxury relying on banking and finance (19th-21st centuries) | | Résumé : | Luxury-specific production systems have expanded through upstream-downstream integration, from commodities (silk, precious metals, etc.) to processing industries and luxury houses themselves. Banks financed companies, trade, foreign exchange and flows of means of payment. Starting in the 1980s, business bankers supported companies building a capitalism of luxury firms: they helped them to integrate the game of financial markets. For managers of companies in the luxury sector, the challenge has always been to create strong self-financing capacities in order to be able to distribute dividends ensuring the loyalty of family shareholders, finance investments (workshops, shop networks), and contain indebtedness. When tensions were encountered, the dependence on bankers and investors, in the event of a stock exchange listing, often led to the takeover of control by leading groups. | | Mot(s) clé : | Luxury, family business, Bernard Arnault, François Pinault, investment banking, cash-flow, capitalistic restructurings | | Title: | Luxury relying on banking and finance (19th-21st centuries) | | Abstract: | Luxury-specific production systems have expanded through upstream-downstream integration, from commodities (silk, precious metals, etc.) to processing industries and luxury houses themselves. Banks financed companies, trade, foreign exchange and flows of means of payment. Starting in the 1980s, business bankers supported companies building a capitalism of luxury firms: they helped them to integrate the game of financial markets. For managers of companies in the luxury sector, the challenge has always been to create strong self-financing capacities in order to be able to distribute dividends ensuring the loyalty of family shareholders, finance investments (workshops, shop networks), and contain indebtedness. When tensions were encountered, the dependence on bankers and investors, in the event of a stock exchange listing, often led to the takeover of control by leading groups. | | Keyword(s): | Luxury, family business, Bernard Arnault, François Pinault, investment banking, cash-flow, capitalistic restructurings | | Auteur(s) : | Hubert BONIN | | JEL Class.: | N14, N24, N80, 016 | Télécharger le cahier Retour à la liste des Cahier du GRETHA (2019) |
|
