Steve Jobs Once Consulted Bernard Arnault When Apple Was Opening Its First Retail Store: French Luxury Ty

　　French luxury mogul Bernard Arnaulton Friday disclosed that the late Steve Jobshad once sought his counsel on the retail strategy for AppleAAPL, despite skepticism from industry rivals.

　　What Happened: While appearing on CNBC, Arnault reminisced about a conversation with Jobs when Apple was considering the launch of its first retail store. The late Apple co-founder intrigued by Arnaults success with the luxury brand Vuitton, sought his views on the venture.

　　Arnault said that he suggested Jobs inaugurate the first Apple store at a prime location, hinting at emulating Vuittons strategy. The first Apple store was launched in Tokyo, directly across a Vuitton outlet on Ginza, and it turned out to be a massive success.

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　　Arnault said that Michael Dell, the founder of Dell Technologies, had expressed reservations about Apples direct retail strategy. “It proved to be a fantastic success. When, at the time, many of his competitors, I remember Dell, for instance, saying it would never work, these direct shops,” he stated.

　　During their interaction, Jobs also acknowledged the durability of Arnault‘s products, contrasting it with the unpredictability of the tech industry’s success over time.

　　“He was very smart, obviously, and very creative also. But he told me, ‘You know, I like your products. And you have an advantage on me.’ I said, ‘Well, which one？’ I don't know if my iPod will still be successful in 10 years. But what I know is your Dom Perignon will be sold in a century,'” Arnault said.

　　.@LVMH Chairman and CEO Bernard Arnault on speaking with Steve Jobs when Apple was thinking about opening its first retail store:

　　Why It Matters: Bernard Arnaults advice to Steve Jobs came from his extensive experience in the luxury retail sector. His success with Vuitton is a testament to his understanding of the retail landscape.

　　The French luxury mogul currently has a net worth of $188 billion, making him the third wealthiest individual in the world, according to the Bloomberg Billionaire Index. However, Arnaults fortune has seen a significant drop recently.

　　Earlier this week, it was reported that nearly half of Arnault's wealth is tied to his stake in LVMH-Moët Hennessy Louis Vuitton, which saw a nearly 5% decline in over-the-counter shares after earnings fell short of expectations.