in , ,

France’s Richest Man Invests in Botswana

| How Africa NewsThe spirited campaign by some conservationists against the Government of Botswana regarding the proposed lifting of the hunting ban seems to be bearing positive results for the Botswana tourism.

Some of the conservationists have called upon tourists and investors to boycott Botswana tourism sector as the country wanted to wipe out elephants; this is despite Government’s constant denial.

One of the first investors to defy the ‘sabotage Botswana campaign’ is France’s richest man and his family Bernard Arnault who have chosen Botswana for their first hospitality business investment in Africa.

The LVMH Group – which owns luxury brands such as Louis Vuitton, Christian Dior and Givenchy – led by Arnault has been given a green light by the Competition Authority of Botswana to operate their first safari business in Africa.

Arnault, who recently made international news headline after he pledged over P2 billion (€200 million) to help rebuild the Notre Dame Cathedral which was gutted by fire recently, has entered the safari lodges business in Africa.

They have acquired Belmond Eagle Island Lodge which is situated in the Okavango Delta in Xaxaba Island and one of the most sought after lodges by the Europeans billionaires.

LVMH, which is a holding company, mainly operates in the production and sale of luxury goods through a portfolio of 70 luxury brands and over 4500 points of sale worldwide.

The LVMH is indirectly controlled by the Arnault Family Group through Groupe Arnault SEDCS and has also been given green-light to also acquire Belmond Khwai Lodge a lavish tented camp on the Kwai River in the Delta floodplains. It was opened in 1971 by Harry Selby and was one of the first lodges to promote safaris with a conservation ethos.

The French group also produces Moet champagne and Hennessy.

In an interview Minister of Environment, Wildlife and Tourism Kitso Mokaila said that he is not aware of the transaction but it could signal a good sign for the country.

“We are really in need of direct foreign investment and if this transaction goes through it could not only benefit the tourism sector but the country as a whole,” he said.

Mokaila emphasized that their focus is to ensure that communities living in the tourism areas play a key role in driving the sector. LVMH Group has an accelerator programme for 50 international start-up businesses.

Who is Bernard Arnault?

He is regarded as the pope of fashion as he is the richest man in that industry with his net worth standing at $70 billion (P700 billion).

He was born in March 1949 in Roubaix in Northern France and regarded as an arts lover. He turned around Christian Dior and built a luxury brand empire worth billions.

In late 2018, LVMH announced that it had acquired luxury hotel, train and river cruise company Belmond for $3.2 billion (£2.5bn). Belmond, formerly known as Orient-Express, was established more than 40 years ago with the acquisition of Hotel Cipriani in Venice and has a portfolio of 46 hotels, restaurants, and rail and river cruise experiences.

Written by How Africa

Leave a Reply

Your email address will not be published. Required fields are marked *

2 × three =

| How Africa News

Africa Has Potential to Become Net Exporter of Agricultural Commodities – AfDB

| How Africa News

Prince Harry and Meghan Plan to Relocate to Africa After Baby’s Birth – Reports