The European Commission recognizes the strategic importance of the high-end industries
Important days for Europe’s luxury sector. The European Commission has adopted “Cultural and Creative Sectors for creative growth in the EU” political action plan. This policy strategy qualifies cultural and creative business models, such as the luxury industry, as strategic sectors for European growth and employment.
“The European Commission recognizes the strategic importance of the high-end industries, which rely on a strong cultural and creative input, and significantly contribute to the creation of growth and jobs in Europe. LVMH is a good example of what creative passion can achieve for international reach, sustainable investment and transmission of know how,” explained Commissioner for Education and Culture Androulla Vassiliou.
Luxury groups, including the French multinational luxury conglomerate LVMH (LVMH Moët Hennessy) , hope that strategy will be the first step towards shaping the right policy environment for companies that create jobs and growth in Europe.
“LVMH welcomes the European Commission’s recognition of the importance of the high-end sector for the European economy. Such an integrated political approach would allow it to fully develop its potential for employment, through for example vocational training for luxury métiers, and growth, in particular through market access to third countries and the welcoming of tourists in Europe.” stated the luxury giant in a official statement.