Artificial Intelligence: LVMH Ties With Google Cloud For AI-Powered Experiences At Maisons Luxury Brands
The objectives are demand forecasting, inventory optimization, and personalizing customer experiences.
LVMH (EPA: MC) announced today its tie-up with Google (NASDAQ: GOOGL) Cloud for the development of cloud-based AI solutions. LVMH and Google Cloud will work together and deploy the latter’s cloud technology and AI/ML tools for every part of the value chain at LVMH – from product development to supply chain, to the interfaces with employees, partners, and customers. (CISION PRNewswire).
The solutions will be deployed to assist Maisons’ employees to improve business operations, elevate customer experiences, all the while protecting LVMH’s privacy and security. Google will also create AI upskilling programs for the luxury group’s teams and establish a Data and AI Academy in Paris to enhance their expertise and innovation in this technology. It will also help modernize LVMH’s IT infrastructure.
High ambitions in AI
“This new, unprecedented and significant partnership with Google Cloud is the reflection of our high ambitions in this area. By combining our best-in-class approaches in our respective industries, it will take us a step forward in the use of data and AI. For us, privacy, personalization, and luxury are synonymous, and that will always remain true. The new opportunities offered to our customers are exactly what our talented teams are working for at LVMH: a unique and unforgettable experience,” said Toni Belloni, Group Managing Director, LVMH.
Franck Le Moal, IT director for the luxury retailer, revealed to WWD that the pandemic forced the luxury industry to shift to an omnichannel format virtually overnight. Meanwhile, LVMH brands Sephora, Louis Vuitton, and Dior had already taken the lead in the group by deploying ML for various applications.
“We thought that if we are able to do such things with these three labels, we must be capable of doing something through a significant investment at the group level, with the technological means, talent, a center of expertise, global data computing, we can offer these services and accelerators in the other houses,” the executive said to WWD.
Related Story: IBM Study Finds The Pandemic Accelerated AI’s Rollout
Image Credit: LVMH
Latest Alternative Investment News
The $110 million comprised both debt and equity capital. Zilch, the UK-based BNPL platform has raised an additional $110 million from Goldman Sachs and DMG Ventures. The funding is part…
A market survey by alternatives technology provider Vidrio Financial shows that fears of inflation have helped move substantial fund allocations during the first half of 2021 to alternative assets such…
Global X, the New York-based ETF provider and subsidiary of $560 billion investment manager Mirae Asset, has filed with the SEC for permission to launch a bitcoin ETF titled the…
Four news bites that show cryptos are hanging on, recent crashes notwithstanding. From bitcoin ATMs to crypto FOMO, here goes….