“However, over time, wealth accumulation in the service of a wider range of ruling elite objectives, such as self-enrichment, political control, regime survival, and social engineering, became an end in itself,” the Clingendael think tank said in an October report. “What began as vehicles for social justice evolved into corporate-style conglomerates that were shielded from oversight and yet central to the power base of the revolutionary state.”
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Bernard Arnault, LVMH's chairman and chief executive, said at the earnings briefing that while the environment remained uncertain, the group was confident about its long-term prospects.