Pop Quiz | Thomas Tait, Coloured Gems, LVMH

You can find the correct answer and detailed explanation for each question immediately following the question (simply highlight to read), along with all the answers at the end of the quiz. Good luck!

Question 1: Which of the following jewellery companies developed the first formal grading system for coloured stones?

a. Gemfields

b. Tiffany & Co.

c. De Beers

d. Van Cleef & Arpels

Answer 1: Choice (a) is correct. While Gemfields promotes itself as a source of ethically mined gems, its biggest impact has been the development of the first formal grading system for coloured stones. “We’ve developed a grading system for rough emeralds and rubies with 400 different grades covering colour, clarity, weight and so on… It is helping bring gemstones back because it’s more consistent,” explained Gabriella Harvey, director of cut and polished stones for the London-based gemstone company Gemfields.

Question 2: Which of the following fashion leaders does Sophia Amoruso of Nasty Gal call regularly for business advice?

a. Neil Blumenthal of Warby Parker

b. Andy Dunn of Bonobos

c. Mickey Drexler of J.Crew

d. Sir Philip Green of Topshop

Answer 2: Choice (c) is correct. “Sophia has a major amount of chutzpah,” is how J.Crew CEO Mickey Drexler puts it, citing this as one reason he took Sophia Amoruso’s initial call. “She’s forthright, she says what she thinks, she argues,” he says. “Sometimes she doesn’t listen that well, but other times she listens very well. I like her brain and I like her follow-up and I like her vision.” They met when Amoruso chased him down at a conference and asked for his number. Drexler thought it might be fun to talk with her, so he did, and he was right. They kept talking.

Question 3: The word _____ best describes LVMH’s approach to talent development.

a. ‘perspectives’

b. ‘savoir-faire’

c. ‘creativity’

d. ‘mobility’

Answer 3: Choice (d) is correct. Chantal Gaemperle, Group EVP of Human Resources and Synergies at LVMH, recently shared that, “Mobility is key… As a young professional you may
be joining Sephora, but, one day, you could be the head of Fred – a small jewellery brand with great potential. It’s aspirational, it’s great!”

Question 4: Now that Thomas Tait has won the inaugural LVMH Prize, his first priority is to focus on:

a. generating publicity for his collections

b. producing his collections in an efficient manner

c. branding his collections with strategic use of logos

d. establishing his own retail outlets

Answer 4: Choice (b) is correct. Thomas Tait recently shared: “The first priority without a doubt is making sure my production is run as smoothly as possible and that I get the goods in store as early as possible and that will have a knock-on effect where sales will increase and margins will increase and hopefully production costs will decrease.”

Question 5: Who said: “I was a feminist in the sixties. Can you imagine? The worst thing I could have done was to be in fashion?”

a. Adrienne Vittadini

b. Consuelo Castiglioni

c. Miuccia Prada

d. Donna Karan

Answer 5: Choice (c) is correct. “I was a feminist in the sixties,” stated Miuccia Prada in 2012. “Can you imagine? The worst thing I could have done was to be in fashion.”

Question 6: ____ is to Real Madrid and ____ is to Arsenal.

a. Adidas, Puma

b. Nike, Adidas

c. Adidas, Nike

d. Nike, Puma

Answer 6: Choice (a) is correct. Adidas is a sponsor of Real Madrid C.F., and Puma is a sponsor of Arsenal F.C.

Question 7: In the luxury sector, online transactions amount to ___ of total sector sales.

a. 1 percent

b. 3 percent

c. 8 percent

d. 15 percent

Answer 7: Choice (c) is correct. According to Jordy Leiser of Stella Service, online transactions amount to 8 percent of the luxury sector’s sales.

Question 8: David Giroire, founder of the Paris-based David Giroire Communication, believes ____.

a. that luxury firms should wholeheartedly embrace all social media platforms

b. that the luxury customer would like to belong to a brand and embrace the brand identity

c. that the word ‘luxury’ is still underrated

d. that luxury is a reflection of high price

Answer 8: Choice (b) is correct. David Giroire recently stated, “The word luxury is often overrated. Luxury is not about high prices, but more about personal and cultural values.” He continues, “For the customer, it was not just about buying luxury goods, it was about belonging to a brand and embracing the brand identity.”

Question 9: All of the following are true statements about Thomas Tait EXCEPT:

a. He designs both womenswear and menswear.

b. He has, to date, one full-time employee.

c. All of his collections have been produced in London.

d. Raf Simons really liked his sketches during the LVMH Prize interview.

Answer 9: Choice (d) is correct. Thomas Tait shared with BoF, “Karl Lagerfeld really liked the sketches that I had done as an example of how I worked illustratively. And then Raf [Simons] had a couple of questions that were laced with comment, so it didn’t necessarily feel too much like an interrogation. I think Raf was explaining that he knows that what I do is quite creative and I sort of design with a world around what I do so it’s not necessarily just product design.”

Question 10: At LVMH, approximately how many key positions are filled with internal candidates?

a. 10 percent

b. 33 percent

c. 50 percent

d. 66 percent

Answer 10: Choice (d) is correct. Chantal Gaemperle, LVMH’S Group EVP of Human Resources and Synergies recently shared, “People see that at LVMH mobility is not only a promise, it’s happening. Two jobs out of three, in our key positions, are filled internally.”

Answer Key: 1. (a) 2. (c) 3. (d) 4. (b) 5. (c) 6. (a) 7. (c) 8. (b) 9. (d) 10. (d)

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