At the end of 2016, LVMH bought 80% of Rimowa for $716 million, and Alexandre Arnault, LVMH chairman Bernard Arnault’s son, was named co-CEO. Since then, Arnault has gone on a spending spree, hiring three different agencies to create Rimowa’s new identity and website, pursuing dozens of collabs with brands it aspires to emulate, remodeling or building over a dozen new stores, hiring influencer after influencer and celebrity after celebrity, and buying loads of print, digital and out-of-home advertisements.

Remaking a brand, let alone one that needs to be relevant in today’s landscape, is neither easy nor cheap. But the degree to which Rimowa and by extension Arnault has flexed LVMH’s financial muscle goes unmatched. LVMH doesn’t break out financial figures by brand, so there is no public record of its expenditures. But the quality of Rimowa’s creative, the breadth of its footprint and the global nature of its ambitions make it likely that the company has easily spent an estimated $100 million over the past two and a half years on these investments with no signs of stopping, bringing the total with the original purchase to around $1 billion. This is on top of the cost of running the company, especially during a time when it’s cut most of its wholesale relationships—a major source of its former revenue—in the hopes of building its direct-to-consumer business.

The company has spent an immense amount of money so far but it still has a lot more to invest in. At the end of last year, it was not running any ads on Facebook or Instagram, but in Q1 2019 it ran 19 different ads in the U.S., 11 in Japan, and seven each in the UK, France and Germany—all major focus areas for the company, according to our Q4 2018 and Q1 2019 Megaphone Reports. It also has remodeled only 7% of its 176 stores, further costs that could require another potential $150 million given the high-quality of Rimowa’s stores and the high-impact locations where they are located. Even if some landlords subsidize this (and in the case that LVMH owns some of these buildings, it is moving money from one pocket to another), the costs are still high.

But will any of this ever pay off?

It’s probable that Rimowa’s sales have increased as a result of these investments, as the changes have generally been well received and the brand is operating at a luxury level. But it would be very surprising if they have moved the needle more than tens of millions of dollars. Rimowa had $444 million in annual revenue in 2016, the year LVMH purchased the company. Cutting all of the wholesale accounts likely put a big dent into this number, since it was a big sales channel for the brand (it previously had no global ecommerce website). All of the recent investments could have potentially made up for some of the wholesale losses, if not all of them. But that would bring the brand’s revenue back to around where it was a few years ago—potentially a bit higher—even though it has spent tens of millions of dollars investing in the future, not to mention the three quarters of a billion dollars LVMH spent acquiring the brand.

From a pure sales perspective, the brand has a long way to go before these investments pay off. But that might not be LVMH’s only goal. The company spins off a lot of cash and reinvesting it into businesses allows it to defer the taxes it will pay on that money, so much of it is found money in some form. Through another lens, if the aim is to train Arnault to be the next CEO of the entire conglomerate, spending a billion dollars to train someone to take over the reins of a $53 billion dollar-plus company is a fair trade. LVMH plays the long game normally, and long-term investing is key to doing so. But at a certain point, a company has to calculate when a brand overhaul has gone too far to make financial sense, especially if the path to daylight remains distant. While the true financial picture at Rimowa is rather opaque, common sense illuminates that there is still a mountain to climb.