Representative image The wealth of France’s luxury and cosmetics titans swelled to unprecedented heights during the pandemic era, when consumers snapped up pricey handbags, gowns and grooming products. Now, three of the country’s biggest billionaires – Bernard Arnault, Francoise Bettencourt Meyers and Francois Pinault – are seeing their fortunes dwindle as restraint replaces indulgence. The…
Representative image French luxury giant LVMH reported a 3% fall in third-quarter sales on Tuesday, undershooting estimates in its first decline in quarterly sales since the pandemic as demand in China and Japan weakened, likely exacerbating investor worries. The world’s biggest luxury group generated 19.08 billion euros ($20.8 billion) in revenue for the three months…
Representative image Investors in French luxury group LVMH are eager for signs that China’s new fiscal stimulus measures can finally pull wealthy and middle-class Chinese shoppers out of their funk, inspiring them to splash out on $4,300 designer leather handbags ahead of Singles Day, China’s largest annual shopping spree. Global luxury bellwether LVMH, whose portfolio…
A hardnosed Chinese communist boss okays some policies, and an art-collecting French billionaire gets even richer. Weird? Not at all. Globally, the big money stuff often works like this.The link is demand. And it worked like this: Xi signed off on a stimulus package for China, which, by its own record-breaking standards, is currently an…
Representative image LVMH‘s second-largest fashion brand Dior was until last month behind on disclosures required by UK law about working conditions in its supply chain, and made outdated statements on its website of a third-party certification that it terminated more than a year ago, Reuters has found. In Britain, the Modern Slavery Act of 2015…
The luxury market, once a bastion of steady growth, is experiencing an unprecedented downturn. This decline has been starkly illustrated by the recent financial results of LVMH Moet Hennessy Louis Vuitton SE, a leader in the luxury goods sector. The slowdown in luxury spending, especially from key markets like China, has raised concerns about the…
The world’s largest luxury group, LVMH, said Tuesday its half-year net profit slid 14 percent amid an uncertain geopolitical and economic environment. The drop in profit to 7.26 billion euros ($7.88 billion) was accompanied by a one-percent dip in sales to 41.68 billion euros by the group whose brands include Louis Vuitton, Dior, Celine and…
Luxury retailers in European cities outside France are jockeying for business from deep pocketed tourists this summer, betting on a surge in visitors avoiding crowds and street closures in Paris during the Olympic Games. “Paris will probably be slow,” with cities like London, Milan or Barcelona likely seeing a lift in traffic during the event,…
PARIS: Luxury goods group LVMH posted a 10% rise in fourth-quarter sales on Thursday, as growth edged up from the previous quarter, driven by resilient demand – including from Chinese buyers – for its high-end fashion over the all-important end-of-year period. Sales at the world’s biggest luxury group, which owns labels, including Louis Vuitton, Dior…
ZURICH: Cartier owner Richemont enjoyed a surge in sales in China in its latest quarter, signalling on Thursday the resilience of the high end of the luxury market and sending shares of the Swiss watch and jewellery maker sharply higher. China’s cooling economy and ongoing property crisis have been a worry for the sector which…
