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☆ LVMH may have to settle for a more humdrum future
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The disappointing results knocked 6% off LVMH stock on Wednesday and dragged down rivals Richemont (CFR.S) and Kering (PRTP.PA) which also fell about 3%. That may compound investor worries about an overall slowdown of the company that’s behind Louis Vuitton and Christian Dior (DIOR.PA). And China’s economic slowdown and a possible U.S. recession make their future even more uncertain. LVMH is trading at 20 times its expected 2023 earnings after Wednesday's fall. If the less exuberant times keep rolling, LVMH may find itself settling for an even less luxurious valuation.

Persons: Richemont, Bernard Arnault’s, Louis Vuitton, Christian Dior, Karen Kwok, Aimee Donnellan, Streisand Neto Organizations: Reuters, UBS, Hermès, Reuters Graphics Reuters, Qantas, Thomson Locations: Asia, Japan, Brussels

☆ Birkenstock walks tightrope with $11 bln price tag
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. REUTERS/Fabrizio Bensch Acquire Licensing RightsLONDON, Oct 2 (Reuters Breakingviews) - Birkenstock is taking a bold step forward. Fresh from publicity from the Barbie movie, the German sandals maker is targeting a valuation of up to $11 billion, including debt, in its New York stock listing next week. Hoping to build confidence among investors, owner L Catterton has secured the backing of anchor investors including Bernard Arnault’s investing vehicle Financière Agache and Norway’s wealth fund. At $44 to $49 per stock, the offer values the group’s equity between $8.3 billion and $9.2 billion.

Persons: Fabrizio Bensch, L Catterton, Bernard Arnault’s, Martens, Pamela Barbaglia, Lisa Jucca, Oliver Taslic 私, 「 Organizations: REUTERS, Reuters, Nike, 「 Reuters Locations: Berlin, Germany, New York

☆ Novo Nordisk, the maker of Wegovy and Ozempic is now Europe's most valuable company
▼ + stars: | 2023-09-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Novo Nordisk has dethroned Bernard Arnault’s luxury goods giant LVMH as Europe’s most valuable company. At the close of trading Monday, Novo Nordisk (NVO) had a market capitalization of 2.96 trillion Danish krone ($428 billion). “We are just scratching the surface,” Novo Nordisk CEO Lars Fruergaard Jørgensen told CNN’s Meg Tirrell in a recent interview. Novo Nordisk has raked in almost 49 billion Danish krone ($7 billion) in profit over the first six months of this year, up 30% from the same period in 2022. Booming sales of its drugs have led to an influx of US dollars into Denmark’s economy, pushing up the value of the Danish krone.

Persons: Bernard, Wegovy, Louis Vuitton, Hennessy, —, “, Steve Barclay, Carsten Snejbjerg, Lars Fruergaard Jørgensen, CNN’s Meg Tirrell, …, ” Organizations: London CNN — Novo Nordisk, Novo Nordisk, Louis, Health Service, Health, Social Care, Nordisk, Nordisk's, Bloomberg, Getty, World Health Organization, Danish krone, European Central Bank, Novo, UBS, Wegovy Locations: Danish, Ozempic, Wegovy, United States, Copenhagen, Denmark, Denmark’s, Novo Nordisk’s

☆ LVMH’s smooth ride faces twin speed bumps
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

Shares in the 413 billion euro luxury behemoth fell 4% on Wednesday after it failed to wow investors with its earnings, depressing Europe’s stock market. Yet investors balked at the 1% second quarter sales contraction in the United States - which represents about a quarter of total revenue - as inflation worries cooled shoppers’ appetite for expensive items. LVMH’s conglomerate model, which spans over 70 brands, has so far proven resilient to crises. The all-important Mainland China market, which made up a fifth of global personal luxury sales in 2021, is a potential worry. Slow demand both in the U.S. and China would test LVMH’s diversified model.

Persons: Dior, Tiffany, Givenchy, Bernard Arnault’s, Lisa Jucca, Aimee Donnellan, Pranav Kiran Organizations: MILAN, Reuters, Twitter, Thales, Thomson Locations: United States, China, U.S

☆ Smoke pours out of Tiffany & Co. flagship 5th Ave. New York store two months after reopening
▼ + stars: | 2023-06-29 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

New York CNN —A fire near Tiffany & Co.’s newly renovated flagship store in New York City sent smoke pouring out of the building on Thursday. Firefighters responded to a transformer fire that began in an electrical vault next to the jewelry store’s 5th Avenue location in Manhattan. Videos on social media showed dark plumes of smoke coming out of the historic building and spilling into the street. The fire comes just over two months after Tiffany officially reopened the doors of its 10-floor limestone flagship shop. The 5th Avenue flagship accounted for 10% of the brand’s global sales before it closed for renovations.

Persons: Firefighters, Tiffany, Bernard Arnault’s LVMH, Arnault, ” Tiffany’s, Jean, Michel Basquiat, Julian Schnabel, –, Zenebou Sylla Organizations: New, New York CNN, Tiffany, The New York Fire Department, FDNY, Wall Street Locations: New York, New York City, Manhattan, The

☆ Potential Olympics sponsorship deal tests LVMH heir Antoine Arnault
▼ + stars: | 2023-06-14 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

Discussions on the Olympics deal, being negotiated by Antoine, revolve around promotions focused on LVMH as a group, its two biggest fashion labels - the Louis Vuitton and Dior brands - as well as champagne. However, the behind-the-scenes role of the oldest of Arnault’s four sons, Antoine, hasn't been widely known. Although Antoine Arnault's work shepherding LVMH's sponsorship of the Olympic Games is taking place behind closed doors, the outcome would be highly public. Steve Martin, global CEO of M&C Saatchi Sport & Entertainment, said that while LVMH is already associated with France, a formal sponsorship of the Olympics would help to further differentiate LVMH from luxury rivals. “If we get involved it would be to help out,” LVMH fashion group CEO Sidney Toledano told Reuters.

Persons: Antoine Arnault's, Antoine Arnault, Bernard Arnault's, Bernard Arnault’s, Delphine Arnault, Dior, Antoine, Louis Vuitton, Bernard Arnault, hasn't, Tony Estanguet, Cristiano Ronaldo, Lionel Messi, ”, Steve Martin, LVMH, Martin, Sidney Toledano, –, we’re, Toledano, Mimosa Spencer, Sharon Singleton Organizations: Deal, Dior, FIFA, Olympic, Saatchi Sport & Entertainment, Olympic Games, Reuters, Thomson Locations: PARIS, LVMH, Paris, France, Qatar, Atlanta, London

☆ Elon Musk is once again the world’s richest man
▼ + stars: | 2023-05-31 | by ( Michelle Toh | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Elon Musk has reclaimed his position as the world’s wealthiest person. This week, Arnault’s wealth slid after a drop in LVMH’s stock Wednesday, according to Bloomberg calculations. Arnault surpassed Musk in December, as his wealth climbed due to a boom in luxury goods sales that helped drive up LVMH’s stock price. Musk, meanwhile, has enjoyed a meteoric rise up the world’s rich lists in recent years as his fortunes are directly linked to those of Tesla, the electric automaker. Outside of Tesla, Musk is also CEO of SpaceX, the space exploration firm, and the owner of social network Twitter (TWTR).

Persons: Hong Kong CNN — Elon, Bernard Arnault’s, Louis Vuitton, Dior, Celine, Musk, Tesla Organizations: Hong Kong CNN, Bloomberg, SpaceX, Twitter Locations: Hong Kong

☆ Loafer buyout flop may have sting in the tail
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 26 (Reuters Breakingviews) - Founder Diego Della Valle’s stingy attempt to take luxury shoemaker Tod’s (TOD.MI) private appears to have floundered. Della Valle’s refusal to lift the bid price appears puzzling. Adding perhaps 10% to the offer price would have mollified the naysayers. Investors would be forced to accept illiquid stock or compensation based on Tod’s average price in the six months prior to the offer. Della Valle’s next deal could be even stingier.

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