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☆ After a tough quarter for global luxury, Barclays names 3 stocks to play the sector right now
▼ + stars: | 2024-05-07 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Consumers, particularly those in China, have been tightening their purse strings and cutting their spending on luxury goods in light of macroeconomic uncertainties. But Barclays notes that several companies in the sector make good plays right now. LVMH Barclays is bullish on French label LVMH and raised its target price by nearly 13.6% to 937 euros ($1,009.18). "We remain confident that Moncler will deliver above-market growth for the rest of 2024," the analysts wrote. Barclays' target price on the stock is 168 Swiss francs ($182.62), which gives it around 28.2% potential upside.

Persons: Christian Dior, Louis Vuitton, Dior, Tiffany, Moncler Organizations: Barclays, Tiffany, Vogue, Richemont Locations: China, Europe, Sephora, Switzerland

☆ Eat, sleep, live luxury: LVMH is building whole cityscapes centered on their designer stores
▼ + stars: | 2024-04-28 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +5 min

Luxury powerhouse LVMH is investing billions in real estate, The Wall Street Journal reported. Michael Burke, head of LVMH Fashion Group, told the Journal, "We're creating a city." According to the Journal, the company spent $2.1 billion last year acquiring properties in Paris ahead of the Olympic games. Related storiesThe luxury brand is among several spending billions on luxury stores and experiences. Chanel and LVMH are also interested in purchasing properties on New York's Fifth Avenue and the Champs-Élysées in Paris, the Journal reported.

Persons: —, Louis Vuitton Moët Hennessy, Louis Vuitton, Frank Gehry, Michael Burke, we're, Burke, Bernard Arnault, Saint Laurent, Chanel, LVMH, Amar Sitayeb, Saint, Alan DeSousa Organizations: Street Journal, Service, Wall Street Journal, Dior, LVMH, Design, Miami Design District, Gucci, Montenapoleone, The New York Times, Times, Canada, Laurent, Global News, Business Locations: Paris, Pont Neuf, Miami, Montreal, Milan's, New, The, Marais

☆ FTC sues to block Coach parent Tapestry's acquisition of Capri Holdings
▼ + stars: | 2024-04-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

The U.S. Federal Trade Commission on Monday sued to block the $8.5 billion acquisition of Capri Holdings by Coach and Kate Spade's parent company, Tapestry . With the transaction, the luxury brands could be poised to better compete with European luxury names, such as Burberry and LVMH's Louis Vuitton. Both Tapestry and Capri have been under pressure, as consumers continue to be choosier with discretionary spending. Yet Capri, in particular, has been more vulnerable because of its heavier reliance than Tapestry on department stores and other wholesale retailers. The vast majority of Tapestry's sales are through its own website and stores, with wholesale accounting for only about 10% of sales globally in the most recently reported fiscal quarter.

Persons: Kate Spade's, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, LVMH's Louis Vuitton, Joanne Crevoiserat, Tapestry, Crevoiserat Organizations: U.S . Federal Trade Commission, Capri Holdings, Burberry, Tapestry, CNBC Locations: Europe, Japan, Capri

☆ The world's richest person just put 2 more of his kids on the board of his $430 billion company
▼ + stars: | 2024-04-18 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Bernard Arnault has appointed two more of his children to LVMH's board. Alexandre Arnault is a vice president at Tiffany & Co. and Frédéric Arnault heads LVMH's watches division. AdvertisementThe French luxury-goods billionaire Bernard Arnault, who's the world's richest person, has appointed two more of his children to LVMH's board. Only Jean Arnault, Bernard Arnault's youngest son, doesn't sit on the company's board. Bernard Arnault is the world's richest person, with a net worth of about $221 billion, according to estimates by Bloomberg.

Persons: Bernard Arnault, Alexandre Arnault, Frédéric, Bernard Arnault's, —, Frédéric Arnault, Delphine Arnault, Dior Couture, Antoine Arnault, LVMH, Jean Arnault, doesn't, Louis Vuitton's, Louis Vuitton, Dior, Marc Jacobs, Givenchy Organizations: Tiffany, Service, Christian Dior, Bloomberg

☆ LVMH's report could've been a lot worse, says Javier Gonzalez Lastra
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLVMH's report could've been a lot worse, says Javier Gonzalez LastraJavier Gonzalez Lastra, Investment Partner and Portfolio Manager at Tema Luxury ETF, discusses earnings from LVMH.

Persons: could've, Javier Gonzalez Lastra Javier Gonzalez Lastra Organizations: Investment

☆ Elon Musk's wealth has crashed by $160 billion from its peak as Tesla's problems pile up
▼ + stars: | 2024-04-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The stock drop has fueled an estimated $160 billion decline in Elon Musk's net worth. AdvertisementTesla's mounting troubles have dealt a heavy blow to Elon Musk's net worth. However, Musk's net worth has plunged by about $160 billion since then to $178 billion at Tuesday's close. Musk's net worth has taken a big hit from the decline because his 13% stake in the automaker makes up a big chunk of his wealth. He topped the Bloomberg rich list with a $229 billion fortune in January, but his net worth has crashed by $51 billion, or 22%, since then.

Persons: —, Elon, Warren Buffett, LVMH's Bernard Arnault, Jeff Bezos, Meta's Mark Zuckerberg, Musk, He's, Zuckerberg, isn't Organizations: Service, Bloomberg, SpaceX, Buffett, Tesla, Twitter Locations: Elon Musk's

☆ Sephora's success shows that people still want to treat themselves during tough economic times
▼ + stars: | 2024-03-09 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +2 min

Sephora's CEO said the company had benefited from the "lipstick effect," The FT reported. Sephora's CEO, Guillaume Motte, told The FT that its sales success, which is highlighted in LVMH's 2023 annual results, benefited from the "lipstick effect." In-store sales have driven Sephora's recent growth, Motte told The FT. In the annual results report, Arnault linked the company's growth to the "ever-growing popularity of Sephora's store concept worldwide." The US is Sephora's biggest market and "we are gaining market share there like crazy," Motte told The FT. Across North America, Sephora reached $10 billion in revenue in 2023.

Persons: LVMH, —, Guillaume Motte, Alpha, Gen Zers, Motte, Bernard Arnault, Jeff Bezos, Arnault, Sephora Organizations: Service, FT Locations: North America

☆ Tesla's value has slumped by $234 billion this year — that's more than McDonald's, Disney, or Nike are worth
▼ + stars: | 2024-03-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Tesla's market value has tumbled $234 billion this year, or more than McDonald's or Disney are worth. Elon Musk's EV maker is close to losing more value than Netflix or Coke's entire market caps. AdvertisementTesla's market value has plunged by an astounding $234 billion this year — that's considerably more than McDonald's ($212 billion), Disney ($202 billion), and Cisco ($199 billion) are worth. That decline is close to the entire market caps of Netflix ($259 billion) and Coca-Cola ($257 billion), and larger than the entire market value of American Express ($158 billion) and Nike ($148 billion). It's also worth noting that Tesla is still worth more than 10 times the value of either General Motors ($46 billion) or Ford ($49 billion).

Persons: —, It's, He's, LVMH's Bernard Arnault, Jeff Bezos, Tesla, Musk, hasn't, Ross Gerber Organizations: Elon Musk's, Netflix, Service, Disney, Cisco, American Express, Nike, FedEx, Bloomberg, Motors, Ford Locations: China

☆ LVMH launches Watch Week in Miami
▼ + stars: | 2024-02-03 | by ( Crystal Lau | Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLVMH launches Watch Week in MiamiExecutives from LVMH's top watch maisons sound off on Watch Week and the state of the luxury market

Organizations: LVMH, Watch Locations: Miami

☆ LVMH takes aim at $30 billion watch market with high-end, reinvented pieces
▼ + stars: | 2024-02-03 | by ( Robert Frank | ) www.cnbc.com time to read: +5 min

Sales of luxury watches worldwide are estimated at about $30 billion this year, according to market research firm IMARC Group. A Zenith luxury watch at 2024 Watch Week in Miami. A Bulgari Serpenti Secret watch at 2024 Watch Week in Miami. A TAG Heuer luxury watch at 2024 Watch Week in Miami. A Zenith luxury watch at 2024 Watch Week in Miami.

Persons: Louis Vuitton, Bulgari, Dior, Frederic Arnault, LVMH, Bernard Arnault, CNBC Frederic Arnault, Benoit de Clerck, Jean, Christophe Babin, Babin, women's, —, Diamant, Tourbillon, Julien Tornare Organizations: IMARC, TAG, Zenith, CNBC, LVMH's, Executives, CNBC LVMH, CNBC TAG, Carrera, TAG Heuer Locations: Miami, America, U.S, Swiss, LVMH

☆ Chinese stocks are starting to turn around. How to play it
▼ + stars: | 2024-01-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese stocks ended the week with four straight days of gains — a rare upswing after a dismal start to the year. "Investing in China, you have to have an active strategy," he said, emphasizing the need to focus on industries that receive policy support. All three are listed on mainland Chinese stock exchanges. In the past six months, foreign investors have pulled around $30 billion from mainland Chinese A shares, the report said. Citi analysts also include adidas and Kone in their basket of European stocks with China exposure.

Persons: David Chao, Chao, Pan Gongsheng, Edward Chan, Schelling Xie, Xie, CRRC, —, Peter Alexander, Alexander, — CNBC's Michael Bloom Organizations: Asia Pacific, People's Bank of China, PBOC, . Federal Reserve, Financial Regulatory Administration, CNBC, HSBC, Hong, Citi, adidas, Kone Locations: Asia, Japan, Invesco, China, Beijing, Hong Kong, Shanghai, U.S

☆ LVMH shares jump 8% as earnings point to luxury sector resilience
▼ + stars: | 2024-01-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, speaks during a press conference to present the 2023 annual results of LVMH in Paris, France, January 25, 2024. LVMH shares jumped more than 8% on Friday morning, after the world's largest luxury group posted higher-than-expected sales for 2023 and raised its annual dividend. The result was boosted in particular by 14% annual growth in the critical fashion and leather goods sector, along with 11% growth in perfumes and cosmetics. After a boom during the pandemic, the luxury sector endured a rough end to 2023 as challenging geopolitical and macroeconomic conditions weighed on consumer spending, particularly in the U.S. and China. Javier Gonzalez Lastra, portfolio manager of the Tema Luxury ETF, told CNBC on Thursday that investors are trying to gauge where the bottom of the earnings cycle revision is for the luxury sector.

Persons: Bernard Arnault, LVMH Moet Hennessy Louis Vuitton, LVMH, Louis Vuitton, Hennessy, Bulgari, Javier Gonzalez Lastra Organizations: LVMH, Chandon, Givenchy, Novo Nordisk, Burberry, CNBC, Paris Locations: Paris, France, U.S, China, LVMH, Tema

☆ Bernard Arnault, the world's 3rd-richest person, is set to appoint 2 more of his children to the LVMH board
▼ + stars: | 2024-01-23 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Read previewBernard Arnault, the world's third-richest person, is set to appoint two more of his children to LVMH's board, France's La Lettre first reported. The French billionaire plans to propose his sons Alexandre Arnault, 31, and Frédéric Arnault, 29, as board members, the reports say, quoting unnamed sources. Four of Arnault's five children will sit on the LVMH board if their appointments are confirmed. Arnault cofounded LVMH in the 1980s and is its CEO and chairman. In May 2023, he became the third person to be worth more than $200 billion, according to the Bloomberg Billionaires Index.

Persons: —, Bernard Arnault, France's, Alexandre Arnault, Frédéric Arnault, Delphine, Bernard's, Antoine, It's, Arnault hasn't, LVMH, Alexandre, Vianney Le Caer, Louis Vuitton, Dior, Marc Jacobs, LVMH didn't, Donald Trump, he'd, Frédéric, Delphie, Dior Couture, Jean, Louis Vuitton's, Arnault, Elon Musk, Jeff Bezos Organizations: Service, Bloomberg, The Financial Times, Business, Novo Nordisk, Tiffany, New York Times, Mar, TAG, Christian Dior, Elon Locations: French, Danish, Swiss, LVMH

☆ New billionaire heirs overtake self-made ones as $5.2 trillion wealth transfer begins
▼ + stars: | 2023-11-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

“The great wealth transfer is gaining significant momentum as many billionaire entrepreneurs age,” Benjamin Cavalli, who oversees strategic clients in the global wealth management unit at UBS, told reporters. Their combined wealth rose 9% to $12 trillion, before taking inflation into account. Arnault is the world’s third-richest man, with a net worth of $167 billion, according to the Bloomberg Billionaires Index. Risks and opportunity for UBSThe “staggering” transfer of wealth to younger generations presents a huge opportunity for UBS, but also poses considerable risks, according to Cavalli. Heirs lean more toward impact investing — that is, socially or environmentally beneficial investing — over “classic grant-giving philanthropy,” Cavalli said.

Persons: “, ” Benjamin Cavalli, LVMH's Bernard Arnault, Helene, Frederic, Delphine, Antoine, Alexandre, Bernard Arnault, Arnault, Tesla’s Elon Musk, Jeff Bezos —, —, India’s Gautam Adani, Mukesh Ambani, Cavalli, ”, Morgan Stanley —, Stefan Wermuth, ” Cavalli, Charlie Munger, Henry E Organizations: London CNN, UBS, Bloomberg, Adani Group, Reliance Industries, Suisse, Getty, ”, Berkshire Hathaway, Huntington Library, Art Locations: Paris, Europe, France

☆ Shakeup at LVMH as Antoine Arnault, Bernard Arnault's oldest son, steps down as the CEO of luxury shoe-maker Berluti
▼ + stars: | 2023-11-24 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

The eldest son of LVMH CEO Bernard Arnault will be stepping down as the CEO of Berluti. Bernard Arnault is the world's third-richest man, and all five of his children work for LVMH brands. AdvertisementAntoine Arnault, the eldest son of LVMH CEO Bernard Arnault, will be stepping down as the CEO of Berluti, a luxury shoe brand under the LVMH umbrella. Bernard Arnault's eldest and only daughter, Delphine Arnault, became the CEO and chairperson of Christian Dior in February. In an interview with the New York Times in September, Bernard Arnault expressed his disdain for comparisons drawn between his family and HBO's hit show "Succession."

Persons: Bernard Arnault, Arnault, —, Antoine Arnault, Bernard Arnault's, Delphine Arnault, Christian Dior, HBO's, Arnault —, Elon Musk, Jeff Bezos Organizations: Service, Bloomberg, New York Times, Times, Wall Street Locations: LVMH, Paris

☆ LVMH's Berluti to design Olympics opening ceremony uniforms for French teams
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

The new logo of Paris 2024 Olympics is seen on a pin during a ceremony in Paris, France, October 21, 2019. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsPARIS, Nov 16 (Reuters) - Luxury giant LVMH's (LVMH.PA) Berluti brand will design the summer Olympics and Paralympics opening ceremony uniforms for the French teams, boosting the profile of the upscale menswear label known for buffed leather shoes and tailored suits. Antoine is credited with negotiating LVMH's 150 million euros ($166 million) worth Olympics sponsorship deal initially announced in July. Paris, which has hosted two previous Olympics, will stage the summer Games after a 100 years. LVMH's sponsorship includes its top fashion brands Louis Vuitton and Dior, as well as Moet Hennessy champagne and spirits labels and jeweller Chaumet, which will design medals for the event.

Persons: Pascal, Antoine Arnault, Bernard Arnault, Antoine, Louis Vuitton, Moet Hennessy, Chaumet, Leon Marchand, Melanie de Jesus dos Santos, Enzo Lefort, Pauline Deroulede, Mimosa Spencer, Nivedita Organizations: REUTERS, Rights, Louis, Dior, Thomson Locations: Paris, France, Tokyo

☆ LVMH buys eyewear brand Barton Perreira as it looks to rebound from luxury slowdown
▼ + stars: | 2023-11-06 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Barton Perreira sunglasses are displayed during 'A Good Time At Goodman's' held at Goodman's Men's Store in New York City. LVMH is buying luxury eyewear brand Barton Perreira, famed for making James Bond's shades, as it taps into the fast-growing designer sunglass market. LVMH's Thelios eyewear division agreed to acquire the Irvine, Calif.-based Barton Perreira for an undisclosed sum. Barton Perreira was founded in 2007 by Bill Barton and Patty Perreira, after they left Oliver Peoples when it was acquired by Oakley. LVMH is buying luxury eyewear brand Barton Perreira, famed for making James Bond's shades, as it taps into the fast-growing designer sunglass market.

Persons: Barton, James, Barton Perreira, Alessandro Zanardo, LVMH, Louis Vuitton, Celine, Loewe, Berluti, Zanardo, Thelios, Daniel Craig, Joe, Demi Lovato, Sandra Bullock, Ryan Gosling, Barton Perriera, Bill Barton, Patty Perreira, Oliver Peoples Organizations: Irvine, French, maisons, Hollywood, Oakley Locations: New York City, Calif, Asia, maisons, U.S, Europe, Italy

☆ Kering sales down 9% as luxury slowdown stalls revamp
▼ + stars: | 2023-10-24 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsPARIS, Oct 23 (Reuters) - French luxury group Kering(PRTP.PA) reported a bigger-than-expected drop in third quarter sales, underperforming major rivals as its top brand Gucci and other fashion labels all suffered from a slowing appetite for high-end clothes and accessories. LVMH (LVMH.PA), the world's biggest luxury group and one of Europe's biggest companies by market value, this month also reported a slowdown in third-quarter sales -- although it still clocked an increase in revenues with sales at its fashion and leather goods division up 9%. And Birkin bag-maker Hermes on Tuesday reported a rise in sales of 15.6%. Kering has undertaken a sweeping overhaul aimed at reviving Gucci, which has struggled to capitalise on the strong post-pandemic rebound in luxury goods sales and lost ground to rivals like LVMH's Dior and Louis Vuitton.

Persons: Sarah Meyssonnier, Yves, Yves Saint Laurent, Balenciaga, Saint Laurent, Jean, Marc Duplaix, Kering, Birkin, Hermes, LVMH's Dior, Louis Vuitton, Mimosa Spencer, Silvia Aloisi Organizations: REUTERS, Rights, Gucci, Yves Saint, Bottega, Thomson Locations: Paris, France, Bottega, Milan

☆ 'Wolf in cashmere' Bernard Arnault loses his slot as the world's 2nd-richest man to Jeff Bezos as LVMH stock slips
▼ + stars: | 2023-10-17 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Jeff Bezos overtook LVMH tycoon Bernard Arnault as the world's second-richest man, per Bloomberg. AdvertisementAdvertisementLVMH founder Bernard Arnault is no longer the world's second-richest person, with his total wealth falling below Jeff Bezos' net worth amid signs of a slowdown in demand for luxury goods. In contrast, Bezos' fortune has ballooned by $49 billion to $156 billion, putting him just ahead of Arnault's $155 billion on Bloomberg's rich list. AdvertisementAdvertisementBoth Bezos and Arnault have previously held the title of the world's richest person, but they currently trail Elon Musk. The controversial X owner's personal fortune has swelled by $97 billion to $234 billion this year, thanks to Tesla's stock price surging by over 100%.

Persons: Jeff Bezos, Bernard Arnault, —, Louis Vuitton, Hennessy —, Bezos Organizations: Bloomberg, Service, Federal, Elon

☆ Shares of luxury brands are tumbling in a sign consumers' high-end spending spree is over
▼ + stars: | 2023-10-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The boom in luxury goods is over as consumers pull back on their multiyear high-end spending spree. AdvertisementAdvertisementIn the US, card spending for luxury fashion has been on the decline for six quarters in a row, with luxury fashion spending down 16% year-over-year over the past quarter, Bank of America card data shows. Card spending on luxury fashion has declined for six quarters in a row. Bank of AmericaUS card spending on luxury fashion declined 16% year-per-year the past quarter, Bank of America forecasts. That's because European investors often say tech stocks are a competitor to luxury stocks in their portfolios, Colas said.

Persons: —, LVMH, DataTrek, Nicholas Colas, Ralph Lauren, Colas, Kelly Organizations: Service, Bloomberg, Bank of America, Bank of America US, Industry, Consumers, San Francisco Fed, Tech Locations: LVMH, Paris

☆ Birkenstock's stock loses footing in second day on Wall Street
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toby Melville/ File Photo Acquire Licensing RightsOct 12 (Reuters) - Shares of Birkenstock (BIRK.N) dropped 6% on Thursday, deepening losses after the German luxury sandal seller stumbled the day before in its Wall Street debut. In its first session on Wall Street on Wednesday, Birkenstock tumbled over 12% from the $46 price set in its initial public offer, raising $1.48 billion. Last trading at about $37.79 on Thursday, the stock has now dropped 18% from its IPO price. The second-day drop in Birkenstock shares was deeper than a broad Wall Street sell-off, with the S&P 500 (.SOX) last down about 1%. Arm on Thursday slumped 5.2% to $51.70, just above its $51 IPO price on Sept. 13, while Instacart was down 1.7% at $24.52, well below its $30 IPO price on Sept. 18.

Persons: Toby Melville, Birkenstock, Instacart, Bernard Arnault, Louis Vuitton Moet Hennessy, Javier Gonzalez Lastra, Noel Randewich, Lance Tupper, Jonathan Oatis Organizations: REUTERS, SOX, Arm Holdings, Thomson Locations: London, Britain, U.S, French, Tema

☆ LVMH shares tumble, hit fashion sector as luxury giant's sales growth slows
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

A LVMH luxury group logo is seen prior to the announcement of their 2019 results in Paris, France, January 28, 2020. REUTERS/Christian Hartmann/File Photo Acquire Licensing RightsPARIS, Oct 11 (Reuters) - LVMH's (LVMH.PA) shares slumped on Wednesday, to their lowest level since December, knocking other shares in the fashion sector, after the French luxury giant posted slower third-quarter revenue growth. Shares in Gucci-owner Kering fell 3.2% at the market open while Hermes (HRMS.PA) also shed more than 3%. "An end to the roaring 20s," Berenberg analysts wrote in a briefing note as they cut their target price for LVMH. Investors have recently questioned the appetite for shares in the luxury goods sector, in the face of a Chinese slowdown and interest rate uncertainty.

Persons: Christian Hartmann, LVMH, Louis Vuitton, Tiffany, Morgan, JP Morgan, Kering, Berenberg, Mimosa Spencer, Sudip Kar Organizations: REUTERS, Rights, Swatch, Burberry, Dior, Gucci, Investors, U.S, Gupta, Thomson Locations: Paris, France, United States, Europe, China

☆ 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

"The recent decline in European luxury stocks reflects the uncertainty over the European economy and also the uneven growth outlook for the Chinese economy," Garnry said. Reuters GraphicsTHE LUXURY GAPAlthough luxury valuations have come down, they are still well above the rest of the market. The end of the French luxury group's 2-1/2 year-long reign was widely put down to investors losing appetite for luxury stocks as well as the growth of Novo's anti-obesity drug Wegovy. Some analysts have turned cautious on the luxury sector, with UBS last week reducing its estimates to account for the risk of slowing Chinese consumption. Gerry Fowler, head of European equity strategy and global derivative strategy at UBS, said risks in luxury stocks started to become more apparent in May.

Persons: Louis, Stephanie Lecocq, Bernard Ahkong, Peter Garnry, Garnry, LVMH, Morgan Stanley, Gerry Fowler, Bernstein, Gilles Guibout, Lucy Raitano, Mimosa Spencer, Amanda Cooper, Alexander Smith Organizations: REUTERS, Paris Fashion, U.S, UBS O'Connor Global, Alpha, Saxo Bank, Reuters Graphics, GAP, Novo Nordisk, UBS, Bank of America, AXA Investment Mangers, Thomson Locations: Paris, France, PARIS, Europe, U.S, China, United States

☆ No college, no problem. Tiffany's wants Gen Zers to make luxury jewelry.
▼ + stars: | 2023-10-05 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

The company's owner, luxury goods giant LVMH Moët Hennessy Louis Vuitton, is expanding a program that trains people to become artisans who can make Tiffany's high-end jewelry. The company said Thursday it's begun a two-year bench jewelry apprenticeship program involving Tiffany and the Rhode Island School of Design. The move comes as Gen Zers rethink the idea of college as costs skyrocket and US student-loan payments are resuming following a pandemic hiatus. The programs work with colleges and universities to help conduct the training. LVMH has used apprenticeship programs to help develop the skilled artisans it needs for its brands.

Persons: Tiffany, —, Moët Hennessy Louis Vuitton, Gena Smith, it's, Smith, LVMH, Johnny Vacar, It's, they'd Organizations: Service, Tiffany, Rhode Island School of Design, Data Initiative, Tiffany's, Louis Vuitton Locations: Europe, North America, Island, York, LVMH's, Japan, San Francisco

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