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☆ The luxury conglomerate behind Cartier is beating LVMH at its own game
▼ + stars: | 2024-06-19 | by ( Madeline Berg | ) www.businessinsider.com time to read: +10 min

But there's another corporation beating LVMH at its own game, and you probably haven't even heard of it: Richemont. Switzerland-based Richemont, behind brands like Cartier, Van Cleef & Arpels, and Piaget, is having a moment. "All of this favors the most established brands: Cartier and Van Cleef." Driven by Richemont's top brands, Cartier and Van Cleef, sales gained 7% in the country, including Hong Kong and Macau, in Richemont's 2024 fiscal year. "If you're in a bar or restaurant, you're sitting at a distance, you can recognize the Labra pendant from Van Cleef.

Persons: —, Louis Vuitton, Bernard Arnault's, Van Cleef, Piaget, outperforming LVMH, Saint Laurent, It's, Cartier, Chiara Battistini, it's, Gucci, Arnault, Johann Rupert, Rupert, Richemont, Fflur Roberts, HSBC's Rambourg, Diana —, Tim Graham, Jelena Sokolova, Morningstar, Rambourg, Euromonitor's Roberts, Van, Keith Tsuji, Sokolova, Cleef, Nicolas Bos, — Bos, Nicholas Bos, Jared Siskin, I've, What's, JPMorgan's Battistini, Bos, Porter Organizations: Service, LVMH, Business, Cartier, Gucci, HSBC, Google, JPMorgan, Credit Suisse, Deloitte, Local, Art Basel, McKinsey, Prada Locations: Switzerland, China, Euromonitor, Hong Kong, Macau, Art Basel Hong Kong, Asia

☆ Risky bet in this global hydrogen fuel cell maker could net investors 160%, says RBC
▼ + stars: | 2024-06-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Shares of AFC Energy , a provider of hydrogen-fueled power generation technologies, is expected to more than double over the next year, according to RBC Capital. The London-listed company, founded in 2006, makes a range of proprietary hydrogen fuel cell systems aimed at off-grid and remote power generation for construction, mining, and transportation industries. U.K. shares are generally priced in pence, with 100 pence equal to one British pound ($1.28). The 30-kilowatt generators consume hydrogen for fuel and will be available to customers in the U.K. through its joint venture with equipment hire firm Speedy Hire . The three-year deal with Speedy Hire — under its Speedy Hydrogen Solutions brand — will target U.K. and Irish construction and emergency power markets.

Persons: Erwan Kerouredan, Victoria McCulloch, Saudi Arabia's Organizations: AFC Energy, RBC Capital, RBC, AFC, Saudi, Speedy Hire Locations: London, British, United States, Germany, East, North Africa, Saudi

☆ Trump’s bombardment of dishonesty: Fact-checking 32 of his false claims to Time
▼ + stars: | 2024-05-04 | by ( Daniel Dale | ) edition.cnn.com time to read: +43 min

We’re paying for close to 100% of NATO.”Facts First: Trump’s claim is false. They don’t pay their bills.”Facts First: Trump’s claim is false. (It rose to about $314 billion in 2020, Trump’s last full year in office.) Facts First: Trump’s claim is false. Facts First: Trump’s claim that “nobody died other than Ashli” is false.

Persons: Donald Trump, Trump, “, William Barr, Bill Barr, Barr, Bill, I’m, ”, it’s, Biden, Joe Biden, Tamar Hermann, Hermann, Bill Clinton, “ Trump, ” Trump, …, National Guard Trump, I’ve, George Floyd, Tim Walz, Walz, Paul —, –, Erwan, George Washington, “ don’t, they’re, Stoltenberg, Trump’s, Lagadec, Marc Lipsitch, Barack Obama, European Union won’t, Cortellessa, “ Moody’s, Moody’s, Mark Zandi, Zandi, ’ ” Zandi, Joe Biden’s, rioter Ashli Babbitt, Brian Sicknick, Sicknick, Trump’s ‘, patriotically, ‘, patriotically ’, ” Nancy Pelosi, Nancy Pelosi, “ Nancy Pelosi, Pelosi, Christopher Miller, Miller, Eric Cortellessa, Alvin Bragg’s, Bragg, Matthew Colangelo, Colangelo, Alvin Bragg, ” Cortellessa, Hillary Clinton, —, Roe, Wade, Kimberly Mutcherson, “ Donald Trump’s, Maya Manian, Mary Ziegler, Davis, Ziegler, Ruth Bader Ginsburg, Roe should’ve, ’, Crime Biden, don’t, “ Biden, he’s, James Biden, Jeff Asher, Asher, It’s, ” “, ” Asher Organizations: Washington CNN, Time, Trump, NATO, Capitol, Trump’s, Trade Center, didn’t, World Trade Center, Department, ISIS, CNN, Democratic, White House, White, South Korea Trump, Pentagon’s Defense Manpower Data, Biden Administration, Congressional Research Service, Israel, Israeli Democracy Institute, National Guard, Minnesota Democratic Gov, Minnesota National Guard, Guard, North Atlantic Treaty Organization, George Washington University’s Elliott School of International Affairs, Transatlantic, for Disease Control, World Bank, Washington Post, Harvard, Harvard’s, National, Trump -, of Health, Human Services, Strategic, Biden, U.S . International Trade Commission, European, Benz, Volkswagen, BMW, European Union, US, European Automobile Manufacturers ’ Association, Bloomberg Economics, US Capitol Police, Capitol Police, “, Republican, Democratic Rep, National Guardsmen, District of Columbia National Guard, Army, Capitol Police Board, Senate, Justice Department, Pulitzer Foundation, Pulitzer, New York Times, Electoral, Democrat, ” Rutgers Law, American University, university’s Health, University of California, ”, Customs, Border Protection, Crime, Manchurian, Republicans, FBI Locations: “, New York City, Saudi, Florida, al Qaeda, New York, Texas, Mexico, South Korea, Trump , South Korea, South, Korea, Israel, Washington, Trump , Minneapolis, Minneapolis, Trump, Minnesota, St, United States, Germany, Brussels, Belgium, Harvard University, China, EU, DC, Trump’s, ”, York, Manhattan, York’s, Russia, That’s

☆ Who gets to buy a Birkin bag?
▼ + stars: | 2024-04-08 | by ( Joan Kennedy | ) edition.cnn.com time to read: +10 min

(CNN) — It’s so hard to get your hands on an Hermès Birkin bag that it should be illegal. Hermès’ ultra-exclusive positioning has meant Birkin sales have continued to overperform in the market even as most other luxury brands see demand slowing from post-pandemic highs. A scarcity-driven distribution model has helped drive desire for Birkins, as well as more broadly fuel Hermès’ business. Saroyan Humphrey/WWD/Getty ImagesThe lawsuit alleges shoppers are required to buy ancillary products (items like scarves, pillows or shoes) before being allowed to purchase a Birkin handbag. Presumably, the plaintiffs could buy a Birkin from The RealReal even if they can’t from Hermès directly.

Persons: —, Birkin, Hermès, Kelly, aren’t, Alex Tai, ”, snagging, Erwan, Haffner, Saroyan Humphrey, WWD, ’ ”, Susan Scafidi, “ It’s, Sebastien Bozon Organizations: The, Fashion, CNN, HSBC, Law, Microsoft, Fashion Law, Fordham University, Getty Locations: Northern California, waitlists, Paris, China, California, Hermès, Allenjoie, France, AFP

☆ Fact check: Debunking five false Trump claims about NATO
▼ + stars: | 2024-02-13 | by ( Daniel Dale | ) edition.cnn.com time to read: +10 min

And Trump has for years made a variety of other false claims about spending by NATO and its members. As of 2023, 11 of 30 NATO members were meeting the 2% target, NATO estimates show. NATO members’ spending before Trump took officeAs president, Trump claimed that NATO members’ spending had declined “every single year” until he took office in 2017. Facts First: Trump’s claims that NATO members’ spending had declined every year until he took office are false. After referring to NATO members Trump said he pressured himself, he continued: “And then I hear that they like Obama better.

Persons: Donald Trump, Trump, ”, Russia “, didn’t, –, Stephen Saideman, ” Saideman, Erwan, George Washington University’s, ” Lagadec, “, recommitted, Jens Stoltenberg, Saideman, “ Putin, Joe Biden, Lagadec, Barack Obama, Obama, George W, Bush, we’ve, ” Bush Organizations: Washington CNN, Atlantic Treaty Organization, NATO, CNN, Trump, International Affairs, Carleton University, Elliott School of International Affairs, Transatlantic, Ukraine ”, NATO –, “, ”, EU Locations: Russia, Wales, Canada, Brussels, Ukraine’s Crimea, –, Crimea, Europe, Afghanistan, Ukraine, Germany, Belgium, Czech Republic, Romania

☆ Foot Locker reportedly refused to stock Yeezys for Adidas' relaunch of Kanye West's shoe brand over fears of a backlash
▼ + stars: | 2023-08-10 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Adidas is selling off its stockpile of Yeezy shoes following its breakup with Kanye West. But Foot Locker was too afraid of potential backlash to help sell them, Complex reported. Adidas sold $437 million worth of Yeezys in its first batch of sales, with 27% of that going to charity. It took Yeezys off the shelves when Adidas announced it would stop its business with West in October. A spokesperson for Adidas did not confirm to Insider whether Foot Locker had abandoned plans to restock Yeezys.

Persons: Locker, Yeezys, Ye, restock, Erwan Rambourg, Footlocker Organizations: Adidas, Kanye, Service, West, HSBC Locations: Wall, Silicon

"The luxury industry seems to be outperforming the consumer market as a whole in China, but you know, really, almost everyone you speak to, there's a level of uncertainty," said Agility's managing director Amrita Banta. "There's a level of not feeling entirely comfortable with their future economic position that is really affecting almost everybody in China." Those factors disproportionately affect "aspirational" luxury customers who can easily live without another Gucci bag or $900 pair of sneakers. In China, luxury consumers are younger than in the rest of the world with an average age of 28, according to BCG - something companies had seen as positive for future growth. "In the trends that I'm seeing in the U.S. and also in China, more aspirational younger consumers are feeling more of a pain," Morningstar senior equity analyst Jelena Sokolova said.

Persons: Richemont, splurge, Morgan Stanley, Hermes, Chanel, Amrita Banta, Dior, Balenciaga, Gucci, Jelena Sokolova, HSBC's Erwan, Rambourg, Casey Hall, Mimosa Spencer, Catherine Evans Organizations: Cartier, Citigroup, Richemont, Citi, LVMH, Bain, Morningstar, Thomson Locations: SHANGHAI, PARIS, China, North America, Wuhan, Zhengzhou, Charlotte, Nashville, Swiss, Americas, Asia, United States, luxury's, U.S, Japan

☆ Pharrell Williams stages Louis Vuitton debut on Pont Neuf
▼ + stars: | 2023-06-20 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

[1/5] Designer Pharrell Williams appears at the end of his Menswear ready-to-wear Spring/Summer 2024 collection show for fashion house Louis Vuitton, on the Pont Neuf bridge, during Men's Fashion Week in Paris, France, June 20, 2023. REUTERS/Gonzalo FuentesPARIS, June 20 (Reuters) - For his debut collection at Louis Vuitton, Pharrell Williams drew his global audience to the Pont Neuf bridge in Paris, kicking off his tenure as creative director of menswear with a celebrity-packed outdoor show that further anchored the LVMH-owned (LVMH.PA) label in popular culture. Abloh had been the industry's highest profile Black designer, credited with forging a place for street style and loose skateboard looks in high-end fashion. Williams was first introduced to the Arnault clan in a collaboration to design sunglasses with Louis Vuitton designer Marc Jacobs in 2004. Williams' appointment raised eyebrows despite his extensive fashion experience, including founding streetwear brands with Japanese designer Nigo and designing capsule collections at Chanel.

Persons: Pharrell Williams, Louis Vuitton, Gonzalo Fuentes PARIS, strode, Williams, Virgil Abloh, Abloh, Virgil, Bernard Arnault, Arnault, Marc Jacobs, Nigo, Erwan Rambourg, Robert Schramm, Fuchs, Janus Henderson, Schramm, Mimosa Spencer, Helen Reid, Vanessa O'Connell, Richard Chang Organizations: REUTERS, Louis, LVMH, Chanel, Juilliard, HSBC, Thomson Locations: Pont, Paris, France, American, LVMH

☆ Premarket stocks: The uber-wealthy are doing just fine and Wall Street is cashing in
▼ + stars: | 2023-06-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But that’s not the case for everyone: The ultra-wealthy are doing just fine, and Wall Street firms are taking advantage of that. Germany, the largest economy in Europe, has slipped into recession as energy price shocks took their toll on consumer spending. In the past 10 weeks, JPMorgan Global Wealth Management opened 40,000 new accounts. Last year, it added around one new client with assets of $100 million or more per day, Mary Erdoes, head of asset and wealth management at the bank, told investors last week. Dollar General customers turn to food banksDollar General (DG) stock had one of its worst days ever on Thursday.

Persons: New York CNN —, that’s, JPMorgan Chase, Andy Cohen, Mary Erdoes, It’s, Goldman Sachs, Louis Vuitton, Dom Pérignon, Dior, Huw Roberts, Hermes —, Roberts, ”, Erwan, “, Gregory Daco, Allison Morrow, Jeff Owen, Owen, Cash, They’re, Elisabeth Buchwald, Treasury hasn’t, Biden Organizations: CNN Business, Bell, New York CNN, Wall, JPMorgan, Bloomberg, JPMorgan Global Wealth Management, Citigroup, International Monetary Fund, Lamborghini, HSBC, EY, Dollar, Treasury, US Treasury Locations: New York, China, United States, Germany, Europe, BlackRock

☆ Adidas still doesn't know what to do with its $1.3 billion mountain of unsold Yeezy stock, 6 months after cutting ties with Kanye West
▼ + stars: | 2023-05-05 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Adidas doesn't know what to do with its mountain of Yeezy stock. The company cut ties with Ye, formerly known as Kanye West, in October after a string of controversies, including numerous antisemitic comments. Adidas said it has already factored a 1.2 billion euro ($1.3 billion), sales loss into its annual guidance if it were not to sell the stock. "You cannot sell Yeezy for reputational risk reasons. Experts say that way around this could be to deface these products before donation to curb their resale value, though it would cost Adidas more.

☆ China's reopening is about to 'move the needle' for luxury goods, says HSBC
▼ + stars: | 2023-04-13 | 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 EmailChina's reopening is about to 'move the needle' for luxury goods, says HSBCErwan Rambourg of HSBC Global Research says consensus estimates were "clearly lagging."

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