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Search resuls for: "LVMH's Arnault"


8 mentions found


☆ 5 titans of French luxury grew $50 billion richer in a week — and are now worth more than Costco
  + stars: | 2024-09-30 | by ( Theron Mohamed | ) www.businessinsider.com   time to read: +4 min
Five French luxury icons grew $50 billion richer last week on the back of China's stimulus plans. AdvertisementFive titans of French fashion and beauty added a full $50 billion to their fortunes last week, boosting their combined wealth to more than $420 billion. Julien Hekimian/Getty ImagesKering founder François Pinault's net worth rose by $2.3 billion to $25.6 billion last week, placing him 78th on the list. Arnault was worth $24 billion more at $231 billion in March, which made him the world's wealthiest person at the time. Bettencourt Meyers was $7.5 billion richer at $101 billion in June, while the Chanel siblings were each worth about $6.4 billion more at roughly $55 billion around the same time.
Persons: LVMH's Arnault, Chanel, —, stoked, Bernard Arnault, Louis Vuitton, Larry Ellison, Mark Zuckerberg, Françoise Bettencourt Meyers, L'Oréal's, Alice Walton, Francois Guillot, Alain, Gerard Wertheimer, Coco Chanel, Chanel's cofounders, Julien Hekimian, François, Balenciaga, Yves Saint Laurent, Kering, Francois, Henri Pinault, Salma Hayek, MICHAEL TRAN, Rodolphe Saadé, Arnault, haven't, Pinault, Bettencourt Meyers Organizations: Service, Tiffany, Bloomberg, Walmart, Getty, Gucci, CMA CGM, Procter & Gamble, Home, Costco Locations: China, Sephora, AFP
☆ 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
☆ Deal targeted by probe involving LVMH's Arnault was legal, lawyer says
  + stars: | 2023-09-30 | by ( ) www.reuters.com   time to read: +1 min
PARIS, Sept 30 (Reuters) - A financial transaction under investigation in France involving LVMH owner Bernard Arnault was carried out in full respect of the law, his lawyer said on Saturday. The Paris public prosecutor's office confirmed on Friday that it is investigating financial transactions involving Arnault and Russian businessman Nikolai Sarkisov. In France, a prelimary investigation does not necessarily imply wrongdoing by those concerned, for whom the presumption of innocence applies. An unidentified Tracfin official told Le Monde the transactions involving Arnault and Sarkisov, who both acted through a complex web of legal entities, could have been aimed at concealing the origins of the funds used. Reporting by Mimosa Spencer; writing by Leigh Thomas; editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.
Persons: Bernard Arnault, Nikolai Sarkisov, Sarkisov, Cheval, Jacqueline Laffont, Le, Mimosa Spencer, Leigh Thomas, Christina Fincher Organizations: Reuters, Le Monde, Thomson Locations: France, Paris, Russian, Le, Cheval Blanc, Courcheval
☆ LVMH CEO Bernard Arnault's wealth soared to a record high of $210 billion on the same day protestors swarmed the company's headquarters in Paris
  + stars: | 2023-04-14 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
LVMH boss Bernard Arnault's fortune soared by $12 billion on Thursday to a record high of $210 billion, per Bloomberg. LVMH shares hit a record high in Thursday trade after a strong first-quarter earnings report. On Thursday, LVMH shares price on the Euronext Paris stock exchange hit a record high of 884.50 euros, or $979, before closing 5.7% higher at 883.90 euros a piece. LVMH's Arnault has featured frequently in protest slogans and chants, per Reuters on Thursday. LVMH shares are extending gains on Friday, trading 0.7% higher at 889.90 euros at 9:57 a.m. in Paris.
☆ LVMH's Arnault brushes off succession question
  + stars: | 2023-01-26 | by ( ) www.reuters.com   time to read: 1 min
PARIS, Jan 26 (Reuters) - Bernard Arnault, the boss of luxury giant LVMH (LVMH.PA) and the world's richest man, brushed away questions about his succession with a joke on Thursday. The 73-year old earlier this month reshuffled top management at his luxury goods empire, tightening his family's grip with the appointment of his daughter Delphine to lead Christian Dior, and naming a new boss for Louis Vuitton. Asked by an analyst about succession plans at a post-results conference where his children featured prominently in the front row, Arnault said: "You will have noticed that the retirement age is being raised." France is in the middle of a pension reform that would increase the age for retiring to 64 from 62 currently, and is being fiercely opposed by unions. Reporting by Mimosa Spencer and Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.
☆ LVMH's Arnault tightens family grip as daughter becomes Dior CEO
  + stars: | 2023-01-11 | by ( Mimosa Spencer | ) www.reuters.com   time to read: +2 min
The world's largest luxury group also replaced long-time Louis Vuitton CEO Michael Burke with Pietro Beccari, head of Dior since 2018. Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Burke and previously spent a dozen years at Dior. Burke will continue to work with Bernard Arnault, the company said in a statement. The move follows the recent appointment of Antoine Arnault, Bernard Arnault's eldest son, to head the family holding company, replacing veteran executive Sidney Toledano. Alexandre Arnault, 30, is an executive at Tiffany & Co. while Frederic Arnault, 28, is CEO of TAG Heuer - both LVMH brands.
☆ Elon Musk briefly loses title as world's richest person to LVMH's Arnault - Forbes
  + stars: | 2022-12-07 | by ( ) www.reuters.com   time to read: +1 min
Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH (LVMH.PA), and his family briefly took the title as the world's richest, but were back at No. Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com (AMZN.O) founder Jeff Bezos. Tesla has lost nearly half its market value and Musk's net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
☆ Elon Musk loses title of world's richest man to LVMH's Arnault - Forbes
  + stars: | 2022-12-07 | by ( ) www.reuters.com   time to read: 1 min
Dec 7 - Twitter owner and Tesla Inc (TSLA.O) boss Elon Musk lost his title as the world's richest person on Wednesday, according to Forbes, following his expensive bets to buy the social media firm and selling stocks of his electric-car company to fund the $44 billion deal. Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH (LVMH.PA), and his family took the title with a personal wealth of $185.4 billion, according to Forbes. Musk, who has had held the top spot on the Forbes list for world's richest since September 2021, has a net worth of $185.3 billion. Tesla's shares fell about 4%. Reporting by Akriti Sharma and Chavi Mehta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
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