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☆ More layoffs have hit Dow Jones, and The Wall Street Journal's newsroom sees changes ahead, including cuts, under top editor Emma Tucker
▼ + stars: | 2023-06-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Dow Jones laid off 10 people on the business side last week, the latest in ongoing reductions. Wall Street Journal insiders are prepping for a content overhaul and potential cuts later this summer. A steady drip of layoffs continues at Dow Jones, which laid off another 10 people in the last week of June. The roles were mostly finance, sales, and marketing people who work across Dow Jones properties, which include The Wall Street Journal, Barron's, and MarketWatch. The Journal newsroom has largely been spared, but EIC Emma Tucker is conducting a sweeping content review.

Persons: Dow Jones, Almar Latour, Emma Tucker, Tucker, Rupert Murdoch's, she's, Liz Harris, Taneth Evans —, Charles Forelle, Karen Pensiero, Neal Lipschutz, Jason Anders, Thorold Barker, She's, Bernard Arnault, There's Organizations: Wall Street Journal, Dow, Street, MarketWatch, News Corp, Sunday Times Locations: Dow Jones, London, Europe, Middle East, Africa

☆ Luxury retail workers earn about $45,000 per year to sell handbags and jewelry that can cost more than their take-home pay
▼ + stars: | 2023-06-30 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Luxury brands are increasingly having trouble finding and retaining talent for high-touch sales roles. Entry-level associates earn about $35,000 base pay per year, plus about $10,000 commission. On average, luxury retail sales associates earn about $35,000 base pay per year, plus about $10,000 commission, per Glassdoor data. A job at Gucci required three years of luxury fashion experience and the ability to "maintain an active, accurate, neat and organized client book," per BoF. Do you work in luxury retail?

Persons: —, salespeople, Sandy Sholl, there's, Teddy Bear, Jessica Cloutier, Nordstrom's, Cloutier, Neiman Marcus, Sukeena Rao, Dominick Organizations: Service, Target, Walmart, MadaLuxe, Business, Gucci, SMCP, Saks Fifth Locations: Costco, Patagonia

☆ Final Trades: SLB, KRE, LVMH
▼ + stars: | 2023-06-30 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: SLB, KRE, LVMHThe final trades of the day with CNBC’s Melissa Lee and the Fast Money traders.

Persons: CNBC’s Melissa Lee Organizations: Fast Money

☆ 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

☆ A microscopic, knockoff Louis Vuitton handbag smaller than a grain of salt just sold for $63,750
▼ + stars: | 2023-06-29 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

A typical Louis Vuitton handbag can set you back a few thousand dollars, but this microscopic knockoff is even pricier. It's smaller than a grain of sea salt and comes with its own microscope to view it, MSCHF says. Kevin Wiesner, MSCHF's chief creative officer, told The New York Times that the collective hadn't obtained permission from Louis Vuitton to use the design. LVMH, which owns Louis Vuitton, did not immediately respond to Insider's request for comment. MSCHF says the handbag is "smaller than a grain of sea salt."

Persons: Louis Vuitton, MSCHF, —, Louis, Kevin Wiesner, hadn't, MSCHF MSCHF, Lil Nas, Elon Musk, Mark Zuckerberg Organizations: Louis, Service, New York Times Locations: Brooklyn

☆ LVMH owner Bernard Arnault reportedly visits China after luxury spending rebound
▼ + stars: | 2023-06-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

LVMH reported its first-quarter sales surged 17% from a year ago, beating analyst expectations, driven by a rebound in China’s luxury market from the downturn it experienced during the pandemic. Luxury goods spending bounced back more quickly than any other sector in the first quarter. Although the economic momentum has lost steam in the past couple of months, growth in luxury goods sales has accelerated. China was one of the world’s largest luxury goods markets before Covid hit. Bain & Co. estimated earlier this year that Chinese consumer spending accounted for around 17% of the global luxury market in 2022.

Persons: Hong Kong CNN — Bernard Arnault, Elon Musk, Morgan, Jamie Dimon, Musk, Caijing, Christian Dior, LVMH didn’t, LVMH, ”, Jean, Jacques Guiony, “, Li Qiang, ” Li Organizations: Hong Kong CNN, LVMH, WF, CNN, Consumers, Bain & Co Locations: Hong Kong, China, Beijing, ” Beijing

The executive, who was expected to make a visit this month, walked through the WF Central mall in Beijing, China on Tuesday, photos circulating on social media showed. The photos showed Arnault with his daughter, Dior CEO Delphine Arnault, and son Jean Arnault, who works for Louis Vuitton, as well as Dior's China president Monika Figlewicz. Other Beijing residents, posting on social media site Xiaohongshu, reported seeing Arnault at luxury department store SKP. LVMH, which owns labels ranging from Hennessy cognac to fashion houses Dior and Louis Vuitton, declined to comment. "The Chinese are very important clients," Louis Vuitton CEO Pietro Beccari told Reuters in an interview last week.

Persons: Bernard Arnault, LVMH Moet Hennessy Louis Vuitton, Gonzalo, Read, Dior, Delphine Arnault, Jean Arnault, Louis Vuitton, Monika Figlewicz, Hennessy, Pietro Beccari, Pharrell Williams, Casey Hall, Brenda Goh, Mimosa Spencer, Conor Humphries Organizations: Viva Technology, Porte de, REUTERS, WF, Reuters, Tiffany, Thomson Locations: Porte, Paris, France, SHANGHAI, PARIS, China, Beijing, China . China

The pan-European STOXX 600 index (.STOXX) closed 0.1% higher, snapping its six-day losing streak. "Markets are expecting either the data to improve from China or stimulus to increase from the government. "This realization is dawning among investors yet again, that the inflationary fight is far from over." The healthcare sector has been declining in recent weeks and is down nearly 2.9% so far this month. Reporting by Amruta Khandekar, Siddarth S and Matteo Allievi in Gdansk; Editing by Rashmi Aich, Sonia Cheema, William MacleanOur Standards: The Thomson Reuters Trust Principles.

Persons: ECB's Lagarde, Christine Lagarde, Li Qiang, Giles Coghlan, Susannah Streeter, Hargreaves Lansdown, Streeter, Goldman Sachs, Amruta Khandekar, Siddarth, Matteo Allievi, Rashmi Aich, Sonia Cheema, William Maclean Organizations: European Central Bank, HSBC, Prudential Plc, Hargreaves, Siemens Energy, Thomson Locations: China, Russia, U.S, Gdansk

☆ At Paris Fashion Week, It Was Louis Vuitton vs. the World
▼ + stars: | 2023-06-27 | by ( Jacob Gallagher | ) www.wsj.com time to read: 1 min

Bernard Arnault, head of luxury-goods conglomerate LVMH, has a net worth larger than that of Elon Musk and Jeff Bezos. WSJ’s Nick Kostov explains how the French business magnate amassed his fortune and how he plans to keep that wealth under family control. Photo: Nicholas Kamm/Agence France-Presse/Getty ImagesOne of the great basketball questions of the year was finally answered on Thursday evening at the NBA draft. No, not if Victor Wembanyama, the 7-foot-4 French sensation, would be the No. But what would the most-hyped basketball prodigy since LeBron James wear to his coronation?

Persons: Bernard Arnault, Elon Musk, Jeff Bezos, Nick Kostov, Nicholas Kamm, Victor Wembanyama, LeBron James Organizations: Agence France, NBA

☆ Officine Generale loosens classic styles at Paris Fashion Week
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

[1/5] Designer Pierre Maheo gestures next to models who present his creations for the fashion brand Officine Generale as part of its Menswear ready-to-wear Spring/Summer 2024 collection show during Men's Fashion Week in Paris, France, June 23, 2023. REUTERS/Gonzalo FuentesPARIS, June 23 (Reuters) - French fashion label Officine Generale showed a breezy lineup of relaxed tailoring on the runway on Friday as part of Paris Fashion Week. "The goal was to really manage to work on looser, more supple shapes for suit jackets," the label's founder and designer, Pierre Maheo, said. The collection, which included looks for men and women, featured slouchy trousers and dressy jackets, lightweight overcoats and cotton trousers with elastic waists. Paris Fashion week's menswear shows, which wind up on June 25, feature dozens of labels ranging from some of the biggest fashion names like LVMH-owned Louis Vuitton and Dior, as well as Hermes, to smaller, emerging brands.

Persons: Pierre Maheo, Gonzalo Fuentes PARIS, Louis, Mimosa Spencer, Sandra Maler Organizations: Generale, REUTERS, Monnaie, Left Bank, Paris, Louis Vuitton, Dior, Thomson Locations: Paris, France, United States, New York

☆ Dior's Kim Jones sends models rising up from the floor at Paris Fashion Week
▼ + stars: | 2023-06-23 | by ( Mimosa Spencer | ) www.reuters.com time to read: +1 min

[1/5] Models present creations by designer Kim Jones as part of his Menswear ready-to-wear Spring/Summer 2024 collection show for fashion house Dior Homme during Men's Fashion Week in Paris, France, June 23, 2023. REUTERS/Gonzalo FuentesPARIS, June 23 (Reuters) - Dior men's artistic director Kim Jones took to a sparse, futuristic setting at the Ecole Militaire in central Paris, kicking off his summer show with an army of models that rose up from a metallic catwalk. A whining blast of scratchy electronic sounds set the runway presentation in motion, and the catwalk lit up as floor panels rolled back. Models emerged slowly, filling the room in rows. Reporting by Mimosa Spencer; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Jones, Dior Homme, Gonzalo Fuentes PARIS, Dior, chunky loafers, Winnie Harlow, Demi Moore, Cha Eun, Gwendoline Christie, Delphine Arnault, Bernard Arnault, Pharrell Williams, Louis Vuitton, Jay, Helen Lasichanh, Williams, Mimosa Spencer, Sandra Maler Organizations: REUTERS, Ecole Militaire, Louis, Thomson Locations: Paris, France

☆ Givenchy shows dressy tailoring for men at Paris Fashion Week
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

[1/5] A model presents a creation by designer Matthew M. Williams as part of his Menswear ready-to-wear Spring/Summer 2024 collection show for fashion house Givenchy during Men's Fashion Week in Paris, France, June 22, 2023. REUTERS/Stephanie LecocqPARIS, June 22 (Reuters) - Givenchy creative director Matthew M. Williams took to the catwalk on Thursday with an elegant spring and summer lineup for men, paring down the layers and zeroing in on suits. Models strode through a column-lined hallway of the Musee de l’Armee in central Paris, overlooking the monument’s gilded dome. The show took place on the third day of Paris Fashion Week’s menswear shows, which kicked off with the celebrity-packed blockbuster debut from Pharrell Williams for Louis Vuitton, complete with a music performance from Jay-Z and Williams. Front row celebrities included Jared Leto, who turned up in a furry overcoat worn over a black suit--worn shirtless underneath.

Persons: Matthew M, Williams, Stephanie Lecocq PARIS, paring, strode, Pharrell Williams, Louis Vuitton, Dior, Hermes, Jared Leto, Mimosa Spencer, David Gregorio Our Organizations: Givenchy, REUTERS, l’Armee, Jay, Thomson Locations: Paris, France

☆ Elon Musk and Mark Zuckerberg say they’re ready for a cage fight
▼ + stars: | 2023-06-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

Now Elon Musk and Mark Zuckerberg say they want to settle their scores in a cage fight. Twitter owner and Tesla (TSLA) CEO Musk recently tweeted that he would be “up for a cage fight” with Zuckerberg, the CEO of Meta. A spokesperson for the company told Verge: “The [Instagram] story speaks for itself.”It remains unclear whether Zuckerberg and Musk are serious or having a laugh. Quite who would win in a cage fight, however, remains to be seen. Musk is physically bigger than Zuckerberg, but the Meta chief practices jiu-jitsu, the Brazilian martial art, and won gold and silver in a tournament in May.

Persons: Elon Musk, Mark Zuckerberg, Musk, Zuckerberg, Alex Heath, “, Meta, —, “ naysayers, ” Musk, “ I’ve, Bernard Arnault Organizations: London CNN — Business, Twitter, Meta, “, CNN, Bloomberg Locations: Las Vegas

☆ Half a Year After the COP Agreement on Nature, Companies Are Increasingly Looking at Their Biodiversity Impact
▼ + stars: | 2023-06-21 | by ( Joshua Kirby | ) www.wsj.com time to read: +8 min

While mandatory reporting on nature may still be a long way off, for some companies, measuring their impact on nature makes good business sense. “Not enough companies are actually measuring their corporate biodiversity impact,” said Steve Kennedy, associate professor in business sustainability at the Rotterdam School of Management. Biodiversity impact, on the other hand, remains a more nebulous concept, with widespread uncertainty about what to measure and how to measure it. While biodiversity impact remains difficult to assess, more complete data can help, said Zoe Balmforth, co-founder of biodiversity-data startup Pivotal. And companies will soon have a final framework on which to base their voluntary biodiversity reporting.

Persons: Jennifer Motles, Philip Morris, Motles, Katie Critchlow, Rémy Cointreau, Eric Vallat, LVMH Moët Hennessy Louis Vuitton, ”, Steve Kennedy, Kennedy, “ It’s, “, ” Philip Morris International’s, Nicolo Filippo Rosso, Zoe Balmforth, Balmforth, Cameron Frayling, Frayling, U.N, JULIAN HABER, Kering, PMI’s Motles, Joshua Kirby Organizations: Philip Morris International, Data, Sustainable Business, Fund, Nature, PMI, Rotterdam School of Management . Companies, SAS, Bloomberg, World Bank, REUTERS Governments, United Nations ’, pharma, GSK, Gucci Locations: Montreal, American, of Mexico, Lake Erie, Colombia, Kunming, Canada, joshua.kirby

☆ German shares lead falls in Europe as Lanxess plunges
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

Germany's DAX index (.GDAXI) fell 0.5% by 0709 GMT, retreating farther from a record high it hit on Friday. The continent-wide STOXX 600 index (.STOXX) fell 0.4%. Lanxess (LXSG.DE) fell 13.3% to the bottom of the STOXX 600 after cutting its second-quarter and annual core profit forecasts, saying it saw no demand recovery in June as customers continued to destock. The chemicals index (.SX4P) slid 1.7%, leading sectoral falls. China-exposed luxury giant LVMH (LVMH.PA), which is Europe's most valuable firm, fell 0.5%, while the basic resources index (.SXPP) dropped 0.5%.

Persons: DAX, Shreyashi Sanyal Organizations: Thomson Locations: China, Bengaluru

☆ 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

☆ European shares fall at open, Sartorius plunges on forecast cut
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

June 19 (Reuters) - European shares fell at the opening bell on Monday, with Franco-German lab equipment maker Sartorius leading the declines, while investors cautiously awaited further stimulus measures from China to revive demand. The pan-European STOXX 600 index (.STOXX) shed 0.5% by 0719 GMT, while Germany's DAX index (.GDAXI) dropped 0.4% after closing at a record high in the prior session. Shares of Sartorius (SATG.DE) plunged 14%, to the bottom of the STOXX 600, after the company cut its 2023 revenue and margin forecasts on Friday. China-exposed luxury giant LVMH (LVMH.PA), which is Europe's most valuable firm, fell 0.9%, while the basic resources index (.SXPP) dropped 1.4% amid demand worries from top metals consumer China. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Germany's DAX, Antony Blinken, Shreyashi Sanyal, Savio D'Souza Organizations: Franco, Thomson Locations: German, China, The U.S, Bengaluru

☆ Elon Musk and Bernard Arnault – the world’s 2 richest people – had the ultimate power lunch in Paris on Friday
▼ + stars: | 2023-06-17 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

The world's two richest people met for a power lunch in Paris on Friday. Elon Musk and Bernard Arnault, both worth more than $200 billion, dined at the Cheval Blanc hotel. "Power lunch" may have a whole new meaning after the world's two richest people dined in Paris on Friday. Elon Musk and Bernard Arnault, the CEO of LVMH, met at Cheval Blanc, the luxury hotel run by the French luxury conglomerate. Elon Musk and Antoine Arnault at the VivaTech conference in Paris on Friday.

Persons: Elon Musk, Bernard Arnault, Musk's, Alexandre, Antoine, LVMH, Cheval, Musk, he's, Maye Musk, Antoine Arnault, It's, Gonzalo Fuentes, Reuters Musk's, Giorgia Meloni, Meloni, Emmanuel Macron, Macron Organizations: Morning, Bloomberg, Eiffel, French, Reuters Locations: Paris, Cheval Blanc, Europe, France

The continent-wide European STOXX 600 (.STOXX) index rose 0.5%. The index gained 1.5% in the policy-packed week, its best performance in over two months. China-focused luxury stocks such as LVMH (LVMH.PA) and Richemont (CFR.S) gained nearly 3% each, boosting the broader STOXX 600. Defensive shares such as healthcare (.SXDP) gained 0.9%, and utilities (.SX6P) climbed 1.3% to a four-week peak. The STOXX 600 broke away from a restrictive 1% trading range that was seen for much of the past two weeks, as investors gradually start putting behind major central bank events.

Persons: Travis Perkins, DAX, Germany's DAX, Danni Hewson, AJ Bell, Hewson, Shreyashi Sanyal, Siddarth, Sohini Goswami, Sherry Jacob, Phillips Organizations: European Central Bank, U.S, U.S . Federal, Bank of Japan, Bank of, Britain's, Rheinmetall, Apollo Global Management, Claure Group, Thomson Locations: China, U.S ., Stockholm, Millicom, Bengaluru

☆ Elon Musk asks: 'If I'm so smart, why did I pay so much for Twitter?'
▼ + stars: | 2023-06-16 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Elon Musk said at a conference in Paris: "If I'm so smart then why did I pay so much for Twitter?" Musk also said he was worried Twitter was having a "corrosive" impact on society. That's what Elon Musk did on Friday at a conference in Paris, quipping: "If I'm so smart, why did I pay so much for Twitter then?" "I think if someone is a regular Twitter user, then most people would say their experience has improved," Musk said. In the case of Tesla the value of the company is primarily on the basis of autonomy."

Persons: Elon Musk, Musk, Twitter, Bernard Arnault, Antoine Arnault, Bernard, Antoine, I've Organizations: Twitter, Morning, Bloomberg, Getty, Tesla Locations: Paris, Blanc

☆ Islay: The wild remote island at the heart of a billion-dollar industry
▼ + stars: | 2023-06-16 | by ( Nell Lewis | ) edition.cnn.com time to read: +9 min

Islay’s single malt is known for its salty and smoky flavors, that transport you to the wild and windswept island. Part of the reason is that when it comes to an Islay single malt, the place and the taste are so deeply intertwined. The Glenmorangie CompanyIslay’s whisky industry has not always been a boon for the island. Islay has a population of around 3,000 people -- most are connected to the whisky industry. “Traditions are things that are handed down from one generation to another.”Everybody’s connected to the whisky industry.” Islay Heads, general manager at Kilchoman DistilleryLike most people on Islay, Heads has strong links to the spirit.

Persons: Distillery Jackie Thomson, ”, Thompson, “, Jackie Thomson, Louis Vuitton Moët Hennessy, Kilchoman, Ardnahoe, Port Ellen, NELL LEWIS, Anthony Wills, Wills, Kilchoman’s, Blair Bowman, Bowman, ’, Islay Organizations: CNN, Distillery, Tokyo Philharmonic Orchestra, Whisky Association, Asia –, Diageo, Louis, Islay, Kilchoman, Tourism Locations: Islay, Scotland’s, Kennacraig, Glasgow, Ardbeg, Australia, Ukraine, Netherlands, Germany, Denmark, Taiwan, Asia, Port, Scotland, Aberdeen Angus, Kilchoman, Machir

☆ Elon Musk says Tesla's market cap is directly tied to whether it solves autonomous driving
▼ + stars: | 2023-06-16 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Tesla CEO Elon Musk thinks the automaker's market capitalization is directly tied to whether the automaker is able to solve autonomous driving, the billionaire told LVMH scion Antoine Arnault on Friday. "Sometimes I've said, 'Hey, I think the stock price is too high at Tesla,' and then the stock price goes up. But Musk also suggested Tesla's market cap was tied to whether the company could perfect autonomous driving technology. "Really the value of the company is primarily on the basis of autonomy," Musk said. Musk has said for several years that Tesla is close to solving autonomous driving, but the company's cars still only provide advanced driver assistance features.

Persons: Elon Musk, Porte, LVMH, Antoine Arnault, Musk, I've, that's, Tesla Organizations: SpaceX, Tesla, Viva Technology, Porte de Locations: Paris

☆ Moncler can inspire Golden Goose’s next step
▼ + stars: | 2023-06-15 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

MILAN, June 15 (Reuters Breakingviews) - Golden Goose may be close to laying another precious egg. Remo Ruffini’s brand could provide an inspiration for Golden Goose’s next step, or a solution. Golden Goose’s rapid growth makes it a good time for Permira to consider an exit, as reported by Bloomberg. On the same 14 times forward multiple as Moncler, Golden Goose would be worth 2.7 billion euros. Golden Goose’s next golden egg may land not far from home.

Persons: Reuters Breakingviews, Remo Ruffini’s, Golden Goose’s, Permira, Silvio Campara, LVMH, Ruffini, Golden, Neil Unmack, Katrina Hamlin Organizations: MILAN, Reuters, Permira, Bloomberg, Carlyle, Gucci, Twitter, Thomson Locations: Europe, Milan, EBITDA, Moncler, Italian, Golden

☆ 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

The pan-European STOXX 600 index (.STOXX) closed 0.6% higher, tracking the global market rally. The European Central Bank will hold its policy meeting on Thursday, where it is expected to hike rates by another 25 basis points to tame stubborn inflation. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Meanwhile, German consumer prices, harmonised to compare with other European Union countries, rose by 6.3% on the year in May, data showed. Shares of Admiral (ADML.L) slid 5.1% after traders said Citi downgraded the British motor and home insurer to "sell."

Persons: Steve Sosnick, Antonio Villarroya, Richemont, Denmark's, Shreyashi Sanyal, Siddarth, Rashmi Aich, Richard Chang Organizations: Miners, Citigroup, Reserve, Interactive Brokers, Traders, European Central Bank, Santander CIB, People's Bank of China, Union, Bank of England, Denmark's Maersk, Nvidia, Citi, Thomson Locations: China, U.S, South Korea, Denmark, Swedish, Bengaluru

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