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(This is a wrap-up of the key money moving discussions on CNBC's "Worldwide Exchange" exclusive for PRO subscribers. Worldwide Exchange Word of the Day: Tempest Victoria Greene of G-Squared said investors are facing both literal and metaphorical storms that they need to consider. Best Q4 Ideas: LVMH and Estee Lauder Tiffany McGhee of Pivotal advisors said LVMH and Estee Lauder will be big beneficiaries of China stimulus. (This is a wrap-up of the key money moving discussions on CNBC's "Worldwide Exchange" exclusive for PRO subscribers. "Moisturizer is not a 'nice to have' it is a must have," said McGhee about Estee Lauder.
Persons: Tempest Victoria Greene, Squared, Said, Milton, Zscaler Malcolm Ethridge, Greene, Estee Lauder Tiffany McGhee, LVMH, Estee Lauder, McGhee, Estee, Ethridge Organizations: PRO, Worldwide, Pepsi, Area, Global, Pepsico, Siete Locations: China, Estee Lauder
The $220 million round in May, which also included Aglaé, valued H at $370 million, according to the company. While the amounts of Aglaé's investments aren't disclosed, the funding rounds for the AI firms totaled more than $300 million, according to Fintrx. Aglaé also invested in a $25 million seed round for Lamini, a Palo Alto, California-based startup building enterprise AI applications. Aglaé joined Susquehanna to invest in the $27 million seed round for Toronto-based Borderless AI, a human resource management platform. Arnault and his family are, however, big art collectors, and Aglaé was an investor in a $9.5 million funding round for LaCollection, a digital art platform.
Persons: Google's, Wendy, Eric Schmidt, Aglaé, Arnault, Robert Frank Organizations: Accel Partners, Google, CNBC, Fintrx, Aglaé Ventures, Susquehanna, Toronto, Music Media, Back, Netflix, Spotify Locations: Palo Alto , California, New York, Photoroom, France, Paris, Sonarverse, Irvine , California, San Francisco, French, LVMH, Airbnb
LVMH puts mark on Olympics as luxury brands embrace sports
  + stars: | 2024-08-11 | by ( Kaya Ginsky | ) www.cnbc.com   time to read: +2 min
The 2024 Paris Olympic Games medals are displayed inside a custom-designed trunk manufactured by Louis Vuitton, an LVMH brand partner of the Paris Olympic and Paralympic Games, during a gathering at LVMH in Paris on July 22, 2024, ahead of the start of the 2024 Paris Olympic Games. Whether it's the Moët champagne poured to celebrate a win or the custom trunks that Louis Vuitton has made for medal ceremonies, luxury has been on full display at the 2024 Paris Olympic and Paralympic Games. To Carly Duguid, the creative director for tennis and fashion star Naomi Osaka, luxury fashion and athletics are the perfect combination. Osaka was the first athlete to partner with Louis Vuitton, whose roster now includes Victor Wembanyama, Carlos Alcaraz, and many French Olympians and Paralympians. LVMH has looked to make a big splash beyond just athlete partnerships, becoming the first luxury brand to be an Olympic sponsor.
Persons: Louis Vuitton, Carly Duguid, Naomi Osaka, Duguid, Victor Wembanyama, Carlos Alcaraz, LVMH, Gucci, Jack Grealish, Jannik Skinner, Caitlin Clark, Prada, Celine, Loewe, Sephora, Dom Perignon Organizations: Olympic, Paris Olympic, Paralympic Games, CNBC, French Locations: LVMH, Paris, Osaka
When Olympic Sponsors Go Rogue
  + stars: | 2024-08-10 | by ( Tariq Panja | ) www.nytimes.com   time to read: 1 min
When the French luxury goods conglomerate LVMH agreed to pay about $175 million to underwrite the organizing committee for the Paris Olympics, the company, owned by France’s richest person, Bernard Arnault, asked for more than any previous sponsor had ever done. Organizers of the Games, desperate for that cash, appeared to have said yes at every turn. Made by the LVMH-owned jeweler Chaumet. But there was one secret that had been held back, Antoine Arnault, who is Bernard Arnault’s son and the family’s representative to the Olympics, told a gathering of well-heeled Parisians on the eve of the Games. Keep an eye out, he and other LVMH executives said, for “a big surprise” involving the company.
Persons: Bernard Arnault, Chaumet, Louis Vuitton, Antoine Arnault, Bernard Arnault’s Organizations: Paris Olympics, France’s, Games
Related storiesThat makes sense because, per Germano, Gen Z Chinese buyers are less logo-orientated than their parents' generations. Saint LaurentGermano's third pick was the Saint Laurent Niki Medium bag, which retails for $3,150. Yves Saint LaurentThe Saint Laurent Le 5 à 7 Hobo handbag, which retails from $1,750 to $5,100, is another one of Germano's picks. Jeremy Moeller/Getty ImagesMaison Margiela's Replica sneakers are trendy among Chinese Gen Z-ers, Germano said. Like the understated Saint Laurent Le 5 à 7 Hobo, Maison Margiela's Replica sneakers are simple and discreet enough for everyday use.
Persons: , Zers, Antonello Germano, Z, GG Marmont, Gucci, Marmont, Edward Berthelot, Germano, Gucci Horsebit, Jeremy Moeller, Gen, millennials, Laurent Niki, Saint Laurent Germano's, Saint Laurent Niki, Saint Laurent, Laurent Le, Yves Saint Laurent The, Yves Saint Laurent The Saint Laurent Le, Germano's, Laurent, Burberry, Hugo Boss, Bernard Arnault's LVMH, Louis Vuitton, Maison, Saint Laurent Le Organizations: Service, Daxue Consulting, Business, Getty, Saint, Yves Saint Laurent The Saint, tote, Bloomberg, Swatch, Dior Locations: China, Givenchy, Japan, Miami
High-end real estateAbout 30% of India's UHNWI investments go into luxury real estate, including overseas projects, said Alok Saigal, president of wealth management firm Nuvama Private. People have moved away from investing in land as it is less liquid, and more wealth has been allocated to residential real estate since the pandemic, he added. Around 20% of Dubai's offshore real estate pie is owned by Indian investors. Startups' lureInvesting in startups is becoming increasingly popular, especially with the younger generation of rich Indians, wealth managers told CNBC. Bloomberg | Bloomberg | Getty ImagesAbout 17% of India's UHNWIs' wealth goes into luxury goods, with jewelry, art and watches as top preferences, findings from Knight Frank revealed.
Persons: Knight Frank, Alok Saigal, Alok, Chethan Shenoy, Anand, Saigal, Nitin Chengappa, India's, Chengappa, Anand Rathi Wealth's, LVMH Moet Hennessy Louis Organizations: Getty, India, Nuvama Private, Offshore, Nuvama, CNBC, Standard Chartered Bank, Shoppers, DLF, BMI, Bloomberg, Fitch Solutions, LVMH Moet Hennessy Louis Vuitton SA Locations: Mumbai, Beijing, New York, London, UHNWIs, Dubai, Delhi, New Delhi, India
Even the Olympic athletes are letting their personalities shine through via arty manicures or spray-painted hair. Christophe Petit Tesson/Pool/EPA/ShutterstockBritish Prime Minister Keir Starmer wore a Team GB rain jacket to the opening ceremony of the Olympic Games Paris 2024. Matthew Stockman/Getty ImagesLady Gaga wore custom-made Dior during her cabaret-inspired performance at the opening ceremony. John Walton/PAUS track and field athlete Sha'Carri Richardson dazzled the camera with her custom manicure during the opening ceremony. Jamie Squire/Getty ImagesModel Kendall Jenner seen wearing Team USA merchandise and high-waisted jeans on August 1.
Persons: Anna Wintour, Ariana Grande, Thom Browne, Zendaya, Law Roach, Jean, Charles de Castelbajac, it’s, Keir Starmer, , Celine Dion, Serena Williams, Louis Vuitton, Fondation Louis Vuitton, Anthony Behar, Cynthia Erivo, Vuitton, Browne, Christophe Petit Tesson, Karwai Tang, Thelma Davies, Emmanuel Matadi, Lars Baron, Getty, Chrissy Teigen, John Legend, Matthew Stockman, Lady Gaga, Dior, John Walton, Sha'Carri Richardson, Ashley Landis, Dr, Jill Biden, Ralph Lauren, Karen Bass, Jamie Squire, Shirine Boukli, Buda Mendes, Sauer, Charles McQuillan, Snoop Dogg, Charlie Riedel, Jessica Chastain, Yuto Horigome, Sara Balzer, Mustafa Ciftci, Nicole Kidman, Natalie Portman, Simone Biles, Pete Dovgan, ” Biles, , I’m Simone Biles, Kendall Jenner, Sharon Stone, Spain's Carlos Alcaraz, Serbia's Novak Djokovic, Arturo Holmes, Jordan Chiles, Alvaro Diaz, Latifah, Sameer Al, Princess Anne, Pascal Le Segretain, Noah Lyles, Christian Petersen, Kirill Kudryavtsev Organizations: CNN, Olympic Games, Vogue, arty, Starmer’s, Fondation Louis, British, Team Liberia, Getty, USA, South Korean Olympic, NBC, Apple, Nike, Kyodo, Anadolu Agency, Speed, Team USA, Europa Press, Team Locations: Paris, New York, Chloé, AFP, Los Angeles, Spring , Texas, Serbia, USA
With nearly three-fourths of the S & P 500 reporting second-quarter results, the earnings picture for the back half of the year is looking unusually complicated. It's been a 'meh' quarter so far We have the usual beat on bottom-line earnings, but revenue beats are below expectations. Most companies are beating on earnings estimates but are declining to hike full-year guidance beyond the beat. Plenty of complaints about a slowing China consumer A weak China economy has been a significant headwind for a number of global companies this season. Procter & Gamble's China sales tumbled 8% from a year ago as consumer spending slowed.
Persons: It's, Sherwin, Williams, Lockheed Martin, Chipotle, Isaac, CDW, Clorox, – Hershey, Kraft Heinz, Mondelez, General Mills, Smucker, McDonald's, Wendy's, Bob, Wyndham, Mills, Marriott, LVMH, haven't Organizations: GE Aerospace, Hasbro, Lockheed, Verizon, Mattel, IBM, Juniper Networks, Enphase Energy, NXP Semiconductors, Accenture, Oracle, Procter, Gamble, PepsiCo, ConAgra Brands, Bank of America, MGM Resorts, Comcast, Marriott, Airlines, Allegiant, Ryanair, Gamble's, Starbucks, Visa, Nike, Vegas Sands Locations: J.M, Atlantic City, China, Gamble's China, Greater China, Japan, Macao, Marina, Sands, Singapore
Brands like Starbucks, LVMH, and L'Oreal struggled in China last quarter as consumer spending dropped. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Retailers, including luxury giant LVMH, L'Oreal, and Starbucks are all seeing lower sales in the world's second-largest economy, compared with past years. Chinese customers are choosing to save their money and spending on experiences when they do fork out. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Starbucks, L'Oreal, Service, Business Locations: China
From the custom Louis Vuitton cases presenting the Olympic medals and torch, to Armani attire donning Team Italy, luxury and beauty brands will be all over the Paris Games. LVMH is one of the biggest brand partners of the Paris Games, with the conglomerate spending about $160 million, Bloomberg reported. AdvertisementThe Paris Games also represent a return to form, with the crowds back for the first time since the pandemic. "A large amount of the global population will be watching" the Olympics, Fflur Roberts, the global head of luxury at Euromonitor International, told BI. The Olympics are also a high-stakes chance to prove luxury is "worth it" following a recent backlash against sky-high prices.
Persons: , Louis Vuitton, Dior, Harry Poole, SponsorUnited, we've, Ellie Thorpe, Kantar BrandZ, Fflur Roberts, Marguerite Le Rolland, Poole, Octagon, Glossier, there's, Nancy Atufunwa, Stella Jean, Atufunwa, Thorpe, Bernard Arnault Organizations: Service, Olympic, Italy, Paris Games, Business, Bloomberg, Brands, Armani, Games, Excel Sports Management, Paris Olympics, Tokyo Games, Euromonitor, Olympics, Deloitte, USA, Women's, Haiti, Team Nigeria, LVMH Locations: Prada, Paris, Italian, France
London CNN —The value of some of the world’s best-known luxury companies is plunging as Chinese consumers pull back on spending, with even the most exclusive brands feeling the pain. The rout seems to be accelerating, with those sales tumbling 14% in the second quarter, according to results published late Tuesday. “For now, the (luxury) market remains volatile as investors reassess the once-held belief that luxury brands are a safe-haven investment, shielded from broader economic downturns,” Jochen Stanzl, chief market analyst at CMC Markets, told CNN. “The Chinese market contracted slightly; the market situation in the premium and luxury segment in China remained weak,” the company said. China’s economy grew 4.7% year-on-year in the second quarter of the year, according to official data released last week, missing economists’ expectations and marking the weakest growth since the first quarter of 2023.
Persons: Bernard Arnault’s, Louis Vuitton, Christian Dior, ” Jochen Stanzl, Richemont, Cartier, , Gucci, Kering, Hermes, Birkin, Olesya Dmitracova Organizations: London CNN, Prada, CMC Markets, CNN, Europe’s, Reuters, Porsche, Benz, Bain & Company Locations: Asia, Japan, China, Paris, Hong Kong, China , Hong Kong, Macao, North America, Europe, United States
For the first time a luxury brand is an Olympic sponsor. And it's not just one brand, it's the empire of LVMH . LVMH's sponsorship deal took a year of negotiations and ultimately landed at about $160 million of investment from the parent company of brands like Celine, Louis Vuitton, Loewe, Tiffany, TAG Heuer and Dom Perignon. Housing the medals are trunks made by LVMH brand Louis Vuitton. It's to show the spirit, the spirit of our group and the spirit of the country," said Arnault.
Persons: Bernard Arnault, CNBC's Andrew Ross Sorkin, Celine, Louis Vuitton, Loewe, Tiffany, Dom Perignon, LVMH, Hennessy, LVMH's Berluti, It's Organizations: Olympic, Dior's, TAG Heuer, Olympic Games, Louis Locations: Paris
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLVMH CEO on Olympics sponsorship: Want to show France as a creative, refined & craftsmanship countryLVMH chairman and CEO Bernard Arnault joins 'Squawk Box' to discuss the history of the company, 2024 Paris Olympics, how the premium sponsorship came to be, and more.
Persons: Bernard Arnault Organizations: France
Bernard Arnault's wealth fell by about 20% between late March and late July, per Bloomberg data. There's been a drop in demand for luxury goods, and LVMH posted disappointing earnings this week. Arnault is still the world's third-richest person, with an estimated net worth of $185 billion. AdvertisementLVMH CEO Bernard Arnault's wealth is slumping amid a drop in demand for luxury goods. Still, Arnault remains the world's third-richest person, and the wealthiest outside the US.
Persons: Bernard Arnault's, There's, LVMH, Arnault, , He's, Elon Musk, Jeff Bezos Organizations: Bloomberg, Service, Elon, Business
Read previewAs Chinese buyers eschewed local stores and poured into Japan this year in search of luxury bargains, one high-end powerhouse was an outlier. AdvertisementThe company's success in China comes as many of Hermès' industry peers saw China and Asia revenue sales tank from softening consumer demand. But most of Hermès' sales this year in China and Japan were largely from local customers, said Dumas. "Not very many foreigners buy Hermès in Japan, and the Chinese tend to buy in China." The luxury company reported overall sales revenue for the first half of the year of 7.5 billion euros, an increase of 12% compared to the same period in 2023.
Persons: , Hèrmes, Hérmes, Axel Dumas, Burberry, Hermès, Dumas, Hermes Organizations: Service, Business, Hermès, Bloomberg Locations: Japan, Asia, China, Paris, Pacific, Europe, France
The Most Stylish Olympic Opening Ceremony Ever
  + stars: | 2024-07-26 | by ( Vanessa Friedman | ) www.nytimes.com   time to read: +1 min
The first Olympics in Paris in a century. The first opening ceremony, ever, en pleine air. The first Olympics in which fashion was so central to the identity of the host country itself. They did it with cabaret and heavy metal, dance, acrobats and 1,800 outfits from brands both new and old. From the start, it was clear the fashion competition stakes would be raised for every other national team.
Persons: Concorde —, LVMH, Thomas Jolly Organizations: Notre Dame, Palais, Concorde Locations: Paris, Notre
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with LVMH chairman and CEO Bernard ArnaultLVMH chairman and CEO Bernard Arnault joins 'Squawk Box' to discuss the history of the company, 2024 Paris Olympics, how the premium sponsorship came to be, succession plans, and more.
Persons: Bernard Arnault LVMH, Bernard Arnault
Elon Musk and Bernard Arnault have formed an unexpected friendship, the LVMH chief said. He even suggested the two have talked about a Louis Vuitton-branded SpaceX rocket. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAn unexpected friendship has apparently blossomed between two of the world's richest men: Elon Musk and Bernard Arnault. This story is available exclusively to Business Insider subscribers.
Persons: Elon Musk, Bernard Arnault, Arnault, Louis, , Musk Organizations: CNBC, Louis Vuitton, SpaceX, Service, Paris Olympics, Business
LVMH hosted a pre-Olympics party on Thursday called Prelude to The Olympics. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The French conglomerate, overseen by billionaire Bernard Arnault, is believed to have spent $160 million to sponsor the games, Business Insider previously reported. This story is available exclusively to Business Insider subscribers.
Persons: LVMH, influencers, , Anna Wintour, Pharrell, Rosalía —, Louis Vuitton, Fendi, Loewe, Stella McCartney, Bernard Arnault Organizations: Service, Dior, Business Locations: Paris
Chuo Ward, Tokyo, Japan - February 23, 2018; Top luxury shopping streets with multi colored neon signs. For the first half of the year, luxury group LVMH this week reported " exceptional growth in Japan arising in particular from purchases made by Chinese travelers." SHANGHAI — Luxury brands are seeing a surge in sales in Japan, largely driven by purchases from Chinese travelers taking advantage of a weak yen, according to earnings results this month. The income segment covers families in mainland China earning at least 30,000 yuan a month ($4,140, or about $50,000 a year). besides Hong Kong, across most luxury brands."
Persons: Yves, Yves Saint Laurent, Trip.com, Xiao Hong Shu, netizen, Oliver Wyman, Louis Organizations: Yves Saint, Burberry, U.S, Federal Reserve, Bank of Japan, South, Japan National Tourism Organization, CNBC Locations: Chuo Ward, Tokyo, Japan, Ginza, China, Southeast Asia, SHANGHAI, South Korea, Weibo, Sapporo, Hong Kong, Malaysia, France, Asia
Consumer spending in China has been improving "more moderately than before COVID-19," Luca Solca, a luxury goods analyst at Bernstein, told Business Insider. In its most recent quarter, Burberry's Chinese sales revenue declined 21% from last year. Massive discounts and online shoppingTo try to boost sales, luxury brands have given massive discounts to Chinese consumers. Luxury goods are still popular with wealthy Chinese shoppers — just not in China. Not all luxury brands are feeling the heat in China.
Persons: , LVMH, Jean, Jacques Guiony, Luca Solca, Bernstein, Solca, Hugo Boss, Richemont, Cartier, Versace, Marc Jacobs, Damien Yeo, Yeo, TD Cowen, Guiony, Hermès Organizations: Service, Gucci, Business, Consumer, Swatch, Asia, Brands, Balenciaga, Bloomberg, Burberry, Fitch Solutions Locations: Asia, China, China , Hong Kong, Macau, Asia Pacific, Japan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEuropean luxury giants send warning signals around consumer spendingJavier Gonzalez Lastra, Investment Partner and Portfolio Manager at TEMA ETFs, discusses weak earnings from LVMH, Kering, and other luxury giants.
Persons: Javier Gonzalez Lastra Organizations: Investment Locations: TEMA, LVMH
LVMH's suite of luxury brands will be front and center at the Paris Olympics. The French conglomorate, led by Bernard Arnault, spent $160 million on sponsoring the event. Here are the custom-made LVMH products you will spot at the games. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThere will be a couple of unexpected stars at this year's Paris Olympics: Louis Vuitton and Christian Dior.
Persons: Bernard Arnault, , Louis Vuitton, Christian Dior, LVMH, Tiffany Organizations: Paris Olympics, Service, Olympics, Business Locations: sipping, Paris
Shares in Gucci-owner Kering fell on Thursday, after the luxury group announced a sharp decline in revenue in the first half of the year and issued a weak forecast for the remaining six months of the year. Kering shares dropped as much as 9% as markets opened, trading around levels last seen in August 2017. "There was a marked deceleration in China, while trends did not improve greatly in North America and Europe," Kering added. Gucci posted the worst first-half performance of these brands, with revenue shedding 18% on a comparable basis. Kering is the latest in a series of luxury brands to log declines, with the world's largest luxury group LVMH reporting lower-than-expected sales earlier this week.
Persons: Gucci, Kering, Yves Saint Laurent, Bottega, Luca Solca, Bernstein, CNBC's, it's, Solca Organizations: Gucci, Wednesday, Japan Locations: New York City, London, Japan, China, North America, Europe
Paris CNN —French sprinter Sounkamba Sylla will now be taking part in the Opening Ceremony at this year’s Olympics, France’s sports minister told CNN, after the runner previously said she would not be allowed to because she wears a headscarf. “You are selected for the Olympic Games, organized in your country, but you can’t take part in the opening ceremony because you wear a scarf on your head,” Sylla posted on her private Instagram account Sunday, per Reuters. But in an interview with CNN’s Christiane Amanpour, French sports minister Amélie Oudéa-Castéra said a solution has been found to allow Sylla to take part in Friday’s ceremony. “The issue is solved,” Oudéa-Castéra told Amanpour. The Opening Ceremony takes place on Friday and will be held along the River Seine, marking the first time that the ceremony has not taken place inside a stadium.
Persons: Sounkamba Sylla, ” Sylla, CNN’s Christiane Amanpour, Amélie, Castéra, , , Amanpour, That’s Organizations: Paris CNN —, CNN, Olympic Games, United Nations, Paris Locations: France
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