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☆ Bernard Arnault, the world's richest person, appoints son to CEO role at LVMH amid leadership shake-up
▼ + stars: | 2024-11-14 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +3 min

Bernard, CEO and chairman of LVMH, is the world's richest person with a $158.5 billion net worth. Related Video 5 ways Elon Musk shook up Twitter as CEOAlexandre Arnault and Bernard Arnault in 2016. Representatives for LVMH, Arnault, and Guiony did not respond to requests for comment from Business Insider. The new appointments also drum up speculation about who will succeed Bernard as LVMH's CEO. The Arnault family has been compared to the Roy family, the subjects of the HBO drama, "Succession."

Persons: Alexandre Arnault, Moët Hennessy, Bernard Arnault's, —, Bernard Arnault's multibillion, LVMH, Bernard, Christian Dior, Bernard's, Alexandre, Elon Musk, Bernard Arnault, Donato Sardella, Louis Vuitton, Jean, Jacques Guiony, Guiony, — Alexandre, Frédéric —, Delphine Arnault, Dior Couture, Antoine Arnault, Antoine, Jean Arnault, Roy, Roy family's Organizations: Service, company's Sustainability, LVMH's, Product, Communications, Tiffany, LVMH, Business, Reuters, Christian Dior, HBO, New York Times Locations: LVMH

Tingshu Wang | ReutersFrom Apple to Starbucks , U.S. consumer brands are reporting yet another quarter of China sales declines. Apple last week reported Greater China sales fell slightly to $15.03 billion in the three months ended Sept. 28, down from $15.08 billion in the year-ago period. The quarterly sales decline reduced Apple's China revenue share to 15.8% of total net sales, down from 16.9% in the year-ago period. Low consumer confidenceU.S. sportswear giant Nike said that Greater China revenue for the quarter ended Aug. 31 fell by 4% year-on-year to $1.67 billion. In Europe, luxury giant LVMH also felt the drag from the China market.

Persons: Tingshu Wang, Tim Cook, Apple, Brian Niccol, Niccol, Matthew Friend, Jean, Jacques Guiony, Isaac Stone Fish, Cummins, Walt, Fish Organizations: Reuters, Apple, U.S, Starbucks, Nike, Carrier, Coca Cola, RTX Corporation, Honeywell, Walt Disney, Caterpillar Locations: Chengdu, Sichuan province, China, U.S, what's, Hong Kong, Macao, Taiwan, Greater China, Europe, Asia, Japan, COVID, Japan Asia

☆ Luxury stocks may be a risky China stimulus bet
▼ + stars: | 2024-10-19 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +7 min

A post-pandemic spending surge led to luxury stocks such as LVMH to reach all-time highs in early 2023, but that soon changed. We believe improved confidence and sentiment is required to reach even our flat year-over-year Chinese luxury growth forecast for 2025," Wallace noted. Luxury stocks are feeling the pressure — year to date, U.S.-traded shares of major players LVMH and Kering are down about 17% and 41%, respectively. Analysts and investors are mixed as to whether the Chinese stimulus measures can revive luxury spending growth among consumers — and whether it will create a meaningful tailwind for luxury companies. Whether the luxury sector can continue growing at the same levels without as much Chinese consumer spending remains in question.

Persons: — stoking, Ben Harburg, Morgan Stanley, Ashley Wallace, Wallace, Jean, Jacques Guiony, Moncler, Hermes, Prada, Richemont, LVMUY CFRUY, —, Edouard Aubin, Sauron, Harburg, LVMH's Guiony, we've Organizations: Alpha, Bank of America, of America, Consumers Locations: China, Covid, 3Q24, U.S, LVMH

☆ LVMH had a rough week. That's a bad sign for the luxury sector.
▼ + stars: | 2024-10-19 | by ( Madeline Berg | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . LVMH, the largest of the luxury conglomerates, announced its third-quarter earnings this week, and the results were grim. AdvertisementWhile personal luxury sales in China grew by more than 37% each year from 2019 through 2021, that annual growth is not expected to hit more than 4.2% through 2028, according to EMARKETER data. AdvertisementEMARKETER's Canaves pointed to the collaborations and moves toward streetwear that helped some brands emerge from the last luxury slump. Of course, any expansion into new categories should not take attention from handbags and clothing, the revenue drivers of luxury brands.

Persons: LVMH, —, Louis Vuitton, Salvatore Ferragamo, Goldman Sachs, Gucci, Hermès, Jean, Jacques Guiony, Adam Cochrane, Chanel, Canaves, Guiony, Birkin, Deutsche Bank's Cochrane, Cartier, Brunello Cucinelli, Rambourg, Louis Organizations: Service, Revenue, Louis, Burberry, Business, Deutsche Bank, Gucci, Deutsche Bank's, Chez Locations: China, Asia, Japan, COVID, streetwear, Paris

☆ It looks like the glory days of luxury are over for LVMH, at least for now
▼ + stars: | 2024-10-16 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

LVMH reported a 3% decline in sales in its most recent quarter. The drop is driven by decreased demand from Chinese consumers, affecting luxury sales. AdvertisementFrench luxury conglomerate LVMH, the world's largest luxury company, reported a 3% year-on-year decline in sales in its most recent quarter. On Wednesday, LVMH shares fell by nearly 7% in early trading, driven by waning demand from Chinese consumers, who were once key spenders of European luxury goods. Some Chinese luxury consumers have been flocking to Japan to take advantage of lower prices caused by the country's currency downturn.

Persons: LVMH, —, Louis Vuitton, Christian Dior —, lockdowns, Jean, Jacques Guiony Organizations: Service, Louis, National Development, Reform Commission Locations: Beijing, China, Covid, Asia, Japan, United States, Europe

☆ Luxury stocks slide as LVMH disappoints and Wall Street eyes few signs of stronger China demand despite stimulus
▼ + stars: | 2024-10-16 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

The Dior and Louis Vuitton parent pointed to weak consumer demand in China. Wall Street analysts say recent stimulus measures likely won't be enough for spending in China to rebound. The company pointed to overwhelmingly weak demand in China, with organic sales in Asia (excluding Japan) falling 16%. The company gave vague forward guidance, and analysts on Wall Street say the country's recent stimulus won't be enough to reverse the weak demand. China's latest stimulus package, unveiled late last month, has aimed to prop up the country's weak consumer demand and struggling property sector.

Persons: LVMH, Hermes, Dior, Louis Vuitton, —, Christian Dior, Jean, Jacques Guiony, Guiony, We've Organizations: L'Oreal, Wall Street, Service, Wall, Citigroup Inc Locations: China, Asia, Japan

☆ The luxury outlook in China just keeps getting worse
▼ + stars: | 2024-07-25 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

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

☆ Champagne sales are tanking. An LVMH exec thinks people aren't happy enough to pop bottles.
▼ + stars: | 2024-07-24 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

LVMH's Champagne shipments were down 15% in the first six months of the year, compared with 2023. CFO Jean-Jacques Guiony theorized that consumers aren't happy enough to celebrate with Champagne. Champagne sales around the world have dropped since 2022. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Chief financial officer Jean-Jacques Guiony thinks it could come from fewer celebrations for people to pop the bottle.

Persons: Jean, Jacques Guiony, — Organizations: Champagne, Service, Business

☆ LVMH is waiting for China's consumers to shop at home
▼ + stars: | 2024-07-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewChina's once-mighty consumers are holding back on buying as much as they used to at home. But luxury giant LVMH is still spending big on them. LVMH does not break out its sales for China separately. AdvertisementChina's luxury consumers are spending in JapanRich Chinese consumers are not spending as much at home because, post-pandemic, they can travel and spend their money elsewhere, with Japan a top destination. The fluctuations in the yen make it challenging for LVMH to price its products in Japan.

Persons: —, Jean, Jacques Guiony, LVMH, Guiony, It's Organizations: Service, Business, Japan Locations: Japan, China, Asia, Japan Rich, Mainland China, Fukuoka

☆ Beijing steps up probe into EU brandy imports as trade tensions deepen after tariffs on Chinese EVs
▼ + stars: | 2024-07-08 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Beijing has intensified its anti-dumping investigation into imports of European brandy. The announcement came on the same day as the European Commission’s additional provisional tariffs on imports of Chinese-made electric vehicles came into effect. On Saturday, the China Association of Automobile Manufacturers, a state-backed auto association, said it was “strongly dissatisfied” with the additional EU tariffs on Chinese EVs and considered them “unacceptable.”Major stakeholders are bracing for retaliatory moves by Beijing. China’s probe into Europe’s cognac is a tit-for-tat reaction to EU action on Chinese EVs, said Jean-Jacques Guiony, chief financial officer of LVMH (LVMH), at an economic conference on Saturday, according to a Reuters report. The European Commission, the EU’s executive arm, announced last month that it would hike tariffs on Chinese EVs.

Persons: “, Jean, Jacques Guiony, LVMH, Hennessy, ” Organizations: Hong Kong CNN —, EU, China Association of Automobile Manufacturers, EV, European Commission, of America Locations: Hong Kong, Hong Kong CNN — Beijing, China, Beijing, French, France, “ Beijing

☆ China's gold rush shows the Chinese still have money to spend — they're just not into Starbucks or Gucci
▼ + stars: | 2024-05-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

It also reflects that there's money in the system — but Chinese consumers are just really not that keen on dropping their hard-earned cash at Starbucks or Gucci. China's demand for gold jewelry softened in the first quarter of this year due to the surge in gold prices but was still holding up well, according to the council. Gen Z Chinese consumers ditch luxury for goldUnlike the rush into gold assets, Chinese consumers are not running out to buy even more stuff, particularly foreign imports. China's savings rate was around 32% last year — compared to around 4% in the US, according to a McKinsey analysis of official data. "Chinese households are increasingly confronted by the weak long-term Chinese growth outlook and the slumping prices in China's residential real estate market," said Biswas.

Persons: —, Rajiv Biswas, Gen, LVMH Moët Hennessy Louis Vuitton, Gucci, Yves Saint Laurent, Laxman Narasimhan, Nomura, Lynn Song, Jean, Jacques Guiony, Biswas, McKinsey Organizations: Service, Gucci, Business, World Gold, Bloomberg, Starbucks, Huawei, Nomura, ING, McKinsey Locations: Japan, China, American, Greater China

☆ I shopped Sephora and Ulta to compare selection and experience. There was a clear winner in each category.
▼ + stars: | 2023-11-03 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +2 min

AdvertisementAdvertisementAmong the stores Gen Z shops the most, Sephora and Ulta are neck-and-neck for the top beauty stores. But in the most recent survey, Sephora moved to the number one slot. AdvertisementAdvertisementThe Piper Sandler survey also found that both brands have some of the most successful loyalty programs among Gen Z. Of the female teens surveyed with membership accounts, 67% are Sephora Beauty Insiders, and 60% are ULTAmate rewards members. I visited Sephora and Ulta to see how they compare and what draws Gen Z to both brands.

Persons: Sephora, Ulta, —, Piper Sandler's, Gen Z, Louis Vuitton, Jean, Jacques Guiony, Piper Sandler, Gen, Z Organizations: Service, Gen, LVMH, Dior

☆ LVMH sales growth loses fizz as post-pandemic splurge wanes
▼ + stars: | 2023-10-11 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

People walk past the Louis Vuitton store at Miami Design District, in Miami, Florida, U.S. November 30, 2021. REUTERS/Marco Bello Acquire Licensing RightsPARIS, Oct 10 (Reuters) - Luxury goods bellwether LVMH (LVMH.PA) reported a 9% rise in third quarter revenue on Tuesday, marking slower growth as a strong wave of post-pandemic spending eases due to rising inflation and economic turbulence. “After three roaring years, and outstanding years, growth is converging toward numbers that are more in line with historical average", LVMH chief financial officer Jean-Jacques Guiony told analysts. The fashion and leather goods division, home to Louis Vuitton and Dior, recorded sales growth of 9%, compared to analysts' expectations for 10% growth. LVMH is the first major global luxury firm to report earnings this quarter and gives investors an insight into what to expect from rivals.

Persons: Louis Vuitton, Marco Bello, Jean, Jacques Guiony, Tiffany, Bulgari, Hennessy, Luca Solca, Bernstein, Guiony, Mimosa Spencer, Ingrid Melander, Josie Kao Organizations: Miami Design District, REUTERS, Rights, Dior, Champagne, drugmaker Novo Nordisk, U.S ., Thomson Locations: Miami , Florida, U.S, United States, Europe, China

☆ Tapestry and Capri are combining in an $8.5 billion deal
▼ + stars: | 2023-08-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Tapestry Inc., which owns Kate Spade and Coach, announced Thursday that it’s acquiring Capri Holdings, the parent company of Michael Kors and Versace. The $8.5 billion deal could help them better compete against their higher-end European rivals. Under terms of the deal, Capri shareholders will get $57 per share. Coach changed its parent name to Tapestry in 2017 and Michael Kors switched to Capri after it bought Versace in 2018. Those warning signs have “put pressure on Tapestry and Capri, both of which are now looking to international markets to bolster growth,” Saunders said.

Persons: New York CNN — Michael Kors, Kate Spade, Michael Kors, Versace, Stuart Weitzman, Jimmy Choo, Neil Saunders, ”, Jean, Jacques Guiony, ” Saunders Organizations: New, New York CNN, Tapestry Inc, Capri Holdings, ”, Capri Locations: New York, United States

☆ Major global firms warn of slow China sales as post-pandemic surge fades
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +4 min

Aug 2 (Reuters) - From consumer goods giant Unilever (ULVR.L) to automaker Nissan (7201.T) and machinery maker Caterpillar (CAT.N), global firms have warned of slowing earnings in China as the world's second-largest economy loses its post-pandemic bounce. A continued rebound has been limited to a handful of sectors such as dining and luxury goods, driving double-digit China sales growth for the likes of Starbucks (SBUX.O) and LVMH (LVMH.PA). Volkswagen (VOWG_p.DE) cut its full-year sales target last week due to a sales dip in China, its top market. "Unfortunately, our (China) sales outlook is now falling far below our production capacity," Nissan CEO Makoto Uchida said last week. "We mentioned during our last earnings call that we expected sales in China to be below the typical 5% to 10% of our enterprise sales.

Persons: Graeme Pitkethly, we're, Makoto Uchida, Jim Umpleby, Jacob Stausholm, Louis Vuitton, Tiffany, Jean, Jacques Guiony, Mimosa Spencer, Sophie Yu, Brenda Goh, Richa Naidu, Melanie Burton, Daniel Leussink, Victoria Waldersee, Miranda Murray, Rishav Chatterjee, Deborah Sophia, Ananya Mariam Rajesh, Yuvraj Malik, Miyoung Kim, Christopher Cushing Organizations: Unilever, Nissan, Caterpillar, Starbucks, Procter, Gamble, L'Oreal, Global, Volkswagen, Samsung, SK Hynix, Apple, Rio Tinto, Tinto, Yum, HK, KFC, Kailyn, Thomson Locations: China, KS, Rio, Yum China, Kailyn Rhone, New York, Paris, Beijing, Shanghai, London, Melbourne, Tokyo, Victoria, Berlin, Bengaluru

☆ The 'aspirational' luxury shopper is suffering, but don't expect any deals
▼ + stars: | 2023-07-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

US consumers earning less than $100,000 fueled record profits last year for French luxury group LVMH. These "aspirational" customers are now pulling back on spending as pandemic cash reserves run dry. Important as these shoppers are, don't expect to see huge markdowns from Louis Vuitton and Dior. "The cost of all these initiatives was obviously quite high," Guiony said. Not every luxury brand can pull this strategy off, but it appears LVMH certainly can.

Persons: Louis Vuitton, that's, Christian Dior, Tiffany, LVMH, Jean, Jacques Guiony, Neil Saunders, Saunders, Michael Kors, Guiony, Hitha Herzog, Herzog, Pharrell Williams Organizations: Dior, Service, Louis Locations: Wall, Silicon, Asia, Pont, Paris

☆ LVMH earnings suggest luxury spending is suddenly slowing in the U.S.
▼ + stars: | 2023-07-25 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

During the LVMH earnings call Tuesday, CFO Jean-Jacques Guiony said sales dropped in the U.S. as aspirational consumers no longer spent on entry-level products. LVMH's U.S. sales slid 1% in the second quarter from the prior-year period. LVMH's sales in Europe increased 18% in the second quarter, and Guiony said tourists accounted for nearly half of that growth. Overall, LVMH reported sales rose 17% in the quarter, helped by a 34% increase in Asia excluding Japan. Guiony said that despite signs the broader Chinese economy is slowing, luxury spending there is "strong" after lockdowns were lifted late last year.

Persons: Jean, Jacques Guiony, Richemont, Guiony, LVMH, Tiffany Organizations: Cartier, U.S ., U.S Locations: U.S, Europe, Paris, Rome, London, U.S . China, Asia, Japan, China

☆ Sharp Chinese rebound pushes LVMH sales up 17% in second quarter
▼ + stars: | 2023-07-25 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

PARIS, July 25 (Reuters) - Sales at the world's top luxury group LVMH (LVMH.PA) rose by 17% in the second quarter, with a sharp rebound in China helping to offset a decline in the United States, where inflation and economic turbulence have dented demand for high-end goods. The 17% increase at constant exchange rates was a touch better than analyst expectations for 16% growth, according to a Visible Alpha consensus. Finance chief Jean-Jacques Guiony told reporters he was "very satisfied" with the rebound in China, which makes up the bulk of Asian sales. The region - excluding Japan - posted 34% growth compared to last year, when strict COVID-19 restrictions hit sales and emptied stores in China. In the United States, we see it's not as good as it was," he added.

Persons: Louis Vuitton, Hennessy, Tiffany, Jean, Jacques Guiony, Cartier, Richemont, Guiony, Mimosa Spencer, Silvia Aloisi Organizations: Dior, Finance, Vuitton, Thomson Locations: China, United States, Japan

☆ 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

☆ 'Quiet luxury' is back for the first time since the Great Recession. Here's what it is and what brands stand to benefit.
▼ + stars: | 2023-04-16 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +6 min

The quiet luxury trend is dominating 2023 after years of trends like "dopamine dressing." David Russell/HBOLike most other fashion trends, the move toward quiet luxury, or "stealth wealth," is part of a cycle. Liz Hafalia/The San Francisco Chronicle via Getty ImagesAt this point, quiet luxury has become so popular that even luxury brands themselves are being asked about it. She also highlighted Italian luxury house Brunello Cucinelli, French leather goods firm Hermès, and Armani, who has been doing quiet luxury for nearly two decades. If that's a bit outside your budget, there are mass-market retailers partaking in what the quiet luxury trend is promoting: durable, sustainably made clothing in timeless fabrics and silhouettes.

☆ A flurry of news outside the portfolio has implications for 3 of our stocks
▼ + stars: | 2023-04-13 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Here are three noteworthy news developments over the past two days, which contain useful insights about our stocks. For the full year 2023, Novo now expects sales growth in the range of 24% and 30%, compared to prior estimates of 13% to 19%. In addition, operating profit growth is expected to be in the range of 28% and 34%, up from a prior range of 13% to 19%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Analysis: LVMH's caution points to Americans' waning lust for luxury
▼ + stars: | 2023-04-13 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

[1/2] A LVMH luxury group logo is seen prior to the announcement of their 2019 results in Paris, France, January 28, 2020. European labels including LVMH's Louis Vuitton and Dior, as well as Chanel and Hermes have been riding a wave of strong demand from Americans, who emerged from lockdowns with savings and a desire to splash out on designer labels. He added the group is taking a cautious approach to price increases this year -- not just for cognac. "It's probably the most emblematic luxury store in the world," said Guiony. Elliott Savage, portfolio manager of U.S.-based fund YCG Investments, which holds shares in LVMH and other luxury brands, said a weakening U.S. luxury market in the near term could present an opportunity for dominant players to take market share.

☆ H&M highlights fast-fashion gloom as luxury takes hit in China
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +4 min

Shares in H&M, the world's No. 2 fashion retailer, fell as much as 6% in early trade after quarterly operating profit sank to 821 million Swedish crowns ($79.7 million) from 6.26 billion a year earlier. Zara has outperformed rivals after selling higher-priced garments and enticing shoppers who might have otherwise spent money at luxury stores. Disappointment over the impact of the China disruptions on its margins caused a record-breaking run in LVMH shares to briefly halt on Friday. The luxury industry is nevertheless expected to be one of the biggest winners from the loosening of restrictions that kept shoppers out of stores in China for months.

☆ LVMH shares lose recent lustre as China takes margin toll
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

PARIS, Jan 27 (Reuters) - LVMH (LVMH.PA) shares, which hit a record high earlier this month, fell on Friday as some analysts aired disappointment at the company's margins, taking some of the shine off a fourth-quarter sales rise. However, some analysts focused on its flat margins. "The slight wrinkle is on the margin, where the group delivered a flat operating margin year-on-year (versus consensus of +90 bps) – largely a reflection of maintaining/raising H2 marketing spend despite disrupted revenue growth," Credit Suisse analysts wrote in a note. The division's profit from recurring operations came to 660 million euros for the year, a fall of 3%. Reporting by Mimosa Spencer; Editing by Silvia Aloisi, Benoit Van Overstraeten and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

The world’s biggest luxury group logged revenue of €79.2 billion ($86.2 billion) and profit of €21.1 billion ($22.9 billion) for 2022, both up 23%. And in the coming months, “we have every reason to [be] confident, indeed optimistic, on the Chinese market,” LVMH (LVMHF) CEO Bernard Arnault said on a conference call. “In Macao, where Chinese can now travel to, the change is quite spectacular. He predicted, though, that Chinese tourists would not return in large numbers until at least the second half of the year. The removal of Chinese travel restrictions will likely also boost sales in overseas tourist destinations, the company added.

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