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☆ What are 2024 Olympic gold medals made of? Explaining the Eiffel Tower connection
▼ + stars: | 2024-07-27 | by ( Lukas Weese | ) www.nytimes.com time to read: +3 min

Winning an Olympic gold medal is considered a crowning achievement for an athlete, so it’s only fitting that the physical medal represents the significance. What else is unique about these gold medals and how are they connected to the Eiffel Tower? How much do the Olympic gold medals weigh? Who designed the Olympic gold medals? According to Forbes, a Paris 2024 Olympic gold medal is worth approximately $950.

Persons: Celine Dion, “, Eiffel, Moët Hennessey Louis Vuitton, Ludovic Marin –, Thomas Samson Organizations: Olympic, Eiffel, Paris, Olympics, LMVH, Louis Olympic Games, It’s, Forbes, The Athletic, Getty Locations: Paris

☆ LMVH and other global luxury brands are hurting as Chinese shoppers rein in spending
▼ + stars: | 2024-07-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

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

[1/3] Chinese Premier Li Qiang (R) and French Foreign Minister Catherine Colonna shake hands at the Great Hall of the People in Beijing, China on November 24, 2023. Jade Gao/Pool via REUTERS Acquire Licensing RightsBEIJING/PARIS, Nov 24 (Reuters) - French Foreign Minister Catherine Colonna is set to meet the Chinese leadership in Beijing on Friday as she seeks to soothe ties after the launch of a European Union anti-subsidy probe backed by Paris into Chinese-made electric vehicles. France is also concerned about Chinese attempts to force French cosmetics companies to share manufacturing secrets with Chinese parties. Xi insisted that China welcomes investment from French firms in a telephone call on Monday with Macron, who urged fair treatment for foreign companies in China. Macron visited China in April with great fanfare, in an attempt to demonstrate France's strategic autonomy from the United States.

Persons: Li Qiang, Catherine Colonna, Jade Gao, Wang Yi, Ursula von der Leyen, Charles Michel, Xi Jinping, Emmanuel Macron, Xi, Macron, Colonna, Laurie Chen, John Irish, Raju Gopalakrishnan Organizations: French, of, People, REUTERS Acquire, Rights, European, European Commission, EU, Thomson Locations: Beijing, China, Rights BEIJING, PARIS, European Union, Paris, France, Ukraine, Iran, Gaza, North Korea, United States

☆ Jim Cramer says investors should take wait-and-see approach with Birkenstock IPO
▼ + stars: | 2023-10-09 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Monday told investors they may be wise to sit out the "initial feeding frenzy" when German sandal maker Birkenstock enters the market in an initial public offering on Wednesday. Birkenstock is expected to attain a $10 billion valuation and is seeking to price shares at the top of its $44 to $49 range, Reuters reported. The company saw a bump in publicity this summer after its shoes had a cameo in the "Barbie" movie blockbuster. Nevertheless, he said the company has seen solid growth and profitability, and its margins seem headed in the right direction. I say you'll be better off on the sidelines and waiting for the stock to cool down, because it probably will."

Persons: CNBC's Jim Cramer, Birkenstock, Cramer, it's Organizations: Reuters Locations: Norwegian

As the subjects of a preliminary investigation, neither Arnault nor Sarkisov are suspects and neither has been accused of wrongdoing. The investigation, apparently ongoing, will not fail to prove this.”“Besides, who can seriously imagine that Mr Bernard Arnault, who has built the leading French and European company over 40 years, would engage money laundering to expand a hotel?” Laffont added. CNN has contacted Tracfin and Sarkisov for comment. LVMH is once again Europe’s biggest company by market capitalization, after being briefly dethroned last month by Danish drugmaker Novo Nordisk (NVO). Arnault’s company encompasses luxury fashion and drinks brands such as Louis Vuitton and Moet & Chandon.

Persons: London CNN —, Bernard Arnault, ”, Arnault, Nikolai Sarkisov, Tracfin, Sarkisov, Arnault’s LVMH, Arnault’s, Jacqueline Laffont, Cheval, Laffont, Le, “, Elon Musk, Louis Vuitton, Moet, Chandon Organizations: London CNN, Paris Public Prosecutor’s Office, CNN, SNC, Bloomberg, Elon, Europe’s, Danish drugmaker Novo Nordisk Locations: Paris, London, Russian, Sarkisov, Courchevel, Blanc, Cheval Blanc, “, Danish

☆ Tiffany unveils revamped New York flagship, showcasing new look
▼ + stars: | 2023-04-26 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

Global Brand Ambassador Gal Gadot along with Anthony Ledru, President and Chief Executive officer of Tiffany & Co attend a ribbon cutting ceremony for reopening of the Tiffany flagship store on 5th Avenue in Manhattan in New York City, New York, U.S., April 26, 2023. REUTERS/Brendan McDermidNEW YORK, April 26 (Reuters) - Tiffany & Co. lifted the lid on its newly renovated New York city flagship on Wednesday, the centerpiece of a broad brand reset orchestrated by its owner, the world's biggest luxury group LVMH. Alexandre Arnault spearheaded the label's initial reset with an advertising campaign starring Beyonce -- wearing the famous yellow Tiffany diamond -- and Jay-Z. Now the priority will be on renovating the label's retail network, essential for Tiffany to bridge the gap with Cartier, the world's largest jewelry label, which belongs to Richemont(CFR.S), Ledru said. Tiffany sales came to 5.1 billion euros ($5.63 billion) in 2022 and are forecast to reach 7.4 billion in 2025, according to HSBC.

☆ LMVH: China reopening gives Tiffany and Dior owner a boost
▼ + stars: | 2023-04-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Shares in LVMH, the world’s biggest luxury group, jumped to a record high after it reported strong first-quarter sales buoyed by the economic re-opening in China. The stock of Europe’s most valuable company rose 4.6% Thursday to hit €875 ($965) apiece, boosting the fortune of its owner Bernard Arnault, already the world’s richest man. The owner of brands such as Tiffany & Co. and Dior reported late on Wednesday sales of €21 billion ($17 billion) in the first three months of the year, up 17% from the same period in 2022. In Europe and Japan, first-quarter sales were strong, rising 24% and 34% respectively, thanks to “robust demand” from local consumers and international travelers. In the United States, sales rose 8%.

☆ Louis Vuitton picks Shanghai for first furniture and homewares store
▼ + stars: | 2022-11-25 | by ( Casey Hall | ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 25 (Reuters) - Louis Vuitton on Friday announced plans to open a dedicated furniture and homewares store in Shanghai, a world first for the French luxury brand as it aims to expand further into lifestyle offerings to affluent Chinese clients. Louis Vuitton, part of LVMH (LVMH.PA), said in a statement the showroom will be trialled for several months as a pop-up and if successful will then become a permanent feature. A smaller side building is dedicated to showing designs by Frank Chou, the first mainland Chinese designer tapped by Louis Vuitton to collaborate on the Objet Nomades collection, as the furniture and homewares ranges is known. Louis Vuitton dipped its toes into a more lifestyle-oriented offering in China last month when it opened a store in the southwestern city of Chengdu that included an exhibition space and restaurant. Verghese sees homewares as a good bet for Louis Vuitton, especially in China.

☆ French luxury goods company LVMH invests in designers of color. Black creatives are cautiously optimistic about the impact.
▼ + stars: | 2022-09-10 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +7 min

A Harlem's Fashion Row event showcased creatives and designers of color. The Harlem's Fashion Row show is one of recent steps by LVMH to become more diverse and inclusive. Black creatives and fashionistas of color are cautiously optimistic, saying LVMH could set a new standard for an industry that's long had a problem with diversity. Harlem's Fashion Row CEO Brandice Daniel said the partnership with LVMH felt intentional and serious in nature. I think it's incredible that HFR and Black designers in general are getting this kind of support," Daniel, who is Black, said, referring to Harlem's Fashion Row.

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