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☆ A Louis Vuitton x SpaceX rocket could be coming to a sky near you
▼ + stars: | 2024-07-26 | by ( Madeline Berg | ) www.businessinsider.com time to read: +1 min

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

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

☆ Giant pink man causes stir in small Welsh town
▼ + stars: | 2024-07-26 | by ( Louis Mian | ) edition.cnn.com time to read: +3 min

CNN —A large, pink, inflatable man, created by the Chinese contemporary artist Yue Minjun, has divided opinion in a small town in Wales. “The image represents the boredom of Chinese society during the rise of consumerism and economic reform in the early 1990s,” the centuries-old Ruthin School said in a post on Facebook. Yue’s work, in particular his many grinning self-portraits, have become among the most recognizable pieces of Chinese contemporary art. She said the school’s students “love it” are “really quite fond” of the large inflatable man. Another local resident told CNN the inflatable is “a bit odd for an art installation,” while a local barber aid opinions differed, explaining that he had heard both positive and negative reaction.

Persons: Yue Minjun, Frances King, “, that’s, King, “ We’ve, ’, ”, ” Gina Moorcroft, ” Angela Louise Sersa, “ It’s, Yue Organizations: CNN, Ruthin School, Facebook, Ruthin International Arts Locations: Wales, Ruthin, Cardiff, ”

☆ Retiring at 50 has long been a guarantee for parts of China's working class — until now
▼ + stars: | 2024-07-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +7 min

But experts and think tanks have long said this is a policy change that an aging China desperately needs. It's currently running a lopsided policy of letting women retire up to 10 years earlier despite them living significantly longer on average than men. The pension problemKey to the retirement overhaul are China's pension funds. AdvertisementMost Chinese workers receive a state pension, which can be boosted by retirement funds from employers and personal contributions. Experts say that either way, Beijing will need more than a simple policy change to fix its crisis.

Persons: —, Sabrina Luk, Shaun Rein, Luk, It's, Gu Qingyang, CASS, it's, Louis Vuitton, Gu, Rein Organizations: Service, Business, Nanyang Technological University, China Market Research Group, Academy of Social Sciences, National University of Singapore, Louis Locations: Beijing, France, China, Xiaohongshu, Weibo, Singapore, Shanghai, Asia, East Asia

☆ LVMH CEO Bernard Arnault says Olympics sponsorship honors the spirit of France
▼ + stars: | 2024-07-26 | by ( Jacqueline Corba | ) www.cnbc.com time to read: +1 min

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

☆ Roland Dumas Dies at 101; French Foreign Minister Tainted by Scandal
▼ + stars: | 2024-07-26 | by ( Adam Nossiter | ) www.nytimes.com time to read: +1 min

Roland Dumas, a former French foreign minister, agile political fixer and star defense lawyer whose taste for living large proved his undoing, died on July 3 in Paris. The office of President Emmanuel Macron of France announced his death in a statement, which did not specify a cause. A longtime confidant of François Mitterrand, the Socialist former president, Mr. Dumas was one of the highest-profile officials in France for two decades. Mr. Dumas avoided jail, but his conviction, which was eventually overturned, ended his career. He had already been forced to resign from the presidency of the Constitutional Council, France’s highest appeals body.

Persons: Roland Dumas, Emmanuel Macron, François Mitterrand, Dumas, Picasso, Braque, Chagall, Saint Louis, Christine Deviers Organizations: Socialist, Constitutional Council, Republic Locations: Paris, France, Saint

☆ 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

☆ The best looks worn by athletes and other stars at LVMH's pre-Olympics event
▼ + stars: | 2024-07-26 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +1 min

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

☆ Divers found cases of 150-year-old sparkling wine in a shipwreck off the coast of Sweden — and it might still be drinkable
▼ + stars: | 2024-07-26 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

Read previewDivers in the Baltic Sea came across an unusual find this month as they explored a shipwreck just off the coast of Sweden. "We encountered a 19th-century sailing ship in very good condition, loaded to the sides with champagne, wine, mineral water, and porcelain," the Polish diving team Baltictech said. The sparkling wine bottles numbered more than 100, they added. This story is available exclusively to Business Insider subscribers. A spokesperson told Business Insider they are "almost sure" the wine is Louis Roederer Champagne, and said they have contacted the company to try to confirm.

Persons: —, Baltictech, Tomasz Stachura, Marek Cacaj, Louis Roederer Champagne, they've, Mark Robertson, Robertson, Stachura, that's Organizations: Service, Business, New York Times, Times, Buyers Locations: Baltic, Sweden, Russian, Champagne

☆ Former St. Louis Fed President: Probability of a recession isn't any higher now than ordinary times
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer St. Louis Fed President: Probability of a recession isn't any higher now than ordinary timesFormer St. Louis Fed President James Bullard joins 'Squawk Box' to discuss the state of the economy, what to make of today's GDP report, impact on the Fed's inflation fight, rate path outlook, and more.

Persons: Louis, James Bullard Organizations: Former, Louis Fed, St

☆ Take a look at the luxury items LVMH is custom-making for the Paris Olympics
▼ + stars: | 2024-07-25 | by ( Madeline Berg | ) www.businessinsider.com time to read: +1 min

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

☆ How startups can get in top shape for an IPO, according to Silicon Valley lawyer Louis Lehot
▼ + stars: | 2024-07-24 | by ( Alistair Barr | ) www.businessinsider.com time to read: +11 min

Louis Lehot, a Silicon Valley law-firm partner, specializes in taking companies from startup to IPO. The IPO market is expected to pick up later this year, so Business Insider emailed Silicon Valley lawyer Louis Lehot, a partner at Foley & Lardner, for advice on how startups should prepare for life as public companies. Are public market investors generally keen to invest in IPOs, or are they focused elsewhere? Public market investors are selective, focusing on established profitability and sustainable growth over speculative, high-growth stories. What are the key process changes companies need to make ahead of an IPO?

Persons: Louis Lehot, Lehot, —, Lardner, Collison Organizations: Service, Foley, Healthcare, Biotech, Green Energy, Enterprise, Street, Investor

☆ Employee Well-Being Programs Can Help Companies Perform Better
▼ + stars: | 2024-07-24 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +9 min

With a new generation of workers bringing fresh sensibilities and an increasing desire for work-life balance and mental-health support, organizations across the US are scaling up employee well-being programs to meet the demands of the post-pandemic era. Companies need to achieve a balanced mix of well-being offerings to address the shifting needs of their workers, Tharpe said. A retention tool that reinforces company valuesTharpe said many companies view well-being benefit programs as a strategic tool to reinforce the organization's values and make it more attractive as an employer. Combating healthcare costs, boosting mental healthSome companies are adopting well-being initiatives to confront mounting healthcare costs, with the added benefit of improving mental-health support for their employees. AdvertisementChildren's Mercy Kansas City, a pediatric-health facility in Missouri, also made mental health and well-being initiatives a priority for its staff following the pandemic.

Persons: Wellable, they're, Charlie Tharpe, Tharpe, Stephanie Harvie, Harvie, L.L.Bean, WWT, John Rocco, Rocco, Stephanie Burrus, Burrus, VTO, Molly Q, Ford, Salesforce Organizations: Companies, Boston University's Questrom School of Business, WWT, Children's, Research Locations: Maine, St, Louis, Kansas City, Missouri, San Francisco

☆ The latest 'it bag' comes from an under-the-radar fashion house that a millennial made cool again
▼ + stars: | 2024-07-24 | by ( Maria Noyen | ) www.businessinsider.com time to read: +5 min

To the canon of iconic luxury purses, we can now add the Holy Bag by Courrèges. In the months that followed, the Holy Bag quickly cemented itself as a celebrity "it bag." Hailey Bieber, pictured in NYC in June, is carrying a Courrèges Holy Bag. AdvertisementThe Holy Bag hits a sweet spot for different buyersThe stylists also said Courrèges designed the Holy Bag to cater to more than just a famous crowd. AdvertisementCharli XCX was spotted clutching a white version of the Holy Bag when it debuted at Paris Fashion Week in February.

Persons: —, Louis Vuitton, it's, Yael Quint, André Courrèges, Quint, Kris Jenner, Julia Fox, Chloe Fineman, Bourke, Hailey Bieber, Bottega Veneta's, Nicolas Di Felice's, Di Felice, Nicolas Di Felice, Victor Virgile, Nicolas, Courrèges, Edward Berthelot, Washington, I've Organizations: Service, Paris Fashion, Business, of Fashion Locations: Hermès, New York City, Los Angeles, Aisya Washington, New York, NYC, Washington

☆ Tech stocks tank as profit-taking persists. Here's why Abbott stands out among the wreckage
▼ + stars: | 2024-07-24 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Markets slide: Wall Street is in sell-off mode Wednesday, with about three decliners for every advancer on the NYSE. Leaning into experiential shopping and personalization can help Best Buy fend off competition from retail heavyweights Amazon and Walmart . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Dow, Vertiv, we've, Louis, Ford, Dr, Pepper, Jim Cramer's, Jim Organizations: CNBC, NYSE, Nasdaq, Club, Amazon, Walmart, Abbott Laboratories, Ford, IBM, Vegas Sands, Whirlpool, Honeywell, Carrier, Jim Cramer's Charitable Locations: CNBC.com, St, Vegas, WM, Dover, AbbVie

☆ World's largest luxury group LVMH slumps 5% after second-quarter revenue miss
▼ + stars: | 2024-07-24 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Shares in the world's largest luxury group LVMH fell on Wednesday after its second-quarter sales came in below analyst consensus on Tuesday. Quarterly sales came in at 20.98 billion euros ($22.7 billion) in the second quarter, compared to the 21.6 billion euros LSEG analysts were expecting. Sales in Asia, excluding Japan, fell 14% in the second quarter from the same period a year earlier, LVMH said. Across the first half of the year, sales in Asia excluding Japan dropped 10% compared to the first six months of 2023, while sales in Japan rose by 44%, LVMH said. By business groups, wine and sprits revenue fell 5% in the second quarter of 2024 from a year earlier, and the watches and jewellery division declined 4% over the same time.

Persons: LVMH Organizations: Louis Vuitton, Gucci, Quarterly Locations: Lisbon, Portugal, London, Asia, Japan

☆ Beefed-Up Olympics Security Thins Out Tourists, Squeezing Merchants
▼ + stars: | 2024-07-24 | by ( Liz Alderman | ) www.nytimes.com time to read: +1 min

But with the opening ceremony of the 2024 Paris Olympics just days away, the crowds have thinned to a trickle. “It’s a catastrophe,” said Mr. Pierret, surveying his near-empty terrace. Before him, thousands of brightly colored bleacher seats lined the quays of the Seine, which are now cordoned off. The river flowed by quietly — devoid of traffic — a scene reminiscent of Covid lockdowns. “The Olympics were supposed to be great for business,” Mr. Pierret said.

Persons: Fabrice Pierret, Le, Louis, ”, “, ” Mr, Pierret, we’re Organizations: Olympics Locations: Seine

☆ Cramer says consumers are more frugal, turning from companies without value prices
▼ + stars: | 2024-07-23 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Tuesday discussed consumer behavior, saying many are fed up with high prices of certain companies' products and services, such as those in the airline or retail business. They are pushing back on high prices, they are demanding bargains," he said. To Cramer, the travel and leisure bull market might be over, noting that many airlines have recently reported disappointing quarters. Cramer suggested that consumers maybe "aren't flocking to cruises as much as they're fleeing from higher hotel prices." And she's exacting, not revenge travel, but revenge against all who've kept prices high."'

Persons: CNBC's Jim Cramer, inflation's, Cramer, Louis Vuitton Organizations: Fed, Costco, Walmart

☆ Hugo Awards: Hundreds of fraudulent votes cast in prestigious science fiction prize
▼ + stars: | 2024-07-23 | by ( Louis Mian | ) edition.cnn.com time to read: +3 min

CNN —Hundreds of votes were cast fraudulently for one finalist in the prestigious Hugo Awards, which honors the best science fiction and fantasy works of the previous year, its administrative team has revealed. The Hugo Awards can only be voted on by members of the World Science Fiction Society, who gather at annual conventions commonly known as “Worldcon,” which brings together science fiction enthusiasts from around the globe. A membership for the World Science Fiction Society costs about $58 (£45), meaning the membership fees to cast 377 fraudulent votes would cost about $21,900 (£16,960). The Hugo Awards, established in 1953, has 15 categories, including best novel, best short story and best fanzine. Jemisin’s “The Stone Sky.”John Scalzi, one of this year’s finalists for his book “Starter Villain,” praised the Hugo Awards’ transparency in a post on his website.

Persons: Hugo, Rowling’s, Harry Potter, Martha Wells, Jemisin’s, John Scalzi, ”, “, ” Scalzi Organizations: CNN, Science Fiction Society Locations: Scottish, Glasgow, Seattle , Washington

☆ Americans Still Shop for Luxury Items in Physical Stores, Not Online
▼ + stars: | 2024-07-23 | by ( Emily Stewart | ) www.businessinsider.com time to read: +11 min

It found that people generally have a strong preference for a brick-and-mortar experience when buying luxury items. Online luxury sales picked up during the pandemic but have since come back down to earth. The overarching theme is that many consumers haven't warmed up to shopping luxury — namely, ultra-luxe items and brands — online. AdvertisementWe try to treat luxury with the same e-commerce experience we use for paper towels, and that just doesn't work. For the most part, luxury brands prefer that customers would rather shop in-store.

Persons: Gen Z, Claire Tassin, haven't, Jason Goldberg, hasn't, Goldberg, Luca Solca, Solca, Nora Kleinewillinghoefer, Prada, Tassin, Louis Vuitton, Kleinewillinghoefer, Emily Stewart Organizations: Walmart, Morning, Moda, Groupe, Bernstein, Bain & Company, Burberry, Gucci, luxe, Companies, Amazon, Business Locations: —, Kearney

☆ Prince George is 11 – see his birthday photo
▼ + stars: | 2024-07-22 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +2 min

London CNN —Prince George has turned 11, and as per tradition his proud parents have released an official portrait to mark the occasion. Taken by the Princess of Wales, the black and white image was published on Kensington Palace’s official social media channels. Handout/The Princess of WalesIt is captioned: “Wishing Prince George a very happy 11th birthday today!”The latest photo follows the release of a family shot of George, his siblings and his father last month to mark Prince William’s 42nd birthday. The Prince and Princess of Wales have made it a tradition to release photos on landmark family occasions, like birthdays, Father’s Day, Mother’s Day and wedding anniversaries. Another recent pic of Charlotte, this time with George and her father, was tweeted by Taylor Swift on June 22.

Persons: London CNN — Prince George, Princess, Wales, Prince George, George, Prince William’s, Princess Charlotte, Prince Louis, Prince, Father’s, who’s, Charlotte, Taylor Swift, Travis Kelce, Kate, “, ” Organizations: London CNN, Spain Locations: Kensington, Wales, England, London

☆ Louis Vuitton CEO bets on Roger, Rafa and the Olympics
▼ + stars: | 2024-07-22 | by ( Victoria Barauna | ) edition.cnn.com time to read: 1 min

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☆ Mass protest on Spanish island Mallorca calls for ‘limits on tourism’
▼ + stars: | 2024-07-22 | by ( Louis Mian | ) edition.cnn.com time to read: +2 min

CNN —Thousands of people took to the streets to protest against mass tourism on the island of Mallorca on Sunday as pushback against holidaymakers in Spain continued. ET) according to organizers Menys Turisme, Mas Vida (Less Tourism, More Life), although police put the figure at around 12,000, RTVE reported. Juan Medina/ReutersThe demonstration included around 110 groups and social movements, according to Spanish public broadcaster RTVE. It came amid growing tensions over the impact of tourism on local areas in Spain. In April, a hunger strike was called by locals in the Spanish Canary Islands, protesting against excessive tourism, which protesters said is pricing out locals and leading to environmental damage.

Persons: Jaime Reina, Menys, Mas, RTVE, ”, Juan Medina Organizations: CNN, Palma de Mallorca, AFP, Getty, Tourists, Reuters, RTVE, Spanish National Statistics Institute, Islands Locations: Mallorca, Spain, Palma de, Tourism, El Arenal, Balearic, Menorca, Ibiza, Formentera, Barcelona, Canary Islands

☆ For LVMH, the Olympics Are Welcome, but Not Without Risk
▼ + stars: | 2024-07-21 | by ( Claire Moses | ) www.nytimes.com time to read: +1 min

Among the dozens of sponsors of this summer’s Olympic and Paralympic Games in Paris, one will be by far the most visible and influential: LVMH, the French luxury goods conglomerate. The company has invested 150 million euros ($163 million) in the 2024 Olympic Games, a gamble for a brand that has long marketed its goods to the upper echelons of society. Louis Vuitton created the trunk that carries the Olympic torch and the medal trays for the victory ceremonies. Mr. Arnault is the chairman of Loro Piana and the oldest son of Bernard Arnault, the chairman and chief executive of LVMH. “We decided that if we were going to do it, it was going to be new.

Persons: Louis Vuitton, Chaumet, Carine Roitfeld, ” Antoine Arnault, Arnault, Loro Piana, Bernard Arnault, “, Mr, ” Organizations: Paralympic Games, Eiffel, Games, The New York Times Locations: Paris, Marseille, LVMH

☆ The salaries you'd need to afford iconic TV and movie homes from 'Full House', 'The Godfather' and more
▼ + stars: | 2024-07-21 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

This year, the Chicago-area house from "Home Alone" and the iconic "Full House" townhouse in San Francisco hit the market with asking prices in the millions. In June, CardRates.com examined 25 iconic houses featured on screen. Using Zillow's estimated home values and Bankrate's mortgage calculator, the report determined the monthly mortgage rates and the annual income required to afford each property. The mortgage rates were determined assuming a 20% down payment, a 30-year fixed loan, and the current interest rate as of June 2024, according to the Federal Reserve Bank of St. Louis. Some of the properties in CardRates.com's report are currently on the market and the amounts indicated are the current list prices.

Persons: you've, CardRates.com, Louis . Organizations: Federal Reserve Bank of St Locations: Chicago, San Francisco

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