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☆ Rush hour isn't what it used to be: Working 10-to-4 is the new 9-to-5, traffic data shows
▼ + stars: | 2024-07-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

As more commuters settle into flexible working arrangements, the traditional American 9-to-5 has shifted to 10-to-4, according to the 2023 Global Traffic Scorecard released in June by INRIX Inc., a traffic-data analysis firm. Its analysis shows fewer early morning trips and a higher volume of midday trips compared to pre-pandemic traffic patterns. Ridership sank during the pandemic, Federal Reserve Bank of St. Louis data shows, and never fully recovered. The result is a surge in traffic congestion throughout the peak midday and evening hours, according to Pishue. "Pre-Covid, the morning rush hour would be a peak and then the evening peak would be much larger," he said, describing two apexes with a valley in between.

Persons: Kevin Carter, Bob Pishue, Louis, Gallup Organizations: Getty Images, INRIX Inc, Federal Reserve Bank of St Locations: San Diego, San Diego , California

☆ Female comedians are flipping the script on what they wear to perform
▼ + stars: | 2024-07-29 | by ( Leah Dolan | ) edition.cnn.com time to read: +10 min

CNN —Close your eyes and imagine a stand-up comedian. Today, female comics are more likely to be seen in vintage Versace, Gucci or Alessandra Rich than a denim button-down. To the uninitiated, Barone wore a sparkly silver dress. Dev Bowman“For a long time, female comedians were pressured into dressing like their male counterparts,” said Barone. “I don’t want it to seem like I’m saying I’m the first person to ever wear a dress to do stand up comedy,” she said.

Persons: Versace, Gucci, Alessandra Rich, ” Ziwe, George Santos, Jean Paul Gautlier, Ayo Edibiri, —, Loewe, Thom Browne, Rachel Sennott, Maya Rudolph, Mary Beth Barone, Barone, Kate Moss, Naomi Campbell, Moss, “, Instagram, Barone nodded, ” Barone, Jimmy Fallon, Tom Ford, De, Dave Benett, Sidewalkkilla Barone, Todd Owyoung, Britney Spears, Mary, Kate, Ashley Olsen, Paris, Mary Beth Barone Cat Cohen, ”, ’ ”, Cohen, Kelsely Randall, Chloe, Halle Bailey, Kelsey, aren’t, Phyllis Diller, Jean Carroll, Joan Rivers, Rivers, Midge Maisel, Maisel, Catherine Cohen, Dev Bowman, ” Cohen, ” Margaret Cho —, Betsy Johnson, Todd Oldham, Gemma Kong, Andrew Dice Clay, Louis C.K, ” Cho, ” Margaret Cho, Jay Leno, Margaret Norton, Cho, Ron Galella, Karen Kilgarriff, Janeane Garofalo, Kim Gordon’s, Janeane, Karen, Harry Styles, Forbes earnt Styles, Edebiri, It’s, ” Barone —, Dior Organizations: CNN, YouTube, Sydney, De Beers, NBC, Paris Hilton, Netflix, Globe, MTV, Hollywood Locations: New York, LA

☆ The 'great rotation' faces its biggest test yet: earnings from Microsoft, Meta, Apple and Amazon
▼ + stars: | 2024-07-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +15 min

That will be the case in this jam-packed week , with the earnings from Microsoft on Tuesday, Meta Platforms on Wednesday, and Apple and Amazon on Thursday. If Alphabet said it cut back on data-center spending, then it would be alleged the company is falling behind Amazon and Microsoft in the AI race. The company also is now dogged by another competitor in search engines after ChatGPT creator OpenAI announced a prototype of SearchGPT . Apple reports on Thursday, and if you think the cloud-computing heavyweights are spending on too much AI, then you should be buying Apple. President Joe Biden always chose to have his agencies wear down tech companies.

Persons: Don Forst, There's, hadn't, OpenAI, Tesla, Elon Musk, —, Russell, Mark Zuckerberg, Nvidia's Jensen Huang, It's, Zuckerberg, EssilorLuxottica —, EssilorLuxottica, Andy Jassy, Stanley Black, Decker, it's, Kamala Harris, Tony West, Joe Biden, Harris, Biden, Biden couldn't, Gina Raimondo, Raimondo, Donald Trump, Sen, JD Vance, Vance, Trump, Xi Jinping's, Abbott, Jim Cramer's, ABT, Jim Cramer, Jim, Sebastien Bozon Organizations: Los Angeles Herald Examiner, Microsoft, Apple, Google, YouTube, Amazon, Nvidia, Siggraph, Federal Reserve, Mohawk Industries, Fortune Brands, Club, Democratic, Uber Technologies, titans, Department of Justice, Federal Trade Commission, Department of Commerce, Republican, Big Tech, Republican Party, Trump, Abbott Laboratories, Drug Administration, CNBC, AFP, Getty Locations: Los Angeles, Denver, Ray, California, U.S, Ohio, Taiwan, St, Louis , Missouri

☆ Some people may love to abuse Costco's generous returns policy, but it's a genius business decision
▼ + stars: | 2024-07-27 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +5 min

Read previewA big perk of a Costco membership is the unlimited returns offered by the company. While the returns policy on electronic goods is now 90 days, until 2007, Costco members had an unlimited returns policy on electronic goods — excluding personal computers. It's far from the only example of Costco returns. Bean used to offer a legendary lifetime returns policy but switched to a one-year return limit in 2018 after some customers abused it. Shoshy Ciment/Business InsiderCostco's business model relies on maintaining customer loyalty, and unlimited returns help.

Persons: —, Yuliana Martinez, Louis Orellana, Bean, Shoshy, Neil Saunders, Saunders, Katherine Black, Kearney, Gina Logan, Logan Organizations: Service, Costco, Business, GlobalData

☆ Climate change is gentrifying neighborhoods. In Miami, residents fear high prices — and a lost soul
▼ + stars: | 2024-07-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +16 min

Part of the building site of the Magic City development in Little Haiti. Among the properties is Sixty Uptown Magic City, billed as a collection of luxury residential units. Plaza Equity Partners, a real estate developer and one of the Magic City partners, did not respond to CNBC's requests for comment. Magic City development site in Little Haiti. Magic City investors also invested $31 million in the Little Haiti Revitalization Trust, created and administered by the City of Miami to support community revitalization in Little Haiti.

Persons: Greg Iacurci, Greg Iacurci MIAMI — Nicole Crooks, James Brown, Sam Cooke, Ray Charles, Aretha Franklin, Ella Fitzgerald, Jackie Robinson, Joe Louis, Overtown, Crooks, Nicole Crooks, Carl Gershenson, Gershenson, Moody's, Robert Zangrillo, Princeton's Gershenson, Andrew Rumbach, Chris Rogers, Rumbach, Brown, Fredericka Brown, Carolyn Donaldson, Greg Iacurci Carolyn Donaldson, Donaldson, David Arditi, Greg Iacurci Flood, Arditi, homebuyers, Han Li, Richard J, Grant, Todd Crowl, Urban Institute Paulette Richards, Richards, who's, Carl Juste, Greg Iacurci Carl Juste's, — Viter, Maria Juste, Little, Little Haiti —, " Juste, Juste, Neil Fairman Organizations: Lyric, Greg Iacurci MIAMI, Catalyst Miami, Princeton University Eviction, Magic City, Liberty City —, Dade, Harvard University, Florida International University, Magic City Innovation, Dragon, Miami ZIP, Liberty City, Miami, West Palm Beach, Boca Raton, Urban Institute, Marshall Fire, Photodisc, Georgia Institute of Technology, Brookings Institution, Macedonia Missionary Baptist Church, Macedonia Missionary Baptist, Grove Rights, Community Equity, Development, Developers, City, Aria Development, Federal Emergency Management Agency, University of Miami, Florida International University Institute of Environment, Women, Leadership Miami, Little Haiti, Magic City Innovation District, Dragon Global, Magic, Plaza Equity Partners, Lune, Lambert, Little Haiti Revitalization Trust Locations: Miami's Overtown, Miami, Overtown , Miami, Magic, Little Haiti, U.S, Zillow, Overtown, Allapattah, Liberty, Dade County, Kendall, West Palm, Delray, Honolulu, Louisville , Colorado, Colorado, Coconut Grove, Macedonia, West, West Grove, Bahamas, Grove, City of Miami, Brickell, Caribbean, Liberty City, Haitian Diaspora, Magic City, Lune Rouge

☆ 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

☆ California School Official Who Embezzled $16.7 Million Gets Nearly 6 Years in Prison
▼ + stars: | 2024-07-27 | by ( Eduardo Medina | ) www.nytimes.com time to read: +1 min

A former California public school official who embezzled more than $16 million from a school district and used the money to fund a lavish lifestyle was sentenced to nearly six years in prison this week, according to the Justice Department. A federal judge on Thursday sentenced Jorge Armando Contreras, 53, who worked for the Magnolia School District in Orange County, to 70 months and ordered him to pay $16,694,942 in restitution. Mr. Contreras, of Yorba Linda, Calif., had pleaded guilty in March to one count of embezzlement, theft and intentional misapplication of funds from an organization receiving federal funds, the U.S. attorney’s office said. He used the money to buy a range of luxurious products like Louis Vuitton bags and $2,000 tequila bottles, according to the Justice Department. About $7.7 million in personal and real property traced to the scheme have been seized, officials said.

Persons: Jorge Armando Contreras, . Contreras, Martin Estrada, ” Mr, Contreras, Louis Vuitton Organizations: Justice Department, Magnolia School, Central, Central District of Locations: California, Orange County, Yorba Linda, Calif, U.S, Central District, Central District of California

☆ The Olympics are getting a luxury makeover this year
▼ + stars: | 2024-07-27 | by ( Madeline Berg | Ashley Rodriguez | ) www.businessinsider.com time to read: +7 min

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

☆ 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

☆ 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, ”

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ It’s Shark Season. How Worried Should You Be?
▼ + stars: | 2024-07-26 | by ( Erik Vance | ) www.nytimes.com time to read: +19 min

California has very few shark attacks — just two recorded in 2023, fewer than New York and the Carolinas. The eastern coast from Virginia to New York doesn’t see many shark attacks, despite having many popular beach towns. Long Island in New York is, roughly speaking, the northern border of the bull and tiger shark ranges. Tiger Shark A 3D illustration of a Tiger Shark. Kentucky managed to rack up 12 shark attacks in 2006 after the aquarium in Newport opened a shark petting exhibit.

Persons: Meg ”, “, —, You've, Read, Long, Louis, Napoleon, manhandling You've, snorkelers, snorkelers ’, Bob, you’re Organizations: Florida Museum, New York Times, America . California Carolinas, Georgia Florida Gulf, Alaska You've, Daytona, Bull Sharks, Tiger Sharks, Sharks, Nurse Sharks Locations: United States, Hawaii, Washington State, America . California, Georgia Florida, Georgia Florida Gulf Coast Hawaii, States New, Pacific Northwest, Alaska, California, New York, Carolinas, Los Angeles, San Diego, Georgia, South Carolina, Florida, North Carolina, Cape, Volusia County, Gulf, Coast of Texas , Louisiana , Mississippi, Alabama, Texas . Galveston , Texas, Maui, States, Virginia, New England, Cape Cod, Massachusetts, Maine, Northwest, Oregon, Washington, Mississippi, of Mexico, Kentucky, Newport, St, Fla

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

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