DIRS.INFO The most relevant business & tech news

☆ Dior and Gucci owners suffer $14 billion wealth crash as luxury stocks slide
▼ + stars: | 2024-10-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The ultra-rich owners of the world's leading luxury brands took a hit to their fortunes on Tuesday. LVMH shares fell as much as 7% in Paris on Tuesday, slashing the value of his stake by about $13 billion, before paring their decline to 3%. Arnault ranked as the world's fourth-richest person with a $197 billion net worth at Monday's market close, per the Bloomberg Billionaires Index. Pinault was 83rd in the wealth rankings with a $24 billion fortune at Monday's close, down more than $11 billion this year. For example, the Dumas family owes most of its estimated $150 billion fortune to Hermès stock, which slid 3% on Tuesday.

Persons: Bernard Arnault, —, LVMH Moët Hennessy Louis Vuitton, Dior, Arnault, François Pinault, Gucci, Kering, Pinault, Dumas, Johann Rupert's, Cartier, Piaget, Remo Ruffini isn't, Forbes, Chanel isn't, Alain, Gérard Wertheimer, they're Organizations: Service, Bloomberg Locations: LVMH, Paris, China, Monday's

☆ What screams 'status' on Wall Street? Here's how the movers and shakers of finance are spending their money.
▼ + stars: | 2024-10-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +14 min

That said, everyone seemed to agree that the days of logo-forward purchases and other conspicuous signs of wealth are over — even on Wall Street. The industry's movers and shakers are still into name brands but are leaning into those that exude "quiet luxury." And where there are celebrities and influencers, there tend to be Wall Street dealmakers. It's not surprising that high-earners on Wall Street would have second homes (or, in many cases, multiple). The HamptonsThe beach towns of the Hamptons have long been a Wall Street favorite thanks to their proximity to Manhattan.

Persons: —, Ken Griffin, David Solomon, Goldman Sachs, Stephen Schwartzman, Blackstone, Jessica Cadmus, Cadmus, Marie Kondo —, I've, I'd, Zegna, Tom Ford, Claudio Lavenia, Van, Cartier, Jeremy Moeller, Hermes, Gucci, Jeremy Strong, Armani, Max Mara, Celine, Bottega, It's, it's, Sean Zanni, Wall Streeters Organizations: Service, Goldman, JPMorgan, Business, Paris Olympics, Bloomberg, Citadel, Anadolu, Getty, Wall Street, Street, BI, Wall, HBO, Hamptons Locations: Queens, New York, New York City, Africa, Costa Rica, Bottega Veneta, Manhattan, Montauk, Nantucket, Cape Cod, East Hampton , NY, Hudson

☆ We loved living in Austin but left after 10 years. Big businesses and tech wrecked our favorite parts of the city.
▼ + stars: | 2024-09-30 | by ( Laura Niebauer Palmer | ) www.businessinsider.com time to read: +5 min

We hated that many of the city's unique small businesses were being forced out due to high rents. We loved that the city was less hurried, had a small-town feel, and prided itself on its motto, "Keep Austin Weird." AdvertisementWe felt big businesses slowly took away from what made Austin special"Keep Austin Weird" is an ode to the eclectic mix of small businesses found throughout the city. Dmitri Kotchetov/ShutterstockThe Texas capital is known for its motto, "Keep Austin Weird," an ode to the eclectic mix of small businesses found throughout the city. The street was once lined with offbeat stores with unique Austin offerings and welcoming shop owners.

Persons: Austin, —, hasn't, Dmitri Kotchetov, we've, it's, Warby Parker, We've Organizations: Service, Apple, ABC TV, Nike Locations: Austin, Chicago, Texas, The Texas, Congress, Austin .

☆ How Prada is beating the odds and bucking the luxury slump
▼ + stars: | 2024-09-30 | by ( Madeline Berg | ) www.businessinsider.com time to read: +10 min

"I think the 'miracle' at Prada is Miu Miu," Luca Solca, a senior analyst at Bernstein, told Business Insider. Miu Miu is doing just that. "Miu Miu is resonating with consumers because of a savvy mix of product and communication marketing," Solca said. Miu Miu has embraced stars (Sydney Sweeney and Gigi Hadid were featured in recent campaigns), which has energized its following. AdvertisementIn short — pun intended — you can't get trendier than Miu Miu right now, and being trendy is good for business.

Persons: that's, Miu Miu, Luca Solca, Bernstein, Miu, —, Moncler, Stifel's Rogerio Fujimori, Edward Berthelot, Solca, Sydney Sweeney, Gigi Hadid, Lexie Liu, Zhao Jinmai, Wu Yanshu, Miu Miu's Mary Jane, It's, Prada, Prada hadn't, Jelena Sokolova, Morningstar, Burberry, Gucci, Andrea Guerra, Raf Simons, Muccia Prada, Goldman Sachs, Gen, Scarlett Johansson, Arqué, Sokolova, Alessandro Michele, Guerra, L'Oréal, " Guerra Organizations: Prada, HSBC, Little, Business, New York Times, LVMH, Gucci Locations: Prada, Asia, China, Tokyo, Taipei, Nanjing, LVMH, Hong Kong

☆ Young Chinese are looking for dupes and cheaper substitutes for everything from Hermès to travel
▼ + stars: | 2024-09-30 | by ( Huileng Tan | Matthew Loh | ) www.businessinsider.com time to read: +9 min

Chinese consumers are opting for affordable alternatives across various categories to save money. The trend, known as pingti, is driven by economic challenges and is popular among young people. Consumers are finding cheaper substitutes for luxury goods, everyday items, and even healthcare. It's now become a trend in China to save on nearly every consumer category, from luxury goods to everyday consumables to travel, with cheaper substitutes. A Bank of America survey of 1,052 adult Chinese consumers showed weakening consumer sentiment, with 30% of respondents planning to spend more — down from 45% in June.

Persons: —, It's, Bobbi Brown, Estée Lauder, MingYii Lai, it's, Lindy, Hermes Lindy, Lai, Ruth Jin, Xiaohongshu Cleo Xie, they've, She's, Xie, Jin, Yves Saint Laurent, Keith, she's Organizations: Service, Daxue Consulting, Bottega, Prada, University, Dai, PPI, Bank of America Locations: China, Xiaohongshu, Beijing, Ili, Xinjiang, Provence, France, Xishuangbanna, Laos, Myanmar, Bangkok, Thailand, Chengdu, Europe, Asia

Tom Carpenter“I saw an uptick in people traveling with their pets early in 2024,” said Heather Eisenstadt, founder of Top Dog Pet Travel, a central Florida agency specializing in pet-friendly bookings. While analysts don’t track pet travel outlays specifically, some airlines and hotels appear eager to welcome more furry guests — aware that many visitors will pay a premium for it. Some pet owners say they wouldn’t make use of it anyway. Hosts on both platforms set their own pet fees. But the 41-year-old warehouse supervisor from Allentown, Pennsylvania, sees hotel pet fees of up to $200 as reasonable.

Persons: Tom Carpenter, “, Mori, Tom Carpenter’s, Tom Carpenter “, ”, Heather Eisenstadt, Taylor, Eisenstadt, Morgan Stanley, Simeon Gutman, they’re, “ There’s, Patrick O’Brien, “ You’re, ” “, Annette Sacks, Annette Sacks ’, ” Carpenter, Airbnb, techs, Conrad Washington, Avery Price doesn’t Organizations: “, Carpenters, American Pet Products Association, American Airlines, Airlines, U.S . Department of Transportation, United, Delta Air Lines, Bark Air, Westchester County Airport, Hotels, Embassy, Conrad, Conrad Washington D.C, Tiffany, Humane Society Locations: Washington, Florida, Europe, Paris, U.S, Blairstown , New Jersey, Chihuahua, New, Westchester, Los Angeles, London, Blairstown, NJ, Hampton, Atlanta, Virginia, Allentown , Pennsylvania

☆ 3-Stock Lunch: Wynn Resorts, & Meituan
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email3-Stock Lunch: Wynn Resorts, & MeituanMichael Landsberg, CIO of Landsberg Bennett Private Wealth, joins CNBC's 'Power Lunch' to discuss three stocks: Wynn Resorts, Hermes, and Meituan.

Persons: Wynn, Meituan Michael Landsberg, Bennett Organizations: Wynn Resorts, Wealth, Hermes

☆ Luxury stocks have gotten a huge boost from China's stimulus this week
▼ + stars: | 2024-09-27 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

European luxury stocks have struggled this year amid weak Chinese demand. AdvertisementEuropean luxury stocks rallied sharply this week as a wave of Chinese stimulus measures spurred hopes of more spending. On Monday, the day before the stimulus measures were announced, Bank of America analysts cut their price objectives on luxury stocks by an average of around 20%. They also downgraded four luxury stocks to neutral, and another from neutral to underperform — leaving just three luxury stocks at buy ratings. Now, it seems investors are banking on the stimulus measures to bring luxury spending back to the country.

Persons: Cartier, —, Burberry, Hugo Boss Organizations: Hermes, Service, Bank of America Locations: China, EU, Japan

☆ DNA from 3,600-year-old cheese sequenced by scientists
▼ + stars: | 2024-09-25 | by ( Katie Hunt | ) edition.cnn.com time to read: +7 min

A decade after the dairy discovery on strikingly intact remains mummified by the Taklamakan Desert’s arid conditions, scientists have extracted and sequenced DNA from the 3,600-year-old cheese, the oldest in the archaeological record. Fu is director of the ancient DNA laboratory at the Institute of Vertebrate Paleontology and Paleoanthropology in Beijing. The researchers recovered animal and microbe DNA from the kefir cheese discovered on the Tarim Basin mummies. Fu and her colleagues also sequenced the bacterial genes in the ancient kefir cheese, revealing insights into how probiotic bacteria evolved over the past 3,600 years. “Ancient DNA analysis, especially on microbes, is fraught with technical problems, mostly stemming from contamination by modern bacteria,” he added.

Persons: ”, Christina Warinner, John L, Loeb, Warinner wasn’t, Qiaomei Fu, Fu, Yang, it’s, Taylor Hermes, ” Hermes, Pichia kudriavzevii, kefir, we’ve, ” Fu, Hermes, Warinner, William Taylor, Taylor, wasn’t Organizations: CNN, Cell, Social Sciences, Harvard University, Vertebrate Paleontology, University of Arkansas, University of Colorado, school’s Locations: what’s, China, ”, Beijing, Tarim, China’s Xinjiang, Asia, Russia, Tibet, United States, Japan, Caucasus, Anatolia, University of Colorado Boulder

☆ Chinese stocks are cheap but a sustainable rally depends on investor confidence: Federated Hermes
▼ + stars: | 2024-09-25 | 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 EmailChinese stocks are cheap but a sustainable rally depends on investor confidence: Federated HermesJonathan Pines, head of Asia ex-Japan equity at Federated Hermes, discusses the stock rally that stimulus measures from China's central bank prompted.

Persons: Jonathan Pines Organizations: Federated Hermes Locations: Asia, Japan, China's

☆ Luxury stocks slip as fears grow of a prolonged downturn
▼ + stars: | 2024-09-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesLONDON — European luxury stocks tumbled on Monday as analysts warned of a deteriorating demand outlook, particularly among high-spending Chinese consumers. "Following the post-Covid peak in consumption in 2022, luxury sector revenues have been sequentially slowing. Across European luxury firms, they expect a 1% revenue decline in 2024. The Stoxx Europe Luxury 10, an index tracking top names in the sector, managed to hold flat but has fallen 3.82% in the year to date. 'Prolonged period of weakness'They're not alone in their bearish view on Europe's luxury sector.

Persons: Hugo Boss, Germany's Hugo Boss, Burberry, Kering, Hermes, Jon Cox, Kepler Cheuvreux, CNBC's, Cox Organizations: Hugo, Hugo Boss AG, Bloomberg, Getty, Bank of America, Korean, BofA Securities, Kepler, U.S, CNBC, Burberry Locations: Shanghai, China, American, Europe

☆ What buying Commerzbank would mean for UniCredit — and the banking sector
▼ + stars: | 2024-09-19 | by ( April Roach | ) www.cnbc.com time to read: +7 min

Last week, UniCredit announced it had taken a 9% stake in Commerzbank, confirming that half of this shareholding was acquired from the government. Commerzbank shares jumped 20% on the day UniCredit's stake was announced. A cross-border styled merger between UniCredit and Commerzbank would be more preferential than a domestic merger between Deutsche Bank and Commerzbank, according to Reint Gropp, president of the Hall Institute for Economic Research. "The German banking structure is long overdue for a consolidation process. The German bank also has less excess capital than UniCredit and therefore "cannot really afford" a takeover, Alloatti said.

Persons: Kirill Kudryavtsev, UniCredit, Andrea Orcel, Commerzbank, Orcel, Ignacio Cerezo, Berenberg, David Benamou, Benamou, CNBC's, Arnaud Journois, Journois, Emmanuel Macron, Reint Gropp, Gropp, Filippo Alloatti, Hermes, Alloatti, We've Organizations: Afp, Getty, Bloomberg, Reuters, UniCredit, Wednesday, UBS, Investments, European, Morningstar, Commerzbank, Analysts, CNBC, Deutsche Bank, Hall Institute for Economic Research, Will Deutsche Bank, ABN Amro Locations: Frankfurt, Germany, Commerzbank, Berlin, Italian, U.S, Europe, UniCredit, Italy

☆ ECB has no grounds to block UniCredit's higher Commerzbank stake: Federated Hermes
▼ + stars: | 2024-09-17 | 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 EmailECB has no grounds to block UniCredit's higher Commerzbank stake: Federated HermesFilippo Alloatti, head of financials in the credit team at Federated Hermes, discusses Italian bank UniCredit's request to raise its stake in Commerzbank.

Persons: Hermes Filippo Alloatti Organizations: ECB, Federated Hermes Locations: Commerzbank

☆ Lightning Round: I'm worried about Domino's Pizza, says Jim Cramer
▼ + stars: | 2024-09-13 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: I'm worried about Domino's Pizza, says Jim CramerMad Money' host Jim Cramer weighs in on stock including: Motorola Solutions, Federated Hermes, Gerdau, and Domino's Pizza.

Persons: I'm, Jim Cramer Mad, Jim Cramer, Federated Hermes Organizations: Motorola Solutions, Federated

☆ Three key questions that will shape whether Coach and Michael Kors owners will merge
▼ + stars: | 2024-09-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +9 min

In this article CPRITPR Follow your favorite stocks CREATE FREE ACCOUNTPedestrians walk past a Coach store and a Michael Kors store. One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors. She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition. And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged. "Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand," he said.

Persons: Michael Kors, Scott Olson, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Joanne Crevoiserat, Biden, LVMH, Louis Vuitton, Crevoiserat, she's, fanny, Chanel, Rebecca Minkoff, Suwon Yang, Saint Laurent, Hermes, Loren Smith, Smith, Kors, Capri Organizations: Federal Trade Commission, Capri, FTC, CNBC, Capri's, Burberry, Tapestry, D.C Locations: New York City, Manhattan, Zara, Suwon, Italy, France, Washington, U.S

☆ Fed 50 basis point cut would be 'bit of a shock' to markets, portfolio manager says
▼ + stars: | 2024-09-10 | 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 EmailFed 50 basis point cut would be 'bit of a shock' to markets, portfolio manager saysLouise Dudley, portfolio manager global equities at Federated Hermes, discusses the outlook for Federal Reserve policy and global markets.

Persons: Louise Dudley Organizations: Federated Hermes, Federal Reserve

☆ George Santos pleads guilty, avoiding a looming criminal trial
▼ + stars: | 2024-08-19 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

Read previewSerial liar and former US congressman George Santos pleaded guilty to criminal charges in court Monday, avoiding a criminal trial. Santos ultimately pleaded guilty on Monday to two counts — one count of wire fraud and one count of identity theft — as part of a plea agreement. Advertisement"You trusted me to represent you with honor and to uphold the values that are central to our democracy," Santos told reporters outside court after the hearing. Related storiesCourt filings previously indicated Santos was in talks for a plea deal as early as December. Two associates of Santos — Nancy Marks and Sam Miele — have previously pleaded guilty to fraud charges against them and would have likely testified in Santos' trial.

Persons: —, George Santos, Santos, Joann Seybert, Seybert, Breon, I've, Goldman Sachs, Hannah Montana, Zack, Cody, Tom Williams, Ferragamo, Santos — Nancy Marks, Sam Miele —, Tom Suozzi, Jimmy Kimmel Organizations: Service, Business, Eastern, of, Republican, The New York Times, Citigroup, Baruch College, New York University, Disney Channel, U.S . Capitol, Inc, Getty, Congress Locations: of New York, New York, Long, Queens, The, Brazil, Eastern, OnlyFans, Hermes, United States, New

☆ 8 weird status symbols across the country, from $150,000 dogs to $10 tomatoes
▼ + stars: | 2024-08-04 | by ( Kelsey Vlamis | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +1 min

Surprising status symbols are popping up throughout the US, including dogs that cost six figures. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWhen it comes to status symbols, you typically know one when you see it. But status symbols that may be a lot less obvious seem to be increasingly popping up across the US. From dogs that go for six figures and summer camps that set parents back thousands, here are eight of the most surprising status symbols people are splurging on.

Persons: —, Hermes Birkin Organizations: Hamptons, Service, BMW

☆ Nvidia became 'too much of a momentum story,' says Federated Hermes' Steve Auth
▼ + stars: | 2024-08-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia became 'too much of a momentum story,' says Federated Hermes' Steve AuthSteve Auth, CIO of equities at Federated Hermes, joins 'The Exchange' to discuss why he trimmed his Nvidia position, market outlooks, and more.

Persons: Federated Hermes, Steve Auth Steve Auth Organizations: Nvidia, Federated, Federated Hermes

☆ Two luxury companies are selling big to Japanese buyers, not just to tourists taking advantage of the cheaper yen
▼ + stars: | 2024-07-31 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Prada Group's Japan sales rose 55% for the first half of 2024, most of it from local customers. Other luxury players are seeing more Chinese shoppers flocking to Japan. Hermès also reported strong local Japanese customer sales. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJapan's currency might be slumping, but it hasn't stopped Japanese customers from shopping for luxury at Prada and Hermès.

Persons: Prada, Hermès, —, hasn't Organizations: Service, Prada, Prada Group, Business Locations: Japan

☆ The Hermès heir who planned to leave billions to his gardener now says his fortune is gone
▼ + stars: | 2024-07-30 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Hermès descendant Nicolas Puech planned to leave billions to his former gardener. Now he says his fortune is gone, alleging fraud by his former wealth manager. 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 . AdvertisementNicolas Puech, a descendant of Hermès founder Thierry Hermès — who made headlines last year after he reportedly planned to leave half his fortune to his former gardener — is now claiming his billions have disappeared.

Persons: Nicolas Puech, —, Hermès, Thierry Hermès —, Eric Freymond Organizations: Bloomberg, Service, Business Locations: Gotham

☆ 'Rate cut winners': Barclays names global stocks to buy when interest rates are cut
▼ + stars: | 2024-07-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +1 min

Barclays has identified a list of global stocks poised to benefit as central banks in Europe and the U.K. prepare to cut interest rates. The European Central Bank and the Bank of England are expected to continue, or begin, reducing interest rates in the second half of this year, continuing into 2025. Barclays economists project that by mid-2025, the ECB's key rate could reach 2.5%, while the Bank of England's rate might settle at 4%. Barclays included the following stocks in its "rate-cut winners basket", among which are: Cellnex Telecom, Royal KPN , Hermes , Zalando , and Siemens Healthineers . While banks are often thought to suffer from lower interest rates, Barclays suggests that any loss in earnings from lower rates could be partially offset by higher lending volumes and reduced provisions for bad loans.

Persons: Royal KPN, Matthew Joyce Organizations: Barclays, European Central Bank, Bank of England, Bank of, Cellnex Telecom, Royal, Siemens Locations: Europe

☆ Sotheby’s expands Hong Kong footprint with cavernous new exhibition and retail space
▼ + stars: | 2024-07-29 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

CNN —A fossilized mammoth skull, centuries-old ceramics and Banksy’s famous self-shredding painting are among hundreds of high-value collectibles on show at Sotheby’s ambitious new retail outpost in Hong Kong. With younger collectors seemingly in mind, items on the first floor range in price from 5,000 to 50 million Hong Kong dollars ($640 to $6.4 million). The venture is the latest signal that major auction houses still consider Hong Kong to be their long-term hub in Asia. In June, Hermès also unveiled its expanded retail space in the neighborhood. It has simultaneously sought to grow its footprint in Hong Kong — not only with its newly unveiled Maison, but also a nearby 36,000-square-foot regional headquarters, due to open later this year.

Persons: Maison, Hong Kong, Art Basel’s, Isaac Lawrence, Louis Vuitton, Hermès, Sotheby’s, Patrick Drahi, Hong Kong —, Christie’s, Zaha Hadid’s, Phillips, Bonhams, Nathan Drahi Organizations: CNN, Hong Kong, UBS, Art, Art Basel, Getty, PricewaterhouseCoopers, Louis, Sotheby’s Locations: Hong Kong, Central, Asia, China, Hong, Hong Kong's Central, AFP, London, Singapore, Shanghai, Sotheby’s, Sotheby’s Asia, Paris, New York

☆ She couldn’t stop thinking about the guy she met at the Athens Olympics. Then a message from him changed her life
▼ + stars: | 2024-07-26 | by ( Francesca Street | ) edition.cnn.com time to read: +26 min

So I thought, ‘Let me see if I can go to the Athens Olympics. An unexpected opportunityOmaira got to watch the final dress rehearsal of the opening ceremony of the Athens 2004 Olympic Games on August 13, 2004. And then Omaira was off to work at the shooting center, where the Games’ shooting events were held. But while Omaira was cultivating a pretty heady crush, Dimitris didn’t really have time to engage with his potential feelings. Omaira GillThis year marks 20 years since Omaira and Dimitris crossed paths at the Athens Olympics.

Persons: CNN — Omaira Gill, ” Omaira, ‘ I’m, ’, –, Omaira, ’ ”, … ’, “, ”, Omaira didn’t, “ I’d, David Gray MD, she’d, ’ Omaira Gill, Dimitris Athanasiou, Dimitris, ‘, they’re, ” Dimitris, ” Dimitris ’, hadn’t, Dimitris who’d, he’d, Dimtiris, Dimitris didn’t, Dimitris quizzed, “ Will, She’d, I’m, … ’ ”, couldn’t, didn’t, “ You’ve, Dimitris ’, that’s, we’d, Omaira Gill, Paulo Coelho, “ Omaira, ” Here's Dimitris, Omaira Gill Omaira, Hermes, Dimitiris, Hector, Orion, they’ll, “ Hermes, We’re, Dimitris – Organizations: CNN, Olympic, CNN Travel, Athens, “, ‘ Volunteers, Uni, Reuters, Olympics, Olympic Games, Paralympic, MSN, Omaira, ”, Athens Olympics, Stade de France, Disneyland Locations: Athens, Greece, Birmingham, United Kingdom, London, inbox, Omaira, Pakistan, India, Paris, Disneyland Paris, Europe

☆ 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

Search resuls for: "Hermès"

25 mentions found