DIRS.INFO The most relevant business & tech news

☆ Next Gucci CEO may have toughest job in luxury
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 19 (Reuters Breakingviews) - Gucci is getting a new look. Gucci took a harder hit during the pandemic than some mega-brand rivals, then struggled to bounce back. That’s way below the 10% and 15% rise brokers are pencilling in for Louis Vuitton and Christian Dior (DIOR.PA) respectively. All of that makes Gucci CEO job one of the most interesting in the luxury sector – but also possibly the toughest. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gucci, Marco Bizzarri, Jean, François, Kering’s, Bizzarri, Roberto Eggs, Louis Vuitton, Christian Dior, Karen Kwok, Xavier Niel’s, Liam Proud, Streisand Neto Organizations: Reuters, Tuesday, Gucci, JPMorgan, Revenue, Alpha, Louis, Hermès, Barclays, Bain & Company, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Milan, Italian, Kering’s Paris, China, People’s Republic

☆ Gucci CEO Marco Bizzarri to step down as parent company chases global luxury boom
▼ + stars: | 2023-07-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —The president and CEO of Gucci will step down later this year as part of a leadership overhaul at its French parent company Kering aimed at capturing more of the booming global market in luxury goods. Marco Bizzarri, who has been at the helm since 2015, will leave on September 23, Kering said in a statement Tuesday. Jean-François Palus, who currently serves as Kering’s managing director, will take over on a transitional basis. “We are building a more robust organization to fully capture the growth of the global luxury market,” Pinault said. Meanwhile, Kering’s shares have risen nearly 11% over the same period, which is much closer to the average stock price increase of 8.4% for all companies in the benchmark Stoxx Europe 600 index.

Persons: Gucci, Kering, Marco Bizzarri, Jean, François, Yves Saint Laurent, ” François, Henri Pinault, ” Gucci, ” Pinault, —, Christian Dior Organizations: London CNN, Hermès International, Christian

☆ 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

☆ Remember when Paris Hilton channeled ‘Barbiecore’ to a Britney Spears’ 2001 concert?
▼ + stars: | 2023-06-22 | by ( Faye Bradley | ) edition.cnn.com time to read: +5 min

And in November 2001, the hotel heiress made a fashion statement that etched itself in the annals of noughties style. To top it off, she wore a tiara, applied a glossy pink lip and pink eyeshadow and clutched onto a furry Barbie-branded handbag. At just 20 years old, Paris Hilton — pictured here with Nicole Richie as the pair attended a Britney Spears concert in Las Vegas — was already being dubbed a culture-defining noughties "It Girl." In a playful mauve take on the label's classic tweed separates, Naomi Campbell walks the runway during Chanel's Spring-Summer 1994 show. Paris Hilton walks the runway during Versace's Spring-Summer 2023 show on September 23, 2022 in Milan.

Persons: CNN —, Paris Hilton, Greta Gerwig, Margot Robbie, July’s, Barbie, Hilton, bestie Nicole Richie —, Britney Spears, Nicole Richie, Las Vegas —, ”, —, Paris, Oscar de la, Christian Dior, Ralph Lauren, Barbiecore, supermodels Naomi Campbell, Claudia Schiffer, Carla Bruni, Naomi Campbell, Michel Arnaud, Corbis, Thierry Mugler’s, Herve Leger, Cindy Crawford, Karen Mulder, Eva Herzigova, Moschinos’s, Mattel’s plaything, Vittorio Zunino Celotto, Barbie dreamhouse, Mary Jane heels, She’s Organizations: CNN, Paris, New, Hollywood Locations: ”, Las Vegas, Paris, New York, Los Angeles, tweed, Couture, Milan, Bahamas

☆ I work as a celebrity stylist and moved from Paris to Los Angeles. Now I dress stars like Cardi B and Lil Nas X.
▼ + stars: | 2023-06-17 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Lycia Lamini moved from Paris to Los Angeles to pursue her dream of being a celebrity stylist. Now the 22-year-old is dressing some of the biggest celebrities including Cardi B and Lil Nas X. I packed up and moved from Paris to Los Angeles almost a year ago to pursue my dream of becoming a celebrity stylist. I attended fashion week events, which opened doors for me. Lycia Lamini has styled celebrities including Cardi B, Lil Nas X and Burna Boy.

Persons: Lycia Lamini, Cardi, Lil Nas, —, Lycia, Kollin Carter, Karl Lagerfeld, Prada, Christian Dior, Lenny S, Jay Z's, I've, Joey Bada, Kali, they're Organizations: Service, Art Basel, Roc Nation, Paris Fashion Locations: Lycia, Paris, Los Angeles, LA, Miami

☆ Lululemon, cult athleisure brand, takes on the booming culture of 'dupes'
▼ + stars: | 2023-05-06 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +5 min

This weekend, athleisure giant lululemon is hosting a dupe swap at the Century City Mall in Los Angeles. Call it recession-core or Gen Z’s anti-consumerism sentiments, but #dupe has amassed more than 3.5 billion views on TikTok. Before, finding knock offs was a lowkey way to way to find affinity to a luxury brand. Lulu has been “hyper aware” of dupe culture, its Chief Brand Officer Nikki Neuburger said in an interview with CNN Business. Though lululemon may be leading in dupe hashtags on TikTok, the Align line that began in 2015 remains its top seller, the company said.

☆ There's a real-life 'Succession' drama playing out among the children of Bernard Arnault, the world's richest person and head of luxury behemoth LVMH
▼ + stars: | 2023-05-05 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

But there's a similar legacy battle going on inside LVMH, the French luxury house run by Bernard Arnault. The children of the world's richest man are vying for influence within LVMH in a "Darwinian" fight. Showrunner Jesse Armstrong says his fictional Roy family is inspired by several famous dynasties, such as the Hearsts — the family behind Hearst Communications — and the Redstones — the controlling influence behind Paramount Global. There's still plenty of rivalry between the progeny of Bernard Arnault, CEO of luxury goods behemoth LVMH and world's richest person. The Roy family of "Succession."

☆ The Met Walks a Fine Line on Lagerfeld: Judge the Clothes, Not the Man
▼ + stars: | 2023-05-04 | by ( Vanessa Friedman | ) www.nytimes.com time to read: +1 min

I admit: I never entirely drank the Karl Lagerfeld Kool-Aid. I was not one of those critics (and there were some) who would clutch their breast, shriek “genius!” and swoon after every show. Sure, that tweed sweatsuit made that model look like a Real Housewife — but everyone was looking at the double-C branded pasta on the faux megamart shelf instead! Once I got spoken to by the Chanel press office for not fully “understanding” Lagerfeld’s vision. He didn’t give the world a new silhouette, or an expression of identity, the way Coco Chanel herself did, with the bouclé suit, or Christian Dior, with the New Look, or Saint Laurent, with Le Smoking, the tuxedo suit for women.

☆ Luxury stocks are on a tear and now there's an index to follow the 1%
▼ + stars: | 2023-04-20 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Luxury stocks are on a tear, and they are pulling away from the other 99% of the world. Birinyi Associates sees an opportunity. LVMH is the largest luxury firm in the world. Rubin and Birinyi have created two new indexes to monitor all this money: the "1% Index" that consists of 16 luxury stocks, and the "99% Index" made up of 18 stocks that is, well, where the rest of us shops. Since the beginning of April, the 99% is making a comeback: The 1% vs. the 99% (since April 1) 1% index: + 3% 99% index: + 12% Source: Birinyi Associates What's happening?

☆ Bernard Arnault, the French luxury tycoon, gathers his 5 kids monthly for a private work lunch and drills them on company strategy, report says
▼ + stars: | 2023-04-19 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Bernard Arnault is the billionaire behind LVMH and was recently crowned the world's richest man. Arnault reportedly hosts a monthly private lunch with his five children to discuss strategy, per WSJ. "At no moment did he [Bernard Arnault] tell me, 'I must prepare my children for my succession," Toledano told The Journal. Toledano told The Journal that Arnault taught kids to prize the company over personal disagreements from a young age. Arnault overtook Jeff Bezos and Elon Musk to become the world's richest person this year.

☆ LVMH CEO Bernard Arnault's wealth soared to a record high of $210 billion on the same day protestors swarmed the company's headquarters in Paris
▼ + stars: | 2023-04-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

LVMH boss Bernard Arnault's fortune soared by $12 billion on Thursday to a record high of $210 billion, per Bloomberg. LVMH shares hit a record high in Thursday trade after a strong first-quarter earnings report. On Thursday, LVMH shares price on the Euronext Paris stock exchange hit a record high of 884.50 euros, or $979, before closing 5.7% higher at 883.90 euros a piece. LVMH's Arnault has featured frequently in protest slogans and chants, per Reuters on Thursday. LVMH shares are extending gains on Friday, trading 0.7% higher at 889.90 euros at 9:57 a.m. in Paris.

☆ LVMH boss Bernard Arnault's wealth soared over $200 billion, making him the third person ever after Elon Musk and Jeff Bezos to reach the milestone
▼ + stars: | 2023-04-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

LVMH boss Bernard Arnault's net worth surpassed $200 billion on Tuesday. Arnault is also the first person outside the US to surpass a net worth of $200 billion. His net worth gained $2.4 billion on Tuesday, bringing the Frenchman's fortune to $201 billion, per Bloomberg's index. Shoppers in China are expected to boost the luxury goods sector this year after the country lifted COVID-zero restrictions. The 73-year-old tycoon has not announced who will succeed him as LVMH CEO.

☆ Old Navy wants to solve a major bugbear of female shoppers by selling more dresses with pockets, as it looks for creative ways to boost sales
▼ + stars: | 2023-04-05 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Old Navy says it has doubled the number of dresses with pockets in its new collection. One expert said Old Navy also needs to focus on styles and freshness to win over shoppers. Old Navy, which accounts for more than half of Gap Inc's total sales, has seen sales fall in recent years. "However, adding pockets is not a solution for all of Old Navy's woes – which run much deeper than the absence of pockets. Old Navy did not immediately respond to Insider's request for comment asking how many dresses it currently sells that contain pockets.

☆ Elon Musk loses his position atop Forbes’ annual billionaires list
▼ + stars: | 2023-04-04 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

This shouldn’t come as a surprise to Musk, whose position wobbled on the Forbes’ “Real-Time Billionaires” list, which is updated daily, for the past several months. Forbes explained that Musk’s wealth had fallen because his $44 billion Twitter purchase, funded by Tesla shares, scared investors and sent Tesla stock sinking sharply last year. Tesla gained much of those losses back this year but is still significantly lower than before Musk bought Twitter. Amazon founder Jeff Bezos lost the most amount of money of any billionaire on the list ($57 billion), knocking him down from second position to third. Forbes said that the total number of billionaires on this year’s list fell to 2,640 (down from 2,668), marking the second-straight year of decline.

☆ Xavier Niel can feast on European telco misery
▼ + stars: | 2023-03-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

LONDON, March 27 (Reuters Breakingviews) - Xavier Niel is set to be more than a spectator in the looming consolidation of Europe’s telecoms industry. It earned EBITDA after leases of 3.3 billion euros last year. Those shareholdings have a combined market value of 1.2 billion euros, though they were partly funded through derivatives, potentially limiting the tycoon’s cash outlay. On a multiple of 6 times last year’s EBITDA of 652 million euros it’s worth little more than the 3.5 billion euros Niel and other investors paid in 2017. Smaller investments in Monaco Telecom and holdings in Senegal and the Comoros are probably worth a combined billion euros, bankers estimate.

☆ LVMH rejigs beauty division, names Stephane Rinderknech CEO
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

PARIS, March 6 (Reuters) - LVMH (LVMH.PA), the world's largest luxury company, on Monday named Stephane Rinderknech as chairman and CEO of its beauty division, rounding out a series of broader management changes at the owner of Guerlain and Parfums Christian Dior. Rinderknech will take up global responsibility for the group's beauty business, while Guerlain head Veronique Courtois becomes president and CEO of Parfums Christian Dior. Make Up For Ever head Gabrielle Saint-Genis Rodriguez will be president and CEO of Guerlain. The changes come as luxury groups, which have been riding a strong wave of post-pandemic demand for designer labels, look to expand in their beauty activities. As part of that process, the group in January folded Tiffany into the watches and jewellery division, under the management of Stephane Bianchi.

☆ Dior spins 1950s styles into modern looks at Paris Fashion Week
▼ + stars: | 2023-02-28 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/6] Models present creations by designer Maria Grazia Chiuri as part of her Fall-Winter 2023/2024 Women's ready-to-wear collection show for fashion house Dior during Paris Fashion Week in Paris, France, February 28, 2023. REUTERS/Benoit TessierPARIS, Feb 28 (Reuters) - Dior designer Maria Grazia Chiuri dove into archives from the 1950s for the French fashion house’s fall women's catwalk show, adding a modern spin to the era's feminine mainstays. Chiuri sought to add a Parisian flair to the styles of the period, which are often associated with American Hollywood productions. Held on the second day of Paris Fashion Week, the show drew crowds of fans angling for a glimpse of Kpop singer Jisoo and actress Charlize Theron, who sat in the front row next to members of LVMH CEO Bernard Arnault's family. Reporting by Mimosa Spencer and Louise Dalmasso, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ World's richest person Bernard Arnault's fortune has increased by more than $33 billion this year
▼ + stars: | 2023-02-04 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

The multi-billionaire tops its rankings of the world's richest people, followed by Elon Musk. The LVMH CEO and co-founder has a current net worth of $196 billion, per Bloomberg. Bernard Arnault is the CEO and co-founder of luxury goods conglomerate LVMH Moët Hennessy - Louis Vuitton, more commonly known as LVMH. The 73-year-old French billionaire is currently ranked by Bloomberg as the world's richest person, followed by Elon Musk whose net worth is valued at $175 billion. The CEO recently appointed his daughter, Delphine Arnault, CEO and chair of Dior.

☆ Imane Ayissi adds African touch to Paris haute couture fashion week
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

[1/3] A model presents a creation by designer Imane Ayissi as part of his Haute Couture Spring/Summer 2023 collection show in Paris, France, January 26, 2023. REUTERS/Sarah Meyssonnier TPX IMAGES OF THE DAYPARIS, Jan 26 (Reuters) - Imane Ayissi wove African textiles into his haute couture collection shown in Paris on Thursday, mixing raffia-lined garments in bright colours with dresses coated in sequins or airy silk fringes. "This is a window to show techniques of African artisans," said Ayissi. The Cameroon-born designer, who is based in Paris, is currently featured in the Victoria & Albert Museum exhibit "Africa Fashion" in London. Haute couture fashion week in Paris, which wound up on Thursday, features some of the most prestigious fashion houses, including Christian Dior (DIOR.PA) and Chanel.

☆ LVMH's Arnault brushes off succession question
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

PARIS, Jan 26 (Reuters) - Bernard Arnault, the boss of luxury giant LVMH (LVMH.PA) and the world's richest man, brushed away questions about his succession with a joke on Thursday. The 73-year old earlier this month reshuffled top management at his luxury goods empire, tightening his family's grip with the appointment of his daughter Delphine to lead Christian Dior, and naming a new boss for Louis Vuitton. Asked by an analyst about succession plans at a post-results conference where his children featured prominently in the front row, Arnault said: "You will have noticed that the retirement age is being raised." France is in the middle of a pension reform that would increase the age for retiring to 64 from 62 currently, and is being fiercely opposed by unions. Reporting by Mimosa Spencer and Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

☆ Luxury group LVMH's sales defy downturn as shoppers splurge
▼ + stars: | 2023-01-26 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

REUTERS/Marco BelloPARIS, Jan 26 (Reuters) - Luxury goods group LVMH's (LVMH.PA) sales rose 9% in the fourth quarter as shoppers in Europe and the United States splurged over the crucial holiday season, helping partly to offset COVID disruptions in China. Sales at the world's biggest luxury group reached 22.7 billion euros ($24.65 billion) in the final three months of the year, with the 9% increase on an organic basis a touch above analyst expectations for 7% growth, based on a consensus cited by UBS. LVMH has gained market share every year since 2019, its boss Bernard Arnault, the world's richest man, said. The group proposed a dividend of 12 euros per share, up from 10 euros a year ago. LVMH's shares have hit new highs this month, giving the luxury goods group a market capitalisation of 400 billion euros for the first time and cementing its lead as Europe's most valuable company.

☆ Morning bid: Running out of breath
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

Asian equities held steady on Wednesday near seven-month highs after a mixed session on Wall Street. On a thin day for economic data, focus will be on U.K. producer prices and the German IFO. Revenue at Europe's largest companies is expected to have risen by just 0.9% in the fourth quarter, Refinitiv I/B/E/S data showed on Tuesday. The forecast, which tracks companies listed on the pan-European STOXX 600 (.STOXX) benchmark index, represents a drop from last week when analysts expected revenue growth of 4%. Analysts downgrade earnings forecastsInvestment strategists at Standard Chartered say it is time to fade the rally seen in European stocks and the euro since the lows of September.

☆ Armani spins harlequin patterns into ballgowns for haute couture lineup in Paris
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

[1/5] A model presents a creation by designer Giorgio Armani as part of his Haute Couture Spring/Summer 2023 collection show for fashion house Giorgio Armani Prive in Paris, France, January 24, 2023. REUTERS/Sarah MeyssonnierPARIS, Jan 24 (Reuters) - Giorgio Armani took to the haute couture catwalk in Paris Tuesday with evening wear spun from a traditional, diamond-patterned harlequin motif in pale pastels. Models moved steadily down a glossy runway carrying the motif, their clothing echoing the colors underfoot - pale pink, green and purple. Slim gowns followed, the diamond patterns delineated with sparkling beadwork that shimmered with movement, often worn with matching shoes and mini handbags. Haute Couture Week in Paris runs through Thursday and features some of the most prestigious fashion houses, including Christian Dior, Chanel, Fendi and Jean Paul Gaultier.

☆ Chanel hits playful note at haute couture show in Paris
▼ + stars: | 2023-01-24 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/6] A model presents a creation by designer Virginie Viard as part of her Haute Couture Spring/Summer 2023 collection show for fashion house Chanel in Paris, France, January 24, 2023. REUTERS/Gonzalo FuentesPARIS, Jan 24 (Reuters) - Chanel creative director Virginie Viard took a spirited direction for the French fashion house's spring haute couture show, sending models out of hulking, stylized animals crafted from cardboard and wood. They emerged, one at a time, circling the towering statues like ringmasters, in bouncy, cheerleader miniskirts, floral jumpsuits and shimmery tweed jackets. During her bow, Viard drew artist Xavier Veilhan, who designed the set, out from the risers while the audience cheered. The Paris haute couture shows, which include some of the most prestigious names in fashion like Georgio Armani Prive, Jean Paul Gaultier and LVMH-owned (LVMH.PA) Christian Dior, run through Thursday.

☆ Maison Rabih Kayrouz returns to haute couture runway in Paris
▼ + stars: | 2023-01-23 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/2] Designer Rabih Kayrouz poses before his Haute Couture Spring/Summer 2023 collection show for fashion house Maison Rabih Kayrouz in Paris, France, January 23, 2023. REUTERS/Sarah MeyssonnierPARIS, Jan 23 (Reuters) - Maison Rabih Kayrouz took to the runway on Monday for the first time in three years, showing an elevated collection that toyed with the boundaries of ready-to-wear and haute couture fashion. "For me, haute couture is not one style, not one situation - it's know-how," he told reporters after the show. The show took place on the first day of Haute Couture Week in Paris, which runs through Thursday and features the most prestigious fashion houses, including Christian Dior and Chanel. Reporting by Mimosa Spencer in Paris Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Christian Dior"

25 mentions found