DIRS.INFO The most relevant business & tech news

☆ LVMH sales growth loses fizz as post-pandemic splurge wanes
▼ + stars: | 2023-10-11 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

People walk past the Louis Vuitton store at Miami Design District, in Miami, Florida, U.S. November 30, 2021. REUTERS/Marco Bello Acquire Licensing RightsPARIS, Oct 10 (Reuters) - Luxury goods bellwether LVMH (LVMH.PA) reported a 9% rise in third quarter revenue on Tuesday, marking slower growth as a strong wave of post-pandemic spending eases due to rising inflation and economic turbulence. “After three roaring years, and outstanding years, growth is converging toward numbers that are more in line with historical average", LVMH chief financial officer Jean-Jacques Guiony told analysts. The fashion and leather goods division, home to Louis Vuitton and Dior, recorded sales growth of 9%, compared to analysts' expectations for 10% growth. LVMH is the first major global luxury firm to report earnings this quarter and gives investors an insight into what to expect from rivals.

Persons: Louis Vuitton, Marco Bello, Jean, Jacques Guiony, Tiffany, Bulgari, Hennessy, Luca Solca, Bernstein, Guiony, Mimosa Spencer, Ingrid Melander, Josie Kao Organizations: Miami Design District, REUTERS, Rights, Dior, Champagne, drugmaker Novo Nordisk, U.S ., Thomson Locations: Miami , Florida, U.S, United States, Europe, China

☆ Luxury stocks drag European shares lower on LVMH disappointment
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

The logo of LVMH is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File photo Acquire Licensing RightsOct 11 (Reuters) - European stocks slipped on Wednesday after sharp gains in the previous session, as luxury giant LVMH dragged the sector lower on disappointing sales, though Novo Nordisk jumped after positive update on its diabetes drug Ozempic. The pan-European STOXX 600 index (.STOXX) dipped 0.2% by 0707 GMT. Shares of other French luxury majors such as Hermes (HRMS.PA) and Kering (PRTP.PA) fell 2.5% and 2.7%, respectively. Swiss luxury firms Richemont (CFR.S) fell 5.3% and Swatch Group (UHR.S) dropped 2.9%.

Persons: Gonzalo Fuentes, Danish drugmaker, Sruthi Shankar, Rashmi Organizations: Viva Technology, Porte de, REUTERS, Novo Nordisk, U.S . Federal Reserve, Swatch Group, Fresenius, Thomson Locations: Porte, Paris, France, U.S, Danish, Bengaluru

☆ Birkenstock IPO gets predictable shoeing
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

A sign is illuminated at the entrance to a Birkenstock shoe store in London, Britain, October 11, 2023. REUTERS/Toby Melville Acquire Licensing RightsNEW YORK, Oct 11 (Reuters Breakingviews) - Birkenstock’s (BIRK.N) IPO is a flop. The Birkenstock enterprise was gunning for a multiple of 19 times EBITDA, well above that of Europe's luxury conglomerates. And if the first-day stock woes stick, a suitor might soon walk all over Birkenstock. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Toby Melville, L, gunning, Oliver Reichert don’t, Bernard Arnault, Pamela Barbaglia, Jeffrey Goldfarb, Sharon Lam Organizations: REUTERS, Reuters, Tech, Compagnie Financiere, X, Qantas, Thomson Locations: London, Britain, United States, Europe, New York, Brussels

☆ LVMH may have to settle for a more humdrum future
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The disappointing results knocked 6% off LVMH stock on Wednesday and dragged down rivals Richemont (CFR.S) and Kering (PRTP.PA) which also fell about 3%. That may compound investor worries about an overall slowdown of the company that’s behind Louis Vuitton and Christian Dior (DIOR.PA). And China’s economic slowdown and a possible U.S. recession make their future even more uncertain. LVMH is trading at 20 times its expected 2023 earnings after Wednesday's fall. If the less exuberant times keep rolling, LVMH may find itself settling for an even less luxurious valuation.

Persons: Richemont, Bernard Arnault’s, Louis Vuitton, Christian Dior, Karen Kwok, Aimee Donnellan, Streisand Neto Organizations: Reuters, UBS, Hermès, Reuters Graphics Reuters, Qantas, Thomson Locations: Asia, Japan, Brussels

☆ LVMH Q3 revenue rises 9%, slowing from post-pandemic frenzy
▼ + stars: | 2023-10-10 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

People walk past the Louis Vuitton store at Miami Design District, in Miami, Florida, U.S. November 30, 2021. REUTERS/Marco Bello Acquire Licensing RightsPARIS, Oct 10 (Reuters) - Luxury goods bellwether LVMH (LVMH.PA) reported a 9% rise in third quarter revenue on Tuesday, marking slower growth as strong wave of post-pandemic spending eases up amid a backdrop of rising inflation and economic turbulence. LVMH, which owns labels including Louis Vuitton, Dior, Tiffany and Bulgari, said that revenue came to 19.96 billion euros ($21.16 billion), up 9% year-on-year, stripping out the effect of currency fluctuations and acquisitions. The fashion and leather goods division, home to Louis Vuitton and Dior, recorded sales growth of 9%, compared to analysts' expectations for 10% growth. LVMH is facing slowing demand for high end goods in the United States and Europe, where rising prices have prompted shoppers — especially younger generations — to pull back from a post-pandemic spending euphoria, while the recovery in China has been uneven.

Persons: Louis Vuitton, Marco Bello, Tiffany, Bulgari, Hennessy, LVMH, Luca Solca, Bernstein, Mimosa Spencer, Ingrid Melander, Josie Kao Organizations: Miami Design District, REUTERS, Rights, Dior, Champagne, drugmaker Novo Nordisk, Thomson Locations: Miami , Florida, U.S, United States, Europe, China

☆ Sean McGirr named as creative director of Alexander McQueen
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsPARIS, Oct 3 (Reuters) - Sean McGirr was named by French luxury goods group Kering as creative director of British label Alexander McQueen on Tuesday. His appointment comes amid a broader restructuring at Kering as it seeks to rejuvinate sales at its star label Gucci. The McQueen label is one of several brands that Kering has flagged for development into beauty products, alongside Bottega Veneta and Balenciaga. Reporting by Mimosa Spencer; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Meyssonnier, Sean McGirr, Alexander McQueen, McGirr, JW Anderson, Sarah Burton, Gucci, Kering, McQueen, Gianfilippo Testa, Mimosa Spencer, Alexander Smith Organizations: REUTERS, Rights, JW, London, Central Saint Martins, Bottega Veneta, Balenciaga, Thomson Locations: Paris, France, Van, Kering

☆ Balenciaga designer puts friends and family on Paris runway
▼ + stars: | 2023-10-01 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

PARIS, Oct 1 (Reuters) - Balenciaga designer Demna Gvasalia took a personal turn for the luxury label's runway show in Paris on Sunday, sending out a lineup of reconstructed trench coats, oversize bomber jackets and floor-sweeping floral gowns on an eclectic cast of models plucked from his entourage. His mother opened the show, marching down a long runway set like a stage and lined with draped red velvet curtains, wearing pointy heels and a long, roomy trench coat, navy blue on one side, black on the other, tightly cinched at the waist with a cloth belt. Closing the show was the designer's husband, Loik Gomez, a music artist known as BFRND, in a wedding dress. Worn with a long, white lace veil over his head, the dress was made from seven dresses, “cut, tiered and piled together anew,” according to the show notes. Reporting by Mimosa Spencer; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Demna Gvasalia, Isabelle Huppert, Demna, Cathy Horyn, Loik Gomez, Mimosa Spencer, David Holmes Organizations: Thomson Locations: Paris

☆ Saint Laurent elevates the jumpsuit at Paris Fashion Week
▼ + stars: | 2023-09-26 | by ( Mimosa Spencer | ) www.reuters.com time to read: +1 min

[1/5] Models present creations by designer Anthony Vaccarello as part of his Spring/Summer 2024 Women's ready-to-wear collection show for fashion house Saint Laurent during Paris Fashion Week in Paris, France, September 26, 2023. Sunglasses, aviation hats and natural leather belts completed the looks, which came mostly in autumn tones of beige, olive, purple and a rusty brown. The show closed the second day of Paris Fashion Week, which has drawn fashion crowds and celebrity fans to the French capital. The catwalk shows run until Oct. 3, and feature dozens of luxury labels including Hermes, Chanel and Louis Vuitton. Reporting by Mimosa Spencer; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Anthony Vaccarello, Saint, Johanna Geron, Saint Laurent, Hermes, Chanel, Louis Vuitton, Mimosa Spencer, Aurora Ellis Organizations: Paris, REUTERS, Rights, Paris Fashion, Thomson Locations: Paris, France, Seine

☆ 'One of the cheapest stocks': Bank of America just upgraded these 3 luxury names in Europe
▼ + stars: | 2023-09-26 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Bank of America upgraded three luxury stocks that are bucking the negative trends afflicting the broader sector in Europe. The investment bank expects profit margins to decline by one percentage point for the sector even as third-quarter revenue is seen growing modestly. Meanwhile, the investment bank upgraded Ermenegildo Zegna and Pandora to buy, and Hugo Boss to neutral from underperform. The investment bank believes a similar pattern will likely emerge in Europe with spending on the continent peaking early this year. Despite Pandora shares' 45% rally this year, the Bank of America analyst still considers it "one of the cheapest stocks in all of Consumer Discretionary."

Persons: Prada, Tod, Pandora, Hugo Boss, Ashley Wallace, Wallace, Pandora Wallace Organizations: of America, Bank of America, underperform, Zegna Bank of America Locations: Europe, United States, U.S, China

☆ Gucci’s new designer Sabato de Sarno makes himself known
▼ + stars: | 2023-09-22 | by ( Scarlett Conlon | ) edition.cnn.com time to read: +4 min

Yet, if Gucci’s new designer Sabato de Sarno was rattled before he took his bow for the Italian luxury house at Milan fashion week on Friday, he didn’t show it. Where Michele was an overt maximalist with retro references, de Sarno mined the Gucci archive and codes in a more stripped-back way. Oxblood red dominated the collection, inspired by The Savoy hotel in London where Guccio Gucci worked in the late 1800s. The bling was, in fact, a reference to the Marina jewelry collection that appeared in Gucci campaigns in the late 1960s. The rest of the embellished crystal designs were inspired by embroideries de Sarno found on 1960s clutch bags in the Gucci archive.

Persons: Milan, Sabato de Sarno, Alessandro Michele’s, De Sarno, Julia Roberts, Ryan Gosling, Jessica Chastain, Kendall Jenner, Julia Garner, Francois, Henri Pinault, Swan, Gucci Ancora ”, ‘, de Sarno, Prada, Gabbana, Valentino, Michele, Jackie, —, Guccio Gucci, Daniele Venturelli, “ Rosso Ancora, ”, Sabato De Sarno, Gucci, Kering, Daria Werbowy, Tom Ford Gucci, embroideries de Sarno Organizations: Milan CNN, Brera, Gucci, Dolce Locations: Milan, ‘, Savoy, London, Naples

☆ Peter Hawkings offers slinky designs in Tom Ford debut at Milan Fashion
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

THIS IMAGE MAY OFFEND OR DISTURB Model Vittoria Ceretti presents a creation from the Tom Ford Summer 2024 collection designed by Peter Hawkings, during Fashion Week in Milan, Italy, September 21, 2023. REUTERS/Claudia Greco Acquire Licensing RightsMILAN, Sept 22 (Reuters) - British designer Peter Hawkings made his Tom Ford debut at Milan Fashion Week late on Thursday, offering an array of sleek suits, slinky dresses and towering stilettos for women next summer. Models wore fitted trouser suits as well as jackets paired with tiny matching shorts, figure-hugging long frocks and short leather dresses. Hawkings was named creative director at the fashion house in April, taking over from American fashion designer Tom Ford, who founded the eponymous brand in 2005 after leaving Italian luxury label Gucci. Milan Fashion Week runs until Monday.

Persons: Vittoria Ceretti, Tom Ford, Peter Hawkings, Claudia Greco, Hawkings, Donyale Luna, Andy Warhol, Richard Avedon, Gucci, Sabato De Sarno, Marie, Louise Gumuchian, Miral Organizations: REUTERS, Milan Fashion, Thomson Locations: Milan, Italy, British, Detroit

De Sarno’s debut Friday, nine months after being hired in the wake of Michele’s surprise departure, was the most anticipated on the Milan Fashion Week calendar for next spring and summer womenswear. The fervor was enough to fill the front row with Hollywood A-listers including Julia Roberts and Ryan Gosling. In one recent interview, De Sarno professed admiration for Brutalist architecture, suggesting a love of the essential, and his collection was exactly that. A tiny leather bra top in embossed leather was paired with a matching midi skirt. The conversation started this week by De Sarno is to be continued.

Persons: — Sabato De Sarno, Gucci —, “ Gucci Ancora, “ Gucci, De Sarno, Alessandro Michele, Sarno’s, Julia Roberts, Ryan Gosling, Tom Ford, Guccio Gucci, De, tinsel, — Organizations: MILAN, Prada, Dolce, Gabbana, Milan, Hollywood, Gucci Locations: Valentino, London, Brera

"Gucci is the opportunity to fall in love with fashion, ancora," De Sarno said in a post on Instagram in the run-up to the show, using the Italian word for "again." Debut collections can generate mixed reactions, and even positive press reviews are not always a proxy for their future commercial success. Kering shares closed 1.5% higher after the show. At their current price, Kering shares are trading at the equivalent of around 14 times expected earnings over the next 12 months, according to LSEG data. Reporting by Mimosa Spencer and Elisa Anzolin, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sabato De Sarno, Kering, De Sabato, Kenneth Richard, Federico Giglio, Giglio.com, Gucci, De Sarno, De, Antoine Belge, Francois, Henri Pinault, Julia Roberts, Ryan Gosling, Louis, Dior, Alessandro Michele, Marco Bizzarri, Jean, Hermes, Mimosa Spencer, Elisa Anzolin, Silvia Aloisi Organizations: luxe, Reuters, Exane BNP, fashion's, Louis Vuitton, Moncler, Thomson Locations: Milan, Italy, New York, Chengdu, Bangkok, London, Brera

☆ ‘Everyone is in the same boat’: Is designing fashion worth going into debt?
▼ + stars: | 2023-09-20 | by ( Leah Dolan | ) edition.cnn.com time to read: +8 min

Kylie Jenner is a known favorite, too, choosing a Spring-Summer 2023 look to wear during Paris Fashion Week last September; as well as posing in custom pieces for her 399 million Instagram followers. It’s as simple as that,” Findikoglu told CNN during an interview outside her east London studio on the first day of London fashion week. While 31-year-old American designer Michael Halpern — who has received two British Fashion Awards in his career — announced just last week that not only would his label be skipping London Fashion Week, but that it plans to close for good. Findikoglu believes more financial help should be available to all brands on the London fashion week schedule. I’m not going to come to the studio in my knife dress, you know?”A model walks the runway at the Dilara Findikoglu show in the avant garde knife dress during London Fashion Week February 2023.

Persons: Dilara Findikoglu, Olivia Rodrigo, Findikoglu —, —, Lady Gaga, Madonna, Bella Hadid, She’s, Margot Robbie, Barbie, Hari Nef, Kylie Jenner, Cardi, MTV VMAs, Taylor Hill, “, ” Findikoglu, I’m, she’s, ” Margot Robbie's corseted, Findikoglu, Stuart C, Wilson, Steven Stokey, Daley, S.S Daley, Michael Halpern —, ”, Loewe, Louis Vuitton, Dior, Celine, Fendi, Marc Jacobs, Gucci, Balenciaga, Alexander McQueen, Saint Laurent, David M, it’s, I’ve, Cameron Smith Organizations: CNN, London CNN, MTV, Stone Magazine, Awards, London, Central Saint Martins, Savigny Partners, Brands, British Fashion Council, BFC, Getty Locations: London, Turkey, American, Savigny, Bottega Veneta, NEWGEN, Paris

☆ The Magician of Milan
▼ + stars: | 2023-09-20 | by ( Vanessa Friedman | More About Vanessa Friedman | ) www.nytimes.com time to read: +2 min

House Building“I said I wanted to go against the stream of the monovision,” Mr. Blazy said, talking about his initial pitch to Mr. Pinault. He was in his office in the Bottega Veneta headquarters in Milan, wearing a white Patagonia T-shirt and faded jeans. It also explains a lot about how Mr. Blazy approaches not his job, but the world. “I did not open a computer for the last six months,” Mr. Blazy said. Mr. Blazy collects first drafts.

Persons: Blazy, ”, Henri Pinault, Mr, Pinault, Lee, Isa Genzken, “, ” Mr, Hussein Chalayan, Chalayan, Blazy’s Organizations: Kering, Bottega Locations: Bottega, Milan, Patagonia, Chamonix, ”, British

☆ Companies Might Be Forced to Report Their Impact on Nature. A New Framework Aims to Help.
▼ + stars: | 2023-09-19 | by ( Joshua Kirby | ) www.wsj.com time to read: +6 min

New nature-reporting recommendations aim to help companies assess their impact on and risks from the world’s natural systems. This is despite growing awareness of the catastrophic effects of biodiversity loss, Capgemini said in a report, based on a survey of executives of large organizations from major economies. The TNFD recommendations are currently voluntary, but come as regulation tightens around degradation of the natural world. Separately, in the EU, many companies are already facing obligations to report their impact on nature under the bloc’s Corporate Sustainability Reporting Directive. “We recognize that nature loss poses both risks and opportunities for business, now and in the future,” said Jennifer Motles, PMI’s chief sustainability officer.

Persons: ”, Elizabeth Mrema, David Craig, TNFD’s, “, Capgemini, Aurélie, Philip Morris, Jennifer Motles, laurent gillieron, Gillon, Gucci, Zoe Balmforth, ” Balmforth, Joshua Kirby, joshua.kirby@wsj.com Organizations: Sustainable Business, United Nations, Force, Economic, World Bank, EU, Philip Morris International, European Union, Unilever Locations: “, France, Montreal, Canada, Switzerland, ”

MILAN/PARIS, Sept 19 (Reuters) - Gucci creative director Sabato De Sarno takes to the runway in Milan on Friday, in a high-stakes designer debut for the Italian label’s owner, French luxury group Kering (PRTP.PA). De Sarno’s Gucci catwalk presentation – one of the industry’s most highly-anticipated shows this year – will serve as an aesthetic reset for the brand, aimed at reigniting sales, but it is also the first major test of a sweeping overhaul at Kering. The group has also taken steps to broaden its revenue sources, announcing plans to buy high end perfumer Creed in June and a 30% stake in fashion label Valentino in July. “We don’t think that a margin reset would be badly received by the market,” said Carole Madjo, analyst with Barclays. Reporting by Mimosa Spencer and Elisa Anzolin Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Gucci, Sabato De Sarno, De Sarno’s Gucci, Valentino, Louis, Jean, Francois Palus, Marco Bizzarri, De Sarno’s, Bizzarri, Alessandro Michele, De Sarno's, Sabato De Sarno's, ”, Carole Madjo, Daria Werbowy, Luca Solca, Bernstein, Mimosa Spencer, Elisa Anzolin, Tomasz Janowski Organizations: MILAN, Louis Vuitton, Dior . Group, Gucci, RBC, Barclays, De, Thomson Locations: PARIS, Milan, Kering

A crowd frequently spotted on yachts filled the Pool restaurant in Midtown Manhattan on Tuesday night for the second annual Caring for Women Dinner hosted by the Kering Foundation. “I said yes because Salma asked,” Oprah Winfrey, a co-chair for the dinner, said as she addressed the room, referring to Salma Hayek Pinault, who is also a co-chair and board member of the Kering Foundation. The space was filled to the brim with tropical plants and marquee names. “I don’t get out much,” Ms. Winfrey said, adding, “I only come out with the intention of using my voice in a way that can be meaningful and helpful.”Inside the dining room, where guests were served a dinner of scallop aguachile and lamb belly, Leonardo DiCaprio sat with Olivia Wilde, Prabal Gurung and Malala Yousafzai, and across from Zoë Kravitz and her partner, Channing Tatum.

Persons: “, Salma, Oprah Winfrey, Salma Hayek Pinault, Ms, Winfrey, Leonardo DiCaprio, Olivia Wilde, Prabal Gurung, Malala, Zoë Kravitz, Channing Tatum Organizations: Kering Foundation Locations: Midtown Manhattan

☆ Sarah Burton Exits Alexander McQueen
▼ + stars: | 2023-09-11 | by ( Elizabeth Paton | More About Elizabeth Paton | ) www.nytimes.com time to read: +3 min

Ms. Burton, then its head of women’s wear, had been working with Mr. McQueen since 1996, when she started at his label as an intern after graduating from Central Saint Martins, the design school in London. Within a year of her succeeding Mr. McQueen as the brand’s creative director, Ms. Burton created the Princess of Wales’s ivory lace wedding gown, which became more famous than any dress designed by Mr. McQueen. Ms. Burton, who rose to lead a fashion house in an industry still largely dominated by men, helped Alexander McQueen evolve from a label beloved by fashion superfans into a modern luxury powerhouse. Kering, which bought a 51 percent stake in Alexander McQueen in 2001, is also reconfiguring its organization and its assets. The conglomerate has appointed Maureen Chiquet, a former chief executive at Chanel, to its board of directors and has named Francesca Bellettini, the chief executive of Saint Laurent, as the deputy chief executive of Kering’s portfolio of brands.

Persons: Burton, McQueen, Ms, . McQueen, Prince Harry’s, Meghan Markle, Queen Elizabeth II, Alexander McQueen, “, Sarah, ” François, Henri Pinault, Burton’s, Gabriela Hearst’s, Jeremy Scott’s, Alessandro Michele’s, Maureen Chiquet, Francesca Bellettini, Saint, Pinault Organizations: Central Saint Martins, Gucci, New York, Creative Artists Agency Locations: London, Chloé, Moschino, China, Saint Laurent, Hollywood, Valentino

NEW YORK (AP) — On a waterfront promenade lined with pink flowers and facing Manhattan’s majestic skyline, designer Michael Kors paid tribute to his late mother with a show honoring the travels the two enjoyed together. Actors Halle Berry, Blake Lively, Tiffany Haddish, Ellen Pompeo, Olivia Wilde, Jenna Dewan and many more were in attendance. But the designer was thinking most of all about his mother, the late Joan Kors, who died in August at 84. “My mother truly was my ultimate muse, my ultimate supporter,” Kors said. "We’re excited at the prospect of joining forces with Tapestry,” Kors said of the consolidation, “and combining and pooling our resources and knowledge to accelerate the growth.

Persons: Michael Kors, Kors, Actors Halle Berry, Blake Lively, Tiffany Haddish, Ellen Pompeo, Olivia Wilde, Jenna Dewan, Burt Bacharach, “, Joan Kors, ” Kors, Kate Spade, Versace, Jimmy Choo Organizations: Actors, Revlon, Capri Holdings Locations: Brooklyn’s Domino, Williamsburg

"I used to love buying branded clothes," said teacher Zhang as she sifted through a pile of garments priced between 15 and 50 yuan ($2-$7). With wages and pensions hardly budging and the job market highly uncertain as more than one in five young Chinese remain unemployed, households' confidence and spending power are low in the barely growing economy. The real estate sector, one of the pillars of the economy, is struggling with massive debt. "One of my customers is a rich woman who used to go to Japan for shopping, but now she comes to my store," said Wang. ($1 = 7.3179 Chinese yuan renminbi)Additional reporting by Winni Zhou in Shanghai; editing by Marius Zaharia and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Amy Zhang, Zhang, Becky Liu, Gucci, Kering, Lu, Yunshan, I've, Wang, Winni Zhou, Marius Zaharia Organizations: Standard Chartered, Thomson Locations: BEIJING, HONG KONG, China, LVMH, Japan, Shanghai

Putting a price on celebrityIn buying a majority stake in the powerhouse Hollywood talent agency Creative Artists Agency, François-Henri Pinault showed that high-ticket M.&A. is a game that more than one French luxury billionaire can play. Acquiring CAA — which represents stars including Tom Hanks, Margot Robbie and Pinault’s wife, Salma Hayek Pinault — underscores Pinault’s ambitions, and reinforces the growing importance of celebrity in the luxury sector. Like his archrival, Bernard Arnault of LVMH, Pinault used a series of acquisitions to assemble the luxury empire now known as Kering, starting with Gucci and later adding Saint Laurent, Bottega Veneta, Alexander McQueen and more. The agency will be run separately from Kering; Bryan Lourd, the superagent who represents Scarlett Johansson and Brad Pitt, will become C.E.O.

Persons: Henri Pinault, Tom Hanks, Margot Robbie, Pinault’s, Salma Hayek Pinault, Bernard Arnault, Pinault, Saint, Bottega, Alexander McQueen, —, Bryan Lourd, Scarlett Johansson, Brad Pitt Organizations: Hollywood, Creative Artists Agency, CAA, Gucci, Puma Locations: Bottega Veneta, Kering

☆ Pinault’s Hollywood foray is untimely distraction
▼ + stars: | 2023-09-08 | by ( Pierre Briancon | ) www.reuters.com time to read: +4 min

REUTERS/Charles Platiau Acquire Licensing RightsLONDON, Sept 8 (Reuters Breakingviews) - The story of European business trying to mingle with Hollywood has often led to unhappy endings. The Pinault family, which controls $61 billion luxury group Kering (PRTP.PA), thinks it can buck the trend. Pinault may have overpaid for CAA, especially in the middle of a major strike of Hollywood writers and actors. The transaction, through holding company Artemis, adds Hollywood's premiere talent agency to Pinault’s family empire which spans fashion, wine and contemporary art. CAA was valued at $1.1 billion when TPG acquired a majority stake in 2014, four years after having originally invested in the talent agency.

Persons: Francois, Henri Pinault, Kering, Charles Platiau, Tom Hanks, Steven Spielberg, François, Ari Emanuel’s, Artemis ’, Gucci, Alessandro Michele, Pinault, Jean, Kering’s, Valentino, Brad Pitt, Salma Hayek, Lisa Jucca, Streisand Neto Organizations: REUTERS, Reuters, Hollywood, Universal Studios, Creative Artists Agency, CAA, Gucci, TPG, Endeavor, Thomson Locations: Paris, France, bask

In a deal that shows the ever-growing convergence of fashion and fame, François-Henri Pinault, the French billionaire and chief executive of the luxury goods company Kering, said on Thursday that his family office had bought a majority stake in one of Hollywood’s biggest talent agencies, Creative Artists Agency. Mr. Pinault’s family office, Artémis, already has investments that include the auction house Christie’s and a stake in Puma, and like them, CAA will be managed separately from Kering, which owns such brands as Gucci, Saint Laurent and Balenciaga. The announcement comes as talent — actors, singers, filmmakers — has become a uniquely powerful tool in selling products. There is now a growing race among fashion brands to lock in relationships with the next big name. “There’s no separation between fashion and entertainment any more,” said Robert Burke, the eponymous founder of a luxury consultancy, calling the deal a “natural, if unprecedented, evolution.”

Persons: Henri Pinault, Pinault’s, Saint Laurent, Balenciaga, —, “, ”, Robert Burke Organizations: Creative Artists Agency, Mr, Puma, CAA, Gucci Locations: Kering

[1/2] Cars are shown lined up at the valet parking area outside the Creative Artists Agency building in Los Angeles, California, September 24, 2012. REUTERS/Jonathan Alcorn Acquire Licensing RightsPARIS, Sept 7 (Reuters) - French luxury goods billionaire Francois-Henri Pinault has reached an agreement for a majority stake in Creative Artists Agency (CAA), adding Hollywood's premiere talent agency to his family empire which spans fashion, wine and contemporary art, parties involved said on Tuesday. The presence of stars like Beyonce, Zendaya and Rihanna have become key to drawing the spotlight to fashion shows, and Kering's larger rival LVMH(LVMH.PA) recruited Pharrell Williams to head menswear designs for Louis Vuitton. TPG first invested in CAA in 2010 and, in 2014, increased its stake to 53% in a deal valuing the agency at $1.1 billion. Global investment firm Temasek will remain a minority investor in the agency while CMC Capital will remain a "strategic partner", according to a statement.

Persons: Jonathan Alcorn, Francois, Henri Pinault, Pinault, Gucci, Beyonce, Zendaya, Rihanna, Pharrell Williams, Louis Vuitton, Pinault's, Salma Hayek, Valentino, perfumer, Bryan Lourd, Kevin Huvane, Richard Lovett, Lourd, Sudip Kar, Mimosa Spencer, Dawn Chmielewski, Jonathan Oatis, Tomasz Janowski, Timothy Gardner Organizations: Creative Artists Agency, REUTERS, Rights, CAA, Artemis, TPG, Global, CMC Capital, Thomson Locations: Los Angeles , California, Los Angeles, Hollywood, Temasek, Paris

Search resuls for: "Kering"

25 mentions found