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☆ Italy's luxury groups set aside rivalries to keep it local
▼ + stars: | 2023-07-14 | by ( Elisa Anzolin | ) www.reuters.com time to read: +5 min

SMALL MANUFACTURERS APLENTYItaly is home to thousands of small manufacturers that cover 50-55% of the global production of luxury clothing and leather goods, consultancy Bain calculates. LVMH announced in May it had taken a majority stake in Nuti Ivo Group, an Italian company that has specialised in making leather products since 1955. Kering managing director Jean-Francois Palus said the luxury group is increasingly looking to bring production in house. "Italy has not created a (major) luxury hub, but we have entrepreneurs who have the ability to activate the right relationships at the right time," said Stefania Lazzaroni, general manager at Italian luxury industry association Altagamma. "Italian groups are now more managerialised, more organised and also stronger, which makes them more open to thinking together," he said.

Persons: Luigi Fedeli e, Zegna, Gildo Zegna, Ermenegildo, Kering, LVMH, Jean, Francois Palus, It's, Chanel, Brunello, Stefania Lazzaroni, Prada, Roberto Costa, Bertelli, Elisa Anzolin, Silvia Aloisi, Keith Weir, Jane Merriman Organizations: France MILAN, Prada, Filati Biagioli Modesto S.p.A, Biagioli, Prada Group, Reuters, Bain, Group, Nazionale della Moda, Global Luxury Investment Banking, Citigroup, Thomson Locations: Italy, France, Italian, Monza, Milan, Filati Biagioli, Bertelli, Nuti

There are also some voluntary credits for mechanically removing CO2 directly from the air, which are currently much more expensive. In June, the CFTC—the federal regulator of derivatives—created an environmental task force focused on rooting out fraud in carbon markets. SHARE YOUR THOUGHTS How can we build trust in carbon offsets? A parallel effort by the Voluntary Carbon Market Integrity Initiative, or VCMI, is setting rules for the buyers of offsets. The Commodity Futures Trading Commission has created an environmental task force focused on rooting out fraud in carbon markets and has called on whistleblowers to expose misconduct.

Persons: don’t, Nestlé, ”, Danny Cullenward, John Kerry, Morgan Stanley, Perrier, San, Ian McGinley, hasn’t, Guy Turner, ” Turner, andrew kelly, Mark Kenber, ” Kenber, William McDonnell, ” McDonnell, Dieter Holger Organizations: Futures Trading Commission, Sustainable Business, Institute, Carbon, American University . “, European Union, American University “, Paris Agreement, Council, Voluntary, Initiative, Trove, Futures, Reuters, dieter.holger Locations: U.S, San Pellegrino, Paris

☆ European shares slip as China data sparks disinflation concerns
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

July 10 (Reuters) - European shares slipped on Monday after logging big weekly losses as weak inflation numbers from China stoked concerns about sluggish demand, while investors awaited U.S. inflation data as well as corporate earnings due later this week. The pan-European STOXX 600 index (.STOXX) dipped 0.3% by 0720 GMT, with China-exposed miners (.SXPP) and automakers (.SXAP) leading the losses. The benchmark STOXX 600 posted its worst week in almost four months on Friday after hawkish messages from central bank policymakers and resilient U.S. economic data fuelled concerns that interest rates will remain elevated for longer. Kering (PRTP.PA) slipped 0.3% after the Financial Times reported that the owner of Gucci paid 3.5 billion euros ($3.83 billion) for acquiring high-end French fragrance label Creed in June. Reporting by Matteo Allievi in Gdansk and Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Gucci, Matteo Allievi, Sruthi Shankar, Sherry Jacob, Phillips Organizations: Bayer, Financial Times, Thomson Locations: China, Gdansk, Bengaluru

☆ Balenciaga Is Back After Ad Scandal: ‘Making Clothes Is My Armor’
▼ + stars: | 2023-07-08 | by ( Rory Satran | ) www.wsj.com time to read: 1 min

PARIS– It was unclear in December 2022 if the creative director Demna would weather the storm of controversy whipping around Balenciaga. The French luxury brand was pilloried for being exploitative after its holiday campaign showed images of children with teddy bears in bondage-evoking straps. One photo showed a court document upholding a Supreme Court decision condemning child pornography. Outraged influencers destroyed Balenciaga gear; Kim Kardashian waffled in her support for the label; sales dipped. The brand, owned by luxury conglomerate Kering, said any association was unintentional and apologized repeatedly.

Persons: influencers, Kim Kardashian Locations: Balenciaga

☆ Fendi takes contemporary haute couture lineup to Palais Brongniart in Paris
▼ + stars: | 2023-07-06 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/5] A model presents a creation by designer Kim Jones as part of his Haute Couture Fall/Winter 2023-2024 collection show for fashion house Fendi in Paris, France, July 6, 2023. REUTERS/Sarah MeyssonnierPARIS, July 6 (Reuters) - Italian fashion house Fendi took to the former Paris bourse headquarters on Thursday for its fall haute couture catwalk show, where designer Kim Jones showed a contemporary lineup of light, sensual gowns for formal occasions. Models marched steadily down the marble runway of a stark, white space set up in the neoclassical Palais Brongniart while dramatic opera singing played on the soundtrack. Jones, who is also creative director for the menswear line of Dior, another LVMH-owned fashion house, took his bow with Delfina Delettrez Fendi, artistic director of jewellery. The Paris haute couture shows wrap up Thursday, having featured labels Giorgio Armani Prive, Kering-owned (PRTP.PA) Balenciaga, Dior, Valentino and American fashion house Thom Browne.

Persons: Kim Jones, Sarah Meyssonnier PARIS, Fendi, Jones, Dior, Delettrez, Shakira, Naomi Watts, Giorgio Armani Prive, Valentino, Thom Browne, Mimosa Spencer, David Holmes Organizations: Haute Couture, REUTERS, Paris bourse, Thomson Locations: Paris, France

☆ China growth concerns weigh on European shares at open
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of LVMH Moet Hennessy Louis Vuitton is seen during the company's shareholders meeting in Paris, France, April 20, 2023. REUTERS/Gonzalo Fuentes/File Photo/File PhotoJuly 5 (Reuters) - European shares fell on Wednesday as fresh data pointing to China's faltering economic recovery soured investor sentiment, which has been under pressure from uncertainty about future monetary policy steps by major central banks. The pan-European STOXX 600 index (.STOXX) was down 0.4% by 7:02 GMT, following a quiet session on Tuesday when the U.S. markets were closed for Independence Day. Miners (.SXPP) fell 1.0% and were the biggest sectoral decliners as concerns around weak demand from top consumer China, as well as slowing growth in other major economies, hurt metal prices. Reporting by Amruta Khandekar; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: LVMH Moet Hennessy Louis Vuitton, Gonzalo Fuentes, Pernod Ricard, Hermes, Amruta Khandekar, Dhanya Ann Thoppil Organizations: REUTERS, Independence, Thomson Locations: Paris, France, U.S, China

☆ Elie Saab throws focus on capes for haute couture outing in Paris
▼ + stars: | 2023-07-05 | by ( Mimosa Spencer | ) www.reuters.com time to read: +1 min

[1/5] A model presents a creation by designer Elie Saab as part of his Haute Couture Fall/Winter 2023-2024 collection show in Paris, France, July 5, 2023. REUTERS/Sarah MeyssonnierPARIS, July 5 (Reuters) - Elie Saab doubled down on capes for his autumn haute couture lineup presented in Paris on Wednesday, offering them in a variety of forms that added volume to silhouettes. In contrast were black dresses worn with hooded capes that swept the floor, including one covered in bright red roses. Following up on the introduction of menswear to his haute couture lineup a year ago, the Lebanese designer also included male models, outfitting them in regal, robe-like capes, black with elaborate gold embroidery. The Paris haute couture shows, which run through July 6, have drawn fashion press and celebrities to the French capital.

Persons: Elie Saab, Sarah Meyssonnier PARIS, Giorgio Armani Prive, Dior, Valentino, Thom Browne, Mimosa Spencer, Matthew Lewis Organizations: Haute Couture, REUTERS, Musee des Arts, Louvre Museum, Thomson Locations: Paris, France, Lebanese, shimmery

☆ Valentino takes modern haute couture lineup to Chateau de Chantilly
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

[1/5] Models present creations by designer Pierpaolo Piccioli as part of his Haute Couture Fall/Winter 2023-2024 collection show for fashion house Valentino at the Chateau de Chantilly near Paris, France, July 5, 2023. REUTERS/Sarah MeyssonnierPARIS, July 5 (Reuters) - Italian fashion house Valentino took to the Chateau de Chantilly, north of Paris, for its fall haute couture outing, where designer Pierpaolo Piccioli presented a romantic lineup of updated styles for the contemporary red carpet set. The show opened with model Kaia Gerber, Cindy Crawford's daughter, in a white shirt, left unbuttoned down to the midriff, and worn with loose jeans. Topping off the look were huge, crystal chandelier earrings and metallic, pointy toed flats adorned with bows. The Paris haute couture shows this week, featuring labels Giorgio Armani Prive, Kering-owned (PRTP.PA) Balenciaga, LVMH-owned (LVMH.PA) Dior, as well as American fashion house Thom Browne wind up on Thursday.

Persons: Pierpaolo Piccioli, Valentino, Sarah Meyssonnier PARIS, Chateau, Kaia Gerber, Cindy Crawford's, Topping, Anohni, Piccioli, Giorgio Armani Prive, Dior, Thom Browne, Mimosa Spencer, Sandra Maler Organizations: Haute Couture, REUTERS, Thomson Locations: Chantilly, Paris, France

☆ Giorgio Armani Prive showcases glittering haute couture lineup in Paris
▼ + stars: | 2023-07-04 | 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 Fall/Winter 2023-2024 collection show for fashion house Giorgio Armani Prive in Paris, France, July 4, 2023. REUTERS/Sarah MeyssonnierPARIS, July 4 (Reuters) - Giorgio Armani layered on the shimmer and shine for his fall haute couture collection, sending sparkling pantsuits and ballgowns down a slick runway. The 88-year-old designer worked a sombre colour palette for the Giorgio Armani Prive lineup, mostly restricted to red, black and gold. The Italian designer closed the show with a crimson bridal dress, the sparkling white bodice covered in red flowers. Paris haute couture week, which includes shows from Chanel, Kering's Balenciaga and LVMH-owned Dior and Fendi, wraps up July 6.

Persons: Giorgio Armani, Giorgio Armani Prive, Sarah Meyssonnier PARIS, accenting, Sydney Sweeney, Noah Centineo, Emma Thompson, Chanel, Kering's, Dior, Mimosa Spencer, David Gregorio Our Organizations: Haute Couture, REUTERS, Thomson Locations: Paris, France, American, British

☆ Stephane Rolland's nod to Maria Callas at Paris Haute Couture show
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

[1/3] Models present creations by designer Stephane Rolland as part of his Haute Couture Fall/Winter 2023-2024 collection show at the Opera Garnier in Paris, France, July 4, 2023. REUTERS/Sarah MeyssonnierPARIS, July 4 (Reuters) - Stephane Rolland took to the Paris Opera house on Tuesday for his fall haute couture show honouring Maria Callas, offering a dramatic line-up of voluminous ball gowns. Models glided up the building's grand marble staircase in floor-sweeping dresses as the audience watched from the balcony above, while the voice of Callas echoed throughout. Long trains were offset by bare backs, and one dress was slashed across the middle to reveal the model's midriff. Paris Haute Couture week entered full swing on Tuesday with a show by Chanel, following Monday's kick-off with Schiaparelli and LVMH-owned Dior, as well as American fashion house Thom Browne.

Persons: Stephane Rolland, Opera Garnier, Sarah Meyssonnier PARIS, Maria Callas, Callas, Cuff, Celine Dion, Chanel, Thom Browne, Valentino, Kering, Mimosa Spencer, Susan Fenton Organizations: Haute Couture, Opera, REUTERS, Paris Opera, Las Vegas . Paris Haute Couture, Dior, Thomson Locations: Paris, France, French, Las Vegas . Paris

☆ Kering snaps up fragrance label Creed for new beauty division
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 26 (Reuters) - Gucci-owner Kering (PRTP.PA) said on Monday it had struck a deal to buy high-end French fragrance label Creed, its first acquisition since flagging intentions earlier this year to create an in-house cosmetics business. "The acquisition clearly marks a major step for Kering Beaute, allowing it to reach critical mass in this category," said Raffaella Cornaggia, CEO of Kering's beauty division. The former Estee Lauder executive was appointed in February to lead the French group's push into the segment. The all-cash deal to acquire 100% of the high-end fragrance house from funds controlled by BlackRock and by the company's current chairman Javier Ferran is expected to close in the second half this year. Reporting by Mimosa Spencer; Editing by Benoit Van Overstraeten and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Kering, Raffaella Cornaggia, Lauder, Javier Ferran, Mimosa Spencer, Benoit Van Overstraeten, Mark Potter Organizations: BlackRock, Thomson Locations: French

☆ Half a Year After the COP Agreement on Nature, Companies Are Increasingly Looking at Their Biodiversity Impact
▼ + stars: | 2023-06-21 | by ( Joshua Kirby | ) www.wsj.com time to read: +8 min

While mandatory reporting on nature may still be a long way off, for some companies, measuring their impact on nature makes good business sense. “Not enough companies are actually measuring their corporate biodiversity impact,” said Steve Kennedy, associate professor in business sustainability at the Rotterdam School of Management. Biodiversity impact, on the other hand, remains a more nebulous concept, with widespread uncertainty about what to measure and how to measure it. While biodiversity impact remains difficult to assess, more complete data can help, said Zoe Balmforth, co-founder of biodiversity-data startup Pivotal. And companies will soon have a final framework on which to base their voluntary biodiversity reporting.

Persons: Jennifer Motles, Philip Morris, Motles, Katie Critchlow, Rémy Cointreau, Eric Vallat, LVMH Moët Hennessy Louis Vuitton, ”, Steve Kennedy, Kennedy, “ It’s, “, ” Philip Morris International’s, Nicolo Filippo Rosso, Zoe Balmforth, Balmforth, Cameron Frayling, Frayling, U.N, JULIAN HABER, Kering, PMI’s Motles, Joshua Kirby Organizations: Philip Morris International, Data, Sustainable Business, Fund, Nature, PMI, Rotterdam School of Management . Companies, SAS, Bloomberg, World Bank, REUTERS Governments, United Nations ’, pharma, GSK, Gucci Locations: Montreal, American, of Mexico, Lake Erie, Colombia, Kunming, Canada, joshua.kirby

☆ Moncler can inspire Golden Goose’s next step
▼ + stars: | 2023-06-15 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

MILAN, June 15 (Reuters Breakingviews) - Golden Goose may be close to laying another precious egg. Remo Ruffini’s brand could provide an inspiration for Golden Goose’s next step, or a solution. Golden Goose’s rapid growth makes it a good time for Permira to consider an exit, as reported by Bloomberg. On the same 14 times forward multiple as Moncler, Golden Goose would be worth 2.7 billion euros. Golden Goose’s next golden egg may land not far from home.

Persons: Reuters Breakingviews, Remo Ruffini’s, Golden Goose’s, Permira, Silvio Campara, LVMH, Ruffini, Golden, Neil Unmack, Katrina Hamlin Organizations: MILAN, Reuters, Permira, Bloomberg, Carlyle, Gucci, Twitter, Thomson Locations: Europe, Milan, EBITDA, Moncler, Italian, Golden

MILAN/BRUSSELS, June 12 (Reuters) - EU antitrust regulators who raided Kering's (PRTP.PA) Gucci and other fashion firms in April are looking into how they set prices of handbags and leather goods for distributors, three people with direct knowledge of the matter told Reuters. Kering confirmed at the time that Gucci was cooperating with the EU regulators after Reuters previously reported the European Union dawn raid on its site in Milan, which makes such products. The Commission, which did not name the companies it raided, said at the time that they may have breached EU antitrust rules against cartels and restrictive business practices, but did not provide details. Such practices are illegal under EU antitrust rules and breaches can lead to fines up to 10% of a company's global turnover. U.S. clothing company Guess (GES.N) was hit with a 40 million euro ($43 million) fine in 2018 for preventing retailers from setting the retail price of its products independently.

Persons: Gucci, Kering, Foo Yun Chee, Emilio Parodi, Silvia Aloisi, Alexander Smith Organizations: MILAN, Reuters, European, EU, Thomson Locations: BRUSSELS, Kering's, Milan, Paris

☆ Armani tests sustainable cotton production in Italy
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Italian fashion company Giorgio Armani is seen at a shop in Zurich, Switzerland July 8, 2021. REUTERS/Arnd Wiegmann/File PhotoMILAN, June 5 (Reuters) - Luxury fashion house Armani Group has started an experimental agroforestry plantation in southern Italy to test new ways to produce cotton sustainably, it said on Monday. Armani said cotton planting started last month over one hectare of land - to be expanded to five hectares - in the southern region of Apulia. "Over five years, this farm site will be among the first field experiments in Europe testing agroforestry cotton with alternative tree species and regenerative practices," Armani said in a statement. The project is in collaboration with the Sustainable Markets Initiative’s Fashion Task Force and the Circular Bioeconomy Alliance, both founded by Britain's King Charles in his former role as the Prince of Wales, Armani Group said.

Persons: Giorgio Armani, Arnd, MILAN, Armani, Britain's King Charles, Prince of, Gucci, Yves Saint Laurent, Kering, Elisa Anzolin, Alvise Armellini, Jan Harvey Organizations: REUTERS, Armani, Sustainable, Force, Alliance, Armani Group, Sustainability, Thomson Locations: Zurich, Switzerland, Italy, Apulia, Agroforestry, Europe, Prince of Wales

☆ Elon Musk: CEOs flock to China as risks to trade and investment rise
▼ + stars: | 2023-05-31 | by ( Michelle Toh | ) edition.cnn.com time to read: +8 min

To drum up business, Chinese leaders have urged foreign companies to invest more in the country, promising them an open and level playing field. “The interests of the United States and China are intertwined like conjoined twins,” he was quoted as saying by the foreign ministry. Over time, “there will be less trade” between China and the United States, Dimon predicted. The move was seen as retaliation for restrictions the United States has imposed on Chinese chipmakers. The interests of the United States and China are intertwined like conjoined twins.

Persons: Elon, Laxman, Jamie Dimon, Qin Gang, Tesla, Elon Musk, Musk, ”, Warren Buffett, Dimon’s, Dimon, That’s, Bain, “ who’s, ” Michael Hart, Ben Cavender, Nick Marro, Tim Cook, Cook, Marro, ‘, ” —, Sophie Jeong, Martha Zhou Organizations: Hong Kong CNN, Tesla, Starbucks, JPMorgan, Apple, Samsung, Aramco, Volkswagen, HSBC, Standard Chartered, Foreign, China's Ministry of Foreign Affairs, Reuters, China’s Foreign, Shanghai’s Communist Party, Bloomberg, Group, American Chamber of Commerce, CNN, British, of Commerce, China Market Research Group, US, Micron, Economist Intelligence Unit, “ Companies, China Development Forum Locations: Hong Kong, China, Beijing, United States, Shanghai, Taiwan, Washington, New York, American, Xinjiang

☆ Gucci-Owner Kering, Drugmaker GSK and Others Are Developing Global Targets on Nature Loss
▼ + stars: | 2023-05-25 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

Luxury group Kering and biopharma company GSK are among more than a dozen companies preparing targets to develop a gold standard for how businesses can protect nature. Yet the issues surrounding nature loss are complex and many companies are unsure how to measure it or what to do. The Taskforce on Nature-Related Financial Disclosures, a business-backed effort to protect biodiversity, is working on a reporting framework, and SBTN is developing standards to evaluate companies’ nature targets. “We expect that the landscapes will be similar [to the ones under the SBTN targets], ” Gonçalves Krebsbach said. In 2020, GSK started to map out stressed water basins in its supply chain.

☆ Cate Blanchett says at Cannes Film Festival that she's 'always trying to get out of acting'
▼ + stars: | 2023-05-20 | by ( Dan Heching | ) edition.cnn.com time to read: +2 min

CNN —She’s one of the most celebrated actors of her generation, but Cate Blanchett wants to branch out even more into other filmmaking pursuits. “I’m always trying to get out of acting,” she said at the Cannes Film Festival this week during a conversation with Variety’s Chief Correspondent Elizabeth Wagmeister. “I’ve been trying to stop acting my entire professional life.”The two-time Oscar-winner was at the ritzy French cinema fest to present her new film, “The New Boy,” which premiered on Friday, a film she stars in and also produced. Blanchett also mentioned how on her 2020 FX miniseries “Mrs. “I realize that I’m the only woman in the cast…there are 62 men, and yep, I’m the only woman.

☆ Canada Goose caution on U.S. eclipses upbeat annual sales forecast
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

However, shoppers in the United States are putting a pause to a post-pandemic splurge on high-end clothing and accessories, with companies including ultra-luxury fashion houses like LVMH (LVMH.PA) and Gucci owner Kering (PRTP.PA) seeing sagging demand. Canada Goose, popular for its bright-red parkas and pricey puffer jackets, saw U.S. revenues decline 4.5% in the reported quarter. Still, a 65.4% surge in Asia Pacific revenue, coupled with robust demand in Europe and Canada, helped the luxury winterwear maker beat expectations in its fourth-quarter results. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose sees upbeat annual sales as China recovery gains steam
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Canada Goose, popular for its bright-red parkas and pricey puffer jackets, has about 18 retail stores in Mainland China - the highest number of outlets it has in any country. The company is also planning to double its store count worldwide over the next five years, from 51 permanent stores currently. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion, according to Refinitiv data. However, it forecast annual per-share profit in the range of C$1.20 to C$1.48, compared with estimates of C$1.46 per share. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose sees annual sales above estimates on China rebound
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Canada Goose Holdings Inc (GOOS.TO), forecast annual sales above Wall Street estimates on Thursday, betting that a sharp rebound in key luxury market China would help the luxury winterwear maker ride out a slowdown in U.S. demand. Revenue from Canada Goose's Asia Pacific segment jumped 65.4% to C$114.1 million in the quarter ended April 2, compared with a 5.2% drop in the previous quarter. That has buttressed sales at a time when luxury shoppers in the United States have paused a post-pandemic splurge on high-end goods, with companies including LVMH (LVMH.PA) and Gucci-owner Kering (PRTP.PA) reporting sagging sales in the market. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, compared with analysts average estimate of C$1.33 billion, according to Refinitiv data. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Mixing old and new, Gucci hosts show in 14th century Seoul palace
▼ + stars: | 2023-05-16 | by ( Ju-Min Park | ) www.reuters.com time to read: +2 min

SEOUL, May 16 (Reuters) - With sparkling lights and beating drums, Italian luxury label Gucci took over a 14th century Seoul Palace on Tuesday to showcase its cruise collection, blending Korean heritage and modern fashion. The show, featuring the soundtrack of Oscar-winning South Korean movie "Parasite" during its finale, was the first of its kind to take place within the palace's courtyard. The Gucci cruise show follows a Louis Vuitton pre-fall fashion show on a Seoul bridge in April. Built in 1395, the Gyeongbokgung palace served as the main royal palace of Korea's Joseon dynasty. The South Korean national treasure became the latest iconic landmark chosen by Gucci to showcase its collection.

☆ Starbucks, Estée Lauder, Qualcomm: Global companies warn of slower-than-expected recovery in China
▼ + stars: | 2023-05-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Starbucks (SBUX) and Qualcomm (QCOM) have also flagged uncertainties related to the country, which is a top market for both. Beijing abandoned its zero-Covid policy in December and scrapped longstanding quarantine requirements for international arrivals in January, ending restrictions that had isolated its economy. The welcomed, if abrupt, policy U-turn led to hopes that China could help propel global growth as it had before the pandemic. The idea was that as soon as the zero-Covid policy would be over, the Chinese households and consumers would just go berserk. Starbucks warned last Tuesday that sales growth in China was starting to cool — and likely would continue that trajectory over the next six months.

But with flights remaining limited after China's border reopening in January, European luxury stores will need to wait longer for the return of masses of tourists they once depended on for growth. The average transaction value by Chinese travellers in Europe in March was 28% above 2019 levels, UBS said, citing data from VAT refund provider Planet. Cartier-owner Richemont (CFR.S), Hermes (HRMS.PA) and LVMH were best placed to benefit from wealthy Chinese shoppers, UBS added. As wealthy Chinese return to Europe and other foreign destinations, the appeal of China's Hainan Island, a duty free shopping hotspot, appears to be waning among top luxury spenders. China's "higher income, top luxury spenders (are) already travelling abroad again," she said, leading to an observable lower per-capita spend in Hainan.

☆ Bernard Arnault, the world's richest person, was nicknamed the 'wolf in cashmere' by rivals because of his predatory takeover moves. His company just hit a $500 billion valuation.
▼ + stars: | 2023-04-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Bernard Arnault is head of luxury giant LVMH and the world's richest person worth $206 billion. He earned the nickname the "wolf in cashmere" because of his ruthless moves to acquire rivals. It's enabled him to create the world's largest luxury conglomerate, which was valued at $500 billion this week. "Arnault is a man of great vision," Pierre Mallevays, former head of acquisitions at LVMH, previously told The Guardian. It was during his pursuit of Hermès International that he earned the nickname of the "wolf in cashmere."

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