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☆ Estee Lauder cuts forecasts on China curbs, tightening inventories
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

The New York-based company's shares were down about 12% in premarket trade after the company also forecast second-quarter sales and profit below estimates. Sales growth of many U.S. companies such as Estee and Canada Goose have been impacted in China, with the country implementing a zero-COVID policy to fight rising infections. Estee generated about 31% of its sales from the Asia-Pacific region in fiscal 2022, according to a regulatory filing. However, European peers Kering (PRTP.PA) and cosmetics group L'Oreal (OREP.PA) had posted strong quarterly sales last month as robust demand in Europe and the United States helped them offset disruptions in China. Estee now expects 2023 net sales to decrease between 6% and 8%, compared with the prior forecast of a 3% to 5% growth.

☆ European shares jump as luxury stocks, miners rally amid Fed pivot hopes
▼ + stars: | 2022-11-01 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

SummarySummary Companies Luxury stocks lift euro zone blue-chipsMining, energy stocks rise on higher commodity pricesFed's two-day meeting to start later in the dayMonte dei Paschi up as cash call 93% coveredNov 1 (Reuters) - European shares jumped on Tuesday, boosted by miners and luxury stocks, amid rising hopes that the U.S. Federal Reserve would slow down the pace of its interest rate hikes next month. The pan-European STOXX 600 index (.STOXX) rose 1.2% by 0905 GMT, kicking off November on a solid footing and hovering at their highest in more than six weeks. The EURO STOXX 50 index (.STOXX50E) gained 1.2% after luxury giants including LVMH (LVMH.PA), Kering (PRTP.PA), Hermes International (HRMS.PA) and Pernod Ricard (PERP.PA) jumped between 2.2% and 3.9%. Miners in Europe (.SXPP) leapt 3.0% while oil & gas stocks (.SXEP) added 1%, as prices of oil and industrial metals rose against declines in the dollar. ECB President Christine Lagarde said the central bank must keep raising interest rates to fight off inflation even if the probability of a euro zone recession has increased.

☆ Corporate America is canceling Kanye West
▼ + stars: | 2022-10-25 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

Ye, also known as Kanye West, has become a controversy magnet. Later, West threatened on Twitter to “Go death con 3 on JEWISH PEOPLE.”Since Ye’s antisemitic comments, businesses have come under pressure to take further action against him. You still might see Yeezy Gap merchandise on the Gap site, though. BalenciagaKanye’s antisemitic comments were also the final straw for luxury fashionhouse Balenciaga, which severed ties over the weekend. He had collaborated with Balenciaga for a wildly popular Yeezy Gap line earlier this year.

☆ Balenciaga cuts partnership with Kanye West
▼ + stars: | 2022-10-21 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN Business —Fashion powerhouse Balenciaga has officially severed ties with Kanye West following a series of antisemitic posts and other controversial comments from the rapper, according to a report from Women’s Wear Daily citing a statement from Balenciaga’s parent company. “Balenciaga has no longer any relationship nor any plans for future projects related to this artist,” Kering, Balenciaga’s parent company, said in a statement to WWD. West, who legally changed his name to Ye, collaborated with Balenciaga for a wildly popular Yeezy Gap line earlier this year. In a now-deleted tweet, West said he was “going death con 3 [sic] On JEWISH PEOPLE,” according to Internet Archive’s Wayback Machine records pulled by CNN. Recently, Ye announced plans to acquire Parler, a far-right social platform, to prevent having “to fear being removed from social media again.”

☆ Balenciaga is the latest among these fashion brands to sever ties with Kanye West
▼ + stars: | 2022-10-21 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

Balenciaga's parent company Kering issued a statement confirming the end of its professional relationship with Kanye West. Balenciaga is the latest fashion brand to sever ties with rapper and fashion designer Kanye West, also known as Ye, after a string of controversial comments made by the artist online and during public appearances. On Thursday, Balenciaga's parent company said in a statement that it no longer had a relationship with Ye. Although Ye opened the fashion house's Paris Fashion Week runway show earlier this month, Balenciaga began distancing itself from the artist after several anti-Semitic and other offensive remarks he made recently. Here's a list of the labels that have had a professional relationship with Ye.

☆ Stocks are suddenly getting hit with higher Treasury yields and some worrisome earnings
▼ + stars: | 2022-10-21 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Markets are being hit with a double whammy this morning: multi-year high in Treasury yields, and earnings. Earnings and revenues were higher than expected. Spending was strong (consumer and commercial-billed business growing 22% and 20% year-over-year), new card growth (3.3 million) was good. But AmEx set aside $778 million for potential future losses, nearly $200 million higher than expected. Robert Ottenstein at Evercore ISI said in a note, commenting late last night on very strong earnings from French spirits maker Pernod Ricard.

☆ New Gucci head in China to lay out strategy soon to revive sales
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

PARIS, Oct 20 (Reuters) - Gucci's new chief in China will lay out his strategy to revive the label's sales in the key Asian market in the next few weeks, the finance chief of parent company Kering said on Thursday. Gucci sales in China were negative in the third quarter, Kering said, without giving a precise figure. Gucci announced the appointment of Laurent Cathala, previously a top executive at U.S. jeweller Tiffany & Co for emerging markets, as its new president of Greater China fashion business in April. Register now for FREE unlimited access to Reuters.com RegisterReporting by Silvia Aloisi, editing by Mimosa SpencerOur Standards: The Thomson Reuters Trust Principles.

A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. Hermes (HRMS.PA) and Pernod Ricard (PERP.PA) both said they will continue to raise prices, after beating expectations in the July-September quarter. Mainland China also saw a strong rebound after COVID-19 restrictions were lifted, although some restrictions have since been reimposed. PRICE RISESThe world's biggest luxury group LVMH (LVMH.PA) last week kicked off the earnings season with forecast-beating sales -- and no signs of a let-up in demand. The results from Pernod and Hermes bode well for beauty giant L'Oreal (OREP.PA) and Gucci-owner Kering (PRTP.PA), which both report results later on Thursday.

☆ Posh ice cream, craft beer in vogue as Chinese downsize their love of luxury
▼ + stars: | 2022-10-13 | by ( Casey Hall | ) www.reuters.com time to read: +3 min

SHANGHAI, Oct 14 (Reuters) - Chinese consumers are typically known for lavish spending on high-end handbags, clothes and accessories that sustain Western luxury brands. Brands that have jumped on the trend include Kweichow Moutai (600519.SS), best known for $300 bottles of baijiu, the Chinese spirit popular at banquets. It debuted baijiu-infused ice cream at $10 a cup in May, racking up 2.5 million yuan ($350,000) of sales on the first day. Chinese consumers are "spoiling themselves with those little things and they're loving something novel," said Mark Tanner, founder of marketing agency China Skinny. "When times aren't so good, people want to feel better, guilty pleasures like ice cream can help," said Low.

☆ LVMH's resilience gives luxury shares a boost amid economic gloom
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

"LVMH's 3Q22 print will likely reassure on the health of the high-end consumer in the run-up to the festive season," said Thomas Chauvet of Citi. He said he had seen no signs that lower product categories were underperforming -- a category that has been closely eyed for signs of weakness. Analysts have been on the look out for signs of weakness in more aspirational products as younger shoppers face rising living costs. Guiony flagged a strong performance in watches -- luxury products that tend to do well in an inflationary environment because they hold their value. Hermes and Kering (PRTP.PA) report third quarter sales on Oct. 20.

☆ Sales at the world's largest luxury brand jump on strong demand
▼ + stars: | 2022-10-11 | by ( ) www.nbcnews.com time to read: +2 min

French luxury goods giant LVMH beat market forecasts in the third quarter, posting a sharp rise in sales as wealthy shoppers splashed out on fashion and Americans in Europe made the most of the strong dollar. The world’s biggest luxury group, home to fashion brands such as Louis Vuitton and Dior, got an added boost from improved business in China as COVID-19 curbs eased. The group’s fashion and leather goods division led the jump in sales with a 22% increase on the same period a year ago. The third-quarter results for LVMH, which also owns Sephora and Bulgari, kicks off earnings season for the industry. Rivals Hermes and Gucci owner Kering will both report sales for the three months on Oct. 20.

☆ LVMH sales jump by 19% in third quarter, beating forecasts
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 11 (Reuters) - French luxury goods giant LVMH (LVMH.PA) beat market forecasts in the third quarter, posting a brisk rise in sales as wealthy shoppers continued to splash out on fashion, with an added boost from improved business in China as COVID-19 curbs eased up. Sales at the world's biggest luxury group came to 19.8 billion euros ($19.2 billion), up 19% on a comparable basis from a year earlier, beating analyst expectations for 13% growth according to a Visible Alpha consensus. The third quarter results for LVMH, which also owns Sephora, Bulgari and Tiffany & Co., kicks off earnings season for the industry. Rivals Hermes (HRMS.PA) and Gucci owner Kering (PRTP.PA) will report sales for the three months on Oct. 20. ($1 = 1.0277 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mimosa Spencer, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

☆ French luxury groups to highlight sector's resilience as demand holds up for now
▼ + stars: | 2022-10-10 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

PARIS, Oct 10 (Reuters) - French luxury groups LVMH (LVMH.PA), Gucci-owner Kering (PRTP.PA) and Hermes (HRMS.PA) are expected to post double-digit third-quarter sales growth as demand for high-end fashion from tourists and shoppers revamping post-pandemic wardrobes remains strong. Without citing a corresponding inflation figure, UBS estimates prices for the sector increased by 4.6% on average this year, through July. A Visible Alpha consensus cited by the bank points to 13% organic sales growth. Pusz expects 13% organic sales growth for Kering and 15% growth at constant rates from Hermes, over the period. LVMH posts third-quarter revenue on Oct. 11, while Kering and Hermes announce results on Oct. 20.

☆ 22 мая в Париже откроется коллекция французского миллиардера Франсуа Пино
▼ + stars: | 2021-05-18 | by ( Mld Media Srl | ) noi.md time to read: +2 min

Впечатляющая коллекция искусства, наконец, обзавелась собственным домом в Париже: музей вот-вот откроется в здании бывшей Торговой биржи. Потом она плавно превратилась в цель, а сегодня наконец-то стала реальностью», – с улыбкой рассказывает о новом музее Pinault Collection основатель компании Kering и один из самых богатых и влиятельных людей Франции Франсуа Пино. Сегодня в собрании Франсуа Пино, оцениваемом в 1,5 миллиарда евро, хранится около 10 тысяч работ, большинство из которых было создано не раньше 1960 года. Когда 40 лет назад Пино только начинал интересоваться искусством, то пробовал покупать работы и художников первой половины ХХ века. Публике покажут произведения 35 художников, каждое из которых Пино утверждал лично: весь декабрь 84-летний миллиардер, как на работу, приезжал в музей и контролировал развеску картин.

Persons: Франсуа Пино, Пино, Анн Идальго Organizations: Торговая биржа, Центр Жоржа Помпиду, Биржа Locations: Париж, Франция, Лувр, Сеген, Медичи

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