Steel giant Arcelor Mittal commits to Notre Dame rebuild April 18, 2019 Steel giant Arcelor Mittal has become the latest multinational to promise help as France tries to lift Notre Dame from its ashes. The Luxembourg-based company said it would “offer up steel to repair and rebuild the monument.” Read more: After the Notre Dame tragedy, how much more art is at risk? Investigators are still looking [...]
Billionaire Reuben Brothers check out of hotel group Belmond in $300m deal January 16, 2019 The billionaire Reuben Brothers have sold their shares in New York-listed hotel company Belmond in a deal that could net them more than $300m (£236m). Belmond was acquired last month by Paris-based LVMH, which owns luxury brands such as Louis Vuitton and Christian Dior, in a $3.2bn deal, seeing off competition from private equity buyers. [...]
Proceeds from wine sale at Sotheby’s to be donated to Notre Dame rescue project April 16, 2019 Proceeds from a rare London wine exhibition at Sotheby’s tomorrow night will be donated to the restoration project at Notre Dame, the auction house announced today. Read more: Sotheby's annual wine sales hit $100m The wine estate of Château Mouton Rothschild and the Palace of Versailles will donate the money raised from the sale of 25 [...]
China’s success among western firms will depend on the desirability of the brand February 5, 2019 Not a week goes by when there isn’t a data print-out of China posting the weakest number since… well pick a year. Last Friday, for example, the Caixin manufacturing survey posted a second consecutive month of contraction and the lowest reading since 2016. The slowdown has triggered a set of 2019 growth downgrades from the analyst [...]
Fashion industry magnate Karl Lagerfeld dies February 19, 2019 Karl Lagerfeld, the designer of haute-couture, died today aged 85, according to reports. The fashion icon died this morning at the American Hospital on the outskirts of Paris after being admitted yesterday, French site Pure People reported. Read more: MPs call for a penny tax on new clothes to cut waste Designer Donatella Versace posted a [...]
Gucci shrugs off China troubles after trumping sales estimates February 12, 2019 Kering’s flagship Gucci brand became the latest in a swathe of luxury retail names to buck fears of a slowdown in demand from Chinese shoppers today, after the Italian label trumped sales expectations for the final quarter of 2018. Outperforming many of its peers in the fourth quarter of last year, Kering posted a 23.3 per [...]
Shares in Burberry fall as Chinese appetite for luxury goods slows October 10, 2018 Shares in Burberry dropped over eight per cent Wednesday after Morgan Stanley downgraded the luxury goods sector over worries of a slowdown in the Chinese market. Chinese consumer confidence has peaked, the bank said, and consumption trends will likely slow further in the second half of the year before a slight upswing in 2019. Read [...]
Luxury retailers hit by Apple warning over Chinese slowdown January 3, 2019 Shares in luxury retailers have plunged after Apple blamed a Chinese economic slowdown for its worse than expected sales performance. The tech giant said lower demand for its products in China and the country’s economic deceleration were to blame for its second revenue warning last night. Luxury retailers have subsequently suffered as analysts said investors [...]
Notre-Dame fire: Paris public prosecutor rules out arson as L’Oreal donates €200m to repairs April 16, 2019 French authorities believe the devastating fire that has caused untold damage to Paris’ Notre-Dame cathedral was the result of an accident. The Paris prosecutor told media today that there was no sign that the inferno that engulfed the historic cathedral was started on purpose. Read more: Notre-Dame fire: French billionaires pledge €300m for repairs “We [...]
How to capitalise on China’s luxury boom February 8, 2019 As many companies experience a slowdown in China, luxury brands are surely smiling as they look at their sales performance. Last week, LVMH – the world’s largest luxury group, which includes brands like Louis Vuitton, Dior, and Moet & Chandon – surprised everyone by announcing an increase in sales during its fourth quarter earnings, and [...]