LVMH becomes first European company to reach $500bn in market value April 24, 2023 LVMH became the first European company to reach $500bn (£401bn) in market capitalisation on Monday morning as the luxury retailer was strengthened by a renewed demand from Chinese consumers. According to reports published in The Financial Times, shares in the Paris-listed company rose 0.3 per cent against last week’s close to €903.7 (£799) shortly after [...]
LVMH boss promotes daughter Delphine Arnault to top position at Dior January 11, 2023 LVMH chairman and CEO Bernard Arnault has appointed his daughter Delphine Arnault as CEO of Christian Dior in a management shake-up. She succeeds Pietro Beccari, 55, who has headed Dior for nearly 12 years but has also been promoted. He is set to take over as CEO of Louis Vuitton from Michael Burke, who will [...]
Versace owner Capri snapped up by Coach’s Tapestry in £6.6bn mega-deal to challenge LVMH August 11, 2023 Tapestry, the American fashion giant behind luxury brands such as Coach and Kate Spade, has agreed to buy Capri the owners of designer Versace in a $8.5bn (£6.6bn) deal. The merger will form a larger fashion conglomerate which will rival the likes of LVMH, the multibillion pound business behind designers such as Louis Vuitton and [...]
Sales soar for Dior owner LVMH as Chinese retail bounces back October 11, 2022 Dior owner LVMH smashed third quarter forecasts this evening, with business in China finally picking up thanks to Covid restrictions being eased. The luxury goods giant, which owns brands like Bulgari and Tiffany & Co, said sales climbed 19 per cent from the previous year to €19.8bn. The fashion and leather goods division were a [...]
Cartier owner Richemont calls for shareholders to block LVMH rival from joining board August 15, 2022 Cartier owner Richemont called for shareholders to snub the appointment of former LVMH executive Francesco Trapani to the board this morning, calling out his close connections to firm’s biggest rival. Calling him an “inappropriate” candidate, Richemont chairman Johann Rupert said in a letter to shareholders: “He is not independent, as he has a long history [...]
LVMH: Shares in luxury giant hit record high amid warning it’s ‘firing last cartridge’ on back of China’s reopening January 17, 2023 Shares of luxury goods giant LVMH soared to a new record high of £703.35 (€795.7bn) this morning, bringing the company’s market capitalisation to £350bn. LVMH (Moët Hennessy Louis Vuitton) continues to thrive after China’s reopening at the start of the year proving to be a major boost for the company, which relies heavily on luxury [...]
LVMH reports record fashion and leather goods revenue January 27, 2022 Big spenders helped boost LVMH revenue to €64.2bn last year as economies recovered from the Covid pandemic. The luxury goods firm posted revenue of €64.2bn on Thursday evening, up 44 per cent compared to 2020 and up 20 per cent compared to 2019. Fashion and leather goods hit record levels, with organic revenue growth of [...]
LVMH continues to ride cash-splurging wave for luxury goods as revenue jumps a third April 12, 2022 LVMH has continued to ride the pandemic-era wave of consumers splurging extra cash on luxury goods, as opposed to jetting away overseas. Revenue jumped nearly a third to €18bn (£15bn) in the first quarter of this year, in comparison with €13.9bn in 2021 – with fashion and leather products leading the way. Such goods hit [...]
LVMH enjoys post-lockdown sales boom as shoppers turn to luxury goods October 12, 2021 Sales at French luxury giant LVMH swelled 20 per cent in the third quarter as shoppers rushed to buy high-end fashion amid the return of socialising. The company said like-for-like sales, stripping out the effect of foreign exchange fluctuations, rose to 15.51 billion euros ($17.90 billion) in the three months to September. It sells a [...]
Kering suffers as luxury brands deliver mixed results July 25, 2024 Luxury fashion conglomerate Kering announced a dramatic fall in net profit of 50 per cent in the first six months of 2024.