LVMH loses fizz as wine sales drop July 28, 2009 LVMH, the biggest player in the luxury goods market, yesterday reported a 23 per cent slump in first half profits as the downturn hit discretionary spending. The group, which owns the Dom Perignon brand, was dragged down by its wines and spirits division which suffered a record 41 per cent drop in profits as champagne [...]
LVMH loses fizz as wine sales drop July 28, 2009 LVMH, the biggest player in the luxury goods market, yesterday reported a 23 per cent slump in first half profits as the downturn hit discretionary spending. The group, which owns the Dom Perignon brand, was dragged down by its wines and spirits division which suffered a record 41 per cent drop in profits as champagne [...]
BUSINESS OSCARS DO CREDIT CRUNCH CHIC June 17, 2009 IT CERTAINLY doesn’t bode well for a lengthy awards lunch when the presenter himself admits he’s been ordered to “cut back on the gags” because of the economic climate – especially when the ceremony in question is none other than the Thomson Reuters Extel Awards, more commonly known as “the Oscars of the City”. (Practically [...]
Emerging market strength means luxury is down but far from out June 8, 2009 FOR a while it seemed like the luxury goods retailers would escape the global recession relatively unscathed. The rich would still remain relatively rich and any loss of custom in developed countries would quickly be replaced by growing demand in emerging markets like China. That hope has vanished in the past two weeks as the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 13, 2009 FINANCIAL TIMESCCB SHARE DEAL VOLUME SURGES AFTER BANK OF AMERICA SELL-DOWNThe volume of share dealing in China Construction Bank soared yesterday, fuelling speculation that some buyers of Bank of America’s $7.3bn (£4.8bn) sell down had flipped their holdings to pocket huge gains. The troubled US bank on Tuesday sold 13.5bn shares in the mainland lender [...]