Tag: Luxury Goods

French luxury group Hermès will raise its U.S. prices from the start of May in order to offset the impact of President Donald Trump’s tariffs, the company’s finance chief said Thursday.

Shares of LVMH plunged as much as 8% on Tuesday, at times losing its position as world’s largest luxury firm to rival Hermès after an unexpected decline in first-quarter sales.

Salvatore Ferragamo said it remains cautious on its short-term expectations amid uncertain demand for high-end goods and after it reported a net loss for 2024.

Italian luxury group Prada on Tuesday reported 21% growth in operating profit last year, in line with analysts’ forecasts, amid speculation about a potential acquisition of smaller rival Versace.

Salvatore Ferragamo shares plunged after the Italian luxury-goods company said it was parting ways with its chief executive before the end of his mandate, after a year marked by slowing sales as the industry grappled with sluggish demand for luxury goods.

LVMH has already sold the streetwear fashion brand Off-White recently, as well as its stake in Cruise Line Holdings amid dampened global demand for luxury goods and falling Chinese sales.

Cartier owner Richemont reported better-than-expected quarterly sales, triggering a rally in luxury stocks, after its core jewelry division bucked a downturn in demand for high-end goods.

LVMH  reported its worst quarterly performance since 2020 during the three months leading up to September, resulting in a 10% drop in its American Depositary Receipts (ADR) shares on US markets on Tuesday. According to its press release, the Paris-based conglomerate’s third-quarter organic sales fell by 3% year-on-year, marking the first decline since the pandemic, driven by weakened demand in China and Japan.

LVMH is expecting to pay as much as €800 million ($870 million) in additional taxes next year after France announced plans to raise levies on its biggest companies to help shore up public finances.

Shares in the world’s largest luxury group LVMH fell on Wednesday after its second-quarter sales came in below analyst consensus on Tuesday.

Shares of Swiss luxury group Richemont climbed as much as 6.3% Friday after the company reported record full-year sales, even as Asia-Pacific spending waned.

LVMH shares rose on Wednesday, after first quarter sales figures from the world’s largest luxury group offered an element of reassurance to investors concerned about the industry’s outlook, particularly in China.

Antonio Belloni is to step down from his LVMH management role as deputy to billionaire chief executive Bernard Arnault, amid a wider reshuffle of the French luxury company’s top ranks.

The owner of Louis Vuitton, Moët & Chandon and Hennessy on Thursday night reported sales of 86.15 billion euros for the full year, exceeding consensus forecasts.

 Cartier owner Richemont , opens new tab enjoyed a surge in sales in China in its latest quarter, signalling on Thursday the resilience of the high end of the luxury market and sending shares of the Swiss watch and jewellery maker sharply higher.

In its fiscal second-quarter earnings report Thursday, Burberry reported that comparable store sales growth slowed to just 1%, down from 18% in the previous quarter, as momentum in China fizzled out.

ZURICH, Nov 10 (Reuters) – Luxury group Richemont (CFR.S) cautioned on Friday that economic worries and global tensions were weighing on consumer spending as the owner of Cartier jewellery reported first-half profits that missed forecasts, sending its shares down 6%.

Shares of luxury behemoth LVMH fell to their lowest level of the year on Wednesday after financial results disappointed.

China’s decision to lift a ban on group tours traveling to the U.S., Japan, South Korea and parts of Europe is great news for luxury stocks.

U.S. luxury companies including Michael Kors-owner Capri (CPRI.N) and Estee Lauder (EL.N) will likely record a hit to sales from a slower-than-expected recovery in key market China that likely exacerbated cooling demand in the U.S.