Tag: Luxury Goods

Saks Global Enterprises said hundreds of brands, including Burberry and those owned by luxury powerhouses LVMH and Kering, have either resumed or continued shipping to the troubled retailer as it tries to emerge from bankruptcy.

Cartier-owner Richemont reported quarterly sales well ahead of market expectations on Friday, driven by improved demand in China and a robust North American market which helped it weather the hit from U.S. tariffs and high gold prices.

LVMH shares soared as much as 14% on Wednesday, a day after the luxury group reported better-than-expected sales in the third quarter with the help of improved demand in China, prompting a sector-wide rally.

Armani representatives have approached potential buyers over a minority stake in the renowned Italian fashion group, three sources told Reuters, starting a de facto auction, for a slice of one of the world’s best-known fashion empires weeks after the designer’s death.

China spared major cognac producers Pernod Ricard (PERP.PA),LVMH (LVMH.PA), and Remy Cointreau (RCOP.PA), from new duties of up to 35% on EU brandy on Friday, easing trade tensions with Brussels as Beijing seeks to resolve a separate row over tariffs on Chinese-made EVs.

Richemont SA posted a rise in full-year sales as the continued popularity of its Cartier brand allowed the Swiss group to be more resilient than rivals in a softening luxury-goods market. 

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.