Tag: Luxury Goods

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.