Tag: $LVMH

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.

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.

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.

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.

China imposed temporary anti-dumping measures on imports of brandy from the EU on Tuesday, hitting French brands including Hennessy and Remy Martin, days after the 27-state bloc voted for tariffs on Chinese-made electric vehicles (EVs).

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

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.

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

SHANGHAI, July 11 (Reuters) – High-end jeweller Bulgari has apologised after allegedly listing Taiwan as independent from China on an overseas website, sparking a furious response on Chinese social media.