PARIS, France — LVMH said watches and jewelry head Francesco Trapani would step down on March 1, becoming an advisor to group Chairman Bernard Arnault and keeping his seat on the board of directors of the world's biggest luxury group.
GENEVA, Switzerland — Cie. Financiere Richemont SA, the maker of Cartier jewelry, reported revenue growth for the October-December months that was short of analysts’ estimates as sales in mainland China declined.
Investors are moving away from bigger groups towards smaller brands and American “affordable luxury.” Meanwhile, the jury is still out as to whether the crucial trading period from Thanksgiving to Christmas will deliver strong results, but sentiment remains positive, reports Pierre Mallevays of Savigny Partners.
GENEVA, Switzerland — Cie. Financiere Richemont SA, the owner of the Cartier brand, fell the most in more than two months after Chairman Johann Rupert said he’s very concerned that the global economy is in a precarious position.
ZURICH, Switzerland — Luxury goods group Richemont has decided not to sell underperforming businesses such as leather goods maker Lancel in part because it couldn't get a good enough price, disappointing analysts' hopes for a quick solution.
GENEVA, Switzerland — Cie. Financiere Richemont SA, the maker of Cartier jewelry and IWC watches, reported first-half operating profit that fell 0.7 percent as Asian sales growth slowed and currency swings weighed on earnings.
The Savigny Luxury Index lost ground in October, as consumer appetite for mega-brands continues to cool and management changes shake up the industry.
PARIS, France — Cie. Financiere Richemont SA, which yesterday ruled out selling Net-a-Porter, may spin off the online fashion retailer on the stock market as it refocuses on luxury watches and jewelry, according to Sanford C. Bernstein.
The Savigny Luxury Index has gained good ground in September and is up by 3.7 percent, outperforming the MSCI World Index by over one percentage point, as Asian tourist flows to Western fashion hubs remain strong and the world’s largest luxury conglomerates snap up young designers, reports Pierre Mallevays of Savigny Partners.
PARIS, France — Cie. Financiere Richemont SA has appointed an adviser to sell its luxury leather-goods brand Lancel, the maker of Brigitte Bardot handbags, according to two people familiar with the matter.
The China Edit is a weekly curation of the most important fashion business news and analysis from and about the world’s largest luxury market.
GENEVA, Switzerland — Cie. Financiere Richemont SA, the world’s largest jewelry maker, reported slower revenue growth for the first five months of its fiscal year that missed analysts’ estimates on lower sales in mainland China.
PARIS, France — French billionaire Bernard Arnault wants you to spend the night and eat his pastries. After decades of acquiring luxury goods that consumers can drink and wear, the chairman of LVMH Moet Hennessy Louis Vuitton SA last week bought a five-star hotel in St. Barths and in June added a storied Milanese cafe, accelerating his push to meet all his well-heeled clients’ earthly needs.