LVMH shares jumped 14%, marking their best day in two decades, as strong Chinese demand reignited the global luxury sector. The rally, adding nearly $80 billion in market value, lifted rivals like Hermes, Kering, and Burberry, signaling renewed investor confidence in the post-slump recovery of European luxury brands.

LVMH Sparks $80 Billion Luxury Boom | China Demand Rebounds

Luxury fashion’s post-pandemic boom is clearly losing its shine. With LVMH and Kering set to report yet another quarter of declining sales, investor concerns are mounting about a deeper, more structural slowdown in the $400 billion global luxury market.&nbsp;According to analysts surveyed by Visible Alpha, LVMH’s fashion and leather goods division, home to flagship brands Louis Vuitton and Dior is expected to post a 6 per cent year-on-year drop in sales, marking the fourth straight quarterly decline. Kering, which is undergoing a reset of its crown jewel Gucci, is expected to show an even steeper slump, with sales down nearly 25 per cent from a year ago. As luxury houses prepare to release earnings, beginning with LVMH on Thursday, the mood is increasingly cautious.<h2>Tariffs, tightening wallets and China uncertainty</h2>Two major markets, the US and China are no longer delivering the kind of demand luxury brands have long banked on. Shoppers are pulling back in the face of slowing economies, higher prices, and geopolitical tensions. The looming threat of new US tariffs on European imports, as high as 30 per cent under President Donald Trump’s trade agenda is adding more pressure to an already fragile landscape.&nbsp;Raising prices further in the US would be a risky move now, especially after previous hikes appear to have alienated middle-income customers. “The level of price increases has been too much,” said Caroline Reyl, head of premium brands at Pictet Asset Management, pointing to brands that may have pushed too far for too long.&nbsp;The so-called aspirational shopper, middle-income consumers who stretch to afford luxury items has become increasingly price-sensitive, and is now pulling back from handbag purchases, traditionally a key growth driver.<h2>Investors are growing cautious</h2>Shares in top luxury firms reflect this unease. Since January, LVMH shares are down nearly 27 per cent, while Kering has dropped 15 per cent. Hermès and Richemont, which cater to ultra-wealthy clientele, have fared better — Hermès shares dipped just 0.9 per cent, while Richemont gained 1.6 per cent.&nbsp;Once Europe’s most valuable listed company, LVMH has fallen to fifth place, a symbolic slide that underscores investors’ shifting confidence. “It seems that investors are starting to worry about the long-term structural attractiveness of the industry,” analysts at UBS warned last week.<h2>Handbags out, hybrid shoes in?</h2>Luxury brands are now pivoting towards lower-priced offerings and beauty products in an attempt to reignite demand. Louis Vuitton and Prada have introduced more items under the $1,000 mark, such as hybrid ballerina-sneaker shoes, in a bid to stay accessible without diluting brand prestige. But this approach carries reputational risk. Analysts at HSBC cautioned that brand inconsistency could hurt loyalty, particularly at Louis Vuitton. “The aspirational skew of the brand is unhelpful currently,” the bank said.&nbsp;Meanwhile, Hermès and Prada are expected to be the outliers this earnings season. Analysts forecast 10 per cent growth for both, driven by Prada’s Miu Miu label, which has been gaining ground among younger shoppers. LVMH will report earnings on July 25, followed by Kering on July 29, and Hermès and Prada on July 30. Their performance may offer a clearer glimpse into whether the current downturn is a passing phase or a reset for the luxury sector’s post-pandemic highs.&nbsp;&nbsp;(With inputs from the agencies)&nbsp;

Economic pressures, US tariffs, and uncertainties in major markets like the US and China are impacting demand. Investors are cautious, with LVMH shares down 27% this year. Brands are pivoting to lower priced items, though this risks brand integrity.

Luxury fashion’s post-pandemic boom is clearly losing its shine. With LVMH and Kering set to report yet another quarter of declining sales, investor concerns are mounting about a deeper, more structural slowdown in the $400 billion global luxury market. According to analysts surveyed by Visible Alpha, LVMH’s fashion and leather goods division, home to flagship brands Louis Vuitton and Dior is expected to post a 6 per cent year-on-year drop in sales, marking the fourth straight quarterly decline. Kering, which is undergoing a reset of its crown jewel Gucci, is expected to show an even steeper slump, with sales down nearly 25 per cent from a year ago. As luxury houses prepare to release earnings, beginning with LVMH on Thursday, the mood is increasingly cautious. Tariffs, tightening wallets and China uncertainty Two major markets, the US and China are no longer delivering the kind of demand luxury brands have long banked on. Shoppers are pulling back in the face of slowing economies, higher prices, and geopolitical tensions. The looming threat of new US tariffs on European imports, as high as 30 per cent under President Donald Trump’s trade agenda is adding more pressure to an already fragile landscape. Raising prices further in the US would be a risky move now, especially after previous hikes appear to have alienated middle-income customers. “The level of price increases has been too much,” said Caroline Reyl, head of premium brands at Pictet Asset Management, pointing to brands that may have pushed too far for too long. The so-called aspirational shopper, middle-income consumers who stretch to afford luxury items has become increasingly price-sensitive, and is now pulling back from handbag purchases, traditionally a key growth driver. Investors are growing cautious Shares in top luxury firms reflect this unease. Since January, LVMH shares are down nearly 27 per cent, while Kering has dropped 15 per cent. Hermès and Richemont, which cater to ultra-wealthy clientele, have fared better — Hermès shares dipped just 0.9 per cent, while Richemont gained 1.6 per cent. Once Europe’s most valuable listed company, LVMH has fallen to fifth place, a symbolic slide that underscores investors’ shifting confidence. “It seems that investors are starting to worry about the long-term structural attractiveness of the industry,” analysts at UBS warned last week. Handbags out, hybrid shoes in? Luxury brands are now pivoting towards lower-priced offerings and beauty products in an attempt to reignite demand. Louis Vuitton and Prada have introduced more items under the $1,000 mark, such as hybrid ballerina-sneaker shoes, in a bid to stay accessible without diluting brand prestige. But this approach carries reputational risk. Analysts at HSBC cautioned that brand inconsistency could hurt loyalty, particularly at Louis Vuitton. “The aspirational skew of the brand is unhelpful currently,” the bank said. Meanwhile, Hermès and Prada are expected to be the outliers this earnings season. Analysts forecast 10 per cent growth for both, driven by Prada’s Miu Miu label, which has been gaining ground among younger shoppers. LVMH will report earnings on July 25, followed by Kering on July 29, and Hermès and Prada on July 30. Their performance may offer a clearer glimpse into whether the current downturn is a passing phase or a reset for the luxury sector’s post-pandemic highs. (With inputs from the agencies)

Luxury fashion is experiencing a downturn with LVMH and Kering reporting declining sales. LVMH's fashion division anticipates a 6% drop, while Kering may face nearly a 25% slump as they struggle with changing consumer behavior and price sensitivity.

Luxury giants feel the chill as US tariffs, high prices hit demand

Luxury goods giant LVMH reported a 2% decline in first-quarter sales. The dip comes amid mounting uncertainty sparked by Donald Trump’s global tariffs, including a 20% duty on European goods. The United States, which accounts for a quarter of LVMH’s total revenue, saw a slight overall sales decline, despite resilience in fashion, watches, and jewellery.

Luxury giant LVMH hit by US-EU trade tensions

The lead-up to the <a href="https://www.wionews.com/olympic-games-2024">2024 Olympic Games</a> began with a glamorous celebration that had all the elements of a spectacular party. Co-hosted by celebrities Charlize Theron, Serena Williams, Rosalía, and Omar Sy, the Louis Vuitton event brought together a dazzling array of stars. From athletes like LeBron James to rock icons such as Mick Jagger graced the event along with actors like Zendaya and designers&nbsp;Christian Louboutin.&nbsp;

Guests could enjoy arcade games and scrumptious food at the event, which also featured, a stunning backdrop designed by Frank Gehry. However, the highlight of the evening was a performance by Tyla, which took the excitement to new heights.

Held at the Foundation Louis Vuitton in Paris, the prelude event celebrated the cultural impact of the Olympics on Paris, the French capital. Organised by LVMH chairman and CEO Bernard Arnault, Grammy-winning artist and Louis Vuitton men's creative director Pharrell Williams, and Vogue's Anna Wintour, the event emphasised the fusion of sports, music, fashion, and architecture.

Also read:&nbsp;<a href="https://www.wionews.com/entertainment/lady-gaga-celine-dion-aya-nakamura-set-for-olympics-opening-ceremony-744328">Lady Gaga, Celine Dion, Aya Nakamura set for Olympics opening ceremony?</a>

Tyla’s surprise performance was the pinnacle of the night. She enthralled the audience with hits like "Thata Ahh" and "Jump," and closed her set with the crowd-favourite "Water."

<blockquote class="twitter-tweet">
Tyla’s full performance of “Water” at the “Prelude to the Olympics” event. 
<a href="https://t.co/ZnNawOP435">pic.twitter.com/ZnNawOP435</a>
— Tygers Access (@TygersAccess) <a href="https://twitter.com/TygersAccess/status/1816604037128859799?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Reacting to the surprise performance, a fan wrote, "What a performance, she is Queen." Another commented, "Tyla is one of a kind. Superb." A third comment read, "This is beyond imagination, she is dope."

For her red carpet appearance for the event, she opted for a black LV velvet tracksuit. She donned a black bra adorned with gold chains inside her co-ord set. To complete the look, she opted for black bumps with gold covers.

For her accessories, she opted for a gold choker and a waist belt. Her makeup was done to perfection with brown and peach hues. The singer's OOTD took us back to 2000s and fans are in love with her Y2K style.

<blockquote class="twitter-tweet">
Tyla attends The Prelude To The Olympics At Fondation Louis Vuitton. <a href="https://t.co/qvDU46c3WX">pic.twitter.com/qvDU46c3WX</a>
— 21 (@21metgala) <a href="https://twitter.com/21metgala/status/1816565118466928913?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Meanwhile, Zendaya was also spotted at the event in a chic black spaghetti strapped black dress. Snoop Dogg, on the other hand, opted for a gold suit and a lot of bling to grab eyeballs.

The lead-up to the 2024 Olympic Games began with a glamorous celebration that had all the elements of a spectacular party. Co-hosted by celebrities Charlize Theron, Serena Williams, Rosalía, and Omar Sy, the Louis Vuitton event brought together a dazzling array of stars.

The lead-up to the 2024 Olympic Games began with a glamorous celebration that had all the elements of a spectacular party. Co-hosted by celebrities Charlize Theron, Serena Williams, Rosalía, and Omar Sy, the Louis Vuitton event brought together a dazzling array of stars. From athletes like LeBron James to rock icons such as Mick Jagger graced the event along with actors like Zendaya and designers Christian Louboutin. Guests could enjoy arcade games and scrumptious food at the event, which also featured, a stunning backdrop designed by Frank Gehry. However, the highlight of the evening was a performance by Tyla, which took the excitement to new heights. Held at the Foundation Louis Vuitton in Paris, the prelude event celebrated the cultural impact of the Olympics on Paris, the French capital. Organised by LVMH chairman and CEO Bernard Arnault, Grammy-winning artist and Louis Vuitton men's creative director Pharrell Williams, and Vogue's Anna Wintour, the event emphasised the fusion of sports, music, fashion, and architecture. Also read: Lady Gaga, Celine Dion, Aya Nakamura set for Olympics opening ceremony? Tyla’s surprise performance was the pinnacle of the night. She enthralled the audience with hits like "Thata Ahh" and "Jump," and closed her set with the crowd-favourite "Water." Tyla’s full performance of “Water” at the “Prelude to the Olympics” event. pic.twitter.com/ZnNawOP435 — Tygers Access (@TygersAccess) July 25, 2024 Reacting to the surprise performance, a fan wrote, "What a performance, she is Queen." Another commented, "Tyla is one of a kind. Superb." A third comment read, "This is beyond imagination, she is dope." For her red carpet appearance for the event, she opted for a black LV velvet tracksuit. She donned a black bra adorned with gold chains inside her co-ord set. To complete the look, she opted for black bumps with gold covers. For her accessories, she opted for a gold choker and a waist belt. Her makeup was done to perfection with brown and peach hues. The singer's OOTD took us back to 2000s and fans are in love with her Y2K style. Tyla attends The Prelude To The Olympics At Fondation Louis Vuitton. pic.twitter.com/qvDU46c3WX — 21 (@21metgala) July 25, 2024 Meanwhile, Zendaya was also spotted at the event in a chic black spaghetti strapped black dress. Snoop Dogg, on the other hand, opted for a gold suit and a lot of bling to grab eyeballs.

'Water' fame Tyla performs at Prelude To The 2024 Olympic Games event; netizens can't keep calm: Watch

In a dazzling display of economic optimism, luxury giant LVMH's latest results have sparked a $70 billion buying spree across the luxury shares market, adding a touch of glamour to the financial landscape.

What LVMH's results tell us about the global economy

Drugmaker Novo Nordisk has overtaken the French luxury group LVMH to become Europe's most valuable company. This comes a day after Novo Nordisk launched his weight loss drug Wegovy in the UK. Has health become the new luxury?

Gravitas: Wegovy maker beats LVMH as Europe's most valuable firm

Stocks of global luxury brands faced a bloodbath on Tuesday, as they lost more than&nbsp;$30 billion over&nbsp;fears of a softening US economy hitting demand.&nbsp;

According to a Bloomberg report, shares of Hermes International fell as much as 5.5 percent, LVMH Moet Hennessy Louis Vuitton (LVMH) fell almost 4 percent, and Kering SA, owner of Gucci, saw 2 percent drop its share prices.

The sharp fall in luxury stocks meant that Bernard Arnault, the world's richest man and founder of LVMH, lost over $11 billion of his personal fortune.&nbsp;

Over the past year, the luxury sector's meteoric rise&nbsp;has made it Europe's equivalent of the United States Big Tech: a group of dominating enterprises whose growth has been resilient through economic ups and downs.

Despite Tuesday's downturn, luxury stocks have been outperforming by a large margin this year. LVMH's stock has jumped 25 percent, while shares of Hermes have risen 34 percent in 2023, despite a general economic downturn across the world.&nbsp;

A large part of the stock gain can be attributed to investors, who have gambled that Chinese consumers will be eager to spend after emerging from the world's tightest Covid-19 lockdown in late 2022.

US, Asia demand boosts luxury brands

The United States and Asia represent significant markets for the European luxury brands.

Hermes' quarterly revenues increased by 23 percent in the first quarter of 2023 (January to March), thanks in large part to the demand from Chinese shoppers for the luxury brand's scarves and kelly bags.

LVMH's stock price touched a record last month when the company reported a boost in sales. The stock rally also helped the world's biggest luxury brand to enter the most-valuable company list earlier this year.&nbsp;

According to LVMH's annual report for 2022, the United States accounted for 27 percent of the company's sales, while Asia, excluding Japan, accounted for 30 percent.

But early warning signs have appeared, with LVMH reporting a slowdown in US growth and Burberry Group reporting a decline in demand for trainers and entry-level items among younger Americans.

Stocks of global luxury brands faced a bloodbath on Tuesday, as they lost more than $30 billion over fears of a softening US economy hitting demand. According to a Bloomberg report, shares of Hermes International fell as much as 5.

Stocks of global luxury brands faced a bloodbath on Tuesday, as they lost more than $30 billion over fears of a softening US economy hitting demand. According to a Bloomberg report, shares of Hermes International fell as much as 5.5 percent, LVMH Moet Hennessy Louis Vuitton (LVMH) fell almost 4 percent, and Kering SA, owner of Gucci, saw 2 percent drop its share prices. The sharp fall in luxury stocks meant that Bernard Arnault, the world's richest man and founder of LVMH, lost over $11 billion of his personal fortune. Over the past year, the luxury sector's meteoric rise has made it Europe's equivalent of the United States Big Tech: a group of dominating enterprises whose growth has been resilient through economic ups and downs. Despite Tuesday's downturn, luxury stocks have been outperforming by a large margin this year. LVMH's stock has jumped 25 percent, while shares of Hermes have risen 34 percent in 2023, despite a general economic downturn across the world. A large part of the stock gain can be attributed to investors, who have gambled that Chinese consumers will be eager to spend after emerging from the world's tightest Covid-19 lockdown in late 2022. US, Asia demand boosts luxury brands The United States and Asia represent significant markets for the European luxury brands. Hermes' quarterly revenues increased by 23 percent in the first quarter of 2023 (January to March), thanks in large part to the demand from Chinese shoppers for the luxury brand's scarves and kelly bags. LVMH's stock price touched a record last month when the company reported a boost in sales. The stock rally also helped the world's biggest luxury brand to enter the most-valuable company list earlier this year. According to LVMH's annual report for 2022, the United States accounted for 27 percent of the company's sales, while Asia, excluding Japan, accounted for 30 percent. But early warning signs have appeared, with LVMH reporting a slowdown in US growth and Burberry Group reporting a decline in demand for trainers and entry-level items among younger Americans.

Steep sell-off: Luxury stocks lose $30 billion in one day over US demand fears

LVMH, the Paris-listed owner of luxury brands such as Louis Vuitton and Dior, has become the first European company to reach a market value of $500 billion.

Its shares rose 0.3 per cent on Monday to €903.70, resulting in a market capitalisation of €454 billion, equivalent to $500.3 billion at the exchange rate of 1.1019 euros to the dollar.

LVMH is now the only European company among the top 10 companies in the world by market value, a list dominated by US tech giants such as Apple. The French luxury giant occupies the 10th spot, surpassing Visa and closely trailing Tesla.&nbsp;

The milestone also means that the controlling stake held by founder Bernard Arnault and his family has now reached $212 billion, making the 74-year-old French billionaire the world's wealthiest man, ahead of Tesla CEO Elon Musk.

Rise Of LVMH And The China Connection

In many ways, the ongoing rise of LVHM can be attributed to robust consumer spending in China after the Xi Jinping government scrapped its strict "zero-Covid" policy in December 2022.

The improving economic outlook in China and a stronger euro has benefited LVMH immensely. The company reported a 17 percent increase in revenue in its first-quarter results, largely driven by a rebounding Chinese luxury market. Analysts at Bernstein noted that LVMH is capitalising on sustained demand growth in Europe and America while reaping the benefits of a rapid recovery in Chinese consumer spending.&nbsp;

Despite rising inflation, geopolitical uncertainties, and cost of living pressures, the top players in the luxury sector, including LVMH, have been resilient. Some even reported increased margins due to price increases on luxury goods such as leather goods and bags. According to a Financial Times report, the accumulation of savings and increased luxury buying during the pandemic-induced lockdown boosted the industry.

LVMH's growth has outpaced its competition, with the company&nbsp;now almost twice the size&nbsp;of L'Oréal, the world's largest cosmetics company, and more than double the size of Hermès.

In January, Louis Vuitton, LVMH's flagship brand, became the first luxury brand in the world to achieve over 20 billion euros&nbsp;in annual revenues.&nbsp;

Recently, Delphine Arnault, the founder's daughter, was appointed as Dior's chief executive. This move came amid speculations&nbsp;on who might succeed Arnault at the helm of the luxury conglomerate.

LVMH, the Paris-listed owner of luxury brands such as Louis Vuitton and Dior, has become the first European company to reach a market value of $500 billion. Its shares rose 0.

LVMH, the Paris-listed owner of luxury brands such as Louis Vuitton and Dior, has become the first European company to reach a market value of $500 billion. Its shares rose 0.3 per cent on Monday to €903.70, resulting in a market capitalisation of €454 billion, equivalent to $500.3 billion at the exchange rate of 1.1019 euros to the dollar. LVMH is now the only European company among the top 10 companies in the world by market value, a list dominated by US tech giants such as Apple. The French luxury giant occupies the 10th spot, surpassing Visa and closely trailing Tesla. The milestone also means that the controlling stake held by founder Bernard Arnault and his family has now reached $212 billion, making the 74-year-old French billionaire the world's wealthiest man, ahead of Tesla CEO Elon Musk. Rise Of LVMH And The China Connection In many ways, the ongoing rise of LVHM can be attributed to robust consumer spending in China after the Xi Jinping government scrapped its strict "zero-Covid" policy in December 2022. The improving economic outlook in China and a stronger euro has benefited LVMH immensely. The company reported a 17 percent increase in revenue in its first-quarter results, largely driven by a rebounding Chinese luxury market. Analysts at Bernstein noted that LVMH is capitalising on sustained demand growth in Europe and America while reaping the benefits of a rapid recovery in Chinese consumer spending. Despite rising inflation, geopolitical uncertainties, and cost of living pressures, the top players in the luxury sector, including LVMH, have been resilient. Some even reported increased margins due to price increases on luxury goods such as leather goods and bags. According to a Financial Times report, the accumulation of savings and increased luxury buying during the pandemic-induced lockdown boosted the industry. LVMH's growth has outpaced its competition, with the company now almost twice the size of L'Oréal, the world's largest cosmetics company, and more than double the size of Hermès. In January, Louis Vuitton, LVMH's flagship brand, became the first luxury brand in the world to achieve over 20 billion euros in annual revenues. Recently, Delphine Arnault, the founder's daughter, was appointed as Dior's chief executive. This move came amid speculations on who might succeed Arnault at the helm of the luxury conglomerate.

Buoyed by Chinese spending, French luxury giant LVMH now most valuable European company

Shares of Louis Vuitton's parent company LVMH have risen 6.9% in April so far. LVMH is also closing in on Tesla for the ninth spot on the world's biggest companies by market value list.

LVMH closing on Tesla for world’s ninth-biggest listed company

Despite concerns of a global recession, the firm that owns Louis Vuitton is currently in the top 10 corporations globally. LVMH is the largest company by market value in Europe.

LVMH shares surge 5% after Q1 results

The world's top luxury group LVMH's sales and net profit both hit new heights last year, it said on Thursday. The jump was driven by strong demand in Europe, the United States and Japan.

Sales soared 23 per cent to 79 billion euros ($86 billion) and net profit jumped 17 per cent to 14 billion euros for 2022. Both are new records for the group, whose brands include Bulgari, Givenchy, Louis Vuitton and TAG Heuer.

"Europe, the United States and Japan rose sharply, benefiting from strong demand from local customers and the recovery of international travel. Asia was stable over the year due to developments in the health situation in China," LVMH said in a statement.&nbsp;

"With the month of January having started well and despite an uncertain geopolitical and economic environment, LVMH is confident in its ability to continue the growth observed in 2022."&nbsp;

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French billionaire Bernard Arnault heads LVMH. The company overtook Tesla and Arnault surpassed Twitter boss Elon Musk as the world's richest man late last year.&nbsp;

LVMH makes champagne, handbags, jewellery and other luxury goods. It is Europe's most valuable company, with a market capitalisation that soared to 400 billion euros ($430 billion) last week.

It saw an increase of 25 per cent in sales in its flagship division of fashion and leather goods, while for watches and jewellery they grew 18 per cent, the group said.

High-end jeweller Tiffany, which was bought by LVMH in 2021, saw a record year.

Wines and spirits also saw strong growth last year.

"We had a very difficult month of December in China," LVMH chief financial officer Jean-Jacques Guiony told reporters.

(With inputs from agencies)

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The world's top luxury group LVMH's sales and net profit both hit new heights last year, it said on Thursday. The jump was driven by strong demand in Europe, the United States and Japan.

The world's top luxury group LVMH's sales and net profit both hit new heights last year, it said on Thursday. The jump was driven by strong demand in Europe, the United States and Japan. Sales soared 23 per cent to 79 billion euros ($86 billion) and net profit jumped 17 per cent to 14 billion euros for 2022. Both are new records for the group, whose brands include Bulgari, Givenchy, Louis Vuitton and TAG Heuer. "Europe, the United States and Japan rose sharply, benefiting from strong demand from local customers and the recovery of international travel. Asia was stable over the year due to developments in the health situation in China," LVMH said in a statement. "With the month of January having started well and despite an uncertain geopolitical and economic environment, LVMH is confident in its ability to continue the growth observed in 2022." × French billionaire Bernard Arnault heads LVMH. The company overtook Tesla and Arnault surpassed Twitter boss Elon Musk as the world's richest man late last year. LVMH makes champagne, handbags, jewellery and other luxury goods. It is Europe's most valuable company, with a market capitalisation that soared to 400 billion euros ($430 billion) last week. It saw an increase of 25 per cent in sales in its flagship division of fashion and leather goods, while for watches and jewellery they grew 18 per cent, the group said. High-end jeweller Tiffany, which was bought by LVMH in 2021, saw a record year. Wines and spirits also saw strong growth last year. "We had a very difficult month of December in China," LVMH chief financial officer Jean-Jacques Guiony told reporters. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

World's top luxury giant LVMH reports record sales of $86 billion, profit up in 2022

Things are not that bad in luxury goods space as shoppers in Europe and US pledged over a crucial holiday season mainly on luxury goods. European firm LVMH, sales have risen 9.5% in fourth quarter.

World Business Watch: LVMH's sales defy downturn, shoppers splurge on luxury goods

Twitter owner Elon Musk briefly lost his title as the world's richest person on Wednesday. This happened following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm.

World Business Watch | Elon Musk loses his title of 'world's richest person' to LVMH CEO

It is a loss that has shocked the entire world and rightly so as fashion designer Virgil Abloh died a sudden death after battling cancer secretly for some time now.

It is a loss that has shocked the entire world and rightly so as fashion designer Virgil Abloh died a sudden death after battling cancer secretly for some time now. The current menswear and artistic director of luxury fashion label Louis Vuitton was just 41. He was also the founder of fashion label Off-White. Virgil Abloh was battling cardiac angiosarcoma, a rare and aggressive cancer, for at least two years. The news stunned the world as Louis Vuitton and Virgil Abloh’s Instagram accounts confirmed his death last night. “We are all shocked after this terrible news,” Louis Vuitton parent company CEO Bernard Arnault said in a statement. “Virgil was not only a genius designer, a visionary, he was also a man with a beautiful soul and great wisdom. The LVMH family joins me in this moment of great sorrow, and we are all thinking of his loved ones after the passing of their husband, their father, their brother, or their friend.” Virgil Abloh: the man who brought the street to the catwalk LVMH, Louis Vuitton and Off White are devastated to announce the passing of Virgil Abloh, on Sunday, November 28th, of cancer, which he had been battling privately for several years. pic.twitter.com/CytwZLvSFu — LVMH (@LVMH) November 28, 2021 × His friends and colleagues from the industry also wrote emotional messages on his sudden passing. Singer Pharrell Williams wrote, “My heart is broken. Your work as a human and your work as a spiritual being will live forever.” My heart is broken Virgil you were a kind, generous, thoughtful creative genius your work as a human and your work as a spiritual being will live forever Sending love and light to your wife, children, family and day ones you’re with the Master now, shine 🙏🏾, P — Pharrell Williams (@Pharrell) November 28, 2021 × Best friend Kanye West posted on his website as it read: “In Loving Memory Of Virgil Abloh, The Creative Director Of Donda.” Korean pop band BTS tweeted, “RIP Virgil Abloh, you will be missed. It was an honor to work with you. A true creative genius.” RIP Virgil Abloh , you will be missed. It was an honor to work with you. A true creative genius. — 방탄소년단 (@BTS_twt) November 28, 2021 × Drake wrote, “My plan is to touch the sky 1000 more times for you. Thank you for everything.” View this post on Instagram A post shared by champagnepapi (@champagnepapi) × Tennis star Venus Williams wrote, “Omg I cant believe Virgil Abloh is gone. Noooo” Omg I can’t believe @virgilabloh is gone. Noooo💔💔💔 — Venus Williams (@Venuseswilliams) November 28, 2021 × Kim Kardashian’s mother Kris Jenner wrote, “I’m so so saddened and devastated to hear about the passing of our dear friend Virgil Abloh. I’m sending all of my love and prayers to his beautiful family. You are an angel @virgilabloh and we love you…” I’m so so saddened and devastated to hear about the passing of our dear friend Virgil Abloh. I’m sending all of my love and prayers to his beautiful family. You are an angel @virgilabloh and we love you… 💔🙏💔🙏❤️ pic.twitter.com/AWReH9gqFW — Kris Jenner (@KrisJenner) November 28, 2021 × Daughter Kendall Jenner wrote: "i can’t believe i’m writing this. if you had the privilege of knowing Virgil, you were one of the lucky ones. he was the kindest, most positive, humble, joyful, and full of light person i have ever known. he had the most wonderful way of making you feel so special." View this post on Instagram A post shared by Kendall (@kendalljenner) × Check out other tributes below: View this post on Instagram A post shared by LeBron James (@kingjames) × View this post on Instagram A post shared by Amanda Gorman (@amandascgorman) × View this post on Instagram A post shared by Yara (يارا) Shahidi (@yarashahidi) × View this post on Instagram A post shared by Timothée Chalamet (@tchalamet) × #VirgilAbloh. 1980-2021. Rest in Power, King. You made an indelible mark on this world. pic.twitter.com/2ocvD2BBZ3 — Lenny Kravitz (@LennyKravitz) November 28, 2021 × Thanksgiving 2021: Priyanka Chopra, Lady Gaga & other celebs shares what they are 'thankful for'

Fashion designer Virgil Abloh dead: Kanye West, BTS, Drake & others share tributes

French luxury conglomerate LVMH said Tuesday it intends to take a majority stake in the luxury streetwear label Off-White created by Virgil Abloh, the first black American creative director of a top French fashion house.

LVMH will take a 60 percent stake in Off-White for an undisclosed sum, according to a statement. &nbsp;

Abloh will retain 40 percent and remain creative director for the men's collections of LVMH's Louis Vuitton fashion house.

The Italian group New Guards, which currently owns a majority of Off-White, will remain a partner to the brand via a licencing agreement after the deal, which is subject to regulatory approvals, is finalised.

The deal marks an expansion of Abloh's collaboration with LVMH, the world's top luxury group, and he said he envisaged potential partnerships with its non-fashion brands as well as starting new ones of his own.&nbsp;

"For nearly a decade, we've been building Off-White to be a brand designed to empower our generation and challenge the status quo," Abloh said in a statement.

"LVMH brings to the table the additional firepower and scale to accelerate our momentum and evolve Off-White into a truly multi-line luxury brand," he added.

Abloh has addressed both environmental and social issues in his work with Louis Vuitton, with anti-racist and anti-homophobia messages at his January show in Paris.

He said he plans to use his partnership with LVMH "to expand opportunities for diverse individuals and foster greater equity and inclusion in the industries we serve".

French luxury conglomerate LVMH said Tuesday it intends to take a majority stake in the luxury streetwear label Off-White created by Virgil Abloh, the first black American creative director of a top French fashion house.

French luxury conglomerate LVMH said Tuesday it intends to take a majority stake in the luxury streetwear label Off-White created by Virgil Abloh, the first black American creative director of a top French fashion house. LVMH will take a 60 percent stake in Off-White for an undisclosed sum, according to a statement. Abloh will retain 40 percent and remain creative director for the men's collections of LVMH's Louis Vuitton fashion house. The Italian group New Guards, which currently owns a majority of Off-White, will remain a partner to the brand via a licencing agreement after the deal, which is subject to regulatory approvals, is finalised. The deal marks an expansion of Abloh's collaboration with LVMH, the world's top luxury group, and he said he envisaged potential partnerships with its non-fashion brands as well as starting new ones of his own. "For nearly a decade, we've been building Off-White to be a brand designed to empower our generation and challenge the status quo," Abloh said in a statement. "LVMH brings to the table the additional firepower and scale to accelerate our momentum and evolve Off-White into a truly multi-line luxury brand," he added. Abloh has addressed both environmental and social issues in his work with Louis Vuitton, with anti-racist and anti-homophobia messages at his January show in Paris. He said he plans to use his partnership with LVMH "to expand opportunities for diverse individuals and foster greater equity and inclusion in the industries we serve".

LVMH takes majority stake in Virgil Abloh streetwear label Off-White

At 14 billion euros ($16.7 billion), revenues grew 30 percent on 2020's coronavirus-hit figure to soar above analysts' forecasts of below 13 billion.

LVMH surges back from pandemic in bumper first quarter

Shareholders of US jeweler Tiffany on Wednesday overwhelmingly approved a merger with France's LVMH, ending months of drama with a marriage of two luxury icons.

About 99 percent of shareholders voted in favor of the union during a special meeting that was held virtually, a spokesperson told AFP.&nbsp;

The green light was the last step needed to finalize the tie-up scheduled for early January.&nbsp;

The parent to luxury brands such as Louis Vuitton, Dior and Moet &amp; Chandon, LVMH announced its plan to acquire Tiffany and its iconic robin's egg blue gift boxes at the end of 2019.

But the French company walked away from its proposal in September after claiming a series of poor decisions by Tiffany's board.

The companies buried the hatchet in October after Tiffany agreed to a lower price to prevent the deal from collapsing.

The price was dropped by $3.50 a share to $131.50, lowering the value of the deal to $15.8 billion from the original $16.2 billion.

LVMH had already obtained authorization from the authorities for the merger.

Tiffany will be removed from the New York Stock Exchange, but the French company has not yet said how it plans to transform the jeweler, which has suffered in recent years from competition from brands favored by millennials.&nbsp;

Shareholders of US jeweler Tiffany on Wednesday overwhelmingly approved a merger with France's LVMH, ending months of drama with a marriage of two luxury icons. About 99 percent of shareholders voted in favor of the union during a special meeting that was held virtually, a spokesperson told AFP.

Shareholders of US jeweler Tiffany on Wednesday overwhelmingly approved a merger with France's LVMH, ending months of drama with a marriage of two luxury icons. About 99 percent of shareholders voted in favor of the union during a special meeting that was held virtually, a spokesperson told AFP. The green light was the last step needed to finalize the tie-up scheduled for early January. The parent to luxury brands such as Louis Vuitton, Dior and Moet & Chandon, LVMH announced its plan to acquire Tiffany and its iconic robin's egg blue gift boxes at the end of 2019. But the French company walked away from its proposal in September after claiming a series of poor decisions by Tiffany's board. The companies buried the hatchet in October after Tiffany agreed to a lower price to prevent the deal from collapsing. The price was dropped by $3.50 a share to $131.50, lowering the value of the deal to $15.8 billion from the original $16.2 billion. LVMH had already obtained authorization from the authorities for the merger. Tiffany will be removed from the New York Stock Exchange, but the French company has not yet said how it plans to transform the jeweler, which has suffered in recent years from competition from brands favored by millennials.

LVMH, Tiffany finally seal merger at lower price

A French company is collecting fish skins that would otherwise wind up in restaurant trash cans, turning them into leather and pitching them at the high-end luxury market.

Trashcan to catwalk: fish skin bids for luxury market

LVMH has denied Tiffany’s accusation that it is trying to negotiate a lower price

French govt asked LVMH to postpone luxury deal

LVMH has moved to call off a $16 billion purchase of Tiffany & Co., which countered with a lawsuit to try to keep the deal on track. Watch report.

LVMH pulls out of mega-deal with Tiffany

Italian fashion label Fendi, part of luxury conglomerate LVMH, on Wednesday named British designer Kim Jones as artistic director for womenswear collections, a role previously held by the late Karl Lagerfeld.

Jones, who already designs men’s clothing for LVMH stable mate Christian Dior, will retain both jobs.

At Dior and in a previous design role at Louis Vuitton, Jones was credited with freshening up collections by pairing tailoring with sportier looks, at a time when luxury brands are competing to attract younger consumers.

While sales of luxury menswear ranges have gained momentum in recent years, partly thanks to a shift toward more casual styles, they are still a sliver of labels’ revenues compared to women’s collections.

Jones will work alongside Silvia Venturini Fendi, one of the scions of the brand’s founding family who creates its menswear collections and accessories and collaborated with Lagerfeld until his death in February 2019.

Founded in 1925, Rome-based Fendi has long been known for its furs, and remains one of the most prominent exponents of fur designs.

Rivals like Chanel, Kering’s Gucci or Britain’s Burberry have dropped pelts in the face of pressure from animal rights activists and changing consumer tastes.

Fendi has also found success with its double “F” logo prints and handbag collections, although LVMH does not break out revenues for its brands.

Amid the coronavirus pandemic, which forced retailers to temporarily shut stores and curtailed international travel to shopping capitals like Paris, LVMH’s biggest labels like Dior and Vuitton have maintained their momentum while smaller ones have struggled more, according to analysts.

Fendi said Jones’ first collection for the brand would be presented during Milan Fashion Week next February.

Italian fashion label Fendi, part of luxury conglomerate LVMH, on Wednesday named British designer Kim Jones as artistic director for womenswear collections, a role previously held by the late Karl Lagerfeld.

Italian fashion label Fendi, part of luxury conglomerate LVMH, on Wednesday named British designer Kim Jones as artistic director for womenswear collections, a role previously held by the late Karl Lagerfeld. Jones, who already designs men’s clothing for LVMH stable mate Christian Dior, will retain both jobs. At Dior and in a previous design role at Louis Vuitton, Jones was credited with freshening up collections by pairing tailoring with sportier looks, at a time when luxury brands are competing to attract younger consumers. While sales of luxury menswear ranges have gained momentum in recent years, partly thanks to a shift toward more casual styles, they are still a sliver of labels’ revenues compared to women’s collections. Jones will work alongside Silvia Venturini Fendi, one of the scions of the brand’s founding family who creates its menswear collections and accessories and collaborated with Lagerfeld until his death in February 2019. Founded in 1925, Rome-based Fendi has long been known for its furs, and remains one of the most prominent exponents of fur designs. Rivals like Chanel, Kering’s Gucci or Britain’s Burberry have dropped pelts in the face of pressure from animal rights activists and changing consumer tastes. Fendi has also found success with its double “F” logo prints and handbag collections, although LVMH does not break out revenues for its brands. Amid the coronavirus pandemic, which forced retailers to temporarily shut stores and curtailed international travel to shopping capitals like Paris, LVMH’s biggest labels like Dior and Vuitton have maintained their momentum while smaller ones have struggled more, according to analysts. Fendi said Jones’ first collection for the brand would be presented during Milan Fashion Week next February.

LVMH taps Dior's Jones for women's designs at Fendi

Tiffany &amp; Co sued LVMH on Wednesday after the French luxury goods giant told the U.S. jeweler it could not complete a $16 billion deal to acquire it because of a French government request and the impact of the coronavirus outbreak.

LVMH, led by billionaire Bernard Arnault, said its board had received a letter from the French foreign ministry asking it to delay the acquisition until Jan. 6, 2021, given the threat of additional U.S. tariffs against French products.

This, LVMH argued, made it impossible to meet a contractual Nov. 24 deadline to complete the acquisition, adding it was not willing to extend the agreement further. The French state's intervention marked the latest twist in the attempt to combine some of the fashion world's most high-profile luxury brands.

"I am sure that you will understand the need to take part in our country's efforts to defend its national interests," France's foreign minister, Jean-Yves Le Drian, wrote to Arnault, according to an English translation of the Aug. 31 letter that Tiffany received from LVMH and that it published on Wednesday.

&nbsp;"The deal cannot happen. We are prohibited from closing the deal," LVMH finance chief Jean Jacques Guiony told reporters on a conference call. Bloomberg News reported, citing a source it did not identify, that Arnault asked for help from the French government to pull out of the deal with Tiffany, but Guiony said the letter was unsolicited and came as a total surprise to LVMH.

A French government source said the letter had "political value" and was meant to alert LVMH to the risks of pursuing the deal just as France wrangles with the United States over trade tariffs - but it was advisory and not binding.

The White House did not respond to a request for comment on the French government's intervention in the deal. Analysts were skeptical about any attempt by France to use LVMH's bid for Tiffany as effective leverage in its trade dispute with the United States.

"The French government is certainly very active in defending the French national interest. But this has meant in most cases preventing acquisition of French companies," said Luca Solca, luxury goods analyst at Bernstein.

The pandemic's financial fallout has made the deal's price tag less attractive to LVMH. Tiffany's worldwide sales fell 29% to $747.1 million in the three months ended July 31, missing expectations of $772 million. Guiony on Wednesday called Tiffany's financial performance in recent months "lackluster."

It was not immediately clear whether LVMH was seeking to walk away from the acquisition of Tiffany, or use the hurdles facing the deal as leverage to renegotiate the price. Tiffany has so far resisted attempts to reopen price negotiations.

Tiffany's shares ended trading on Wednesday down 6.4% at $113.96, well below the $135 per share deal price, reflecting uncertainty among investors over whether the deal will go ahead and at what price.

Tiffany & Co sued LVMH on Wednesday after the French luxury goods giant told the U.S. jeweler it could not complete a $16 billion deal to acquire it because of a French government request and the impact of the coronavirus outbreak.

Tiffany & Co sued LVMH on Wednesday after the French luxury goods giant told the U.S. jeweler it could not complete a $16 billion deal to acquire it because of a French government request and the impact of the coronavirus outbreak. LVMH, led by billionaire Bernard Arnault, said its board had received a letter from the French foreign ministry asking it to delay the acquisition until Jan. 6, 2021, given the threat of additional U.S. tariffs against French products. This, LVMH argued, made it impossible to meet a contractual Nov. 24 deadline to complete the acquisition, adding it was not willing to extend the agreement further. The French state's intervention marked the latest twist in the attempt to combine some of the fashion world's most high-profile luxury brands. "I am sure that you will understand the need to take part in our country's efforts to defend its national interests," France's foreign minister, Jean-Yves Le Drian, wrote to Arnault, according to an English translation of the Aug. 31 letter that Tiffany received from LVMH and that it published on Wednesday. "The deal cannot happen. We are prohibited from closing the deal," LVMH finance chief Jean Jacques Guiony told reporters on a conference call. Bloomberg News reported, citing a source it did not identify, that Arnault asked for help from the French government to pull out of the deal with Tiffany, but Guiony said the letter was unsolicited and came as a total surprise to LVMH. A French government source said the letter had "political value" and was meant to alert LVMH to the risks of pursuing the deal just as France wrangles with the United States over trade tariffs - but it was advisory and not binding. The White House did not respond to a request for comment on the French government's intervention in the deal. Analysts were skeptical about any attempt by France to use LVMH's bid for Tiffany as effective leverage in its trade dispute with the United States. "The French government is certainly very active in defending the French national interest. But this has meant in most cases preventing acquisition of French companies," said Luca Solca, luxury goods analyst at Bernstein. The pandemic's financial fallout has made the deal's price tag less attractive to LVMH. Tiffany's worldwide sales fell 29% to $747.1 million in the three months ended July 31, missing expectations of $772 million. Guiony on Wednesday called Tiffany's financial performance in recent months "lackluster." It was not immediately clear whether LVMH was seeking to walk away from the acquisition of Tiffany, or use the hurdles facing the deal as leverage to renegotiate the price. Tiffany has so far resisted attempts to reopen price negotiations. Tiffany's shares ended trading on Wednesday down 6.4% at $113.96, well below the $135 per share deal price, reflecting uncertainty among investors over whether the deal will go ahead and at what price.

Tiffany sues LVMH for reneging on $16 billion deal as France steps in

French luxury goods giant LVMH and U.S. jewelry chain Tiffany will give themselves another three months to complete their $16.2 billion tie-up

LVMH and Tiffany push back deal deadline by 3 months

French luxury goods group LVMH's 16.2 billion dollar takeover of Tiffany is looking less certain as the company grapples with a deteriorating situation in the US market.

Reports: LVMH's takeover of Tiffany uncertain: LVMH board has expressed concerns

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