Updated April 16, 4:41 p.m. EST. PARIS – Luxury spending is slowing as aspirational customers tighten their purse strings, but LVMH Moët Hennessy Louis Vuitton has no plans to trim its prices to woo back this once-booming cohort. Instead, it is playing the waiting game. The French luxury conglomerate said group sales fell 2 percent … Read more
French luxury goods pioneer Bernard Arnault has cemented his position as the world’s richest person, with the Bloomberg Billionaires Index listing him as wealthier than Jeff Bezos and Elon Musk. It was found that Arnault currently holds a net worth of around $230 billion, having generated at least $22 billion in recent months. The 75-year-old’s … Read more
PARIS — Shares in LVMH Moët Hennessy Louis Vuitton soared on Friday as investors cheered the group’s record 2023 results and positive outlook, reversing some of the recent slide in luxury sector stocks. LVMH shares rose 12.8 percent to 773.10 euros in trading after the world’s biggest luxury group reported sales rose 8.8 percent to … Read more
PARIS — Global demand for luxury goods may be slowing, but Bernard Arnault is always eyeing a bigger slice of the pie. Speaking after LVMH Moët Hennessy Louis Vuitton reported another year of record results, the tycoon said he has no intention of breaking up his group, which posted sales of 86.15 billion euros in … Read more
The world’s five wealthiest individuals have reportedly doubled their fortunes, amassing unprecedented wealth, even as the plight of the poorest segments of society worsens. The collective fortunes of the five richest men in the world — Elon Musk, Jeff Bezos, Bernard Arnault, Larry Ellison and Mark Zuckerberg have surged to an astounding £681.5 billion since … Read more
Tesla had a blockbuster 2023, as its shares more than doubled in 12 months. But 2024 is starting on a different note, with Elon Musk’s electric vehicle (EV) maker off to its worst start to any year – ever. The company has lost more than US$94 billion in market valuation in just the first two … Read more
ANCHORS AWEIGH: Chanel is returning to the South of France for its cruise collection. After staging the destination show in Los Angeles last year, the French fashion house plans to present the cruise 2025 line in the port city of Marseille on May 2. The event will “celebrate the energy and cultural vitality that make … Read more
Françoise Bettencourt Meyers was already the richest woman in the world, but on Thursday, she hit a new milestone—the first female to accumulate a staggering fortune of over $100 billion ($100.2 billion, to be exact), according to the Bloomberg Billionaires Index. Bettencourt Meyers, the granddaughter of L’Oreal founder Eugène Schueller, is the vice-chair of L’Oréal’s … Read more
