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The Latest Breaking News from LVMH

Luxury giant LVMH enjoys best year yet despite post-Covid downturn

French luxury goods giant LVMH is not feeling the post-Covid pinch. The group has released its figures for 2022, which show revenue just below the bar of €80 billion. Meanwhile, shipments of smartphones have dropped to a near-decade low. Finally, we find out about a lawsuit that involves King Charles…

France 24

Luxury Group LVMH's Sales Defy Downturn

Luxury goods group LVMH's sales rose 9% in the fourth quarter as shoppers in Europe and the United States splurged over the crucial holiday season, helping to partly offset COVID disruptions in China. Sales at the world's biggest luxury group reached 22.7 billion euros ($24.65 billion) in the final three…

Asharq Al-Awsat

Flying shame: the scandalous rise of private jets

Last week, Rishi Sunak flew from London to Blackpool – his third private jet trip in 10 days. He’s far from the only one using air travel for short journeys. Just how much damage is this doing?

The Guardian - UK

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Gen Z are splurging on luxury shopping from as young as 15

Teenagers are making their first luxury buys - likely a piece of jewelry or bag - as early as age 15. It's a trend that's set to stay and brands are capitalizing on their new audience.

Fortune

Luxury Giant LVMH hits 400 Billion Euro in Market Value

LVMH shares rose to a fresh record high on Tuesday, giving the luxury goods group a market capitalization of 400 billion euros ($434 billion) for the first time and cementing its lead as Europe's most valuable company. Like other luxury companies which are heavily exposed to China, LVMH has benefited…

Asharq Al-Awsat

Battle for succession in house of Dior: siblings jostle to seize family crown

The world’s richest man, Bernard Arnault, is choosing which of his children will lead his $418bn conglomorate. Cue gold-plated intrigue and drama …

The Guardian - UK

Why LVMH's Bernard Arnault making his daughter Dior CEO could have drawbacks

Hiring your kids comes with massive pros and cons experts have warned — and even then they may need to work twice as hard to prove themselves to staff.

Fortune

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Billionaire owner of LVMH appoints daughter to run Dior

Arnault, 73, overtook Tesla founder Elon Musk as the world’s richest man last year

The Independent UK

World’s richest man Bernard Arnault picks daughter Delphine to run Dior

All five of Arnault’s children are involved in the management of his luxury fashion empire at senior levels

Evening Standard

Elon Musk's net worth drop breaks world record as biggest in history

The Tesla and Twitter CEO has also lost the title of world's richest person, which has been handed to LVMH founder Bernard Arnault.

Fortune

LVMH Names New Louis Vuitton CEO, Puts Arnault Daughter in Charge of Dior

LVMH Chairman and CEO Bernard Arnault has reshuffled top management at his luxury goods empire, tightening his family's grip with the appointment of his daughter Delphine to lead Christian Dior, and naming a new boss for Louis Vuitton. Pietro Beccari, who has been the head of Dior since 2018, is…

Asharq Al-Awsat

Leadership shake-up at Dior, Louis Vuitton

PARIS: The French luxury group LVMH announced a leadership shuffle on Wednesday, naming a new CEO at flagship brand Louis Vuitton and appointing the daughter of billionaire boss Bernard Arnault atop Christian Dior Couture.

Bangkok Post

Hermes Expands in Nanjing as Luxury Industry Bets on Chinese Return

Birkin bag maker Hermes is opening a new, enlarged store in China's Nanjing city, signaling the luxury industry's confidence in a strong return of Chinese shoppers after three years of tough COVID-19 restrictions. Hermes, which first opened a store in the city in 2010, has now relocated to the upscale…

Asharq Al-Awsat

Prosecutors call for France’s former spy chief to stand trial

Bernard Squarcini and 10 others await magistrates’ decision on hearing charges including influence peddling and forgery

The Guardian - UK

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Fortune

Tesla share plunge puts market cap behind LVMH, Nvidia, Eli Lilly

Tesla shares fell 12.2% on Tuesday after missing expectations on fourth-quarter deliveries.

Radio France Internationale

Investigators call for French former spy chief to face trial on fraud charges

Following ten years of criminal investigation, French legal officials have called for the trial of Bernard Squarcini, former head of the French internal security agency, and 10 others, on charges of abuse of office, fraud and complicity in breaches of professional and judicial secrecy.

Asharq Al-Awsat

LVMH to Build New Workshop Making Louis Vuitton Bags in Italy

LVMH, the world's largest luxury goods group, plans a new factory in Italy producing Louis Vuitton bags and other leather accessories, the Tuscany region said on Friday. The workshop will be the largest in Italy entirely dedicated to making these products for Louis Vuitton, said the region, which signed a…

ABC News

This man just knocked Elon Musk off the top of the rich list. Who is Bernard Arnault?

He made a lot of noise on his way to the top, but now Elon Musk has fallen from the top of global rich lists. The title now belongs to Bernard Arnault, a man who's known to some as "the wolf in cashmere".

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Evening Standard

Who is Bernard Arnault? Elon Musk is no longer the world’s richest man

Arnault becomes the fifth person to rank number one on Bloomberg’s wealth index since it debuted in 2012 after Elon Musk, Jeff Bezos, Bill Gates and Carlos Slim.

The Guardian - UK

Elon Musk loses title of world’s richest person to Bernard Arnault

Loss of top spot to LVMH chief executive comes after Tesla shares more than halve in value

The Independent UK

Elon Musk has officially lost the title of richest person in the world

Tesla CEO overtaken by French businessman Bernard Renault, the boss of luxury brands company LVMH

Fortune

Elon Musk is no longer the world’s richest man—and the amount he’s lost this year is enough to land 4th place on the list

Investors have taken a tentative approach to Tesla in the wake of Musk’s $44 billion acquisition of social media platform Twitter.

Asharq Al-Awsat

Elon Musk Briefly Loses Title as World’s Richest Person to LVMH's Arnault

Twitter owner and Tesla boss Elon Musk briefly lost his title as the world's richest person on Wednesday, according to Forbes, 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. Bernard Arnault, the chief executive…

Fortune

Meet the ultrawealthy children of the world's richest man Bernard Arnault, vying to take over his LVMH empire in a real-life 'Succession' plot

LVMH chief Bernard Arnault briefly unseated Elon Musk as the world's richest man at $184.7 billion. Meet his kids, who run Tag HEUER, design Louis Vuitton watches, and more.

The Independent UK

Prada charts line of business succession, tapping new CEO

The Prada fashion house has begun charting a line of succession on its business side by tapping a former LVMH executive as its next CEO

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