|Bid||490.4000 x 0|
|Ask||498.0000 x 0|
|Day's range||0.0000 - 0.0000|
|Beta (5Y monthly)||0.80|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
(Bloomberg Opinion) -- One takeaway from the third-quarter earnings we’ve seen so far is that consumers are still spending — and they’re reaching for big, well-known brands for everything from food to face cream. This has played out most dramatically in high-end retail, where in some cases wealthy shoppers are buying more expensive goods than they were a year ago.There are a few reasons why this may be. As I have noted, some of the spending is coming from savings accumulated during lockdown, and affluent consumers want to get the most bang for their buck. If they’re reaching outside their regular price range or making their first luxury purchase, that often means shelling out for a household name: Louis Vuitton, Christian Dior or Hermes — all of which have seen strong sales recoveries.It also helps that the biggest companies — LVMH Moet Hennessy Louis Vuitton SE, Hermes International, Cie Financiere Richemont SA and Gucci-owner Kering SA — have the resources to make their brands stand out in a crowded market. They can afford to double down on social media campaigns. Meanwhile, consumers want tried and tested styles, whether that’s a Hermes Birkin bag or a Moncler puffer jacket. With fewer occasions to dress up, as well as an increasing awareness of fashion’s environmental costs, shoppers may decide to buy less, but buy better.All of this favors luxury houses steeped in heritage, such as Hermes, the first high-end group to return to sales growth in the third quarter. The handbag maker was also helped by the fact that it’s less dependent on tourist spending, which accounts for about 20% of sales globally, than its competitors, which see 30% to 35% of sales come from tourists, according to Thomas Chauvet, luxury analyst at Citi.But the shift in demand from cutting-edge to classic may be more of a challenge for Gucci, where sales excluding currency movements fell 8.9% in the third quarter. Its flamboyant aesthetic has won a strong following among younger customers. But it’s now toning down its ostentatious styles to adapt to more conservative tastes.Shoppers reaching for the familiar also creates particular challenges for smaller companies. Given the power of the luxury conglomerates and muscular single-brand groups such as Moncler SpA, there may now be more pressure to sell out to them.Salvatore Ferragamo SpA, for example, hasn’t reported its third-quarter sales yet, but the Italian house’s turnaround efforts have been disrupted by the pandemic. Investors will be watching to see whether Ferragamo and other companies seeking to revive their fortunes, such as Burberry Group Plc, are similarly lifted by the rising luxury tide. Ferragamo denied this week that it held talks with investors over a potential stake sale. But the family-controlled group would be wise not to turn its back on any options. The strides that the mega-brands have made this year will make it harder for smaller houses to gain traction with the wealthiest shoppers, even as a strong recovery in demand for luxury is expected in 2021. Of course, there is a possibility that consumer tastes pivot back toward experimentation when the world returns to some semblance of normality. But that future seems far away and far from certain. Even if shoppers do want less familiar, more edgy designs, companies will need to reach them online and through social media channels. Having the best retail locations and hottest designers will also remain crucial. That means continued investment for all groups, big and small.If life continues to get tougher for more niche brands, the next hot trend in luxury could be a shakeup of industry ownership.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
2020 Interim dividend Paris, October 22, 2020 During the Christian Dior Board meeting today, it was decided to pay an interim dividend of €2.00 per share on Thursday, December 3rd, 2020. The ex-dividend date is Tuesday, December 1st, 2020. The last trading day with interim dividend rights is Monday, November 30th, 2020. Attachment Christian Dior - Acompte sur dividende VA
(Bloomberg Opinion) -- Think lockdowns are bad for luxury? Think again.Sales at LVMH Moet Hennessy Louis Vuitton SE’s fashion and leather goods division rose 12%, excluding currency movements, in its third quarter — not far off the levels it was achieving before the pandemic struck. The Bloomberg consensus of analysts’ expectations for the period was for a 0.9% decline.Instead, the bumper performance shows how demand for expensive handbags, cars and watches bounced back once affluent consumers could emerge from their homes and spend some of the money they saved during lockdown. It’s worth remembering as Europe once again tightens restrictions on movement. In China, whose consumers could account for 45% of global luxury sales this year according to Jefferies, shoppers treated themselves as stores reopened. And this so-called “revenge spending” phenomenon has expanded to the U.S. and even Europe, as wealthy individuals divert money they would have splurged on overseas vacations and restaurant dining to high-end boutiques.Until recently, stock markets have rebounded strongly, which typically encourages U.S. consumers to spend. As a result, women may spring for a Christian Dior Bobby bag. Men might shell out on a designer timepiece. Watches of Switzerland Group Plc, the U.K.-based watch and jewelry retailer, recently reported better-than-expected sales.But these results are not just confined to luxury items you can wear. Late on Thursday, Mercedes-Benz owner Daimler AG reported a stunning 5.1 billion euros of industrial free cash flow for the July to September quarter. Its mainly white-collar clientele appear to have been less affected by the pandemic than the hard-hit services sector. Cars have also become pretty handy if you’re worried about using public transport or you’re considering a move from the city to the country.Mercedes-Benz’s big presence in in China — where sales rose 23% year-on-year during the third quarter — has been a big advantage too.Looking ahead, another beneficiary of this bling boom may be Apple Inc., whose top-of-the-range iPhone 12 Pro becomes available for pre-order Friday. Having saved some money during lockdown, consumers might be more willing to splurge on the more expensive new handsets: The iPhone 12 Pro Max costs $1,199, while the iPhone 12 Mini, with fewer bells and whistles, is priced at $649.But there are grounds for caution, as the luxury recovery may not be evenly spread across the industry. If consumers are going to make a special purchase, it’s likely to be from one of the best-known names. LVMH has two: Louis Vuitton and Christian Dior. When it comes to watches, the hottest brands right now are Rolex (there are already waiting lists for its new brightly colored Oyster Perpetual models), Patek Philippe and Audemars Piguet — all privately owned. Watches, handbags and jewelry are also items that work in casual settings. Other high-fashion products, such a formal dresses and stilettos, may be more affected by the lack of events to dress up for. An exception is Moncler SpA’s puffer jackets, which could be in demand as winter approaches, particularly if socializing has to move outdoors.Meanwhile, as concern over the pandemic’s economic toll mounts, the thrill of spending may wane. Add in the damage from a second virus wave in Europe and uncertainty around the U.S. election, and even wealthy consumers may choose to stash, rather than splash, their cash.For now, however, bling is back. Luxury goods groups should make the most of it while they can. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.