LVMH Moët Hennessy Louis Vuitton S.E. (MC.PA)
- Reuters
LVMH's luxury wares earn top billing at Olympics opening
Bernard Arnault, France's wealthiest man and chief executive of luxury group LVMH, paid some 150 million euros ($163 million) to be the premium sponsor of the Paris Olympics'. At the Games' opening ceremony, his wares were placed front and centre of an extravaganza viewed by a global audience. Grammy-winner Lady Gaga delivered an energetic performance of Renee 'Zizi' Jeanmaire's "Mon truc en plumes" (My Feather Friend) decked out in a Dior Haute Couture black feather jacket over a black satin bustier.
- Bloomberg
Bernard Arnault Confirms He Owns ‘Very Minor Stake’ in Richemont
(Bloomberg) -- Bernard Arnault confirmed he bought a small stake in Cartier owner Richemont, as the chief executive officer of rival luxury conglomerate LVMH seeks to cool speculation about his intentions. Most Read from BloombergTrump Risks Losing Voters He Needs With Loaded Attacks on HarrisParis Sticks to Olympics Opening Event Plans After Rail SabotageFed’s Favored Price Gauge Rises at Mild Pace, Spending Holds UpHarris Just Showed Why Trump Is So Afraid of HerUS Accuses Famed Short-Seller A
- Yahoo Finance Video
Luxury retail slump: Kering predicts 30% sales drop in H2
The luxury retail sector is showing signs of weakness. French brand Kering (KER.PA) — which owns brands like Gucci and Balenciaga — expects sales to drop 30% in the second half of this year compared to last year. This news comes as other luxury giants like LVMH (MC.PA) — owner of Louis Vuitton and Dior — also report disappointing earnings, hinting at a broader slowdown for the high-end retail market in regions like China. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Angel Smith
