European Luxury Goods Correspondent
Astrid's Feed
Sep 29, 2014

Tag Heuer cuts some management and production jobs-LVMH exec

PARIS, Sept 29 (Reuters) – Tag Heuer, the biggest watch
brand within French luxury group LVMH, has cut some
management and production jobs in Switzerland in response to an
industry slowdown, the head of LVMH watches said on Monday.

Jean-Claude Biver said Tag Heuer had cut 46 managerial and
production positions and placed 49 people on temporary
unemployment from Sept. 1 until the end of the year.

Sep 23, 2014

Shoe maker Jimmy Choo to step out on London market

PARIS/LONDON, Sept 23 (Reuters) – Jimmy Choo set out plans
on Tuesday to join the London Stock Exchange next month in a
deal that could value the upmarket shoe maker at more than 700
million pounds ($1.2 billion), seeking to woo investors with the
prospect of expansion in Asia.

Its owner JAB Luxury, the investment arm of the billionaire
German Reimann family, plans to sell at least 25 percent of the
company in the listing.

Sep 17, 2014

Exclusive: Jimmy Choo to pledge industry-beating growth in expected IPO

PARIS (Reuters) – Luxury shoe brand Jimmy Choo will seek to woo investors with a share market flotation prospectus promising industry-beating annual sales growth of more than 10 percent on the back of aggressive expansion plans in Asia and elsewhere, a source close to the deal told Reuters.

The upmarket shoe maker, known for its stilettos worn by Hollywood and Asian stars alike, will decide in the coming days whether it goes ahead with the initial public offering (IPO), depending on market conditions.

Sep 3, 2014

LVMH and Hermes call truce in “handbag war”

PARIS, Sept 3 (Reuters) – A long and bitter battle that has
gripped the luxury goods industry and pitted two of France’s
richest families against each other came to an unexpected end on
Wednesday when LVMH and Hermes agreed to a
truce.

Under the deal, LVMH – the world’s No. 1 luxury group,
controlled by billionaire Bernard Arnault – agreed to relinquish
most of its 23.2 percent stake in Hermes and not to acquire any
shares in its smaller rival for the next five years.

Sep 2, 2014

Kering plans to take eyewear business in-house

PARIS, Sept 2 (Reuters) – Kering, the French
luxury group behind the Gucci and Yves Saint Laurent brands, is
creating a in-house eyewear division to tighten control over the
business and gradually take back all of it licences.

The group said it wants to be involved in every step of the
business from design and marketing to sales, but would continue
to outsource manufacturing.

Sep 1, 2014

Louis Vuitton trailblazer Carcelle dies aged 66

PARIS, Sept 1 (Reuters) – Yves Carcelle, the man credited
with turning Louis Vuitton into the world’s biggest luxury brand
by revenue, died on Sunday, Louis Vuitton parent LVMH
said.

Carcelle, an energetic, self-made man who headed Louis
Vuitton for more than two decades until 2012, died of cancer. He
was 66 years old.

Jul 31, 2014

L’Oreal suffers ‘sluggish growth’ in United States

PARIS, July 31 (Reuters) – French cosmetics giant L’Oreal
reported a 4.1 percent rise in second-quarter
comparable sales on Thursday, slightly below expectations, and
said growth at its consumer goods division was held up by
sluggish demand in the United States.

L’Oreal, whose brands include Lancome creams and Yves Saint
Laurent perfumes, saw revenue drop 0.7 percent on a reported
basis in the second quarter.

Jul 31, 2014

New Paris hotel joins race to pamper the super rich

PARIS, July 31 (Reuters) – After four years of refurbishment
work costing 430 million euros, the Peninsula Paris hotel opens
its doors on Friday, promising prince-like treatment to
well-heeled visitors to the French capital.

It is part of a battle to attract Asia’s new class of
super-rich that not only pits the world’s top hotel groups
against each other but also cities such as Paris, New York and
London.

Jul 25, 2014

LVMH results send chill across luxury goods sector

PARIS (Reuters) – The outlook for the luxury goods industry darkened on Friday as poor results from industry leader LVMH (LVMH.PA: Quote, Profile, Research, Stock Buzz) showed how the strong euro and political protests in Hong Kong were major factors curbing spending by Chinese and Russian customers.

Shares in LVMH, seen as setting the tone for the luxury goods industry, fell as much as 7.2 percent on Friday – the biggest one-day drop since 2009, dragging down companies in the sector such as Cartier-owner Richemont, down 3 percent and Gucci-owner Kering (PRTP.PA: Quote, Profile, Research, Stock Buzz), which fell 3.7 percent.

Jul 24, 2014

LVMH feels pinch from lower Chinese demand, Hong Kong turmoil

PARIS, July 24 (Reuters) – LVMH has seen a drop in
demand from Chinese buyers in its home market and overseas, as
well as a slowdown in Hong Kong due to political unrest, the
French fashion, spirits and cosmetics group said on Thursday
after posting below-forecast second-quarter sales and profits.

The world’s No.1 luxury group said growth in sales from
Louis Vuitton, its main cash cow, had dropped in China in the
second quarter from the first, while revenues from Chinese
tourists declined in major European markets such as France.

    • About Astrid

      "Astrid is based in Paris and leads the team of correspondents across Europe who cover luxury and fashion. Previously, she was TMT correspondent. Before joining Reuters, she wrote for the Financial Times as UK companies news correspondent and before that as Moscow correspondent. She started her career in journalism in the mid-1990s as a business reporter for the Moscow Times, an English-language daily published in the Russian capital."
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