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Angelina RascouetFortune |
The Paris-listed group warned last month that its annual profit will fall to its lowest level since 2016 on weak demand for its products, notably at...
LVMH’s American depositary receipts dropped as much as 10% in New York after the announcement.
Gucci owner Kering entrusts former LVMH executive to lead a turnaround at the French group’s biggest label.
The 10-year tie-up could be worth more than $1 billion with annual sponsorship fees topping $100 million.
The Row made headlines earlier this year when it asked guests not to use phones at its fashion show.
Kering has been hit by an industry slowdown as it struggles to revive Gucci, the Italian label that accounts for about two thirds of its profit.
China had long been a growth engine for L’Oreal, with consumers snapping up its high-end cosmetics offerings.
The Asia Pacific and Americas regions performed the worst for Burberry last quarter, with sales sliding by 17% and 12% respectively.
Sales jumped to $4.1 billion in the first quarter, and shares rose as much as 1.3%, beating LVMH Moet Hennessy Louis Vuitton SE and Gucci owner Kering...
Kering warned that recurring operating income will drop between 40% and 45% in the first six months of this year.
The deal represents “the single largest asset sale in the Italian real estate market”.
Stephane Bianchi, the current head of LVMH’s watches and jewelry unit, will succeed him.
Arnault, the world's third wealthiest person, owns about 48% of LVMH shares along with his family, and nearly 64% of voting rights.
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