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Angelina RascouetFortune |
The Luxe division, which include names such as Libre by Yves Saint Laurent and Born in Roma by Valentino, was the strongest among the four units,...
The deal will net the struggling owner of the Gucci fashion label €837 million.
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...
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.
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