Hong Kong/Atlanta CNN — LVMH posted record results Thursday, and expressed confidence that China’s luxury market would bounce back this year as the country continues to reopen. The world’s biggest luxury group logged revenue of €79.2 billion ($86.2 billion) and profit of €21.1 billion ($22.9 billion) for 2022, both up 23%. In a presentation, the […]
New York CNN — Consumers, spooked by accelerating job cuts, looming recession fears and continuing high prices for goods and services in 2023, are trading down when they’re shopping, and that includes in secondhand stores. Demand for secondhand goods remains red hot, with the resale market expected to reach $82 billion in sales by 2026, […]
London CNN — Bernard Arnault, the chairman of French luxury goods giant LVMH (LVMHF), has just become the first European to top Bloomberg’s list of the world’s richest people, relegating Elon Musk to second place. Now worth $171 billion, Arnault’s wealth eclipsed the Tesla CEO’s $164 billion fortune on Tuesday, according to the Bloomberg Billionaires […]
New York CNNBusiness — Billionaires are no match for the Twitterverse. Luxury goods mogul and LVMH CEO Bernard Arnault has dumped his private jet after Twitter users took to tracking his every plane trip to make an example of how the rich and their rarefied lifestyles are polluting the environment. Renault, 73, the world’s second-richest […]
