luxury / Conglomerates

LVMH and Hermès stock fell about 3 percent and 4 percent respectively, in line with sector peers including Kering, Prada and Burberry, after the US president announced a 50 percent duty on imports from the European Union.

Kering has named the former Valentino designer known for his deft use of colour and sculptural couture to succeed Demna in an apparent reset at the Paris-based brand.

Sales in the Swiss group’s all-important jewellery unit soared 11% in the most recent quarter, making Richemont more resilient than rivals like LVMH in a challenging market for luxury goods.

The Kering-owned fashion house is promoting its chief product officer as it prepares to open a new chapter under a new designer.

The former Tiffany executive and son of Bernard Arnault has been handed a daunting task: reviving LVMH’s famed Moet Hennessy drinks business in the midst of a tariff war.

The 88-year-old founder of Kering SA has seen his net worth drop by 29 percent to $18.6 billion since August 2021.

Group revenues fell 14 percent in the first quarter as Saint Laurent and Balenciaga also suffered from the downturn in luxury demand.

Honor America Capital LLC accused Nicolas Puech, a fifth-generation descendant of the Hermès founder, of failing to deliver Hermès International SCA shares worth $16 billion as part of a sale agreement. Puech’s lawyer stated his client wasn’t involved in the deal.