Articles by AFP
Luxury sector faces challenges: Tariffs, declining sales, and economic headwinds
Paris - The global luxury sector is facing increasing challenges, grappling not only with a decline in the consumption of high-end handbags, perfumes, and designer clothing but now also contending with new tariffs on exports to the United States, a crucial market. Bernard Arnault, chairman and CEO of LVMH, acknowledged the difficult landscape....
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EFSA recommends cage-free fur farming for improved animal welfare
Paris - The European Food Safety Authority (EFSA) issued a scientific opinion on Wednesday recommending abandoning the cage system to improve the welfare of fur animals on farms. The EFSA suggests opting for a system of "enclosures that offer more space and stimulation" to mink or red foxes. This opinion was requested by the European Commission...
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Hermès CEO's long-held conviction regarding missing shares of an heir
Paris - "I have long been convinced that Nicolas Puech no longer has his shares," said Hermès group's chief executive officer, Axel Dumas, on Thursday. He was questioned about the disappearance of shares belonging to one of the group's heirs. The fate of the shares of Mr Puech, 82, one of the great-grandsons of the founder of Hermès, is at the...
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LVMH's Arnault calls US-EU trade deal 'necessary' but 'not perfect'
Paris - Bernard Arnault, chairman and chief executive officer of LVMH, the world's leading luxury group, has defended the customs agreement reached between the US and Europe. In an opinion piece published in Les Echos on Tuesday, Arnault described the agreement as not "perfect" but "necessary" in the "current context". "The agreement reached...
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Hermès reports profit dip despite sales increase in first half
Luxury group Hermès announced on Wednesday a 5 percent decrease in net profit for the first half of the year to 2.2 billion euros. This was impacted by the exceptional contribution of businesses. However, its sales increased by 7.1 percent to eight billion euros. Excluding the exceptional contribution, "net profit attributable to the group...
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SMCP H1 sales increase by 2.7 percent
Sales for the prêt-à-porter group SMCP, parent company of Sandro, Maje, Claudie Pierlot and Fursac, increased by 2.7 percent in the first half of the year to 601 million euros. Growth occurred in all geographical areas except Asia. This "solid" performance, especially in the US, was "remarkable" in a market that remains "uncertain and...
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Luxury group Kering continues to tumble in first half, profit and sales plunge
Kering group, still weighed down by the difficulties of its flagship brand Gucci, announced on Tuesday a 46 percent plunge in its half-year net profit. This fell below 500 million euros. The new chief executive officer, Luca de Meo, is due to take office in mid-September to attempt to turn things around. Kering’s turnover, owner of Yves Saint...
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Jewellery chain Claire's enters administration in France
The French subsidiary of Claire’s, the low-cost jewellery and accessories retailer, has been placed into receivership. This was confirmed on Monday to AFP by the lawyer representing the staff, corroborating information from local radio station Delta FM. The brand, known for its earrings, piercings, and accessories aimed at teenagers, operated...
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Hermès heir calls for enquiry into missing shares after wealth manager's death
Nicolas Puech, heir to the prestigious French luxury leather goods house Hermès, has formally called for an enquiry into the mysterious disappearance of his substantial Hermès shares. This urgent demand comes in the wake of the tragic death of his former wealth manager, Eric Freymond, whose passing was reported last week by the Tribune de Genève...
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Louis Vuitton to open new workshop in the US, announces Bernard Arnault
Leather goods maker Louis Vuitton, flagship brand of luxury giant LVMH Moët Hennessy Louis Vuitton (LVMH), will open a new workshop in the US "to meet demand", LVMH Chief Executive Officer Bernard Arnault said on Thursday. "Louis Vuitton already had a workshop in the US when I arrived at LVMH. Given the development of the house in the US, we...
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