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The Latest Breaking News from LVMH

Hermes Expands in Nanjing as Luxury Industry Bets on Chinese Return

Birkin bag maker Hermes is opening a new, enlarged store in China's Nanjing city, signaling the luxury industry's confidence in a strong return of Chinese shoppers after three years of tough COVID-19 restrictions. Hermes, which first opened a store in the city in 2010, has now relocated to the upscale…

Asharq Al-Awsat

Prosecutors call for France’s former spy chief to stand trial

Bernard Squarcini and 10 others await magistrates’ decision on hearing charges including influence peddling and forgery

The Guardian - UK

Tesla share plunge puts market cap behind LVMH, Nvidia, Eli Lilly

Tesla shares fell 12.2% on Tuesday after missing expectations on fourth-quarter deliveries.

Fortune

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Investigators call for French former spy chief to face trial on fraud charges

Following ten years of criminal investigation, French legal officials have called for the trial of Bernard Squarcini, former head of the French internal security agency, and 10 others, on charges of abuse of office, fraud and complicity in breaches of professional and judicial secrecy.

Radio France Internationale

Bernard Arnault, emperor of luxury and world's top fortune

Paris (AFP) - Bernard Arnault -- who with his family now tops the wealth of Elon Musk -- gradually built LVMH into a global luxury empire by buying up iconic brands, sealing his reputation as a formidable and insatiable businessman.

AFP

LVMH to Build New Workshop Making Louis Vuitton Bags in Italy

LVMH, the world's largest luxury goods group, plans a new factory in Italy producing Louis Vuitton bags and other leather accessories, the Tuscany region said on Friday. The workshop will be the largest in Italy entirely dedicated to making these products for Louis Vuitton, said the region, which signed a…

Asharq Al-Awsat

This man just knocked Elon Musk off the top of the rich list. Who is Bernard Arnault?

He made a lot of noise on his way to the top, but now Elon Musk has fallen from the top of global rich lists. The title now belongs to Bernard Arnault, a man who's known to some as "the wolf in cashmere".

ABC News

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Who is Bernard Arnault? Elon Musk is no longer the world’s richest man

Arnault becomes the fifth person to rank number one on Bloomberg’s wealth index since it debuted in 2012 after Elon Musk, Jeff Bezos, Bill Gates and Carlos Slim.

Evening Standard

Elon Musk loses title of world’s richest person to Bernard Arnault

Loss of top spot to LVMH chief executive comes after Tesla shares more than halve in value

The Guardian - UK

Big Bang in the Billionaires Club: Elon Musk Loses His Crown

The serial entrepreneur is no longer the richest man in the world.

The Street

Elon Musk has officially lost the title of richest person in the world

Tesla CEO overtaken by French businessman Bernard Renault, the boss of luxury brands company LVMH

The Independent UK

Elon Musk is no longer the world’s richest man—and the amount he’s lost this year is enough to land 4th place on the list

Investors have taken a tentative approach to Tesla in the wake of Musk’s $44 billion acquisition of social media platform Twitter.

Fortune

Billionaires Club: Elon Musk's Throne Is Very Vulnerable

The CEO of Tesla and Twitter is on the verge of losing one of the most prestigious titles in the world.

The Street

Elon Musk briefly loses top spot on Forbes billionaire list

Paris (AFP) - Tesla owner Elon Musk briefly lost the top spot on Forbes' billionaire list Wednesday to Bernard Arnault, whose family owns the world's leading luxury group, LVMH.

AFP

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Asharq Al-Awsat

Elon Musk Briefly Loses Title as World’s Richest Person to LVMH's Arnault

Twitter owner and Tesla boss Elon Musk briefly lost his title as the world's richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm. Bernard Arnault, the chief executive…

Fortune

Meet the ultrawealthy children of the world's richest man Bernard Arnault, vying to take over his LVMH empire in a real-life 'Succession' plot

LVMH chief Bernard Arnault briefly unseated Elon Musk as the world's richest man at $184.7 billion. Meet his kids, who run Tag HEUER, design Louis Vuitton watches, and more.

The Independent UK

Prada charts line of business succession, tapping new CEO

The Prada fashion house has begun charting a line of succession on its business side by tapping a former LVMH executive as its next CEO

Evening Standard

Best Champagne brands to shop in 2023 for all your celebrations

What better way to celebrate than with a drop of pure luxury?

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Evening Standard

Thomas Pink makes return to Jermyn Street after two years

Famous shirtmaker back at its spiritual home after being shut down by LVMH

Asharq Al-Awsat

Louis Vuitton Picks Shanghai for First Furniture and Homewares Store

Louis Vuitton on Friday announced plans to open a dedicated furniture and homewares store in Shanghai, a world first for the French luxury brand as it aims to expand further into lifestyle offerings to affluent Chinese clients. The appointment-only showroom, which will open on Monday, is located in a century-old…

Asharq Al-Awsat

Out of Fashion: Gucci Faces Daunting Task to Replace Top Designer

The abrupt departure from Gucci of Alessandro Michele, the flamboyant designer who was a favorite of Harry Styles and Lady Gaga, increases pressure on owner Kering (PRTP.PA) as it faces slowing revenue growth at the Italian fashion house. News of the creative director's exit after seven years comes as Kering…

The Street

Elon Musk's Fortune Is Melting Away

The CEO of Tesla and Twitter has seen his fortune slump by $101 billion this year.

The Guardian - UK

Luxury goods boom in Britain as super-rich youngsters buck the recession

Rich kids of Insta use strong dollar to fuel sales of brands such as Burberry, Louis Vuitton and Gucci

The Guardian - UK

‘We like anything with the Harrods name on it’: luxury brands report booming sales

Luxury goods firms report bumper profits as richest customers remain largely untouched by economic crisis

Evening Standard

London ‘losing out to Paris and Milan’ over tax-free shopping says Burberry finance boss

A new tax-free scheme ‘would definitely bring tourists back to the UK’

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