Luxury Goods and Services

Subterms

    Latest story

    138 Shares179 Views

    Louis Vuitton Owner LVMH Sees Stock Drop on Weak China Sales

    by

    Weak sales in China at LVMH, the owner of Dior, Tiffany and more, sent a shudder through the luxury sector.Shares in LVMH dropped on Wednesday after the luxury goods giant warned about an “uncertain economic and geopolitical environment” and its latest earnings disappointed analysts.The conglomerate — which owns Dior, Tiffany, Fendi and more — is a bellwether for the industry. Its financial results, released on Tuesday after European markets closed, has sent a shudder through the luxury sector, particularly in response to slowing sales in the hugely important Chinese market.LVMH, which is run by the French billionaire Bernard Arnault, said that sales for last quarter fell 3 percent from the same period the previous year. The company also reported a decline in sales in its fashion and leather goods unit, which makes up about half of the conglomerate’s revenue, for the first time since early in the coronavirus pandemic.Shares of other fashion and lifestyle brands also declined, including Hermès and Kering, the owner of Gucci.Investors are jittery about the Chinese economy. Beijing introduced a package of measures last month that spurred a major rally in Chinese stocks, but details remain vague about the extent of the measures to bolster weak consumer spending, stabilize the real estate market and strengthen banks.China recently announced retaliatory penalties on European brandy — LVMH owns Moët Hennessy — in response to higher tariffs imposed by the European Union on Chinese-made electric vehicles.“Consumer confidence in mainland China today is back in line with the all-time low reached during Covid,” Jean-Jacques Guiony, LVMH’s chief financial officer, told analysts on Tuesday.Some industry observers are betting that LVMH will cope. “We are not sure this quarter particularly changes the LVMH story,” analysts at Bernstein wrote in a note. Even without a lot of detail, the stimulus signals in China are encouraging and demand will return, the analysts said.China’s housing minister is set to hold a news conference on Thursday and is expected to outline more measures to bolster growth.Danielle Kaye More

    More stories

    • 125 Shares129 Views

      in Elections

      Lie-Flat Seats and Chilled Champagne: Testing Eric Adams’s Upgrade Life

      by

      Life is grand in the Bentley Suite at the St. Regis Istanbul, with its marble floors and walk-in closet, its 24-hour butler service, and its views stretching all the way to the blue waters of the Bosporus.The Bentley suite at the St. Regis Hotel in Istanbul is named for the luxury car, and the light fixture over the bed is said to evoke the undulations of the Nürburgring racetrack in Germany. The light sculpture suspended above the vast bed, where New York Mayor Eric Adams slept in 2017, is said to evoke the undulations of the Nürburgring racetrack in Germany. The complimentary chocolate-covered strawberries on the coffee table are dusted with crushed pistachios and nestled on a bed of delicately crumbled cookies. The curved leather sofa has two built-in Champagne coolers that light up and open at the press of a button.The sofa in the Bentley Suite has two embedded Champagne coolers that open at the touch of a button.If you were to think about New York City (but why would you?) while reclining on your private balcony and gazing at the Gucci store across the street, you might be struck by the notion that the suite is roughly three times the size of your first apartment.The suite comes with a terrace with views over the city. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares169 Views

      in Elections

      Oren Alexander, Top Real Estate Agent, Faces Another Claim of Sexual Assault

      by

      A fourth woman filed a lawsuit against Oren Alexander, once a star agent of luxury real estate.An actress and comedian says she was drugged and sexually assaulted by Oren Alexander, a top luxury real estate agent who is facing a string of accusations that he and his two of his brothers sexually assaulted women — allegations that had been whispered throughout the high-end real estate industry for years.Renee Willett, 31, filed a federal lawsuit on Friday accusing Mr. Alexander, 37, of attacking her in his apartment nearly nine years ago. She is the fourth woman to file a lawsuit this summer against Mr. Alexander. Two earlier lawsuits filed this year name Mr. Alexander and his twin brother, Alon, who does not work in real estate but often socializes with him. A third suit filed in June names Oren, Alon and their older brother Tal Alexander, 38, who is Oren’s longtime partner in real estate sales.Isabelle Kirshner, a lawyer for Oren Alexander, said she had no comment on the new allegation at this time. Oren, Tal and Alon have denied all previous allegations.Like other women who have said they were assaulted, Ms. Willett said she was prompted to file a lawsuit after reading articles about similar claims involving the Alexanders. Her lawsuit, filed in U.S. District Court in the Southern District of New York, came two days after The New York Times published an article with accounts from several women about the brothers.“I felt a responsibility to come forward,” she said. “I have to do this not just for myself, but for everyone else.”Ms. Willett is an actress and comedian who is now working on a screenplay. She came forward, she said, after learning about other allegations of assault against the Alexanders.Vivien Killilea/Getty Images For Idol RocWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares199 Views

      in Elections

      Paris Olympics Party Features Zendaya, LeBron James, Snoop Dogg and More Stars

      by

      Athletes, actors and fashion designers celebrated before the opening of the Games in Paris at a bash hosted by LVMH, the French luxury goods conglomerate.The French luxury conglomerate LVMH, which has spent about $163 million inserting itself into seemingly every nonsport aspect of the Olympics, held an opening ceremony of its own on Thursday night. Serena Williams, Jeremy Allen White, Charlize Theron, Mick Jagger, the French actor Omar Sy and Snoop Dogg were among the many starry guests who attended LVMH’s pre-party, grandly called the Prelude to the Olympics.As is so often the case when fashion meets branding meets a glitzy event, Anna Wintour was one of the evening’s co-hosts, sweeping serenely down the red carpet (actually more like a green running track) with the Australian director Baz Luhrmann on her arm. She wore a long glittery gown that Nicolas Ghesquière, the women’s creative designer for Louis Vuitton, “very kindly designed for me for tonight,” she said. Mr. Luhrmann wore denim pants and a denim shirt.Though a number of stars — Zendaya, LeBron James, Zac Efron, Elizabeth Banks — made it into the party at the Louis Vuitton Foundation without stopping, others gamely opined about fashion, sports and how the Olympics brings people together. Wearing a beautifully tailored non-LVMH suit and a pair of sneakers, the tennis star Novak Djokovic undercut his surly reputation with charming anecdotes in both French and English. (He said he had to take it easy — he was scheduled to play his first match, against Matthew Ebden of Australia, on Saturday.)Mr. Luhrmann said that the party represented the dissolving of boundaries among different kinds of celebrity. “We’re living in a world where, whether you come from popular music, fashion, sports — there’s no silo,” he said. “It’s all one great piece of theater.”“Sports stars are the new superstars,” Ms. Wintour said.It’s hard to overstate how deeply entwined the 2024 games are with LVMH, the massive company whose brands include Louis Vuitton, Moët & Chandon, Tiffany and Sephora. LVMH’s jewelry workshop Chaumet designed the medals the athletes will receive. Louis Vuitton created the trunks the medals will be carried on, and the trays on which they will be presented.The outfits worn by the French athletes in the opening ceremony, including sleeveless jackets for women, were designed by the LVMH company Berluti, together with the French fashion editor Carine Roitfeld. Sephora, the LVMH cosmetics company, is sponsoring the Olympic torch relay, which will end when the games begin on Friday.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares179 Views

      in Elections

      Sprinter Vans Have Become a Staple for Celebrities at the Met Gala

      by

      Famous actors, singers, athletes and housewives are fans of the Mercedes-Benz van, which has become a staple in streets outside events like the Met Gala.When Kendall Jenner attended the 2022 Met Gala in a Prada gown with an enormous flowing skirt, getting her to the Metropolitan Museum of Art required special transportation. A limousine would not do, nor would an SUV — walking in the dress was a challenge; sitting, impossible. The solution: Ms. Jenner would be driven, standing, in a Mercedes-Benz Sprinter van.On the way to the event, as a way to relieve her anxiety about running late, Ms. Jenner relieved herself in an ice bucket while standing in the van. “Best decision I ever made,” she said of that moment in an episode of “The Kardashians” on Hulu.The Sprinter van, a towering box on wheels with nearly six-and-a-half feet of head room, is a direct descendant of the earliest motorized caravans developed by Karl Benz in 1896. (Some 30 years later, he and Gottlieb Daimler founded the Mercedes-Benz company.) The Sprinter, first released in Europe in 1995, started being sold domestically in 2010. Last year, Mercedes-Benz unveiled an electric version.The van — which can be used to transport up to 15 passengers (or cargo) — is appreciated by automotive enthusiasts for its build quality, reliability and versatility, as well as for the thrust and longevity of the diesel engine in most versions.But other people have come to recognize the Sprinter for different reasons, among them its proximity to celebrities. The van has become a preferred mode of transportation for actors, singers, athletes and “Real Housewives,” and is now a staple in streets outside star-studded events like the Oscars and the Met Gala.Sprinter vans, like the one behind Amber Valletta, a model and actress, have become a staple in streets outside red carpet events. Neil Rasmus/BFAWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares129 Views

      in Elections

      Blade Now Offers a $275 Bus Ticket to The Hamptons

      by

      Blade, after a decade of flying passengers to eastern Long Island on helicopters, is getting into the luxury coach business.Blade, the helicopter charter company, was founded 10 years ago as a way for commuters going between New York and the Hamptons to avoid vehicle traffic.This May it is introducing a new service, the Hamptons Streamliner, that, starting at $195 a ticket, will take passengers to destinations on eastern Long Island aboard … a bus.Like Blade’s helicopters, seats on which start at $1,025, its buses are marketed as a luxurious option for Hamptons-goers. Seats can recline up to 45 degrees and passengers will be offered free refreshments like espresso martinis, PopUp Bagels and Sweetgreen salads as they make their way from Manhattan to stops in Southampton, Bridgehampton and East Hampton via the Long Island Expressway.Other amenities include a call button at each seat to get the attention of an attendant who can bring riders a snack, a drink, a hot towel or a cashmere blanket. Those who spring for one of seven premium seats, which cost $275, can also ride with a pet (for an additional fee).Each of the 19 seats on a Streamliner bus has a call button passengers can use to get the attention of an onboard attendant. Blade Air Mobility, Inc.The 19-passenger coaches, of course, will be subject to the same gridlock and hourslong traffic delays any vehicle can encounter on the expressway — making the onboard perks a main draw, said Roisin Branch, Blade’s chief marketing officer. “This level of service is commensurate to what you would see in private aviation,” she said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares129 Views

      in Elections

      Handbag Designer Nancy Gonzalez Sentenced to 18 Months for Smuggling Exotic Skins

      by

      Nancy Gonzalez, whose clients included Britney Spears and Sofia Vergara, smuggled purses from her native Colombia to the United States using couriers. She will serve 18 months.The handbag designer Nancy Gonzalez built a cult following among celebrities and the South American superrich thanks to her use of brilliantly dyed precious skins. Once one of the largest purveyors of crocodile skin accessories in the world, her namesake brand sold totes and clutches in lime green alligator and lavender python skin for thousands of dollars, often through big-name retailers like Saks and Bergdorf Goodman.Now Ms. Gonzalez, 71, is facing considerable time in bright orange coveralls.On Monday, she was sentenced to 18 months in prison after pleading guilty in a Miami federal court to charges of smuggling hundreds of handbags made from the skins of protected wildlife into the United States from her native Colombia.Ms. Gonzalez, whose full name is Nancy Tereza Gonzalez de Barberi and whose business was incorporated into a luxury handbag company called Gzuniga Limited, was arrested in 2022 in Cali, Colombia, and then extradited to the United States last August. She admitted to recruiting as many as 40 couriers to carry up to four products at a time on commercial flights to be used at New York Fashion Week and industry events or to be sold in the Gzuniga showroom between February 2016 and April 2019.Prosecutors said that the handbags and purses, made from the hides of caiman alligators and pythons bred in captivity, were worth as much as $2 million. The designer’s lawyers said that the pieces were mostly samples and cost about $140 each, with only about 1 percent lacking the proper authorization to be brought into the United States.The trade in caimans and pythons is not banned but is strictly regulated under the rules of the Convention on International Trade in Endangered Species of Wild Fauna and Flora, of which both the United States and Colombia are signatories. According to prosecutors, Ms. Gonzalez never secured the necessary import permits from the U.S. Fish and Wildlife Service required by regulators.“It’s all driven by the money,” Thomas Watts-Fitzgerald of the U.S. attorney’s office in Miami, said on Monday. “If you want to deter the conduct, you want the cocaine kingpin not the person in the field.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares109 Views

      in Elections

      Lawmaker Presses Loro Piana on Reports of Exploiting Indigenous Workers in Peru

      by

      A freshman congressman is demanding answers from the fashion house Loro Piana, which sources wool from his native Peru and faces accusations of exploiting workers there. A $9,000 designer sweater made out of the ultrarare fur of a South American animal called a vicuña is not exactly a typical area of focus for a member of the U.S. Congress.But when Representative Robert Garcia, a first-term California Democrat and the first Peruvian-born person to serve in the House, saw reports that the luxury design house Loro Piana was not fairly compensating Indigenous workers in Peru who source the rare wool in some of its priciest knit clothing, he decided to use his position to make some noise.“As the first Peruvian American member of Congress and co-chair of the Congressional Peru Caucus, I write regarding concerning reports about the sourcing of vicuña wool by Loro Piana, a subsidiary of LVMH Moët Hennessy Louis Vuitton,” he wrote to company executives last month.He demanded that the fashion house — whose products including shirts, scarves and coats can cost anywhere from $500 to $30,000 — explain how it could raise its prices so steeply while steadily reducing the amount it was paying the people who harvest the raw materials for it.“While Loro Piana’s prices have increased, the price per kilo for fibers paid to the Lucanas community has fallen by one-third in just over a decade; and the villages’ revenue from the vicuña has fallen 80 percent,” Mr. Garcia wrote.A member of the Totoroma community in Puno, Peru, during a vicuña roundup and shearing in 2021.Carlos Mamani/Agence France-Presse — Getty ImagesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 75 Shares179 Views

      in Elections

      Has the Luxury E-Commerce Bubble Burst?

      by

      After implosions by Farfetch and MatchesFashion — and with other blowouts possible — the future for online fashion retailers looks uncertain.Rosh Mahtani, the founder of the jewelry brand Alighieri, is celebrating the 10th anniversary of her company this year. Her handmade gold-plated pieces, inspired by Dante’s “Divine Comedy,” made her a winner of the Queen Elizabeth II Award for British Design and a mainstay of luxury e-commerce vendors.During Paris Fashion Week last month, buyers came to her showroom to select stock for the upcoming season, including MatchesFashion, a leading multibrand fashion retailer that is responsible for about half a million pounds, or $630,000, of Alighieri’s projected revenues. But there was a problem.“They had owed me 70,000 pounds [about $88,000] in unpaid invoices since October and had been asking for discounts on those bills,” Ms. Mahtani said last week. It made her uneasy, even if such bargaining was increasingly commonplace for independent brands like hers. Still, she said, she wasn’t quaking in her boots.“The team made a selection, and we talked about a capsule collection for the summer,” she said. “I don’t think any of us had a sense of what would come next.”Days later, MatchesFashion was put into administration (the British term for bankruptcy). Its owner, Frasers Group, which bought the company in December for about 52 million pounds, or $66 million, now said the operation was not commercially viable. Overnight, almost half of the staff was fired from a company that had been valued at $1 billion when it was sold to Apax Partners in 2017. Today, 200 brands are owed money and cannot access unsold inventory, and a furious customer base rages online about accessing orders or making returns.Rosh Mahtani, founder of cult jewelry label Alighieri, was owed substantial sums by MatchesFashion when the retailer was put into administration earlier this month.via Alighieri JewelryWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More