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An LVMH spokesperson stated the company would continue to pay salary and benefits to its 3,500 employees in Russia. [51] In November 2022, it was announced LVMH had acquired the Piedmont-based jewelry maker Pedemonte Group. [52] On 24 April 2023, LVMH became the first European company to reach a $500 billion valuation. [53]
Now, 50 million luxury consumers have either ditched buying designer bags, scarves, watches, and more—or have been priced out, Bain & Company’s new annual luxury report warns.
From 2011 to 2023, Arnault was the CEO of Berluti and worked to develop this LVMH brand through the opening of shops in California, Dubai and New York City. [8] [9] He hired the designer Alessandro Sartori in order to expand from being a colourful shoemaker household to a full-on menswear luxury brand name. [10]
In March 2022, LVMH announced closure of its 120+ stores in Russia, "given the current circumstances in the region," [46] due to the Russo-Ukrainian War. An LVMH spokesperson stated the company would continue to pay salary and benefits to its 3,500 employees in Russia. [46] On 14 February 2023, Pharrell Williams was named creative director of ...
LVMH sales in Asia, excluding Japan, fell 16% year-over-year for the quarter. ... While personal luxury sales in China grew by more than 37% each year from 2019 through 2021, that annual growth is ...
High-end brands like LVMH and Gucci-owner Kering felt the pinch in 2023—but a new type of luxury is gaining a share of consumers’ wallets Prarthana Prakash December 25, 2023 at 4:30 AM
Andrea Guerra (born 26 May 1965) is an Italian businessman who presently is the CEO of Prada, a position he has held since 2023. Guerra was formerly CEO of Luxottica from July 2004 to August 2014. [1] Before that, he worked for ten years in Merloni Elettrodomestici, now Indesit, rising to managing director.
Sephora posted "record-breaking profits" globally last year, Lila reports. (LVMH's "selective retailing" unit, which includes Sephora, increased revenue 25% to $19.4 billion in 2023.)