LVMH shares fell, and Bernard Arnault took an $11 billion hit. Despite this, Arnault remains at the top of the wealth ladder with a net worth of $192 billion. LVMH
LVMH’s share price is still up by 23 percent for the year, though attendees at a recent luxury conference in Paris flagged a “relatively more subdued” performance in the U.S., according to Morgan Stanley analyst Edouard Aubin. Concerns that a softening American economy will dampen demand for luxury goods has caused investors to sell shares in the company at a rapid rate to preserve their gains.
At the same time, LVMH is facing pushback from the residents of Beverly Hills regarding its first Cheval Blanc in the U.S. Preliminary results of a special election that closed on Tuesday show most votersEurope’s first $500 billion company back in April. One of LVMH’s leading brands, Louis Vuitton, wrapped last year with revenue surpassing $21.8 billion. As of May 24, however, LV’s shares stand at $176.18 . LVMH’s plummeting stock comes amid a broader decline that has diminished $30 billion from the European luxury sector. It sounds like Arnault isn’t the only one in trouble, then.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Katy Perry Buys Luxurious Hollywood Hills Penthouse With Breathtaking Views for $11 Million – See Inside!Katy Perry is starting a new chapter in Hollywood Hills. Check out her stunning penthouse view here!
Les mer »
LVMH Appoints New Chief Omnichannel and Data OfficerLVMH Moët Hennessy Louis Vuitton has named former Sephora executive Gonzague de Pirey as chief omnichannel and data officer. Effective June 1, De Pirey will succeed Michael David, who was named chief omnichannel officer in 2021.
Les mer »
LVMH, Hermes, luxury stocks hit by $30 billion rout on US demand fearsLVMH, Hermes, and other luxury stocks suffer a $30 billion rout as investors brace for a US spending slowdown
Les mer »
Luxury goods stocks tumble as Deutsche Bank says they're no longer a slam dunk. Blame the U.S.Shares of LVMH, Hermès and Richemont are among the best-performing luxury goods stocks this year. Deutsche Bank smells trouble for the sector.
Les mer »
Citing safety concerns, Buffalo Grove Park District demolishing part of headquartersCiting safety concerns, the Buffalo Grove Park District is tearing down a section of the Alcott Center, its longtime headquarters at 530 Bernard Drive.
Les mer »
Janelle Monáe Speaks Out About Queer Representation: ‘I’m Not Obligated to Share My Story’The non-binary artist cautioned about putting musicians and other celebrities on a pedestal.
Les mer »