Author: theparknews

October 16, 2024 – The European Luxury Goods Index fell today as European luxury goods stocks fell today due to lower sales at LVMH (LVMHF), the world’s leading luxury goods group. China is seen as an important consumer in the luxury goods business, so there are concerns about a slowdown in demand from China.LVMH fell 7% in early trading, dragging Kering (XPAR:KER) and with it L’Oréal. The company’s sales fell 3% over the year, missing analyst forecasts. Quarterly sales also fell for the first time since the coronavirus outbreak, but year-to-date sales rose 16%.This appears to be due to sluggish…

(Bloomberg) — Eighteen months ago, LVMH shares were trading at record highs and the group’s controlling shareholder, Bernard Arnault, was the richest man in the world.Most Read Articles on BloombergFast forward to Wednesday, and weak Chinese demand for Louis Vuitton bags, Dior gowns and other high-end fashion had wiped out more than 150 billion euros ($163 billion) of LVMH’s market capitalization. Arnault’s wealth has fallen to fifth place on the Bloomberg Billionaires Index, meaning he has lost more money ($37 billion) than anyone on the world’s 500 richest people list over this period. It shows that.According to the index, the…

We recently published a list of the top 10 trending AI stocks to watch. Alphabet Inc Class C (NASDAQ:GOOG) ranks No. 3 on our list, so it’s worth taking a closer look.Wall Street continues to gain momentum during the latest earnings season, with analysts wondering whether we’re still on track for a soft landing. Mohamed El-Erian, Allianz’s chief economic advisor, spoke on CNBC about the possibility of a soft landing and a no-landing. When asked what it would take for the market to realize a no-land scenario, the analyst said:“I think we need to realize productivity improvements through AI and…

Chris Tedesco / AcuraIf you’re a retiree looking to buy a new luxury car, now may be the best time to do so. As 2024 draws to a close, dealers may reduce prices and offer attractive financial incentives.”Dealer sales departments that have not met their sales goals for the year will want to finish the year as close to their goals as possible,” Edmunds reported.Learn more: 5 SUVs retirees should avoid buying in October 2024Check out: 4 things to do when your savings reach $50,000That means there will be discounts on several models, including many 2023 luxury cars that auto…

PARIS – What is a luxurious slowdown? Hermès International continues to buck this trend and outperform its peers, reporting third-quarter sales growth of 11.3% at constant currency to €3.7 billion. This puts the Birkin bag maker significantly ahead of other French luxury goods companies such as Kering, which reported a 16 percent decline in sales, and LVMH Moët Hennessy Louis Vuitton, which reported a 4.4 percent revenue decline in the third quarter. Exceeds. WWD details Hermès continues to grow with a resilient ultra-high-net-worth and loyal customer base, particularly in Asia and the United States. Eric Du Arghouet, Hermès’ executive vice…

While many luxury brands have experienced a downturn, Hermès has managed to come out on top. The Parisian company, which offers some of the world’s most coveted designer products, saw sales rise 11.3 percent in the third quarter, according to its latest earnings report. During the same period, the brand generated revenues of $3.99 billion (€3.7 billion). This is a staggering amount at any time, but it is even more so as the luxury sector is hit by a global recession due to declining sales from Chinese shoppers and market fatigue. Masu. , and prices have increased significantly, Reuters reported.…

WASHINGTON (AP) — The IRS announced Friday that it will increase the amount individuals can contribute to a 401(k) plan to $23,500 in 2025, up from $23,000 in 2024. The Internal Revenue Service detailed the annual cost-of-living adjustment increases for pension plans and other retirement accounts. Workers who participate in 403(b) and federal thrift savings plans can also increase their annual contributions from $23,000 in 2024 to $23,500 in 2025. Some annual contributions remain unchanged. The annual IRA contribution limit will remain at $7,000, and the IRA catch-up contribution limit for people age 50 and older will remain at $1,000…

NEW YORK (AP) – Nvidia replaces Intel on the Dow Jones Industrial Average, ending a 25-year history of the pioneering semiconductor company falling behind as Nvidia cornered the market for chips that run artificial intelligence systems. will be hit. Paint maker Sherwin-Williams also plans to go public, replacing chemical company Dow in the 30-stock average. S&P Dow Jones Indices said Friday that the changes, which will take effect Nov. 7, “were initiated to make our exposures to the semiconductor industry and materials sectors more representative, respectively.” Additionally, because the Dow is price-weighted, “the impact of stocks with persistently low stock…

Luxury is more than just a product. It’s a lifestyle statement, a sign of status, and a mark of refined taste. Luxury today goes beyond the world of fashion, handbags, jewelry, and cosmetics to include experiences, art, real estate, and more. It represents an indulgence in the finer things in life – the pursuit of quality, craftsmanship and exclusivity, and appeals to discerning consumers around the world. However, in 2024, the luxury goods industry will face an increasingly challenging environment. Economic uncertainty, geopolitical tensions and inflationary pressures are increasing, casting a shadow on previously resilient markets. As these headwinds intensify,…

Berkshire Hathaway’s cash reserves have reached $ 325.2 billion, as Warren Buffett has immediately pulled out of the transaction, which was one of the most profitable transactions in the past decade. Oracle of Omaha and its conglomerate holding company Berkshire began selling Apple shares late last year, scaling back big bets on the technology company it founded in 2016. Financial Times reported that Berkshire accelerated the sale pace earlier this year, reduced the apple stock by the end of the second quarter, and contributed to raising the money on hand to $ 277 billion at the time. . But by…