The News In Brief
Western Brands Are Losing More Ground to Cheaper Chinese Rivals
China’s consumer frugality is fuelling sluggish earnings for global brands like L’Oréal and LVMH, while local rivals such as Proya Cosmetics thrive, capitalising on affordable products and strong online marketing.
Luxury Fortunes Lose $58 Billion as Pandemic Era Splurge Ends
The fortunes of France’s luxury billionaires — Bernard Arnault, Francoise Bettencourt Meyers, and Francois Pinault — have plummeted by a combined $58 billion this year as consumer demand for high-end goods declines, particularly in China.
Luxury Fortunes Lose $58 Billion as Pandemic Era Splurge Ends
The fortunes of France’s luxury billionaires — Bernard Arnault, Francoise Bettencourt Meyers, and Francois Pinault — have plummeted by a combined $58 billion this year as consumer demand for high-end goods declines, particularly in China.
Boohoo Rejects Criticism From Frasers Group as ‘Inaccurate and Unfair’
Boohoo has criticised Frasers Group’s attempt to install founder Mike Ashley as CEO, defending its debt refinancing strategy and emphasising the need for careful governance in leadership decisions.
Cetaphil Owner Galderma Sales Lift 9.2% on Strong Skincare and Injectable Demand
In the first nine months of the year, the Swiss beauty firm saw its sales rise to $3.26 billion thanks to robust performance in Europe and gains in China and Latin America.
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Mike Ashley’s Frasers Pulls Bid for Handbag Maker Mulberry
The decision comes after Mulberry turned down Frasers’ latest bid of 150 pence per share Tuesday.
Hermès Faces Slowest Quarter in Years as Luxury Woes Spread
The Birkin bag maker is expected to report its weakest quarterly revenue growth since the end of 2021 when it releases sales figures on Thursday.
Astier de Villatte Sells Majority Stake to Vesper
Founders Ivan Pericoli and Benoît Astier de Villatte will now focus on the creative direction of the Paris-based ceramics and fragrance brand.
Gatemore Seeks Watches of Switzerland Buyback, US Listing
Gatemore Capital Management has acquired a stake in Watches of Switzerland Group Plc and is urging the luxury watch retailer to implement an aggressive share buyback of £25 million to £50 million and consider a US listing.