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The News in Brief

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.


Beiersdorf Sales Rise 6.5%; China Still Drags

The German beauty conglomerate saw its sales lift ahead of analyst expectations, led by a north American rebound and skincare, but continued pressure in China weighed on overall growth.


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