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Yahoo
5 minutes ago
- Yahoo
Analysis-US tariffs will be test of luxury brands' pricing power
By Mimosa Spencer and Sami Marshak PARIS/NEW YORK (Reuters) -Luxury goods companies were spared their worst case scenario in Sunday's EU-U.S. trade deal but they face a delicate balancing act as already weak consumer demand tests their ability to raise prices further. Big labels like Chanel and LVMH's Louis Vuitton and Dior have relied on dramatic price increases in recent years to drive a chunk of their profit growth. Jacques Roizen, managing director, China, at Digital Luxury Group, said the deal struck by U.S. President Donald Trump and European Commission President Ursula von der Leyen on Sunday, imposing a 15% tariff on EU goods, brings much needed certainty to luxury's key U.S. market. Yet, "brands are treading carefully with further price hikes to avoid alienating younger and occasional shoppers," he said. Although baseline duties are below a hefty 30% levy that Trump had threatened just a couple of weeks ago, they are a far cry from the zero-for-zero tariff deal Brussels was hoping to clinch. Fresh tariffs also come as the luxury goods industry is counting on the U.S. as former growth engine China sputters and sales globally are in decline. 'Tariffs are definitely going to affect my buying behaviour, depending on the rate of the tariff. I would think twice before I just pick things up,' said Abida Taher, a 53-year-old physician who was out shopping at Saks Fifth Avenue in New York City last week and likes Valentino among other Italian and French brands. Bernard Arnault, chairman and CEO of French luxury giant LVMH, embarked on an intense lobbying campaign with EU leaders to ease tensions with the Trump administration and last week announced plans for a new Louis Vuitton factory in Texas. Such a move, however, would be too complicated and costly for most European brands - involving the transfer of local skills that take years to build up, industry experts caution. Some high end labels say they will be able to draw on pricing power to offset the cost of tariffs, but analysts and industry practitioners warn some players have limited wiggle room after a series of outsized price tag hikes. Big luxury companies profited from a rebound of consumer demand after the pandemic, hiking prices by 33% on average between 2019 and 2023, according to RBC estimates. The price tag of Chanel's classic quilted flap bag more than tripled between 2015 and 2024, while the Lady Dior bag and Louis Vuitton Keepall travel bag more than doubled, according to UBS analysts. LUXURY DISCONNECT Half of the luxury industry's sales growth came from price hikes in the four years from 2019, compared to a third between 2016 and 2023, UBS analysts said. Yet the sector lost 50 million customers last year, according to consultancy Bain, as economic pressures and price fatigue dampened appetite for designer clothing and handbags. Brands that got the pricing balance wrong are the ones struggling more today, said Flavio Cereda, who manages GAM's Luxury Brands investment strategy. "The significant deceleration in momentum, uneven as it was, is a natural consequence of a period of excess," said Cereda. Hermes, which notably held back on large price increases during the post pandemic boom, has outpaced rivals and analysts forecast a 10% rise in second quarter sales when it reports on Wednesday. UBS estimates that a 15% tariff on exports to the United States will require luxury brands on average to raise prices by around 2% in the United States, or around 1% globally if they want to avoid widening regional price gaps – or face an impact of around 3% on earnings before interest and tax. Such hikes may prove challenging while the latest round of luxury players' earnings shows little sign of a rebound. LVMH's second quarter sales missed expectations, weighed down by weakening sales at flagship brands Louis Vuitton and Dior, while outerwear specialist Moncler's sales contracted by 1% and Kering-owned Gucci is expected to continue to struggle. Caroline Reyl, head of premium brands at Pictet Asset Management, said there has been a "disconnect" between the prices of certain luxury items and their perceived quality and creativity in the past four years. Precious Buckner, a 37-year old clinical therapist from North Carolina, was looking at a Chanel classic flap bag at Saks Fifth Avenue in Manhattan last week but said if it goes up in price because of tariffs it would no longer be worth it. 'I'm going to these stores to see the size, the fit, how I like it, so I can get it on resale," Buckner said, noting she would be willing to pay $8,000 for a bag on a resale platform like The RealReal or Fashionphile rather than pay $12,000 in a department store. Bain forecasts worldwide luxury goods sales will fall by between 2% and 5% in 2025 after a 1% decline last year, the biggest contraction in 15 years excluding COVID. To counter the downtrend, the industry has embarked on a recruitment drive, with new designers at Chanel, Gucci, LVMH labels Dior, Celine, Givenchy and Loewe, and Versace. Yet, renewing styles to find a better alignment between prices and product value will take time. "You can't snap your fingers and do it in a couple of weeks," said Reyl.
Yahoo
5 minutes ago
- Yahoo
Data breach at Allianz Life Insurance affects 1.4 million customers
Allianz Life Insurance Company of North America has announced a significant data breach impacting the personal information of a large portion of its 1.4 million customers. The Minneapolis-based company, a subsidiary of Allianz SE based in Munich, reported that the breach occurred on 16 July via a third-party cloud service. In a statement, Allianz Life indicated that a 'malicious threat actor' gained access to the external platform through social engineering, a method whereby attackers deceive individuals into revealing sensitive information or access credentials. 'The threat actor was able to obtain personally identifiable data related to the majority of Allianz Life's customers, financial professionals and select Allianz Life employees,' the statement noted. While the specifics of the compromised data have not been detailed, such breaches typically involve personal details such as names, contact information, social security numbers and financial data. Notably, Allianz Life clarified that its internal systems were not affected. 'This incident was limited to a third-party cloud platform. Our systems remain secure,' a spokesperson for the company stated. In response to the incident, Allianz Life reported that it took immediate measures to contain the breach and has informed the FBI. The incident has also been reported to various authorities including the Office of the Maine Attorney General, as companies are mandated to disclose data breaches that impact residents of the state. According to a filing with the Maine Attorney General's office, Allianz became aware of the breach the day after it occurred and is providing affected individuals with 24 months of complementary credit monitoring and identity theft protection services. The breach is limited to Allianz Life's operations in the US and does not extend to other Allianz corporate entities worldwide. The company has informed the FBI about the incident and indicated that its ongoing investigation has found no evidence that its internal network or other systems including the policy administration system were compromised. In May this year, Allianz reported a net income of €2.42bn ($2.82bn) for the first quarter of 2025 (Q1 2025), a 2.1% decrease from €2.47bn in Q1 2024. However, the German insurer's operating profit increased by 6.3% to €4.2bn, up from €3.9bn the previous year. The property-casualty segment contributed €2.1bn with a 5% rise in operating profit, while the life/health segment saw a 7.5% increase to €1.4bn. "Data breach at Allianz Life Insurance affects 1.4 million customers" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
5 minutes ago
- Yahoo
What we know about Trump's visit to Scotland
From trade deals to Gaza, here is what Keir Starmer is expected to discuss with Donald Trump at the US president's Ayrshire golf course. Sir Keir Starmer has met with Donald Trump in Scotland today to discuss a range of issues including the humanitarian crisis in Gaza and tariffs. The US president is hosting the prime minister at his Turnberry golf resort in Ayrshire as his four-day visit to Scotland draws to a close. Starmer is expected to spend most of the day with Trump where he will, among other things, attempt to press the president for a trade deal on UK-made steel. It comes after Trump announced he had agreed 'the biggest deal ever made' between the US and the European Union after high-stakes talks with Ursula von der Leyen at Turnberry on Sunday. While the prime minister will be seeking to strengthen the UK's economic ties with the US on the golf course, business secretary Jonathan Reynolds told BBC Breakfast there is "more to do" in negotiations and that a "resolution" is unlikely to be reached today. Here, Yahoo News takes a look at Trump's visit to Scotland and what is likely to be on the agenda today. Why is Trump here? Trump has been visiting his mother's ancestral homeland of Scotland since Friday for a mixture of business and pleasure. The president has been pictured playing golf at his Turnberry course in South Ayrshire and was also expected to visit his other course on the Menie Estate, north of Aberdeen, during his visit. He is expected to fly back to Washington on Tuesday, following his meetings on Monday with Starmer and Scotland's first minister John Swinney. Swinney has vowed to press Trump to exempt Scotch whisky from US trade tariffs, which he says are currently costing the local industry £4m a week. Swinney also promised to raise the situation in Gaza with Trump, as it was 'causing deep unease and concern and heartbreak within Scotland'. Is this a state visit? This four-day trip is not a state visit, although Trump is scheduled to make a state visit to the UK between 17 and 19 September. It will be a historic first, as Trump is the first elected leader in modern history to be invited back for a second state visit to the UK – the first being in 2019 during his first term as president. The full details of the visit have not yet been released, but it will include a full ceremonial welcome and a state banquet at St George's Hall in Windsor Castle. There had been speculation the King would host Trump in Scotland at Balmoral or Dumfries House, after Charles wrote a letter to him in February inviting him to a state visit. However, it is understood that with the state visit scheduled just a few months later, both sides had agreed to wait until the formal gathering. Anti-Trump campaigners have said they plan to stage a mass demonstration in central London on the first day of his trip. What are Trump and Starmer likely to discuss? Trump and Starmer are set to hold "wide-ranging" talks at the Turnberry golf course, No 10 Downing Street said, including advancing the implementation of the UK-US "economic prosperity deal". The deal was agreed upon in general terms between Starmer and Trump in May, although further details are yet to be hammered out. Progress was made in June when both leaders signed off on terms reducing tariffs on car and aerospace imports to the US. But agreement on a similar arrangement for Britain's steel imports was not reached, leaving tariffs on steel at 25%. American concerns over steel products made elsewhere in the world, then finished in the UK, are said to be among the sticking points on which Starmer will attempt to make progress. Business secretary Jonathan Reynolds told BBC Breakfast that negotiations have been "going on on a daily basis" since an agreement was reached on automotive and aerospace imports but that it "wasn't job done". "There's a few issues to push a little bit further today," he told the broadcaster. 'We won't perhaps have anything to announce a resolution of those talks. "But there's some sectors that we still need to resolve, particularly around steel and aluminium, and there's the wider conversation about what the US calls its reciprocal tariffs.' Starmer is also likely to use his time with Trump to raise concerns over the starvation of the population in Gaza caused by Israel's blockade of the Palestinian territory and restrictions on UN aid workers. As the pair met, Starmer said people were 'revolted at what they are seeing on their screens' with regard to Gaza. The prime minister has condemned Israel for restricting the flow of aid into the territory, alongside the leaders of France and Germany. However, Washington's stance on Israel has been far less critical, having provided money to the controversial Gaza Humanitarian Foundation, which has been criticised for bringing starving Palestinians to its sites only for them to allegedly be shot at by Israeli troops and US contractors. Click below to see the latest Scotland headlines No 10 said Starmer is expected to welcome Trump administration's work with mediators Qatar and Egypt to bring about a ceasefire and would discuss further what more can be done to bring the fighting and "unspeakable suffering" to a halt while securing the freedom of Israeli hostages. Starmer has also been facing pressure from more than 220 MPs calling for an immediate recognition of a Palestinian state – something French president Emmanuel Macron has promised to do – although it is unclear if the PM will bring this up with Trump today. Securing peace in Ukraine will also be high on the agenda, with the prime minister set to talk about their shared desire to bring an end to the war, No 10 said. They are expected to reflect on progress in their 50-day drive to arm Ukraine and force Putin to the negotiating table. After their meeting the two leaders will travel on together to a private engagement in Aberdeen. Read more US and EU agree trade deal - with bloc facing 15% tariffs on goods into America (Sky News) Palestinian state recognition is a one shot opportunity for Starmer – but what does he want to achieve? (The Independent) Scottish Secretary to give Donald Trump 'warm welcome' (The Telegraph)
