LVMH Has Room to Raise Prices 2-3%, LVMH Deputy CEO Says
'We can increase prices by 2 percent to 3 percent per year,' deputy CEO Stephane Bianchi told members of the French parliament in a hearing on Wednesday, when asked about his group's ability to offset potential tariffs.
Citing the example of high jewellery, Bianchi said buyers of the group's most expensive products would absorb such price hikes, but cautioned that 'this does not mean the [price] elasticity is infinite.'
US President Donald Trump this week backed away from his threat to impose 50 percent tariffs on imports from the European Union next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal.
Raising the prices of lower-priced beauty products and cognac would be more complicated, added finance chief Cecile Cabanis, saying, 'The capacity to raise prices is not there.'
LVMH executives said they still plan to continue investing in China, although they had noticed that Chinese consumers have been travelling and spending less over the past three months.
Demand in the United States, however, showed the first signs of a rebound, but as long as trade tensions with the European Union over threatened tariffs are not being eased, the climate will remain difficult, said Bianchi.
By Tassilo Hummel and Mimosa Spencer; Editing by Kirsten Donovan
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LVMH Relinquishes Place Among Europe's Top Five Biggest Stocks
The French conglomerate's shares fell 3 percent on Thursday, taking their decline this year to 25 percent.
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Recently, the first volume of selected works of Xi Jinping, general secretary of the CPC Central Committee, on ecological civilization has been published. This volume comprehensively showcases the theoretical, practical and institutional innovations in promoting ecological civilization in the new era, systematically reflecting the rich connotations, scientific framework and original contributions of Xi Jinping Thought on Ecological Civilization. Today, China has built the world's largest and fastest-growing renewable energy system as well as the largest and most complete new energy industrial chain. Contributing a quarter of the world's newly-added area of afforestation, China leads the world in the speed and scale of 'greening,' standing as a steadfast actor and major contributor in promoting global green development. In the first half of this year, China's economy has made steady progress, prompting external evaluations of 'growth exceeding expectations.' The 'steady' reflects a solid foundation in the real economy, while the 'progress' highlights the accelerated development of new quality productive forces. Since the beginning of the new era, China's economy has continuously grown stronger despite challenges, with the green foundation of high-quality development becoming increasingly prominent. Based on the developmental practice of these three pairs of relationships - economic development and ecological protection, legal governance and cultural enrichment, 'Beautiful China' and 'a clean and beautiful world' - our understanding of the Party's innovative theories in the new era, including their originality, historical significance and global contributions, has grown even deeper. II. High-quality development and high-standard protection complement each other. High-standard protection supports high-quality development, ensuring the sustainable development of the Chinese nation and the continuous inheritance of Chinese civilization. Faced with the global challenge of balancing development and protection, the 'two mountains' concept addresses this issue through dialectical thinking, provides solutions with a systematic perspective, and innovates upon traditional growth theories. It breaks the mind-set trap of the 'binary opposition' between economy and ecology as well as the path dependence of 'pollution first, treatment later' that characterized the modernization process in the West, guiding China in the new era toward a road of sustained development of civilization, with advanced production, affluent life and favorable ecological conditions. In the entire process of building Chinese modernization, 'we must maintain a healthy interaction between high-quality development and high-level security,' General Secretary Xi Jinping's important remarks reveal the practical path of ecological civilization construction that benefits the present and the future. Prioritizing protection means accounting for the big picture, the long term, the whole, and the overall benefits, firmly grasping the strategic positioning within the country's overall development framework. Upholding green development - as reflected in the important statement that 'new quality productive forces are inherently green' - reveals the deep logic of taking green and low-carbon development as the fundamental solution to ecological and environmental issues. Major economic provinces and regions have taken on the responsibility of being the 'main pillar,' while others act according to local conditions and leverage their own strengths, forming a combined force and momentum for high-quality development. From expanding the pathways to transform lucid waters and lush mountains into invaluable assets, to building an industrial structure with high technological content, low resource consumption and minimal environmental pollution, and to accelerating the formation of green production and lifestyles, China will surely lay a solid material foundation and leave behind clear waters and verdant mountains for future generations. III. 'Good laws are a prerequisite for good governance' and 'promoting Chinese culture to increase mutual understanding' work in tandem, balancing external constraints with internal motivation to form a strong synergy for protecting the ecological environment, ensuring that there will always be blue skies, green mountains and lucid water for all generations to come. As 'the fairest public product' and 'the most inclusive public benefit,' it can only be safeguarded through the strictest systems and the most rigorous rule of law, which can prevent excessive exploitation and wanton destruction, ensuring that resources are used in moderation and conduct remains within proper bounds. How did the Xin'an River transform from an ecological crisis to a model of green development? To improve the institutional framework, the 'ecological compensation mechanism' was introduced for the first time in cross-provincial watershed governance practices. Legislative gaps were addressed with the enactment of local regulations such as the 'river chief' and 'lake chief' systems, as well as the regulation on pesticide administration. Joint law enforcement efforts were strengthened to control multiple pollution sources, and judicial collaboration was enhanced with the establishment of the ecological protection circuit court and the Xin'an River judicial protection workstation. By adhering to the rule of law, the Xin'an River has transitioned from 'frequent interventions' to 'sustainable governance' in the new era. From 'all living things flourish' to 'harmonious coexistence,' China's outstanding traditional ecological culture has radiated new brilliance in the new era through creative transformation and innovative development. In a village in Nyingchi City, Southwest China's Xizang Autonomous Region, green points earned through environmental protection behaviors serve as a key reference for granting preferential loans, motivating villagers to shift from 'being demanded to protect' to 'choosing to protect.' Since the implementation of the 10-year fishing ban on Yangtze River, policies ensuring basic livelihoods and providing employment guidance have been introduced, encouraging fishermen to transition into 'fish protectors.' Governance reforms are driving changes in public attitudes. By consolidating the value proposition that 'the environment means well-being, the green mountains mean beauty and blue sky also represents happiness,' and by forming the consensus and action that 'lucid waters and lush mountains are invaluable assets,' the innovative theories of the CPC in the new era have been liked, accepted and adopted by the people in practice. These theories have crystallized into the essence of Chinese culture and the Chinese spirit in this era. IV. 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