Latest news with #Richemont-owned
NDTV
3 days ago
- Business
- NDTV
Victoria's Secret Says Cyber Incident Led To Temporary Website Shut Down
Victoria's Secret on Tuesday disclosed that a security incident relating to its information technology systems had led it to temporarily shut down its website for a few days last week. The company said it shut down corporate systems and e-commerce website on May 26 and immediately enacted response protocols to contain and prevent unauthorized network access. Its website was restored on May 29. The lingerie maker said the breach did not impact its financial results for the first quarter or cause a material disruption to its operations, but the second quarter could be hit by the additional expenses incurred following the incident. It even said it expects first-quarter sales and adjusted diluted earnings per share to meet or exceed the higher-end of its previously issued forecast. Victoria's Secret, however, delayed its first-quarter results, scheduled on June 5, saying the restoration process of its website prevented employees from accessing certain systems and information needed for the release of the results. The cyber incident at Victoria's Secret follows several such incidents at fashion and retail brands including Richemont-owned Cartier as well as Marks & Spencer. Cartier told customers on Tuesday it had its website hacked and some client data stolen, according to an email seen by Reuters. The incident at Victoria's Secret also affected some functions in its namesake and PINK stores, the company said, adding that these have now been restored. Shares of the company were up about 2% in early trading on Tuesday.
Yahoo
18-03-2025
- Business
- Yahoo
Panerai Names Emmanuel Perrin CEO
PARIS — Panerai has named Emmanuel Perrin its new chief executive officer, effective April 1. He will take over from Jean-Marc Pontroué, who held the position since 2018 and revealed his departure from the Compagnie Financière Richemont-owned company on Monday in an Instagram post. More from WWD Sandbridge Capital Taps Lynda Berkowitz for Senior Advisory Role EXCLUSIVE: Cartier Returns to Curate the Women's Pavilion at Expo 2025 in Japan L'Oréal USA Names New Dermatological Beauty Head 'It is with excitement and a deep sense of responsibility that I take the baton handed from Jean-Marc and the teams that have contributed to the development of Panerai to this day,' Perrin said in a statement announcing his new position. 'I am looking forward to being of service to the maison, its colleagues, its clients, its partners and the Paneristi [community] worldwide.' Perrin, who will report to Richemont CEO Nicolas Bos in his new role, has been head of its specialist watchmakers at group level since 2017, overseeing brands including A. Lange & Söhne, IWC Schaffhausen, Jaeger-LeCoultre, Piaget, Roger Dubuis and Vacheron Constantin. The incoming executive counts some 33 years of experience within Richemont. Prior to heading the specialist watchmakers, Perrin was Cartier's executive vice president of sales, international commercial director, and prior to that, served for more than four years as Cartier North America's president and CEO. He joined the jeweler in 2010 from its stablemate Van Cleef & Arpels, where he had spent almost nine years in executive roles. Perrin also served as the president of the Fondation de la Haute Horlogerie, the organizing body of the Watches and Wonders fair. Meanwhile, Pontroué is expected to leave Richemont after 'a distinguished 25-year tenure with the group,' the watchmaking company said. It lauded the departing executive's 'pivotal role in shaping Panerai's strategy and global presence, following his leadership positions at Montblanc and Roger Dubuis.' His future plans could not immediately be learned. Best of WWD EXCLUSIVE: Maje Names Charlotte Tasset Ferrec CEO Nadja Swarovski Exits Family Company Amid Ongoing Corporate Shakeup Aeffe MD Exits Fashion Group
Yahoo
18-02-2025
- Business
- Yahoo
Trump tariffs would test pricing power of Europe's luxury goods makers
By Tassilo Hummel and Mimosa Spencer PARIS (Reuters) - European luxury goods makers say they could draw on pricing power to offset the cost of any tariffs imposed by U.S. President Donald Trump, but analysts say some brands may have limited room to hike prices. Famous brands like LVMH's Louis Vuitton or Kering's Gucci are counting on a buoyant U.S. market this year as China lags. However, Trump has threatened new tariffs on the European Union due to trade surpluses it had with the United States, in a widening offensive that economists say could trigger a global economic slowdown. Executives at Hermes and Kering, which make handbags and loafers that sell for thousands of dollars, said last week they could leverage their brands' cachet to absorb any additional duties. "If duties increase, we'll increase our prices accordingly," Hermes Executive Chairman Axel Dumas said on Friday after reporting results. Kering CEO Francois-Henri Pinault signalled the same commitment earlier in the week, saying his brands, including Gucci, Balenciaga and Yves Saint Laurent, would "review (their) pricing strategy" in the event of tariffs. "We know how to manoeuvre that," he said. PASSING ON COSTS Yet, years of aggressive price hikes, particularly during the post-pandemic boom, could make it harder for some brands to pass on higher import costs. Most brands lifted prices by their most ever in recent years, analysts from firms including UBS, Citi and Bernstein said. Chanel's classic quilted flap bag has more than tripled in price since 2010, while the Lady Dior bag and Louis Vuitton Keepall travel bag have more than doubled, according to UBS. "We've talked a lot about 'greedflation' for the past 12 months, the idea that you've gone too far, too high, too quickly. And at the end of the day, you've basically cut yourself off from that aspirational consumer," HSBC analyst Erwan Rambourg said. CAUTIOUS PRICING A significant price rise would counter a recent trend for more cautious pricing policy, especially in the U.S. market. Dior, for example, kept U.S. prices flat last year, while Louis Vuitton increased them by a little more than 2%, according to Paris-based market intelligence firm Data & Data, which monitors online retail prices for brand catalogues. Chanel raised prices by 5.4%, a moderate move compared with previous years, while jewellers Tiffany and Richemont-owned Cartier and Van Cleef & Arpels slowed the pace of U.S. increases to 4% to 6%, from over 8% in the previous year, the data showed. "I think that the major brands' room for manoeuvre in terms of price increases in the United States will be fairly limited in 2025," Data & Data CEO Zouheir Guedri said. "This would risk accentuating price differences between different regions and jeopardise costly efforts undertaken over the years to harmonise prices on a global scale." Morningstar analysts said in a recent note: "A 10% to 20% tariff on European luxury goods could depress luxury sales in the U.S., especially for companies like Burberry and Kering that focus more on an affluent and aspirational clientele as opposed to the ultra-rich patrons." CHOPPY OUTLOOK As Chinese demand stays subdued, Europe's luxury companies are pinning their hopes on Americans in 2025, boosted by roaring equities and crypto markets. Even though business with American customers is expected to grow fastest this year, at 6%, buoyed also by a strong dollar, sales to Chinese customers are set to drop 1%, UBS has forecast. But the outlook remains uncertain. U.S. consumer sentiment dropped unexpectedly in February to a seven-month low and inflation expectations rocketed as households feared they could pay the price for Trump's trade policies. Analysts at Citi noted spending habits of aspirational shoppers - consumers who stretch their budgets seeking to elevate their social status - remain choppy. LAND OF CONQUEST Hermes CEO Dumas last week said he still saw the United States as a "land of conquest" to generate growth, pointing to his group's retail expansion into second-tier U.S. cities, with upcoming openings in Phoenix and Nashville. LVMH hinted it could further bulk up production there. CEO Bernard Arnault and his family have cultivated personal ties with Trump, with four of them attending the president's inauguration last month. "We believe the group is positioning itself to be able to negotiate with the U.S. administration on potential tariffs by offering to produce more in the U.S., as is already the case for Louis Vuitton and could easily be done for other brands," said analysts at HSBC. Asked how he viewed lobbying efforts from Arnault in the United States, Kering-owner Pinault told Reuters "it's certainly a good thing" if it helps the European luxury sector avoid additional duties. However, like some other European luxury executives, Pinault ruled out any shifts of production to the U.S., saying that could dilute his group's 'Made in Europe' image and would "make no sense." Sign in to access your portfolio
Zawya
18-02-2025
- Business
- Zawya
Trump tariffs would test pricing power of Europe's luxury goods makers
European luxury goods makers say they could draw on pricing power to offset the cost of any tariffs imposed by U.S. President Donald Trump, but analysts say some brands may have limited room to hike prices. Famous brands like LVMH's Louis Vuitton or Kering's Gucci are counting on a buoyant U.S. market this year as China lags. However, Trump has threatened new tariffs on the European Union due to trade surpluses it had with the United States, in a widening offensive that economists say could trigger a global economic slowdown. Executives at Hermes and Kering, which make handbags and loafers that sell for thousands of dollars, said last week they could leverage their brands' cachet to absorb any additional duties. "If duties increase, we'll increase our prices accordingly," Hermes Executive Chairman Axel Dumas said on Friday after reporting results. Kering CEO Francois-Henri Pinault signalled the same commitment earlier in the week, saying his brands, including Gucci, Balenciaga and Yves Saint Laurent, would "review (their) pricing strategy" in the event of tariffs. "We know how to manoeuvre that," he said. PASSING ON COSTS Yet, years of aggressive price hikes, particularly during the post-pandemic boom, could make it harder for some brands to pass on higher import costs. Most brands lifted prices by their most ever in recent years, analysts from firms including UBS, Citi and Bernstein said. Chanel's classic quilted flap bag has more than tripled in price since 2010, while the Lady Dior bag and Louis Vuitton Keepall travel bag have more than doubled, according to UBS. "We've talked a lot about 'greedflation' for the past 12 months, the idea that you've gone too far, too high, too quickly. And at the end of the day, you've basically cut yourself off from that aspirational consumer," HSBC analyst Erwan Rambourg said. CAUTIOUS PRICING A significant price rise would counter a recent trend for more cautious pricing policy, especially in the U.S. market. Dior, for example, kept U.S. prices flat last year, while Louis Vuitton increased them by a little more than 2%, according to Paris-based market intelligence firm Data & Data, which monitors online retail prices for brand catalogues. Chanel raised prices by 5.4%, a moderate move compared with previous years, while jewellers Tiffany and Richemont-owned Cartier and Van Cleef & Arpels slowed the pace of U.S. increases to 4% to 6%, from over 8% in the previous year, the data showed. "I think that the major brands' room for manoeuvre in terms of price increases in the United States will be fairly limited in 2025," Data & Data CEO Zouheir Guedri said. "This would risk accentuating price differences between different regions and jeopardise costly efforts undertaken over the years to harmonise prices on a global scale." Morningstar analysts said in a recent note: "A 10% to 20% tariff on European luxury goods could depress luxury sales in the U.S., especially for companies like Burberry and Kering that focus more on an affluent and aspirational clientele as opposed to the ultra-rich patrons." CHOPPY OUTLOOK As Chinese demand stays subdued, Europe's luxury companies are pinning their hopes on Americans in 2025, boosted by roaring equities and crypto markets. Even though business with American customers is expected to grow fastest this year, at 6%, buoyed also by a strong dollar, sales to Chinese customers are set to drop 1%, UBS has forecast. But the outlook remains uncertain. U.S. consumer sentiment dropped unexpectedly in February to a seven-month low and inflation expectations rocketed as households feared they could pay the price for Trump's trade policies. Analysts at Citi noted spending habits of aspirational shoppers - consumers who stretch their budgets seeking to elevate their social status - remain choppy. LAND OF CONQUEST Hermes CEO Dumas last week said he still saw the United States as a "land of conquest" to generate growth, pointing to his group's retail expansion into second-tier U.S. cities, with upcoming openings in Phoenix and Nashville. LVMH hinted it could further bulk up production there. CEO Bernard Arnault and his family have cultivated personal ties with Trump, with four of them attending the president's inauguration last month. "We believe the group is positioning itself to be able to negotiate with the U.S. administration on potential tariffs by offering to produce more in the U.S., as is already the case for Louis Vuitton and could easily be done for other brands," said analysts at HSBC. Asked how he viewed lobbying efforts from Arnault in the United States, Kering-owner Pinault told Reuters "it's certainly a good thing" if it helps the European luxury sector avoid additional duties. However, like some other European luxury executives, Pinault ruled out any shifts of production to the U.S., saying that could dilute his group's 'Made in Europe' image and would "make no sense."
Reuters
18-02-2025
- Business
- Reuters
Trump tariffs would test pricing power of Europe's luxury goods makers
PARIS, Feb 18 (Reuters) - European luxury goods makers say they could draw on pricing power to offset the cost of any tariffs imposed by U.S. President Donald Trump, but analysts say some brands may have limited room to hike prices. Famous brands like LVMH's ( opens new tab Louis Vuitton or Kering's ( opens new tab Gucci are counting on a buoyant U.S. market this year as China lags. However, Trump has threatened new tariffs on the European Union due to trade surpluses it had with the United States, in a widening offensive that economists say could trigger a global economic slowdown. Executives at Hermes ( opens new tab and Kering, which make handbags and loafers that sell for thousands of dollars, said last week they could leverage their brands' cachet to absorb any additional duties. "If duties increase, we'll increase our prices accordingly," Hermes Executive Chairman Axel Dumas said on Friday after reporting results. Kering CEO Francois-Henri Pinault signalled the same commitment earlier in the week, saying his brands, including Gucci, Balenciaga and Yves Saint Laurent, would "review (their) pricing strategy" in the event of tariffs. "We know how to manoeuvre that," he said. PASSING ON COSTS Yet, years of aggressive price hikes, particularly during the post-pandemic boom, could make it harder for some brands to pass on higher import costs. Most brands lifted prices by their most ever in recent years, analysts from firms including UBS, Citi and Bernstein said. Chanel's classic quilted flap bag has more than tripled in price since 2010, while the Lady Dior bag and Louis Vuitton Keepall travel bag have more than doubled, according to UBS. "We've talked a lot about 'greedflation' for the past 12 months, the idea that you've gone too far, too high, too quickly. And at the end of the day, you've basically cut yourself off from that aspirational consumer," HSBC analyst Erwan Rambourg said. CAUTIOUS PRICING A significant price rise would counter a recent trend for more cautious pricing policy, especially in the U.S. market. Dior, for example, kept U.S. prices flat last year, while Louis Vuitton increased them by a little more than 2%, according to Paris-based market intelligence firm Data & Data, which monitors online retail prices for brand catalogues. Chanel raised prices by 5.4%, a moderate move compared with previous years, while jewellers Tiffany and Richemont-owned Cartier and Van Cleef & Arpels slowed the pace of U.S. increases to 4% to 6%, from over 8% in the previous year, the data showed. "I think that the major brands' room for manoeuvre in terms of price increases in the United States will be fairly limited in 2025," Data & Data CEO Zouheir Guedri said. "This would risk accentuating price differences between different regions and jeopardise costly efforts undertaken over the years to harmonise prices on a global scale." Morningstar analysts said in a recent note: "A 10% to 20% tariff on European luxury goods could depress luxury sales in the U.S., especially for companies like Burberry and Kering that focus more on an affluent and aspirational clientele as opposed to the ultra-rich patrons." CHOPPY OUTLOOK As Chinese demand stays subdued, Europe's luxury companies are pinning their hopes on Americans in 2025, boosted by roaring equities and crypto markets. Even though business with American customers is expected to grow fastest this year, at 6%, buoyed also by a strong dollar, sales to Chinese customers are set to drop 1%, UBS has forecast. But the outlook remains uncertain. U.S. consumer sentiment dropped unexpectedly in February to a seven-month low and inflation expectations rocketed as households feared they could pay the price for Trump's trade policies. Analysts at Citi noted spending habits of aspirational shoppers - consumers who stretch their budgets seeking to elevate their social status - remain choppy. LAND OF CONQUEST Hermes CEO Dumas last week said he still saw the United States as a "land of conquest" to generate growth, pointing to his group's retail expansion into second-tier U.S. cities, with upcoming openings in Phoenix and Nashville. LVMH hinted it could further bulk up production there. CEO Bernard Arnault and his family have cultivated personal ties with Trump, with four of them attending the president's inauguration last month. "We believe the group is positioning itself to be able to negotiate with the U.S. administration on potential tariffs by offering to produce more in the U.S., as is already the case for Louis Vuitton and could easily be done for other brands," said analysts at HSBC. Asked how he viewed lobbying efforts from Arnault in the United States, Kering-owner Pinault told Reuters "it's certainly a good thing" if it helps the European luxury sector avoid additional duties. However, like some other European luxury executives, Pinault ruled out any shifts of production to the U.S., saying that could dilute his group's 'Made in Europe' image and would "make no sense."
