Latest news with #StephaneBianchi
Business of Fashion
4 days ago
- Business
- Business of Fashion
LVMH Has Room to Raise Prices 2-3%, LVMH Deputy CEO Says
French luxury group LVMH has room to raise prices of high-end products by around 2-3 percent without likely affecting demand from luxury clients, but it would be difficult to lift prices of cognac or beauty products, company executives said on Wednesday. '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 Learn more: 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.
Bloomberg
4 days ago
- Business
- Bloomberg
LVMH Warns Chinese Are Curtailing Travel and Overseas Spending
LVMH 's deputy CEO has warned that Chinese customers have been pulling back on travel and consumer spending amid signs of weakening demand for luxury goods. 'For the past three months, Chinese tourists have been traveling less and buying less,' when out of the country, LVMH deputy CEO Stephane Bianchi told National Assembly lawmakers in a hearing on Wednesday.
CNA
4 days ago
- Business
- CNA
Chinese consumers travel and spend less, LVMH deupty CEO says
PARIS :French luxury group LVMH has noticed Chinese consumers have been travelling and spending less over the past three months, Deputy CEO Stephane Bianchi said on Wednesday. Demand in the United States, however, showed some 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, he added.
Reuters
4 days ago
- Business
- Reuters
Chinese consumers travel and spend less, LVMH deupty CEO says
PARIS, May 28 (Reuters) - French luxury group LVMH ( opens new tab has noticed Chinese consumers have been travelling and spending less over the past three months, Deputy CEO Stephane Bianchi said on Wednesday. Demand in the United States, however, showed some 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, he added.
