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Wealth

January 5, 2011

French regulators will debate on 6 January whether the plan proposed by Hermes family shareholders that would prevent a hostile takeover of the company can be allowed under antitrust laws.

French regulators will debate on 6 January whether the plan proposed by Hermes family shareholders that would prevent a hostile takeover of the company can be allowed under antitrust laws.

The family, who controls 73% of the Paris-based company, met in December to set up a holding company, which will control more than 50% of Hermes and have the first right to purchase any of the remaining family-owned shares as and when they are sold.

December 10, 2010

PPR, the France-based luxury goods group owned by the Pinault family, announced 9 December that it is in exclusive talks to sell its furniture and electrical equipment retailer Conforama to Steinhoff International.

PPR, the France-based luxury goods group owned by the Pinault family, announced 9 December that it is in exclusive talks to sell its furniture and electrical equipment retailer Conforama to Steinhoff International.

The deal would see South Africa-based Steinhoff pay €1.2 billion in cash for 100% of Conforama and would assume the net debt of the European company.

December 6, 2010

Hermes, the French luxury products company controlled by descendants of the founder, has moved to set up a holding company to fend off any advances from larger rival LVMH Moet Hennessy Louis Vuitton.

Hermes, the French luxury products company controlled by descendants of the founder, has moved to set up a holding company to fend off any advances from larger rival LVMH Moet Hennessy Louis Vuitton.
 
Family members met 4 December to set up a holding corporation, which will control more than 50% of the company. The holding company will also have the first right to purchase any of the remaining family-owned shares.
 

October 25, 2010

LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury goods group which is controlled by the Arnault family, announced 23 October that it has taken a €1.45 billion share in fellow family company Hermes International.

LVMH Moet Hennessy Louis Vuitton, the world's largest luxury goods group which is controlled by the Arnault family, announced 23 October that it has taken a €1.45 billion share in fellow family company Hermes International.

LVMH, which owns brands such as Dom Perignon, TAG Heuer and Marc Jacobs, purchased 14.2% of luxury company Hermes and also plans to convert derivatives LVMH holds in Hermes into shares, giving it a total of 17.1% of Hermes capital.

October 14, 2010

LVMH, the luxury retailer, said third quarter sales rose 24% on an annual basis to €5.11 billion, as demand for high end watches and handbags remained strong.

LVMH, the luxury retailer, said third quarter sales rose 24% on an annual basis to €5.11 billion, as demand for high end watches and handbags remained strong.
 
The company said the first nine months of the year "confirmed its confidence" for full-year results.
 
The group's watches & jewelry business group recorded revenue growth of 29% in the first nine months of 2010. The fashion & leather goods business group achieved a 20% revenue rise in the same period.
 

September 8, 2010

Swiss-based luxury goods group Richemont has seen sales jump in the five months to 31 August, boosted by the acquisition of online fashion business NET-A-PORTER.COM and increasing demand from Asia.

Swiss-based luxury goods group Richemont has seen sales jump in the five months to 31 August, boosted by the acquisition of online fashion business NET-A-PORTER.COM and increasing demand from Asia.

Sales at the family-controlled company increased by 37% year-on-year following the purchase of NET-A-PORTER.COM in April this year for €272 million.

Excluding this acquisition, sales rose 22% driven by demand from Asia and the Americas, where Richemont reported a 36% and 38% increase in sales respectively.

September 6, 2010

Pernod Ricard, the Paris-based drinks group, recorded a rise in profits in 2009/10 despite seeing a slight drop in revenues.

Pernod Ricard, the Paris-based drinks group, recorded a rise in profits in 2009/10 despite seeing a slight drop in revenues.

Reporting its full year results on 2 September, the world's second-largest spirits group by sales said net profit had risen by 1% to €951 million for the year ending 30 June, but saw revenues fall by 2% to €7 billion. Its results were helped by an overall reduction in debt and strong growth in Asian markets.

August 27, 2010

Family-controlled luxury group LVMH has continued its push into Asia by taking a stake in China-based Emperor Watch and Jewellery Ltd through its private equity fund L Capital Asia Advisors.

Family-controlled luxury group LVMH has continued its push into Asia by taking a stake in China-based Emperor Watch and Jewellery Ltd through its private equity fund L Capital Asia Advisors.

The fund, which is registered in the Cayman Islands but is a 100% subsidiary of LVMH, has purchased 6.92% of Emperor as a result of the transaction.

L Capital plans to inject money and expertise into luxury watch and jewellery retailer, which had revenues of HK$ 2.69 billion in 2009.

August 26, 2010

The Asprey family has been in the business of selling luxury goods for seven generations. William Asprey tells Claire Adler how he is putting his own stamp on his business

The seventh generation of the Asprey family to specialise in the sale of luxury goods, William Asprey, sits in a roomy office behind the shop, his desk and bookshelves brimming with books. They detail some of the finest collectibles, old and new, that money can buy – from auction catalogues, to a volume chronicling the works of one of the world's most exclusive jewellers, Buccellati, and a book about antique and rare steel watches recently exhibited by Francois Paul Journe. Huge paintings of William Asprey's father, John, and grandfather, Eric, adorn the walls.

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