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Wealth

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.

August 26, 2010

Next gens are no longer expected to join the family business as soon as they are able, but many are left with the difficult choice of whether to follow in their ancestors' footsteps or branch out on their own, writes Katie Barker.

Next gens are no longer expected to join the family business as soon as they are able, but many are left with the difficult choice of whether to follow in their ancestors' footsteps or branch out on their own, writes Katie Barker. 

August 25, 2010

Families need to understand the risks to their business’s reputation and employ effective strategies to combat an increasingly litigious environment. Elizabeth Henson looks at how family businesses can protect their reputation.

Increasingly, family businesses are facing a rise in litigation and a greater propensity for them to be viewed as celebrities, open to attack from the mass media, unscrupulous advisers and other hostile parties. This is a real threat, and one that must be addressed if businesses are to be effectively passed down the generations.

Whilst a strategy for public relations and litigation are regarded as essential by most successful multinational corporate organisations, family businesses frequently neglect to establish similar functions for their own specific needs.

August 20, 2010

Gilles Pélisson, chairman and chief executive of Accor, said he wants the hotel and services group he runs to nearly double the number of hotels it has worldwide to as many as 7,000, with much of the emphasis on growth in Asia.

Gilles Pélisson, chairman and chief executive of Accor, said he wants the hotel and services group he runs to nearly double the number of hotels it has worldwide to as many as 7,000, with much of the emphasis on growth in Asia.
 
Pélisson, whose uncle Gérard Pélisson co-founded the hotel business back in the 1960s, made his remarks while in India.
 

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