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Economist
a day ago
- Economist
Can Bernard Arnault steer LVMH out of crisis?
Louis Vuitton's new 17,000-square-foot development in Shanghai is, quite literally, the luxury brand's Chinese flagship. The structure, which serves as a store, restaurant, museum and billboard, is shaped like a giant boat, its hull emblazoned with Louis Vuitton's unmistakable monogram print. To some, it is also a metaphor for Louis Vuitton's parent company, LVMH, which is floundering in China and beyond. Is it a superyacht headed for promising new waters, asks Flavio Cereda-Parin of GAM, an asset manager, or 'Titanic 2.0'?


The Herald Scotland
2 days ago
- The Herald Scotland
TikTok ban: App goes dark if China doesn't agree to US deal
"If that deal gets approved by the Chinese, then that deal will happen. If they don't approve it, then TikTok is going to go dark," Lutnick said. "And those decisions are coming very soon, so let's see what the Chinese do. They've got to approve it. The deal is over to them right now." When asked if the potential agreement is a part of current trade talks with China, Lutnick said it was being discussed, but "not officially." "You can't really go meet somebody and not bring up the topics that are open," Lutnick said during the interview. "It's not officially a part of it, but unofficially, of course, it's going to be discussed. Neither TikTok nor the White House immediately responded for comment when contacted by USA TODAY on July 24. TikTok: Trump signs executive order delaying ban on TikTok - again When could TikTok go dark in the US? The next deadline for TikTok to be sold from ByteDance is Sept. 17. Trump signed an executive order, the third of its kind, to extend the deadline in June. Why could TikTok get banned? TikTok's future in the United States has been up in the air for months. In January, the platform went dark for less than 24 hours under federal legislation signed into law by former President Joe Biden. For years, some government officials have been concerned that TikTok is a national security threat, believing that ByteDance, which is based in Beijing, is sharing U.S. user data with China. TikTok has repeatedly denied these claims. Three times now, Trump has signed executive orders that push back the deadline for when TikTok must be sold, promising that deals with China are on the horizon. The latest was in early July, when Trump told reporters aboard Air Force One that he was hopeful Chinese President Xi would agree to a deal to see the platform to the U.S. Greta Cross is a national trending reporter at USA TODAY. Story idea? Email her at gcross@


Reuters
2 days ago
- Reuters
LVMH shares rise after mixed bag results with 'glimmers of hope'
PARIS, July 25 (Reuters) - Shares in French luxury group LVMH ( opens new tab rose on Friday after the group reported quarterly results, with analysts pointing to hopes on the horizon as the group said it saw some signs of recovery in the key Chinese market. LVMH's quarterly sales for products like Louis Vuitton handbags, Dior dresses and Moet & Chandon champagne came in slightly below expectations, at 19.5 billion euros ($22.88 billion), down 4% year-on-year, with a 9% sales drop at the group's core leather and fashion division. After an initial dip at market open as investors grappled to get a reading of what Citi analysts called a "mixed bag" of results, LVMH shares steadily reversed course, trading 3.5% up midday and lifting sector peers Kering and Hermes. HSBC analysts said in a note that higher-than-expected profit margins were a sign the group has become more pragmatic and efficient under the leadership of CFO Cecile Cabanis, who was appointed at the end of 2024. Deutsche Bank analyst Adam Cochrane said that while the second-quarter results were not "stellar", there were some "glimmers of hope". "Investors have been waiting for an opportunity to revisit this stock and the conference call highlighted a number of factors which may encourage a tangible recovery in China, market share gains in key brands and potential for structural efficiencies as well as ongoing tight cost management", he wrote in a note. LVMH's finance chief on Thursday said the company saw some "tangible improvement" In China, where a real estate crisis has dampened appetite for luxury goods. French luxury heavyweights have been facing prolonged downturn as brands also face the threat of U.S. import tariffs. ($1 = 0.8522 euros)