Conglomerates

Michael Kors testified about the nature of the competitive landscape of the handbag market, as the FTC scrutinises Tapestry’s $8.5 billion acquisition of Capri Holdings.

Hours before its runway show during New York Fashion Week on Monday, Coach’s parent company, Tapestry, faced off with the FTC to prove its $8 billion acquisition of Michael Kors’ owner Capri isn’t anti-competitive.

Fashion was in the spotlight as the Paris 2024 games opened with an awe-inspiring spectacle including a mock runway show, as well as performances by Lady Gaga, Aya Nakamura and Celine Dion.

Luxury’s results ‘superweek’ underscored just how far consumer demand has fallen. Macroeconomic gloom is part of the problem, but there may be deeper issues with big luxury’s value proposition.

The French group’s sales fell 11 percent as its Saint Laurent and Balenciaga units also continued to suffer, underscoring the gap with key rivals in an increasingly cut-throat luxury market.

The Louis Vuitton and Dior owner’s revenues fell for a second consecutive quarter, suggesting even the sector’s strongest players are struggling to buck a slowdown in demand for high-end brands.

Some shareholders are asking the luxury giant to take more aggressive steps to monitor its supply chain after Italian prosecutors alleged factories manufacturing for Dior exploited workers.

Ambitious sales targets and lower commissions for some salespeople have led them to defect for competitors, taking some of their loyal clients with them.

Whoever brings home the medals at the Paris Olympics later this month, the French owner of Louis Vuitton and Dior will have a starring role in the games.

The Cartier and Van Cleef & Arpels owner is reshuffling its top management team once again amid wider succession planning.

Acquiring Richemont would catapult LVMH into a completely different stratosphere to the rest of the luxury industry, writes Andrea Felsted.

The stake was described by a source as “small” and part of a broader Arnault family-owned portfolio of investments in publicly listed companies.