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The Latest Breaking News from LVMH

This man just knocked Elon Musk off the top of the rich list. Who is Bernard Arnault?

He made a lot of noise on his way to the top, but now Elon Musk has fallen from the top of global rich lists. The title now belongs to Bernard Arnault, a man who's known to some as "the wolf in cashmere".

ABC News

Who is Bernard Arnault? Elon Musk is no longer the world’s richest man

Arnault becomes the fifth person to rank number one on Bloomberg’s wealth index since it debuted in 2012 after Elon Musk, Jeff Bezos, Bill Gates and Carlos Slim.

Evening Standard

Elon Musk loses title of world’s richest person to Bernard Arnault

Loss of top spot to LVMH chief executive comes after Tesla shares more than halve in value

The Guardian - UK

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Elon Musk has officially lost the title of richest person in the world

Tesla CEO overtaken by French businessman Bernard Renault, the boss of luxury brands company LVMH

The Independent UK

Elon Musk is no longer the world’s richest man—and the amount he’s lost this year is enough to land 4th place on the list

Investors have taken a tentative approach to Tesla in the wake of Musk’s $44 billion acquisition of social media platform Twitter.

Fortune

Elon Musk Briefly Loses Title as World’s Richest Person to LVMH's Arnault

Twitter owner and Tesla boss Elon Musk briefly lost his title as the world's richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm. Bernard Arnault, the chief executive…

Asharq Al-Awsat

Meet the ultrawealthy children of the world's richest man Bernard Arnault, vying to take over his LVMH empire in a real-life 'Succession' plot

LVMH chief Bernard Arnault briefly unseated Elon Musk as the world's richest man at $184.7 billion. Meet his kids, who run Tag HEUER, design Louis Vuitton watches, and more.

Fortune

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Prada charts line of business succession, tapping new CEO

The Prada fashion house has begun charting a line of succession on its business side by tapping a former LVMH executive as its next CEO

The Independent UK

Best Champagne brands to shop in 2023 for all your celebrations

What better way to celebrate than with a drop of pure luxury?

Evening Standard

Thomas Pink makes return to Jermyn Street after two years

Famous shirtmaker back at its spiritual home after being shut down by LVMH

Evening Standard

Louis Vuitton Picks Shanghai for First Furniture and Homewares Store

Louis Vuitton on Friday announced plans to open a dedicated furniture and homewares store in Shanghai, a world first for the French luxury brand as it aims to expand further into lifestyle offerings to affluent Chinese clients. The appointment-only showroom, which will open on Monday, is located in a century-old…

Asharq Al-Awsat

Out of Fashion: Gucci Faces Daunting Task to Replace Top Designer

The abrupt departure from Gucci of Alessandro Michele, the flamboyant designer who was a favorite of Harry Styles and Lady Gaga, increases pressure on owner Kering (PRTP.PA) as it faces slowing revenue growth at the Italian fashion house. News of the creative director's exit after seven years comes as Kering…

Asharq Al-Awsat

Luxury goods boom in Britain as super-rich youngsters buck the recession

Rich kids of Insta use strong dollar to fuel sales of brands such as Burberry, Louis Vuitton and Gucci

The Guardian - UK

‘We like anything with the Harrods name on it’: luxury brands report booming sales

Luxury goods firms report bumper profits as richest customers remain largely untouched by economic crisis

The Guardian - UK

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Evening Standard

London ‘losing out to Paris and Milan’ over tax-free shopping says Burberry finance boss

A new tax-free scheme ‘would definitely bring tourists back to the UK’

Fortune

The 'roaring 20s' are back as Moet Hennessy runs out of champagne

The wine and spirits division within luxury brand LVMH reported a 23% increase in revenue in the first nine months of this year.

The Guardian - UK

Firm behind Moët hails new ‘roaring 20s’ as wealthy drain stocks of champagne

Company behind premium champagne brands says there is ‘pent-up demand for luxury’

The Guardian - UK

Golden moments: put yourself in the cognac sweetspot

Two cognacs and an armagnac show just how good this brandy is – and there is no need to get all macho about it, says David Williams

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Bangkok Post

Inflation, Recession Fears Have Holiday Shoppers Trading Down

Many shoppers are trading down to less expensive clothing and accessories -- swapping Lululemon leggings for Uniqlo and expensive lingerie for Target bras and panties -- as inflation eats into their disposable income and a rocky stock market erodes their wealth.

The New Daily

Rihanna to release new music, after having a baby and becoming a billionaire

Rihanna has set the date for her long-awaited musical comeback, which will feature on a major Marvel movie soundtrack.

Asharq Al-Awsat

Hermes Eyes Big Price Rises, Says No Sign of Slowdown

Birkin bag maker Hermes said it would likely hike prices by 5% to 10% in 2023, much more than in the past, after reporting a sharp rise in sales growth over the third quarter and seeing no signs of slowdown in any of its markets. Echoing upbeat comments earlier this…

Benzinga

World's 2nd Richest Person Sells Private Jet, Fed Up With People Tracking It On Twitter: 'No One Can See Where I Go'

Luxury-goods company LVMH Moet Hennessy Louis Vuitton's (OTC:LVMUY) Bernard Arnault sold his private jet to stop Twitter accounts from tracking his travels.

Asharq Al-Awsat

LVMH Sales Jump as Strong Dollar Boosts Europe Demand

French luxury goods giant LVMH (LVMH.PA) beat market forecasts in the third quarter, posting a sharp rise in sales as wealthy shoppers splashed out on fashion and Americans in Europe made the most of the strong dollar. The world's biggest luxury group, home to fashion brands such as Louis Vuitton…

The Guardian - UK

Beauty Pie founder Marcia Kilgore: ‘We all need that lift, don’t we?’

She created FitFlop, and sold a company to LVMH at just 30. But could the cost of living crisis take the gloss off the cosmetics queen’s buyers’ club model?

Asharq Al-Awsat

Energy-saving in Fashion, Valentino Turns off Lights Early

Italian brand Valentino has decided to switch off the lights in its shops earlier at night to save energy and give a signal of "environmental awareness", following in the footsteps of the French luxury giant LVMH (LVMH.PA). Starting from last night, lights in around 95 Valentino's boutiques around the globe…

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