Chinese globetrotters seeking some Western pizazz for their wardrobes in the chic boutiques of Place Vendome in Paris or London’s Mayfair are increasingly likely to end up pondering altogether more familiar garb.
Bernard Arnault’s net worth is $14.6 billion less than previously estimated because of the way he owns his stake in LVMH Moet Hennessy Louis Vuitton SA, the world’s largest luxury-goods company, according to data compiled by Bloomberg.
European stocks rose, erasing their decline in the final two hours of trading, as the Republican leader of the U.S. House of Representatives was said to agree to a Senate proposal to increase the government’s debt limit.
Two years ago, Bernard Arnault asked his son Antoine to run shoemaker Berluti, then this month he installed his daughter, Delphine, as executive vice president of Louis Vuitton. While her brief is to revive the handbag maker and Antoine’s task is to transform Berluti into a menswear titan, Arnault is auditioning both for another job: his own.
Financiere Agache SA, the majority owner of French luxury goods maker Christian Dior SA, is seeking to refinance a 500 million-euro ($646 million) loan due next year, according to three people with knowledge of the matter.
Fosun International Ltd., the investment arm of China’s biggest closely held industrial group, agreed to buy a stake in Raffaele Caruso SpA, an Italian maker of suits for companies including Christian Dior SA.