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LVMH: Between headwinds and creative renewal, LVMH maintains its strategic direction for 2026  The latest show by LVHM owned Louis Vuiton in Paris gathered leading figures in the world of culture and fashion. All rights reserved Louis Vuitton, guest Sho Hirano at the Menswear Fall 2026 show in Paris.
Abu Dhabi, United Arab Emirates – January 28, 2026: In a strained global macroeconomic environment, LVMH has once again demonstrated the resilience of its diversified, multi-sector business model. While full-year 2025 results showed a modest decline compared with the previous year, the Group delivered strong cash-flow performance and maintained the enduring appeal of its portfolio of brands. The Group reported revenue of €80.8 billion, reflecting an organic decline of 1%. On a reported basis, sales fell by 5%, a decrease almost entirely attributable to unfavourable currency effects, as the strengthening euro weighed on the conversion of international revenues. Despite this impact, LVMH maintained a solid operating margin of 22%. Commenting on the results, Antoine Fraysse-Soulier, Market Analyst at eToro, said: “LVMH’s 2025 performance highlights exemplary cash-flow management and the continued strength of its brands, even in a complex macroeconomic and currency environment.” A key highlight of the year was operating free cash flow, which increased by 8% to €11.3 billion, enabling the Group to reduce its net debt by 26%. Selective Retailing emerged as the Group’s primary growth engine, delivering organic growth of 4%. Sephora posted a particularly strong performance, further strengthening its global leadership position and market share. In contrast, the Fashion & Leather Goods division recorded a 5% decline in sales, although profitability remained highly resilient, with an operating margin reaching an impressive 35%. Beyond the financial results, Bernard Arnault reaffirmed LVMH’s long-term strategy of transforming purchasing into a cultural and emotional experience. The Group continues to evolve its maisons into unique destinations, including The Louis in Shanghai and new Tiffany & Co. flagship stores in Milan and Tokyo, aimed at deepening local engagement and customer loyalty. LVMH is also pursuing a significant creative renewal, marked by the appointment of new artistic directors, including Jonathan Anderson at Dior, Sarah Burton at Givenchy, and Michael Rider at Céline. This “creative shock” is designed to stimulate both commercial performance and media attention. In parallel, the world’s leading luxury group is accelerating its expansion into new territories, particularly Lifestyle and Sport, through a ten-year partnership with Formula 1 and its participation in the Osaka World Expo, underscoring its ambition to extend the art of living beyond fashion. Looking ahead, LVMH enters 2026 with heightened vigilance but undiminished confidence, supported by strong cash generation, disciplined financial management, and a clear strategic vision.
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 Building on the success of its transformation and the implementation of its ongoing premium-upscale strategy, Club Med continues to evolve its organization to support its growth ambitions in Europe.
Club Med has appointed Charlotte Bernin to lead the Europe, Middle East, and Africa (EMEA) markets. Together with the EMEA teams, she will be responsible for transforming the company’s new strategic plan, Forever Young, into concrete drivers of performance, efficiency, and growth, to support the ambition of doubling the company’s presence across these regions. This appointment fully reflects Club Med’s commitment to promoting talent from within. Since 2024, Charlotte Bernin has served as Director of the France and Northern Europe Markets, where she has driven strong growth momentum and supported Club Med’s transformation of its commercial and omnichannel business models. She will succeed Anne Browaeys in this role. Anne has expressed her desire to open a new chapter in her professional career. During her ten years with the company, she played a key role in Club Med’s transformation, contributing to the lasting strengthening of its performance, operational efficiency and leadership in European markets. Charlotte becomes a member of the Executive Committee and reports to Stéphane Maquaire, President and Chief Executive Officer of Club Med. Stéphane Maquaire, President and Chief Executive Officer of Club Med, said: “I am very pleased to entrust Charlotte Bernin with the responsibility for the EMEA markets. Her journey at Club Med since 2009 in key roles has given her an excellent understanding of the company and our markets, supporting our growth ambitions and the deployment of our strategy. I would like to warmly thank Anne Browaeys for her commitment and her decisive contribution to Club Med’s transformation. Her expertise has enabled Club Med to strengthen its structure and its long-term position in Europe.” Charlotte Bernin joined Club Med in 2009. After holding key roles in pricing and revenue management, she contributed to the structuring and growth of the distribution network in France. In 2019, she became Director of Marketing & Sales for the Exclusive Collection, where she helped develop it as a strategic segment for acquiring new clients. From 2020, she was appointed Director of the France Market, and in 2024 her responsibilities were expanded to include the France and Northern Europe Markets, where she led an ambitious omnichannel transformation and sustained growth in a challenging environment. Founded in 1950 by Gérard Blitz and later joined by Gilbert Trigano, Club Med invented the concept of the all-inclusive vacation and childcare with the creation of the Mini Club in 1967. Present in 40 countries around the world with 68 Premium and Exclusive Collection resorts, Club Med offers holiday experience in exceptional destinations and settings. With the support of its shareholder Fosun Tourism Group and the successful implementation of its repositioning strategy, Club Med is today the world leader in premium, experiential all-inclusive vacations for active families and couples. Club Med employs nearly 28,000 Gentils Organisateurs (G.O.) and Gentils Employés (G.E.), representing 110 nationalities.  January 23, 2026 - Silver hit a nominal record high of $96.60 on January 23, 2026, bringing it within striking distance of the psychologically significant $100 barrier. Gold also surged to $4,933.27 per ounce, approaching the $5,000 milestone, highlighting a broader precious metals rally.
A Structural Repricing, Not a Bubble Silver’s surge is driven by a convergence of structural factors: persistent deficits, industrial demand growth, Chinese export controls, and physical market stress. The market is not experiencing mere speculative hype - it’s witnessing a fundamental revaluation of a critical industrial metal. Supply Crisis of Historic Proportions From 2021-2025, silver experienced five consecutive years of structural deficits totaling over 820 million ounces - roughly a full year of global mine production. In 2025 alone, the deficit reached 95 million ounces. Global mined supply remained flat at 813 million ounces, constrained by the fact that 71% of silver is a byproduct of gold, lead, zinc, and copper production, limiting the ability to increase output in response to prices. The physical market shows signs of panic. London silver lease rates spiked above 30% in October 2025, far above normal levels below 1%, while COMEX futures open interest fell more than 22% as shorts struggled to source physical metal. Major trading hubs are running low: Shanghai stocks hit a decade low, and London vaults were drawn down as metal flowed to Asia. Related video: Gold and silver extend record run (CNBC)Sponsored January 25, 20266:32 AM GMT+1Updated 10 hours ago
Jan 25 (Reuters) - Vanguard's assets under management outside the U.S. have exceeded $1 trillion for the first time, the Financial Times reported on Sunday. In the next five years, the asset manager is seeking to more than double its international client count to nearly 40 million, the FT report said.Get a daily digest of breaking business news straight to your inbox with the Reuters Business newsletter. Sign up here. Chris McIsaac, Vanguard's international head, said the firm's business outside the U.S. doubled its assets over the past five years, adding that "at this pace, it will take us another five to attract the next $1 trillion."  From January 19th to 21st 2026, Milan will host the seventh edition of LVMH Watch Week, to the new CEO shuffle speculations.
This prestigious event will allow nine Maisons from the LVMH Group to present their new watchmaking creations. Each Maison will take the opportunity to unveil their innovations and savoir-faire to an audience of international journalists, clients, and retailers. But just days ahead another crisis among top leaders hits the luxury Group, the executive Pin is leaving the French luxury conglomerate after 23 years that included tenures at Zenith and Bulgari. TAG Heuer CEO Exits, Adding to LVMH Watches Woes Antoine Pin (above holding the mic) has left the helm of LVMH’s biggest watch label, the group confirmed, increasing uncertainty at a watches division already buffeted by a challenging market ahead of the company’s Watch Week showcase in Milan... After notable initial editions that showcased the Group's key markets, LVMH has this time chosen Italy as the setting for this annual gathering. This event, now highly anticipated by the entire watchmaking community, will bring together in Milan: Bvlgari Horlogerie, DANIEL ROTH, gérald genta, Hublot, L'Epée 1839, Louis Vuitton, TAG Heuer, Tiffany & Co., and ZENITH. "The seventh edition of LVMH Watch Week will be held in Milan in January 2026, bringing together nine LVMH watchmaking Maisons. This major event will provide new driving force for this essential gathering in the fine watchmaking sector. Starting early in the year, it allows us to present our brand-new creations to our partners, journalists, and clients. For 2026, we are already planning significant novelties and exceptional pieces across all our Maisons, all united – in their diversity and complementarity – by the Group's creative passion," states Jean-Christophe Babin, CEO of the LVMH Watch Division and CEO of Bvlgari (Resorts). This seventh edition of LVMH Watch Week will attest to the strong creative dynamism of the Group's watchmaking division. Times of ECONOMY Saks Global, the parent company of Saks Fifth Avenue has filed for Chapter 11 bankruptcy protection, just over a year after completing its acquisition of Neiman Marcus. The filing follows heavy debt, liquidity issues and strained vendor relationships, despite securing about $1.75 billion in financing to support operations during restructuring. Former Neiman Marcus CEO Geoffroy van Raemdonck has been appointed to lead the turnaround. bof states, Saks Global: When Bankruptcy Is Your Best-Case Scenario…The retailer’s Chapter 11 filing — and $1.75 billion in new financing to keep operating while it restructures — came as a relief to many in the industry. But keeping the doors open is a low bar to clear; there are still unanswered questions about the luxury department store model’s future.   eToro partners with BWT Alpine Formula One Team ahead of the 2026 season Abu Dhabi, United Arab Emirates – January 15, 2026: BWT Alpine Formula One Team and eToro have today announced a partnership agreement for the eagerly anticipated, upcoming 2026 season, becoming the team’s exclusive trading and investment partner. As both Formula One and retail investing continue to grow globally, the partnership brings together two brands united by a focus on innovation and community. eToro empowers more than 40 million registered users across 75 countries to trade, invest, learn and share. BWT Alpine Formula One Team competes at the highest level of motorsport, where preparation, precision and relentless improvement define success in a new regulation era of Formula One in 2026. Built on shared values of innovation and community, the partnership will focus on engaging fans globally through content and experiences throughout the season. Yoni Assia, Co-founder & CEO, eToro: “We are proud to partner with BWT Alpine Formula One Team ahead of the 2026 season. Formula One is driven by innovation and a relentless commitment to improvement, which strongly align with eToro’s mission to equip our users with the financial tools and education they need to meet their evolving investing goals. Together, we look forward to creating inspiring content and experiences for fans worldwide.” Guy Martin, Global Marketing Director, BWT Alpine Formula One Team: “We are excited to welcome eToro as the exclusive trading and investment partner. Our partnership brings together two brands driven by performance, innovation and a shared ambition to challenge conventions both on the track and beyond. We are keen to bring fans closer to the sport than ever through innovative campaigns together with like-minded partners, such as eToro.”   AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR 15 JANUARY 2026
RICHEMONT MAINTAINED STRONG MOMENTUM WITH SALES UP 11% AT CONSTANT RATES FOR ITS THIRD QUARTER ENDED 31 DECEMBER 2025 Highlights for the quarter ended 31 December 2025
October-December 2025 2024 Movement at: €m €m constant rates actual rates By region Europe1 550 1 456 +8% +6% Asia Pacific 1 870 1 913 +6% -2% Americas 1 740 1 647 +14% +6% Japan 632 592 +17% +7% Middle East & Africa 607 542 +20% +12% By distribution channel Retail4 601 4 382 +12% +5% Online retail 413 419 +5% -1% Wholesale and royalty income 1 385 1 349 +9% +3% By business area Jewellery Maisons4 785 4 501 +14% +6% Specialist Watchmakers872 867 +7% +1% Other742 782 _ -5% Total 6 399 6 150 +11% +4% Review of trading in the three-month period ended 31 December 2025 versus the prior-year period, at constant exchange rates Any long form references to Hong Kong, Macau and Taiwan within this company announcement are Hong Kong SAR, China; Macau SAR, China; and Taiwan, China respectively. Unless otherwise stated, all sales comments below relate to continuing operations. At constant exchange rates, Group sales rose by 11% in the third quarter versus the prior-year period. All regions posted solid growth, led by double-digit performances in the Americas, Japan and Middle East & Africa, against demanding comparatives in the prior-year period. In the Americas, ongoing strength in local demand drove a 14% rise in sales, with all business areas and all main markets contributing to the regional performance. In Europe, sales increased by 8%, led by local demand and supportive tourist spending, particularly from North American and Middle Eastern clienteles. Jewellery Maisons, Specialist Watchmakers and Fashion & Accessories Maisons were all positive. Most markets enjoyed robust growth, notably the UK and Italy. The Middle East & Africa region posted the highest regional growth with sales up by 20%, led by strength in the United Arab Emirates market and double-digit growth across all business areas. Asia Pacific sales increased by 6%, with growth at Jewellery Maisons and Specialist Watchmakers. Sales in China, Hong Kong and Macau combined were up by 2%, mostly led by solid activity in Hong Kong. Growth was robust elsewhere in the region, with noteworthy performances in the South Korean and Australian markets. In Japan, sales grew by 17%, primarily driven by Jewellery Maisons. Local demand in the market remained strong, with tourist spending overall also supportive. All distribution channels contributed to the growth in sales. Sales through the retail channel grew the most, up by 12%, with broad-based strength across regions and business areas. Retail represented 72% of Group sales. Wholesale sales rose 9%, led by double-digit performances at both Jewellery Maisons and Specialist Watchmakers, and grew across all regions. Online retail sales were up 5%, led by Jewellery Maisons. The Group’s four Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier - delivered a 14% increase in sales against a demanding +14% comparative in the prior-year period, marking another successful festive season across all the Maisons. Both jewellery and watch categories grew strongly, led by iconic lines and fuelled by attractive novelties and impactful communication. Sales rose by double-digits across all channels and were up across all regions, with the Americas, Middle East & Africa and Japan enjoying the highest growth rates. Specialist Watchmakers recorded a second consecutive positive quarter, with sales up by 7% and growth across all regions, including double-digit performances in the Americas and Middle East & Africa. The Group’s Other business area, which includes Fashion & Accessories Maisons, recorded stable sales against an 11% growth rate in the prior-year period. Watchfinder & Co. grew by double digits, while sales at Fashion & Accessories Maisons were up by 3%, with Peter Millar and Gianvito Rossi notably showing solid momentum. Trading in the nine-month period ended 31 December 2025 Sales over the nine-month period to December 2025 increased by 10% at constant exchange rates and by 5% at actual rates. At constant exchange rates, growth was broad-based across all regions, channels and business areas. A quarter-by-quarter sales overview is presented in Appendix 1. The Group’s net cash position on 31 December 2025 stood at € 7.6 billion (2024: € 7.9 billion). Corporate calendar The Group’s results for the financial year ending 31 March 2026 will be announced on Friday 22 May 2026. The Group’s corporate calendar is available on https://www.richemont.com/investors/corporate-calendar/. Richemont Richemont has a unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term. Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as TimeVallée and Watchfinder & Co. Find out more at https://www.richemont.com/. Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange, Richemont’s secondary listing. Disclaimer The financial information contained in this announcement is unaudited. This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results.... © Richemont 2026 |
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