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LVMH takes full control of Pucci

Luxury conglomerate company LVMH, the parent company to luxury brands including Louis Vuitton, Dior, and Givenchy, now owns 100 percent of Emilio Pucci. LVMH bought out the remaining 33 percent that was still held by the founding family. Exact details of the transaction were not disclosed. Per the terms of the deal, Laudomia Pucci, will step...

18 Jun 2021

Business

LVMH partners with Google for AI innovation

French luxury group LVMH has partnered with Google Cloud to accelerate innovation and create new could-based artificial intelligence solutions. The two businesses will join forces to offer new AI and machine learning technologies, aimed at improving business operations through demand forecasting and inventory optimization. The customer...

16 Jun 2021

Business

LVMH sets up employee support fund

Luxury conglomerate LVMH has launched a global emergency and support fund for its 150,000 employees, with an initial endowment of 30 million euros. The LVMH Heart Fund is aimed at supporting all of its staff around the world in more than 70 countries, helping employees suddenly faced with a “serious personal situation” by providing them with...

8 Jun 2021

Business

LVMH partners with Canopy on sustainable initiatives

LVMH has announced a new partnership with environmental not-for-profit Canopy as it looks to strengthen its commitment to forest conservation. In a press release, LVMH states that more than 3.2 billion trees are cut down every year to produce paper packaging or to make fabrics like viscose and rayon for clothing. By working with Canopy it said...

7 Jun 2021

Retail

LVMH's Parisian department store La Samaritaine to reopen after 16 years

Parisian department store La Samaritaine is reportedly set to reopen its doors next month for the first time in 16 years. Luxury French group LVMH, which has been a majority shareholder in the iconic shopping destination since 2001, closed the building in 2005 for security reasons and has since invested 750 million euros in its revamp. Between...

31 May 2021

Business

LVMH presents commitment to circular economy at ChangeNOW Summit

At the recent ChangeNOW Summit, which took place virtually from 27th to 29th May, Antoine Arnault, responsible for image and environment at LVMH, presented the French luxury group’s commitment to supporting a circular economy. Its approach, known as “creative circularity”, is one of the four strategic pillars of the Group’s environmental...

31 May 2021

Fashion

LVMH and UNESCO expand joint Amazon project

LVMH and UNESCO MAB (Man and Biosphere) recently announced the launch of a joint project to combat deforestation in the Amazon, which is a major threat to the region’s precious ecosystems. The initiative is part of the Group’s own program LIFE 360 (LVMH Initiatives For the Environment), through which it is committed to contributing to the...

25 May 2021

People

LVMH CEO Bernard Arnault was briefly the wealthiest person in the world

Bernard Arnault was briefly the wealthiest person in the world on Monday. In the hours before the New York Stock Exchange opened the president and CEO of French luxury giant LVMH surpassed Amazon founder Jeff Bezos in Forbes’ latest ranking. His fortune was valued at 186.3 billion dollars (about 152 billion euros), 300 million above Bezos (186...

25 May 2021

Business

LVMH releases first comprehensive social and environmental report

French luxury group LVMH on Monday released its “first comprehensive social and environmental report,” in which it highlights its initiatives to support sustainable growth. It is the first time the Group published a consolidated report of its social and environmental commitments and initiatives. An independent audit shows the Group’s carbon...

11 May 2021

Fashion

LVMH launches deadstock platform, Nona Source

Nona Source, an LVMH-backed re-sale platform for deadstock, has launched an online destination for the most exclusive fabrics from LVMH’s portolio of French luxury maison. The company allows creatives to easily access high-quality materials whilst encouraging the re-use of existing resources in a circular economy. A new way of textile buying...

26 Apr 2021

People

Berluti parts ways with Kris Van Assche

Berluti, the LVMH-owned label best known for its high-end footwear, is bidding goodbye to artistic director Kris Van Assche. The notorious three-year contract re-shuffle was perhaps not entirely unexpected after the Maison’s fashion codes (and its logo) were fully disrupted and did not achieve the growth LVMH has come to expect. Belgian designer...

23 Apr 2021

Business

LVMH increases stake in Tod’s as “friendly support”

The world’s largest luxury group has reinforced a “twenty-five years friendship” through a raised stake at Italian shoemaker Tod’s. LVMH’s shareholding in Tod’s will go from 3.2 percent to 10 percent. On Thursday, Tod’s said in a statement that LVMH would buy a 6.8 percent stake from Tod’s founder and Chairman Diego Della Valle. LVMH, led by...

23 Apr 2021