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15.04.26 - 14:27
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Kering And Hermès Sink As War Batters Earnings; Goldman Warns Luxury Dip-Buying Is "Premature" (ZeroHedge)
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Kering And Hermès Sink As War Batters Earnings; Goldman Warns Luxury Dip-Buying Is "Premature"
Goldman's Natasha de la Grense summed it up well this morning: "Money was waiting on the sidelines to buy luxury for a de-escalation play – that feels premature with three misses in three days."
Disappointments from Kering and Hermès, both of which fell short of analyst estimates, reinforced the view that the industry of fine wine, overpriced shirts, shoes, belts, and designer bags, is not yet out of the woods and sent the Goldman Sachs EU Luxury Goods Index (GSXELUXG) down more than 4%.
Gucci's turnaround appears to be faltering, with first-quarter revenue plunging 8% - nearly double the expected decline as the US-Iran conflict hit Middle East demand and tourism.
The conflict started late in the first quarter, resulting in an 11% sales drop in the Middle East (about 5% of revenue) and shaving roughly 1 percentage point off Kering's overall sales.
Shares of Kering i...
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15.04.26 - 09:54
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Hermes International Q1 Revenue Slips (AFX)
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PARIS (dpa-AFX) - Hermes International SA (HESAF.PK, HESAY.PK, 0HV2.L, RMS.PA), a French luxury goods company, on Wednesday reported a decline in revenue for the first quarter. For the first quart......
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14.04.26 - 08:48
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LVMH Misses Estimates; Kering, Hermes Set to Report (Bloomberg)
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Luxury goods firm LVMH reported first-quarter organic revenue that missed consensus estimates, driven by the underperformance of its key fashion and leather goods division. Kering and Hermès are also due to report this week, as Bloomberg Opinion's Andrea Felsted explains. Her views are her own. (Source: Bloomberg)...
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12.02.26 - 12:36
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Hermès Sales Surprise on Robust Birkin Bag Demand (Bloomberg)
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Hermès sales grew in the fourth quarter on strong demand for its coveted Birkin bags, chalking up gains across all markets and most of its products. Deborah Aitken of Bloomberg Intelligence has the details. (Source: Bloomberg)...
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12.02.26 - 10:42
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European Shares Climb As Earnings Bring Cheer (AFX)
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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks traded at record high levels on Thursday as investors cheered upbeat earnings from the likes of Legrand, Hermes and Siemens.Meanwhile, traders ......
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