Word: arnault
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...against the odds, Max Azria transformed California-casual style into the $1 billion business BCBG. At the heart of any fashion deal is talent, and managing creative talent is a business skill all its own. Perhaps one of the most successful examples of that is LVMH boss Bernard Arnault, once an outsider himself. He started off in real estate in Florida. Now he manages some of the greatest talent in the luxury business, reaping great financial rewards, of course...
...years the luxury sector, now a $140 billion business growing at approximately 7% a year, according to the Telsey Advisory Group (TAG), an independent research firm based in Manhattan, has been populated by a handful of familiar faces: Bernard Arnault of LVMH, François-Henri Pinault of PPR and the odd manager of Gucci or president of Chanel. But cash-rich private-equity firms have taken note of the impressive numbers those companies are posting. Gross profit margins for apparel are 50%, and for leather goods they can be as high as 77%, according...
...from outside Padua, Italy, with a textiles-trade-school diploma, Rosso, 50, is not your typical luxury-group CEO. Sure, he flies in private jets and frequents fashion shows, but most of the time he wears jeans or sweats, and his curly hairdo is more Peter Frampton than Bernard Arnault...
...subject to the whims of handbag consumers. With huge margins and high visibility, bags like Chloé's Paddington and Vuitton's Murakami can add hundreds of thousands of dollars to the bottom line, or a nice $300 million in the case of the Murakami. So luxury kings like Bernard Arnault, owner of mega-brand Louis Vuitton, fret over the star power of each one they produce...
...their couture operations. Last year, according to analysts' estimates, Lacroix generated about $39 million in sales from its couture, ready-to-wear and licensing businesses--with a loss of $13 million. Those in the designer's inner circle say Lacroix is bitter about the way LVMH'S chairman, Bernard Arnault, handled the sale, although Arnault shows little regret. "For 17 years we have worked to transform the company, and we have not been successful," he says. "It's time to focus on our core businesses and those brands like [Louis] Vuitton that have the most potential...