|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||398.35 - 402.50|
|52 Week Range||242.30 - 411.05|
|Beta (3Y Monthly)||0.96|
|PE Ratio (TTM)||30.41|
|Earnings Date||Jan 27, 2020 - Jan 31, 2020|
|Forward Dividend & Yield||6.20 (1.56%)|
|1y Target Est||319.92|
Paris, December 2nd 2019 The disclosure of share transactions carried out on December 2nd, 2019 was sent to the AMF on December 9th, 2019. As required by current law, this.
Gao, who died suddenly last week at the age of 35, spoke publicly about how social media amplified the perception of his glamorous life. Gao collapsed while competing as a guest in the Chase Me reality television show in China, which requires contestants to complete physical challenges in an obstacle course. A statement released by the network, Zhejiang Television, said he had suffered a cardiac arrest.
When it comes to jewelers, conventional wisdom says millennial couples just aren’t all that interested in diamonds. But Signet Jewelers’ latest earnings report, if not Tiffany’s, suggests that narrative might not be quite right.
(Bloomberg Opinion) -- Moncler SpA’s hotline just blinged. The brand, sported by Drake in his video for the popular song of that name, is being courted by Kering SA, according to Bloomberg News.Moncler has been a fashion-hit maker itself. If Francois-Henri Pinault’s Kering wants to get its hands on it, the Gucci owner will have to pay a price as rich as that commanded by one of its $1,000-plus down jackets.The Italian brand, with a market capitalization of 11 billion euros ($12.2 billion), would bring a sizable name that’s still capable of growth to Kering, valued at 69 billion euros. It would also usefully reduce the French group’s reliance on Gucci, which now accounts for more than 60% of group sales and 80% of operating profit.Moncler has scope to add further stores, particularly flagship locations, in China. While it has successfully expanded its range of products from its core down jackets into knitwear, there is an opportunity in bags and accessories. Kering’s expertise would bolster these ambitions. Digital marketing skills and the French company’s focus on sustainability could be useful too, as younger luxury buyers’ concerns about natural resources, such as down and fur, shape their buying habits.But Moncler won’t come cheap. Assuming a 25% premium over Wednesday’s closing price, a takeover would cost about 12 billion euros, adjusting for estimated net cash of 550 million euros. That equates to about 20.5 times this year’s likely Ebitda, exceeding the multiple that Kering’s French arch-rival LVMH has offered for the iconic diamond and jewelry brand Tiffany & Co.With Moncler forecast to make about 750 million euros of operating profit in 2023, the returns from a deal would be a mere 5% after tax, unless Kering could turbocharge the business. Given that the target is already well run under Remo Ruffini, its chief executive officer and biggest shareholder, that looks like a tall order. Moncler's operating margin is already strong at about 30%.This wouldn’t be a case of taking a tired brand and rejuvenating it. So the pressure would be on Kering to engineer ways of achieving higher sales in order to earn returns at closer to the 7%-8% level that would make a deal easier to justify.The French house can afford Moncler. Assuming an all-cash deal, net debt would increase from 0.4 times Ebitda to 2.4 times. That’s manageable. Kering also has a 16% stake in sportswear maker Puma SE, worth about 1.6 billion euros, to play with. But a deal would wrap up much of Kering’s acquisition firepower up in a puffer jacket, leaving little room to expand into other areas, such as jewelry.There is better value to be found elsewhere, for example in Britain’s Burberry Group Plc, whose recovery plan has yet to pay off. Kering could also bring the skills it used to reinvigorate the Gucci brand to Prada SpA or Salvatore Ferragamo SpA. While this could mean more upfront investment, there is a much bigger turnaround potential.Although Burberry has no controlling family, Prada and Ferragamo do. So far, they have shown no indications of wanting to sell. A reshuffle of Moncler’s ownership recently reduced Ruffini’s stake to 22.5%Even so, Moncler’s down jackets are best known for keeping out the cold. The company has plenty to help it repel a predator, or more likely, make them pay a bulky price.\--With assistance from Chris Hughes.To contact the author of this story: Andrea Felsted at firstname.lastname@example.orgTo contact the editor responsible for this story: Melissa Pozsgay at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
In 1851, a team from New York Yacht Club won a race around the Isle of Wight off the south coast of England. Subsequently named the America’s Cup after the victorious yacht, America, the contest has become the world’s best-known sailing race. Over the race’s history, tycoons from banker J Pierpont Morgan to technology billionaire Larry Ellison have thrown huge sums at teams.
Underweight earthworms point to a bigger problem, say the scientists, who work at Anglia Ruskin University. A study published in April, for example, found that plastic particles are carried by the wind even to remote and supposedly pristine areas. The waste problem in fashion is on an almost unfathomable scale.
LONDON/PARIS, Dec 4 (Reuters) - The U.S. threat of tariffs on French goods from handbags to Champagne proved just a glancing blow to giants like LVMH and Kering this week, as investors refused to give up their decade-long love affair with luxury goods. The European luxury conglomerates are the leading lights of continental exchanges, just like digital behemoths Facebook, Amazon, Apple, Netlix and Alphabet's Google (FAANGs) are the vanguard of Wall Street stock indices and portfolios.
U.S. President Donald Trump cancelled his scheduled news conference at the end of the NATO summit in Britain on Wednesday, saying he had briefed the media many times during his two-day trip. "When today's meetings are over, I will be heading back to Washington," Trump said in a tweet. Trump said he would hold final bilateral meetings with Denmark and Italy at the golf resort near London where the military alliance has gathered for its 70th anniversary before returning to the United States.
NATO Secretary-General Jens Stoltenberg said on Wednesday that Turkey had dropped its block on a plan to bolster the defences of Baltic states and Poland against Russia. Ahead of the summit, Ankara had refused to back the NATO defence plan for the Baltics and Poland until it received more support for its battle with the YPG, including other alliance members recognising it as a terrorist group. In a final press conference after the summit, Stoltenberg also said that NATO was in favour of dialogue and a better relationship with Russia, and believed that China should be part of future arms limitations or reductions talks.
European shares bounced back from a four-day slump on Wednesday, lifted by a report that Beijing and Washington are moving closer to a trade deal. The STOXX 600 closed 1.2% up after Bloomberg reported that the two sides were closer to agreeing on the amount of tariffs that would be rolled back in a phase one trade deal. The report lifted the benchmark from a one-month low hit on Tuesday after U.S. President Donald Trump said a deal might have to wait until after the presidential election next November.
British Prime Minister Boris Johnson said he would press ahead with new taxes on U.S internet giants like Facebook and Google, putting him at odds with U.S. President Trump who has threatened retaliation against France over its digital tax plans. "On the digital services tax, I do think we need to look at the operation of the big digital companies and the huge revenues they have in this country and the amount of tax that they pay," Johnson said on Tuesday, according to a BBC report.
U.S. President Donald Trump said on Tuesday the United States and Russia wanted to reach a new treaty agreement on nuclear weapons. "Frankly, the whole situation with nuclear is not a good situation," Trump said ahead of NATO leaders summit. Trump said China was interested in joining the talks.
President Donald Trump said on Tuesday he was looking at imposing sanctions on Turkey over its purchase of a Russian missile system, blaming his predecessor for not selling Ankara a U.S. missile system. Sitting alongside French President Emmanuel Macron, Trump was asked whether he would issue sanctions on Turkey over the purchase of the S-400 missile system.
French President Emmanuel Macron said on Tuesday he was hopeful that trade and economic disagreements with the United States, including a dispute over France's new digital services tax, could be settled. The United States has threatened to impose duties of up to 100% on imports of champagne, handbags and other French products worth $2.4 billion after a U.S. government investigation found that France's new digital services tax would harm U.S. technology companies.
U.S. President Donald Trump said on Tuesday there might be substantial taxes on French goods if the United States and France failed to find an agreement in a trade dispute over France's plans for a digital tax.
U.S. President Donald Trump said on Tuesday he was sure "a minor dispute" with France on trade could be worked out after he threatened to impose duties of up to 100% on imports of champagne, handbags and other French products. "We'll be talking about a lot of things including NATO and including trade ... We have had a minor dispute but I think we will probably be able to work it out," Trump said, sitting alongside French President Emmanuel Macron at a meeting of NATO leaders.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. France’s government said the European Union would retaliate if the U.S. follows through on a threat to hit about $2.4 billion of French products with tariffs over a dispute concerning how large tech companies are taxed.The decision by the office of the U.S. Trade Representative marks a setback for efforts to stop a conflict over a digital services tax. The levy, which the USTR says “discriminates against U.S. companies,” would hit the revenues of large tech companies including Google, Apple Inc., Facebook Inc. and Amazon.com Inc.The American tariffs in response could target sparkling wine, cheeses, handbags and makeup.“It’s not worthy of an ally, and it’s not the behavior we expect from the U.S. toward one of its main allies, France, and more generally, Europe,” French Finance Minister Bruno Le Maire said on Radio Classique on Tuesday.“If there were new U.S. sanctions, the EU would be ready to retaliate.”Speaking in London, President Donald Trump said it’s not for France to tax U.S. businesses.“They’re American companies,” Trump said, referring to Facebook, Google and Twitter. “If they’re going to be taxed, the U.S. will tax them.”Monday’s report concluded a more than four-month-long probe. USTR Robert Lighthizer said the agency is also exploring whether to open investigations into similar digital taxes by Austria, Italy and Turkey. The move came hours after President Donald Trump announced a barrage of other tariffs on steel and aluminum from Argentina and Brazil.LVMH, the maker of Louis Vuitton handbags and Moet & Chandon champagne, fell as much as 2.1% in Paris trading, while makeup company L’Oreal SA lost as much as 1.4% and leather-goods maker Hermes International declined 2.1%.QuickTake: Why Digital Taxes Are the New Trade War FlashpointThe U.S. tariffs and the French tax are likely to be a priority during a meeting between Trump and Macron on the sidelines of a NATO conference in London on Tuesday. They had agreed in August to try to find a compromise, but a 90-day deadline for talks expired last week.Le Maire told reporters in France that the solution isn’t non-stop retaliation and sanctions, because that is “bad for our political relationship and growth and the economic recovery everywhere in the world.”“We are ready to withdraw the French national tax as soon as there is a solution and there is a solution at the OECD level,” he said.Macron argues that moving ahead with a tax on tech companies is necessary because the structure of the global economy has shifted to one based on data, rendering current systems archaic. His government is trying to use the national tax as a bargaining chip in its push for an agreement under the OECD.Global SolutionThe Internet Association, which represents tech companies, said France’s levy is “one of a growing number of concerning unilateral tax regimes around the world,” and advocated for a global solution in response to the announcement.France’s tax, retroactive to January, affects companies with at least 750 million euros ($830 million) in global revenue and digital sales of 25 million euros in France. While most of the roughly 30 businesses affected are American, the list also includes Chinese, German, British and French companies.The French government says it’s urgent to overhaul tax rules because the average tax rate for digital companies in the European Union is only 9.5%, compared with 23.2% for other companies.An attempt to agree on a Europe-wide tax fell through earlier this year when four countries -- Sweden, Finland, Denmark and Ireland -- declined to sign off on it. But Margrethe Vestager, currently the EU’s antitrust chief, said last week the bloc would try to find unity again if there isn’t a global agreement.Other European countries are also planning to levy a digital tax without waiting for the OECD. Italy’s government has said it will implement a tax on digital revenues Jan. 1, and Boris Johnson‘s Conservative Party, which leads the polls for this month’s U.K. general election, has committed to a digital services tax.(Updates with Trump starting in fifth paragraph.)To contact the reporters on this story: William Horobin in Paris at firstname.lastname@example.org;Jenny Leonard in Washington at email@example.com;Laura Davison in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Fergal O'Brien at email@example.com, ;Margaret Collins at firstname.lastname@example.org, Andrew AtkinsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- that it has received on 2 December 2019 a notification which triggers the procedure provided under 7.1(v) of the Terms and Conditions of the Bonds (the « T&C), to determine if the Trading Condition (as such term is defined in the T&C) is met during a period of 10 Scheduled Trading Days (the « Reference Period » as per 7.1(v) of the T&C). LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug, Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere, Woodinville, Volcán de Mi Tierra, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle, Newton, Bodega Numanthia and Ao Yun.