Is the luxury boom over? LVMH Q3 revenue growth dips below double figures
LVMH has reported its results for the third quarter of fiscal 2023 and first nine months of the year. The French luxury conglomerate recorded organic revenue growth of 14 percent for the first nine months of 2023 versus the same period in 2022. In the third quarter, revenue grew 9 percent.
Superdrug throws lifeline to Wilko workers; on the hunt for 1000 holiday staff
Superdrug has launched a major recruitment drive in a bid to hire 1,000 additional sales assistants to cover the festive period. The AS Watson-owned retailer is expecting increased footfall over Black Friday, Advent and Christmas.
Symrise Boosts Stake in Kobo Products
Symrise AG has increased its stake in Kobo Products Inc. to 49%, solidifying its involvement in the cosmetic pigment and powder sector.
Croda Cuts Profit Amid Slump
Croda, a significant supplier for cosmetics brands including Estee Lauder, has decreased its annual profit predictions due to declining demand, especially in its North American beauty care business.
L’Oreal offloads Sanoflore stake
L’Oreal has sold its stake in Sanoflore to Ekkio Capital and Sergio Calandri, Sanoflore’s CEO, for an undisclosed sum.
BASF cuts ribbon on offshore wind farm
BASF, Vattenfall and Allianz have inaugurated a jointly-owned 1.5 gigawatts wind farm in the North Sea. One of the largest in the world, the new offshore facility will supply renewable power to support BASF’s chemical production in sites across Europe.
Aurelius Group rumored to be in the running to buy The Body Shop
Aurelius Group has been named as the latest suitor for Natura &Co’s The Body Shop. The Brazilian beauty behemoth is said to be working with Morgan Stanley on a potential sale and could reach a provisional agreement with one of the interested parties by the end of the month.
L’Oreal cuts ribbon on UK HQ
L’Oreal has cut the ribbon on its new, purpose-built UK headquarters in London’s White City. The French beauty giant has moved al 1000+ head office employees into the new space.
LVMH CEO Investigated for Money Laundering
French prosecutors are currently investigating a transaction between Bernard Arnault, the CEO of LVMH, and a Russian businessman over suspicions of possible money laundering.
Sale of THG headquarters falls through
The sale of Icon Business Park, home to THG’s headquarters, to ICG Real Estate has fallen through. Owner, THG Co-founder Matthew Moulding, had agreed to sell the property for £200 million in a sale/leaseback deal.
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