Core Insights - LVMH Moët Hennessy Louis Vuitton reported a revenue of €80.8 billion for 2025, reflecting resilience amid a challenging geopolitical and economic landscape [1][4]. Financial Performance - Profit from recurring operations reached €17.8 billion, resulting in an operating margin of 22%, impacted by currency fluctuations [2][9]. - The Group's net profit amounted to €10.9 billion, while operating free cash flow increased by 8% to €11.3 billion [2][9]. Regional Performance - Europe experienced a revenue decline in the second half of 2025, while the United States saw growth driven by strong local demand [1]. - Japan's revenue decreased compared to 2024, which had benefited from increased tourist spending due to a weaker yen [1]. - The rest of Asia showed improved trends, returning to growth in the latter half of the year [1]. Business Group Highlights - **Wines & Spirits**: Revenue declined by 5% (organic), with profit from recurring operations down 25% due to weaker demand for cognac [13]. - **Fashion & Leather Goods**: Revenue decreased, but local customer resilience was noted, with an operating margin of 35% [14]. - **Perfumes & Cosmetics**: Revenue remained stable on an organic basis, with an 8% increase in profit from recurring operations [15]. - **Watches & Jewelry**: Organic revenue growth of 3% was recorded, with a 2% decrease in profit from recurring operations [17]. - **Selective Retailing**: Achieved 4% organic revenue growth and a 28% increase in profit from recurring operations, with Sephora leading the growth [18]. Strategic Initiatives - LVMH emphasized its commitment to sustainability through the LIFE 360 environmental program, achieving a significant increase in the use of recycled materials [5][7]. - The company highlighted its cultural initiatives, including participation in the World Expo in Osaka and a partnership with Formula 1 [3]. Future Outlook - The company remains confident in its strategy for 2026, focusing on brand development, innovation, and maintaining high-quality standards despite ongoing uncertainties in the geopolitical and macroeconomic environment [19][20]. Dividend Announcement - A dividend of €13 per share is proposed for 2025, with an interim dividend of €5.50 already paid [21].

Louis Vuitton owner LVMH shareholders are pressing for clearer succession planning at the luxury conglomerate, as questions over Bernard Arnault’s future unsettle some investors. According to Reuters, the 76-year-old CEO and chairman has yet to designate an heir. Arnault has run the group for nearly four decades and oversees more than 70 brands, including Dior and Tiffany. Last April, investors supported a proposal to lift the age cap on his dual role to 85, though the decision attracted notable resist ...

Hennessy — the “H” in billionaire Bernard Arnault’s luxury empire LVMH — has been hit by a global slump in cognac sales@arascouet explains why that's left producers considering desperate measures https://t.co/wITaJpJYAx https://t.co/aRDzsxTErG ...

If stock prices are any indication, investors are bracing for a rough earnings season for the luxury industry https://t.co/cY9UtpNqWA ...

Core Viewpoint - Investors are optimistic that LVMH's upcoming annual results will indicate a recovery from a prolonged slowdown in the luxury market, while also seeking more decisive actions from CEO Bernard Arnault to enhance performance [1] Group 1 - LVMH is expected to report annual results that reflect signs of recovery in the luxury sector [1] - There is a demand from investors for increased initiatives from CEO Bernard Arnault to improve the company's performance [1]

Core Insights - The Value Fund achieved a return of +0.4% for 2025, significantly impacted by a -4.3% drag from currency headwinds due to a weakening U.S. dollar [1][2] - The fund underperformed compared to broader market indices, with the S&P/TSX returning +31.7%, S&P 500 +12.5%, and DJIA +9.7% [4][5] - The "Magnificent Seven" tech stocks contributed 42% of the S&P 500's gains, highlighting a concentration of performance among a few large-cap names [5] Currency and Market Dynamics - The fund maintains a long-term strategy of not hedging against currency fluctuations to avoid high transaction costs, despite short-term volatility [3] - The performance of the S&P 500 was driven by a few key companies, indicating a lack of broad market participation [4][5] Investment Philosophy - The fund emphasizes discipline in investment strategy, avoiding overvaluation despite market trends, and prioritizing capital preservation [7][8] - The fund's management acknowledges the challenges of being a value investor in a market characterized by high valuations and irrational risk-taking [9] Portfolio Performance - Alphabet Inc. was the top performer in 2025 with a return of +64.8%, driven by its strong position in web search and advancements in AI technology [15][20] - American Express contributed +24.7% to the fund, benefiting from strong revenue growth and a premium consumer base [21][22] - Compagnie Financière Richemont gained 41.8%, with positive sales growth in China and a strong luxury market position [23][24] Underperformers - Fiserv Inc. was the worst performer, declining by 67.3% due to deteriorating fundamentals and a reassessment of growth quality [27][28] - Lululemon Athletica fell 45.7%, facing challenges in growth sustainability and external shocks from U.S. trade policy [32][34] Strategic Adjustments - The fund has adopted a defensive posture entering 2026, with cash and equivalents representing 14.7% of the portfolio [14] - The fund actively managed its portfolio, selling out of four positions and initiating three new ones, reflecting a focus on valuation disparities [36] Future Outlook - The fund remains optimistic about Alphabet's future, citing its ability to leverage AI across its product suite and maintain a competitive edge [20] - The management team is focused on long-term ownership and disciplined investment strategies, with an average portfolio turnover of just 12.4% over the past five years [41]

Core Viewpoint - Some LVMH shareholders are seeking clarity on Bernard Arnault's succession plan for leadership of the luxury conglomerate he has led for nearly 40 years, expressing concerns over the lack of transparency regarding the transition process [1] Group 1 - Shareholders are requesting more information on how leadership will be transferred within LVMH [1] - The uncertainty surrounding the succession plan has raised questions among investors about the future direction of the company [1] - Arnault's long tenure has made the leadership transition a significant concern for stakeholders [1]

PARIS — As luxury brands double down on their history to woo back consumers, Kering chief executive officer Luca de Meo wants to nudge them into the future. Speaking at the second edition of the Kering Innovation Day event in Paris, de Meo urged employees of brands including Gucci, Saint Laurent and Balenciaga to use technology to improve the design, supply chain and customer experience in luxury fashion. More from WWD “My ambition is to complement that natural tendency of the industry to look back with ...

Group 1: Seasonal Patterns Overview - The article discusses five seasonal trading patterns that have consistently delivered high returns over time [2][27] - These patterns are based on historical data and are designed to provide actionable trading opportunities [27] Group 2: Tapestry Inc. - Tapestry Inc. (NYSE:TPR) has a seasonal pattern that starts now, with a return on investment (ROI) of 192% over a duration of 35 days [3][5] - The company is known for luxury brands like Coach, Kate Spade, and Stuart Weitzman, and performs well when consumer spending confidence is high [5][6] Group 3: Costco Wholesale Corp. - Costco (NASDAQ:COST) has a seasonal pattern starting in February, with an ROI of 50% over 13 days [7][10] - The company operates on a bulk-buy model and maintains a loyal membership base, making it resilient in volatile markets [9][10] Group 4: SPDR Gold Shares - SPDR Gold Shares (NYSE:GLD) has a seasonal pattern starting in March, with an ROI of 153% over 23 days [10][15] - This pattern aligns with current market momentum and is particularly relevant given the rising gold prices amid economic uncertainty [15][16] Group 5: The Progressive Corp. - The Progressive Corp. (NYSE:PGR) has a seasonal pattern starting on May 16, with an ROI of 128% over 50 days [18][20] - The company is recognized for its strong underwriting and steady revenue, making it a reliable performer during market stress [20][21] Group 6: JPMorgan Chase & Co. - JPMorgan Chase (NYSE:JPM) has a seasonal pattern starting on October 20, with an ROI of 112% over 77 days [22][23] - As the largest bank in the U.S., it is sensitive to interest rate changes and provides insights into market sentiment [25][26]

Core Insights - Burberry reported a sequential improvement in third-quarter trading, with a 3% increase in comparable retail sales and retail revenue of £665 million, driven by stronger full-price sales and a shorter markdown period [5][7][3] Regional Performance - Americas saw a 2% increase in sales, supported by local spending during the festive period and new customer growth, although growth was slightly below Q2 due to higher markdown penetration in the previous year [1] - Greater China experienced a 6% increase in sales, up from 3% in Q2, fueled by local spending, while demand from Chinese customers outside the region slowed [1][7] - All four geographic areas delivered flat or positive comparable sales for the second consecutive quarter, with South Korea leading at 13% growth [2][7] Sales and Margin Dynamics - Comparable store sales increased by 3% in the quarter, with retail sales growth at constant exchange rates also at 3%, despite a 2% headwind from currency fluctuations [3][4] - Full-price sales accelerated, offsetting reduced markdown activity, which supported overall margin improvement as anticipated [3][4][18] Product Performance - Burberry's "hero categories," including scarves and outerwear, continued to outperform, with double-digit growth, and momentum extended into handbags and ready-to-wear [11][12] - The Spring 2026 collection saw significant improvement in sell-through, driven by customer response [11] Marketing and Brand Engagement - Continued brand momentum was noted, driven by outerwear and festive campaigns, with strong performance across digital and social platforms, particularly in China [8] - The company is rolling out a series of campaigns and activations as it approaches its 170th anniversary, including the launch of a Gabardine Capsule [8] Store Initiatives - Burberry has reached 190 scarf bars and is on track to expand to 200 by year-end, with these bars contributing to improved store productivity [9] - The company plans to introduce more category "destinations" in the coming year, including trench coats and polo shirts [9] Future Outlook - Management expects adjusted operating profit to align with consensus for FY2026, with a significant year-on-year margin improvement anticipated despite H2 gross margin phasing [6][17][18] - The company is continuing to invest in marketing and store initiatives, indicating increased confidence in business direction [6][17]