Louis Vuitton parent company LVMH fined 8 million Euros in Hermes case
The video has sparked criticism from all over the world, prompting Thailands Office of National Buddhism to announce it is now monitoringAthe monks for inappropriate behavior. The agencysAdirector-general Nopparat Benjawatananun said this week : When Lord Buddha was alive, there wasnt anything like this. There were no cars, smartphones or cameras, so the rules were much simpler. While the monks need to keep themselves abreast of new knowledge, current events and technology, they are restrained to choose the appropriate tools. Nopparat added that the Buddhist monks in the video were acting inappropriately, not composed and not adhering to Buddhas teachings of simplicity and self-restraint. Glad thats settled. He did, however, offer one interesting piece of data by way of explanation: AIn many cases, it was the followers who gave the monks the luxury. Some bought them sports cars.
After much name calling, accusation throwing and general slinging of verbal mud, French regulatory board AMF condemned LVMH for ‘failing to follow market rules’, when it discretely accumulated a significant stake in Hermes stocks. Citing the “seriousness of the successive breaches of public disclosure requirements, which consisted in concealing each stage of LVMH’s stake-building in Hermes,” as the fuel behind the hefty fine, the AMF appear to be in no doubt that there’s been foul play. LVMH however, continues to disagree. Brandin both the claim and punishment to be ‘unfounded’, the conglomerate has said it will appeal against the decision, despite further cases being already lodged against it by, yep you guessed it, Hermes. Though this chapter may be settled for now, expect more drama as the cases continue to pile up! Thoughts?
Louis Vuitton Raised Most Non-Leather Handbag Prices, HSBC Says
The trunk maker owned by Paris-based LVMH Moet Hennessy Louis Vuitton SA (MC) lifted prices on bags such as the Speedy and NeverFull by about 10 percent in the euro region, Antoine Belge , an HSBC analyst, said today in a note to clients. Vuitton raised prices by at least 10 percent in the U.K. and U.S., and by 5 percent to 10 percent in Asian markets including China, Hong Kong, Taiwan and Singapore, the analyst wrote. The euros strength against some currencies may lead LVMH to charge more, Chairman and Chief Executive Officer Bernard Arnault said Jan. 31. Vuittons price increase in Japan, the biggest ever by the brand in the country, was taken to offset the impact of the yens slide on sales, the company said Feb. 20. In addition to protecting margins, the price increases must be seen, in our view, as a means to accelerate LVs repositioning towards more leather, Belge wrote. The decision will probably weigh on the number of items sold, though its the right thing for brand equity longer term. Vuittons 2013 sales may rise 6 percent, excluding currency moves, while volume may decline 2 percent to 3 percent, Belge wrote. His estimate assumes a high single-digit average price increase, including unchanged prices for most leather bags.
Louis Vuitton series sets off as America’s Cup drama begins
Team New Zealand is favourite for the series. Hannah Tattersall Dates July 7 to August 30 Prospects Bets are on New Zealand to win Americas Cup Starts September 1; americascup.com As the series designed to provide the contender for the Americas Cup, the LouisVuitton Cup has always been the lesssignificant race of the regatta. But with more boats on the water, manyargue its the event that showcases better racing. Come July 4, Emirates Team New Zealand, Luna Rossa from Italy and Swedish squad Artemis Racing will compete to decide who challenges defending champions Oracle in the Americas Cup in September. The oldest sporting trophy in the world, the Americas Cup is a race run and dictated by the wealthiest men in the world. The competitions former yachting magnates include tea drinker Sir Thomas Lipton, English aviation pioneer Sir Thomas Sopwith, Harold Vanderbilt and CNN founder Ted Turner. Australian entrepreneur Alan Bonds money helped snatch the Cup from American control 24 years ago. Current defending team Oracle is named for billionaire owner Larry Ellisons tech organisation, Oracle Corporation, and Forbes estimates Ellisons wealth at $US43billion ($46.82billion), ranking him behind only Bill Gates and Warren Buffett in the United States.