Angelina Rascouet

LVMH fashion unit's return to growth held back by Iran war The luxury industry has been mired in a slump. By Angelina Rascouet, Bloomberg

Gucci sales fell less than expected in the second quarter, suggesting efforts to revive Kering’s largest brand are starting to bear fruit.

Hermès sales rose in line with expectations as the Birkin bag maker weathered a downturn in the demand for luxury goods better than its peers.

Revenue rose 6.7% at constant exchange rates in the second quarter to about €4.1bn, Hermès International SCA said.

Gucci’s sales topped estimates in the second quarter, sparking optimism that a long-awaited turnaround at Kering’s largest brand is starting to take shape and sending shares higher.

L’Oreal sales climbed in the second quarter, boosted by growth in all regions and surging demand among hairdressers for its professional styling products.

Chanel’s sales rose by double digits in the first half, beating luxury rivals including LVMH, as wealthy shoppers splurged on the new fashion creations of designer Matthieu Blazy.

Billionaire Bernard Arnault has appointed a new head of his closely held investment vehicle Financiere Agache, choosing an insider at a time when he’s struggling to turn around his luxury empire and facing greater scrutiny over succession.

Victoria Beckham Holdings Ltd. posted its first-ever operating profit as the fashion and beauty brand founded by the former Spice Girls member manages to navigate a complicated demand environment for high-end goods.

In June last year, Louis Vuitton opened a huge cruise ship-shaped store in the swanky Jing’an neighborhood of Shanghai. The inauguration drew crowds, with the star-studded invitee list including popular actors like Lin Yi and Gong Jun, the brand’s ambassadors.