Rinderknech joined the luxury goods conglomerate from L’Oréal USA, where he was president and chief executive officer, in May 2022 as chairman and CEO of LVMH Hospitality Excellence. He will continue to oversee the company’s hospitality division in addition to his new beauty responsibilities.
The Brazilian footwear and accessories conglomerate has paid 130 million Brazilian reais ($25 million) to acquire a 65 percent share in the Milan-based shoe brand, signalling the company’s plans to continue expanding its global footprint.
Nordstrom Inc forecast full-year revenue below Wall Street estimates on Thursday, signaling high inflation levels were dampening consumer spending on discretionary items while the retailer decided to discontinue its Canadian business operations to drive profitability.
Italian luxury goods group Salvatore Ferragamo on Thursday said 2023 had started well after posting a smaller-than-expected 10.8 percent drop in operating profit for 2022, as it shouldered higher costs in a push to relaunch the brand.
Shares in contemporary French fashion group SMCP rose in early morning trading after bondholders launched a sale process for a 37 percent stake in the company, potentially clearing the way for a full takeover.