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Kering appoints Ginevra Elkann as director, Hugo Boss wants to remain confident after a third quarter below its expectations and other news of the day.
Press Review
Ginevra Elkann, nominated as Director by Kering board
The board of directors of Kering unanimously nominated Ginevra Elkann as independent director. She replaces Laurence Boone, who resigned her directorship following her appointment as chief economist of the OECD. This decision will be submitted to shareholders for approval at the next Kering annual general meeting, to be held on April 24, 2019.
Cette nomination fera l’objet d’un vote lors de l’assemblée générale des actionnaires qui se tiendra le 24 avril 2019.
Born in London in 1979, Ginevra Elkann studied at the American University of Paris and at the London Film School. She is the grand-daughter of Gianni Agnelli, who was the CEO of Fiat, and the sister of John ELkann, CEO of Exor.
She is the President of production and distribution companies, Asmara Films and Good Films. But she is also President of the Pinacoteca Giovanni & Marella Agnelli in Turin, a director of the Exor company, a member of the advisory board at Christie’s and a member of the American Academy in Rome.
“I am delighted that we will soon be welcoming Ginevra Elkann to our board of directors. Her international career and her cultural openness will be significant and complementary assets, enriching the activities of our board” said François-Henri Pinault, Chairman and Chief Executive Officer of Kering.
Hugo Boss remains confident despite the net income declined on third quarter
Hugo Boss, ready-to-wear group expressed confidence for the end of the year, despite a decline in net income in the third quarter, due to a late start of the season and a race to lower prices imposed by competition.
The 18% decrease to 66 million euros (76 million Swiss francs) comes at a time when the group’s turnover is stable at 710 million euros. In other words, negative exchange rate effects had a negative impact of €5 million on the result.
The trend was positive in Asia (+7% excluding currency effects) and America (+5% excluding currency effects). Online sales continued to grow strongly (+38% this year).
Sales of men’s clothing were up 1%, while women’s clothing generated 7% less revenue (excluding currency effects) in the third quarter, mainly due to a reorganization of stores.
“We’re expecting a strong acceleration in sales and earnings in the fourth quarter. We are therefore very confident that we will achieve our full-year targets.” or a slight increase in net income and turnover, declared Hugo Boss Chief Executive Officer, Mark Langer.
LVMH is once again the largest stock in the CAC 40
Last Friday, LVMH dethroned Total and got back its title of largest capitalization on the Paris stock exchange.
This occurs one month after being dethroned. At the close of trading, the LVMH group had a total valuation of 140.9 billion euros according to Euronext, compared to 134.8 billion euros for Total.
After the turnaround in the stock markets in October, luxury specialists are the first to recover with a return to optimism from investors.
A LVMH share can be purchased today for approximately €278.15.
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