LVMUY LVMH Moet Hennessy

$LVMUY not long ago the ceo was richest man in world … luxury went to broad true luxury is in the niches

$LVMUY I'm afraid the accent is here on the word LONG. VERY VERY LONG...And I obviously added too early, as usual. Bagholding deep in the red 🤦 We need China to start shopping properly again 🛒

$LVMUY — Last quarter: Operating leverage framed as automatic once group growth hit 3%-4%. Current reality: → Growth stayed negative in Fashion & Leather Goods, threshold went unmentioned → Management shifted: "cutting costs will not bring additional sales... we can probably fully offset the short-term pressure" → Watches & Jewelry decelerated from 11% to 6% q/q → AI program (detailed at length last call) went unmentioned entirely The offsets: → FX turned positive on revenue for the first time in 5 quarters (as guided) → Celine posted real traction in shoes and the U.S. #TheGapReport

$LVMUY The Arnault family is collapsing its LVMH control structure. Plan: merge the family holding Agache into Christian Dior, convert Dior into an SCA, and launch a cash tender for the last 2.44% of Dior minorities in Q1 2027, pending AMF clearance and a December shareholder vote. The price formula is the number: 95% of Dior's look-through net asset value, set off LVMH's one-month average price just before the vote. The announcement's illustrative math: 469.05 euros a share, about 27% over the pre-announcement close. One level down: the premium is the headline, the SCA is the point. An SCA separates owning the capital from running the company. Even if family members sell pieces of Agache later, the family's grip on LVMH stays absolute. No squeeze-out planned; minorities who don't tender stay in the renamed, still-listed Agache vehicle. Succession-proofing, priced at a 5% discount to NAV.

$LVMUY panic mode in euro markets again, interesting to see if this goes sub 400 in Paris today, by latest next week.