Vuitton Heir's Apartment Burgled in Paris

The epitome of French luxury GUILLAUME SOUVANT AFP
The epitome of French luxury GUILLAUME SOUVANT AFP
TT

Vuitton Heir's Apartment Burgled in Paris

The epitome of French luxury GUILLAUME SOUVANT AFP
The epitome of French luxury GUILLAUME SOUVANT AFP

The Paris home of an heir of the Louis Vuitton luxury empire was burgled at the weekend, sources close to the case said Monday, with thieves taking high-end watches, jewelry and bags.

Benoit-Louis Vuitton, a sixth generation descendant of the fashion house's founder, lives in the swanky seventh district of the capital near the Invalides military museum, AFP said.

The exact value of the pieces taken was still being evaluated, but they are worth at least several hundreds of thousands of euros (dollars), the sources said.

An investigation is underway, the Paris prosecutors' office said, with the capital's anti-gang unit handling the case.

The Actu17 website, which first broke the news, put the value of the bounty at several million euros.

The burglary happened overnight Sunday to Monday, when the apartment was empty, it said, adding that some of the bags taken were "hugely valuable prototypes".

Louis Vuitton, who founded his namesake luxury house in 1854 by making trunks, died aged 70 in 1892.

In 1987, the company merged with champagne maker Moet et Chandon and cognac brand Hennessy to create LVMH, which is now the world's biggest luxury company, grouping 75 brands and employing 175,000 people.

Louis Vuitton bags, with the famous "LV" monogram, are among the world's most prestigious fashion items and often copied by counterfeiters.

Last week, fake Louis Vuitton bags were among nearly one million euros' worth of knock-offs police found in a raid on a clandestine outlet near Paris.

In September, a group of armed robbers stole 300 Louis Vuitton bags from a sub-contractor working for the company, with their retail value estimated at several hundreds of thousands of euros.



LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
TT

LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)

LVMH, the world's biggest luxury company, posted a 1% rise in organic sales in the second quarter on Tuesday, missing analyst estimates, and likely adding to investor jitters about slowing growth in the sector.

Sales at the French group, owner of labels Louis Vuitton, Tiffany & Co. and Hennessy, grew to 20.98 billion euros ($22.8 billion), a 1% rise on an organic basis, which strips out currency effects and acquisitions.

The figure fell below analyst expectations for revenues of 21.6 billion euros, according to an LSEG poll based on six analysts.

The report from luxury sector bellwether LVMH, which is Europe's second-largest listed company, worth around 340 billion euros, comes amid concerns about weak sales of designer fashions in the sector's key market, China.

The group's fashion and leather goods division, which includes the Louis Vuitton and Christian Dior brands and accounts for nearly half of group sales and the bulk of operating profit, grew 1%, slowing slightly from the previous quarter's 2% rise.

"While remaining vigilant in the current context, the group approaches the second half of the year with confidence," said LVMH Chairman and Chief Executive Officer Bernard Arnault in a statement.