Facebook to move to Hudson Yards, New York

The US tech company Facebook (FB) is increasing its presence in New York. The company has agreed to rent three towers totalling 139.000 m2 in the three developing buildings in the west side area of Manhattan, Hudson Yards. According to the information, the employees are moving already next year to the new offices.

The Hudson Yards has got several real-estate certifications for its sustainable buildings, materials and public transport. The area has already Leed Platinum for Hudson Years 10 and the Eastern Yards has got Leed- Neighborhood Development Gold (Leed ND).

The area is expected to gain more than 20 million visitors annually.  The area is having over 14 acres of public plazas, gardens and over 100 different shops and high-end retailers. The shops include for example luxury brands like Dior, Tiffany and Watches of Switzerland.

Facebook shares closed down 0,02 % to 193,15 dollars in New York on Thursday.

 

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LVMH Wines to grow “double-digit” in China

The French luxury group LVMH Wine is growing double-digit in China. According to Bloomberg, the CEO of Moet Hennessy Philippe Schauss says that the Chinese consumers are interested in luxury products and the growth rates are good. He was speaking with Bloomberg at the China International Import Export Fairs in Shanghai.

He also commented the market situation with the unrest in Hong Kong saying it has had a modest impact in the sales of LVMH Wines in Hong Kong. According to Mr. Schauss the US trade talks with 25 % import tariffs for French wines and whisky is something they are watching closely.

The Chinese markets are the second biggest wine markets globally.

 

 

 

 

 

Business Lifestyle

Tiffany valuation in the possible LVMH merger

The merger process between Tiffany (TIF) and its the French rival LVMH (LVMH) might be more complicated than earlier expected. According to Reuters, Tiffany thinks the French luxury group LVMH (LVMH) has significantly undervalued the Tiffany market value. Earlier the LVMG Group presented a takeover bid of 120 dollars per Tiffany share.

According to the news, the offer “significantly undervalues” Tiffany, Reuters writes citing unidentified people familiar with the matter.

Tiffany´s market value has increased to 15,06 billion dollars and the shares are trading at 124,69 dollars in NYSE, New York. The next Q3 earnings report is coming on December the 12th.

 

Finance Lifestyle

China Pacific and Swiss Re are in talks – Bloomberg

The Chinese insurance company China Pacific Insurance and Swiss Re are in talks, says Bloomberg. According to the news, China Pacific would invest 2 billion dollars for a stake in Swiss Re and Swiss Re would invest 500 million – 1 billion dollars in China Pacific shares.

The China Pacific is looking for partnerships overseas and the company is also planning a GDP for global depositary receipts program in the London Stock Exchange. According to the news, this would mean about 10 % of the company’s A-shares capital.

Both companies shares have increased modestly in Zurich and in Hong Kong and Shanghai. Swiss Re rose 2,3 % in Zurich yesterday and China Pacific over 2 % today in Asia.

Lifestyle

Fashion designer Marc Jacobs is selling his art collection at Sotheby’s -WSJ

Fashion designer Marc Jacobs is selling his own collection of comtemporary art and design works, including jewellery, at Sotheby’s in November, the Wall Street Journal writes.

Mr Jacobs is the head designer of his own fashion brand. During the years 1997 – 2014 he worked in Louis Vuitton’s as creative director.

According to him, “when you move to Frank Lloyd Wright house, there is not a lot of wall space to hang your painting”, he said regarding the sale of the collection.

Design Lifestyle

LVMH is considering Tiffany takeover – Bloomberg

The world largest luxury company, the French LVMH (LVMH) is considering a takeover of the US luxury company Tiffany & Co (TIF). The takeover, according to Bloomberg, would increase the French company´s presence in the US markets, but according to the news, there is no guarantee of the possible deal.

Tiffany, which was founded in 1837 in Manhattan, is one of the leading luxury houses in the US with the annual turnover of 4,4 billion dollars and net earnings 586 million dollars in 2018. The company has over 300 brand stores globally for its jewellery, timepieces, accessories and fragrances.  Nearly half of its sales comes from the US markets, while Asia counts about 30 %, Japan 15 % and Europe 11%.

The market cap of Tiffany is about 11,9 billion dollars, while the French rival LVMH is about 190 billion euros.

The French company LVMH has been investing in the US markets and last week the company opened its Louis Vuitton factory in Texas. LVMH´s other brands in the luxury jewellery category are for example Bulgari, Dior, Hublot and Tag Heuer.

Both companies enhance the luxury and sustainability integration and for example Tiffany has launched a Diamond Source Initiative, where customers can know the geographical region of their individually registered diamonds.

 

 

 

 

 

 

 

 

 

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