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The market has stopped pricing LVMH’s earnings an The market  has stopped pricing LVMH’s earnings and started pricing its growth! 

The shares are down more than 30% this year and trade at their lowest since 2020. Yet the group still earned a 22.5% operating margin in the first half, and Fashion & Leather Goods returned to organic growth in the second quarter.

A business holding that margin does not fall this far on earnings alone. It falls because investors no longer believe growth will return to the level that justified the premium.

That is why the October print matters. If Fashion & Leather Goods improves and the shares still do not recover, the doubt over growth are confirmed!

Watch Q3 earnings call!

#thecfodiary #lvmh #luxurybusiness #luxurystocks
A $400 watch did not cheapen a $30,000 one. Sinc A $400 watch did not cheapen a $30,000 one. 

Since the Royal Pop with Swatch launched in May, every single month has been a record for Audemars Piguet, according to its CEO Ilaria Resta. The launch generated more than 20 billion social media mentions, and in one day the brand’s website drew 10 times its usual yearly visitors.

It comes after a strong 2025, with sales up 10%, and in a difficult market: Swiss watch exports to the US fell 19% in August.

Before the launch, I explained why AP chose Swatch: when you can’t own the shape, you choose who can copy it. Full analysis on The CFO Diary. Link in bio.

#thecfodiary #audemarspiguet #swatch #luxurybusiness
Paris Fashion Week may be more than a fashion show Paris Fashion Week may be more than a fashion show this season. It may be a sustainability show.

After New York, PETA is reported to be preparing to disrupt Dior over its use of feathers and exotic leather. On 13 September activists interrupted the COS show, the CFDA president was filmed restraining two of them, and the video went viral. He resigned five days later after 20 years in the role.

Stella McCartney, named PETA’s Person of the Year in 2024, is said to be part of the action plan. She has been LVMH’s sustainability adviser since 2019, and she kept the role after buying back her stake in January 2025.

If it is true, the group’s own adviser is on the other side of one of its own runways.
Cartier’s Love Unlimited is, in fact, limited. The Cartier’s Love Unlimited is, in fact, limited. The flexible bracelet is made to order: 1 month of waiting in Paris, 6 months in Dubai.

Cartier did not reinvent its icon by accident. The classic Love bangle had reached a ceiling. Its most loyal clients already owned it in every gold, paved, with diamonds, in every width. The house needed to give them a reason to come back!

Making it to order is the smart part. Whether it is strategy or the limits of production, the effect is the same: the new Love will not become as ubiquitous as the classic one. At least , not now !!! Christmas is around the corner , we are already late 😅

#thecfodiary #cartier #finejewellery #luxurybusiness
John Galliano’s first collection for Zara drops on John Galliano’s first collection for Zara drops on 1 October, right in the middle of Paris Fashion Week, while the houses he once led show a few streets away.

In March, Zara signed him to a two-year partnership to rework pieces from its own archive, with a new collection every season. It is his first role since leaving Maison Margiela in 2024, and the most important designer Zara has ever worked with.

Watch the queues on 1 October, and whether the pieces reach resale before the week is over. It probably will !

#thecfodiary #zara #johngalliano #pfw
Is a shrinking fashion week a sign of trouble, or Is a shrinking fashion week a sign of trouble, or of discipline?

Paris opened today with 67 runway shows against 74 a year ago, and the easy read is that houses are struggling. For some, it is true: Coperni and Giambattista Valli left the calendar entirely. But a show is also a distribution cost, and some houses have decided it no longer converts..

The pressure this week is creative as much as financial. Alaïa presents on Saturday with no creative director at all, the collection designed by the studio. Balenciaga shows on Thursday, and its designer is reported to be leaving straight after. Saint Laurent shows tomorrow, with its own designer rumoured to be next. Dior shows tomorrow too, with Jonathan Anderson on his third womenswear collection.

None of the exits are confirmed. The weeks after the show will tell you more than the show did !

#thecfodiary #pfw #balenciaga #luxurybusiness

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