Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Nike CFO Shake-Up Fuels Concerns Over Turnaround Strategy 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
Samsung and SK Hynix Shares Jump After Micron Earnings Boost AI Chip Optimism 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Kioxia Targets U.S. Listing as AI Chip Boom Accelerates 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
SpaceX Stock Rebounds After Sharp Selloff, But Valuation Concerns Persist 
Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
Apple Supplier Stocks Slide as Samsung, SK Hynix Lead Selloff After Apple Price Hikes 
Australia Jobs Growth Strengthens Rate Hike Outlook 
LVMH, the parent company of Louis Vuitton, revealed a leadership reshuffle for its beauty division as competition in this business sector heats up. As part of the shake-up, the French luxury brand announced it has appointed Stéphane Rinderknech to be the new chairman and chief executive of its beauty unit.
LVMH said on Monday, March 6, that its Guerlain and Parfums Christian Dior have their respective new chiefs as well. As per Reuters, the newly-appointed CEO of its beauty unit was a former executive at L'Oreal who has extensive work experience in Asia and the United States.
He joined the company last year and has been leading LVMH’s hotel business since then. The firm said that even with his new position in its beauty business, Rinderknech will still continue managing the hotel division.
Moreover, his assignment as the new chief includes global responsibility for LVMH’s beauty line. On the other hand, Guerlain’s chief, Veronique Courtois, was also promoted to president and CEO roles of Parfums Christian Dior. Gabrielle Saint-Genis Rodriguez, the head of Make Up For Ever, will then become president and CEO of Guerlain.
The leadership shake-up comes as many luxury brands have been experiencing high demand in the post-pandemic era. With this, LVMH is one of the companies that is looking to expand its businesses.
"Stéphane has since his arrival guided the rebound of our hotel activities with considerable strategic agility, driving tremendous momentum across the entire organization," Bernard Arnault, LVMH’s chairman and CEO, said in a statement on Monday, March 6.
Meanwhile, Vogue Business reported that LVMH’s announcement of new leaders indicates its plan to compete more aggressively in the beauty industry, which is currently being dominated by beauty and cosmetic companies such as Coty, Estée Lauder, and L’Oréal. Other luxury brands like Hermés and Chanel are also jumping into this market which is further heating up the competition.
Photo by: Christian Wiediger/Unsplash
