>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • CNC -12.6%, INTC -7.6%, CHTR -7.1%, SXT -4.3%, LEA -3.1%, CRI -2.7%, GLPI -1.8%, MOFG -1.8%, VRTS -1.4%
Other news:
  • IXHL -41.1% (files prospectus supplement to increase existing ATM offering by additional $100 mln)
  • ABSI -15.4% (prices offering of 16.67 mln shares of common stock at $3.00 per share)
  • SRPT -13.3% (Brazil's Anvisa suspends the use of the advanced therapy drug ELEVIDYS)
  • SNV -10% (SNV and PNFP to combine in an all-stock transaction)
  • ASTS -7.8% (prices repurchase of convertible senior notes to be funded by concurrent registered direct offering of Class A common stock)
  • PNFP -5.9% (SNV and PNFP to combine in an all-stock transaction)
  • ADT -3.9% (prices secondary offering of common stock and concurrent share repurchase)
  • BF.A -2.9% (names new chairman)
  • CVLT -1.2% (to acquire Satori Cyber)
  • WOLF -1.1% (Renesas announces loss resulting from signing restructuring support agreement with Wolfspeed)
  • ABVX -1% (announces full exercise of underwriters' option to purchase additional ADSs)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • COUR +27.5%, FIX +14.2% (also increases dividend), SCHL +13.2%, DECK +12.7%, EW +7.8%, SAM +7.6%, BWMX +7.2%, UVE +6.9%, CUBI +5.3%, ENSG +4.7%, ALEX +3.9%, AON +3.8%, EBC +3.5%, MHK +3%, ASB +2.9%, MC +2.8%, BAH +2.8%, NWG +2.7%, COKE +2.4%, MGRC +2.4%, COLB +2.2%, NEM +2% (also authorizes new $3 bln share repurchase program), BHRB +2%, OVV +1.8%, SKYW +1.6%, MTX +1.4%, OMF +1.2%, MOG.A +1.2%, LBRT +1.1%, AN +1%
Other news:
  • VCYT +6.5% (to join S&P SmallCap 600)
  • USM +6.3% (expects to approve a special dividend following sale of wireless ops to TMUS)
  • CELC +3.2% (first patient has been dosed in VIKTORIA-2)
  • PONY +2% (begins 24/7 Robotaxi operation in major Chinese cities)
  • DC +1.7% (files for $250 mln mixed securities shelf offering)
  • SCHW +1.5% (authorizes new $20 bln share repurchase program)
  • HTBK +1.5% (names new CFO)
  • PARA +1.3% (FCC approves Skydance's acquisition of Paramount CBS)
  • BKH +1.3% (receives approval for new rates in Kansas)
  • PRCT +1.2% (CEO to retire; names new CEO; pre-announces Q2 revs above consensus)
  • EXEL +1.2% (IPSEY receives EC approval for CABOMETYX)
  • PBA +1.1% (reaches settlement with shippers)
  • AROC +1.1% (increases dividend)
  • CHCT +0.9% (increases dividend)
  • VAL +0.8% (issues fleet status report)
  • BANR +0.8% (authorizes new 5% share repurchase program)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • COUR +25.7%, SCHL +14.9%, FIX +14.6%, DECK +12%, BWMX +7.2%, SAM +7.2%, EW +7%, UVE +6.9%, VCYT +6.4%, USM +6.3%, CUBI +5.3%, MTX +4.9%, ENSG +4.6%, ALEX +3.9%, IBRX +3.7%, OVV +3.5%, EBC +3.5%, CELC +3.2%, COLB +3.2%, ASB +2.9%, MC +2.8%, PONY +2.4%, MGRC +2.4%, AON +2.4%, COKE +2.3%, LBRT +2.3%, SKYW +2.2%, FLG +2.1%, BHRB +2%, BYD +2%, PECO +2%, NWG +2%, NEM +1.9%, PARA +1.7%, DC +1.7%, SCHW +1.5%, HTBK +1.5%, SWK +1.3%, BKH +1.3%, PRCT +1.2%, EXEL +1.2%, CHCT +1.2%, PBA +1.1%, AROC +1.1%, HXL +1%
  • Gapping down:
    • IXHL -45.8%, ABSI -13.7%, CNC -13.2%, SNV -8.5%, ASTS -8.5%, INTC -7%, BVN -5.5%, TBBK -5%, PNFP -4%, MOFG -4%, CRI -3.8%, ADT -3.5%, ABVX -3.3%, ELAN -2.9%, GLPI -1.8%, WOLF -1.7%, CVLT -1.2%

>>> Stoxx 600 Pre-Market Indications

  • Redcare Pharmacy NV (RDC TH) +2.7%
  • Rolls-Royce (RRU TH) +1.7%
  • STMicro (SGM TH) +1.4%
  • TotalEnergies (TOTB TH) +1.4%
  • Novo (NOV TH) +0.9%
  • Dassault Aviation (DAU0 TH) +0.8%
  • Sanofi (SNW TH) +0.8%
    • Sanofi’s Sarclisa Approved in EU for Multiple Myeloma
  • Bawag (0B2 TH) +0.6%
  • Mercedes (MBG TH) -1.6%
  • BMW (BMW TH) -1.6%
    • BMW’s China Risk: Growing Unused Capacity vs. Low Inventory
  • Bilfinger (GBF TH) -1.9%
  • Adidas (ADS TH) -1.9%
    • Puma Slashes Outlook as New CEO Confronts Weak Demand, Tariffs
  • Deutsche Bank (DBK TH) -2.3%
  • Porsche SE (PAH3 TH) -2.6%
    • VW Lowers Outlook as US Tariffs Weigh on Audi, Porsche Margins
  • Porsche (P911 TH) -2.7%
  • Daimler Truck (DTG TH) -3.7%
    • Traton 1H Operating Profit Misses Estimates
  • VW (VOW3 TH) -4%
    • VW Lowers Outlook as US Tariffs Weigh on Audi, Porsche Margins
  • Puma (PUM TH) -20%
    • Puma Slashes Outlook as New CEO Confronts Weak Demand, Tariffs

>>> Europe : Brokers Upgrades & Downgrades - 25th of July 2025

>>> Up
* Estee Lauder Raised to Overweight at JPMorgan; PT $101
* flatexDEGIRO Raised to Buy at Citi; PT 32 euros
* TechnipFMC PT Raised to $44 from $40 at TD Cowen
* UPM-Kymmene Raised to Buy at ABG; PT 27 euros
* Vontobel Raised to Neutral at Citi; PT 63.30 Swiss francs
* Wizz Air Raised to Overweight at Barclays; PT 1,500 pence

>>> Down
* Deutsche Bank Cut to Sell at Citi; PT 24.40 euros
* Deutsche Bank Cut to Neutral at Oddo BHF; PT 29 euros
* Dow Cut to Inline at Evercore ISI; PT $32
* Kempower Cut to Reduce at Inderes; PT 15 euros
* Metso Cut to Reduce at Inderes; PT 11 euros
* Neste Cut to Sell at Citi; PT 11.80 euros
* Neste Cut to Hold at Grupo Santander; PT 15 euros
* Orlen Cut to Underweight at Morgan Stanley; PT 83 zloty
* P&G Cut to Neutral at JPMorgan; PT $170
* Subsea 7 Cut to Hold at Pareto Securities; PT 210 kroner
* Tesla Cut to Sell at Mirae Asset Securities; PT $223
* UPM-Kymmene Cut to Reduce at Inderes; PT 24 euros

>>> Initiation
* Gubra Rated New Neutral at Goldman; PT 520 kroner
* HP Enterprise Resumed Buy at Citi on Benefits of Juniper Deal
* Oklo Rated New Underperform at BNPP Exane; PT $14
* Palantir Rated New Overweight at Piper Sandler; PT $170

>>> Call

>>> What to look at today - 25th of July 2025

Asian stocks slipped Friday, breaking their longest winning streak since January, as uncertainty over interest-rate cuts by the Federal Reserve curbed risk appetite. The MSCI Asia-Pacific Index fell 0.6%, led by losses in Japan. The Topix index retreated 0.7% after closing at a record in its last session. The S&P 500 inched to a new record Thursday - its 10th in 19 days - on tech gains. The dollar edged up for a second day while Treasuries were flat after two days of declines. President Donald Trump said firing Federal Reserve chair Jerome Powell was not “necessary,” after touring the central bank’s headquarters. Stocks have soared from April lows as investors grew optimistic that Trump’s tariff war won’t hurt the economy and corporate earnings as initially feared. The latest strong jobs data weakened expectations for imminent cuts by the Fed ahead of the central bank’s meeting next week. Traders had slightly pared bets, projecting less than two reductions this year, after jobless claims fell for a sixth straight week. Technology stocks rose Thursday, driven by robust earnings from Alphabet Inc. that kept alive expectations the boom in artificial intelligence will continue to the benefit of US tech giants. Nvidia Corp hit a fresh high.  US stock futures were higher on Friday after Intel Corp. gave an upbeat sales forecast. Shares in Japan retreated as some investors took profit after stocks soared for two days since the country struck a trade deal with the US. Also in Japan, the cost of living in Tokyo cooled for a second month on the back of some temporary factors even as food inflation stayed hot. Trading desks at firms including Goldman Sachs Group Inc. and Citadel Securities are telling clients to buy cheap hedges against potential losses in US stocks as a slew of risks loom over the market’s record advance. Right now, major indexes are soaring as the US inks trade deals amid a solid earnings season. Wall Street’s so-called fear gauge hasn’t been this low since February, and the S&P 500 Index has rallied 28% since April 8.  That backdrop is making it cheap to hedge against a market slump. Elsewhere, Thai assets are in focus after the country’s F-16 fighter jets struck military sites in neighboring Cambodia as a dispute between the nations extended.

Nikkei -0.89% Hang Seng -0.90% CSI -0.54% Shanghai -0.33% Shenzen -0.17%

Eur$ 1.1741 CNH 7.1639 CNY 7.1637 JPY 147.24 GBP 1.3493 CHF 0.7962 RUB 79.3458 TRY 40.5327 WTI$ 66.21 +0.27% Gold 3,361 -0.23% BTC 115,550 -2.60% ETH 3,616 -3.30%

S&P +0.17% Nasdaq +0.12% EuroStoxx -0.22% FTSE 0.06% Dax -0.40% SMI -0.27%

Macro :
- Trump Says Not Necessary to Fire Powell After Getting Fed Tour
- US-Japan Trade Deal Hinges on Fund That Remains a Puzzle

Keep an eye on :
- GOOGL US : Samsung in Talks to Expand Smartphone AI Beyond Google’s Gemini
- ALTR PL : Altri 1H Net Income EU14M Vs. EU62M Y/y
- ASTS US : AST SpaceMobile Offers 2.375% Coupon on Convertible Bond: Terms
- AVIO IM : Italian Rocket Maker Avio Seeks New Space Launches in Virginia
- BEN FP : Beneteau 2Q Sales at Constant Exchange Rates -16%
- BLND LN : British Land Criticizes Ban on ‘Upward Only’ Rent Reviews: FT
- BVI FP : Bureau Veritas 1H Adjusted Operating Margin Beats Estimates
- BVI FP : Bureau Veritas to Buy Dornier Hinneburg Unit, IFCR, EcoPlus
- BYS SW : Bystronic 1H Ebit Loss CHF7.9M Vs. Loss CHF23.0M Y/y
- CAMX SS : Camurus CEO Fredrik Tiberg Sells 115,000 Shares
- CA FP : NewPrinces to Buy Carrefour Italia for Ent. Value of About €1B
- CA FP : Carrefour Aims to Refinance BRL9.7b in Debt of Brazil Unit
- CA FP : Carrefour 2Q LFL Sales Ex-Fuel, Ex-Calendar Beat Estimates
- COFB BB : Cofinimmo 1H Adjusted EPS Beats Estimates
- EDF FP : EDF May Consider Assets Sales ‘Here and There’, CEO Says
- ELI BB : Elia Group 1H Ebitda Beats Estimates
- ENI IM : Eni 2Q Adjusted Net Income Beats Estimates Eni Profit Beats Estimates as Cost Cuts Help Offset Oil Weakness
- ENQ LN : Enquest, Serica Energy Weigh Bids for Prax Group Assets: Sky
- EOAN GY : Hitachi Energy Inks $700 Million Deal With EON for Grid Supplies
- GSK LN : GSK’s Blenrep Combo Approved in EU for Multiple Myeloma
- GPI IM : GPI Majority Holder FM in Talks That May Lead to Delisting
- IBE SM : Iberdrola’s Share Sale Draws €19 Billion in Investor Orders
- IBE SM : Sheinbaum Says Spain’s Iberdrola Wants to Invest in Mexico
- COL SM : Inmobiliaria Colonial 1H Recurring Ebitda Misses Estimates
- HEIJM NA : Heijmans Sees FY Underlying Ebitda Margin About 9%
- HOFI SS : Hoist Finance 2Q Operating Income SEK1.04B
- IPR PL : Impresa 1H Net Loss EU5.1M Vs. Loss EU4M Y/y
- INTC US ; Intel Sees 3Q Revenue $12.6B to $13.6B, Est. $12.64B: Snapshot
- INTRUM SS : Sweden’s Intrum Completes Recapitalization, Exits Chapter 11
- KNDS (Private) : German Government Mulls Stake in Franco-German Tankmaker KNDS
- FII FP : LISI 1H Sales Meet Estimates
- MMB FP : Lagardere 1H Revenue EU4.35B Vs. EU4.19B Y/y
- LBTYA US : Liberty Global to Slash Jobs and Sell Private Jet: FT
- LOOMIS SS : Loomis 2Q Ebita Beats Estimates
- MC FP : LVMH 2Q Fashion & Leather Goods Organic Sales Miss Estimates
- MC FP : LVMH CEO Says Louis Vuitton Sales Are Rising in Mainland China
- MEKO SS : Meko 2Q Ebit SEK91M Vs. SEK284M Y/y
- MERY FP : Mercialys 1H Ebitda Misses Estimates
- ML FP : Michelin 1H Total Segment Operating Income Misses Estimates
- MSFT US : OpenAI prepares to launch GPT-5 in August
- NVG PL : Navigator Co 1H Net Income EU85.2M Vs. EU158.9M Y/y
- NWL IM : NewPrinces to Buy Carrefour Italia for Ent. Value of About €1B
- NXI FP : Nexity 1H Revenue Matches Estimates
- PARA US : Paramount Global Merger With Skydance Wins FCC’s Approval (3)
- PHIA NA : Philips Faces Test to Convince Investors Its Turnaround Is Real
- PNFP US : Pinnacle, Synovus Agree to Combine in $8.6 Billion Stock Deal
- PROX BB : Proximus Sees FY Adjusted Ebitda up to +1%, Saw About +2%
- PUM GY : Puma Prelim 2Q Sales Miss Estimates; Cuts FY Forecast
- RCO FP : Remy Cointreau Raises FY Organic COP Target (1)
- REN PL : REN 1H Net Income EU65.7M Vs. EU48.6M Y/y
- ROG SW : Brazil Will Suspend Sales of Roche’s Elevidys After Patient Died
- SANFP : Sanofi’s Sarclisa Approved in EU for Multiple Myeloma
- SGSN SW : SGS 1H Operating Income Beats Estimates
- SOP FP : Sopra Steria 1H Net Income Beats Estimates
- MSTR US : Michael Saylor Amps Up Bitcoin War Chest With $2.8 Billion Sale
- SWTQ SW : Schweiter 1H Ebitda CHF43.4M Vs. CHF45.9M Y/y
- LIGHT NA : Signify 2Q Comparable Sales Beat Estimates
- SQZ LN : Enquest, Serica Energy Weigh Bids for Prax Group Assets: Sky
- 4XO GY : Steyr Motors Receives €20 Million of Orders for Boat Engines
- STMPA FP : STMicro to Buy NXP’s MEMS Sensors Business for Up to $950M
- FTI US : TechnipFMC Surges on Outlook for $10 Billion in Subsea Orders
- TSLA US : SpaceX’s Starlink Says It’s Experiencing a Network Outage (1)
- TIT IM : KKR Suspected of Misleading EU Over €22b Telecom Italia Deal (1)
- TIT IM : KKR Says Will Address EU Commission Concerns Over FiberCop Deal
- 8TRA GY : Traton 1H Operating Profit Misses Estimates
- 8 TRA GY : Traton Cuts FY Sales Forecast
- FR FP : Valeo FY Revenue Forecast Misses Estimates
- VK FP : Vallourec 2Q Ebitda Beats Estimates
- VK FP : Vallourec Says Board to Propose Renewing Term of CEO
- DG FP : Vinci Has Signed an Agreement to Buy Romanian Group EnergoBit
- VLTSA FP : Voltalia Wins Contracts to Construct Solar Plants in Ireland
- VOW GY : *VW SEES FY OPERATING ROS 4% TO 5%, SAW LOW END OF 5.5% TO 6.5%
- WBD IM : Webuild 1H Adjusted Ebitda EU563.7M Vs. EU407.3M Y/y
- WDP BB : WDP 2Q EPRA Net Tangible Assets per Share EU20.80
- 6622 HK : Zhaoke Ophthalmology Gets FDA Orphan Drug Status for Melphalan

>>> TradeGate Pre-Market Indications

DAX:
  • Mercedes (MBG TH) -1.4%
  • Porsche (P911 TH) -1.5%
  • Deutsche Bank (DBK TH) -2.2%
  • VW (VOW3 TH) -2.6%
    • VW Sees FY Operating ROS 4% to 5%, Saw Low End of 5.5% to 6.5%
  • Daimler Truck (DTG TH) -3%
MDAX:
  • flatexDEGIRO (FTK TH) +3.8%
    • flatexDEGIRO Raised to Buy at Citi; PT 32 euros
  • Redcare Pharmacy NV (RDC TH) +3.1%
  • Bilfinger (GBF TH) -1.8%
  • Traton (8TRA TH) -9.3%
    • Traton 1H Operating Profit Misses Estimates
  • Puma (PUM TH) -22%
    • Puma Slashes Outlook as New CEO Confronts Weak Demand, Tariffs
SDAX:
  • Kontron (KTN TH) +1.6%
  • GFT (GFT TH) +1%

WWD : Deckers Stock Surges After Hoka and Ugg Fuel Q1 Beat

Deckers Stock Surges After Hoka and Ugg Fuel Q1 Beat
Net sales increased 16.9 percent in Q1 to $964.5 million compared to $825.3 million the same time last year.
Hoka Rocket X 3
The Hoka Rocket x 3 updates the super shoe franchise's upper, carbon fiber plate and outsole. Courtesy of Hoka

Shares for Hoka and Ugg parent company Deckers Brands surged 15 percent in after-market trading on Thursday after the footwear maker beat expectations in the first quarter of fiscal 2026.

The Goleta, Calif.-based company reported a net sales increase of 16.9 percent in Q1 to $964.5 million compared to $825.3 million the same time last year. Net income for the first quarter was $139.2 million or 93 cents per diluted share, up from $115.6 million, or 75 cents per diluted share, the prior year.

These results beat consensus estimates which called for revenues of $900.3 million, and earnings per share of 68 cents, according to Yahoo Finance.

By brand, Hoka led the way with net sales of $653.1 million, a 19.8 percent increase compared to $545.2 million the same time last year. At Ugg, net sales increased 18.9 percent to $265.1 million compared to $223.0 million last Q1. Deckers’ “Other” brands division – which includes the Teva and Ahnu brands – saw net sales decrease 19 percent to $46.3 million compared to $57.2 million.

As for wholesale, Deckers said that net sales in the channel increased 26.7 percent to $652.4 million compared to $514.8 million, while the direct-to-consumer channel saw net tick up 0.5 percent to $312.2 million compared to $310.6 million the same time last year.

By region, the company noted that net sales domestically declined 2.8 percent to $501.3 million compared to $515.9 million in Q1 2025. However, international net sales in the period increased 49.7 percent to $463.3 million compared to $309.5 million.

Stefano Caroti, president and chief executive officer of Deckers Brands, said in a statement on Thursday that Hoka and Ugg “outperformed” the company’s first quarter expectations, with “robust growth delivering solid results to begin fiscal year 2026.”

“Though uncertainty remains elevated in the global trade environment, our confidence in our brands has not changed, and the long-term opportunities ahead are significant,” Caroti said. “We will lean on the fundamental strengths of our powerful operating model as we continue executing our strategy.”

Looking ahead, Deckers Brands said that given the continued uncertainty from evolving global trade policy and related macroeconomic pressures, the company will only be providing second quarter guidance.

In Q2 2026, Deckers expects net sales to be in the range of $1.38 billion to $1.42 billion, with diluted earnings per share expected to be in the range of $1.50 to $1.55.

These results also come as the company confirms that former CEO Dave Powers will not stand for reelection to the board at its next annual meeting, retiring after more than nine years of service as a director.

WWD : LVMH Fashion Division Misses Forecasts as Japan Sales Plummet

LVMH Fashion Division Misses Forecasts as Japan Sales Plummet
The fashion and leather goods segment saw organic sales drop 9 percent in the second quarter.

PARIS — LVMH Moët Hennessy Louis Vuitton said net profit fell 22 percent in the first half as its key fashion and leather goods division missed expectations, underscoring the pressures faced by a host of incoming designers at the group’s key houses.

The branch, home to brands including Louis Vuitton, Dior and Celine, recorded a 9 percent drop in organic sales in the second quarter, below the Visible Alpha consensus forecast for a 7 percent decline.

Louis Vuitton continues to outperform other brands, while Dior remained below the division average, chief financial officer Cécile Cabanis told analysts and journalists on a webcast on Thursday.

However, she said the decline was due almost entirely to weakness in Asia, where there was a reversal of the yen weakness that significantly boosted tourist business in Japan at the same time last year.

Organic sales in Japan fell 28 percent year-on-year in the second quarter.

Cabanis saw flickers of improvement locally in China and touted an easier comparison basis for the coming quarter, though she conceded the Chinese economy is “probably not out of the woods yet.”

Operating profit for the fashion and leather goods division fell 18 percent in the first half, but the executive said the operating margin remained healthy at 34.7 percent.

While LVMH continues to cap costs, it remains committed to investing in its brands, as evidenced by recent flagship openings for Louis Vuitton in Shanghai and Tiffany & Co. in Japan, and plans to open Dior boutiques in New York City and Beverly Hills in the second half.

The group is searching for efficiencies in areas like point of sale marketing for perfume and cosmetics, and fashion shows, where it is reviewing its contracts with external agencies, she said. It’s also closing underperforming doors.

“Our philosophy is very clear. We need to ensure that we invest what we need to invest behind growth, and we need to make sure that we are able to mitigate and maintain a high level of margins,” Cabanis said.

Group net profit totaled 5.70 billion euros in the first six months of 2025, while profit from recurring operations was down 15 percent to 9.01 billion euros, equating to an operating margin of 22.6 percent.

Overall revenues fell 7 percent to 19.50 billion euros in the three months to June 30, representing a decline of 4 percent in organic terms.

“This was definitely not a good set of results, but not disastrous either,” said Luca Solca, analyst at Bernstein.

A Perfect Storm

In terms of revenues, watches and jewelry performed slightly better than expected, with organic sales flat in the second quarter. Perfumes and cosmetics were in line with forecasts, rising 1 percent.

Wines and spirits beat consensus estimates with a 4 percent decline, while selective retailing also exceeded expectations, up 4 percent.

Analysts had hoped that fashion and leather goods would deliver a beat after encouraging results at sector peer Compagnie Financière Richemont, which reported a 6 percent rise in overall sales in the three months to June 30.

By contrast, LVMH is facing a perfect storm, with anemic demand for luxury goods, a strengthening euro and looming U.S. trade tariffs causing its share price to drop around 26 percent so far this year.

The macroeconomic issues have been compounded by a series of internal problems, including data breaches at Vuitton and Dior, and legal proceedings against Loro Piana over alleged worker exploitation in Italy.

Nonetheless, the industry bellwether expressed confidence in its prospects.

“LVMH showed solidity in the current context,” Bernard Arnault, chairman and chief executive officer of LVMH, said in a statement.

“Beyond the prevailing uncertainties, we remain focused thanks to the long-term vision that has always guided our family group,” he added. “We head into the second half of the year with great vigilance, and I am confident in LVMH’s tremendous long-term potential and the commitment of our teams to further reinforce the group’s leadership position in luxury goods.”

LVMH described Jonathan Anderson’s debut menswear collection for Dior, unveiled in June, as an “immense success,” with Cabanis noting the show garnered 1.1 billion views on social media.

Bernstein’s Solca has partly attributed LVMH’s woes to a series of price increases in the wake of the coronavirus pandemic, and called on the group to address “off-kilter pricing” at Dior.

Cabanis said the brand continues to see good traction on its D-Journey and Dior Toujours bags, and is riding the momentum leading up to Anderson’s first collections landing in stores next year.

“We are very confident both in terms of product [and] communication,” she said, noting that Anderson’s role as director of both women’s and men’s collections will ensure “full consistency on the brand vision.”

Meanwhile, the debut collections by Sarah Burton at Givenchy in March and Michael Rider at Celine earlier this month were “particularly well received,” the luxury group said.

Looking Ahead

LVMH is gearing up for more debuts, with Anderson set to show his first women’s collection for Dior on Oct. 1, and Jack McCollough and Lazaro Hernandez presenting their debut line for Loewe on Oct. 3, according to the preliminary calendar released by the Fédération de la Haute Couture et de la Mode on Thursday.

Cabanis said Vuitton continues to lead in many markets thanks to its innovative store concepts, like the Shanghai flagship, which is shaped like a life-size cruise ship.

“It’s unexpected. It’s something only Vuitton can do,” she said. “We are not going to do 400 of those, but there might be a few down the road.”

She added that the brand is sticking to its pricing strategy, which consists of delivering sophisticated products for its high-end clientele and introducing more accessible categories aimed as aspirational customers, such as a new cosmetics line developed by Pat McGrath, set to bow this fall.

“We don’t work on price segmentation — we are not Coca-Cola — but we are working on bringing the best product, and with that, making sure that the value that is in the product is recognized by our clients,” Cabanis said.

Regarding Loro Piana, she reiterated that the brand was unaware of the problems in its supply chain and was working to rectify the situation.

“This topic is beyond Loro Piana. It’s a topic that the full industry in Italy is facing, and it’s something that we will have all to manage collectively,” she said. “It shouldn’t create an impact on the [brand’s] image.”

Amid flat demand from the U.S. in the second quarter, LVMH is preparing to weather the impact of U.S. President Donald Trump’s threatened trade tariffs in a variety of ways, though Cabanis said its wines and spirits division had less leeway than fashion and leather goods.

The ongoing restructuring of Moët Hennessy is not expected to deliver results until the second half of 2026, she added. “We don’t expect any significant impact this year on that front, but we are very confident that the team has got the plan under control and is delivering,” Cabanis said.

WSJ : Jeffrey Epstein’s Birthday Book Included Letters From Bill Clinton, Leon B

Jeffrey Epstein’s Birthday Book Included Letters From Bill Clinton, Leon Black
Former president, Wall Street billionaire were listed along with Donald Trump as ‘friends’ in the 2003 book’s table of contents, which named around five dozen contributors

The biggest name in Jeffrey Epstein’s birthday book back in 2003 was a past president rather than a future one.

Epstein’s former girlfriend Ghislaine Maxwell was keen for Bill Clinton and other boldface names to submit letters for the special gift, according to people involved in putting it together.

In the end, she was successful. The leather-bound album—assembled before Epstein was first arrested in 2006—included a page with a single paragraph in Clinton’s distinctive scrawl:

It’s reassuring isn’t it, to have lasted as long, across all the years of learning and knowing, adventures and [illegible word], and also to have your childlike curiosity, the drive to make a difference and the solace of friends.

A spokesman for Clinton declined to comment on the birthday message, which was reviewed by the Journal. He referred the Journal to a previous statement that the former president had cut off ties more than a decade before Epstein was arrested in 2019 and didn’t know about Epstein’s alleged crimes.

The former president was among around five dozen people, including Donald Trump, Wall Street billionaire Leon Black, fashion designer Vera Wang and media owner Mort Zuckerman, who ended up with letters in the 2003 book, according to documents reviewed by The Wall Street Journal.

The letter bearing Trump’s signature, which had the outline of a naked woman, was one of the more memorable pages, according to the people involved in putting the album together. Trump has called the letter “a fake thing.”

“The Wall Street Journal is writing yet another defamatory story about the President of the United States about an alleged letter they don’t even have because the President never wrote it,” Karoline Leavitt, the White House press secretary, said in a text message.

The professionally bound birthday book had multiple volumes and included a table of contents that listed the contributions, organized into groups. While many letter writers weren’t famous, some categories had notable people.

Clinton and Trump were listed under the “Friends” group, along with about 20 other associates such as Black, Zuckerman, former Victoria’s Secret leader Leslie Wexner, attorney Alan Dershowitz, U.K. politician Peter Mandelson and the late Jean-Luc Brunel, who ran a modeling agency.

A “Business” group included the late Alan “Ace” Greenberg and the late James “Jimmy” Cayne. Both men worked at Bear Stearns when Epstein was at the investment bank in the 1970s.

Other people were grouped under categories such as “Science,” “Brooklyn” and “Family.”

‘Love and kisses’
Some of the messages were anodyne birthday wishes, but others were bawdy and made crude jokes about sex, according to the documents reviewed by the Journal.

A letter from Nathan Myhrvold, a billionaire and former Microsoft executive, said he was sending photos from a recent trip to Africa. “They seemed more appropriate than anything I could put in words,” said the letter, which ended with a typed “Nathan.” It was followed by photos of a monkey screaming, lions and zebras mating, and a zebra with its penis visible.

A spokeswoman for Myhrvold said he doesn’t recall the submission and that he is a wildlife photographer who “regularly shares photos of and writes about animal behavior.”

The spokeswoman said Myhrvold only knew Epstein because he attended TED conferences and was a donor to scientific research.

The submission with Black’s name had a handwritten poem with a rhyme scheme. The poem included the acronym “V.F.P.C.” with an asterisk that said it stood for “Vanity Fair Poster Child,” a reference to a magazine profile of Epstein that was in the works.

Two lines in the poem read:

Blonde, Red or Brunette, spread out geographically

With this net of fish, Jeff’s now ‘The Old Man and The Sea’

It was signed: “Love and kisses, Leon.”

A spokesman for Black, the co-founder of Apollo Global Management, declined to comment on the letter.

Black has said he met Epstein around 1996 and paid him for tax- and estate-planning. He has said he regretted having had any involvement with Epstein. Apollo said in 2021 that a legal review found Black paid Epstein a total of $158 million from 2012 to 2017, including $10 million for Epstein’s charity, and found no evidence Black was involved in Epstein’s criminal activities.

A letter from the current U.K. ambassador to the U.S., Mandelson, included photos of whiskey and a tropical island, and referred to Epstein as “my best pal.”

A spokesman for Mandelson declined to comment. In 2023, Mandelson told the Journal that he “very much regrets ever having been introduced to Epstein.”

The letter from Wang, the fashion designer, joked about putting Epstein on “The Bachelor” and suggested they go on a shopping trip.

Wang didn’t respond to requests for comment. The designer told the Journal in 2023 that she regrets ever associating with Epstein.

A letter from Zuckerman, who was then an owner of the New York Daily News, said that he had searched the newspaper for information about Epstein and joked he was born in Liechtenstein and had a wife and three children. Zuckerman didn’t respond to requests for comment.

Assembling the album
Maxwell enlisted the help of assistants and others to assemble the album, according to the people familiar with the process and people who received the invites. Maxwell requested drawings, photos or stories from Epstein’s associates to celebrate his 50th birthday.

As the letters and images came in, they were scanned into a computer. Some of the people who assisted on the project recalled seeing the Trump and Clinton pages among the documents at the time. The letters were taken to a New York City bookbinder to create the calfskin album.

Brad Edwards, a lawyer who has represented more than 200 of Epstein’s victims, said on MSNBC Wednesday evening that he has multiple clients who remember the birthday book. “The existence of the book is an absolute fact,” Edwards said.

Jeffrey Epstein’s brother Mark Epstein told the Journal that he recalls Maxwell putting together the book for his brother’s birthday. The album included a note from Mark Epstein.

Several digital copies of the album have been created. Pages have been reviewed by Justice Department officials who investigated Jeffrey Epstein and Maxwell years ago, according to people familiar with the matter. The album is part of Epstein’s estate.

It’s unclear if any of the pages of the album are part of the Trump administration’s recent review of the Epstein case files.

Epstein died in jail in 2019 after he was arrested on federal sex-trafficking charges. Maxwell was found guilty in 2021 of helping Epstein’s sex trafficking and sentenced to 20 years in prison.

Maxwell, who is seeking to have her conviction overturned, didn’t respond to a letter requesting an interview. Her family issued a statement last week saying she didn’t receive a fair trial, and one of her lawyers, David Oscar Markus, called on Trump to intervene.

The biggest name in the album was Clinton, who left the White House in 2001. Clinton was photographed with Epstein and Maxwell at a White House event in 1993 and socialized with Epstein in the early 2000s. At his Manhattan townhouse, Epstein hung a painting that depicted Clinton wearing a blue dress and red heels, according to people who saw it.

Clinton took four trips on Epstein’s private jet and once visited his Manhattan townhouse, each time with his Secret Service team and for reasons related to the Clinton Foundation’s work, Clinton’s spokesman said in 2019.

Trump, who also socialized with Epstein in the 1990s and 2000s, said in 2019 when Epstein was arrested that he hadn’t talked to him for about 15 years.

On July 17, the Journal published an article about the letter with Trump’s signature. The next day, Trump sued the Journal’s reporters, Journal publisher Dow Jones, parent company News Corp and executives, calling the letter “nonexistent” and alleging the article defamed him.

A spokeswoman for Dow Jones said, “We have full confidence in the rigor and accuracy of our reporting, and will vigorously defend against any lawsuit.”

The letter from Wexner, the retail billionaire, contained a short message and a line drawing of what appeared to be a woman’s breasts. Wexner declined to comment through a spokesman about his letter. Wexner previously said he cut ties with Epstein in 2007.

The letter from Dershowitz, who represented Epstein in the first criminal case in the 2000s, included a mock-up of a “Vanity Unfair” magazine cover with mock headlines. “It’s been a long time and I don’t recall the content of what I may have written,” Dershowitz said.