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LVMH Records Major Milestone, Becomes First European Company to Hit $500 Billion Market Cap

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Bernard Arnault

French multinational holding and conglomerate specializing in luxury goods, LVMH, has recorded a major milestone after it became the first European company to hit a $500 billion market cap.

This recent achievement is coming after the luxury goods company less than two weeks ago, became one of the ten biggest companies globally, courtesy of an impressive first quarter (Q1) report.

LVMH recorded a revenue of $23 billion in the first quarter of 2023, a 17% increase from the previous year of the same period. For perfumes and cosmetics, the company recorded $2.3 billion, a positive increase of 11% and an organic positive change of 10%, compared with the prior-year quarter which was $2 billion.  

All business divisions except wines and spirits recorded double-digit gains in the first quarter, with LVMH citing “strong growth momentum” in Europe and Japan, thanks to both an increase in patronage from both local customers and international travelers and a steady performance in the United States, which continues to grow.

Investors King understands that the company’s increase in value also boosted the wealth of its CEO Bernard Arnault, whose net worth rose to $212 billion, sitting on the first position of the 2023 latest Forbes richest men ranking.

Despite the uncertain economy that has impacted the revenue of certain companies across the globe, which has led to massive layoffs and cost-cutting measures, LVMH remains both vigilant and confident at the start of the year. Reports reveal that the catalyst for part of LVMH’s gains in recent years is China. After the country ended its strictest lockdowns, Chinese shoppers have gone on a spending spree mostly on luxury handbags and jewelry. The company’s soaring sales reveal that demand for highly valuable goods remains unabated despite the economic downturn.

The luxury goods company will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability, and their distribution.

LVMH relies on the talent and motivation of its teams, the diversity of its businesses, and the good geographical balance of its revenue to further strengthen its global leadership position in luxury goods in 2023.

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Merger and Acquisition

Nigerian Breweries Mulls Acquisition of 80% Shareholding in Distell Wines and Spirits

Nigerian Breweries Plc has announced it was considering acquiring an 80% stake in Distell Wines and Spirits Nigeria Limited.

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Nigerian Breweries - Investors King

Nigerian Breweries Plc has announced it was considering acquiring an 80% stake in Distell Wines and Spirits Nigeria Limited.

According to a disclosure signed by Uaboi Agbebaku, the company secretary, the brewer informed the group and the investing public that at a specially convened meeting of the Board of Directors held on 30th May 2023, the Board was presented with an offer from Heineken Beverages, South Africa.

The statement read in part, “Nigerian Breweries Plc hereby informs the Nigerian Exchange Limited and the investing public that at a specially convened meeting of the Board of Directors of the Company held on 30th May 2023, the Board was presented with an offer from Heineken Beverages (Holdings) Limited (Heineken Beverages) of South Africa, for NB to acquire Heineken Beverages’ majority interests (via Distell International Limited) in Distell Wines & Spirits Nigeria Limited (Distell Nigeria).”

The board has however resolved to consider the offer in detail with support from external legal and financial advisers before making a decision. It stated also that the outcome of the decision will be communicated in due course.

Notably, Distell Nigeria is a subsidiary of International Limited, which is 100% owned by Heineken Beverages. Its operations are in two folds namely; the Local production of wines (still and sparkling) and ciders and Importation of wines, spirits and flavoured alcoholic beverages from Distell Group in South Africa.

Founded in 2018 with its headquarters in Lagos, Nigeria, Distell International Limited owns 80% shareholding in Distell Nigeria. Its brand portfolio includes Amarula, JC Leroux, Nederburg, Drostdy Haf, 4th Street, Bain’s, Knights, Chamdor, Hunters and Savanna.

With a diverse portfolio of brands with rich provenance and authenticity geared toward enriching lives, its products are priced across the pricing continuum to cater to a broad spectrum of consumers.

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Company News

Bolt Increase Fare Price by Over 100% Due to Fuel Scarcity in Nigeria, Riders’ Lament

Ride-hailing company Bolt has reportedly increased its fare price by over 100%, due to the current fuel scarcity in Nigeria as riders lament bitterly.

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Bolt-Investors King

Ride-hailing company Bolt has reportedly increased its fare price by over 100%, due to the current fuel scarcity in Nigeria as riders lament bitterly.

The fuel price which has led to the limited availability of commercial buses on the road, has seen riders left with no option but to pay for the exorbitant Tfare.

Some riders revealed that they were tasked by Bolt drivers at the point of pickup to pay extra. While some cooperated, several others did not hesitate to cancel the ride.

Several riders took to Twitter to express their concerns over the increased fare prices on the Bolt app

Check out some reactions below

@KEnwemadu wrote,

“Boltapp, it is pertinent that I call your attention to the sharp increase in the pump price of PMS by 264% in  Nigeria, due to the removal of fuel subsidy. In solidarity with other drivers on Bolt, I ask that you review your fare prices  to reflect the current market reality.”

@FowobiofLagos wrote,

“So Bolt driver is not putting on the AC because there’s no fuel, will he accept half of the fare price? Or is there a price for not putting on the AC? Egbami”

@Nmesoma_O wrote,

“Left home at 6 am to get to VI and traffic don already choke at that time lol. Oh, bolt fare was 6k+”

@Victory_amah wrote,

“My bolt fare was 1600, gave bolt guy 2k cash and this man was telling me “thank you very much”. Kindly stop playing with me, Sir. I sat there till he gave me my balance. See how everywhere is and you want me to give you odindin 400 naira. Come off it jare”.

Investors King understands that in a swift development, as regards fare prices across ride-hailing platforms in the country, riders are increasingly abandoning industry giants Uber and Bolt to alternative platforms such as Indrive and Rida, as Fare prices on these apps are said to be slightly lower, compared to that of Bolt and Uber.

Meanwhile, some drivers on Bolt and Uber have hinted that there would soon be an official announcement of an increase in fare price given the fuel scarcity and the confirmation of fuel price adjustment by the Nigeria National Petroleum Corporation (NNPC).

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Company News

Abidemi Ademola Resigns from Unilever After 27 Years

The Board of Directors of Unilever Nigeria PLC has considered and approved the resignation of Abidemi Ademola as an Executive Director with effect from 31st May 2023.

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Unilever Nigeria Plc

The Board of Directors of Unilever Nigeria PLC has considered and approved the resignation of Abidemi Ademola as an Executive Director with effect from 31st May 2023.

According to a disclosure signed by Afolashade Olowe on the NGX, the resignation becomes effective from 31st May 2023.

The Board of Directors however wishes Ademola all the very best in her future career and expresses their sincere gratitude to her for the many valuable contributions and legal expertise she brought to the Company over a distinguished 27-year career at Unilever.

The company also noted that her replacement on the Board of Directors of Unilever Nigeria will be announced in due course.

Ademola’s profile

Ademola has over 27 years of experience practicing commercial law and corporate governance in Nigeria and West Africa. She is a qualified and seasoned corporate counsel, governance professional, and executive business leader.

Her specialty is to proactively identify legal, regulatory, compliance, and corporate governance risks to business and develop creative mitigation to enable seamless business operations and sustainability. She is passionately driven by a personal purpose to create a lasting legacy by shaping capability in Governance, Risk, and Compliance.

Abidemi has played a key role in the development of powerful legal teams and the accomplishment of numerous monumental legal transactions and initiatives throughout West Africa. Since more than ten years ago, she has assisted the Unilever Nigeria Board in putting world-class Corporate Governance policies and procedures into place, which has enhanced the effectiveness of the Board.

She has a law degree from Obafemi Awolowo University in Ile-Ife, a master’s degree in law from the University of Lagos in Akoka, and a leadership MBA from Walden University in the United States. She is a member of the Governing Council and a Fellow of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN). She is a Fellow of the WIMBIZ/IE University, Madrid Executive Education Programme for Women on Boards and the WIMBOARD Institute.

Bidemi participates actively in the Nigerian Institute of Directors, the Society for Corporate Governance, and the Nigerian Bar Association. Abidemi served as the first chair of the NBA Section on Business Law’s Corporate Counsel Committee and is currently an officer on the NBA Women Forum’s Corporate Counsel Committee.

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