tight they are lvmh is the biggest stock in all of europe at 380 billion cap the biggest energy total, it is a major childrthing. estee lauder is in its own way a junior version of it this is a ten-year comparative chart of estee lauder and lvmh a very reliable business and interestingly there was always this thought that during recessions people buy lipstick because they want to feel good heads you win, tails you win so some estee lauder charts on their own. here's the one-year chart. next chart, look at the channel, those are mathematically parallel lines i think we worked the top of the channel. we're not extended and i think the way is higher. last two charts, the first, it's a two panel. you're looking at now a five-year chart of estee lauder. on the bottom is relative performance to the s&p last chart, same exact chart, estee lauder and now look at the relative performance basically estee lauder is just now breaking out above relative tops that have been in effect for almost three years we think it's excellent, and we want to be long. >> charts look great, mike what's the trade

guy: i think it is interesting -- apparently buying more and more stock in lvmh.ce targets at the moment are where the share prices are. you think we can get another re-rating of the sector? it has had an incredible run? swetha: the re-rating will continue to be driven by the upgrade cycle. as the earning start to come through better-than-expected we still have consensus that looking for the sector in aggregate do not go back to 2019 margin levels until 2022 at the earliest. given the strength and the extent of the top line recovery, it is highly unlikely the cost would have gone back in as much as the top line has recovered, which leaves us at a pretty sweet spot in terms of earnings upgrades for the next six to nine months. guy: ok. we will leave it there. thank you very much indeed. swetha ramachandran of gam. what were those shoes? alix: the heels are like this tall. i cannot walk in them. i buy stuff on an italian online aggregator. guy: dubai? -- do you buy? alix: i can get a pair of shoes like this. i cannot walk in them. they fit perfectly ensconced in a p

lvmh became the richest man in the world squeaking past jeff bezos.ropean luxury stocks and the primacy of the clie neez co chinese consumer. jeff is back on top today. these two are neck and fleck >> lvmh is a giant machine that just keeps buying brands and executing perhaps better than any other sort of conglomerate in the world they are based if europe so we don't talk about them that much. they acquired tips and already start of ramping that up, putting into their system and their secret, aside to understanding china perhaps better than any company in the world is data. when you go to one of their stores whether it's the shoe store, fendi bag store, dior, they is your data. they can cross sell you all the other things they think you'll want from all their other offerings. there's no stopping them d again, no one has cracked that market better than lvmh. >> what would you add especially about the chinese market and it's both a blessing and in some ways a curse where the chinese are sepending their money, the politics become complicated. >> critics

two-year chart of estee lauder versus lvmh. look how tight they are. lvmh is the biggest stock in all of europe at 380 billion market cap. the biggest financial. allianz is only 100. total only 120 estee lauder is a junior version of it. this is a ten year comparative chart of he is tai lauder and all of those brands. interestingly there was all of these thoughts during recessions people buy lipstick because they want to feel good. heads you win, tails you win some estee lauder charts on their own. here's a one-year chart. definition of an up trend. 45 degree angle. next chart, look at the channel. mathematically parallel lines. i think we worked the top of the channel. we're not extended and i think the way is higher. last two charts, the first is a two panel. you're looking at a five-year chart of estee lauder and on the bottom is relative performance to the s&p last chart, same exact chart, two panel. estee lauder look at the performance. estee lauder is just now breaking out of relative tops that have been in effect for three years. we think it's e

lvmh is back doing well. gucci, the numbers were doing well as well. not able to take advantage of the environment lvmh is able to take advantage of, that kerring is able to take advantage of. it does seem like it is lagging. francesca: i would say the numbers afforded today came in line with guidance, and at the high end of what the guidance was, a couple of months ago. the numbers are disappointing. they attempted to guide for the medium-term, trying to explain the projects for the acceleration of the medium-term. the markets must have assumed -- from the implied expectations. you are seeing the bounce back from the lows, which to me suggests that as people [indiscernible] the guidance was little bit more dense. i think the stock may be [indiscernible] from this point of view. guy: in order to get -- alix: in order to get on board with the increase in opex some analyst not like i'm a what kind of investments do you want to see burberry do? francesca: the top has been quite good. [indiscernible] they clearly invest in the brand in an environment where

you will see consolidation in lvmh.eeing companies like tapestries performing much better. you will continue to see these nich brands that do their ipo's. the consumer wants value. they want a story. in the luxury space you will continue to a lot of innovation. tom: to bring it back to mastercard in your work for them as a senior advisor, how is our relationship with our cards changing? there is a lot of dynamics in fintech and digital dynamics. how is mastercard model that? stephen: you have a consumer going cashless so the they want to touch less, they went ease of transaction. they love their cars. it bodes well for the mastercard's of the world in terms of changing behavior. it is not this -- it is not just the transaction. it is what you do with the data and analytics and the ability to understand consumers. i think this is a value-added proposition that retailers need. you see a lot more of that coming out of the use of data and meeting consumer needs. tom: what is the permanent change to the consumer out of this

french fashion tycoon and ceo of french luxury group lvmh bernard arnault became the world's richestoversees a global empire of 70 brands, including luxury names louis vuitton and sephora, is worth $186.3 billion, making him $300 million richer than amazon founder jeff bezos, who is worth a paltry $186 billion. peloton is set to build its first us factory after demand for its at—home exercise equipment soared during the pandemic. the fitness firm's manufacturing facility will begin construction in ohio later this year, creating about 2,000 jobs. production is expected to start in 2023. peloton currently produces most of its treadmills and indoor exercise bikes at a third—party facility in taiwan. uk tourism is set for a slow recovery from the pandemic, with spending by holiday—makers this year expected to be just half the level of two years ago. forecasts from the visitbritain agency indicate that domestic tourism will be worth £51.a billion in 2021. but the real shock here for uk businesses reliant on tourist trade is the forecast for spending by foreign tourists, which will be less

lvmh said last month it had gained market share during the pandemic.tes in its first order. gucci is always important for kering, because it is more than half of their business. same story at hermes. burberry is clearly lagging. anna: the company saying they are pleased with performance in china. maybe it's those comparisons with peers setting the stock down. the stock is down, just shy of 8% to the downside. coming up here on the european market open, a secondhand unicorn. we talked to the ceo of clothing resale app vinted about its valuation and outlook for the future. the resale of secondhand clothing online, why do we need a special app for that? we will talk to the company about that. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet cus

i think it's the guy, the dude from lvmh, bernard arnold, just to be clear, you know, there are a fewt's bezos, arnold, and elon musk and then you, jackie. jackie: oh, well, yeah, i wish. charlie: [laughter] cavuto is in there somewhere too i hear. [laughter] listen when you get a big deal like this , the discovery/at&t spin-off deal an amazing deal from so many different levels including the fact that it reverses three years worth of work at at&t, and, you know, where they were going to be this sort of conglomerate that gave you both content and distribution, that this unwinds that, that's a big story but also, we're going to get some degree of consolidation, bankers are saying now, after this deal, and i think it'll be interesting how the consolidation works. lots of talk right now about a tie-up between comcast and cbs, viacom cbs. we should point out first that the biden administration, from what i hear from my sources close, is giving their task of approval to this deal, this combination of discovery and at&t's media assets which is hbo and cnn, essentially because it basically a

>> well, for me personally i came here five years ago to be the chief digital officer at lvmh.is because really security is, you know what they would call in french metea, is quite well-studied and practiced in france. the engineering schools here in france are incredible. security, cryptography are some of the things that are well-studied as well and things like the chip and pin technology that is in credit cards was actually developed here in france. so it is really a french metea. stuart: ian, you've shown me so much in the space of 3 1/2 minutes, i'm inclined to ask you to come back again and we no doubt will. thanks very much for joining us. >> thanks for having me. stuart: ledger, keeping your cryptos safe in an actual physical, tangible, digital wallet. good stuff. ian rogers come back soon, see you again. appreciate it. how did i do on that. susan: that was pretty good. stuart: made me understand what he was talking about. susan: he is very good. stuart: next case, a school district may require classrooms to fly black lives matter and pride flags. come on in ashley webs