apparently -- buying the stock, buying the dip, lvmh up 2.36%. alix: words are hard and i say that because it is been a long week and it seems things are slow, trading a little bit heavy and i feel like everything, all asset classes a bit tired. there are a couple things i want to point out. the best performing sector up 1.5%, higher oil prices, consumer excess savings have drained down. is he going to be its tipping point for consumers? that is the conversation which leads me to kroger. the stock is up because there offloading and selling some stores to merge. the other was the reader through from the quarter, higher end consumer spending at other stores, lower and consumers are feeling the pinch. back to the consumer and that falls out of bet, if we lose the support, what is it due to the company?'look at dollar even. we are all -- right near a record. with the u.n. under pressure, what will be the trickle down? i've ended the board saying the same thing. guy: we also talk about tech the u.s. domain and luxury is europe's domain. health care pr

lvmh a litmus test around luxury.he gap starts to widen 2022 to 20 here2 is the pressure3 for lvmh, which had been. the biggest value cap start in europe but has since declined 20% since mid june. here is the runoff in the nasdaq 100. the term has been less but it is still there. the higher yield environment and whether or not the ai has started to run its course. the questions for luxury, france, italy is the role of china. questions for morgan stanley goldman sachs, if china starts to fall off in terms of the consumer and that high end in europe and the u.s. starts to look more fragile, where is the support for luxury? so is it starting to look cheap enough now? or do we see more downside before you want more exposure? alix: research affiliates founder known for his warnings on the dangers of bloated mega caps. >> the tailwinds for value in the coming couple of years and extending over the coming decade are simple. first, it is near record cheapness. it reached an all-time record cheapness by many measures. you do n

francis up, lvmh has another good day. the countdown to the close starts right now. >> the countdown is on in europe this is bloomberg markets: european close with guy johnson and alix steel. guy: we had positive chinese data, lvmh up 2.5%. luxury stock stood well. tech stocks did not do well. that will pass through with names like asml. alix: we have a pretty decent selloff. we have the umich data, with mixed signals. you are seeing adobe is the worst performing stock. analysts feel their guidance was conservative. arm is taking a break after that 40% pop. but nothing super dramatic. this is all but the overhang of the uaw strike. guy: we are also watching the dollar continued to climb. the euro is the biggest casualty. it is in for its ninth week of decline. at the moment, we seem to be in a position where the market is beginning to focus less on the rate differential, the market is focusing on the growth differential. if you look at the growth numbers being announced out of the united states and europe, that does not bo

lvmh, the main driver in that market.ue to watch what is happening carefully at the nasdaq. we are watching, we are waiting for the biggest ipo for the ipo next year. we are going to be live from the nasdaq and they are preparing this debut. that is next and this is bloomberg. ♪ all-day energy starts with clean hydration. lmnt. more electrolytes. zero sugar. you feel the difference when you get it right. stay salty. j.p. morgan wealth management knows it's easy to get lost in investment research. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find the right investments. so great getting to know you, let's take a look at your new investment plan. ok, great! this should have you moving in the right direction. thanks jen. get ongoing advice; and manage your investments in the chase mobile app. encore energy, america's clean energy company poised for production in south texas, energizing america with reliable and affordable nuclear ener

lvmh down 1.8%.art of the reason we have seen novo take that position as the largest stock by market cap in europe. lvmh has gone down and novo has appreciated. chris matian dior down 1%. let me hand it over to joumanna with data from the ecb. >>> julianna, we have been piecing through the signals on the pmi side of things. we just spoke about the composite numbers coming in lower than the flashes estimate. we are also getting results of the ecb survey with the respect of inflation. expectations for inflation in the next 12 months are unchanged at 3.4%. that is higher than the 2% target. expectations for three years ahead have risen to 2.4% from 2.3%. why am i emphasizing the word rise? this is key for the ecb and what it is trying to achieve. when they tighten interest rates, the aim is to bring down expectations of where inflation is going to get. at a time when the growth has started to slow down, the activity has started to slow down and you think the expectations would slow as well. that is not

luxury conglomerate lvmh. shares in the danish pharmaceutical giant novo nordisk have soared since it launched the popular drug in the uk, taking its market value to around $428 billion. the drug, available both on the uk's national health service and privately, is an obesity treatment that tricks people into thinking that they are already full. to discuss this further i'm now joined by chris beauchamp. he is chief market analyst with the ig group. so, just this weekend, being approved for the limited circumstances on the nhs. right around the world it is proving to be around the world it is proving to be a big money spinner. it is. around the world it is proving to be a big money spinner.— a big money spinner. it is. there is a big money spinner. it is. there is a hue a big money spinner. it is. there is a huge market _ a big money spinner. it is. there is a huge market for— a big money spinner. it is. there is a huge market for this, _ a big money spinner. it is. there is a huge market for this, really. - a

it dethroned lvmh.is entering the market following soaring demand in the u.s., norway, denmark and germany as well. >>> ahead, the one word every investor needs to know today and why our next guest is taking a bearish approach to stocks after the summer rally. we're right back after this. an. ...can't overcome the boundaries we face. ( ♪♪ ) so morgan stanley is partnering with the women's tennis association to remove them. ( ♪♪ ) because this game is for everyone. ( ♪♪ ) ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley. every day, businesses everywhere are asking: so you won't miss is

lvmh bouncing a little bit today.l. today feels like an exhaustion day. we had a massive week with the euro-dollar off .1%. and nat gas it is rippling into europe up by 4.29%. the japanese by gas from australia and they will have to look elsewhere. it will be an interesting story to see how the commodity started -- story gets into the europe market. and we have sebastian radler of bank of america joining us in the next hour. that is coming up. this is bloomberg. ♪ hi, i'm jason. i've lost 228 pounds on golo. so when my doctor told me i needed weight loss surgery, i knew i had to make a change. golo's helped me transition to a healthier, sustainable lifestyle. i'm so surprised just how crazy my metabolism has fired up. i have a trust in golo 'cause i know it works. golo isn't like every other program out there, and i'm living proof of it. (announcer) change your life at golo.com. that's golo.com. guy: friday, the eighth of september. a little bit of a refresh may be going into next week. little stabilization, maybe, no

i think bank of america's top two buys lvmh up 35% they like the leaders and idiosyncratic stories. >it is interesting that despite them turning cautious, they see the upside in the stocks based on the secular stories that we mentioned. again, coming back to how we started, this is to do with china and the dwindling presence of the aspirational u.s. customer then also less travel for chinese consumers. less incoming travel from chinese tourists and this is having an impact on the luxury space. >>> evergrande crisis deepened after the unit of the company defaulted on the yuan bond payment. it is necessity dpgotiating wit holders. a former cfo was detained by authorities. global trade volumes fell in july the steepest drop since august of 2020 during the covid pandemic the latest world trade monitor report says falling volumes were reported across most of the world, but the eurozone posted a 5.2% contraction in his conversation with cnbc, jamie dimon welcomed recent steps by u.s. officials to engage with china. >> i'm an american patriot governments will set foreign policy, not jpmorgan

lvmh is bouncing back nicely.lar -- sorry the euro has bounced out 1.06 and bright -- brent crude at 86. when we come back hugh gimber. ♪ ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. nice footwork. sman, you're lucky,. watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. guy: european equities enjoying the round-trip at the end of the week. we are coming back down to flat. francis up, lvmh has another good day. the countdown to the close starts right now. >> the countdown is on in europe this is bloomberg markets: european close with guy johnson and alix steel. guy: we had positive chinese

the reaction in luxury today with the french names lvmh up 3%. h hermes up 2%.asic resources coming up as well. this is the reaction with the minors. i spoke about the ftse 100 being a good performance day and over the course of the week with the rio tinto up 1%. >>> as joumanna flagged, technology sector is under performing this morning. big reason why is tsmc. it told suppliers to delay the delivery on the bid to control costs as it deal was delays in the chip factory in arizona. this is according to reuters. int it said the firm is nervous about customer demand. you see a bit of a pullback. asml with a hit of 2.7% in the trade today to the down side. joumanna, positive side to the trade in europe today. it seems a few fact orfactors a play. you see china as the reason why and the luxury space which is a big driver, but the ecb event yesterday as well, that was a relief moment for markets. >> it depends how you interpret it. if i wear my fixed income hat, there was a rally in yields. that tells you the market is concerned. we're talking about ten-year time hor

lvmh. we're pessimistic on some of those numbers relying on a new designer to turn things around. probably not the best environment for that. a quick sneak peek at the hard luxury segment. i'm a big fan of swatch group, watches of switzerland as well. some interesting opportunities. when you get down to ten times p.e. on these luxury or retail names they start to look very attractive. there are some very interesting sort of cheap luxury stocks there but otherwise quality is what we favor. hermes ss and lvmh. >> jcoming up on the show, the battle for republican presidential nomination heats up in the u.s. we'll look at those in the running next. make a splash with the ultimate pool party essential. blendjet gives you ice-crushing, big blender power on-the-go, so you can soak up the sun with a frosty beverage. enjoy 15+ blends before rapidly recharging via usb-c. and it even cleans itself with a drop of soap and water. stand out even when you're accidentally twinning with our kaleidoscope of colors. make this summer the coolest ever. order yours now from blendjet.com. >>> welcome ba

at one point, novo nordisk overtook lvmh.ht loss drugs, wegovy. cnn meg terrel sat down for an exclusive interview. meg, this is a great get. fascinating interview. what else did he say? >> one of the biggest questions we get about these drugs is do you have to keep taking them essentially forever in order to sus sustain weight loss? we asked novo nordisk what they showed. >> sustained weight loss up to two years but also started showing if you stop treatment, your weight will come back. it's important to note here that like those who live with obesity would know, obesity is a chronic disease. just like high blood pressure. you need to keep treating it or else the symptoms will come back. >> how do you address the suggestion that a weight loss drug should be temporary? >> i would say that's based on a flawed logic around what is obesity. one can speculate over years of maintained weight loss, would that change your body's set point in terms of what is your perceived normal weight? we all built by nature to store energy, to st

weight—loss drug wegovy has become europe's most valuable firm, dethroning the french luxury conglomerate lvmhshares in the danish pharmaceutical giant, novo nordisk, have soared since it launched the popular injectible which tricks people into thinking that they are already full. the company's value has exceeded the size of the danish economy and pushed up the value of the danish krone. i spoke to las olsen, the chief economist at danske bank about the impact of this danish pharmaceutical boom. it's more than 100 years old and has been successful in treating diabetes. now they have struck on to this, it has suddenly taken a whole other dimension to it and it is now by far the most valuable company in denmark and europe and also something that is setting a big mark on the danish economy, without it we would have no proof at all. now we have pretty robust gdp growth compared to peers. so, it's a big business. big compared to peers. so, it's a big business. �* , , , , ., compared to peers. so, it's a big business. ,, h. ,, business. big business and success sto , business. big business and succe

weight—loss drug wegovy has become europe's most valuable firm, dethroning the french luxury conglomerate lvmhopular drug in the uk, taking its market value to around $428 billion. the drug, available both on the uk's national health service and privately, is an obesity treatment that tricks people into thinking that they are already full. to discuss this further i'm now joined by chris beauchamp. he is chief market analyst with the ig group. so, just this weekend, being approved for the limited circumstances on the nhs. right around the world it is proving to be around the world it is proving to be a big money spinner. tt is. around the world it is proving to be a big money spinner.— a big money spinner. it is. there is a big money spinner. it is. there is a hue a big money spinner. it is. there is a huge market _ a big money spinner. it is. there is a huge market for— a big money spinner. it is. there is a huge market for this, _ a big money spinner. it is. there is a huge market for this, really. - a big money spinner. it is. there is a huge market for this, really. we | a huge market for t

lvmh doing well today. we will talk about why, coming up.eek ahead, entering q4 with a lot to think about. golden week kicking off in china. that's important. the conservative party conference this weekend into monday, great coverage coming for you monday with jeremy hunter. we look forward. what is the conservative party going to say about economic plans? today we got data suggesting u.k. economy is not as weak as anticipated. coming out of the pandemic, the u.k. is in front of france and germany. the european political community summit taking place. interesting story developing their with regards to spending plans. the opec interim meeting. oil front and center. china could set the town next week. luxury stocks and investors paying attention. alix: in theory, golden week could be a big deal for luxury stocks. terrible quarter. some say it is time to buy, like ashley wallace, bank of america. they just had upgrade on the sector. bad news is already priced. walk us through? ashley: morning. if you look at underlying momentum in the luxury go

lvmh is down a most 10%. 11% over eight sessions. it's unusual. guy: high-end luxury consumers of started to roll over as well. is this good for europe or bad for europe? there's a whole different range of ways of looking at it. eddie: we've got to figure out why tech is in trouble. that's one thing. if it's about this iphone story and china trying to decouple its tech from the u.s. the way the u.s. is decoupling from china saying were not in a buy your high-end consumer iphones and so on. i actually think that's quite good news for europe because i think that means they're still been a need an offset for their phones and they're going to want to try and sell it to the european market. bill want good relations with europe. at the same time will europe necessarily want those phones? there's been a bit of animosity on that side. it's a very complicated question. that story is better news for europe than the other one. the u.s. is continuing to raise. alix: maybe they can sell their phones of the chinese by their ev's. eddie: i think so. it becomes a

the market cap surpassed lvmh. $421 billion, including unlisted stock. what a journey.hares are up 200% over the last five years. it has been going from strength to strength as investors price in a rapidly growing market for its new suite of obesity drugs. the stock with a boost after trial data that came through earlier this summer. you can see it has been a steady increase in share price over the last five years and getting a significant leg up recently. it is now at 300% in the last five years. >>> all right. coming up on the show, traders eye non-farm payroll from the u.s. today as jpmorgan chase makes a bullish call on the world's largest economy. we'll discuss next. >>> welcome back to "street signs." august non-farm payroll could mark a turning point with economists gaining 100,000. that could be the smallest tick since 2020. the smallest number of job openings in more than two years. simon harvey joins us now. simon, wonderful to have you in studio. thanks for coming in. this week, we had a number of u.s. data releases. looking at the market reaction, it looks l

guy: lvmh down 20% from its peak. let's talk about between now and year end. cash going to be the king between now -- here and year end? what do i need to do to outperform cash if i want to be in the equity market? emmanuel: it is going to be very hard to be risk-adjusted. within the equity market, we simply want to be in cheap stock sectors which have an earnings. we also want to have and generate significant cash flow. we don't want to be in the expensive long-range sectors. if i look at the different margins, the u.s., very hard to see money going without any kind of sense of inflation peeking or growth picking up again. i would just say the motivation of the u.s. market looks a bit vulnerable. hard to see if we are taking this next place in. kailey: barclays managing director and head of european equity strategy, thank you so much for joining us. this is bloomberg. ♪ >> the american market is slowing down due to the reality that the stores are really in a suffering situation at the moment. plus the reality that spending is slowing down. the expectation chi

lvmh has absolutely cratered.at happens to the higher end consumer? they seem resilient to higher rates, but a stock market setback? i wonder. kailey: you have all of that wealth accumulated and you start to feel like your real wealth is much lower if you are invested. also keeping in mind, a lot of this has to do with the housing market, which to this point, given rates are high, no one wants to let go of their low mortgage, you still have high prices. do we see that turning? i am personally hoping, trying to buy a house. that will impact when it happens. guy: sarah, what do you think? how resuming is the upper end consumer to what is happening here? sarah: the most fastening due to point i have seen in the past few months is that walmart is gaining a new consumer. that is the consumer that has more money but they are starting to trade down. we are seeing this down trade. if you have money, you are not running out of it, but you are starting to think about it more. i am watching holiday travel a lot. i want to se

lvmh lost the market cap. it is no longer the largest company.and richemont as well with losses. china's slowing economy and the property crisis and youth unemployment and falling consumer demand is expecting to hit consumers there. hsbc saying in the research note saying sales in mainland china are bound to decelerate. many hoped wealthy chinese would be immune to this, but many are leaving the country. a new study projects over 13,000 millionaires will emigrate just this this year which is up 20% over last year. most of the wealthy chinese are moving to singapore and canada and the u.s. you have a lot of the millionaires going to other countries. >> that is an interesting trend. i want to ask about the luxury demand in the rest of the world. is that offsetting the china hit? >> that's the question for investors right now because in the second quarter results, we saw the luxury companies with the exception of hermes decline in the u.s. all of the results were helped by the strength in asia. if that strength declines with china and europe weakens

luxury is housed within that basket. 3% gains for lvmh and burberry.underperformer is technology. that seems to be on the back of reports that, tsmc is requestin delays for deliveries. frank. >> julianna, thank you very much. julianna tatelbaum live in the london newsroom. turning attention back to the u.s. and wall street. pla markets are looking to pop as economic data is looking for a pause next week. the cme fed watch tool showing a 97% chance interest rates remain unchanged as striking uaw is showing slower growth and higher prices. we have mark haefaele here from ubs. great to have you here. >> thanks, frank. >> if we see data that the uaw strike goes ten days then it will cost the u.s. economy $5 billion. >> this is a risk scenario. people are watching it. it can have an impact on the w wage inflation. this is not aing significant risk yet. >> you say yet. you say near term or long term. you see the slowdown with the wage inflation which is something investors are worried about with the labor negotiations going on around the u.s. >> as you said,

he's the world's second richest person behind elon musk, owns lvmh, a luxury goods giant with 75 labelsuding louis vuitton. >>> new zealand is facing a world fourth title at the rugky world cup. they need a win against italy to keep their hopes alive. highlights and a preview of today's matches, that's next. >>> now to the rugby world cup where new zealand's all blacks jumped into second place in pool a after are esounding win on friday. here's the highlights. >>> a huge game for rugby world cup power house new zealand who faced italy on friday night. the all blacks, up against an azzurri knew if they could seal the win they would be on the way to the quarterfinals. easier said than done, of course, with 6:00 on the clock it would be jordan who puts new zealand ahead, barrett lands the cross kick, taking the ball in stride brilliantly, managing to ground the ball cleanly with the rest of his body in the air. how is that even possible? gets the job done. new zealand leaving nothing to chance, scoring a total of 14 tries, really one-sided victory, stunning tries, though, we showed you who

lvmh is up 6% for the year. richemont is down.hey are not performing well against the s&p up 17% year to date. is there an opportunity in the luxury names or is the china story and the weakening there enough to keep the valuations suppressed? >> that's a good point. year to date performance is mixed among the luxury goods firms and that depends on the exposure which is geared to the u.s. and china. it is worth noeting they had a good 2022. perhaps some of them are giving back a little from here. i think you are right as well in saying there are opportunities opening up in the luxury space which is a positive thing to see for investors. there are challengines ahead. a china slowdown as we see right now and if the u.s. consumer particularly pulls back. you will see weakening there. it is a test of which firms are very, very strong within that space and they will maintain it and which are the weaker ones and they will feel that. >> michael, one other sector we have been watching closely in europe is the travel sector. revenge spendin

weight—loss drug wegovy has become europe's most valuable firm, dethroning the french luxury conglomerate lvmhthe value of the danish krone. i spoke to las olsen, the chief economist at danske bank about the impact of this danish pharmaceutical boom.

a strong bid with lvmh up 3% this morning. we are seeing a strong bid for the sportswear giants.uma and adidas all performing well after nike reporting last night. it did miss on revenue, but margins beat expectations to get the shares going ands also drive gains in europe. we will discuss the earns in detail in a minute. something to look at with european equities. taking a look at the currency market the dollar trading on the back of the yen with sterling driving higher against the dollar. $122.35. we crossed above the 122 level. we have been trading below it for a few days. as for the u.s. futures, wall street is looking to open higher this morning. yesterday, we saw stocks rebound. s&p closed 0.6% higher posting the strongest day in two weeks. >>> a.i. was highlighted as one of the major global growth opportunities at the annual delivering alpha event in new york. blackrock says the technology will lead to profound efficiency gains. >> you take a.i. and take it to the next level and there are a series of economic studies that show 35% to 50% of the jobs will be augmented or r

we saw lvmh which was so long ago, we've seen that come off quite a bit.e've seen that company overtaken at the largest stock here. we've also had some luxury ceos, important executives saying that things are slowing down in europe. we saw johan rupert, the chairman of one of the biggest jewelry makers say that they are starting to see inflation finally take a chunk out of the european consumer. that is something to worry about. they warned about a slowdown in the u.s. a long time ago back earlier this year, and now we are starting to see that perhaps we are on the others of that. china is disappointed. alix: is it a cell every thing else and buy america in terms of stocks? >> if you are going to price the u.s. versus europe, and in many ways china, then yes, america looks great, the u.s. looks great, and that is where investor money has been flowing. the u.s. is outperforming global shares so far by a pretty small margin this year, maybe because it is such a big part of the market. i think japan is a very interesting market. i think if you start to see po

the bright green on the screen, the kayaks up by 1.32, lvmh, london up by .2%.ith christine lagarde. we have a lot to do there.

lvmh down double digits in the last few months. joining us is saks ceo marc metrick.d morning. >> thank you for having me. >> tell us more about what you're seeing in this data. is it surprising to see a tick up in luxury spending? >> we've always said when it comes to the luxury consumer, they are last in and first out of these moments. that's what we're seeing. you put it into the lead. it's the first increase in this type of response we've seen since way back in may of '22. it's encouraging. >> any sense of what's driving it? >> i think when you look back -- it was an interesting phenomenon we've been watching. the luxury consumer, 70% of them, even last time and this time indicated they felt comfortable about their own financial situation but were more concerned about the overall economy. since this is more of a sentiment-based consumer, the luxury consumer basis on that, we are starting to see them feel things are going to be, less worse. i'm not saying they're not still concerned but less concerned than they've been. i think you'll see that move into their psych

novo nordisk has dethroned luxury goods giant lvmh which boasts brands like louis vuitton and tiffany'sof wegovy and ozempic have skyrocketed in recent months. and listen to this. the company's ceo says it could take years, years to catch up to the current demand. cnn medical correspondent meg tirrell joins us now. so meg, you spoke with the ceo. what did he share with you? >> we did, boris. you know, these short ngz of wegovy have been going on for a few months. we expected maybe they would go on for a few months longer. but in this conversation he noted they just haven't been able to make enough to satisfy the massive demand they're seeing for these medicines. here's what he told us. >> i think you've limited some of the starter doses for patients trying to begin the medicine so that you can supply patients who are already on the medicine at the higher doses. how long do you expect that to have to continue? >> yeah, we decided to limit those higher doses because it's really important that patients who start on treatment can titrate up to the maintenance doses. when will this stop? wel

back in 2021 birkenstock sold a majority stake to an lvmh-backed private equity firm that will controlong the risks, knockoffs sold on amazon and facebook. birkenstock quit amazon. remember, they were saying they weren't doing enough to stop the counterfeiting. in barbie, this really is interesting because birkenstock i think has had a revival, and "barbie" hit this because it's been a symbol of a real-life woman in the movie. she put on the birken stocks when she becomes a real-life person. at one point she had to decide between the barbie land shoes or the birkenstock. women are more comfortable, they don't have to wear the high heels so it's made it trendy. >> "barbie" streams this week on max. ebit margins close to 30%. >> and the other thing is this is a brand that traces its roots back to the 1700s and does collaborations with high-end designers that have worked and become expensive. i could go on shoes for a long time. we're nearing the end of the hour. ken griffin, news out of citadel, laying out a new road map for his future philanthropic given, saying he wants to illustrate h

patrick: i sold lvmh in march.all premium to the market multiple. tom: we don't do much equity chat because who cares? the answer, what you heard from patrick armstrong is a clinic on how you bracket a beloved dominant stock. jon: we were talking about it. you kept ms. patrick: i don't want to move against what is the spending power of high net worth individuals and the immunity to input prices. one person talked about inflation hurting spending power of people but the input prices are things that are hurting mass-market retailers. tom: what is the distinctive feature of the family? bloomberg intelligence deborah aiken's brilliance on this and she sings that -- out a few names. what is the m is model that makes them different from other luxury brands? patrick: the leather goods profit is incredible. people pay up for that and there are waiting lines of queues. jon: we touched on it briefly. we are already up 40% this year and the stock has been climbing for five consecutive years. can you spend a couple minutes out

lvmh, huge admiration. >> what do you think about amazon in this context?treet journal this morning. amazon is not only selling third-party fashion but they're selling their own fashion. how do you think this has changed your business and has it it? >> not us. fashion style taste on clothes that last forever, 15 years. this is -- well, it's only four years old. it's the first year we kind of did that. my shirt, by the way -- >> it's custom. all of my shirts were made and if you amore tiez a customer shirt, it's the same shirt. button down olor, button up, statement filt or white. that's what i do. so amazon they could be killer in fashion and they're not. it's very hard to understand the fashion business and i don't call fashion the product business, the style, the taste, the focus, very hard business. you have to see around corners and you have to have vision on where you go. i think what he's done is extraordinary but amazing. >> but you wouldn't sell into that channel? >> well, it's very i wouldn't. but when i left j. crew and the gap, i think, even sell

. >> over the last six months, lvmh has lost over $100 billion and is no longer europe's most valuable accounts for 20% of global luxury sales, china's slowing economy, all expected to hit affluent and aspirational consumers. and luxury companies had hoped that wealthy chinese would be immune to all these factors but many of them are leading the country. a new study projects that over millionaires will emigrate. most are going to singapore, canada and the u.s. the golf club in singapore, the annual dues have gone from 200,000 a year to $600,000 a year because there's so many chinese billionaires and millionaires moving to singapore. >> i was trying to figure out whether a median gdp would work better to try to describe what it's like in china. >> i think it would. >> when we talk income inequality, every time you say china billionaire and i think you realize there aren't enough billionaires. >> my question was how much of a consumer population is going to be spending like the middle class? >> i guess there are a lot. >> talking about such a huge population. >> the big mistakes that peo