Wealth

In a troubling sign of rising exclusivity in elite social circles, Washington, D.C. has introduced a new private membership club whose initiation fee is a staggering $500,000. Titled Executive Branch, this club co-founded by Donald Trump Jr. has set a precedent that reflects not just a hyper-wealthy enclave but also signals a considerable widening of

Kering, once a titan in the luxury goods market, is grappling with an unsettling reality: it is seemingly out of sync with changing consumer preferences. The staggering 14% decline in first-quarter sales poses critical questions about the brand’s ability to remain relevant in a hyper-competitive industry. With revenues slumping to a mere 3.9 billion euros,

In 2024, the IRS was celebrated for its ambitious plan to reclaim lost tax revenue as Congress allocated $80 billion to bolster its staff. The objective was clear: modernize the agency with young, tech-savvy professionals capable of tackling the increasingly complex landscape of tax evasion by the wealthy. Wesley Stanovsek, a promising hire in this

In a startling turn of events for the luxury market, LVMH Moët Hennessy Louis Vuitton, once the undisputed monarch of high-end fashion, witnessed its shares plummet by as much as 8% on a Tuesday morning that felt more like a financial nightmare than a regular trading day. The reasons for this catastrophic drop? A disheartening

The European luxury goods sector has long captivated consumers with its exquisite craftsmanship and rich heritage. However, looming U.S. tariffs are casting a pall over this beloved industry, a reality epitomized by the recent decline in shares of prestigious brands like LVMH, Richemont, Kering, and Hermes. While these companies have historically enjoyed a robust market

When the news broke that Ferrari, the paragon of luxury automobiles, would increase prices by a staggering 10% due to new U.S. auto tariffs, the automotive world barely flinched. One might argue that a firm with the prestige and allure of Ferrari could raise prices without losing loyal customers. Yet, the abruptness of this decision

Friday’s dramatic dip in Kering’s stock by over 10% marks a pivotal moment for the company, particularly given that this is the steepest decline observed since the global financial crisis in 2008. The reasons behind this downturn are multifaceted but centrally revolve around the recent appointment of Demna Gvasalia as the new artistic director of

The recent announcement of a proposed “Gold Card” investment visa by former President Donald Trump has stirred considerable discussion within the circles of wealth management and immigration law. Valued at a staggering $5 million, this prospective visa has the potential to alter the landscape of U.S. residency for the affluent elite. However, this new initiative

The luxury sector in Europe, once regarded as a bastion of resilience, is currently experiencing a phase of revitalization yet remains encumbered by significant challenges. Despite an earnings season that revealed promising upward trends, the shadow of economic uncertainties—particularly in China and the looming threat of U.S. tariffs—casts doubt over the sustainability of this revival.

In an astonishing display of resilience, Hermes, the famed haute couture fashion house, recently reported an impressive surge in fourth-quarter sales, defying the broader trends plaguing the luxury market. As the global economy faces uncertainties and luxury brands grapple with declining profits, Hermes remains a shining beacon of strength, clinching a 17.6% rise in revenues