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LVMH reports second quarter of revenue growth
Luxury conglomerate LVMH reported better-than-expected earnings alongside a second consecutive quarter of organic revenue growth. The company reported revenue of €22.7 billion (US$27.3 billion) for the fourth quarter, surpassing LSEG's predictions of €22.2 billion. This was spurred on by organic revenue growth of 1%. “This momentum was once again underpinned by the powerful desirability of our brands, which embody creative passion and the pursuit of the utmost quality, and by our ambition of offering our customers extraordinary stores and cultural experiences, as demonstrated by The Louis in Shanghai, our House of Dior stores in a number of cities around the world, and our new Tiffany & Co. locations in Milan and Tokyo,” LVMH CEO and chairman Bernard Arnault said. Full-year revenue, however, fell by 1% to €80.8 billion for 2025. While revenue declined for the full year in Fashion & Leather goods, there was improvement in the second half of the year, which was boosted by local customers. Fashion brands owned by the conglomerate, like Louis Vuitton, Dior and Fendi, saw organic sales drop by 5% over the full year, a larger decline than the 1% decrease it logged a year earlier. Wine and Spirits revenues also decli
Culture
Silicon Valley monetising a Gen Z loneliness epidemic
As the World Health Organisation currently creates a Commission on Social Connection to combat a global isolation epidemic - citing health risks that are statistically comparable to smoking 15 cigarettes a day - the tech sector has identified this demographic shift as a significant Total Addressable Market (TAM) towards Generation Z it can profit from. The growing "Loneliness Economy", coined from a cultural epidemic borne out of Japan in the 1990s, is now transitioning from what was once an analogue service-based model to the SaaS (Software as a Service) sector - powered by artificial intelligence. By leveraging generative AI applications, companies are establishing recurring revenue streams with churn rates that are structurally lower than traditional media subscriptions due to the powerful mechanism of emotional lock-in. Unit economics show increasing revenue per download ($0.52 to $1.18 in 2025) and significant data harvesting potential for targeted ad models. However, regulatory risks are increasing as companies optimise for "Emotional Retention". As venture capitalist Andreessen Horowitz explicitly articulated in a thesis for "AI Companionship" and "frictionless" intimacy, the market appears to be shifting tow
Culture
Rome's Colosseum opens secret passage to the public
Rome’s Colosseum will open an underground passageway once used by Roman emperors to the public for the first time. The Commodus Passage, located in the arena’s foundations, allowed emperors to enter the arena without being seen by crowds. “The opening of the Commodus Passage is of extraordinary significance, not only because it makes accessible and accessible for the first time ever a place so fascinating for its history, its architecture, and, not least, its decorative apparatus, which during the time of the emperors was for exclusive use and hidden from the public, but also because, finally, for the first time, the restoration has fully restored the ancient surfaces,” wrote the Colosseum Archaeological Park. The underground passage leads from the outside of the Colosseum to the pulvinar, a platform where Roman officials were seated at the arena’s southern end. Colosseum tickets including the Commodus Passage will be available from the end of October. The Commodus Passage also features frescoes illustrated with mythological scenes and events from Colosseum shows, which have been digitally reconstructed in areas where restoration was not possible. Restoration and construction began in October 2024 and was complet
Culture
Four Seasons Paris completes luxury revamp
Four Seasons Hotel George V, Paris has completed an extensive three-year transformation, unveiling fully renovated rooms and suites for the first time since its grand reopening in 1999. The landmark Parisian property, part of the Four Seasons Hotels & Resorts collection, has reimagined its 243 guest rooms as private residences, designed to blend contemporary elegance with the intimacy of classic Haussmann-style apartments. Each redesigned space features some of the most expansive layouts in the city, complete with personal work areas, curated libraries and private dining rooms. Select suites now boast French windows that frame sweeping views of the Eiffel Tower and Paris rooftops, while private balconies have been converted into lush urban gardens. The enhancements allow natural light to permeate deeper into interiors, creating an atmosphere of serenity and sophistication. Modern technology complements the traditional design, with discreet home automation systems, mood lighting, and advanced audiovisual equipment, ensuring guests remain fully connected while immersed in the hotel’s luxury setting. Three flagship suites showcase the new vision of residential-style living: the Penthouse Suite, the Parisian Eiffel S
Culture
Club chain Soho House goes private in US$2.7bn deal
Members’ club chain Soho House will go private in a US$2.7 billion deal, after its purchase by a consortium led by MCR Hotels. MCR Hotels and its CEO Tyler Morse will buy around 15% of Soho House’s shares for US$9.00 each. Actor and investor Ashton Kutcher will also join the company’s board, while Tasty Restaurant Group’s Neil Thomson will take over as chief financial officer. “This transaction reflects the strong confidence our existing and incoming shareholders have in the future of Soho House & Co., and the transformation we’ve led since becoming a public company. Since our IPO in 2021, we’ve focused on building a stronger, more resilient business,” according to Soho House CEO Andrew Carnie. “Returning to private ownership enables us to build on this momentum, with the support of world class hospitality and investment partners.” Soho House’s remaining shares will continue to be held by retail investor Ronald Burkle, who has a 40% stake, as well as Soho House founder Nick Jones, Caprice Holdings chair Richard Caring, and Goldman Sachs. It operates 46 clubs worldwide, with the majority in the Americas and the United Kingdom, and said it had more than 270,000 members worldwide at the end of last quarter. While th

Culture
Founders: People Haircare's Ruiz has skin in the game
The Founders showcases the inspiring journeys of visionary entrepreneurs who turned ideas into thriving businesses. Dive into captivating stories and insightful interviews with founders and CEOs, as they share their challenges, triumphs, and industry insights in this ongoing series. Australians are spending more and more on quality beauty products, from skincare to haircare. Founder of supermarket hair care brand, People Haircare, Katherine Ruiz says the haircare industry in particular has become competitive, following suit with the massive rise in popularity of skincare. “I think that haircare is definitely going to be the next skincare,” she tells Azzet. “Skincare really paved the way of building out an understanding of different people's skin types, and hair is definitely now moving into that. So there's a lot more knowledge around different people's hair types.” The Australian haircare industry generates US$1.07 billion in revenue in 2025, with a projected annual growth rate of 2.51%. The industry was also worth US$106.91 billion in 2024 and is projected to grow to US$213.27 billion by 2032. This follows the blueprint of skincare which is currently worth US$180.3 billion globally and is estimated to generate
Culture
Flexjet raises US$800 million, courtesy of LVMH
Private jet operator, Flexjet, raised US$800 million in a new funding round led by L Catterton, a private equity firm backed by LVMH. The investment is set to be used to fuel the company’s international operations and grow its fleet. “The timing also steals some runway from the slowly re-opening IPO market, but avoids the headwinds of quarterly-earnings turbulence,” Chief Investment Officer at Running Point Capital Advisors, Michael Ashley Schulman, said, as reported by Reuters. The new funding has led Flexjet to be worth around $4 billion, a substantial jump from the US$3.1 billion figure tied to the company’s planned SPAC merger in 2022, which ultimately collapsed the following year. “Flexjet learned the hard way that SPACs can be like unpressurised cabins at 41,000 feet – exhilarating until the masks drop,” Schulman said. Flexjet’s expansion strategy is underscored by a $7 billion deal with Brazilian aircraft manufacturer Embraer, which includes the purchase of 182 Phenom and Praetor executive jets with options for an additional 30 aircraft. JPMorgan analysts expect the deal to increase Embraer’s total backlog by about 26% to $28.7 billion.
Culture
L’Oreal grows in H1 2025; could be impacted by tariffs
French beauty brand L’Oréal grew in the first half of fiscal 2025; however, United States tariffs could spell trouble for its future. In the first half, sales grew 3% year-on-year to 22.47 billion euros, with all divisions growing, led by professional products. Europe saw the largest growth in sales in the first half, growing 3.4% to €7.53 billion with the business reporting “strong momentum” in Spain, Portugal, Germany and Switzerland. The company also saw a return to growth in China, marking a success in the global beauty industry. For Q2 2025, North America saw the most growth, rising 2.4% on a reported basis to €2.9 billion in sales, making the U.S. L’Oréal’s biggest growth driver in 2025, as the region also experienced 0.4% growth in the first half to €5.8 billion. “The ongoing strength in emerging markets, the slight rebound in mainland China and the gradual recovery in North America more than offset the expected slowdown in Europe, once again validating our multi-polar model,” CEO Nicolas Hieronimus said. North America also accounts for 27% of the company’s global sales, and manufactures half of what it sells in the U.S. through its four local factories. However, the 15% increase in customs duties for E
Culture
Australian universities drop in the QS world rankings
Australian universities have dropped in quality, according to the QS World Universities Rankings 2026. The QS World Universities Rankings 2026 assesses more than 1,500 institutions and gives them a score out of 100. This year, only two Australian universities placed in the top 20 compared to three in last year’s rankings. The University of Sydney dropped out of the top 20, falling from 18th to 25th. Both the University of Melbourne and University of New South Wales only narrowly scraped into the top 20 placing 19th and 20th respectively. The universities also dropped from last year’s rankings with the University of Melbourne dropping five places and the University of New South Wales slipping one place. Of the 36 Australian universities ranked, 69% declined in the results. RMIT director of strategic insights and member of the rankings advisory board, Angel Calderon said the rankings were impacted by federal government discussions to limit international students and financial constraints. “Over the past five years, we have seen the reputation of Australian universities gradually decreasing,” he told the Guardian. “Organisational restructuring, staff movements, operational deficits and any kind of disruption a