of lvmh, sorry. mark: do you think lvmh reassured on the china front? >> yes, there were concerns about the appetite of the chinese consumer. virus restrictions, a resurgence, but also because in august the regime announced the goal to reach -- to narrow the gap between the rich and the poor and redistribute wealth. when announced, the stated policies sent shutters through luxury stocks with fears of imminent crackdown and more taxes. during the call, the cfo of lvmh explained he did not think this policy would be detrimental, and quite the opposite, he thinks it could be positive since the upper and middle classes in china concentrate the bulk of its customer base. anna: thank you very much. bloomberg's luxury reporter. let's focus on another market. the iea has warned the world is failing to invest in enough energy to avoid sharp increases in fossil fuel prices as oil holds above $80 a barrel after a four day advance. we are joined by bloomberg's chief energy correspondent. good to speak to you. is the iea saying countries need to invest in more green

lvmh third-quarter results look pretty strong. fashion leather goods organic revenue up 24%, beating estimates. the company says they are confident if in -- in a continuation of current growth. 15.5 billion euros revenue. pretty strong for the luxury retailer. we want to get more with swetha ramachandran. you are seeing the numbers like we are. what stands out? swetha: certainly the fashion and mother good segment. what is interesting is the two years to, which is the normalized way of looking at the business, has decelerated only mildly from 40% in the second quarter to 38% in the third quarter. that will reassure investors considering q3 did have specificity. localized lockdowns in china and much of southeast asia, which would've depressed demand despite a very enthusiastic u.s. consumer and a surging european consumer would have contributed. guy: u.s. strong, europe strong. i wondered what we are learning about china. the concern was common prosperity would eat into demand. is it too early to see that happening? cai: it was cer

for locals paris, lvmh just isn't a building or a department store. when we reopen this building, all of the parisian people came to visit, notjust for the store but for the architecture. the building was completely gutted. some originalfeatures were discovered when stripping back the layers that used to cover the art nouveau interior before it went out of fashion. specialist craftspeople were tracked down from across france for the job. tracked down from across france for thejob. the result is breathtaking. wow. it's big, really big. this is great to see. i mean, it is heaving with people and you... you canjust see it is heaving with people and you... you can just see that they aren't obviously here just to shop and eat, because they are walking around taking pictures of the structure. yes. ., ., ., , pictures of the structure. yes. ., ., ., pictures of the structure. yes. ., . . , ., yes. how hard was it to redo? from this _ yes. how hard was it to redo? from this level, _ yes. how hard was it to redo? from this level, you _ yes. how hard was it to

you locate the likes of lvmh, l'oreal. they have had worries about inflation, which we have managed to show through the strong pricing power. there will pass sectors without impact the margins come that exposure to the end consumer in china which people are worried about because of this wealth distribution now, if you look at a company like lvmh, they have had about a 15% pullback, which has impacted valuations. it is still expensive. that said, if we are looking at a company that is growing, we reckon 8% compound growth forward, 4.5 percent free cash flow yield. it is two yield -- two years forward. it is not as impacted by these inflationary concerns because they have brands, so not having these pricing pressures. we are very positive on that going forward. guy: this speaks to one of the things that has been taking place in the market. that has been the rolling rotation. the luxury names got hit a few weeks back on china. we see it in the state with tech, you get a look at what is happening with tesla. energy has been on

many thought that was it for the store until luxury fashion brand lvmh stepped in with the help of 750 million euros. for parisian people, la samaritaine is not only a building or department store. when we reopened this building, all the parisian people came to visit, especially the building, the department store for the store, for the retail also. but first it was for the architecture. the building was completely gutted. some original features were discovered when stripping back the layers used to cover the art nouveau interior when it went out of fashion. specialist craft people were tracked down from across france for the job. the result is breathtaking. wow. it's...it's big. really big. so, this is great to see. i mean, it's heaving with people, and you can just see that they're not obviously here just to shop and eat, because they're walking around, taking pictures of the structure. yeah. how hard was it to redo? from this level, you can see every detail of the art nouveau period and architecture. you can see the stairs, the historical stair with the detail of the handrail, refurb

lvmh is a 400 billion dollars company. they produce artificial scarcity, right? people buy handbags. people buy expensive cars, watches. nft's are a digital flex right? for people like me i spend all my time on my laptop. i don't need chanel bags. i need digital flex. i think nfts are filling in the new niche as we live increasingly on-line. we need different ways to sort of flex on-line. right now nft's are very much focused on art -- [inaudible]. we are also calling them profile photo nft's. luxury brands are using ntf's. i think it is still a really early space but one again where there's tremendous growth for multiple different types of opportunities, whether it's new brands, legacy brands, a lot of space. >> charles: i only got 40 seconds. i've got to give scott the last word. scott, she mentioned the [inaudible]. it sounds like you and me will be stuck outside the meta verse fishing. are you going to jump in any of this? equities, coin base, any other way you will get exposure to the space? >> we have some clients that have some of the blcn, block chain. th

significant underperformance compared to lvmh. alix: that wraps it up. coming up, an exclusive interview with albert barlow, pfizer chairman and ceo on "balance of power" with david westin. this is bloomberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional ea

the luxury sector, lvmh driving that. chemicals are up as well. utilities having a good day, to karen wards point. banks are down which is interesting in the wake of what we are seeing. we are getting a flatter curve and that seems to be the narrative. a story this morning talking about 30,000 job cuts at volkswagen. you need fewer people to build motors than engines. the u.k. housing market continuing to provide a good update for barrett. that setting the sector on fire. if you want to talk about the housing market being on fire the u.k. is an example. man group, was at 5.6 billion they took in? well above expectations. it continues to pull in funds, a fresh record in terms of assets under management. alix: volatility equals active management. german finance minister olaf scholz is in washington for an imf meeting. in report turn caught up with him -- annmarie hordern caught up with them. >> there are a lot of prices that increase which is also due to the economic recovery we have seen world wide. so far all the experts tell us in the next year w

looking at your stock selection, looking at those that are able to control supply chains when it comes to lvmh, and companies that have the strong ability to pass that through without impacting the margins. anna: really good to speak to you. hannah gooch-peters. next we focus back on u.s. banks and the earnings story coming out of them. we will bring you are interview with bank of america's brian moynihan. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you

i love how -- i don't remember her name but she is an ambassador for lvmh. do you think netflix is hurt over the backlash by dave chappelle? >> pop culture and pop cancel is a theme in modern hollywood that beats itself up the most about what it is trying to do to improve diversity and the voices to be heard. it is tricky for me to comment on and i wonder -- ricky gervais commented on it. could we make "the office" today? it was recognized by the naacp and groups because we explored real themes about being gay in modern american workplaces and we did it through comedy and i don't know if we would have gotten away with the same way to explore the themes if we launched that show today i would hope that we would and people would let the comedy and the characters shine through and i can't comment on the chappelle specifically because i didn't watch it. >> ben, you have sports documentaries coming out tell us about that and whether you gt more viewers per dollar spent down a document ary route >> beyond international which is more and more competitive and not jus

. >> lvmh, david who is the richest man in the world. >> i think it might be musk, but i think bernard arnot might be who you're talking about i would love him to open up the 21 club, can you do that, please very convenient, nice place to meet people for a drink. come on, man >> fabrizio and bernard aroundo a -- arnot are the two best-dressed ceos in the world. >> luxury still a beneficiary of china. >> what do you make of that? they haven't cracked down. >> it's not just them. as you say, it's bernard also it's riche mond. >> that's the number one gift. the communist regime doesn't mind if you have a $15,000 watch or $50,000 watch. >> so we continue to see that demand coming from china, which is the fuel for so many of these luxury companies. >> have you changed -- through throw out your burner phone that you were talking to to jack ma in china >> there were reports that jack ma is now in hong kong which, of course, part of china, so yeah, it's not that hard to get there. >> no one said great things about nike today, which is disappointing. the stock is up anyway there are certain sto

>> we are enthusiastic about the luxury industry, lvmh, they're some of our top ideas. inventory problems have been less of an issue on the luxury sector and the consumer is high end we also see consumers starting to get out, wanting to spend and express themselves that's a positive for luxury as well. although delta is something we're watching the momentum in china has been strong a lot of the luxury companies we cover are very global in nature. so we're enthusiastic. we think the luxury sector, as well as thinking about value will be strong catalyst. and we also think the consumer is in a good place with an elevated savings rate at 9.6% and unemployment at 4.8, those are positive things to watch >> before the pandemic people were about going out, doing things, experiencing things and maybe less about buying things when you had the experiences taken away, you couldn't travel as much, they started to spend more maybe do you see that flipping again people wanting to get out there, travel, as covid falls by the wayside, as kids get vaccinated, you have the new drugs comin

many thought that was it for the store until luxury fashion brand lvmh stepped in with the help of 750 million euros. for parisian people, la samaritaine is notjust a building or a department store. when we are reopening this building, all of the parisian people came to visit, especially the building — the department store for the store, for the retail also, but, for us, it was for the — for the architecture. the building was completely gutted. some original features were discovered when stripping back the layers that used to cover the art nouveau interior when it went out of fashion. specialist craftspeople were tracked down from across france for thejob. the result is breathtaking. wow. it's big, really big. this is great to see. i mean, it's heaving with people and you... you can just see that they're not obviouslyjust here to shop and eat because they're walking around taking pictures of the structure. yeah. how hard was it to redo? from this level, you can see every details of the art nouveau period and architecture. you can see the stairs there, the historic stair with the de