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Pharrell Williams has been appointed the creative director of Louis Vuitton’s menswear.
The ‘Happy’ hitmaker is taking the reins at the French fashion house after the death of its former designer Virgil Abloh died aged 41 in November 2021 following his cancer diagnosis.
Louis Vuitton labelled the 49-year-old music producer - who has worked with many other high-end fashion brands like Chanel, Tiffany + Co and Kenzo - a “visionary whose creative universes expand from music to art, and to fashion. The way in which he breaks boundaries across the various worlds he explores aligns with Louis Vuitton’s status as a cultural maison, reinforcing its values of innovation, pioneer spirit and entrepreneurship”.
Pharrell’s first collection for LVMH-owned label is tipped to debut in June 2024 at Paris Fashion Week and his appointment quells months of questions about who would replace Virgil - who was a good friend of the ex N.E.R.D star and sometime fashion collaborator- with floated names including Martine Rose and Grace Wales Bonner, making the job going to the Grammy winner an unexpected move.
Pietro Beccari, Louis Vuitton’s boss said: “I am glad to welcome Pharrell back home, after our collaborations in 2004 and 2008 for Louis Vuitton, as our new men’s creative director. His creative vision beyond fashion will undoubtedly lead Louis Vuitton towards a new and very exciting chapter.”
Virgil - who is survived by his wife Shannon, who has taken over at his offshoot line Off White, and their two kids, Gray and Lowe - was considered a visionary and responsible for shaking up the direction both creatively and financially of Louis Vuitton and his death sent shockwaves through the industry.
Originally published on celebretainment.com, part of the BLOX Digital Content Exchange.
Credit: https://www.celebretainment.com/fashion/pharrell-williams-appointed-louis-vuitton-s-menswear-creative-director/article_ca3918da-1d79-5240-8916-df5571c06b8c.html
Pharrell Williams has been appointed the creative director of Louis Vuitton’s menswear.
The ‘Happy’ hitmaker is taking the reins at the French fashion house after the death of its former designer Virgil Abloh died aged 41 in November 2021 following his cancer diagnosis.
Louis Vuitton labelled the 49-year-old music producer - who has worked with many other high-end fashion brands like Chanel, Tiffany + Co and Kenzo - a “visionary whose creative universes expand from music to art, and to fashion. The way in which he breaks boundaries across the various worlds he explores aligns with Louis Vuitton’s status as a cultural maison, reinforcing its values of innovation, pioneer spirit and entrepreneurship”.
Pharrell’s first collection for LVMH-owned label is tipped to debut in June 2024 at Paris Fashion Week and his appointment quells months of questions about who would replace Virgil - who was a good friend of the ex N.E.R.D star and sometime fashion collaborator- with floated names including Martine Rose and Grace Wales Bonner, making the job going to the Grammy winner an unexpected move.
Pietro Beccari, Louis Vuitton’s boss said: “I am glad to welcome Pharrell back home, after our collaborations in 2004 and 2008 for Louis Vuitton, as our new men’s creative director. His creative vision beyond fashion will undoubtedly lead Louis Vuitton towards a new and very exciting chapter.”
Virgil - who is survived by his wife Shannon, who has taken over at his offshoot line Off White, and their two kids, Gray and Lowe - was considered a visionary and responsible for shaking up the direction both creatively and financially of Louis Vuitton and his death sent shockwaves through the industry.
Originally published on celebretainment.com, part of the BLOX Digital Content Exchange.
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Credit: https://www.celebretainment.com/fashion/pharrell-williams-appointed-louis-vuitton-s-menswear-creative-director/article_ca3918da-1d79-5240-8916-df5571c06b8c.html
Pharrell Williams poses at the Grammy Awards in Los Angeles earlier this month.
Singer, songwriter, rapper, producer, designer and philanthropist Pharrell Williams is adding another title to his list: Louis Vuitton's men's creative director.
The luxury house announced on Tuesday that Williams would take the job previously held by renowned designer Virgil Abloh, the first Black artistic director at Louis Vuitton, who died of cancer in November 2021 at the age of 41.
Williams' first collection will be revealed in June during Men's Fashion Week in Paris. But he's no stranger to the brand.
"I am glad to welcome Pharrell back home, after our collaborations in 2004 and 2008 for Louis Vuitton, as our new Men's Creative Director," said Louis Vuitton Chairman and CEO Pietro Beccari. "His creative vision beyond fashion will undoubtedly lead Louis Vuitton towards a new and very exciting chapter."
The 13-time Grammy winner and two-time Oscar nominee has decades of experience working with luxury brands, according to the Associated Press and New York Times.
Williams collaborated with LVMH (Louis Vuitton Moët Hennessy) in the early aughts on sunglasses and jewelry. The sunglasses collection, called Millionaire, remains so popular that shades are listed at more than double their original price on resale sites, and Abloh — a friend of Williams — reissued the line in 2018.
Beyond that, Williams had a popular sneaker collaboration with Chanel in 2017 (in which he became the first man to appear in a Chanel ad) and a unisex clothing collection with Karl Lagerfeld in 2019. He's also worked with Moncler, Adidas Originals and Tiffany & Company.
And he's launched his own brands, too.
Williams co-founded the influential streetwear label Billionaire Boys Club in 2003 (alongside Japanese designer Nigo, who is now the artistic director of Kenzo, which is also owned by LVMH). During the pandemic, he helped create a portable cutlery set in the hopes of limiting single-use plastics in outdoor dining. And he's also launched Humanrace, a skincare and wellness company.
"Pharrell Williams is a visionary whose creative universes expand from music to art, and to fashion — establishing himself as a cultural global icon over the past twenty years," Louis Vuitton said, adding that he reinforces the company's values of "innovation, pioneer spirit and entrepreneurship."
Pharrell Williams performs "Happy" onstage during the Grammy Awards in 2015.
Williams fills a position that's been vacant since Abloh's death.
Abloh rose to prominence as the creative director for the rapper formerly known as Kanye West, and went on to found the haute streetwear label Off-White before joining Louis Vuitton in 2018.
He grew the role from "designer" to "curator," the AP reports, expanding his interests into things like housewares, jewelry and architecture. He broke boundaries himself as one of few Black designers leading a luxury fashion house and worked to pave the way for others after him.
"He reinvented the role of a creative director, injecting it with hip-hop's penchant for remixing, skateboarding's sense of community and a desire for social progress," Business of Fashion writes. "And he helped open doors to a wider cast of creatives, engaging directly with his followers, online and off, and offering them 'cheat codes' and 'trails of information' for how to launch brands of their own."
While many people — including big-name celebrities — cheered the news of Williams' appointment on social media, some were confused by and even critical of the decision to replace him with a celebrity rather than a younger designer with formal training.
"Everything Virgil stood for [was] to open doors," one user wrote. "This is a weird appointment."
For some, Williams' most recognizable fashion moment may have been the massive hat he wore to the 2014 Grammy Awards — or, more recently, his controversial teardrop-shaped, diamond-studded Tiffany sunglasses.
But GQ notes that he's been a style icon throughout his career, from mixing skateboarder-wear with hip-hop style as the frontman of N.E.R.D in the early 2000s to embracing womenswear and gender-neutral clothing in recent years.
That started with "the 'I can pull that off' thing," Williams told the magazine in 2019, when he posed on the cover of its "New Masculinity" issue wearing a puffy gown.
"When you listen to yourself and you're comfortable in who you are, you wear what you feel like fits and looks right on you," he added. "And that's it."
Credit: https://www.npr.org/2023/02/15/1157135753/pharrell-williams-louis-vuitton-mens-designer
Billionaire Elon Musk, formerly the world's richest man, has broken a new record.
The Tesla founder and owner of Twitter have become the first person in history to lose $200 billion of his net worth, according to the Bloomberg Billionaires Index.
The billionaire bloodbath comes after Musk, 51, became the second person to amass a fortune of more than $200 billion in 2021, after Amazon founder Jeff Bezos.
Musk, whose net worth peaked in November 2021 at $340 billion, has seen his wealth plummet to $137 million as Tesla shares plunged 65% in the past year.
It's been the electric carmaker's worst year to date.
The decline included an 11% drop on Tuesday alone after the Wall Street Journal reported that a spike in COVID cases had forced Tesla to temporarily halt production in Shanghai.
Tesla Motors Chairman and CEO Elon Musk speak at the Model X launch event in Fremont, California.
Musk lost his title as the world's richest man earlier this month.
In a memo sent to employees Wednesday, the billionaire thanked workers for their "exceptional execution" throughout the year while downplaying the dismal performance of the company's stock.
"Don't worry too much about the madness of the stock market," Musk said in the memo obtained by CNBC.
"As we demonstrate continued excellent performance, the market will recognize it."
Musk was stripped of his title as the world's richest man earlier this month, with the baton handed over to Bernard Arnault, the French chairman, and chief executive of LVMH.
Elon Musk, CEO of Tesla Inc., speaks during an event at the site of the company's manufacturing facility in Shanghai, China.
Tesla shares have plunged more than 65% this year, the company's worst to date.
Musk's historic losses are indicative of how high Musk and Tesla have shot up during the pandemic.
Despite owning only a small part of the electric vehicle market, Tesla was valued at more than $1 trillion as of October 2021, joining other tech giants including Apple, Amazon, and Google parent Alphabet, Bloomberg reported.
But as competitors have quickly caught up and are challenging Tesla's dominance of the EV market, Musk's attention has turned to his new venture as owner and CEO of social media giant Twitter.
According to the Bloomberg Wealth Index, Musk was forced to sell much of his Tesla stock this year as a result of his mammoth $44 billion purchase of Twitter.
Musk also currently owns a $44.8 billion stake in his Space Exploration Technologies Corp, about 42.2% of the company, according to a recent document reviewed by the news outlet.
Since his headline-grabbing takeover of Twitter, Musk has taken major steps to cut costs at the social media company.
It has cut about 75% of 7,500 employees and is closing the company's Seattle offices after it reportedly refused to pay rent.
Elon Musk was the second person to amass a personal fortune of more than $200 billion, surpassing that threshold in January 2021, months after Jeff Bezos.
Tesla Inc. CEO now he's accomplished something of his own: becoming the only person in history to erase $200 billion from his net worth.
Musk, 51, has seen his wealth plummet to $137 billion after Tesla shares tumbled in recent weeks, including an 11% drop on Tuesday, according to the Bloomberg Billionaires Index. His fortune peaked at $340 billion on November 4, 2021, and he remained the world's richest person until Bernard Arnault, the French tycoon behind the luxury goods powerhouse. LVMHtopped it this month.
The round number milestone reflects how high Musk soared during asset price surges during the easy money pandemic era. Tesla surpassed a market capitalization of $1 trillion for the first time in October 2021, joining ubiquitous technology companies Apple Inc., Microsoft Corp., Amazon.com Inc. and Google parent Alphabet Inc., despite that its electric vehicles accounted for only a small portion of the broader auto market.
Now Tesla's dominance in electric cars, the basis for its high valuation, is in jeopardy as competitors catch up. It is offering American consumers a whopping $7,500 off to receive its two highest-volume models before the end of the year, while reportedly cutting production at its Shanghai plant.
Meanwhile, with pressure on Tesla intensifying, Musk has expressed concern about Twitter, which he acquired for $44 billion in late October. He has applied a move fast and break things approach, such as firing staff then asking them back and applying haphazard content policies to justify banning the accounts of some prominent journalists who cover him.
The fall in Tesla shares has been so steep (stock is down 65% in 2022) and Musk has sold so much this year to help cover his purchase of Twitter that they are no longer his biggest asset, according to the Tesla Wealth Index. Tesla. Bloomberg. Musk's $44.8 billion stake in his private company Space Exploration Technologies Corp. outperforms his roughly $44 billion position in Tesla stock (he still has options worth an estimated $27.8 billion). Musk now owns 42.2% of SpaceX, according to a recent filing. Musk, for his part, has dismissed concerns about Tesla and has repeatedly taken to Twitter to criticize the Federal Reserve for raising interest rates at the fastest pace in a generation.
"Tesla is better than ever!" Musk tweeted on December 16: “We do not control the Federal Reserve. That's the real problem here."
However, the billionaire, who had previously borrowed heavily against his Tesla stake, also recently warned of the dangers of borrowing in panicked markets.
“I would really advise people to have no margin debt in a volatile stock market and from a cash standpoint to stay dry,” Musk said on the All-In podcast published this month. “You can make some pretty extreme things happen in a down market.”
Credit: https://economictimes.indiatimes.com/markets/stocks/news/elon-musk-becomes-first-person-ever-to-lose-200-billion/articleshow/96663303.cms
Credit: https://nnn.ng/musk-networth-elon-musk-becomes-the-first-person-to-lose-200-billion/ Elon Musk is the second person to have accumulated a fortune of more than $200 billion, breaking that threshold in January 2021, months after Jeff Bezos.
The CEO of Tesla Inc. now has his first: becoming the only person in history to erase $200 billion of his wealth.
Musk, 51, has seen his fortune plummet to $137 billion after Tesla shares tumbled in recent weeks, including an 11% drop on Tuesday, according to the Bloomberg Billionaires Index. His fortune reached $340 billion on November 4, 2021, and he remained the world's richest man until Bernard Arnault, the French tycoon behind luxury goods conglomerate LVMH, usurped him this month. .
The level of round numbers shows how much Musk's capital has skyrocketed as asset prices continue to rise during the financial crisis. Tesla crossed $1 trillion for the first time in October 2021, joining tech companies Apple Inc., Microsoft Corp., Amazon.com Inc. and Google parent Alphabet Inc., though its electric vehicles account for only a small share. part of the automotive market in general.
Now Tesla's dominance in electric vehicles, the cornerstone of its value proposition, is at risk as competitors catch up. It's offering American consumers a whopping $7,500 discount to pick up two of its biggest models before the end of the year as production cuts are reported at its Shanghai factory.
Meanwhile, with pressure mounting on Tesla, Musk is busy with Twitter, which he acquired for $44 billion in late October. He used an expedited process, and bogus things like firing employees and asking them to come back and using the unauthorized content policy to secure the suspension of the accounts of some prominent journalists who attacked his work.
The fall in Tesla shares has been steep (stock is down 65% in 2022) and Musk has sold heavily this year to help cover his purchase of Twitter, which isn't his biggest asset, according to the Tesla Wealth Index. Bloomberg. Musk's stake in his $44.8 billion Space Exploration Technologies Corp. shares tops nearly $44 billion in Tesla stock (he still has about $27.8 billion worth of options). Musk now owns 42.2% of SpaceX, according to a recent filing. Musk, for his part, dismissed concerns about Tesla and regularly took to Twitter to criticize the Federal Reserve for raising interest rates at the fastest pace in generations.
"Tesla is doing better than ever!" Musk tweeted on December 16. "We don't control the Federal Reserve. That's the real problem here."
The mogul, who previously borrowed heavily from his Tesla shares, also recently warned of the dangers of borrowing in panicked markets.
"I strongly advise people not to get cheap debt in the stock market, and in terms of cash, keep your gunpowder dry," Musk said on this month's All-In podcast. "You can find some good things in the bear market."
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Credit: https://nnn.ng/hausa/musk-networth-elon-musk-ya-zama-mutum-na-farko-da-ya-yi-asarar-dala-biliyan-200/ Elon Musk was the second person to amass a personal fortune of more than $200 billion, passing that threshold in January 2021, months after Jeff Bezos.
The Tesla Inc. CEO has now achieved something of his own: becoming the only person in history to erase $200 billion from his net worth.
Musk, 51, has seen his wealth plummet to $137 billion after Tesla shares tumbled in recent weeks, including an 11% drop on Tuesday, according to the Bloomberg Billionaires Index. His fortune peaked at $340 billion on November 4, 2021, and he remained the world's richest person until Bernard Arnault, the French tycoon behind luxury goods powerhouse LVMH, surpassed him this month.
The round number milestone reflects how high Musk shot up during the rise in asset prices during the easy money pandemic era. Tesla surpassed a market capitalization of $1 trillion for the first time in October 2021, joining ubiquitous technology companies Apple Inc., Microsoft Corp., Amazon.com Inc. and Google parent Alphabet Inc., despite that its electric vehicles represented just a sliver of the broader auto market.
Now Tesla's dominance in electric cars, the basis for its high valuation, is in jeopardy as competitors catch up. It is offering US consumers a whopping $7,500 off to receive its two highest-volume models before the end of the year, while reportedly cutting production at its Shanghai plant.
Meanwhile, with pressure on Tesla intensifying, Musk has been concerned about Twitter, which he acquired for $44 billion in late October. He has applied a move fast and break things approach, such as firing staff then asking them back and applying haphazard content policies to justify banning the accounts of some prominent journalists who cover him.
"Tesla is doing better than ever!" Musk tweeted on December 16: "We do not control the Federal Reserve. That is the real problem here."
However, the billionaire, who had previously borrowed heavily against his Tesla stake, also recently warned of the dangers of borrowing in panicked markets.
"I would really advise people to have no margin debt in a volatile stock market and from a cash standpoint to stay dry," Musk said on the All-In podcast published this month. "You can make some pretty extreme things happen in a down market."
Billionaire Elon Musk, formerly the world's richest man, has broken a new record.
The Tesla founder and owner of Twitter has become the first person in history to lose $200 billion of his net worth, according to the Bloomberg Billionaires Index.
The billionaire bloodbath comes after Musk, 51, became the second person to amass a fortune of more than $200 billion in 2021, after Amazon founder Jeff Bezos.
Musk, whose net worth peaked in November 2021 at $340 billion, has seen his wealth plummet to $137 million as Tesla shares plunged 65% in the past year.
It's been the electric carmaker's worst year to date.
The decline included an 11% drop on Tuesday alone after the Wall Street Journal reported that a spike in COVID cases had forced Tesla to temporarily halt production in Shanghai.
Musk lost his title as the world's richest man earlier this month. AFP via Getty ImagesIn a memo sent to employees Wednesday, the billionaire thanked workers for their "exceptional execution" throughout the year while downplaying the dismal performance of the company's stock.
"Don't worry too much about the madness of the stock market," Musk said in the memo obtained by CNBC.
"As we demonstrate continued excellent performance, the market will recognize it."
Musk was stripped of his title as the world's richest man earlier this month, with the baton handed over to Bernard Arnault, the French chairman and chief executive of LVMH.
Tesla shares have plunged more than 65% this year, the company's worst to date.Bloomberg via Getty ImagesMusk's historic losses are indicative of how high Musk and Tesla have shot up during the pandemic.
Despite owning only a small part of the electric vehicle market, Tesla was valued at more than $1 trillion as of October 2021, joining other tech giants including Apple, Amazon and Google parent Alphabet, Bloomberg reported.
But as competitors have quickly caught up and are challenging Tesla's dominance of the EV market, Musk's attention has turned to his new venture as owner and CEO of social media giant Twitter.
According to the Bloomberg Wealth Index, Musk was forced to sell much of his Tesla stock this year as a result of his mammoth $44 billion purchase of Twitter.
Musk also currently owns a $44.8 billion stake in his Space Exploration Technologies Corp, about 42.2% of the company, according to a recent document reviewed by the news outlet.
Since his headline-grabbing takeover of Twitter, Musk has taken major steps to cut costs at the social media company.
It has cut about 75% of 7,500 employees and is closing the company's Seattle offices after it reportedly refused to pay rent.
Credit: https://nypost.com/2022/12/31/elon-musk-becomes-first-person-ever-to-lose-200-billion/ In November 2021, Musk's net worth peaked at $340 billion. He then held the title of the richest person in the world for a period of time that lasted over a year. French business magnate and co-founder of dominant LVMH Bernard Arnault surpassed him last month.
Elon Musk is the first person in history to have lost $200 billion of his net worth, according to the Bloomberg Billionaires Index. In January 2021, Musk reached the milestone of having more than $200 billion in "personal fortune," behind only Amazon's Jeff Bezos.
Following the recent decline in Tesla shares, Musk's net worth plummeted to $137 billion. This includes the dramatic 11 percent drop in Tesla shares on December 27.
For its two most popular models, Tesla is now offering US customers a $7,500 discount through the end of the year. Production at its Shanghai plant has also apparently been reduced.
In November 2021, Musk's net worth peaked at $340 billion. He then held the title of the richest person in the world for a period of time that lasted over a year. French business magnate and co-founder of dominant LVMH Bernard Arnault surpassed him last month.
In late October, Musk spent $44 billion to acquire the social networking service Twitter. Since he sold a large chunk of his Tesla shares to help pay for the acquisition, the electric vehicle maker is no longer his biggest asset.
Elon Musk has repeatedly criticized the Federal Reserve on Twitter for raising interest rates at the fastest pace in decades.
"Tesla is doing better than ever!" Musk wrote on Twitter on December 17. "We don't control the Federal Reserve. That's the real problem here."
Tesla is running better than ever!
We do not control the Federal Reserve. That's the real problem here. — Elon Musk (@elonmusk) December 16, 2022Bloomberg highlighted a recent podcast interview of the billionaire businessman, in which he was heard warning listeners about the risks of borrowing money during a tumultuous market period.
On the All-In podcast, which aired this month, Musk is quoted as saying, "I would really advise people not to have margin debt in a volatile stock market and from a cash standpoint to hold the dust dried". It can make some pretty extreme things happen in a down market."
(Edited by: Priyanka Deshpande)
Credit: https://www.cnbctv18.com/world/elon-musk-becomes-first-person-in-history-to-lose-usd-200-billion-15553951.htm
There's a new richest man in town, and he'd rather take people to the mall than to the moon.
Nathan Laine/Bloomberg/Getty ImagesBernard Arnault, owner of 48% of the luxury fashion conglomerate LVMH, has just displaced Elon Musk as the world's richest man after the Tesla owner's fortune fell to $163.3 billion following his expensive acquisition of Twitter, according to Bloomberg. At one point, Musk's net worth stood at $340 billion.
The 73-year-old is the first person from Europe to claim the top spot.
While Arnault's vast estate is much smaller than Musk's in his heyday, the businessman has built a vast empire while living a relatively quiet life.
Who is Bernard Arnault and what is the LVMH company?Bernard Arnault's success story begins in Roubaix, France, where he was raised and began his career in his family's construction business, Ferret-Savinel, according to CNN.
After rising through the ranks for several years, he invested in the Boussac Saint-Freres textile group in 1984, which was known for owning Christian Dior and was facing bankruptcy.
He set out to return the brand to profitability and take over the luxury retail market, especially after buying LVMH in 1989, which was formed after the merger of Louis Vuitton and Moët Hennessy.
Since the purchase, Arnault has served as the company's president and CEO and remains an important part of the business today. LVMH currently owns 75 brands comprising wine, spirits, fashion, leather goods, perfume, cosmetics, watches, jewelry and luxury travel with 5,500 stores worldwide. In 2021, the company marked its biggest brand acquisition with the purchase of Tiffany & Co. for $15.8 billion. Other notable brands in the group include Givenchy, Fendi, and Stella McCartney.
According to Bloomberg, LVMH generated 64 billion euros ($68 billion) in sales last year and has a market value of 364 billion euros ($386 billion).
What is the net worth of Bernard Arnault?Bernard Arnault's net worth sits comfortably at $170.8 billion, according to Bloomberg. However, the number is down slightly by $7.2 billion in 2022 as a result of difficult economic markets and the fallout from the COVID-19 pandemic.
Despite acquiring a vast fortune, Arnault shows no signs of slowing down: LVMH raised the age limit for its chief executive from 75 to 80 in early 2022, hinting that he will be at the helm for at least another couple of years.
While Arnault has the means to live large, he appears to have chosen a low-key life. In fact, he recently sold LVMH's private jet after he was tracked down on Twitter, according to Bloomberg.
Arnault is also an avid art collector and has an estimated $10.3 billion in cash and other assets, according to the outlet.
Image Credit: Photo by Julien Hekimian/Getty Images
Who is the wife of Bernard Arnault and does he have children?Bernard Arnault is the father of five children. He shares his two eldest children, Delphine and Antoine, with his ex, Anne Dewavrin. He and his wife Hélène Mercier, who are still together, share three children: Alexandre, Frédéric and Jean. His five children currently work for the family business, but his daughter Delphine is seen as the "heir" to LVMH, according to Insider, and holds the position of executive vice president of Louis Vuitton.
Credit: https://www.entrepreneur.com/business-news/who-is-bernard-arnault-see-the-richest-persons-net-worth/441162