Paris-based luxury handbag maker Louis Vuitton (LVMUY) is finalizing plans to open a factory in the U.S. as demand for the company's products continues to rise.
The brand has said in the past that it is likely to open the factory in Texas or the Carolinas. Louis Vuitton is also likely to open up another factory in Paris and could expand its workshop in Portugal, CEO Michael Burke said.
LVMH, the parent company of Louis Vuitton that makes multiple high-end products, reported a 15% year over year rise in first quarter revenue.
What's Hot On TheStreet:
Well OK then, Jeff Immelt: General Electric's (GE) outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's (KR) CEO might have made about Amazon (AMZN) who as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.
Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the border that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.
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