For the second year running, Nidec’s auditor has declined to express an opinion on its financial statements. Drawing on Japan’s auditing standards and ISA 705, a CPA asks whether a disclaimer is an auditor’s way out, and whether resigning should have been on the table.
From 1 October 2026, the JCT credit on purchases from unregistered suppliers in Japan falls from 80% to 70%. What changes, and what finance teams should do now.
On September 15, 2026, a symbolic shift took place in the French equity market. L’Oréal overtook LVMH in market capitalization, becoming France’s most valuable listed company for the first time since 2017.
In August 2026 the Japanese Institute of Certified Public Accountants issued an exposure draft revising Auditing Standard 240, “Fraud in an Audit of Financial Statements.” It would be a mistake to file this as an audit firm matter. As the auditor’s work on fraud risk becomes more explicit, the demands land on the company’s accounting…
LVMH, Richemont and Kering have all now reported. Revenue growth: Richemont +17%, LVMH and Kering both −3%. The two declines are not the same decline. LVMH is a plateau with earnings power intact; Kering is a recovery phase with restructuring underneath it. What this set of results shows is that portfolio composition, not brand strength…
Having a CPA prepare a business plan is one thing. Having one review a plan you have already written can look like paying for a second opinion you do not need. The value is in one thing: the plan comes back more defensible. What “defensible” means, though, depends entirely on who is going to read…
I recently visited the “House of Wonders” exhibition currently being held in Ginza. Following the Patek Philippe exhibition in 2023 and the Vacheron Constantin exhibition in 2025, Audemars Piguet has finally completed what many collectors consider the final piece among the world’s “Big Three” watch exhibitions. Many readers may already remember the extraordinary global queues…
Is the luxury industry really in a downturn? At first glance, recent results from LVMH and Kering suggest a more cautious market environment. Growth has slowed, and some flagship fashion brands are facing pressure. Yet the latest performance of Richemont tells a different story. Led by its powerful jewellery maisons, including Cartier and Van Cleef…
An analysis of how Audemars Piguet’s Royal Pop differs from MoonSwatch, focusing on luxury strategy, scarcity management, brand equity.
In 2026, the global luxury industry is entering a structural turning point. Kering has announced its “ReconKering” strategy at its Capital Markets Day, signaling a fundamental shift in how value is created and sustained. This article analyzes Kering’s transformation through the lenses of industry structure, M&A strategy, and financial discipline. Chapter 1: Strategic Background of…