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L Catterton, the $20 billion private equity fund co-founded by luxury group LVMH Moet Hennessy Louis Vuitton, says it is optimistic about the future of the US job market. Its CEO, Michael Chu, said he expected employment growth in June to be even higher than in May. This gives hope to a country where the unemployment rate has exploded since the beginning of the Covid-19 pandemic.
Indeed, while the unemployment rate rose from 14.7% to 13.3% of the US labour force in May, with a record 2.5 million workers added to the payroll, Michael Chu, the co-CEO of the investment fund L Catterton – born in 2016 from the merger between the luxury goods leader LVMH and the private equity firm Catterton – believes that employment growth in June will be even more spectacular and will surpass May’ gain.
“When you open up hotels and you open up restaurants, theme parks, etc. then guess what? — you’re bringing back people who were furloughed and let go back onto the market. You’re going to see bigger job growth in June.” he said in an interview.
Chu said many employers across the country have begun to recruit and even rehire former employees, and that’ s why the forecast for June is so good, and why U.S. employment numbers promise to be so good, confirming the view that the U.S. economy is quickly rebounding.
However, despite Chu’s optimism, even the creation of millions of jobs will not be enough to bring the economy back to pre-crisis conditions, at least in the short term.
Indeed, unemployment will most likely remain above pre-recession levels for a while: around 10% in June compared to 13.3% in May according to experts’ forecasts, but still far from the 3.5% it was at before the health crisis.
Non-grocery retail is expected to drop 20 percent this year, according to Forrester Research, with J.C. Penney Co., Neiman Marcus Group Inc. and Pier 1 Imports Inc. among those filing for bankruptcy. The global personal luxury goods market could contract as much as 35 percent in 2020, the American firm Bain & Co. estimated.
Finally, the coronavirus crisis will also change the way L. Catterton will invest in the future, according to Chu, because traditionally busy shopping centres will probably be less popular, with retailers investing more in public space and streets that will offer more space: “The US is over-retailed by some percentage and all that Covid has done is accelerate the laws of Darwin so there’s been more acceleration of poor retail dying. In those physical spaces that those stores vacate will be new retail and new concepts, and that doesn’t have to be product — it can be service-oriented, health and wellness or medical.” he said.
Greenwich-based L Catterton, which specializes in consumer brands, has investments around the world ranging from retail to cruises and restaurants.
Read also > Brandz™ retail 2020 : Louis Vuitton remains the world’s most valuable luxury brand despite coronavirus
Featured photo : © Louis Vuitton[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
L Catterton, the $20 billion private equity fund co-founded by luxury group LVMH Moet Hennessy Louis Vuitton, says it is optimistic about the future of the US job market. Its CEO, Michael Chu, said he expected employment growth in June to be even higher than in May. This gives hope to a country where the unemployment rate has exploded since the beginning of the Covid-19 pandemic.
Indeed, while the unemployment rate rose from 14.7% to 13.3% of the US labour force in May, with a record 2.5 million workers added to the payroll, Michael Chu, the co-CEO of the investment fund L Catterton – born in 2016 from the merger between the luxury goods leader LVMH and the private equity firm Catterton – believes that employment growth in June will be even more spectacular and will surpass May’ gain.
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L Catterton, the $20 billion private equity fund co-founded by luxury group LVMH Moet Hennessy Louis Vuitton, says it is optimistic about the future of the US job market. Its CEO, Michael Chu, said he expected employment growth in June to be even higher than in May. This gives hope to a country where the unemployment rate has exploded since the beginning of the Covid-19 pandemic.
Indeed, while the unemployment rate rose from 14.7% to 13.3% of the US labour force in May, with a record 2.5 million workers added to the payroll, Michael Chu, the co-CEO of the investment fund L Catterton – born in 2016 from the merger between the luxury goods leader LVMH and the private equity firm Catterton – believes that employment growth in June will be even more spectacular and will surpass May’ gain.
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