A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox.

President Donald Trump’s proposed $5 million “gold card” for U.S. residency would be one the most expensive in the world, according to experts.

Yet it also includes a tax loophole that would give the new card-holders a lucrative benefit not available to American citizens, experts say.

Trump this week announced the creation of a new investment visa that gives the overseas wealthy permanent residency and a path to citizenship in return for $5 million. Attorneys who advise the wealthy on migration and investment visas say demand is already strong.

“The introduction of the gold card visa program represents a unique opportunity for high-net-worth individuals looking to secure U.S. residence with a pathway to citizenship,” said Dominic Volek, head of private clients at Henley & Partners. “The U.S. remains the undisputed leader in private wealth creation and accumulation.”

Volek and others who cater to the global rich say they’ve already fielded calls from clients wanting to purchase a Trump gold card. Approximately 135,000 of the world’s millionaires are projected to migrate to a new country in 2025, according to Henley. The UAE and the U.S. typically top the list of destinations.

“I think it’s going to sell like crazy,” Trump said at his first Cabinet press conference Wednesday. “It’s a bargain.”

While the details remain unclear, the proposal would radically change the U.S. residency path for the global rich, who currently have to navigate a patchwork of programs with tight restrictions to stay in the country. It would also mark a major potential tax change for the global rich living in the U.S., carving out a new loophole for gold-card holders.

Currently, U.S. citizens, permanent residents, and green-card holders are required to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country. The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.

Trump said gold card-holders would not be subject to taxes on their overseas income. The provision means that gold card residents will be able to purchase a tax benefit not available to U.S. citizens. Advisors say they’re waiting on clearer directives, since the program could create dual-classes of taxpayers among the American wealthy.

Yet the international income carve-out makes it far more attractive to the world’s ultra-wealthy.

“This would be a big departure” in tax treatment, said Laura Foote Reiff, an attorney at Greenberg Traurig who specializes in business immigration. “There are many wealthy individuals who are invested in U.S. companies or have families here that do not become permanent residents because they don’t want the tax consequences.”

The tax loophole is one reason the government can charge a premium for the gold card. At $5 million, the program would be among the most expensive in the world. Volek said Singapore’s Global Investor Program requires an investment of SG$10 million, or about US$7.5 million. New Zealand’s most expensive program requires an investment of up to NZ$10 million or about US$5.7 million. 

Most investment visa programs around the world cost less than $1 million, attorneys say.

About 100 countries offer some type of investment visa program, with about 60 jurisdictions actively promoting their programs, according to Henley. Roughly 30 programs dominate the $20 billion-a-year investment migration business, with Malta, the UAE, Portugal, Italy and several jurisdictions in the Caribbean being the most popular.

At Wednesday’s press conference, Trump and Commerce Secretary Howard Lutnick said the U.S. gold card would replace the current investment visa program, called EB-5, which offers green cards to those who invest at least $900,000 or $1.8 million, depending on the area and project. The EB-5 program been plagued by delays and a history of fraud and abuse. The program was renewed by Congress in 2022 with major changes that required the investments to be channeled to more rural, poor areas and to infrastructure projects.

When it comes to applicants, China has been far and away the largest source of those seeking EB-5 visas, with Taiwan, Vietnam and India also ranking high. The U.S. issued just over 12,000 EB-5 visas last year, with two thirds going to Chinese nationals, according to the State Department. 

The wealthy Chinese are also the dominant users of investment-visa programs around the world, including in Europe, Australia and New Zealand.

While Trump said the U.S. could sell a million gold cards, attorneys say the likely demand is a fraction of that total – perhaps thousands but not hundreds of thousands. There are about 424,000 people in the world worth $30 million or more, with 148,000 of them in the U.S., leaving about 277,000 overseas ultra-wealthy who could reasonably afford the program.

Yet only a small fraction of them would likely apply to live in the U.S., immigration attorneys say. Last year, the U.S. had a net inflow of about 3,800 millionaires according to Henley.

“Hundreds of thousands sounds high,” Foote Reiff said. “There may be businesses that would pay to bring in top talent, like research scientists that they want to bring here and not be subject to quotas.”

One big draw of the new program is tax benefits. Historically, permanent residents in the U.S. have to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country. The U.S. tax on worldwide income makes it far less attractive for the global rich who have businesses spread across the world and often sheltered in tax havens.

Trump said he expects the biggest demand will be from companies (especially in tech, like Apple) seeking to hire top college graduates in the U.S. who come from India, China or other countries but can’t get proper visas.

Europe’s troubled luxury sector is showing signs of revival after an upbeat earnings season. But continued weakness in China — and the prospect of U.S. tariffs — could leave even the most exclusive brands vying for share of pocket.

“2024 has been one of the worst years for the sector. We believe there will be a sort of normalization going through 2025, particularly in the second half,” Simone Ragazzi, portfolio manager at Algebris Investments, told CNBC via video call last week.

Birkin bag maker Hermes posted blowout fourth-quarter sales earlier this month, extending its outperformance at the close of a broadly upbeat earnings season, during which even embattled fashion houses LVMH and Gucci-owner Kering beat quarterly forecasts.

The results added weight to earlier forecasts of a long-awaited turnaround for the sector, after Cartier-owner Richemont last month posted its “highest ever” quarterly sales in the three month to December.

“The conclusion seems to be the worst is behind us – that was most likely the third quarter of 2024 – and we’re seeing a cyclical recovery in progress, driven by the U.S. consumers and European consumers, for the most part,” Luca Solca, senior analyst for global luxury goods at Bernstein, said via email.

Nevertheless, question marks remain around the recovery of Chinese consumption — a longtime pillar of the luxury market — and the prospect of U.S. tariffs hampering the sector and beyond.

Still weak China sales remained a recurring theme of fourth-quarter reports, with L’Oreal and Kering’s Gucci — two groups especially exposed to the market — highlighting declining sales in the country. Meanwhile, possible levies on European companies under U.S. President Donald Trump, coupled with broader macroeconomic uncertainty, were key features of earnings calls.

Zuzanna Pusz, head of European luxury goods at UBS, told CNBC that should extra duties be imposed, firms would likely look to pass those onto consumers via price hikes — something both Kering and Hermes signaled earlier this month that they may do. However, she noted that some companies would have a tougher time justifying additional price rises than others.

“We’re already coming off of heavy price increases. If firms were to have 25% tariffs, it will be hard to offset these,” Ragazzi agreed, noting that it could be “very painful” for some firms.

Europe’s luxury sector is unusual in that most of its operations cannot be replicated in overseas markets like the U.S. — a key intention of Trump’s import charges. Bestowing a “Made in Italy” label on a leather jacket, for instance, is contingent on the product being produced there.

That suggests that luxury firms could be exempt from the most punitive of measures, Pusz said. However, to the extent that trade levies hurt targeted economies, such as China’s — by increasing overall prices and hampering consumer sentiment — that could be a concern for the sector.

“Anything that would negatively impact the economy in China would be a risk,” Pusz said via video call earlier this month.

That, in turn, could worsen the existing divergence between the luxury market’s best and worst performing firms, analysts agreed.

“Whether tariffs or any other shocks, when a consumer has to buy less, they become even more selective, and they will take even more to the brands they like,” Pusz said.

Carole Madjo, head of European luxury goods research at Barclays, noted that some luxury brands had been punished lately for a “lack of innovation [and] high pricing,” and would be further obliged to justify their prices.

“With the macro becoming more challenging for the consumer-base … they are buying less but buying better,” Madjo told CNBC’s “Squawk Box Europe” earlier this month. “The sector is now aware of all these issues and is trying to start to have some solutions.”

Analysts agreed that higher quality brands and those exposed to the higher-end consumer base are likely to remain in front, at least over the near term.

“Quality names may shine brighter amidst the industry’s idiosyncratic challenges,” Bernstein’s Solca said in a note last week, pointing to the continued strength of standout brands such as Richemont and Hermes, while citing Moncler and Burberry as growth prospects.

“The big question is what luxury means nowadays,” Ragazzi noted. “What is becoming even more evident is the good will or the heritage that brands had in the past has sort of disappeared.”

Haute couture fashion house Hermes on Friday reported a better-than-expected jump in fourth-quarter sales, proving still strong demand for the most exclusive products in an otherwise turbulent luxury market.

The maker of the Birkin handbag posted a 17.6% year-on-year rise in revenues at constant exchange rates to 3.96 billion euros ($4.15 billion) in the three months to Dec. 31, outpacing the 3.69 billion euros forecast by LSEG analysts.

Full-year sales hiked by an annual 14.7% at constant exchange rates to 15.2 billion euros versus an anticipated 14.94 billion euros.

Company shares were up 4.19% at 08:08 a.m. London time, shortly after market open.

Hermes has largely evaded a wider luxury sector downturn over recent years, maintaining a sense of allure and exclusivity where other brands have faced pushback amid higher costs and limited innovation.

Executive Chairman Axel Dumas pointed to the loyalty of customers in maintaining sales growth in an otherwise volatile macroeconomic environment.

“In 2024, in a more uncertain economic and geopolitical context, the solid performance of the results attests to the strength of the Hermès model and the agility of the house’s teams, whom I thank warmly,” Dumas said in a statement accompanying the results.

Looking ahead, the French fashion house forecast continued revenue growth in 2025 without providing a specific figure, and said that it was moving into the year “with confidence.” Dumas added, however, in an earnings call that it was “too early to see an inflection” point in the wider industry, according to Reuters.

Sales growth was broad-based across all regions, with Asia-Pacific excluding Japan recording what the company dubbed a “remarkable” 9% year-on-year increase in the fourth quarter despite wider weakness in the key Chinese luxury market.

Hermes’ leather goods and saddlery segment, which accounts for just under half of group revenues, grew at the fastest pace in the fourth quarter, up 21.7%.

French luxury goods firm Kering on Tuesday reported better-than-expected fourth-quarter sales that were nevertheless down year-on-year amid lagging demand for its main Gucci label.

The high-end fashion group, whose brands also include Bottega Veneta, Balenciaga and Alexander McQueen, posted a 12% decline in fourth-quarter revenues to 4.39 billion euros ($4.52 billion), just slightly ahead of the 4.29 billion euros forecast by LSEG analysts.

Sales at Gucci, which account for almost half of the group’s total revenues, plunged 24% annually over the three month period to 1.92 billion euros, on a comparable basis, extending losses for the group’s once darling luxury label.

Full-year sales also dipped 12% to 17.19 billion euros versus an anticipated 17.09 billion euros.

Operating income for the year totaled 2.55 billion euros, in line with the group’s revised forecast as of October but almost half of the 4.75 billion result achieved the year prior.

Kering shares popped 6% in opening trade Tuesday, before paring gains to trade up 0.5% by 10:15 a.m. London time.

“In a difficult year, we accelerated the transformation of several of our Houses and moved determinedly to strengthen the health and desirability of our brands for the long term,” chairman and CEO François-Henri Pinault said in a statement.

“Our efforts must remain sustained and we are confident that we have driven Kering to a point of stabilization, from which we will gradually resume our growth trajectory.”

The French fashion house pointed to a slight improvement in Asia Pacific and North America sales across its Gucci, Yves Saint Laurent and Bottega Veneta brands, but did not provide details on specific markets.

Kering is the latest European luxury group to report earnings over recent weeks, as investors look for signs of a revival in a sector hampered by a downturn in consumer spending, particularly in the key Chinese market.

Last month, investors were underwhelmed by only slightly better-than-expected full-year results from luxury bellwether LVMH. The market had put faith in a sector-wide turnaround after stellar results from Cartier owner Richemont, but sustained weakness in LVMH’s fashion and leather goods and wines and spirits segments pointed to further divergence in the sector.

Kering, which is especially exposed to the Chinese consumer, has been battling a particularly acute downturn, as its star label Gucci has fallen out of vogue.

On Thursday, the fashion group announced the departure of Gucci design chief Sabato De Sarno, in the first major change since Gucci CEO Stefano Cantino joined last year to revive the brand. Minimalist designer De Sarno was in situ for less than two years, after replacing Alessandro Michele, whose maximalist designs defined the brand over previous years.

De Sarno’s replacement will be announced “in due time,” the company said in a statement.

Simone Ragazzi, senior equity analyst at Algebris Investments, on Monday said that Kering would be hoping to signal a reset for the brand with the new design appointment, but added that investors were likely to remain cautious as legacy issues remain.

“This is a hope the market is betting on for quite a long time. It is always a little bit of a question mark,” he told CNBC over a video call.

“The brand got used to the ups and downs in the past, because it is one of the most fashion-driven luxury groups,” he continued. “The hope is that the new designer can repump the brand.”

Kering shares are currently down 2.5% this year, with the stock having more than halved since 2023.

Luca Solca, senior analyst for global luxury goods at Bernstein, pointed to positive developments in operating profits across virtually all brands in 2024, but noted that the company still has a steep hill to climb to return to its previous highs.

“The absolute decline relative to 2023 is striking. This was an ‘annus horribilis’ for Kering, that much is reflected in the share price. We expect the market to focus on the new creative responsibility for Gucci,” he said.

After a year of declines, sales of watches and jewelry at luxury giant LVMH rebounded in the latest quarter and continued to shine into January, according to several of the company’s brand CEOs.

In its earnings call this week, LVMH reported that sales for its watches and jewelry group increased 3%, after falling in the previous quarters. The division outperformed the company’s core fashion and leather goods segment, which was down 1% during the quarter, as well as wine and spirits, which declined 8%.

In interviews during LVMH Watch Week in New York, the CEOs of several of the conglomerate’s watch and jewelry brands said they’re increasingly optimistic about 2025. While China remains slow, they said a rebound in spending by Americans — both in the U.S. and Europe — is driving strong demand for both watches and jewelry.

“I have to say that I’ve been positively surprised by the start of the year,” said Jean-Christophe Babin, CEO of Bulgari, which is owned by LVMH.

Anthony Ledru, the CEO of Tiffany & Co., which LVMH acquired in 2021, said he’s also seeing renewed consumer confidence among the American wealthy after the U.S. presidential election.

“I think it brings clarity and probably a greater consumer confidence,” Ledru said. “We need that feel-good factor to succeed in the luxury world.”

Of course, there are risks to the bright outlook. U.S. tariffs are the big unknown for high-end watches, which are mostly made in Switzerland, as well as for French luxury goods. The Trump administration has threatened across-the-board tariffs in Europe.

Yet for now, watch and jewelry makers are launching a barrage of new products in hopes of a strong 2025. Louis Vuitton’s watch division launched its new “Tambour Taiko Spin Time” collection, which features “jumping cubes” for numbers that were inspired by old airport flap displays. The company’s Gérald Genta line launched the new “Gentissima Oursin Fire Opal,” made from 137 orange and red opal gems, mined from Mexican volcanoes.

Jean Arnault, director of Louis Vuitton watches, who also oversees the Genta and Daniel Roth brands, said he has a decades-long plan to make Louis Vuitton one of the most respected watchmakers among top collectors — known for high complications and craftsmanship, and commanding high prices.

“Before Louis Vuitton rhymes with watchmaking in the wider world, we’ll probably wait a whole generation until that happens,” he said. “What’s important to me is making sure that they know when Louis Vuitton makes watches, they know they are very high quality, that they have no doubt. We are focusing on high complications and pieces with high price points.”

TAG Heuer, which just announced a partnership with Formula 1 to replace Rolex as the official timekeeper, said it’s already seen a boost in sales since the announcement in October. At LVMH Watch Week, the company launched a new Formula 1 collection, with bright dials and chronograph movements. Antoine Pin, CEO of TAG Heuer, said the sales benefits from the F1 announcement were literally “overnight.”

“My surprise was that any announcement we’re making with F1 is immediately leading to significant reactions,” he said. “And clearly, the beauty of social media is that you can quickly measure the impact. And we’ve seen massive expansion of reaction and very positive reactions. So it was a very good decision.”

On the jewelry side, Tiffany saw a 9% increase in same-store sales in the fourth quarter, LVMH said during its earnings call. Tiffany’s flagship “Landmark” store, on Manhattan’s Fifth Avenue, saw strong sales over the holiday season with long lines from visitors. The newly renovated store, which LVMH spent hundreds of millions to reimagine, now features a popular Blue Box Cafe by Daniel Boulud and a new VIP suite on the 10th floor, offering views of Central Park, fine art, rare Tiffany lamps and high-jewelry pieces priced for six or seven figures.

Tiffany CEO Ledru said the company’s average price point has doubled since LVMH acquired the jewelry maker. By upgrading the company’s retail stores, focusing on high-end jewelry and launching its new “icons” collections, based on historical Tiffany designs, the brand has been able to quickly move up-market.

Its hottest seller is the “hardware” collection, especially its gold chain-link necklace that sells for over $19,000, Ledru said.

“It’s a pretty drastic transformation,” he said. “We went after a client that spends more, spends more time in the store and engages at a higher price point. It’s demanding. It’s a very particular ecosystem. The more you go up, the more you need to have amazing stores, amazing staff, amazing products, amazing events and communication that aligns with all of that.”

Bulgari, whose largest market has traditionally been China, is hoping to see a sales lift during the year of the snake in the Chinese zodiac, which officially began with the Chinese Lunar New Year on Wednesday.

Bulgari CEO Babin said that while the Chinese economy is “tough” right now, there are signs that government stimulus could start rebuilding consumer confidence this year.

He said Bulgari’s popular “Serpenti Viper” collections, modeled after viper snakes, are top-sellers.

“Serpenti is the icon of Bulgari, and this is the year of the snake, so this should be the year of Bulgari,” he said.

The rising wealth held by women around the world, from higher earnings, entrepreneurship and inheritances, is also reshaping the company’s client base. While a large share of sales used to be to men buying jewelry as gifts, now women are buying for themselves.

“Today you have a real gender equality in most countries,” Babin said. “Women’s purchasing power is very similar to men’s purchasing power, which is a revolution in luxury.”

On the subject of tariffs, LVMH CEOs said they have to wait and see what policies are announced before making plans. Yet they said they work with tariffs and duties in countries around the world, so a hike in the U.S. may not be too disruptive.

What’s more, Americans are already traveling to Europe to buy luxury goods, driven in part by the strong dollar. If tariffs become high enough in the U.S., wealthy Americans might start choosing to buy their Bulgari bracelets or Louis Vuitton watches in Europe.

“A lot of our clients travel around the world,” Jean Arnault said. “So if they buy a piece in the U.S. or they buy a piece in Europe, it’s the same for us.”

Shares of LVMH dropped 5% on Wednesday after slightly better-than-expected annual results from the world’s largest luxury company threw doubt over a broader recovery in the luxury sector.

The owner of brands including Louis Vuitton, Moët & Chandon and Hennessy posted revenues of 84.68 billion euros ($88.27 billion) for 2024, exceeding the 84.38 billion euros forecast by LSEG analysts and equating to organic growth of 1% versus the previous year.

Shares were down 5.26% by 8:24 a.m. London time.

Investors have been looking for further confirmation of a recovery in the luxury sector after Cartier owner Richemont reported its “highest ever” quarterly sales figure over the festive shopping period. However, declining sales in LVMH’s critical fashion and leather goods and wines and spirits segments pointed to continued pressure within the group.

LVMH on Tuesday attributed its revenue growth to solid demand within its selective retailing division — which includes retailer Sephora — and perfume and cosmetics. Growth was also broadly driven by consumers in the U.S., Europe and Japan, while the wider Asia Pacific region — and notably China — lagged.

The French luxury goods giant is seen as a bellwether for the wider luxury industry, which has faced significant pressure over recent years amid declining China sales and broader macroeconomic headwinds.

This is a breaking news story and will be updated shortly.

The world’s largest luxury company LVMH on Tuesday reported better-than-expected full-year sales, in the strongest sign yet of a potential turnaround in the high-end sector.

The owner of brands including Louis Vuitton, Moët & Chandon and Hennessy posted revenues of 84.68 billion euros ($88.27 billion) for 2024, versus the 84.38 billion euros forecast by LSEG analysts.

The full-year figure equates to organic growth of 1% versus the previous year, the company said.

Sales also rose more than expected in the fourth quarter to December, after falling for the first time since the pandemic in the three months prior.

“In 2024, amid an uncertain environment, LVMH showed strong resilience. This capacity to weather the storm in highly turbulent times — already illustrated on many occasions throughout our Group’s history — is yet another testament to the strength and relevance of our strategy,” Bernard Arnault, chairman and CEO of LVMH, said in a statement.

The French luxury goods giant is seen as a bellwether for the wider luxury industry, which has faced significant pressure over recent years amid declining China sales and broader macroeconomic headwinds.

Luxury shares were buoyed earlier this month when Cartier owner Richemont reported its “highest ever” quarterly sales figure as consumers returned to stores over the festive shopping period. British fashion house Burberry on Friday also reported a shallower-than-expected dip in the fiscal third-quarter sales amid an ongoing strategic overhaul.

However, Jefferies analysts said in a note Monday that LVMH’s results would provide a “better indicator of broader luxury trends,” given the group’s reach across a broad array of categories including wines and spirits, fashion and leather goods, watches and jewelry, and cosmetics and perfume.

Shares in LVMH are currently up around 18% year-to-date, having fallen more than 13% in 2024. Earlier this month, the group surpassed Danish pharmaceutical giant Novo Nordisk to regain the title of Europe’s most valuable company.

The mystery around a top-selling Amazon book attributed to John D. Rockefeller has grown to include a university publisher, which denies any involvement in the book despite being listed as it’s publisher.

CNBC began raising questions last month about the authenticity of “The 38 Letters from J.D. Rockefeller to his son: Perspective, Ideology and Wisdom,” a purported collection of letters by John D. Rockefeller Sr. sold on Amazon, Barnes & Noble and other sites.

The mysterious origin of “The 38 Letters” raises a host of questions about publishing and the surge in wealth-help books.

The book is ranked No. 22 on Amazon’s list of best-selling economic history books, yet it’s filled with factual errors and the letters often bear little resemblance to Rockefeller’s other writings, CNBC previously reported.

The Rockefeller Archive Center, whose mission includes preserving and cataloguing Rockefeller family history for philanthropy, said it was unable to find any letters from John D. Rockefeller Sr. or to John D. Rockefeller Jr. that match those in the book. It also cited major factual errors in book, including an incorrect year for John D. Rockefeller Jr.’s graduation from Brown as well as a supposed 1902 letter that mentioned Citibank, which wasn’t created until 1976.

“The authenticity of the book ‘The 38 Letters from J.D. Rockefeller to his Son’ is questionable,” the Archive center told CNBC in a statement.

Now caught in the confusion is OpenStax, the nonprofit publisher of open educational resources at Rice University, which is listed as the book’s publisher in some printings.

“We are not the publisher of this title,” a spokesperson for OpenStax told CNBC in a statement, adding that the publisher is “investigating the situation to protect our brand and ensure accurate information.”

Basic questions about the book remain unanswered: Who is the actual writer? How did it go unchallenged by so many readers for so long? Who’s profiting?

It’s popularity also highlights the enduring fascination with John D. Rockefeller, America’s first billionaire, and the vaunted Rockefeller family. Now in its seventh generation, with its wealth outshined by newer fortunes, the Rockefeller family name still holds almost mythical status around the world. Rockefeller-owned properties, artworks and personal items fetch hefty premiums when they come up for sale, from buyers around the world.

Works of art and personal items owned by Peggy and David Rockefeller, John D.’s grandson, fetched over $835 million at auction at Christie’s in 2018.

The Rockefeller name has even spawned a cottage industry in China of Rockefeller lessons and business advice.

“The 38 Letters” book has quickly became a popular financial- and parenting-advice book on Amazon, with 832 reviews on the book-selling site and an average review of 4.7 stars out of 5 on Amazon-owned review site Goodreads.

One version of the book, featuring cover art of John D. Rockefeller Sr.’s face superimposed on Rockefeller Center, lists “G. Ng” as the compiler and editor and “M. Tan” as translator. Neither Ng nor Tan could be identified or reached for comment and there is no information about them in the book or on Amazon.

Another version of the book, which shows John D. Rockefeller Sr. at his writing desk, doesn’t list an editor or author. It does list OpenStax as the publisher, with a copyright of 2023. OpenStax said it wasn’t aware of the book until it was contacted by CNBC.

Amazon declined to comment on the book or its authenticity. The company issued a statement to CNBC saying, “We have content guidelines governing which books can be listed for sale. We invest significant time and resources to ensure our guidelines are followed.”

Amazon didn’t specify whether the book follows its guidelines. One of its guidelines relating to “Poor Customer Experience,” rejects “descriptive content meant to mislead customers or that doesn’t accurately represent the content of the book.” Barnes & Noble didn’t immediately respond to a request for comment.

John D. Rockefeller Sr.’s letters have been the subject of several authentic books. A book of letters edited by Archive Center Director Emeritus Joseph W. Ernst in 1994, titled “Dear Father, Dear Son: Correspondence of John D. Rockefeller and John D. Rockefeller Jr.” has 27 reviews on Amazon and a 4.1 average rating on Goodreads. Rockefeller Sr. also wrote “Random Reminiscences of Men and Events: In his own words, advice and perspective from the wealthiest man in history,” published in 1909.

The “38 Letters,” however, is filled with modern vernacular and unusual references. In some of the letters, John D. Sr., who was a devout Baptist, boasts about how he bested business rivals, made winning his chief mission in life and believed that being called “greedy” was high praise. “In my heart, I really reserved a place for greed,” one letter reads. “Greed is necessary!”

One letter states: “The first and last chapter of the Book of Wisdom states that ‘there is no free lunch in the world.'”

Shares of Burberry jumped as much as 16% on Friday after the company reported a shallower-than-expected dip in sales in the fiscal third quarter, providing a first glimpse of CEO Joshua Schulman’s efforts to revamp the beleaguered British fashion house.

Comparable sales declined 4% in the three months to December. Analysts had anticipated a 12% decrease in a company-compiled consensus estimate.

Shares were pared gains slightly to trade up 12.9% by 10:00 a.m. London time, with other luxury stocks tracking higher.

Total revenue over the festive shopping period was £659 million ($816 million), down 7% year-on-year at reported exchange rates.

Sales were subdued in Asia Pacific and in the European, Middle East, India and Africa region — down 9% and 2%, respectively — but ticked up by 4% in the Americas, reflecting a broader resurgence in U.S consumer spend across the luxury sector.

The company said it was now “more likely” that is second-half results would broadly offset its first-half adjusted operating loss.

Schulman said he was “encouraged” by the response from customers to Burberry’s latest campaigns, but noted that the brand’s transformation was still in its early stages and that “there remains much to do.”

“Since launching Burberry Forward in November, we have moved at pace to advance our strategy to reignite brand desire, improve our performance and drive long-term value creation,” he said in a statement out Friday.

“The acceleration of our core categories reinforces our belief that Burberry has the most opportunity where we have the most authenticity and that our strategic plan will deliver sustainable, profitable growth over time.”

Chief Financial Officer Kate Ferry said that the company had not set a timeframe for the overhaul, but that it hoped to return to the success of its recent past in the near-term.

“That’s absolutely where we intend to get back to. At this point, it’s early days,” she said in response to a CNBC question during an earnings call.

Ferry also said that the company may hope to benefit from “encouraging macro trends” boosting U.S. consumption, but that it was not currently factoring that into its forecasts. It comes as analysts have predicted a continued uptick in U.S. sales, as consumers benefit from a stronger dollar, crypto gains and a President Donald Trump-induced market rally.

Schulman in November announced urgent plans to “course correct” after a prolonged period of underperformance for the company amid waning sales and a slew of management changes.

The plans — which Schulman said were intended to return the brand to its “original purpose” — sent Burberry shares to an all-time high, and the stock has since continued to track higher on renewed investor confidence.

The announcement was delivered alongside Burberry’s results for the first half ending on Sept. 28, 2024, during which sales contracted by 20% for the second consecutive quarter.

The strategic overhaul marks the latest iteration of the 169-year-old retailer. Schulman joined in July from Michael Kors, becoming the brand’s fourth CEO in the last decade.

Analysts welcomed the results as a positive initial signal for the brand, with RBC pointing to particular efforts to streamline stores and collections.

“We view these results as a first (and early) step in the right direction. Easy fixes relating to store layout and presentation, refocus on core product categories, and certainly contribution from markdown activity have all contributed to the improvement,” RBC analysts Piral Dadhania and Richard Chamberlain wrote in a Friday note.

The results come amid a broader uptick in luxury sales over the holiday period, with Cartier-owner Richemont last week reporting its “highest ever” quarterly sales figure, boosting hopes of a long-anticipated turnaround in the ailing luxury market.

“There are several factors that have contributed to this positive surprise. Firstly, Richemont’s recent results indicated an overall improvement in demand across all countries, and Burberry has also experienced a sequential improvement across all regions, especially in the U.S.,” Mamta Valechha, consumer discretionary analyst at Quilter Cheviot, said.

“Additionally, Burberry’s efforts to clear out inventory through substantial discounts have helped boost sales and manage stock levels effectively. It’s also encouraging to see that Burberry’s back-to-basics strategy might be starting to show positive results, resonating well with consumers,” she added.

Cartier owner Richemont on Thursday reported a 10% increase in fiscal third-quarter sales even as China demand weighed, in a positive signal for the health of Europe’s luxury sector over the holiday shopping period.

Sales rose to 6.2 billion euros ($6.38 billion) at constant exchange rates in the three months to the end of December, which the Swiss luxury brand dubbed its “highest ever” quarterly sales figure. That was well above 1% increase expected by analysts in a consensus cited by RBC, according to Reuters.

The company reported double-digit growth across all regions except Asia Pacific, where sales fell 7%, led by an 18% decline in the combined regions of mainland China, Hong Kong and Macau.

The results mark a return to growth for the company, which reported a 1% year-on-year dip in first-half sales to September, citing a challenging macroeconomic backdrop and tougher conditions in China. Sales for that six-month period came in at 10.1 billion euros.

The high-end group had until then been an outlier in a broader luxury downturn, reporting record full-year sales in May.

This is a breaking news story. Please check back for updates.