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The latest move follows another senior appointment in China last year. In April 2025, LVMH named Daniel DiCicco president and chief executive of Louis Vuitton Greater China, in what was widely seen as a push to strengthen local management. DiCicco previously held senior positions at Apple, Sony Music and Coach, bringing cross-industry and digital experience to the role.
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Ritter’s research shows that underpricing is de rigueur in IPOs, and on average, the shares jump 19% over what the chosen institutions paid by the end of the first trading day. “The ability to give their clients underpriced shares is worth a lot more than the 2% fees,” says Ritter. Were SpaceX to leap that average of 19% on day one, Wall Street’s customers would pocked a one-day, paper gain of $9.5 billion. The initial investors got their shares due to their status as the firms’ largest, commission-paying trading customers. In exchange for winning the super-cheat shares, says Ritter, they typically rebate about 30% of the one-day gain to the book runners who anointed them in future business. In SpaceX’s case, then, the two or three lead book runners would collect an extra nearly $3 billion (30% of the roughly $9.5 billion windfall). Let’s assume three lead underwriters. Each would garner a total as high as $120 million in fees, and another $1 billion courtesy of the super-discount pricing, for a total of almost $1.1 billion.
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