Articles by AFP
Kering sells its beauty division to L'Oréal to boost recovery
French luxury group Kering, which has been struggling for several years, is selling its beauty division to fellow French company L'Oréal for four billion euros. This move is expected to help reduce its debt and continue its recovery. The news was first reported on Saturday by the Wall Street Journal. Kering is selling its beauty division,...
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EssilorLuxottica posts its "best quarter" since its creation
Paris - EssilorLuxottica, the global leader in optics, reported revenues of 6.87 billion euros, up 6.7 percent at current exchange rates for the third quarter of 2025 on Thursday. The figure exceeded expectations from Factset and Bloomberg, which had forecast 6.73 billion and 6.75 billion euros, respectively. The result was driven by smart...
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Galeries Lafayette opens first store in India
The historic French department store chain Galeries Lafayette is set to open its first store in the Indian financial hub of Mumbai this November. It aims to attract the growing middle class and affluent consumers interested in luxury goods. The department store will open in a historic district of Mumbai, spanning 8,400 square metres across five...
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EU fines Gucci, Chloé and Loewe millions for violating competition rules
Brussels, Belgium – The European Union announced on Tuesday that it had imposed fines totalling 157 million euros on luxury firms Gucci, Chloé and Loewe for breaching competition rules. The sanctions follow surprise raids conducted in April 2023 and an antitrust investigation by the European Commission in July 2024. The EU's executive arm...
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New Kering CEO charts turnaround plan with customer focus and faster timelines
The new chief executive officer (CEO) of luxury group Kering, Luca de Meo, is set to speak with the group's key managers. This group comprises several hundred executives. They will meet after reviewing a memo outlining several workstreams to revive the group, AFP learned on Wednesday, confirming a report from La Lettre. The meeting will take the...
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French department store operator dropped by investment bank following Shein collab
French department store operator Société des grands magasins (SGM) has seen its deal to acquire the property of the Parisian department store BHV Marais collapse after its new partner, fast fashion giant Shein, caused the withdrawal of a key state-backed investor. SGM, which operates BHV, has condemned what it calls “political pressure” but...
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IKKS enters administration, over 1,000 jobs at risk
Fashion brand IKKS has been placed into administration. This procedure puts over 1,000 jobs at the group at risk, AFP learned on Friday from the Paris Commercial Court, confirming a report from Les Echos. The brand, which had ceased payments and was already facing difficulties a few years ago, secured a debt waiver from its creditors in 2024....
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Shoe brand Minelli placed into receivership
Shoe brand Minelli was placed into receivership in September. The company had been acquired in early 2024 following a similar procedure, according to a decision seen by AFP on Thursday. Founded in 1973, the brand, which primarily sells leather goods and shoes for women, was placed into receivership in September 2023 by the court in Marseille. It...
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Shein announces opening of permanent stores in France, a world first
Paris - Asian platform Shein has chosen France to open its first permanent physical stores, a world first. The brand claims this is a “commitment to revitalising city centres”. Shein is regularly accused of unfair competition for flooding the market with discount products sold online. Six boutiques will open “from November”, first within BHV...
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Jonathan Anderson set for his first Dior womenswear collection in Paris
Paris - Designer Jonathan Anderson presents his first womenswear collection for Dior this Wednesday. It is one of the most anticipated shows of Paris Fashion Week, where he will unveil his designs for the legendary French house. Following his debut menswear collection in June, Anderson's womenswear premiere is one of the most highly anticipated...
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