Articles by AFP
Claire's files for bankruptcy in the US and several other countries
Fashion jewellery group Claire's placed its US operations and several of its subsidiaries operating stores as part of the Claire's and Icing brands under Chapter 11 bankruptcy protection on July 28, 2025. In a statement, Claire's said that bankruptcy proceedings would also be initiated in Canada. The company did not provide a specific timeline....
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Princesse tam tam and Comptoir des Cotonniers stores attract buyers
Several potential buyers have shown interest in acquiring a portion of the stores and employees of Princesse tam tam and Comptoir des Cotonniers, though none of the offers include the brands themselves. Both brands, which belong to the Japanese retail giant Fast Retailing, were recently placed in administration. The offers were initially...
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The 'Prato system': corruption and illegal labour at the heart of the Italian textile industry
The fatal shooting of Zhang Dayong in Rome, who was found with six bullet wounds, initially seemed unconnected to Prato, Italy's textile hub. However, investigators now believe the murder is part of a brutal "hanger war" between rival Chinese mafia groups for control of Europe's largest garment manufacturing centre. This criminal escalation is...
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Swiss inflation rises to 0.2 percent in July
Swiss inflation rose again in July, reaching 0.2 percent year-on-year. This follows a dip into negative territory in May, which fuelled deflation fears, the Swiss Federal Statistical Office (SFSO) reported on Monday. In June, inflation had already climbed back to 0.1 percent year-on-year. It continued to strengthen in July, driven by a 0.7...
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Kering to offer Luca de Meo 20 million euro welcome bonus
Struggling luxury group Kering will offer a "welcome bonus" of 20 million euros to its new managing director, Luca de Meo, at the company's general meeting in September, which is to approve his appointment. Kering officially announced in mid-June the arrival of de Meo, aged 58, to the newly created position of managing director. The current CEO,...
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Luxury sector faces challenges: Tariffs, declining sales, and economic headwinds
Paris - The global luxury sector is facing increasing challenges, grappling not only with a decline in the consumption of high-end handbags, perfumes, and designer clothing but now also contending with new tariffs on exports to the United States, a crucial market. Bernard Arnault, chairman and CEO of LVMH, acknowledged the difficult landscape....
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EFSA recommends cage-free fur farming for improved animal welfare
Paris - The European Food Safety Authority (EFSA) issued a scientific opinion on Wednesday recommending abandoning the cage system to improve the welfare of fur animals on farms. The EFSA suggests opting for a system of "enclosures that offer more space and stimulation" to mink or red foxes. This opinion was requested by the European Commission...
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Hermès CEO's long-held conviction regarding missing shares of an heir
Paris - "I have long been convinced that Nicolas Puech no longer has his shares," said Hermès group's chief executive officer, Axel Dumas, on Thursday. He was questioned about the disappearance of shares belonging to one of the group's heirs. The fate of the shares of Mr Puech, 82, one of the great-grandsons of the founder of Hermès, is at the...
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LVMH's Arnault calls US-EU trade deal 'necessary' but 'not perfect'
Paris - Bernard Arnault, chairman and chief executive officer of LVMH, the world's leading luxury group, has defended the customs agreement reached between the US and Europe. In an opinion piece published in Les Echos on Tuesday, Arnault described the agreement as not "perfect" but "necessary" in the "current context". "The agreement reached...
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Hermès reports profit dip despite sales increase in first half
Luxury group Hermès announced on Wednesday a 5 percent decrease in net profit for the first half of the year to 2.2 billion euros. This was impacted by the exceptional contribution of businesses. However, its sales increased by 7.1 percent to eight billion euros. Excluding the exceptional contribution, "net profit attributable to the group...
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