Latest Articles in Business

UK government mulls ban of ‘forever chemicals’ in school uniforms

New amendments to the UK’s Children’s Wellbeing and Schools Bill could see PFAS – otherwise known as ‘forever chemicals’ – banned from use in school uniforms. The bill is currently in the committee stage in the House of Lords, and intends to introduce new regulation on everything from the cost of uniforms to the number of branded items a school...

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Eurozone retail sales decline

Eurozone retail sales fell in May. Turnover dropped by 0.7 percent month-on-month, the European statistics office Eurostat announced on Monday in Luxembourg. Economists had forecast a decline of 0.6 percent. However, turnover had risen by an upwardly revised 0.3 percent in April. Initially, an increase of 0.1 percent had been recorded. Compared...

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OTB Group expands in Mexico

As part of its strategy to strengthen its presence in North America, OTB Group will begin expanding its presence in Mexico. According to OTB, this expansion responds to the strategy of investments in direct channels, which allow the group to expand its retail business. This applies to both markets where it already has a presence and new...

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SMCP secures victory in Singapore over share dispute

A Singapore High Court has ruled for a shareholder of SMCP to return its stake in the French luxury group to its majority owners. Dynamic Treasure Group Ltd (DTG) has been ordered to return its 15.5 percent stake in SMCP to European TopSoho (ETS), which had defaulted on its bonds in 2021, passing the majority shareholding to a consortium of...

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French-Swiss entrepreneur Dan Mamane's bid selected for Le Coq Sportif takeover

Paris - The Paris Commercial Court (TAE) selected the bid from French-Swiss entrepreneur Dan Mamane to take over the struggling equipment supplier Le Coq Sportif on Friday. Mamane's bid was chosen over a consortium backed by businessman Xavier Niel and judoka Teddy Riner. Le Coq Sportif kitted out the French delegation at the Paris Olympic Games...

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Frasers Group raises Hugo Boss stake, now controls over 25 percent of voting rights

British retail group Frasers Group Plc has further increased its stake in Hugo Boss AG. It now directly holds over 25 percent of the voting rights. The parent company of the retail chains Sports Direct, Frasers and Flannels crossed the 20 percent threshold on June 12. The company crossed the 25 percent threshold of voting rights from shares in...

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European luxury: A new report reveals the challenges and growth prospects

European premium and luxury brands represent 5 percent of European GDP, or 986 billion euros. This figure, from a new report by the European Cultural and Creative Industries Alliance (ECCIA), in collaboration with the Comité Colbert and Bain & Company, is up 1 percent compared to 2018. While its evolution demonstrates growth dynamics, the...

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LVMH chairman Bernard Arnault acquires L'Opinion and L'Agefi

Paris - Bernard Arnault, chairman and CEO of LVMH (LVMH Moët Hennessy Louis Vuitton), has acquired the liberal daily L'Opinion and the financial news website L'Agefi. LVMH already controls the Les Echos-Le Parisien press group and Paris Match. Sources close to the matter confirmed the acquisition to the press on Thursday, following a report in...

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Shein fined 40 million euros in France for false discounts

The ultra fast fashion retailer Shein has been fined 40 million euros. The brand was reprimanded by France's Directorate General for Competition, Consumer Affairs and Fraud Control (DGCCRF) for misleading commercial practices towards consumers. The sanction follows an investigation into Infinite Style E-commerce LTD (ISEL), the company...

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Head acquires scuba company Aqualung Group

US-Austrian Head Group has rescued scuba diving firm Aqualung Group from receivership. The sports equipment company said it is planning a 50 million euro restructuring of the Aqualung business to ensure the continuation and long-term sustainability of the group. Next to this, Head noted that it is looking to carry out a comprehensive integration...

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TikTok creators driving luxury growth for younger consumers

TikTok is continuing to drive growth for luxury brands, especially with younger consumers and first-time buyers, through creator-generated content and peer validation, according to new data from the social media platform and research company AYTM. According to a study of more than 3,000 luxury consumers across the UK, US, France and Italy in May...

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Princesse tam tam and Comptoir des Cotonniers placed in administration

Paris - The crisis continues in French ready-to-wear. Lingerie brand Princesse tam tam and clothing brand Comptoir des Cotonniers have entered administration. AFP learned this on Wednesday from a source close to the matter. Struggling for several years, these two brands have found it difficult to withstand "a market context that has not...