logo
Jennyfer: French court to review employee fate amid partial buyout offers

Jennyfer: French court to review employee fate amid partial buyout offers

Fashion Network27-05-2025
Jennyfer, primarily targeting a teenage audience, has faced financial difficulties for several seasons. The company entered receivership in 2023 and was sold in the summer of 2024 to two of its executives, Yann Pasco and Jean-Charles Gaume, with backing from their Chinese supplier, Shanghai Pure Fashion Garments Co. Ltd. Despite efforts to modernize its image and expand its customer base; the relaunch failed to deliver.
As employees await the court's decision, uncertainty looms. On May 21, stores across the network closed for the day in protest, allowing staff to voice their concerns and push for fair severance arrangements. Signs displayed in store windows read:
'We, the employees, continue to work to the end, with courage, loyalty, and professionalism, despite the uncertainty, moral pressure, and lack of prospects. And today, no recognition. NONE. No bonuses, no compensation, no acknowledgment of our efforts.'
Following the protest, employees reportedly secured a modest gain. Myriam Boumendjel, a representative from the CFE -CGC union, told FashionNetwork.com:
'A value-sharing bonus and a performance bonus tied to work done since the liquidation—about 1,800 euros per employee—were granted. We're working like crazy under difficult conditions, so it's only fair that we receive recognition. The administrators and receivers shouldn't be the only ones benefitting.'
According to reporting by Le Monde, an internal survey by employee representatives revealed that two-thirds of the workforce would prefer to be laid off rather than join a new company under a new owner. A final decision on the bids is not expected this Wednesday but is anticipated in two weeks.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US lawmakers urge probe into Spain's deal with Chinese firm Huawei
US lawmakers urge probe into Spain's deal with Chinese firm Huawei

Euronews

time8 hours ago

  • Euronews

US lawmakers urge probe into Spain's deal with Chinese firm Huawei

A pair of American lawmakers have accused the Spanish government of putting US national security at risk by contracting the Chinese telecommunications giant Huawei to handle sensitive data. Pedro Sánchez's government has been facing backlash for weeks over the multimillion-euro deal, which would see Huawei manage and store sensitive data related to judicial wiretaps. US President Donald Trump's administration has demanded that Sánchez cancel the agreement, threatening to cut off intelligence cooperation. The US considers Huawei an extension of the Chinese state and a potential instrument of espionage. The Spanish government has kept publicly quiet amid the criticism. Now, two US Congressmen are raising their own concerns. In a letter to US Commerce Secretary Howard Lutnick dated August 8, they said the plan has serious implications for US digital security, privacy, and commercial interests, and that it would hurt US workers. Reps. Richard Hudson and Gus Bilirakis, both Republicans, cited Huawei's ties to the Chinese Communist Party (CCP) and noted that Trump previously banned Huawei and another Chinese firm, ZTE, from US telecommunications infrastructure in 2019. The key American concern is that Huawei will be forced to share data under the mandate of Xi Jinping's Chinese government, and that this sensitive information will fall into the hands of the CCP. In the letter, Hudson and Bilirakis accused the EU and especially Spain of having a double standard, restricting data transfers with the US on privacy grounds, but allowing the free flow of data to China. They said the US-EU Data Privacy Framework (DPF) has been invalidated several times by the EU, creating legal uncertainty for US companies. The lawmakers called on the US Commerce Department to investigate decisions by Spain and other EU governments that may adversely affect US digital commerce. The European Commission, the European Union's executive arm, has also raised concerns over Huawei and ZTE. In 2023, the Commission said member states would be "justified" in restricting or excluding the Chinese companies from their 5G networks because they come with "materially higher risks than other 5G suppliers".

Why China is expanding into digital currencies
Why China is expanding into digital currencies

Euronews

time9 hours ago

  • Euronews

Why China is expanding into digital currencies

China has been expanding use of digital currencies as it promotes wider use of its yuan, or renminbi, to reflect its status as the world's second-largest economy and challenge the overwhelming sway of the US dollar in international trade and finance. However, restrictions on access to Chinese financial markets and limits on convertibility of the yuan, or 'people's money,' are big obstacles blocking its global use. Still, Hong Kong already has stablecoin regulations and some Chinese experts are pushing for regulations to prepare for a possible stablecoin pegged to the yuan. Officials at the People's Bank of China and State Council Information Office in Beijing did not immediately respond to requests for comment on a Reuters report that the State Council, or Cabinet, is preparing to issue a plan for internationalising the yuan that might include a yuan stablecoin. How stablecoins work Stablecoins are digital currencies whose value is linked to a specific currency such as the US dollar. They can be used as a substitute in situations where currency transactions might be difficult or costly. They are different from cryptocurrencies like Bitcoin in that their only purpose is to be a means of payment, not an investment meant to be traded to gain value. Dollar stablecoins are typically bought and sold for $1 (€0.87) each. They are based on a reserve equal to their value, but are issued by private institutions, not central banks like the European Central Bank (ECB) or the US Federal Reserve. Stablecoins are not Digital Central Bank Currencies, which are digital versions of currencies issued by central banks. They are based on blockchain-based distributed ledgers. They are 'stable' in the sense that their value is anchored to the currency they are based on. Critics of stablecoins say that since they are essentially a proxy for ordinary currencies that can bypass banking systems and safeguards set up to manage traditional financial transactions, they may be most useful for illegal purposes. China inches toward using digital currencies China launched its own digital yuan, the e-CNY issued by its central bank, on a trial basis in 2019, and McDonalds was an early participant in that project. Chinese regulators have banned mining, trading and other dealings in private, decentralised digital currencies like Bitcoin, while encouraging use of the digital yuan. The nearly universal use of electronic payments has facilitated use of the e-CNY in the Chinese mainland, with some cities using it to pay wages of civil servants. State media reported that as of July 2024, there were 7.3 trillion yuan worth of transactions using the currency in areas where it is being used on a trial basis. China has also been promoting use of e-CNY in Africa, as it expands business dealings on the continent. But e-CNY are not stablecoins. Experts say regulations are needed to safely manage use of stablecoins and to ensure they could be used smoothly with bank accounts and payment systems. Hong Kong's role in digital currencies Hong Kong, a former British colony that has its own financial markets, currency and partly autonomous legal system, enacted a stablecoin law that took effect on Aug. 1. Aimed at attracting wealthy investors who want to use digital currencies and other financial products, it requires that a stablecoin linked to the Hong Kong dollar must be equal to the Hong Kong dollar reserves for that digital currency. As a global duty-free port and financial hub, Hong Kong has often served as a base for trying out paths toward liberalising Chinese financial markets. But new regulations specifically governing yuan stablecoin would be needed if such a digital currency were issued for use in Hong Kong, Liu Xiaochun, deputy director of the Shanghai Institute of New Finance, recently wrote in a report on the Chinese financial website China's limits on cross-border dealings China's currency is not freely convertible in world financial markets and its stringent controls on foreign exchange are the biggest hindrance toward making the yuan a global currency, experts say. According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), as of June, the yuan was the sixth most active currency for global payments by value, with a share of 2.88 per cent. Its use peaked in July 2024 at about 4.7 per cent. It's used more often in trade financing, where it accounts for nearly 6 per cent of such dealings, according to that report. The lion's share of yuan transactions take place in Hong Kong. The US dollar's share as a global payment currency was over 47 per cent as of June, followed by the euro, the British pound, the Canadian dollar, and the Japanese yen, the report said.

Laopu Gold revenue, profit growth beat on robust China demand
Laopu Gold revenue, profit growth beat on robust China demand

Fashion Network

timea day ago

  • Fashion Network

Laopu Gold revenue, profit growth beat on robust China demand

Co.'s revenue and profit growth topped estimates in the first half as the Chinese jeweller's pieces, which blend traditional craftsmanship with rich cultural motifs, soar in popularity among middle class Chinese shoppers. Revenue increased 251% to 12.35 billion yuan ($1.72 billion) in the first six months of the year, according to a company earnings statement on Wednesday. Net income rose 286% to 2.27 billion yuan in the period. Laopu expected revenue and net profit to grow at least 241% and 279%, respectively, in a preliminary assessment in July. Laopu's rapid growth comes in sharp contrast to the struggles of some high-end Western retailers in China, defying a consumer pullback in an uncertain economy. Laopu, whose designs draw heavily on Chinese heritage, has been benefiting from Chinese consumers' shift to domestic brands from imported status symbols. Gold's resilience of as a store of value in a period of economic weakness has also fuelled the popularity of Laopu, which offers jewellery and ornaments in pure or diamond-studded gold. 'Laopu is well positioned to take demand from western luxury jewellery brands' entry-level customers and domestic gold jewellery brands' high-end customers,' Citigroup said in a July research note. The brand, which primarily operates in luxury shopping malls, has more than 40 stores across China. It opened its first outlet outside the country in Singapore in June, a test of demand from the overseas market. Laopu plans to raise prices from August 25, according to a company WeChat statement this month, without specifying the size of the increase. The jeweller usually raises retail prices every half year, and last did in February, according to Morgan Stanley.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store