Jennyfer: French court to review employee fate amid partial buyout offers
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
11 hours 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.
Fashion Network
11 hours 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.
Fashion Network
11 hours 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.
