Club Med Boss Says He's Been Ousted by Owner Fosun
Club Med President Henri Giscard d'Estaing said Wednesday in a handwritten letter to employees that Fosun, the tourism group's main shareholder, has decided to appoint a new president.
Giscard d'Estaing, 68, said he had been forced to end his duties as president of Club Med during a video conference reported on by Le Figaro. Fosun disputed Giscard d'Estaing's version of events, according to a statement sent to Agence France-Presse and reported by Le Monde.
Last year, Club Med launched a succession process that is ongoing, the Chinese group said, Bloomberg reported.
Giscard d'Estaing didn't reveal the name of the new president. A Club Med spokesperson didn't respond immediately to a request for comment.
Tensions Over a Stock Market Listing
A month ago, Henri Giscard d'Estaing told Le Figaro that he was trying to convince the Chinese group to bring Club Med back to the Paris Stock Exchange next year.
In the letter on Wednesday, Giscard d'Estaing repeated his wish to see the group listed in Paris, claiming that Fosun had refused.
He said Club Med needs international governance that respects its values and French roots.
The group operates approximately 60 all-inclusive resorts worldwide, generating $2 billion in sales last year, France 24 reported.
Giscard d'Estaing has led the brand since 2002 in a shift upmarket, and is the eldest son of a former French president, Valéry Giscard d'Estaing.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
With Sales Improving Worldwide, CEO Josh Schulman Is Bullish on the Future of Burberry
LONDON – From colorful scarf bars in stores to campaigns featuring the Jagger clan and VVIP events stretching from Highgrove to the Flamingo Estate, Burberry's charm offensive is working, with sales improving worldwide despite the tough environment for luxury. The company has successfully stemmed the double-digit sales declines of the past year and outstripped growth expectations for the first fiscal quarter. More from WWD Nuova Accademia di Belle Arti to Open a Campus in London Priya Nair Returns to India as CEO, Managing Director of Hindustan Unilever Limited Topshop to Stage Fashion Show in London After Seven-year Hiatus In the three months to June 30, it reported 433 million pounds in retail revenue, a 6 percent drop at reported exchange, and a 2 percent decline at constant rates. Comparable store sales were down 1 percent, compared with analysts' projections of a 3 percent decline. In the corresponding period last year, comparable store sales were down 21 percent. Perhaps no one is more surprised than chief executive officer Josh Schulman who joined Burberry last July. 'If you had asked me 12 months ago where we would be today, I wouldn't have imagined the amount of progress that this exceptional team has been making,' said Schulman, adding that brand desirability is also on the rise due to Burberry's focus on 'timeless British luxury.' He added: 'It's early days, and it's a tough macro, but we are really starting to see the potential of what lies ahead. We're taking things step by step, but we are optimistic about the quarters ahead and optimistic about the business in general.' Schulman, who has been broadening the price points and appeal of the brand, said the metric he's 'super excited' about is conversion, the ability to turn window shoppers into paying customers. 'Our conversion is up across the world — very significantly — and we're doing so in a tough luxury market,' he said, adding that local customers have been outspending tourists worldwide. The positive news caps a tough year for Schulman, who is hoping to restore Burberry to its golden days of 3 billion pounds in revenue and an operating margin in the high teens. As reported in May, the company unveiled an enriched cost-savings plan that could see 20 percent of its workforce eliminated by 2027. The plan is aimed at unlocking 100 million pounds by fiscal 2027, in addition to 40 million pounds revealed last year. Burberry plans to cut mainly office-based jobs, and will reorganize the schedules of its shop floor staff so they are working during peak traffic hours. The company is also eliminating the night shift at its factory in Castleford, Yorkshire, where the signature gabardine trenchcoats are made. Around 25 percent of staff will be impacted. The turnaround is taking shape, although Schulman and analysts said it's still early days. Bernstein called Burberry's first-quarter performance 'decent, particularly in the context where French and Italian peers are expected to shrink by negative' high-single-digit to double digit, when they report earnings later this month. 'More importantly, company commentary indicates early signs of brand reignition,' said Bernstein, adding that 'the sequential improvement in same-store sales — against a most difficult environment — suggest that things are starting to work.' The bank also believes that Burberry has a 'more realistic pricing approach in leather goods,' which should help fuel growth going forward. Deutsche Bank noted that Burberry's shares are up 27 percent so far this year, 'significantly outperforming both larger peers [including LVMH and Hermès] and turnaround peers [Kering and Ferragamo].' Citi looked farther ahead, speculating that Burberry's underlying retail sales 'could turn positive' in the second fiscal quarter for the first time in two years. The 'execution is on track, with new [fall and spring] collections and a wider pricing architecture delivered to stores over the next three quarters to reignite brand desirability,' Citi said. Friday's first-quarter news sent the share price up more than 6 percent to close at 13.27 pounds. There is even talk that Burberry could rejoin the FTSE 100 index when the London Stock Exchange undertakes its next quarterly review in September. Burberry fell out of the index, which includes the biggest companies by market capitalization, last September following a 50 percent decline in its share price in the months leading up to the review. In the first three months, Schulman said growth came from 'sequential improvement' across all regions, thanks chiefly to more enthusiastic local customers. The Americas rose 4 percent, followed by EMEIA, or Europe, the Middle East, India and Africa region, which rose 1 percent. Greater China was down 5 percent, while Asia Pacific fell 4 percent. Kate Ferry, Burberry's chief financial officer, said the performance in the Americas, which represents around 19 percent of overall sales, was particularly interesting. 'We actually saw new customer numbers growing in the region, as well as returning customers. We're seeing a much broader range of customers in America, too, which is good,' she said. She and Schulman stressed that Greater China, which represents 30 percent of sales, has been showing quarter-on-quarter improvement, with sales coming from locals rather than tourists, in line with the overall trends in Asia-Pacific. Ferry added that 'traffic in the luxury market is challenging everywhere, and tourism is certainly down, but our team in China are really encouraged by all they are seeing. Overall, it's sequentially improving and it remains a really important market for us. We are really, really excited about the future of China,' she said. Worldwide, bestsellers in the three months included outerwear, particularly lightweight jackets, and items with check trims or with the Burberry Prorsum Knight stamp. In the shoe category, wellies and pool slides also had a strong response from customers as well, Schulman said. Summer products have been selling at places including The Newt, a 2,000-acre working farm and luxury hotel and spa in Somerset, England. Burberry created a custom check pattern for the hotel as part of a summer partnership, and has been selling swimwear, outerwear, hats, scarves and umbrellas at the boutique. Burberry has also done a takeover of The Standard in Ibiza, whipping up its signature check in yellow for parasols, loungers and cushions. There's also a big Burberry logo at the bottom of the swimming pool. The brand is working with The Standard's rooftop bar and restaurant, doing weekly Burberry-curated cocktail evenings, soundtracked by guest DJs spinning from a custom-built booth. For the VVIPs there were trips to the gardens at Highgrove, King Charles's private home in Gloucestershire, following a collaboration with the estate on a 28-piece capsule collection. In the U.S., Burberry invited big-spending customers to the launch of the Highgrove collection at the Flamingo Estate, the working farm turned high-end lifestyle destination in Los Angeles. As the glamorous campaigns and events continue to roll out, there is steady work going on behind the scenes, and in the Burberry C-suites worldwide. As reported in May, Schulman decided not to fill the role of chief commercial officer and to do the job himself, with Burberry's regional presidents reporting directly to him. On Friday, along with the first-quarter announcement, Burberry said the four regional presidents will join the executive committee and take part in relevant decision-making, strategy and operations. They are Claudia Kim in Asia-Pacific; Frank van Loon in EMEIA; Josie Zhang, in Greater China, and Laura Dubin-Wander, in the Americas. Schulman said the move is meant to align leadership and decision-making more closely with the end-customer. Schulman said the regional presidents' 'market insights and deep customer knowledge are invaluable, and I look forward to continuing to work closely with them to drive' the Burberry Forward strategy. Looking ahead to the full 2025-26 year, Schulman said the transformation is not like 'turning on a light switch' and will take time. 'It is a multiyear plan with the aim of re-grounding the brand in a timeless British luxury expression. There's so much storytelling that we can do, and we will continue to execute our product strategy, leading with outerwear, earning our authority in other categories, and getting the product and marketing right to appeal to the broad universe of luxury customers.' Although the company did not comment on the second quarter performance, it said the plan was to prioritize investment and deliver margin improvement 'with a continued focus on simplification, productivity and cash flow. We remain confident that we are positioning the business for a return to sustainable, profitable growth.' Best of WWD What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now Confidence Holds Up, But How Much Can Consumers Take?
Yahoo
an hour ago
- Yahoo
Liverpool haven't given up hope on agreeing £60m centre-back deal
Liverpool have been looking for a replacement for ever since he left. The £35m move to Leverkusen was a brilliant piece of business from the club, but his departure has left a hole in Arne Slot's squad and it is imperative that a new defender joins before the season starts. Shop the LFC Store LFC x Nike Air Max Buy Now LFC Retro Shirts Buy Now LFC Kits Buy Now LFC Nike Training Buy Now One such target is Marc Guehi at Crystal Palace who has an asking price of around £50m, despite his contract expiring next summer. Liverpool are unsure whether to proceed with a deal for him. Meanwhile, another move which Liverpool were previously interested might still be an option to explore and he would offer an interesting dynamic to Arne Slot's side if he joined the Reds' squad. Zabarnyi to PSG is not a done-deal yet Liverpool have been heavily interested in Bournemouth defenders this summer and once it was known that Dean Huijsen would be heading to Real Madrid, Illya Zabarnyi joined the shortlist. His main admirers are Paris Saint-Germain, and Liverpool were only contemplating a move for a centre-back before Quansah left, focusing instead on other areas such as Milos Kerkez at left-back. But now that his move to Merseyside has been confirmed, an approach for the Ukrainian is up next. It has been assumed for weeks that Zabarnyi was destined to move to France, but a report from TBR Football suggests that the Reds might still have a chance to swoop in and hijack the transfer. The report claims: "Zabarnyi has confirmed his desire to move to the French capital and personal terms have been agreed. Indeed, he has shunned prospective interest from England with Liverpool, Chelsea and Newcastle all showing an interest - but he is committed to PSG. "[However] Bournemouth are refusing to drop their asking price to £60m for the Ukraine international, while PSG's highest offer thus far is £55million." As such, that £5m gap in each teams valuations leaves the door ajar for Liverpool to capitalise on. The 22-year-old is Premier League proven and the Reds have shown beyond all reasonable doubt that they are willing to spend the money required to get their targets. They are serious this summer. So don't give up hope on this one quite yet because everything can change if PSG are unable to increase their financial offering to sign the centre-back. Liverpool desperately need a new defender.
Yahoo
an hour ago
- Yahoo
AM Best Downgrades Issuer Credit Rating of Cowen Reinsurance S.A.; Maintains Under Review With Negative Implications Status on Credit Ratings
AMSTERDAM, July 18, 2025--(BUSINESS WIRE)--AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "bbb" (Good) from "bbb+" (Good) and affirmed the Financial Strength Rating of B++ (Good) of Cowen Reinsurance S.A. (Cowen Re) (Luxembourg). In addition, AM Best has maintained the under review with negative implications status for these Credit Ratings (ratings). These ratings reflect Cowen Re's balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM). The Long-Term ICR downgrade reflects the poor track record of Cowen Re's operating performance. Since its start of operations in 2016, Cowen Re has reported cumulative technical losses, which have been largely offset by investment gains. Cowen Re's five-year weighted average combined ratio stood at 122.9% (as calculated by AM Best). Furthermore, during its ongoing sale process that started after its acquisition by Toronto-Dominion Bank (TD Bank) in March 2023, Cowen Re is only renewing existing programmes and is not underwriting any new business, putting the company under greater expense strain. Cowen Re's ratings were initially placed under review on June 15, 2023. This was due to the uncertainty regarding Cowen Re's future ownership, given that AM Best does not expect the company to form a part of TD Bank's long-term plans. Additionally, the negative implications status also reflects the uncertainty regarding the company's strategic plans and the negative trend on the company's business profile as Cowen Re is unable to underwrite new business. Although Cowen Re reported a pre-tax profit (before movements in equalisation reserves) of USD 9.95 million, mainly driven by investment income, technical performance remained under pressure, as reflected by a combined ratio of 118.4% at year-end 2024 (as calculated by AM Best). The resolution of TD Bank's plans for the company has taken longer than AM Best originally expected. The ratings will remain under review with negative implications until AM Best has gained certainty regarding the company's long-term ownership and business plans. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Valentine Gu, AAG Associate Financial Analyst +31 20 308 5421 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Jose Berenguer, CFA Associate Director, Analytics +31 20 808 2276 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
