Latest news with #Belloni
3 days ago
- Business
Concern grows over whether the Hollywood industry can survive in California
Los Angeles — For years, Phil Mangano made a good living as a film and television editor in Los Angeles. "It was just job after job after job," Mangano told CBS News. "…Very consistent work." But after Hollywood writers and actors went on monthslong strikes in 2023, production ground to a halt. California lost roughly 40,000 film and tv jobs that year alone, according to the U.S. Bureau of Labor Statistics. "When that finally settled, we were like, OK, great, things will come back," Mangano said. "And there has been no significant increase in job opportunities." Since its peak in 2021, television production in the greater Los Angeles area has decreased by 58%, according to the nonprofit group FilmLA, which handles film permitting for the city and county of Los Angeles. The number of shoot days for television fell from 18,560 in 2021 to 7,716 in 2024. And in the first quarter of 2025, on-location production in L.A. declined by 22.4% from the same period last year, per numbers from FilmLA. "Right now, it's a triage situation. The patient is dying and you need to bring it back to life," Matthew Belloni, who covers show business for Puck News and hosts the popular podcast "The Town," told CBS News. Belloni says Hollywood productions, and hence the jobs, have gone to other U.S. states and other countries who are willing to offer generous tax incentives. "Some European countries that are offering up to 40% back on these productions," Belloni said. "And that's incredibly influential." California Gov. Gavin Newsom wants to stop the bleeding by more than doubling the state's annual film and TV tax credits from $330 million to $750 million. "Film and film making, pre and post-production, it's on life support," Newsom told reporters earlier this month. "L.A. County and L.A. city are struggling." But is the proposal too little too late? "The sad reality is that California has sat on this issue for 30 years," Belloni said. Belloni is unsure if California can provide enough tax credits to offset the high cost of working in the state. "Other jurisdictions have done their own aggressive cuts to that bureaucracy," Belloni said. "Is California willing to do that? Don't know." In the meantime, Mangano and thousands of others in Hollywood are looking for whatever work they can find. "I applied for a job at Costco a couple months ago," said Mangano, who adds that he cannot hold out "much longer." "I have a little savings left," he adds. "We're hoping that'll float us for a few more months. And then we have to start making some hard decisions…Whether or not we can keep the house." Trump says Musk is "not really leaving" as DOGE savings lag behind projections How a toddler's brave walk into the darkness to get help inspired his family California track and field final begins with new rules for transgender athletes
Fashion Network
21-04-2025
- Business
- Fashion Network
Toni Belloni: "Bulgari is a shining example of LVMH's ongoing commitment to Italy"
Nothing seems to slow down French luxury giant LVMH. The world's leading luxury goods group closed the first quarter of 2025 with revenue reaching €20.3 billion despite the challenging market environment. Under its umbrella, historic Roman jeweler Bulgari inaugurated the expansion of its gold and jewelry manufacturing site in Valenza, a town in Italy's Piedmont region. The site is now the largest jewelry factory in the world. On this occasion, also sat down with Toni Belloni, chairman of LVMH Italy and a senior executive with the group since 2001. "It's an emotional moment for me to be here today because I've followed the Bulgari Maison even before it joined LVMH. I worked closely with the family and Francesco Trapani for many years, and in 2011, I personally led the acquisition project. That was 14 years ago, and since then, the entire team—under the leadership of Jean-Christophe Babin—has accomplished incredible things," Belloni told us. "Perhaps the greatest satisfaction has been building on the legacy created over the last century by so many remarkable individuals while preserving and enhancing the brand's distinct Italian identity. We've supported both the personal and professional growth of many long-time Bulgari employees and kept many of them with us. We're also proud to have created more than 2,000 new jobs. Bulgari is a true testament to LVMH's dedication to Italy." Belloni highlighted that of LVMH's six Italian Maisons, two—Loro Piana and Fendi —are celebrating their 100th anniversaries this year. LVMH currently operates 279 stores in Italy's major cities and 66 production sites across various industrial districts, all known for their excellence. "Our investments continue to grow year after year. Last year, thanks to several favorable factors, we invested €500 million. But the figure that matters most to us is that we have 18,000 people working directly for us. They are the true artisanal heart of our brands," said the Italian executive. "In turn, these brands collaborate with more than 4,000 companies, most of them small and medium-sized businesses with product expertise and know-how that are invaluable to our industry and to Italy. I would say this commitment is even more important now, at a time when the market is uncertain and increasingly competitive." Belloni expressed continued optimism, saying he remains "firmly confident" in Italy's national system's medium- and long-term prospects. "That's the horizon we work within—it guides our strategy, shapes our investment planning, and defines the value of what we do. The luxury market will grow again," he said confidently. "Our brands will continue to stand out with distinctive features, innovative products, and fresh ideas that excite customers worldwide. I have the same level of confidence in Italy. I truly believe it will remain an ideal environment for strengthening luxury businesses." Toni Belloni also pointed to Italy's deep-rooted artistic and cultural education and appreciation for craftsmanship. "It's a mindset that goes back centuries, born out of Renaissance guilds," he said. "Today, in Italy's industrial districts, we find a natural inclination for creativity, flexibility, and human connection—elements that make it a truly unmatched system of beauty." He added, "Together with institutions, schools, families, professional associations, and especially the younger generations, we must continue working to make this system more efficient, more flexible, and better equipped to stand against global competition." "We play a leadership role in this ecosystem," Belloni added. "The expansion of Valenza clearly demonstrates the strong commitment LVMH continues to make." He also highlighted the group's ongoing retail development projects in Italy. "Between last week and this one, we've opened three stores on Via Montenapoleone in Milan—one each for Bulgari, Louis Vuitton, and Tiffany. In the coming months, we'll open two more for Dior and Fendi, which are also on the same street. On top of that, we're investing in multi-year renovations of three iconic hotels: the Timeo in Taormina, the Splendido in Portofino, and the Cipriani in Venice—each a jewel of Italian lifestyle."
