Latest news with #ElisaAnzolin
Yahoo
11-07-2025
- Business
- Yahoo
Prada looks at collaboration with Indian footwear artisans after sandal scandal
By Dhwani Pandya and Elisa Anzolin MUMBAI/MILAN (Reuters) -Prada is looking to collaborate with "artisanal footwear" makers in India in a partnership, it said on Friday, two weeks after the Italian luxury group triggered a controversyby debuting ethnic sandals resembling 12th-century Indian ones. After viral photos from a Milan fashion show drew criticism from Indian artisans who make the sandals - named after the historic city of Kolhapur in Maharashtra state - Prada was forced late last month to acknowledge that its new open-toe footwear was inspired by ancient Indian designs. The furore even saw sales of Indian sandals boom, with sellers and artisans seeing the controversy as a way to promote the heritage craft by tapping into nationalist pride. Prada said in a statement to Reuters that it held talks remotely on Friday with the Maharashtra Chamber of Commerce, which represents 3,000 Kolhapuri sandal artisans, and discussed potential opportunities for future collaboration. "The next step will be for Prada's supply chain team to meet a range of artisanal footwear manufacturers," the company said. The Maharashtra Chamber of Commerce said that Lorenzo Bertelli, son of Prada's owners and head of its corporate social responsibility, joined the talks on Friday. The chamber of commerce said that during the talks Prada said it aimed to launch a limited-edition "Made in India" Kolhapuri-inspired collection of sandals in partnership with Indian artisans. India's luxury market is small but growing, with the rich splurging on designer fashion, top end sports cars and pricey watches. Prada does not have any retail stores in India, and its products are usually reserved for the super rich who shop overseas. The sandal scandal left the social media abuzz for days with criticism and sarcastic memes, with Indian politicians, artisans and the Maharashtra Chamber of Commerce demanding due credit to Indian heritage.
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Business Standard
11-07-2025
- Business
- Business Standard
Prada explores collaboration with Indian footwear artisans after sandal row
The furore even saw sales of Indian sandals boom, with sellers and artisans seeing the controversy as a way to promote the heritage craft by tapping into nationalist pride Reuters MUMBAI/MILAN By Dhwani Pandya and Elisa Anzolin Prada is looking to collaborate with "artisanal footwear" makers in India in a partnership, it said on Friday, two weeks after the Italian luxury group triggered a controversyby debuting ethnic sandals resembling 12th-century Indian ones. After viral photos from a Milan fashion show drew criticism from Indian artisans who make the sandals named after the historic city of Kolhapur in Maharashtra state Prada was forced late last month to acknowledge that its new open-toe footwear was inspired by ancient Indian designs. The furore even saw sales of Indian sandals boom, with sellers and artisans seeing the controversy as a way to promote the heritage craft by tapping into nationalist pride. Prada said in a statement to Reuters that it held talks remotely on Friday with the Maharashtra Chamber of Commerce, which represents 3,000 Kolhapuri sandal artisans, and discussed potential opportunities for future collaboration. "The next step will be for Prada's supply chain team to meet a range of artisanal footwear manufacturers," the company said. The Maharashtra Chamber of Commerce said that Lorenzo Bertelli, son of Prada's owners and head of its corporate social responsibility, joined the talks on Friday. The chamber of commerce said that during the talks Prada said it aimed to launch a limited-edition "Made in India" Kolhapuri-inspired collection of sandals in partnership with Indian artisans. India's luxury market is small but growing, with the rich splurging on designer fashion, top end sports cars and pricey watches. Prada does not have any retail stores in India, and its products are usually reserved for the super rich who shop overseas. The sandal scandal left the social media abuzz for days with criticism and sarcastic memes, with Indian politicians, artisans and the Maharashtra Chamber of Commerce demanding due credit to Indian heritage. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
10-07-2025
- Business
- Time of India
Meta buys 3 per cent stake in Ray-Ban parent co; shares jump
By Elisa Anzolin and Juby Babu Shares in EssilorLuxottica , the maker of Ray-Ban glasses, jumped on Wednesday after reports that Meta Platforms had acquired a stake of nearly 3% in the Franco-Italian company. The shares, which are listed in Paris, rose 5.4% to 252 euros by 0925 GMT, the biggest gainer on the pan European STOXX 600 index. Facebook-parent Meta, which has a partnership with the company for the production of smartglasses, has acquired a nearly 3% stake in the eyewear maker, a source told Reuters on Tuesday. Bloomberg said that Meta had bought a stake worth around 3 billion euros ($3.5 billion) in EssilorLuxottica and is considering further investments that could build its holding to around 5% over time. EssilorLuxottica declined to comment, while Meta did not immediately respond when contacted by Reuters. "The investment should be read as a vote of confidence in EssilorLuxottica in the smart-glasses opportunity," said analysts at Bernstein. Last year both EssilorLuxottica and Meta confirmed they discussed a potential investment by Meta in the company, after the Wall Street Journal reported the U.S. group was in talks to buy a 5% stake. In September Meta CEO Mark Zuckerberg said it would have been a "symbolic" gesture to cement their long-term partnership. Sprucing up its wearable technology with artificial-intelligence capabilities could help Meta attract new users as it invests billions of dollars in bolstering its AI infrastructure. The social media giant announced earlier this year it teamed up with Oakley, another EssilorLuxottica brand, to release AI-powered smart glasses , expanding its push into wearable tech after the success of Ray-Ban Meta glasses, millions of which have been sold since their launch in 2023. The "Oakley Meta HSTN" will feature a hands-free high-resolution camera, open-ear speakers, water resistance and Meta AI capabilities. EssilorLuxottica planned to boost its production capacity for smart glasses and hopes to expand its collaboration with Meta to other brands, Chief Executive Francesco Milleri had said in February.
Yahoo
08-07-2025
- Business
- Yahoo
Meta takes around 3% stake in Ray-Ban-parent EssilorLuxottica, source says
By Elisa Anzolin and Juby Babu (Reuters) -Meta Platforms has acquired a nearly 3% stake in eyewear maker EssilorLuxottica, a source told Reuters on Tuesday, amid growing consumer interest in AI-powered wearable devices. Sprucing up its wearable technology with artificial-intelligence capabilities could help Meta attract new users as it invests billions of dollars in bolstering its AI infrastructure. EssilorLuxottica declined to comment, while Meta did not immediately respond when contacted by Reuters. Meta bought a stake worth around 3 billion euros ($3.52 billion) in EssilorLuxottica at the current market price and is considering further investments that could build its share to around 5% over time, according to Bloomberg News, which reported the development earlier in the day. The social media giant teamed up with Oakley to release AI-powered smart glasses last month, expanding its push into wearable tech after the success of Ray-Ban Meta glasses, millions of which have been sold since their launch in 2023. The "Oakley Meta HSTN" will feature a hands-free high-resolution camera, open-ear speakers, water resistance and Meta AI capabilities. EssilorLuxottica planned to boost its production capacity for smart glasses and hopes to expand its collaboration with Meta to other brands, Chief Executive Francesco Milleri had said in February. ($1 = 0.8527 euros) 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
Yahoo
30-06-2025
- Business
- Yahoo
Valentino faces uncertainty as CEO takes sick leave amid profit slowdown
By Elisa Anzolin MILAN (Reuters) -Italian luxury brand Valentino said on Monday its Chief Executive Jacopo Venturini was currently on sick leave, responding to media reports of his imminent departure. A possible change of CEO would, if confirmed, pile further pressure on the high-end business which reported a decline in revenues and profit last year. Italian fashion blog "The platform" reported on Sunday that the Italian manager, who took the role in 2020, was about to leave the group in order to have more time for himself. Contacted by Reuters, the Rome-based group, controlled by Qatari investment fund Mayhoola, sent a short statement saying the executive was on sick leave, without providing further details. Gucci-owner Kering bought a 30% stake in Valentino in 2023 for $1.7 billion with a commitment to buy the remaining 70% by 2028, hoping to create a second flagship label rooted in high couture. Valentino, which last year named star designer Alessandro Michele as creative director to replace long-serving Pierpaolo Piccioli, reported a 2% drop at constant exchange rates in revenues last year, to 1.31 billion euros ($1.54 billion). Its core profit declined 22% to 246 million euros, with the wider industry facing a demand slowdown and challenging economic backdrop. Michele's new collection, which arrived in stores only in the last quarter of 2024, according to documents registered at the local chamber of commerce, is yet to convince customers, three sources close to the matter said. Valentino's usual customers are not buying much of the collection and new converts have been slow to emerge, the sources said. Valentino wasn't immediately available for a comment about the new collection's performance. Kering's purchasing deal included cross put and call options for Kering, which is struggling to relaunch its main brand Gucci, to purchase the whole of Valentino's share capital from May 2026 through 2028. Analysts are wondering about the timing of the acquisition of the remaining stake, as it could weigh on the company, which is already struggling to cut debt. ($1 = 0.8497 euros)
