Latest news with #FGSGlobal
Fashion United
02-05-2025
- Business
- Fashion United
Shein pauses London IPO as US tariffs and customs clamp down
Fast fashion giant Shein is believed to have halted plans for its London IPO as uncertainty around tariffs continues to heighten. The company is said to have not renewed contracts with two corporate communications firms that had been brought in to advise on the potential listing, according to The Times. FGS Global and Brunswick had reportedly been appointed last year to oversee the process, but it is now understood that both firms have stepped down in the wake of US President Donald Trump tightening tariffs on Chinese imports. Tensions have only escalated upon the Administration's decision to dismantle the de minimis tax exemption, which has been halted as of today, May 2. The trade loophole had previously allowed small packages worth under 800 dollars to be shipped to the US from China and other regions without having to pay duties. Trump had dubbed the exemption as a threat to US businesses, and further claimed it was often used as a means to smuggle in illicit goods. Shein's IPO had initially been scheduled to launch in the first half of 2025 after already facing a number of obstacles in the form of legal challenges and investor uncertainty. By April, the company had obtained preliminary approval for the listing from the UK's Financial Conduct Authority (FCA) and was thus waiting on backing from Chinese regulators. This week, however, details began emerging of Shein's hesitancy to move forward with the IPO. According to the Financial Times, the company was said to be mulling moving its production to countries outside of China to avoid higher tariffs. In a statement to the media outlet, an unnamed executive said that 'no one can even start to think about the IPO' as the team first figures 'out how to deal with the tariff situation'. FashionUnited has contacted Shein and Brunswick with requests to comment. FGS Global has issued no comment on the matter.
Times
01-05-2025
- Business
- Times
Shein's London IPO ‘on hold' after Trump's crackdown on China
Shein has cut ties with two UK corporate communications companies brought in to support its London stock market flotation as the fast-fashion giant quietly puts its preparations on hold amid pressure from President Trump's tariff war. The Chinese-founded retailer has not renewed contracts with Brunswick and FGS Global which ended this month, The Times understands. Both companies were understood to have been brought in last year to advise on the Chinese-founded company's proposed blockbuster London float but both have now stood down. The move reflects a wider reassessment of Shein's initial public offering strategy amid mounting pressure from Trump's proposed tariff crackdown on Chinese goods. • Can Shein save its flotation from tax and ethical worries? Shein, valued at £50 billion, had initially targeted the
Daily Mail
25-04-2025
- Business
- Daily Mail
WPP boss says US tariffs have not yet massively hit client spending
WPP's chief executive has said recent US tariff measures had not led to a 'significant change' in client spending. Mark Read said the FTSE 100 group, one of the world's largest advertising agencies, was upholding its annual guidance amidst the 'challenging economic environment.' He acknowledged the tariffs would 'impact a number of our clients' even if WPP is not 'directly affected' by them. 'At this point, we have not seen any significant change in client spending,' observed Read, who succeeded Sir Martin Sorrell as WPP's boss seven years ago. His remarks came as WPP declared its revenue declined by 5 per cent to £3.2billion during the first quarter, and 0.7 per cent on a like-for-like basis. Reported turnover in its public relations arm plunged by 39.5 per cent to £167million following the $1.7 billion sale of its majority stake in communications consultancy FGS Global to private equity giant KKR. Reassurance: WPP's chief executive, Mark Read (pictured) has said recent US tariff measures had not led to a 'significant change' in client spending At the same time, like-for-like sales minus pass-through costs shrank by 2.7 per cent to £2.5billion, partly due to customer assignment losses in the UK, Europe and China. Trading in Britain was also affected by pressure on project-based spending in the healthcare and automotive industries. Yet the company noted that its 25 biggest clients achieved growth of 2.5 per cent thanks to a 'robust performance' in the consumer packaged goods sector and a 'further improvement' in technology and digital services firms. Aarin Chiekrie, equity analyst at Hargreaves Lansdown, warned that if tariffs lead to an economic slowdown and WPP's clients have to cut costs, 'advertising budgets will likely be one of the first things on the chopping block. 'WPP hasn't seen client behaviours change yet in response to tariffs, but the picture can change quickly.' The business expects headline operating margins to flatline this year, alongside a possible fall in like-for-like revenue less pass-through costs of up to 2 per cent. By comparison, French rival Publicis Groupe, which owns Saatchi & Saatchi, forecasts annual organic sales growth of between 4 per cent and 5 per cent. Its net revenue rose by 9.4 per cent in the first quarter, boosted by gaining major new business from the likes of Subway, Santander, and Coca-Cola. Among WPP's recent client wins have been L'Oreal, Levi Strauss, Italian insurance giant Generali, and video games maker Electronic Arts. WPP shares were 0.6 per cent down at 563p on early Friday afternoon, meaning they have contracted by around a third since the year started.
Yahoo
03-03-2025
- Business
- Yahoo
FTI Consulting Strengthens Strategic Communications Segment in France with the Appointment of Géraldine Amiel as Senior Managing Director
PARIS, March 03, 2025 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of Géraldine Amiel as a Senior Managing Director in the firm's Strategic Communications segment. Ms. Amiel, who is based in Paris, is a strategic communications expert and a former journalist. She joins from FGS Global, where she founded and led the firm's Paris bureau. During her tenure, she advised clients on activism defense, litigation, and corporate and crisis communications. Prior to FGS Global, Ms. Amiel was the Paris bureau chief at Bloomberg, where she managed a newsroom of more than 25 journalists. She also held senior positions at Dow Jones and The Wall Street Journal and was the Paris correspondent for CNBC. At FTI Consulting, Ms. Amiel will work across multiple practice areas to provide strategic counsel to clients facing complex financial and reputational challenges. Her appointment underscores FTI Consulting's commitment to strengthening its leadership in high-stakes corporate, crisis and litigation communications across the French market and regionally in EMEA. 'Géraldine is an exceptional strategic communications advisor with a proven track record of building and leading high-performing teams,' said Mark McCall, Global Head of Strategic Communications at FTI Consulting. 'Her extensive experience advising on complex financial and corporate matters, combined with her deep understanding of the media landscape, will be invaluable as we continue to expand our capabilities and support clients navigating critical issues both across Europe and globally.' Guillaume Granier, Head of Strategic Communications in France at FTI Consulting, added, 'I am delighted that Géraldine has joined our team in France, where she will leverage her first-rate experience and dynamism to the benefit of our clients. Géraldine brings exceptional expertise in managing complex situations with high reputational stakes, which will complement our current capabilities. Géraldine's arrival is a further step in the ambitious development of FTI Consulting in France and throughout the EMEA region.' Commenting on her appointment, Ms. Amiel said, 'It is a privilege to join such a leading and respected advisory firm like FTI Consulting. I'm honoured by Mark and Guillaume's trust and look forward to working with FTI Consulting's teams to support clients in complex situations and help them achieve their ambitions. France's corporate environment has proven quite challenging over recent years, presenting both risks but also great opportunities.' About FTI ConsultingFTI Consulting, Inc. is a leading global expert firm for organisations facing crisis and transformation, with more than 8,300 employees in 34 countries and territories as of December 31, 2024. The Company generated $3.69 billion in revenues during fiscal year 2024. In certain jurisdictions, FTI Consulting's services are provided through distinct legal entities that are separately capitalised and independently managed. More information can be found at FTI Consulting, Inc. Paris Bassano 10 Rue de Bassano Paris 75116 France Investor Contact:Mollie Hawkes+ Media Contact:Manisha Chowdhury+44 790
