Latest news with #MoëtHennessyLouisVuitton
Wall Street Journal
25-07-2025
- Business
- Wall Street Journal
LVMH in Talks to Sell Marc Jacobs
LVMH MC 3.92%increase; green up pointing triangle Moët Hennessy Louis Vuitton is in discussions to sell fashion brand Marc Jacobs in a deal that could fetch around $1 billion, according to people familiar with the matter. The details
RNZ News
17-07-2025
- Business
- RNZ News
DFS confirms Auckland, Queenstown closures
DFS' Auckland store will continue operating until the end of September. Photo: Supplied Luxury travel retailer Duty Free Shoppers has confirmed it will close all stores in Australia and New Zealand by the end of September. Duty Free Shoppers (DFS) told RNZ its Sydney store would remain open through 10 September, while its Auckland and Queenstown outlets would continue operating until 30 September. The move was part of a broader effort to streamline global operations in response to what the company described as "challenging economic conditions". "This decision reflects challenging economic conditions and is aligned with DFS' broader strategy to optimize global operations," the company said in a statement. "We are immensely grateful to our employees for their hard work, passion and contributions, and to our partners and customers for their loyalty over the over the years." Founded in Hong Kong in 1960, DFS pioneered the concept of tax-free shopping. Now part of the French luxury conglomerate Moët Hennessy Louis Vuitton, the company operates in major airport terminals and city centers, offering high-end fashion, beauty products, accessories, jewelry and alcoholic beverages from more than 750 brands. DFS' Queenstown store will continue operating until the end of September. Photo: Supplied DFS first entered the Oceania market more than 30 years ago, becoming a fixture for international tourists seeking tax-free luxury goods. The Auckland store opened in the 1990s, operating out of the historic Custom House in the heart of the city's central business district. In late 2022, DFS expanded to Queenstown, one of New Zealand's premier tourism destinations. The closures reflect a broader shift in trading conditions across the Asia-Pacific region, as the travel retail sector continues to navigate post-pandemic recovery, changing consumer patterns and economic headwinds. DFS did not disclose how many employees would be impacted by the closures of its Australia and New Zealand stores but confirmed that support would be provided to staff. "We are unable to provide the number of employees affected, but we can confirm that transition support is in place for them." the company said in a statement.
Express Tribune
08-03-2025
- Business
- Express Tribune
Ex-French intelligence chief found guilty of illegal surveillance for LVMH
Listen to article Bernard Squarcini, the former head of France's domestic intelligence services, was convicted on March 7, 2025, for using public resources to assist LVMH (Moët Hennessy Louis Vuitton) in a series of illegal activities, including surveillance on a French journalist. Bernard Squarcini, who served as France's intelligence chief from 2008 to 2012, was hired by LVMH as a security consultant after leaving his government post. The court sentenced him to four years in prison—two years under house arrest with an electronic bracelet and two years suspended. He was also fined 200,000 euros ($217,300). His lawyer indicated that he plans to appeal the verdict. The case centered around a scandal in which Squarcini and other individuals helped LVMH, the world's largest luxury goods company, protect its reputation through illegal means. One of the most egregious acts involved a covert surveillance operation targeting French journalist François Ruffin and his left-wing publication Fakir. François Ruffin had been working on a documentary called Merci Patron (Thanks Boss), which criticised LVMH's Billionaire CEO, Bernard Arnault, and the company's business practices. In response, LVMH sought to monitor Ruffin and his team to prevent their planned disruptions at an LVMH shareholder meeting in 2013. In addition to Louis Vuitton and Moët Hennessy, LVMH's portfolio includes Christian Dior Couture, Givenchy, Fendi, Celine, Kenzo, Tiffany, Bulgari, Loewe, TAG Heuer, Marc Jacobs, Stella McCartney, Sephora and Loro Piana. Squarcini was found complicit in organising this surveillance, which included misappropriating state resources to track Ruffin and his colleagues. The court ruled that Squarcini had abused his position to provide illegal services to LVMH, aiming to shield the company from negative publicity. However, LVMH itself was not among the defendants in this trial, though it had previously settled with a French court in 2021 by paying a €10 million fine to avoid criminal prosecution in connection with the case. The trial drew attention to the actions of the luxury conglomerate and its efforts to quash criticism by targeting those seeking to expose its business practices. Notably, LVMH's CEO, Bernard Arnault, was called to testify in the trial, but he denied any knowledge of the illegal surveillance. Arnault defended his reputation as a business leader who had built LVMH into a global powerhouse. François Ruffin, who was one of the key figures in the case, welcomed the verdict, expressing satisfaction with the decision. He criticized the lack of accountability for LVMH itself, with his lawyer, Benjamin Sarfati, saying they regretted that Arnault was not a defendant. François Ruffin himself, in a post on social media, praised the conviction as a victory against corporate espionage and the abuse of power. LVMH declined to comment on the verdict, but its prior settlement in 2021 indicates a desire to close the case without admitting guilt. Meanwhile, Bernard Squarcini's legal team is preparing to appeal, and the public and media will likely continue to scrutinise the implications of the case for both corporate practices and the integrity of France's intelligence services.
