Thanks for all the hits on the ‘in the know’ post last week.
While last week was all about new collaborations, this week’s global fashion scenario seems to be dominated with legal hassles. Some of the biggest names in the industry seem to be facing trouble. Read on to know more:
Hermès suits LVMH yet again
Hermès presented last July a criminal complaint against LVMH for insider trading and manipulation of its share price.
But now the Birkin bag creator has filed another lawsuit against the luxury conglomerate with the aim of annulling the equity swaps that enabled LVMH to attain its initial 17.1 per cent stake. The holding has since been upped to 22.3 per cent.
France’s stock market watchdog, the Autorité des Marchés Financiers (AMF), recommended that LVMH be fined €10 million (£8.5 million), accusing the group of hiding its gradual stake acquisitions. The verdict for this will be revealed by July 31.
LVMH is currently suing a civil manager at Hermès – believed to be Patrick Thomas, CEO of Hermès International – after he implied that Arnault’s firm had acted “fraudulently” in its pursuit of the gains state certain reports.
Balenciaga to sue Nicolas Ghesquière
Kering, formerly PPR, the luxury conglomerate which owns luxury label Balenciaga is reportedly suing its former creative director for ‘breach of confidentiality’ following a controversial interview that was published after his exit from the fashion house, in which he criticised the brand’s management.
Published in System Magazine, Ghesquière revealed that he decided to leave the fashion house because he “ended up feeling too alone”, and as though he was being “sucked dry”. He also accused the label of “lacking in direction” and claimed that he had a lack of support from the business side of the relationship.
Ghesquière and Balenciaga announced the end of their 15-year relationship in November last year, and the designer was eventually succeeded by Alexander Wang as creative director.
Dolce & Gabanna
This has been splashed all over making almost breaking news. But still in case you missed it, Italian fashion designers Domenico Dolce and Stefano Gabbana have both been found guilty of tax evasion by an Italian court and sentenced to jail. The duo were both sentenced to one year and eight months in prison, after being found guilty of failing to declare hundreds of millions of euros to the Italian tax authorities.
Play with Karl
Well, it’s not all grim in the fashion world.
In the Karl video game the Chanel creative director appears as an energetic Tokidoki cartoon. The objective is to try and remove his signature sunglasses – not an easy task thanks to the designer’s stealthy, ninja-like moves.
Cartoon Karl also offers disapproving remarks after unsuccessful attempts, like, “You really need glasses”, and “What a shame”. If you’re too slow, he taps his foot and takes pictures with his camera, but his most cutting comments are left for when you fail at the game completely – to which he says, “Karl has no more time for you.”
The online game is part of a month-long partnership with Lagerfeld’s French eyewear distributor Optic 2000. The lucky French residents are able to claim prizes if they manage to triumph over Lagerfeld, which I can tell you first hand is by no means is an easy task.
Play here: jeveuxleslunettesdekarl.com.