The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BRUSSELS, Belgium — Belgian prosecutors said on Thursday they have closed an investigation into a €2.9 billion ($3.24 billion) capital increase in a Belgian company owned by billionaire and chief executive of LVMH Bernard Arnault.
Arnault has accepted a deal to end the case opened in 2012 against Pilinvest, a holding company in Belgium, "without any prejudicial admission of guilt on his part", prosecutors said, without offering any further details.
One of France's richest men, the luxury goods tycoon caused controversy in 2012 by requesting Belgian nationality as France prepared to introduce a 75 percent supertax. It prompted prosecutors to look into his Belgian companies.
Arnault later withdrew the request and said his frustrated efforts to acquire Belgian nationality were motivated not by tax concerns but a desire to tie up legal ownership issues so that his children would not fight over the riches he would one day leave to them.
By Alissa de Carbonnel; editor: Philip Blenkinsop and Alison Williams.
The duo behind Skims are taking a minority stake in the luxury cashmere label, with an eye on scaling the cult brand.
After headline pieces — sometimes formerly owned by celebrities or featured on TV — sell for blockbuster prices, they can end up pretty much anywhere, from museums to collectors’ closets.
Serre, who grew sales by 20 percent in 2023, has been named Pitti Uomo’s next guest designer. She’s using the opportunity to show her men’s collection for the first time.
Hermès’ elusive sales strategy is at the centre of a new legal challenge for the French luxury giant. BoF breaks down the practices under scrutiny and what the suit could mean for the fashion industry at large.