The investment firm announced the financing on Wednesday.

Under the proposal, all 27 EU members will be required to reduce packaging waste per capita by 5 percent by 2030 and 15 percent by 2040 compared with 2018 levels. Packaging now accounts for 36 percent of municipal solid waste.

The British fashion retailer said on Tuesday it planned to invest 100 million euros ($103.5 million) to open new stores and refurbish existing ones in Spain, its second largest market after Britain.

The Swedish fast fashion giant is the first big European retailer to start layoffs.

The high-end brand has drawn interest from private equity firm CVC Capital Partners and competitors such as L’Occitane International SA and Shiseido Co., according to people familiar to the matter.

Italian fashion group Prada is set to hire former Luxottica chief Andrea Guerra in a top management role to ease a transition at the helm to the next generation of the founding family, a source with knowledge of the matter said.

Kering SA’s Balenciaga is seeking at least $25 million in damages from the production company behind an ad campaign that has made the luxury fashion house the target of fierce criticism at the start of the holiday shopping season.

The CEO and chairman of LVMH Fashion Group was elected to lead the Fédération de la Haute Couture et de la Mode’s haute couture body for a two-year term.