The Galeries Lafayette group, which formerly held 51% of the e-tailer’s capital, will acquire the entire company. Nathalie Balla and Eric Courteille will leave the company. Philippe Berlan has been appointed as CEO.
The Spanish bridal wear label, which has a direct presence in Moscow, has stated it is suspending business operations in the country, while pledging it will fulfil all orders placed before the start of the conflict.
Sophie L’Hélias has stepped down from Kering's board of directors. Yseulys Costes is about to leave too, while Véronique Weill, Yonca Dervisoglu and Serge Weinberg are set to join the board as independent members.
The Italian designer has reportedly joined the luxury house as ready-to-wear design director. Ilaria has worked for the likes of Yves Saint Laurent, Celine, and Victoria Beckham and founded her own jewelry label in 2020.
Mango is following in the footsteps of Nike, H&M and others and halting its ops in Russian, where it has 120 stores (65 of them franchises). But Inditex and Tendam haven't yet announced a halt to their activity.
The luxury sector was in excellent health in 2021, and leading groups are keen to maintain their margins in 2022, despite rising costs and inflationary pressures, which are expected to lead to price increases.
As the world gears up for a cross-border shopping boom post-pandemic, key player ESW has announced 100% carbon-neutral international shipping, giving e-tail brands "sustainable deliveries from first to last mile”.