Claire’s France, the French subsidiary of U.S. accessories retailer Claire’s, was placed in receivership by the Paris Commercial Court on July 24. At a time when its parent company is facing global financial pressure, it has announced its intent to withdraw from the French market. While a call for tenders was launched to seek potential buyers, the French staff’s social and economic committee (CSE), with support from the CFDT and CFE-CGC unions, filed a complaint with the French National Financial Prosecutor’s Office (PNF) on September 3. The complaint accuses the group of “serious irregularities in the management of the company”, citing what they describe as “artificial insolvency” and “opaque intra-group financial flows”.
Claire’s store in Nancy – DR
In a letter addressed to the PNF and the public prosecutor, reviewed by FashionNetwork.com, the staff representatives alert authorities to a situation they believe could “characterize several economic and financial offenses within the framework of the receivership procedure.” More than 1,000 employees across 250 stores are now facing redundancy, even though Claire’s France had posted a net profit of €1.3 million just a year prior. The complaint argues that “no exceptional event justifies the transition from profitability to a declaration of cessation of payments in less than six months.”
The CSE’s lawyers allege suspicious financial activity, pointing to intra-group cash transfers that “rapidly and inexplicably drained” the French subsidiary’s funds. These transactions, they state, were executed by Claire’s group—whose parent company is based in the United States—without transparency or proper documentation, and “to the detriment of the French subsidiary’s social and financial interests.”
According to the legal filing, the pace and opacity of the transfers raise concerns about whether written agreements between subsidiaries even exist. The document also questions the French entity’s compliance with tax reporting obligations, suggesting possible “tax evasion organized by the Claire’s group, which two American pension funds control.” The lawyers claim that the group “literally emptied the coffers” of the French unit, without presenting any evidence of transfer pricing agreements or intra-group support mechanisms.
French law requires companies undergoing receivership to provide employee representatives with documentation outlining the causes of financial distress. However, the CSE claims it has not received the file submitted to the commercial court, nor the full financial details necessary to verify the company’s insolvency claims.
The complaint also highlights Claire’s complex capital structure. Claire’s France is owned entirely by Claire’s UK, which is in turn owned by the Swiss subsidiary. The Swiss company is controlled by Claire’s Holding (Luxembourg), itself owned by a company based in Gibraltar. The lawyers argue that “this layered structure, combined with opaque intra-group financial flows, enables fund transfers out of France without contractual justification and creates the conditions for artificial insolvency.”
The National Financial Prosecutor’s Office has jurisdiction over complex financial crimes, including misappropriation of corporate assets, fraudulent bankruptcy, breach of trust, and aggravated tax fraud.
In the retail sector, a similar case surfaced in April 2023, when a judicial investigation was launched into Financière Immobilière Bordelaise and its owner, Michel Ohayon—the buyer of Camaïeu and Go Sport—for the misuse of corporate assets, bankruptcy, aggravated fraud, and organized money laundering.
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Long reserved for women or military dress, brooches adorned men’s chests during Milan Fashion Week, a throwback to a bygone era but with jewellery now signalling individuality, not just status.
A brooch by Dolce & Gabbana – Aleksej Shelikhov- Facebook
From huge flowers or watch brooches at Dolce & Gabbana to pins at Armani, the bling passed from hands to jackets during the fall/winter 2026/2027 shows in the Italian city.
“I like these small details, people have to pay attention to them,” said reggaeton star Rauw Alejandro, in the front row at Prada.
Chinese buyer John Chen, 45, sported a gold brooch in the shape of a triangle, the Milanese brand’s logo, on a green sweater just below his neck. “I started wearing brooches about five years ago. I like to play with them” to personalise outfits, he told AFP.
In Armani’s refined yet relaxed collection, some men sported a tie pin on their jacket lapel, while male and female models wore matching sparkling brooches. At designer Rowen Rose, a large orange stone was used to fasten a green or yellow scarf to a matching sweater.
“It gives an extra touch. It’s a good accessory- it’s become very masculine,” said Fabio Annese, a 26-year-old Milanese interior designer sporting a heart-shaped brooch at Dolce & Gabbana.
Known for its extravagant style, D&G has been selling brooches for men since entering the jewellery world in 2015, and they are “still important in more formal collections,” a spokesperson said. Among their offerings are crosses, crowns, scarabs, and flowers in gold and embellished with diamonds, the last costing a cool 7,500 euros (around $8,800).
The trend is in many ways a return to the past. In Europe, until the 18th century, the “most important” jewellery was worn by men, explained Emanuela Scarpellini, professor of contemporary history at the University of Milan.
Wealthy and powerful men used it as a sign of their status, the glittering accessories often signalling membership of a noble family or a religious order, or military rank. It was only with the rise of the middle-classes and businessmen in the 19th century that came “the idea that men should dedicate themselves to work, with a more sober attitude,” Scarpellini said at the launch of a new Milan exhibition.
“The Gentlemen,” on show at the Palazzo Morando until September, reveals how men’s jewellery since then usually served a purpose, such as watches, cufflinks and tie pins. Nowadays “there’s a new freedom,” as with clothing, said exhibition curator Mara Cappelletti, a professor of jewellery history.
“There are fewer jewellery pieces with a function, and more with a freer choice,” she told AFP. “Many of the objects men wear today were not designed for a male audience,” she said, adding that many were vintage. “The brooch has never been so popular.”
Cappelletti noted that the trend was boosted by singers and actors wearing a lot of jewellery, noting a photograph of Italian singer Achille Lauro sporting a huge white gold and diamond sculpted piece on his chest, with matching earrings. All provided by the jeweller Damiani, which sponsors the pop star.
Global beauty business Sephora has announced a strategic, omni-channel partnership with Korean beauty and health retailer CJ Olive Young to bring a wide range of K Beauty products to its global customers.
CJ Olive Young aims to bring K Beauty to global shoppers – Olive Young
The partnership will debut this autumn with omni-channel partnerships set for the US, Canada, Hong Kong SAR, and Southeast Asia (Singapore, Malaysia, Thailand), Sephora announced in a press release on Tuesday. In 2027, the business will bring the tie-up to the Middle East, the UK, and Australia.
“Korean beauty is one of the most innovative, fastest growing, and desirable categories in beauty right now,” said Sephora’s global chief merchandising officer Priya Venkatesh in a press release. “Sephora was the first major retailer to debut K Beauty brands to North American consumers in 2010, and our portfolio has grown into a global business. We are thrilled to partner with leading Korean beauty retailer Olive Young, bringing their expertly curated assortment of Korean beauty brands to our beauty fans globally. Their differentiated assortment, coupled with Sephora’s unique point of view on the beauty shopping experience, will bring an unrivalled and inspiring offer for all beauty lovers who are keen to explore the most sought-after Korean beauty products.”
Sephora shoppers will be able to browse a dedicated zone curated by CJ Olive Young comprising popular Korean health and beauty brands. The business’ beauty advisor will also offer guidance and assistance to customers to help them find their desired products.
“We are pleased to enter this partnership with Sephora as we continue to advance our global expansion strategy,” said CJ Olive Young’s chief strategy officer Youngah Lee. “As global interest in K-beauty continues to accelerate, we see this collaboration as a meaningful opportunity to work together in expanding the reach of Korean brands in key international markets.”
Big beauty firms continue to open statement stores at key UK destinations with Superdrug now choosing to “significantly upsize” at Merry Hill.
Merryhill
It’s set to double its footprint to 16,000 sq ft at the West Midlands mall creating the brand’s biggest UK store to date.
Planned to open in Q2, Superdrug’s recommitment to Merry Hill is the latest in a series of leading brands to “significantly invest” in the centre, with operator Sovereign Centros/CBRE noting a 3% year-on-year sales boost in the beauty category.
It follows M&S’s 100,000 sq ft flagship store opening in November, which also includes a strong beauty element, while Superdrug sister value beauty brand Savers opened a 5,000 sq ft unit last year, also its largest in the UK so far.
The upsized Superdrug store will feature a more extensive range of the latest beauty products, as well as access to treatments such as ear piercing, manicures, and eyebrow threading.
Clare Jennings, property director at Superdrug, said: “This year, we will continue our programme of refurbishing stores, acquiring new sites and expanding existing stores, with Merry Hill selected as the site for one of our largest Superdrug stores in the UK.
“Choosing Merry Hill for this expansion was ideal, given its strong mix of health and beauty retailers and its position as a super-regional hub in the West Midlands. It’s the perfect location to grow our store and continue serving our loyal Merry Hill customers.”
Politics8 years ago