French prosecutors have opened an investigation into possible fraud linked to the acquisition of the publisher of L’Officiel, a century-old institution in fashion and luxury, by a Chinese group, following a complaint from the magazine’s historic owners, AFP has learned from the Paris prosecutor’s office and sources close to the case.
The magazine is published in many countries, notably in Asia and the Middle East. – L’Officiel
When questioned, the Paris prosecutor’s office said it had assigned the investigation to the financial investigations unit of the Paris judicial police, after receiving a complaint on March 5, 2025.
The Jalou family, which founded the publishing house behind L’Officiel, accuses AMTD, the Chinese conglomerate that took over the publishing group in 2022, of “trademark infringement, tax fraud, and misuse of corporate assets,” the prosecutor’s office said.
In the complaint, which AFP has seen, the plaintiffs accuse the Chinese investors of misappropriations that allegedly caused losses of “at least €40 million” to Éditions Jalou’s creditors.
When it was sold to the Hong Kong-based giant AMTD, the company was subject to a court-supervised restructuring plan. The plan, which runs until 2028, is explicit: it prohibits the disposal or transfer of the business and the trademarks.
However, since the takeover, “the strategy of the new owners has been to squander the company’s assets,” the Jalou family asserts.
They cite, for example, the unlawful registration of the “L’Officiel” trademark in around 40 countries through a foreign subsidiary registered in the British Virgin Islands, as well as schemes involving licence agreements that were terminated and then transferred to companies abroad.
For the Jalou family, all this amounts to “serious and repeated violations of the recovery plan,” which is intended to safeguard the interests of employees, URSSAF, the tax authorities, and suppliers.
“L’Officiel is a century-old institution of French fashion and cannot be treated as a mere speculative asset,” the Jalou family’s lawyers, Céline Bekerman and Antoine Cadeo, told AFP.
“We have full confidence in our country’s justice system to uphold the law and protect all creditors, first and foremost the French state in respect of its tax claims,” they added.
When contacted, AMTD, a conglomerate diversified across digital solutions, media, entertainment, and hospitality, did not respond.
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