Connect with us

Fashion

Indian jeweller arrested in Belgium over $1.8 bn bank fraud case

Published

2 weeks ago

on


By

AFP

Published



April 14, 2025

Indian diamond merchant Mehul Choksi has been arrested in Belgium, his lawyer said Monday, in connection with a case of alleged bank fraud.

AFP

Choksi and his nephew Nirav Modi fled India in 2018 and are being accused of playing a central role in a $1.8-billion fraud involving Punjab National Bank (PNB), the country’s second-largest public lender.

The case is one of several bank scandals that sparked public outrage in the world’s fastest-growing major economy.

“My client was taken into custody on Saturday and at the moment he is in prison,” Vijay Aggarwal told reporters on Monday, adding that they would file an appeal for release on grounds that Choksi was not a flight risk and was in ill health.

The arrest was made following an extradition request by India based on two non-bailable warrants that were issued by a Mumbai court in 2018 and 2021, according to local media.

Aggarwal, when asked about the request, said they would argue that it was a “political” case and mount a defence on grounds that Indian prisons have inhumane conditions.

His nephew Modi was dubbed a jeweller to the stars thanks to celebrity customers in Hollywood and India’s Hindi-language movie industry Bollywood.

Indian authorities have seized assets of Modi worth around $90 million including his jewellery business, overseas bank accounts, a London property worth around $7.8 million and two others in New York valued at $29 million.

In 2022, Modi, who is currently in custody in the United Kingdom, lost an appeal against extradition to India.

Copyright © 2025 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.



Source link

Related Topics:
Continue Reading

Fashion

Kering deploys water strategy to achieve net positive impact by 2050

Published

6 minutes ago

on

April 28, 2025

By


Translated by

Nicola Mira

Published



April 28, 2025

Kering has unveiled its new Water-Positive Strategy, with a commitment to achieve a net water-positive impact by 2050, and to promote net water-positive impacts in its supply chain’s key regions by 2035.

Kering

The initiative, announced on Earth Day by the French luxury group, owner of Gucci and Balenciaga, aims to reduce water consumption, and to actively regenerate water and its related ecosystems in the areas where Kering operates.

The strategy reflects a new phase in Kering’s science-backed sustainability approach, recognising that the causes and consequences of climate change, biodiversity loss and water scarcity are inextricably linked.

Kering will focus on 10 priority water basins, and will work with local stakeholders to significantly improve water quality, quantity, and accessibility in the basins’ regions.

The strategy will introduce a change in Kering’s raw materials sourcing policy, with a focus on fabrics that can relieve pressure on nature and water, such as recycled textiles and innovative alternatives.

Kering is also aiming to strengthen sustainable water management in its own and its supply chain’s operations, by adopting best practices and innovative technologies, such as chromium-free, low-impact tanning agents.

To support the programme, Kering will set up a Water Resilience Lab in each of its 10 designated basins by 2035, working to regenerate freshwater ecosystems in water-stressed areas. The first Lab will be launched in autumn 2025 in the river Arno basin in Tuscany, home to many of the group’s tanneries and their suppliers.

“The need for responsible corporate water stewardship to stay within the planetary boundaries has never been more urgent. It is crucial that water commitments evolve from a reductions-only approach to become water-positive, regenerating and replenishing water and ecosystems associated with all business activities. Accordingly, Kering’s Water-Positive Strategy has been designed to be transformative, and we will collaborate with local stakeholders to deliver measurable water-positive outcomes to enhance social, environmental and economic resilience, and ultimately contribute to making clean water available to everyone,” said Marie-Claire Daveu, Kering’s chief sustainability and institutional affairs officer.

Copyright © 2025 FashionNetwork.com All rights reserved.



Source link

Continue Reading

Fashion

Puig outperforms forecasts with 8% sales growth in Q1

Published

37 minutes ago

on

April 28, 2025

By


By

Reuters

Published



April 28, 2025

Puig, the Barcelona-based company behind perfume brands Rabanne, Carolina Herrera, and Jean Paul Gaultier, posted an 8% rise in first-quarter sales on Monday, outperforming analysts’ expectations.

Puig reports 8% rise in first-quarter sales, beating expectations – Reuters

According to a recent note by Renta4 analyst Pablo Fernandez, the company reported €1.21 billion ($1.38 billion) in sales for the first three months of the year, exceeding a FactSet consensus estimate of €1.19 billion.

The results come at a time when analysts expect revenue growth across the global beauty sector to slow, compounded by the looming threat of U.S. tariffs, which Puig has factored into its annual revenue outlook.

Despite the strong quarter, Puig maintained its forecast for a slowdown in revenue growth to between 6% and 8% this year, following an 11% sales increase in 2024. The company noted that this forecast already accounts for the anticipated impact of tariffs in the United States, one of its largest markets. “These expectations include the impact of U.S. tariffs at currently anticipated levels,” Puig said in a presentation.

Puig may have benefited in the first quarter from stockpiling ahead of potential tariffs. However, Fernandez warned that over the medium term, the company could feel the effects of broader economic pressures linked to trade protectionism.

Sales in Puig’s core fragrance and fashion division rose by 10% during the quarter, while sales in its makeup division declined by 4.2%.

Rival beauty group L’Oréal also reported stronger-than-expected first-quarter sales, with high demand for its skincare and fragrance products in Europe helping to offset a more challenging U.S. market.

Regional performance remained a strong point for Puig. Half of its revenue came from Europe, the Middle East, and Africa, while a third was generated in the Americas, where Puig’s sales grew by 12% during the first quarter.

Reuters

© Thomson Reuters 2025 All rights reserved.



Source link

Continue Reading

Fashion

Harper’s Bazaar Italia puts design studio M/M Paris in charge of creativity

Published

1 hour ago

on

April 28, 2025

By


Translated by

Nicola Mira

Published



April 28, 2025

Harper’s Bazaar Italia has appointed French artists and graphic designers Michael Amzalag and Mathias Augustyniak as creative directors. Amzalag and Augustyniak founded the M/M Paris graphic design studio in 1992. They will begin in their new role with the magazine’s September 2025 issue, starting a new chapter for the Italian edition of the renowned international fashion magazine.

Michael Amzalag and Mathias Augustyniak – photographed by Anton Corbijn © 2025

Harper’s Bazaar, owned by US editorial group Hearst and one of the world’s oldest fashion magazine titles, launched its Italian edition as recently as 2022, with Massimo Russo as editor-in-chief, Stefano Tonchi as editorial director, and Sissy Vian as fashion director. Amzalag and Augustyniak will now be adding their expertise to the team.

“[Amzalag and Augustyniak’s] appointment marks the start of a new phase for the magazine,” Harper’s Bazaar said in a press release, indicating that they will oversee the magazine’s creative direction for print and digital media. “Their creative leadership will guide the magazine’s evolution toward a platform where the focus on fashion is expressed through a rich dialogue with art, design, photography and contemporary culture,” added Harper’s Bazaar.

“Michael and Mathias will contribute innovation, experimentation and a unique perspective, strengthening Harper’s Bazaar on the Italian and international scene,” said Russo. M/M’s two founders are known for their multidisciplinary approach, and have helped shape the identity of countless labels during the last 30 years.

They have notably collaborated with Balenciaga, Björk, Dior Men, the Prada Foundation, Gucci, Lanvin, Loewe, Louis Vuitton, Miu Miu, Moschino, the Louvre Museum, Galeries Lafayette, and Yohji Yamamoto. With the latter, M/M has recently collaborated to create an exclusive menswear capsule collection.

 

Copyright © 2025 FashionNetwork.com All rights reserved.



Source link

Continue Reading

Trending

Copyright © Miami Select.