Milan prosecutors on Wednesday sent Italian fashion influencer Chiara Ferragni for trial on fraud charges over allegedly misleading charity claims linked to sales of a Christmas cake and Easter eggs, her lawyers and judicial sources said.
The trial was scheduled to begin on September 23 at a court in Milan. For crimes such as fraud, prosecutors can under Italian law directly order a trial without asking a judge for a preliminary hearing.
In a statement, Ferragni, 37, called the accusations “deeply unfair”, adding that she believed “sincerely that it was not necessary to hold a trial to prove that I never cheated anyone”. A definitive conviction could result in a sentence of between one and five years.
Ferragni, who has nearly 29 million followers on Instagram, was fined almost €1.1 million ($1.14 million) in 2023 by Italy’s competition authority (AGCM) over sales of Ferragni-branded Pandoro Christmas cakes with packaging mentioning a children’s hospital.
She also agreed last year to pay at least €1.2 million to a children’s charity to settle the case concerning sales of Ferragni-branded Easter eggs.
“We remain firmly convinced that this matter has no criminal relevance and that every controversial element has already been addressed and resolved before the AGCM,” her lawyers Giuseppe Iannaccone and Marcello Bana said in the statement.
In the case of the Ferragni-branded Pandoro, the allegation was that consumers had been duped into thinking that by buying those cakes they were contributing to charity for a children’s hospital, the Turin-based Regina Margherita paediatric hospital.
Pandoro is an alternative to the more famous panettone.
In the Easter eggs case, the influencer is charged with misleading buyers into thinking they were supporting the “I Bambini delle Fate” children’s charity.
Ferragni, who was facing a slew of negative publicity and cancelled partnerships with other firms, admitted in December 2023 to “a communications error”, while Italy’s government, in direct response to the controversy, tightened rules on charity giving.
Deckers Outdoor on Thursday beat third-quarter sales estimates on robust holiday demand for its Hoka running shoes, but an in-line annual forecast caused the footwear maker’s shares to tumble 17% in extended trading.
Hoka shoes with their oversized soles have been gaining market share from brands such as Nike in the sportswear category. The brand, which retails for up to $300 in the United States, have also enjoyed full-price sales.
This drove up the company’s third-quarter revenue by 17% to $1.83 billion, beating analysts’ average estimate of $1.73 billion, according to data compiled by LSEG. Deckers also raised its annual net sales forecast for a second time this year.
“The guidance looks pretty conservative and considering the beat, it’s bit of a negative read into the out quarter,” said Drake MacFarlane, analyst at MScience.
The popularity of the Hoka shoes and the success of the company’s Ugg boots and sandals has helped it post double-digit revenue growth for nearly seven quarters.
The company now expects annual net sales to increase about 15% to $4.9 billion, compared with its prior expectation of about 12% growth to $4.8 billion. Analysts estimated an increase of 14.9% to $4.93 billion.
Deckers expects annual earnings per share of $5.75 to $5.80, compared with its prior forecast of $5.15 to $5.25.
Amazon.com is increasing its advertising on billionaire Elon Musk’s social media platform X, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
The major shift comes after the e-commerce giant withdrew much of its advertising from the platform more than a year ago due to concerns over hate speech.
In 2023, Apple also pulled all of its advertising from X and has recently been in discussions about testing ads on the platform, the report said.
Several ad agencies, tech and media companies had also suspended advertising on X following Musk’s endorsement of an antisemitic post that falsely accused members of the Jewish community of inciting hatred against white people.
Monthly U.S. ad revenue at social media platform X has declined by at least 55% year-over-year each month since Musk bought the company, formerly known as Twitter, in October 2022. He had acknowledged that an extended boycott by advertisers could bankrupt X.
Musk has become one of the most influential figures following President Donald Trump‘s re-election. He now leads the Department of Government Efficiency, which aims to cut $2 trillion in government spending.
Italian luxury goods group Salvatore Ferragamo said on Thursday its revenue dropped by 4% at constant currencies in the fourth quarter, flagging “encouraging results” from its direct-to-consumer sales which were overall flat in the last three months of the year.
Sales in the North American region, which accounted for 29% of total revenue, were up 6.3% in the quarter. However, the Asia Pacific area saw a 25% drop in revenue at constant exchange rates.
The slowdown in global demand for luxury goods, especially in China, has made the group’s turnaround harder. Overall preliminary revenues reached 1.03 billion euros in 2024, in line with analysts’ estimates, according to an LSEG consensus.
“January shows an acceleration in our DTC channel’s growth, albeit supported by the different timing of the Chinese New Year and a favourable comparison base versus last year”, Chief Executive Marco Gobbetti said in a statement.