With the business continuing to enjoy many positives, there’s little surprise M&S has agreed to extend Archie Norman’s tenure as chairman, “for the next phase of the ‘reshaping of M&S’ growth strategy”.
Reuters
Norman, who began as chairman in 2017, will reach the ‘comply or explain’ nine-year point in 11 months’ time. So the agreed extension comes after “extensive consultation with shareholders, executives, and advisers”.
It was rubber stamped by the board, which said it was “unanimous in its conviction that his continuation as chairman is in the best interests of the company and there is widespread support for this view across the shareholder base”.
His leadership as part of M&S’s rapidly changing business continues as the firm, with its recently strengthened executive team, noted “there is a long way to go in delivering the Reshaping for Growth strategy and the company will benefit from the continued strong leadership and stability Archie’s Chairmanship will bring”.
The extension of his term is expected to last for three years from next September. The appointment will be put to annual shareholder approval at the AGM.
Senior independent director Fiona Dawson said: “Archie has been an exceptional chair, steering an effective, engaged board and putting in place a highly capable leadership team under Stuart Machin, which is transforming M&S and building a stronger, better business.
“There remains much to do, and Archie’s deep knowledge of the business, drive and unique experience will be invaluable as we move to the next phase”.
India and France have struck a deal to revise their 1992 treaty which will halve the tax on dividends paid by Indian units to French parents, potentially saving millions for companies with major operations in the South Asian nation, documents show.
Bollywood celebrity Alia Bhatt for L’Oreal, a company which could be affected by the new treaty – L’Oréal Paris
In return, India will get to widen its powers to tax share sales by French investors, and revoke the “most favoured nation” status of France that gave it certain tax advantages, according to confidential Indian government documents reviewed by Reuters.
Bilateral trade between India and France stood at $15 billion last year, and Indian Prime Minister Narendra Modi and French President Emmanuel Macron have been forging warmer ties. The two sides have been working to recast their tax treaty since 2024 to modernise it by adapting global standards on tax transparency.
“The proposed amending protocol will boost flow of investment, technology and personnel between India and France, and will provide tax certainty,” said one of the Indian government documents from August. The new treaty could have implications for large French portfolio investors as well as companies like Capgemini , Accor, Sanofi, Pernod Ricard, Danone, and L’Oreal– all of which have expanded their presence in India in recent years.
A key change is that French companies which hold a stake of more than 10% in any Indian entity will have to pay a 5% tax on the dividends they receive, instead of 10% earlier. For minority French shareholdings of under 10% in Indian companies, however, dividend tax will rise from 10% to 15%.
Many French firms’ Indian units like Capgemini Technology Services India, BNP Paribas Securities India and TotalEnergies Marketing India have declared dividends in the past, their Indian regulatory disclosures show. The Capgemini unit’s dividend stood at $500 million in 2023-24.
France’s tax office said it could not comment for this story given the negotiations are ongoing, while the finance ministry did not respond to Reuters’ queries. India’s foreign and finance ministries also did not respond. Capgemini and Danone declined to comment while the other French companies did not respond to Reuters’ queries.
Currently, India can impose taxes on any French entity’s share sale, but only when it holds more than 10% of an Indian company. The new proposed treaty will remove that threshold.
The new treaty “will provide for full source-based taxation rights in respect of capital gains on equity shares (in India),” said the Indian documents.
France-based foreign portfolio investors (FPIs) own $21 billion worth of shares in Indian companies as of November 2025, a third higher than levels in 2024, Indian share depository data shows. And more than 40 French companies hold stakes of under 10% in Indian entities, according to an analysis by Indian market intelligence platform Tracxn.
“This will impact French FPIs in India and also French companies holding minority interest in Indian companies. These investments were not subject to tax under the current treaty,” said Riaz Thingna, a partner at Grant Thornton Bharat LLP.
One official familiar with the deliberations told Reuters on condition of anonymity that Indian and French officials have agreed the terms of the new treaty, which will likely be signed in the coming weeks. In New Delhi, the deal is subject to final approval by Prime Minister Narendra Modi’s cabinet, according to the documents. Reuters is the first to report the planned changes to India-France treaty.
India has also agreed to France’s demand to limit tax on fees for technical services to cases where a French provider transfers technical know-how, removing most routine consultancy and support services from the scope of India’s tax. “This can help French companies that render services like design consultancy, cybersecurity and market research,” Thingna said.
Differences over how to interpret the so-called most-favoured nation, or MFN, clause were among the main reasons for the renegotiation, the official said. If a country has an MFN clause with India under a signed treaty, it typically starts claiming lower tax rates if New Delhi strikes more favourable tax terms later with another OECD nation. But a landmark Indian Supreme Court decision in late 2023 said countries can’t automatically start doing so, triggering concerns in France.
“This decision led to a sharp deterioration in the legal and economic security of French companies in India. The potential additional tax cost was estimated at 10 billion euros for existing contracts alone,” said the official.
India and France have reached a decision to delete the MFN clause from their treaty which had historically benefitted only France, according to Indian government documents. That was to put an end to disagreements related to its interpretation that have led to “tax uncertainty and protracted litigation,” said one document. Switzerland in January also suspended its application of the MFN clause in its India treaty citing the Supreme Court ruling.
It’s a familiar David versus Goliath tale: the Nelly Group has filed a lawsuit against the Chinese giant Shein for copyright infringement. Earlier this month, the Swedish Patent and Market Court ruled that an Irish Shein subsidiary had used unauthorised copies of the Swedish online retailer’s images, but it acquitted two other subsidiaries of similar allegations. With the appeal, Nelly now wants to clarify how responsibility is apportioned within the Shein Group and examine the proportionality of the judgment. In an interview with FashionNetwork.com, CEO Helena Karlinder-Östlundh discusses her legal rationale and the boundaries of fair competition in e-commerce.
Continuing to take on Shein as CEO of the Nelly Group: Helena Karlinder-Östlundh. – Maverick Gutarra
FashionNetwork.com: Ms Karlinder-Östlundh, you’re the talk of the fashion industry because of Nelly Group’s copyright lawsuits against Shein. Have you ever regretted taking legal action?
Helena Karlinder-Östlundh: Not at all. Shein illegally used our copyrighted images and published them on its website as though they were its own. When we brought this to its attention, it disputed our ownership of the images and refused to give assurances that it would not happen again. The litigation has been both costly and time-consuming for us, but we believe it is important to pursue it. Holding Shein to account has proved difficult, and if non-European e-commerce providers can simply flout our laws like this, it undermines any sense of a level playing field in our market.
FNW: What has been your most important insight as CEO in this case so far?
HKÖ: Based on our experience to date, Shein appears to be doing everything it can to make accountability for its actions as difficult as possible. For instance, it has established a corporate structure with several companies responsible for different aspects of its operations in Sweden. As a result, we first had to invest significant time and resources to understand which company was responsible for which element, and therefore which aspects of the infringement each could be held liable for.
FNW: The other side showed little willingness to acknowledge wrongdoing, right?
HKÖ: Throughout the proceedings, Shein denied any wrongdoing- until shortly before the main hearing, when it changed its position and admitted the infringement, but claimed that only one of its companies was responsible. That gives me the impression that its multi-entity structure is a deliberate strategy to deter others from pursuing action over similar infringements.
FNW: How upset were you that the Swedish Patent and Market Court ordered you to pay Shein’s legal fees?
HKÖ: Owing to the way the judgment was worded, we were ordered to pay part of Shein’s legal fees- an amount that ultimately exceeded our own legal costs. To be honest, I was very surprised by this outcome. I had expected a clear verdict: either Shein violated our rights or not. The judgment explicitly states that all three of Shein’s legal entities contributed to the infringement and that it would not have been possible without the involvement of all three. Nevertheless, only one of these legal entities was held fully accountable and faced consequences. That did not- and still does not- make sense to me.
FNW: That does indeed sound like a contradiction in terms.
HKÖ: If such a judgment is possible at all, there is a structural flaw in the legal framework. This weakness must be remedied so that European retailers can be confident that non-European companies will also follow the same laws and face the same consequences in the event of infringements.
FNW: What is the next step in the case? What would you like to achieve by 2026? How do you think the whole thing should end?
HKÖ: We have filed an application for leave to appeal and are currently waiting for a decision before the appeal process can begin. We carefully weighed our options before deciding to appeal, fully aware that this could ultimately lead to additional costs for us. However, we firmly believe that this is an issue that European politicians and legislators need to take seriously. Current EU regulations, such as the Digital Services Act, focus primarily on consumer protection- which is important and should definitely be a top priority.
FNW: What do you think should be the next step?
HKÖ: To strengthen competition safeguards and ensure that all retailers operating in the European market follow the same rules, with a clear and effective procedure to restrict market access when those rules are not observed.
This article is an automatic translation. Click here to read the original article.
If you’ve been scrolling through social media lately, you won’t have escaped the plaid trimmings, pine garlands, and rich red ribbons, all warmed by the glow of a roaring fire.
A Ralph Lauren festive store display – Ralph Lauren- Facebook
Welcome to “Ralph Lauren Christmas.” The aesthetic, which demonstrates how to create Ralph Lauren Corp.’s signature style for the holidays, has been trending recently, sending the brand’s visibility soaring.
This viral moment has been years in the making. Ralph Lauren has been polishing its image and honing its product range for the best part of a decade. And luck has been on its side, with the company squarely in the intersection of several fortunate trends.
Preppy style is having a major fashion moment and Ralph Lauren is the look, thanks to its traditional staples such as cable-knit sweaters, blazers, and rugby shirts. Even the quarter zip craze, which heralds a return to more sophisticated casual dressing, is contributing to the brand’s popularity, Laurent Vasilescu, analyst at BNP Paribas SA, wrote in a recent note.
Social media narratives take inspiration not just from how we dress but also how we feel. In uncertain times- particularly over the holidays- we often take comfort from the traditions of the past. Add in the old money vibe of quiet luxury, which might be in its final throes of popularity but refuses to disappear, and searches for “Ralph Lauren inspired Christmas” on Pinterest are up 3,000% in the four weeks to November 15 compared with the year earlier.
So, how did the company position itself for this moment in the viral sun? Under chief executive officer Patrice Louvet, who took the reins in 2017- and of course its eponymous founder, who remains actively involved- Ralph Lauren has moved closer to the European luxury houses such as LVMHMoet HennessyLouis Vuitton SE. It’s done so by taking its image upmarket and cutting back on selling through less chichi retailers. Even its outlet stores, which play an important but undisclosed role in the business, have undergone a glow up.
As part of this strategy, Ralph Lauren has invested in its core stores- where its particular holiday look is very much in evidence- and concentrated on the products it is best known for. The timing has been fortuitous: the brand is looking both luxe and accessible even as European rivals have aggressively increased prices.
The turnaround has been augmented by effective marketing, such as taking its Polo Bear from merchandise to the big screen, with the mascot’s first animated film. And through its cafes and restaurants, the brand has been at the forefront of luxury’s push into hospitality.
While Ralph Lauren Christmas grew organically, the company has encouraged an association with the season. This includes holiday pop-ups in Seoul, Tokyo, Los Angeles, and London, where in Sloane Square visitors can sip hot chocolate, buy a holiday gift, make a seasonal floral display, or visit Santa’s grotto.
The queues for selfies by the vintage red pick-up truck- with some sporting the signature Polo Bear sweater- underline Ralph Lauren’s marketing genius. The founder himself is Jewish, born Ralph Lifshitz in the Bronx. Yet his ability to draw people from all walks of life into his particular vision of the American dream has made his company as much a Christmas staple as eggnog and It’s a Wonderful Life. And it’s worth noting that he’s done so by embracing rather than ignoring the country’s diversity. For an example, look to the retailer’s 2022 collaboration with two historically Black colleges, which continued this year with a collection celebrating Oak Bluffs, a town on Martha’s Vineyard that is a summer haven for Black Americans.
Ralph Lauren isn’t the only one to benefit from the Christmas trend, according to retail intelligence company Edited. Styles featuring a palette of red, burgundy, and green, punctuated by hints of gold, as well as tartans and teddy bear motifs are appearing in chains on both sides of the Atlantic. Vans, for example, has gone big on plaid. Some social media posts show how to get the look for less at the likes of Amazon.com Inc. At the other end of the price spectrum, Hugo Boss AG has collaborated with teddy bear maker Steiff, while Burberry Group Plc has created a Gund bear as part of its tie-up with Macy’s Inc.’s Bloomingdale’s.
But given that the style is so intrinsically linked with Ralph Lauren, the company is likely to be the biggest winner. The holiday pop ups have so far generated about $6 million in value from social media posts, engagement and articles, according to Launchmetrics.
Revenue in the all important golden quarter looks to be benefiting as well. Based on Bloomberg Second Measure data for the third quarter to date, Ralph Lauren’s sales through its own US stores and website are tracking well ahead of consensus expectations for North American sales growth, according to Mary Ross Gilbert, an analyst at Bloomberg Intelligence.
The shares, which slipped after some investors were underwhelmed by the next stage of the turnaround outlined in September, hit a fresh high in late November.
Social media fads can quickly fade: Google and Pinterest data indicate that the Ralph Lauren holiday aesthetic may have already peaked. But the halo around the brand over the past couple of months should have helped it deepen its connection with shoppers.
The narrative has also highlighted Ralph Lauren’s home décor and hospitality offerings, reinforcing its broader lifestyle credentials, something the company is keen to develop.
And when the preppy look wanes, as it naturally will, Ralph Lauren should be able to adapt. It is one of the few luxury companies to retain distinct sub-brands, from its high-end Purple Label to the heritage workwear of Double RL, so it has a good chance of tapping into whatever fancy comes next. Its strategy of growing in womenswear, particularly handbags, is another way to make up any shortfall.
There is scope for Ralph Lauren to continue flexing its marketing muscles, too. It recently revealed the uniforms that the US Olympic and Paralympic teams will wear for the winter games opening and closing ceremonies in Milan in February, and will outfit athletes again for the Los Angeles summer games in 2028. Ralph Lauren should consider an LVMH-style takeover of the event on its home turf to keep its name at the forefront of consumers’ minds.
Ralph Lauren looks well positioned to adjust to changing seasons- and changing fashions. If so, the buzz around the brand should linger long after the pine needles have dropped and the tree trims have been packed away.
Politics8 years ago