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Swiss lawmakers seek probe into whether gifts to Trump, including a Rolex, may have breached law

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November 27, 2025

Two Swiss lawmakers have asked prosecutors to examine whether gifts reportedly given to US President Donald Trump– including a Rolex watch and a gold bar- by Swiss business leaders may have violated Switzerland’s anti-bribery laws.

US President Donald Trump looks on aboard Air Force One during travel to Palm Beach, Florida, from Joint Base Andrews, Maryland, US, November 25, 2025 – REUTERS/Anna Rose Layden

Switzerland this month struck a framework agreement with the US to cut a 39% tariff on Swiss goods to 15%. The deal came 10 days after a delegation of Swiss business leaders visited Trump in the Oval Office, bearing the gifts, according to Swiss newspaper Blick, US news site Axios and other media reports.

Raphael Mahaim and Greta Gysin, both Green Party members of parliament, said in a letter to the public prosecutor that the legality of the gifts should be assessed by the judicial system. “The end does not justify all means, especially when respect for important provisions of our legal order is at stake,” they wrote, asking the prosecutor to determine whether the gifts violated the Swiss Criminal Code. The public prosecutor did not immediately respond to a request for comment on Thursday.

Executives of MSC, Rolex, Partners Group, Mercuria, Richemont, and MKS took part in the meeting with Trump, according to a statement seen by Reuters. Rolex declined to comment. The White House did not immediately respond to a request for comment.

When asked for comment by Reuters, Alfred Gantner, a co-founder of Partners Group who attended the meeting, said public–private collaboration had delivered a much-needed resolution to the Swiss-US tariff dispute. The other companies did not immediately respond to requests for comment.

Under Swiss law, any person can report an offence to a criminal justice authority, which then decides whether criminal proceedings are initiated. Under Swiss law, offering a foreign public official an “undue advantage” to influence a decision can carry up to five years in prison or a fine. The lawmakers’ letter listed the gifts but did not name which companies or individuals presented them.

© Thomson Reuters 2025 All rights reserved.



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Bartolomeo Rongone to leave Bottega Veneta for Moncler

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January 20, 2026

In another change to Kering’s organisational structure: the group has announced that Bartolomeo Rongone, CEO of Bottega Veneta, will leave the group on March 31, 2026 to pursue new career opportunities.

Bartolomeo Rongone and Remo Ruffini – Moncler

The executive will step down from his role at Bottega Veneta on March 31, 2026, and will be appointed CEO of the Moncler Group with effect from April 1, 2026.

Under the Moncler Group’s new organisational set-up, Remo Ruffini will serve as executive chairman, retaining responsibility for creative direction and continuing to play a central role in governance and in shaping the group’s strategic direction.

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Puma to supply F1 champions McLaren with motor racing kit in global deal

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January 20, 2026

Puma will supply team kit to Formula One champions McLaren this season in a multi-year global deal that also covers activities in ⁠IndyCar, World Endurance from 2027, virtual racing, and the ⁠all-female F1 Academy series. No financial details were given.

Formula One F1 – Abu Dhabi Grand Prix – Yas Marina Circuit, Abu Dhabi, United Arab Emirates – December 7, 2025 McLaren’s Lando Norris celebrates after becoming the 2025 Formula One World Champion – REUTERS/Jakub Porzycki

“Our sport is in ‍incredible ‌shape, and it’s been fantastic to ⁠see an ‌influx of major fashion ‌and lifestyle brands who are looking for deep and meaningful ways to engage with our growing global ‍fanbase,” said McLaren Racing CEO Zak Brown.

McLaren previously had a ‌deal ⁠with ​Castore, with some media ⁠reports ​suggesting that was worth 30 million pounds ($40.41 million) a year.

Puma ​also equip Ferrari and Aston Martin. Williams have meanwhile ⁠switched to ⁠US lifestyle brand New Era.

© Thomson Reuters 2026 All rights reserved.



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Estee Lauder sued by beauty tech startup for alleged theft

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January 20, 2026

Estee Lauder was sued by a self-described “disruptive” startup that accused the cosmetics giant of effectively putting it out of business by stealing technology to boost sales from jet-setting travellers in hotels.

Nomi has accused Estee Lauder of stealing its technology – Bloomberg

In a complaint filed on Friday night in Manhattan ⁠federal court, Nomi Beauty said Estee Lauder has been “driving literally billions in new revenue” to itself after abandoning contracts ⁠in 2018 and 2020, including means to determine consumers’ actual preferences for cosmetics instead of their stated preferences.

Nomi- the name is a homophone for “know me,” as in the customer- ‍said its “secret ‌sauce” was intended to help the parent of Clinique and MAC lipstick ⁠generate more revenue from luxury ‌hotel duty-free shops and in-room purchases, and become less dependent ‌on traditional retail stores. Rather than honour its contracts or follow through on discussions to purchase Nomi outright, Estee Lauder allegedly starved Nomi’s hotel partners of products, while rolling out competing programs in China, Costa Rica, ‍Malaysia, the UK and the US.

These programs “rely on the very same trade secrets Nomi had been educating Lauder about for years,” the ‌complaint said. Nomi ⁠is ​seeking unspecified compensatory, punitive, and triple damages. Estee Lauder did ⁠not immediately ​respond to requests for comment.

“Nomi’s stolen innovations brought Estee Lauder into the information age, and Estee Lauder continues to profit from them wildly,” Nomi’s ​lawyer Matthew Schwartz said in an email. Both companies are based in New York.

Since last February, Estee Lauder has ⁠pursued a “Beauty Reimagined” strategy, including prestige ⁠launches and a streamlining of its supply chain, to revive sliding sales. The strategy also called for up to 7,000 job cuts.

© Thomson Reuters 2026 All rights reserved.



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