Word: boussac
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...Khan's antagonist is Wayne Murty, 42, a leading U.S. horse trader and bloodstock agent from Lexington, Ky., and the clash concerns the racing stable of French Textile Tycoon Marcel Boussac, who went bankrupt a year ago. Among Boussac's 200 or so Thoroughbred horses are some of the most sought-after broodmares in the business...
Seven days before Boussac declared personal bankruptcy, Murty made a deal to buy 56 of his horses. The price: $840,000, a bargain-basement figure for Thoroughbreds whose breeding potential alone is worth millions of dollars. Two days after his purchase Murty was approached by a French bloodstock agent, Victor Thomas, who often acts for the Aga Khan. Perhaps hoping he could strike a deal with the prince, Thomas asked the American if he would resell the horses for a commission. Murty says that when he refused, Thomas threatened to have the sale killed, he pointed out that...
...strike against a government plan to rescue their industry from bankruptcy by, among other means, eliminating up to 30,000 jobs over the next five years. Textile workers in France's Vosges region earlier staged an angry march through factory towns to protest the downfall of the once mighty Boussac textile empire. In Toulon and Hamburg, shipyard workers held demonstrations for government action to prevent further closures...
Inevitably, the house of Dior will have to be sold to help Boussac pay off. That prospect pleases the Dior staff, which has seen the firm's profits sink year after year into the bottomless Boussac pit. Partly as a result, Dior has not had resources to invest in new products and outlets needed to keep from falling behind such dynamic competitors as Yves Saint Laurent and Pierre Cardin...
...Dior firm has plenty of suitors. Last week Robert Hocq, president of Jeweller Cartier, offered to pay $65 million for it. Among other potential buyers are French cosmetics manufacturer L'Oreal and champagne producer Moët-Hennessy, which bought Christian Dior Perfumes when Boussac needed cash in the early 1970s. The main concern of Dior's management and the French government is that the prestigious label remain in French hands. "You can't separate the Christian Dior image from France's," says Rouet. "When an American woman pays for the Dior label, she wants...