Word: pinault
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...covered creations, and included python sandals and zebra-striped dresses. But the loudest buzz of the week was in the foyer of the Hotel Diana, waiting for the Gucci show to get started. As waiters served martinis under a huge orchid-covered chandelier and the honchos from Gucci owner Pinault-Printemps-Redoute, including CEO Serge Weinberg and new Gucci Group CEO Robert Polet, mingled in the crowd, the chatter was all about how Tom Ford's replacement, onetime Gucci design director Alessandra Facchinetti, would fill her former boss's big shoes. As it happens, Facchinetti had also been bitten...
...seems likely to take the spoils. Luxury Goody Two-Shoes N o loafing here: Gucci has agreed to become the first luxury fashion house to abide by a stringent voluntary labor code, the company confirmed last week to TIME. The leather and apparel firm, a division of France 's Pinault-Printemps-Redoute, pledged earlier this month that Gucci headquarters outside Florence and a nearby production oversight facility will soon face regular audits to see that they meet international standards of proper hours, pay, union rights and worker safety as established by Social Accountability International (SAI), a New York City-based...
...where full-year profits fell 59% in 2003, and operating profits in major shareholder François Pinault's luxury-goods businesses dropped 19%. Meanwhile, PPR rival LVMH announced 2003 operating profit increases of 21% at Christian Dior Couture. Let the logo wars begin. Offshoring? Maybe Next Year The U.S. Senate overwhelmingly passed legislation last week barring American companies that win government contracts from moving the work offshore. While Democrats cheered the passage and accused George W. Bush of failing to stem the flow of jobs abroad, U.S. businesses protested. General Electric warned regulators that such protectionism could hinder...
...Account Closed France finally agreed on a $760 million settlement with U.S. prosecutors over the allegedly illegal purchase of failed insurer Executive Life by Crédit Lyonnais. Billionaire François Pinault - who made a big profit on the deal - will hand over $185 million but avoid prosecution...
...some of its players - will leap forward tremendously," says Rob Mason, managing director of SBI, the British sponsorship consultants. That grating sound you hear is the gnashing of Australian teeth. Banking On A Happy Ending This week, time may finally run out for French billionaire François Pinault, the French government and some other top executives in their decade-long legal fight with U.S. prosecutors over Crédit Lyonnais. In the early 1990s, when the then-state-owned French bank acquired California insurer Executive Life, it allegedly did so in breach of U.S. law forbidding foreign banks from...