Spanish Police Keep Mango Founder Death Probe Open

(FILES) This handout image released by Mango on December 14, 2024 shows Mango fashion powerhouse non executive chairman and founder Isak Andic who died December 14, 2024. (Photo by HANDOUT / AFP)
(FILES) This handout image released by Mango on December 14, 2024 shows Mango fashion powerhouse non executive chairman and founder Isak Andic who died December 14, 2024. (Photo by HANDOUT / AFP)
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Spanish Police Keep Mango Founder Death Probe Open

(FILES) This handout image released by Mango on December 14, 2024 shows Mango fashion powerhouse non executive chairman and founder Isak Andic who died December 14, 2024. (Photo by HANDOUT / AFP)
(FILES) This handout image released by Mango on December 14, 2024 shows Mango fashion powerhouse non executive chairman and founder Isak Andic who died December 14, 2024. (Photo by HANDOUT / AFP)

Spanish police confirmed Friday that their probe into the sudden death last year of Mango clothing empire founder Isak Andic remains open following reports his son has become a suspect.

Andic, 71, died in December 2024 after plunging more than 100 meters (300 feet) while hiking with his eldest son Jonathan in the Montserrat mountains near Barcelona.

Police initially ruled the death accidental, but they are now investigating Jonathan for a possible homicide, El Pais daily reported late Thursday, citing "different sources with knowledge of the investigation.”

Jonathan, who was the only person with his father at the time of the incident, has provided "inconsistent" testimony in two declarations that has "fueled suspicion,” it said.

Contacted by AFP, Catalan regional police sources confirmed that an investigation is ongoing without giving further details because the case remains under judicial secrecy.

Barcelona-based daily La Vanguardia, also citing sources with knowledge of the investigation, said the investigating judge formally changed Jonathan's status from witness to suspect in late September and that police were combing through the contents of his mobile phone.

According to AFP, the newspapers said police also cited the testimony of Isak Andic's partner, professional golfer Estefania Knuth, who described strained relations between father and son.

The Andic family "is confident that this process will finish as soon as possible and that Jonathan Andic's innocence will be demonstrated", according to their spokespeople cited by El Pais.

Istanbul-born Isak Andic was one of Spain's richest people, with Forbes estimating his and his family's fortune at $4.5 billion.

Andic opened his first shop in Barcelona in 1984. His Mango brand quickly mushroomed across Spain and became one of the world's leading fashion groups.

The company offers both professional and casual styles and boasts a presence in more than 120 markets with more than 16,400 employees worldwide, according to its website.



H&M Reports Smaller-than-expected Q2 Operating Profit

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
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H&M Reports Smaller-than-expected Q2 Operating Profit

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko

Swedish fashion retailer H&M reported on Thursday a smaller-than-expected March-May profit as it was unable to fully meet demand after reducing the amount of clothing it keeps in stock, and predicted unchanged June sales.

Operating profit in H&M's fiscal second quarter was unchanged year-on-year at 5.91 billion crowns ($606.5 million), having risen three quarters in a row, against a mean forecast in an LSEG poll of analysts of 6.38 billion.

Sales measured in local currencies were roughly ⁠flat in the quarter, ⁠and H&M predicted flat local-currency sales also in June, year-on-year. Reuters quoted CEO Daniel Erver as saying in a statement that quarterly sales were somewhat lower than planned.

"The profitability improvement and increased inventory productivity are in line with our long-term work to lay the foundations for sustainable and ⁠profitable growth. The tighter inventory management has, however, in some cases affected our ability to fully meet demand," he said.

Excluding a one-off restructuring cost of 679 million crowns, related to organizational changes, operating profit rose 11%. The quarter was closely watched for how H&M weathered the Iran war's impact on consumer confidence and costs.

Profit margins held up, with the gross margin widening to 56.6% from 55.4% a year earlier against an expected ⁠56.5%.

H&M ⁠said it expected markdowns in the third quarter to be on a similar level to a year ago.
Erver is trying to attract more shoppers with trendier styles and overhauled marketing.

On May 7, H&M launched a collection in collaboration with designer Stella McCartney.

While H&M's profit margins have been improving, sales have been more sluggish as cut-price online retailers like Shein compete for price-sensitive customers while Inditex's Zara dominates the upmarket end of fast fashion.


Valentino 2025 Sales, Core Profit Slide as Debt Edges Higher

A model presents a creation by Italian fashion house Valentino during the show "Interferenze" Fall/Winter 2026-2027 collection at Palazzo Barberini in Rome on March 12, 2026. (Photo by Alberto PIZZOLI / AFP)
A model presents a creation by Italian fashion house Valentino during the show "Interferenze" Fall/Winter 2026-2027 collection at Palazzo Barberini in Rome on March 12, 2026. (Photo by Alberto PIZZOLI / AFP)
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Valentino 2025 Sales, Core Profit Slide as Debt Edges Higher

A model presents a creation by Italian fashion house Valentino during the show "Interferenze" Fall/Winter 2026-2027 collection at Palazzo Barberini in Rome on March 12, 2026. (Photo by Alberto PIZZOLI / AFP)
A model presents a creation by Italian fashion house Valentino during the show "Interferenze" Fall/Winter 2026-2027 collection at Palazzo Barberini in Rome on March 12, 2026. (Photo by Alberto PIZZOLI / AFP)

Italian luxury group Valentino reported lower sales and earnings in 2025 from the previous year, while its net debt increased, a company filing showed on Tuesday.

Revenue fell 15% to €1.12 billion, ‌while earnings ‌before interest, taxes, ‌depreciation ⁠and amortization (EBITDA) dropped 41% ⁠to €174 million, the filing said.

Net debt rose to €1.13 billion at the end of 2025 from €1.08 billion a ⁠year earlier, it ‌added.

Valentino ‌is controlled by Qatar-backed Mayhoola, ‌which owns 70% of ‌the company, while French luxury group Kering holds the remaining 30%.

The fashion house ‌has been facing a slowdown in luxury demand ⁠and ⁠in November received a €100 million capital injection from Kering and Mayhoola to shore up its finances after it breached loan covenants earlier in the year.


Giorgio Armani Closes Milan Menswear Week with Mediterranean-inspired Collection

A model presents a creation for Giorgio Armani's Spring/Summer 2027 men collection in Milan, Italy June 22, 2026. REUTERS/Alessandro Garofalo
A model presents a creation for Giorgio Armani's Spring/Summer 2027 men collection in Milan, Italy June 22, 2026. REUTERS/Alessandro Garofalo
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Giorgio Armani Closes Milan Menswear Week with Mediterranean-inspired Collection

A model presents a creation for Giorgio Armani's Spring/Summer 2027 men collection in Milan, Italy June 22, 2026. REUTERS/Alessandro Garofalo
A model presents a creation for Giorgio Armani's Spring/Summer 2027 men collection in Milan, Italy June 22, 2026. REUTERS/Alessandro Garofalo

Giorgio Armani closed the Milan Fashion Week on Monday with a summer menswear collection inspired by the Mediterranean, featuring earthy tones and lightweight natural fabrics.

Models sauntered through an arcaded courtyard in a historic downtown building wearing airy ⁠garments, including softly tailored trousers ⁠and safari jackets, often paired with large bags.

"There is enormous loyalty (to the late Giorgio Armani) but there is ⁠also a moving forward," Leo Dell'Orco, head of the men's style office and chairman of the group, told journalists on the sidelines of the event.

Reuters quoted Dell'Orco as saying that he had "lengthened and narrowed the silhouette" and used slightly ⁠longer ⁠jackets, with a cohesive color palette which spanned white, sand and shades of grey.

Alongside the menswear line-up, the show also unveiled the women's Cruise collection, the first designed by Silvana Armani, Giorgio's niece.