Fashion Designer Paul Andrew Leaves Ferragamo

FILE - Creative director Paul Andrew, right, accept applause flanked by menswear designer Guillaume Meilland, at the conclusion of the the Salvatore Ferragamo men's Fall-Winter 2020/21 fashion show, that was presented during the fashion week, in Milan, Italy, Sunday, Jan. 12, 2020. (AP Photo/Luca Bruno, File)
FILE - Creative director Paul Andrew, right, accept applause flanked by menswear designer Guillaume Meilland, at the conclusion of the the Salvatore Ferragamo men's Fall-Winter 2020/21 fashion show, that was presented during the fashion week, in Milan, Italy, Sunday, Jan. 12, 2020. (AP Photo/Luca Bruno, File)
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Fashion Designer Paul Andrew Leaves Ferragamo

FILE - Creative director Paul Andrew, right, accept applause flanked by menswear designer Guillaume Meilland, at the conclusion of the the Salvatore Ferragamo men's Fall-Winter 2020/21 fashion show, that was presented during the fashion week, in Milan, Italy, Sunday, Jan. 12, 2020. (AP Photo/Luca Bruno, File)
FILE - Creative director Paul Andrew, right, accept applause flanked by menswear designer Guillaume Meilland, at the conclusion of the the Salvatore Ferragamo men's Fall-Winter 2020/21 fashion show, that was presented during the fashion week, in Milan, Italy, Sunday, Jan. 12, 2020. (AP Photo/Luca Bruno, File)

British designer Paul Andrew said on Thursday he would leave Italian luxury brand Salvatore Ferragamo in May, a high-profile departure that comes at a time when the group is seeking to recover from the fallout of the COVID-19 pandemic.

"After five years, with pride and a heavy heart, I have decided it's time for a new challenge," Andrew said in a post on Instagram, following months of speculation about his possible departure from the brand, famous for shoes worn by Hollywood stars such as Audrey Hepburn.

Shortly after the post was published, a statement from Ferragamo confirmed Andrew would step down, adding that from next month the 30-strong in-house design team would be in charge of creating the group's new collections, starting with September's fashion shows.

The brand plans to hire a new creative director, but does not want to rush a new appointment given the challenging market conditions, a source close to the company told Reuters.

Ferragamo's sales has been hit harder by the pandemic harder than many rivals, partly because of its heavy focus on airport spending.

Paul Andrew joined Ferragamo in 2016 to design shoes for its womenswear division, while he was living in New York and running his own shoe brand. He became creative director for the whole group in 2019.

Two sources familiar with the matter said that relations between Andrew and the Ferragamo family, which controls the group, became increasingly strained in recent months.

The group dampened speculation of an imminent management shake-up last month when it confirmed Chief Executive Micaela le Divelec in her role. However, sources have said that it was not clear whether she would stay on for the full three-year mandate of the new board, due to be appointed by shareholders on April 22.

"A new direction is a must, not a choice, for what remains one of the most famous luxury brands globally that has been plagued with significant underperformance in recent years," said Jefferies analyst Flavio Cereda.



France Fines Shein 40 Million Euros for Misleading Discounts

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
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France Fines Shein 40 Million Euros for Misleading Discounts

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo

France's antitrust agency said on Thursday it had fined China-founded fast-fashion retailer Shein 40 million euros ($47.17 million) for alleged deceptive business practices including misleading discounts, following a nearly year-long probe.

The agency, in charge of consumer protection as well as competition, said Infinite Style E-Commerce Co Ltd, which handles sales for the Shein brand, had misled customers about discounts, and that the company had accepted the fine, Reuters reported.

Under French regulations, the reference price for any discount is the lowest one given by a retailer during the 30 days preceding the offer. Shein infringed that rule by not taking into account previous offers, and sometimes increasing the price before applying a discount, the agency said.

It said its investigation showed the company "deceived consumers about the authenticity of discounts they could benefit from."

The probe, conducted across thousands of products on Shein's French site between October 1, 2022 and August 31, 2023, found 57% of advertised deals were not, in fact, offering a lower price; 19% had less of a discount than advertised; and 11% were in fact price increases.

In a statement, Shein said the antitrust agency had informed Infinite Style Ecommerce Co Ltd (ISEL) of breaches related to reference price and environmental regulations in March last year, and ISEL had taken corrective action within the following two months.

"This means that all identified issues were addressed more than a year ago," Shein said, adding that ISEL was committed to complying with French regulations.