Kering Luxury Brand Bottega Veneta Leases Central Milan Palace

A model displays a creation from the Bottega Veneta Spring/Summer 2018 show at the Milan Fashion Week in Milan, Italy, September 23, 2017. (Reuters)

Asharq Al Awsat

19:02-27 April 2021 AD ـ 16 Ramadan 1442 AH

Asharq Al Awsat

19:02-27 April 2021 AD ـ 16 Ramadan 1442 AH

Kering Luxury Brand Bottega Veneta Leases Central Milan Palace

A model displays a creation from the Bottega Veneta Spring/Summer 2018 show at the Milan Fashion Week in Milan, Italy, September 23, 2017. (Reuters)

Bottega Veneta has rented a historic palace in the center of Milan that will house the new offices of the brand owned by luxury goods group Kering, real estate asset management company COIMA SGR said.

Milan attracts the bulk of office investments in Italy but prospects for the sector are uncertain as companies reassess working policies in the aftermath of the COVID-19 pandemic.

Bottega Veneta has signed a 12-year contract to lease 10,000 square meters in the 19th-century Palazzo San Fedele, located between the city’s Duomo cathedral and La Scala opera theater.

COIMA SGR purchased Palazzo San Fedele on behalf of the Qatar Investment Authority’s Italian Property Fund.

Renovation works will start at the end of April.

Sources: Shein Aims for London IPO by Mid-year

FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo

Asharq Al Awsat

11:42-9 January 2025 AD ـ 10 Rajab 1446 AH

Asharq Al Awsat

11:42-9 January 2025 AD ـ 10 Rajab 1446 AH

Sources: Shein Aims for London IPO by Mid-year

Online fast-fashion retailer Shein is aiming to list in London in the first half of the year, according to two sources with direct knowledge of the matter, assuming it gains regulatory approvals for the initial public offering.
The IPO could be completed as early as Easter, which is April 20, one of the people said.
A visit to China by Britain's finance minister Rachel Reeves starting on Saturday, during which she will meet with vice premier He Lifeng to discuss economic and financial cooperation, could help progress the regulatory approvals Shein needs, the source added.
A second person with knowledge of the matter said Shein, founded in China in 2012, is working towards listing in the first half of this year, but the definitive timeline is still in flux.
The London listing push comes after the company ended its attempt at a US IPO after pushback from lawmakers concerned about risks connected to China and alleged labor malpractices, Reuters reported.
The head of Britain's Financial Conduct Authority, which is in charge of assessing and approving flotations like Shein's IPO, is accompanying Reeves on the trip to Beijing and Shanghai and will meet with regulatory partners there.
Shein declined to comment, the FCA said it does not comment on potential listing applications, and Britain's finance ministry did not reply to Reuters' questions.
Even though it moved its headquarters from Nanjing to Singapore in 2022, Shein also requires permission from the China Securities Regulatory Commission, making it subject to offshore listing rules, as most of its 5,800 contract manufacturers are in China.
New rules passed by the CSRC in 2023 allow it to vet and potentially block offshore listings.
The CSRC did not immediately reply to questions about Britain's visit and Shein's IPO.
Shein is walking a political tightrope as it tries to show it has measures in place to limit the risk of human rights violations in its supply chain while avoiding any direct claims about China's Xinjiang province - a top cotton-producing region where the United States and NGOs have accused the government of forced labor and other abuses against Uyghur people.
Beijing denies any abuses, and Chinese authorities have hit back at clothing brands that say they don't use Xinjiang cotton.
Shein's general counsel for Europe, the Middle East and Africa, Yinan Zhu, on Tuesday declined to directly answer when asked by a British parliamentary committee whether the retailer's clothes contain cotton from China or Xinjiang, or whether it tells suppliers not to source from the province.
Zhu asked instead to provide the committee with written answers, and said Shein complies with relevant laws in all jurisdictions.

Kering Luxury Brand Bottega Veneta Leases Central Milan Palace

Kering Luxury Brand Bottega Veneta Leases Central Milan Palace

Most Viewed

Sources: Shein Aims for London IPO by Mid-year

Sources: Shein Aims for London IPO by Mid-year

لم تشترك بعد