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Italy’s Prada to Invest 60 Mln Euros to Help Boost Production Capacity

A model presents a creation from the Prada Fall/Winter 2023/2024 collection during Fashion Week in Milan, Italy, February 23, 2023. REUTERS/Alessandro Garofalo
A model presents a creation from the Prada Fall/Winter 2023/2024 collection during Fashion Week in Milan, Italy, February 23, 2023. REUTERS/Alessandro Garofalo
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Italy’s Prada to Invest 60 Mln Euros to Help Boost Production Capacity

A model presents a creation from the Prada Fall/Winter 2023/2024 collection during Fashion Week in Milan, Italy, February 23, 2023. REUTERS/Alessandro Garofalo
A model presents a creation from the Prada Fall/Winter 2023/2024 collection during Fashion Week in Milan, Italy, February 23, 2023. REUTERS/Alessandro Garofalo

Italy's Prada (1913.F) is planning to spend 60 million euros ($66 million) on industrial capital investments this year, a large chunk of which will help double the size of its knitwear factory in Torgiano, in the central region of Umbria, the luxury group's industrial director said on Thursday.

Prada, in common with other luxury groups, is investing to enhance its production capacity and strengthen its grip on the supply chain.

In order to do so, Prada is also looking at possible small acquisitions of manufacturers, according to Reuters.

"We have our targets," Industrial Director Massimo Vian said, adding that an acquisition is less likely in the leather sector, where the group is already well placed.

However most of investments will be absorbed by the expansion and improvement of the plants they already have and the acquisition of new technologies.

Prada said last month it aimed to hire more than 400 people in Italy by the end of the year to strengthen its production capacity and maintain growth.

Around 10% of Prada clothing is produced in-house, a percentage that rises to around 30% in the case of leather goods and to around 50% in the case of footwear, Vian told journalists on Thursday.

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Fashion

Paris Store to Part Ways with Shein After Ownership Change

This photograph shows a view of the Asian e-commerce giant Shein store at the Bazar de l'Hotel de Ville (BHV) department store in Paris on March 19, 2026. (AFP)
This photograph shows a view of the Asian e-commerce giant Shein store at the Bazar de l'Hotel de Ville (BHV) department store in Paris on March 19, 2026. (AFP)
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Paris Store to Part Ways with Shein After Ownership Change

This photograph shows a view of the Asian e-commerce giant Shein store at the Bazar de l'Hotel de Ville (BHV) department store in Paris on March 19, 2026. (AFP)
This photograph shows a view of the Asian e-commerce giant Shein store at the Bazar de l'Hotel de Ville (BHV) department store in Paris on March 19, 2026. (AFP)

French department store BHV Marais will end its partnership with Shein after its operating company said Tuesday it was selling the Paris outlet, following criticism of its deal with the Asian e-commerce giant.

The announcement comes after Shein in November opened its first permanent physical shop in BHV's flagship store, a move that sparked outcry over the brand's fast-fashion business model and environmental impact.

SGM, which has operated the landmark store opposite Paris City Hall since 2023, has sold it at a loss to a group of executives, including outgoing SGM CEO Karl-Stephane Cottendin, the two parties told reporters.

Cottendin, who will step down as SGM's chief executive following the deal, said Shein would "ideally" leave the store by Christmas, describing the decision to allow the retailer to open in BHV as a "strategic error".

A second BHV store west of Paris will also come under new management, while SGM will retain control of seven other locations, five of which have welcomed Shein this year.

Contractual commitments with Shein at the non-Paris stores will be "honored" pending a "long-term" review, SGM director Frederic Merlin said.

Merlin acknowledged having made "mistakes", adding that the sale of BHV was a "genuine plan for an effective takeover by serious people".

Founded in China in 2012 and now based in Singapore, Shein has faced criticism in several countries over working conditions at its suppliers and the environmental impact of its ultra-fast-fashion business model.

Around 100 brands left the BHV Marais following Shein's arrival, with management saying it was either over opposition to the Asian brand or over unpaid invoices linked to IT systems.

Earlier this month, France said it imposed two fines on Shein totaling more than 22 million euros ($26 million), citing problems with product traceability, environmental labelling and delivery times.

The penalties bring the total fines imposed by France against the Asian fashion giant to more than 210 million euros.

Fashion

Hugo Boss Shares Jump after Frasers' $2.3 Billion Takeover Bid

FILE PHOTO: Men's shoes are on display at the Boss store in London, Britain, May 30, 2024. REUTERS/Chris J. Ratcliffe/File Photo
FILE PHOTO: Men's shoes are on display at the Boss store in London, Britain, May 30, 2024. REUTERS/Chris J. Ratcliffe/File Photo
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Hugo Boss Shares Jump after Frasers' $2.3 Billion Takeover Bid

FILE PHOTO: Men's shoes are on display at the Boss store in London, Britain, May 30, 2024. REUTERS/Chris J. Ratcliffe/File Photo
FILE PHOTO: Men's shoes are on display at the Boss store in London, Britain, May 30, 2024. REUTERS/Chris J. Ratcliffe/File Photo

Shares in Hugo Boss rose about 7% on Thursday after Britain’s Frasers Group launched a $2.3 billion takeover offer for the German fashion brand.

Frasers, already the largest shareholder of Hugo Boss with a stake of just over 26%, is offering €38 per share in cash for the remaining shares, a 4.3% premium to Wednesday’s close, Reuters reported.

Hugo Boss said late on Wednesday the approach was not coordinated ⁠with the company ⁠and that its board would review the offer, which values the stake not yet owned by Frasers at about €1.98 billion ($2.3 billion).

The deal would bring Hugo Boss into the retail empire controlled ⁠by British billionaire Mike Ashley, whose Frasers Group owns Sports Direct and House of Fraser and holds stakes in Asos, Debenhams and Currys.

J.P. Morgan said the bid likely sets a near-term floor for the shares but flagged limited scope for further upside, adding it did not expect a rival bidder to emerge.

Hugo Boss, ⁠whose ⁠shares are about half their level of three years ago, has been struggling with weaker sales and is pursuing a turnaround strategy focused on store revamps, a streamlined product range and expanding women's wear.

By 0713 GMT, Hugo Boss shares were up 6.2% at €38.7, above Frasers' offer price, taking their year-to-date gains to 7.2%. Frasers shares fell 2.5%.

Fashion

Primark Names Lucy Slinger as Finance Chief Ahead of AB Foods Split

A Primark store is pictured in the Bullring shopping center in Birmingham, Britain, November 4, 2020. REUTERS/Andrew Boyers
A Primark store is pictured in the Bullring shopping center in Birmingham, Britain, November 4, 2020. REUTERS/Andrew Boyers
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Primark Names Lucy Slinger as Finance Chief Ahead of AB Foods Split

A Primark store is pictured in the Bullring shopping center in Birmingham, Britain, November 4, 2020. REUTERS/Andrew Boyers
A Primark store is pictured in the Bullring shopping center in Birmingham, Britain, November 4, 2020. REUTERS/Andrew Boyers

Fashion retailer Primark named Lucy Slinger as its chief financial officer on Thursday, strengthening its leadership team ahead of its split from Associated British Foods.

Slinger joins Primark from IKEA franchisee ⁠Ingka Group, where she ⁠has served as deputy CFO.

Prior to Ingka Group, she spent over two ⁠decades at Shell in a range of senior finance leadership roles.

Slinger's appointment follows that of Eoin Tonge as Primark chief executive and Filip Ekvall as chief commercial officer in March, Reuters reported.

⁠AB ⁠Foods said in April it would spin off Primark from its food businesses, telling investors that it will be better positioned to grow on its own.