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EU Hits Pierre Cardin and Licensee with $6 Mln Antitrust Fine

Flags of the European Union (EU) and Ukraine fly together with flags of EU member states outside the European Parliament in Strasbourg, France November 26, 2024. REUTERS/Yves Herman
Flags of the European Union (EU) and Ukraine fly together with flags of EU member states outside the European Parliament in Strasbourg, France November 26, 2024. REUTERS/Yves Herman
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EU Hits Pierre Cardin and Licensee with $6 Mln Antitrust Fine

Flags of the European Union (EU) and Ukraine fly together with flags of EU member states outside the European Parliament in Strasbourg, France November 26, 2024. REUTERS/Yves Herman
Flags of the European Union (EU) and Ukraine fly together with flags of EU member states outside the European Parliament in Strasbourg, France November 26, 2024. REUTERS/Yves Herman

The EU Commission on Thursday said it had handed a total fine of 5.7 million euros ($6 million) to French fashion house Pierre Cardin and German clothing maker Ahlers for breaching EU antitrust rules.
The commission said the companies between 2008 and 2011 had anticompetitive agreements to shield Ahlers from competition in European countries where it held a Pierre Cardin license.
The move by the European Commission, which acts as the EU competition enforcer, followed dawn raids on Pierre Cardin in 2021 and charges imposed against the company last year.
"These illegal practices prevent retailers from being able to freely source products in member states with lower prices and artificially partition the internal market," the commission said.
Pierre Cardin was fined for 2.2 million euros, while Ahlers has to pay 3.5 million euros.
The fine confirmed an earlier report by Reuters.

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Boohoo Pushes Ahead with Debenhams Rebrand despite Frasers’ Opposition

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
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Boohoo Pushes Ahead with Debenhams Rebrand despite Frasers’ Opposition

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)

British online fashion retailer Boohoo said on Friday it would rebrand as Debenhams Group even though opposition from top shareholder Frasers meant the name change for its holding company did not get shareholder approval.

At a general meeting, 62.04% of votes cast supported the official name change, falling short of the required 66% of votes, the company said.

"This general meeting was only related to the technical name change of the ultimate holding company," the company told Reuters in an email.

"While this will now remain the same, the company is absolutely moving forward as Debenhams Group."

Boohoo had announced its rebranding earlier this month.

Frasers, which owns just over 29% of Boohoo shares based on LSEG data, voted against the resolution.

Frasers, majority-owned by British retail tycoon Mike Ashley, in January unsuccessfully tried to oust Boohoo's co-founder from the board, and the companies have been involved in a long-running corporate tussle.

Boohoo, boosted by an online shopping surge during the coronavirus pandemic, has been facing supply chain issues, weak demand and stiff competition from e-commerce firms such as Shein and Temu.

The company has said it sees the Debenhams brand having the potential to achieve multi-billion pound gross merchandise value in the medium term.

In March, Boohoo appointed Phil Ellis, Debenhams' finance director, as its CFO, following the appointment of Dan Finley as the group's CEO late last year.