Fashion industry figures across Europe have expressed their dismay at the U.K.’s decision to exit the European Union, as market losses widened and the pound fell to its lowest level against the euro in three decades. British designers, universities and related institutions were very much in favor of the country remaining in the EU, arguing the freedom of trade and flow of citizens was advantageous for business and creativity. Analysts have reiterated that the result could impact luxury goods and fashion firms that do business in Europe, given the drop in the value of the pound against the euro and dollar, and it will certainly impact EU-specific intellectual property rights, which will be subject to a not yet determined conversion.
Here are some other stories you may have missed this week …
1. Hedi Slimane is Suing YSL Over Non-Compete Agreement: Former YSL creative director Hedi Slimane has filed suit against his former employer's parent company, Kering. The Paris-based luxury conglomerate confirmed the lawsuit in a statement, saying the litigation centers upon Slimane’s desire to re-instate the non-compete provisions in his contract.
2. Aquazzura Files Trademark Suit Against Ivanka Trump Over "Exact Copy": One of the fashion industry's favorite footwear brands, Aquazzura, has filed a trade dress infringement suit against Ivanka Trump and her licensee, Marc Fisher, for allegedly copying one of its best-selling and most “distinctive” shoe designs.
3. And speaking of Aquazzura, the Florence-based footwear brand has since filed a trade dress suit against serial copycat Steve Madden.
4. An LVMH Moet Hennessy Louis Vuitton-based private equity unit is being sued by a former executive, who is claiming he was fired for revealing wrongdoing at the business, such as raising profit projections for an investment target to generate illegitimate gains in a separate fund.
5. After two years of speculation surrounding the resurrection of the house of the late couturier Charles James, a deal has been confirmed. James’ grown children have joined forces with Luvanis, a Luxembourg-based investment company, to combine their worldwide intellectual property rights and end a worldwide battle for the right to revamp the dormant house. Film exec. Harvey Weinstein has dropped out of the dealing, making this his second failed fashion revamp project in recent years.
6. Valentino Parent Company to Buy Balmain: Valentino's owner, the Qatari Mayhoola investment fund, has acquired Paris-based design house Balmain this week for more than 460 million euros ($522 million).
7. Dior to Appoint Valentino's Maria Chiuri as Creative Head: Christian Dior is set to announce that Maria Grazia Chiuri is joining the French fashion house from Italian design house Valentino after its couture show in early July, marking the end of a nearly 1-year search to replace Raf Simons.
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