Fashion
Claire’s French unit faces legal action amid accusations of financial misconduct
Translated by
Nazia BIBI KEENOO
Published
September 3, 2025
Claire’s France, the French subsidiary of U.S. accessories retailer Claire’s, was placed in receivership by the Paris Commercial Court on July 24. At a time when its parent company is facing global financial pressure, it has announced its intent to withdraw from the French market. While a call for tenders was launched to seek potential buyers, the French staff’s social and economic committee (CSE), with support from the CFDT and CFE-CGC unions, filed a complaint with the French National Financial Prosecutor’s Office (PNF) on September 3. The complaint accuses the group of “serious irregularities in the management of the company”, citing what they describe as “artificial insolvency” and “opaque intra-group financial flows”.
In a letter addressed to the PNF and the public prosecutor, reviewed by FashionNetwork.com, the staff representatives alert authorities to a situation they believe could “characterize several economic and financial offenses within the framework of the receivership procedure.” More than 1,000 employees across 250 stores are now facing redundancy, even though Claire’s France had posted a net profit of €1.3 million just a year prior. The complaint argues that “no exceptional event justifies the transition from profitability to a declaration of cessation of payments in less than six months.”
The CSE’s lawyers allege suspicious financial activity, pointing to intra-group cash transfers that “rapidly and inexplicably drained” the French subsidiary’s funds. These transactions, they state, were executed by Claire’s group—whose parent company is based in the United States—without transparency or proper documentation, and “to the detriment of the French subsidiary’s social and financial interests.”
According to the legal filing, the pace and opacity of the transfers raise concerns about whether written agreements between subsidiaries even exist. The document also questions the French entity’s compliance with tax reporting obligations, suggesting possible “tax evasion organized by the Claire’s group, which two American pension funds control.” The lawyers claim that the group “literally emptied the coffers” of the French unit, without presenting any evidence of transfer pricing agreements or intra-group support mechanisms.
French law requires companies undergoing receivership to provide employee representatives with documentation outlining the causes of financial distress. However, the CSE claims it has not received the file submitted to the commercial court, nor the full financial details necessary to verify the company’s insolvency claims.
The complaint also highlights Claire’s complex capital structure. Claire’s France is owned entirely by Claire’s UK, which is in turn owned by the Swiss subsidiary. The Swiss company is controlled by Claire’s Holding (Luxembourg), itself owned by a company based in Gibraltar. The lawyers argue that “this layered structure, combined with opaque intra-group financial flows, enables fund transfers out of France without contractual justification and creates the conditions for artificial insolvency.”
The National Financial Prosecutor’s Office has jurisdiction over complex financial crimes, including misappropriation of corporate assets, fraudulent bankruptcy, breach of trust, and aggravated tax fraud.
In the retail sector, a similar case surfaced in April 2023, when a judicial investigation was launched into Financière Immobilière Bordelaise and its owner, Michel Ohayon—the buyer of Camaïeu and Go Sport—for the misuse of corporate assets, bankruptcy, aggravated fraud, and organized money laundering.
This article is an automatic translation.
Click here to read the original article.
Copyright © 2025 FashionNetwork.com All rights reserved.
Fashion demand in 2026 remains intact but more selective, with consumers spending cautiously and prioritising value, durability and versatility.
Intentional purchasing and promotion sensitivity are reshaping pricing dynamics and margin structures.
Polarised consumer behaviour is pushing brands to rebuild trust, justify full price and align sustainability with longevity.
Source link
Directed and shot by Mert Alas, the new chapter sharpens the focus on denim as the ultimate expression of personal style through icon Jung Kook’s distinctive and influential point of view as he lives in the moment.
Calvin Klein, owned by PVH Corp., has unveiled its Spring 2026 denim campaign fronted by BTS icon Jung Kook.
Directed and photographed by Mert Alas, the cinematic film fuses music, movement and city energy, highlighting 90s Straight, Baggy and reworked Trucker silhouettes.
A special appearance by Rosie Perez amplifies the brand’s signature visual storytelling.
The campaign unfolds across a series of immersive worlds, unified and guided by Jung Kook’s style, attitude and way of living. The high-impact film fuses fashion and entertainment, moving to an instantly recognizable soundtrack and brought to life through the artist’s signature choreography and commanding presence. The interplay of music and movement – complete with a cameo from New York City legend Rosie Perez – captures the impact synonymous with Calvin Klein’s iconic visual storytelling.
Calvin Klein jeans are at the center of the wardrobe with hero silhouettes leading the narrative: the effortless attitude of the 90s Straight; the relaxed and nostalgic proportions of the Baggy; and new interpretations of the iconic Trucker jacket — all reimagined with elevated washes and designed for versatility. Casual logo tees and oversized bombers complete the looks, reinforcing denim as both uniform and statement.
“I love Calvin Klein jeans because they’re designed to be lived in,” said Jung Kook. “The looks I wore for this campaign nod to ‘90s style while feeling completely modern. It was exciting to bring together my love of music, dance and fashion against the energy of the city.”
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
Premier Li Qiang, who delivered the report at the opening of the fourth session of the 14th National People’s Congress in Beijing, said the growth target is “well aligned with the country’s long-range objectives through the year 2035 and is broadly in line with the long-term growth potential of China’s economy, with favorable conditions in place for achieving this target.”
China has set a GDP growth target of 4.5–5 per cent for 2026, alongside goals to stabilise employment, manage inflation, maintain grain output and cut emissions.
The plan also preserves flexibility for structural reforms under the 15th Five-Year Plan, aiming to balance steady economic expansion with long-term, high-quality and sustainable development.
Main development targets for 2026 also include a surveyed urban unemployment rate of around 5.5 per cent, creation of over 12 million new urban jobs, a rise in the consumer price index of around 2 per cent, personal income growth in step with economic growth, a basic equilibrium in the balance of payments, grain output of around 700 million tonnes, and a drop of around 3.8 per cent in carbon dioxide emissions per unit of GDP.
Qiang said the targets took into account the need to leave room for structural adjustments, risk prevention and reform in the opening year of the 15th Five-Year Plan (2026–30) period, to lay a solid foundation for improved performance in the coming years. Government at local level should, taking into account their own conditions, make solid efforts to deliver positive outcomes, he added.
Analysts said the 2026 target reflects a pragmatic approach in recognising structural and cyclical challenges facing the world’s second-largest economy, while pursuing reasonable growth in line with high-quality development.
Fibre2Fashion News Desk (JP)
How Costly Is A $10 Oil Spike For India’s Economy?
Jayson Tatum, 10 months after Achilles injury, expected to return to Celtics Friday vs Mavericks: report
Maisie Peters surprises fans in Australia with Ed Sheeran
Policy easing drives Argentina’s garment import surge in 2025
What are Iran’s ballistic missile capabilities?
India Us Trade Deal: Fresh look at India-US trade deal? May be ‘rebalanced’ if circumstances change, says Piyush Goyal – The Times of India
-
Politics1 week agoWhat are Iran’s ballistic missile capabilities?
-
Business7 days ago
India Us Trade Deal: Fresh look at India-US trade deal? May be ‘rebalanced’ if circumstances change, says Piyush Goyal – The Times of India
-
Business1 week agoAttock Cement’s acquisition approved | The Express Tribune
-
Fashion1 week agoPolicy easing drives Argentina’s garment import surge in 2025
-
Politics1 week agoUS arrests ex-Air Force pilot for ‘training’ Chinese military
-
Business6 days agoGreggs to reveal trading amid pressure from cost of living and weight loss drugs
-
Fashion7 days agoTexwin Spinning showcasing premium cotton yarn range at VIATT 2026
-
Sports1 week agoSri Lanka’s Shanaka says constant criticism has affected players’ mental health