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In Focus | Money laundering
Singapore sells off Hermès, Chanel and Rolex goods seized as part of $2.4bn bounty

Singapore is auctioning off the Birkin bags, Patek Philippe watches and gold bars seized from money launderers from Fujian.
Singapore is auctioning off the Birkin bags, Patek Philippe watches and gold bars seized from money launderers from Fujian.© Photomontage by Glitz – Sources: Hermès, Chanel, Rolex, Swapnil Bapat (Unsplash)

Hundreds of luxury bags and other items seized in the Asian city-state's largest-ever money laundering case are going up for sale in a series of auctions starting early November. The goods mainly served to hide cash gained through illegal gambling and fraud and to give perpetrators the appearance of wealthy expats.

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Families

Financière Pinault
Kering holding company flagged by its own auditors

The headquarters of Financière Pinault, where auditors have highlighted a lack of transparency regarding the highest pay packages.
The headquarters of Financière Pinault, where auditors have highlighted a lack of transparency regarding the highest pay packages.© Photomontage by Glitz – Sources: Thomon (Wikimedia)

In their report for the year 2024, auditors KPMG and EY report that Financière Pinault, the holding company that controls Kering via Artémis, did not provide the total amount of payments made to its highest-earning staff.

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Houses

LVMH
Louis Vuitton recruits new EMEA director from Loro Piana

Italian Francesco Viana has become Louis Vuitton's new president for Europe, the Middle East and Africa at a time of declining sales.
Italian Francesco Viana has become Louis Vuitton's new president for Europe, the Middle East and Africa at a time of declining sales.© Photomontage by Glitz – Sources: Pool (Getty Images via AFP)

Francesco Viana has taken up the reins of the brand's activities in the Europe, Middle East and Africa region. Coming at a stormy time for the LVMH flagship, the former Loro Piana and Dior executive fills the role left vacant by Beatrice Monguidi, who has gone to Rimowa.

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Entourage

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