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France
Kering fails in bid to get tax reductions


The French luxury group, which has just announced a sharp drop in earnings, is restructuring to cut costs but has failed to pass off more than €10m in old penalties as expenses in order to reduce its tax bill.

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Kering's deal with L'Oréal weakens bargaining position of Armani heirs

By selling its Beauté division to L'Oréal, Kering has weighed down the balance sheet of the beauty giant and reduced its room for manoeuvre for acquiring 15% of Armani. For their part, the heirs of the Italian designer, who have 12 to 18 months to complete the opening up of the group's capital, have found themselves deprived of leverage to negotiate with the other potential buyer, LVMH, which is itself torn over the deal.

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