Italy Fines Armani For 'Misleading Ethical' Statements
The watchdog sanctioned the Milan-based fashion group for "misleading ethical and social responsibility statements that were at odds with the actual working conditions found at suppliers and subcontractors".
"The companies made untruthful ethical and social responsibility statements that were not presented in a clear, specific, accurate, and unambiguous manner," it added in a statement.
It said Armani outsourced a "large part" of its leather bag and accessory production to suppliers who relied on subcontractors.
The watchdog cited cases in which "safety devices had been removed from the machinery to increase production capacity, thereby posing a serious risk to the safety and health of workers."
"Hygiene and sanitary conditions were inadequate, while workers were often employed totally or partially 'off the books'."
The watchdog judged that "respect for workers' rights and health did not correspond to the ethical and social responsibility statements" issued by the company.
It said the brand was aware of the situation, "which seriously harmed the workers who produced Armani-branded leather bags and accessories".
The watchdog did not say where the workers were based.
Giorgio Armani slammed the ruling, expressing "disappointment and bitterness" in a statement.
It said it would appeal the decision and vowed that it has "always operated with the utmost fairness and transparency towards consumers".
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
26 minutes ago
- Hans India
New Leadership, talent strategy to make Tech Mahindra world-leading entity: CEO Mohit Joshi
The new leadership, along with the steps being undertaken to nurture internal talents, will make Tech Mahindra not just a world-leading entity but also a world-beating organisation, a top company official has said. Tech Mahindra has restructured its global operations following the exit of some of its employees after the succession of the CEO role to Mohit Joshi, who has been with the company since its founding and is one of the longest-serving chief executives in the IT industry, CP Gurnani. "Our talent is the engine driving Tech Mahindra's transformation. We are doing what it takes to make TechM not just a world-leading, but a world-beating organisation, whether that means creating new roles, nurturing internal talent, or bringing in bold new leadership," Joshi told PTI in an email interview. The company has appointed new leaders for several verticals and elevated internal senior employees between August 2023 and June 2025 to lead key divisions at the organisation in global roles. "We have restructured our global operations into six focused Strategic Business Units; each aligned with our delivery priorities and designed to accelerate our multi-year growth agenda. We have carefully calibrated leadership roles to blend experience, expertise, and future focus. This balance of continuity and fresh perspective gives us the edge to deliver on our FY'27 ambitions," Joshi said. For the financial year 2027, Tech Mahindra has set goals to achieve higher average growth than its peers and expects the current fiscal year to surpass FY'25. The company initiated the process of installing new leadership with the appointment of Atul Soneja as Chief Operating Officer in August 2023, from New Jersey-based CitiusTech. The company elevated Harshvendra Soin to President for Asia Pacific and Japan Business in January 2024, who had also served as Country Head for Canada and Head of Business HR for APAC and EMEA (Telecom and Enterprise) at Tech Mahindra. In the leadership reshuffle, the company has appointed nine new leaders and elevated seven leaders to global roles in the last two years, with the recent hiring being the appointment of Amol Phadke as Chief Transformation Officer of Tech Mahindra in June 2025. Joshi said the impact of new leadership was reflected in the June quarter, where EBIT margins improved for seven consecutive quarters and have now reached 11.1 per cent, compared to 10.5 per cent last year. Tech Mahindra reported a 34 per cent growth in consolidated profit to Rs 1,141 crore, while its revenue grew by 2.7 per cent to Rs 13,351 crore during the June 2025 quarter.
Time of India
36 minutes ago
- Time of India
Promoters of CleanMax raise ₹400 crore in pre-IPO round
Promoters of the Brookfield Corp-backed renewable energy company, CleanMax , have raised ₹400 crore from 360 One Asset Management to increase shareholding in the company in a pre-initial public offer (IPO) funding completed last month. Founder Kuldeep Jain will increase his stake from 14 per cent to 21 per cent, consolidating his position as the second largest shareholder by buying stake from US-based Augment Infrastructure and Danish Investment Fund. The money raised at 13 per cent interest for three years will be repaid from the IPO proceeds, people familiar with the matter said. 'The promoter is looking to fortify his stake before the imminent listing, the draft red herring prospectus (DHRP) of which is likely to be filed later this year,' said a person aware of the details. 'The increase in stake through private transactions will ensure promoter stake remains around 15 per cent even after a likely offer for sale (OFS) in the IPO.' A CleanMax spokesperson did not respond to an email seeking comment. A 360 One spokesperson said he had no comments to offer to ET's email query. Formed in 2011, CleanMax Enviro Energy Solutions has a network of private solar, wind and wind-solar hybrid farms across India, with a capacity of more than 500 MW in solar and 100 MW in wind and wind-solar hybrid farms. It supplies power to clients across diverse sectors like manufacturing, ecommerce, automotive, education, pharmaceuticals and IT/ITES. In April 2023, Canadian investment firm Brookfield picked up a 51 per cent stake in CleanMax establishments, valuing the company between ₹3,500 crore and ₹4,000 crore. Brookfield remains the largest shareholder in the company, with just under 50 per cent stake currently. 'Jain will use the funds to buy stakes from US based Augment Infrastructure and the Danish Investment Fund for Developing Countries, both of which are likely to participate in the OFS whenever the IPO happens. Doing a-pre IPO round helps Jain to ensure that his stake does not fall substantially even if he tenders some stake,' said a second person aware of the details. In November last year, Care Ratings had revised the outlook on the company to positive, assigning a Care A+ rating on the company citing expectation that Brookfield's share will surpass 50 per cent as more capital is infused to support growth of the company and its operating portfolio by commissioning underlying projects within scheduled timelines. CleanMax has long term bank facilities of ₹1850 crore while short term loans of ₹3700 crore rated by Care Ratings.
Mint
an hour ago
- Mint
Palantir Reports Revenue Up 48%, Cites ‘Astonishing' AI Impact
(Bloomberg) -- Palantir Technologies Inc. reported a 48% increase in revenue for the second quarter to more than $1 billion, citing the 'astonishing impact' of artificial technology on its business. The data software company also raised its revenue outlook for the full year to $4.14 billion to $4.15 billion, exceeding analysts' prior expectation of $3.91 billion. Denver-based Palantir has seen its stock price surge more than 500% over the past year — buoyed by high expectations from investors, growth in demand for AI tools and a deep reach into both the private and public sectors. The company's $1 billion revenue in the period ended June 30 exceeded analysts' average estimate of $939 million. It said growth was particularly strong in the US, where sales jumped 68% to $733 million. Palantir said adjusted earnings per share for the quarter were 16 cents, exceeding analyst expectations of 14 cents. In a letter to shareholders, Chief Executive Officer Alex Karp lingered on the company's at-times tenuous relationship with Wall Street. 'The skeptics are admittedly fewer now, having been defanged and bent into a kind of submission,' he wrote. He also said that AI breakthroughs had helped fuel Palantir's growth, pointing to the development of large language models and the chips required to power them. Going forward, Karp said that Palantir planned to be the 'dominant software company of the future,' and added, 'the market is now waking up to this reality.' Palantir has long played a role as a key US government contractor, working with both the US military, those of allied countries like Ukraine, and partnering with new defense tech startups. The company's US government revenue climbed 53% in the quarter to hit $426 million. Meanwhile, its revenue from commercial contracts in the US climbed even quicker, rising 93% for the year to hit $306 million. In his letter to shareholders Karp emphasized Palantir's commitment to defense tech, writing that the US is 'the most consequential country in the West,' and adding, 'it must be protected.' More stories like this are available on
