Latest news with #France-headquartered
Hamilton Spectator
a day ago
- Business
- Hamilton Spectator
He took the helm at the height of tragedy. How Danone Canada's president is working to rebuild trust
After starting his career in Montreal, Frederic Guichard got the opportunity to return 26 years later, but the new president of Danone Canada's arrival was marred by tragedy — a listeria outbreak that would eventually claim three lives. The native of Nice, France, spent a year and a half in Canada in 1997-98 as part of a government-sponsored work program, serving as a marketing manager for Paris-based spirit maker Pernod Ricard in Montreal. Upon his return, Guichard accepted a role at Danone and has been working for the global food and beverage maker ever since. The company was founded in 1919 by Isaac Carasso, a Greek immigrant living in Barcelona, Spain, who was inspired by emerging research on the positive impact of yogurt on gut health and immunity. More than 106 years later, the France-headquartered company maintains its emphasis on promoting health through food. Today, Danone is a world leader in dairy and plant-based products, and second in packaged water and infant nutrition, with nearly $44 billion in sales in 2024. Its products are sold in more than 120 markets around the world with a global workforce of about 90,000. In 1972, then-CEO Antoine Riboud announced the company's 'dual project' of balancing business success with social progress, a mantra that Guichard says first attracted him to the company over a quarter century ago and has kept him there ever since. After nearly two decades working in marketing in Paris on Danone's yogurt, water and health brands, followed by another seven years in Eastern Europe, Guichard and his wife got the opportunity to return to Quebec last June. Danone entered the Canadian market in 1993 via its acquisition of Delisle, which had been in the yogurt business since the 1930s. The brand that brings Canadians Silk, Activia, Evian, Oikos, International Delight and more now leads the country in yogurt, plant-based beverages and coffee creamers. Most of the company's 618 Canadian staff are split between its Toronto and Boucherville, Que., offices, while others work remotely from coast to coast. Guichard was named president of Danone Canada in June 2024 and began in his new post last Canada Day. Within days of his arrival, however, the Canadian Food Inspection Agency issued a national recall of plant-based milk alternatives from a production facility that makes its flagship almond milk, Silk — among other brands — due to a suspected listeria outbreak. Guichard says the company has spent the past year trying to regain the trust of Canadian consumers by investing in its health and safety practices, while furthering its sustainability efforts and developing new products to meet changing consumer preferences. The Star recently spoke with Guichard from Danone Canada's headquarters in Boucherville, just outside Montreal, about the organization's long-standing commitment to taste, sustainability and health, and the challenges of confronting a tragedy that seemed to call those principals into question. As a French person, food is the only thing we talk about. Even when we're eating a meal, we're talking about the last one, and the next one. I was especially interested in the products that people consume every day, and the impact it has on their lives. It's something I learned from my mom, who gave me a strong nutritional education at home, and over time we've only learned more about how important food and nutrition is to your health. Originally, I studied engineering, because I was interested in how things work. I enjoyed learning about industrial engineering, manufacturing and supply chains, but I couldn't picture a career in it, so I went back to school to study marketing and communications. I enrolled in a program organized by the French government that sent recent graduates to work for French companies based all over the world for a year and a half. It's a great way to get on-the-job experience to bring back to France. I had always wanted to travel to Canada and there was an opportunity to work in Montreal, so I decided to go for it. I always thought Canada was a fantastic country to visit, but I didn't think I would really fall in love with it like I did. I came here with my future wife after we had been together for six months, so this was the first step we made as a couple, and maybe that's why it became so important to me. I wanted to work for a large French corporation that had a strong presence and a strong impact internationally, both because of the impact it could have, and because I wanted to go abroad again as soon as possible. It took 17 years, but I ended up moving eventually, and I never got bored working for this company, even in France. You don't stay at a company for 26 years unless you're passionate about the work you're doing. Danone's mission is to improve people's health through food while improving the health of the planet. If you want to be a leader in sustainability, you need to be a certain size, and as a global company we can make a significant impact. The two largest parts of our environmental footprint are agriculture and packaging. On the agricultural side, we are working with our upstream partners to promote regenerative agriculture to reduce the carbon emissions of milk production worldwide. Danone was also the first major food company to sign a pledge to reduce methane emissions from dairy production 30 per cent by 2030. On the packaging side, we are working with stakeholders across the supply chain to ensure our packaging is recycled properly. Last month we announced a $9-million investment in our Boucherville plant to develop more sustainable packaging. In fact, Danone is Canada's largest consumer-facing B-Corp . We call ourselves the 'health through food' company, because nearly 87 per cent of Danone's global dairy, plant-based, water and aqua-drinks portfolio has at least 3.5 out of five stars on the international Health Star Rating system, which is unique in our industry. We've accomplished that by focusing on making our foods healthier, and by promoting healthy food categories. For example, we've reduced the amount of sugar in our Canadian products by 30 per cent in the last seven years. They say the second brain is in your gut, and we know that a healthy gut has benefits that go beyond digestive health, like mood and mental health. We develop products based on the latest in fermentation and gut health science. Activia has been clinically proven to improve digestive health, and if you have Activia twice a day for 14 days in what we call the 'Activia Gut Health Challenge,' nine people out of 10 report feeling the difference. We've also seen a surge in products that are high in protein, which has been proven to not only help build muscle but promote healthier aging. Yogurt is a great way to deliver protein to people in a way that's convenient, versatile, affordable and nutritional, without sugar or fat, which is why we introduced Oikos Pro, a high-protein Greek yogurt, this year in Canada. The same is true of plant-based milks, which were pioneered by Silk in the '70s, before being acquired by Danone in 2017. It's not just for those who can't tolerate dairy. In fact, many Canadians prefer having their cereal with sweetened almond milk than regular milk because of the taste, but also because it doesn't have as much sugar. This category really illustrates how we can have the best of nutrition and taste at once, and we continue to innovate in that direction. Those events have been devastating for all of us, because as you said we are a company that is based on health through food, so facing the reality that we might have missed something somewhere that led to these events was very hard. This happened a few days after I landed in Canada, and I immediately faced one of the most tragic events in the company in many years. The entire industry was caught off guard; we didn't think something like this could happen in this product category. I'm proud of how quickly the team worked to protect the health of our consumers. After we made the recall, we discovered that the issues were from a factory of a co-manufacturer and so we completely changed all our sourcing and moved everything into our Danone factories. It's been emotionally challenging for everyone, but I'm proud of how we managed to sustain production, raise the bar of all our products in terms of quality and safety, and created awareness across the industry. We are operating in consumer goods categories that are growing faster than average, and we need to lead those categories and shape them in a way that meets consumer expectations. Canadians want healthier products that take better care of the environment. They want transparency on what goes into them, the science behind them, and the values of the company. We're going to double down on what we do best, which is crafting new recipes that not only taste good, but go one step further in terms of health and nutrition. We are here to develop such products and to develop trust with our consumers. There is a lot of room for innovation, and we aim to lead those categories, not just to serve them.
CNBC
5 days ago
- Entertainment
- CNBC
AI-generated music is going viral. Should the music industry be worried?
With more than 1 million monthly listeners on Spotify, psychedelic rock band The Velvet Sundown is raking in thousands of dollars and has the music industry asking itself tough questions 一 and they're not about whether the '70s are coming back. The "band" was recently confirmed to primarily be the work of generative artificial intelligence 一 something that had been heavily suspected in light of a suspiciously smooth and glossy image of its "band members" and derivative song titles like "Dust on the Wind." The Velvet Sundown's bio on Spotify now clarifies that it is a "synthetic music project guided by human creative direction, and composed, voiced, and visualized with the support of artificial intelligence." It adds, "This isn't a trick - it's a mirror. An ongoing artistic provocation designed to challenge the boundaries of authorship, identity, and the future of music itself in the age of AI." However, in CNBC's conversations with various music professionals, descriptors like "soulless," "stifling," and "creepy" surfaced, as the industry grapples with the encroachment of AI. While AI tools have long been integrated into music software like Logic, newer AI-powered platforms such as Suno and Udio have made it easier than ever to generate entire songs based on nothing more than a few prompts and inputs. As a result, "The Velvet Sundown" is far from the only AI-generated artist emerging online. There's evidence that other upstarts like "dark country" musician Aventhis — with more than 600,000 monthly listeners on Spotify — are also a product of AI-generated voices and instruments. Meanwhile, France-headquartered music-streaming service Deezer, which deployed an AI detection tool for music in January, revealed in April that about 18% of all tracks now being uploaded to its platform are fully generated by AI. The quality and originality of AI music have often been criticized, but experts say that as generative AI becomes more sophisticated, it's becoming harder and harder for the average listener to distinguish between human and machine. "[The Velvet Sundown]" is much better music than most of what we've heard from AI in the past," Jason Palamara, an assistant professor of music technology at the Herron School of Art and Design, told CNBC. "Early versions could be used to make catchy, repetitive hooks ... But we've gotten to the point where AI is putting out songs that actually make sense structurally, with verses, choruses and bridges," Palamara said. He said The Velvet Sundown is likely just the "tip of the iceberg" of what's coming. Suno and Udio — the current "gold standard" of genAI platforms — come with few to no barriers to entry, allowing anyone to create hundreds of AI tracks in one sitting. Both AI platforms offer free access, as well as premium subscriptions priced at about $30 or less a month. But while creating an AI song can be done for free, that doesn't mean it can't generate revenue. The Velvet Sundown has made about $34,235 over a 30-day period across all audio streaming platforms, according to estimations from ChartMasters' streaming royalties calculator. Because of that, it's easy to see why AI creators might want to flood streaming platforms with as much generated music as possible, hoping to go viral. The growing prevalence of AI music has caused a stir across the music industry, according to Keith Mullin, head of management and music industry course leader at the Liverpool Institute for Performing Arts. "It's the hot topic of the moment, especially in relation to copyright and digital service providers like Spotify," said Mullin, who is also the guitarist for Liverpool rock band The Farm. Major record labels such as Sony Music, Universal Music Group, and Warner Records have launched lawsuits against Suno and Udio, accusing them of mass copyright infringement. Meanwhile, thousands of musicians and creatives have called for a prohibition on using human art to train artificial intelligence without permission. Nevertheless, Mullin said generative AI on music is here to stay. "I don't think we can turn the clock back," he said, noting that music and its business models are ever changing. Indeed, the music business is no stranger to big technology shifts — events like the introduction of Napster in 1999 and the proliferation of music-streaming platforms in the 2000s shook up the industry, forcing major adaptations. Still, the notion of competing with AI bands is causing anxiety for budding musicians like Tilly Louise, a U.K.-based alternative pop artist who said it's already hard enough for small performers to gain traction and generate income from online music. Despite accumulating millions of streams on Spotify, Louise, 25, said she's never made nearly enough money from streaming platforms to live on, and currently works a full-time job. "For a band that doesn't even really exist to then get all that social media traction, it's so discouraging," she added. To prepare young artists for the changing music environment, music professors said, they've increasingly been working AI into their lesson plans, aiming to teach students how to use the technology to enhance their creative process and music production, rather than replace it. Some established producers have also leaned into the trend. Last month, Grammy-winning artist and producer Timbaland launched an AI-focused entertainment venture, called Stage Zero, which will feature an AI-generated pop star. "Other producers are going to start doing this ... and it will create a completely different model of the music industry that we can't predict yet," Palamara said. He added, however, that he does think the trend will make earning money as an artist online even harder. The trend is also expected to continue to receive backlash not only for its impact on artists, but also for what it could mean for music consumers. "[M]usic fans should be worried because the proliferation of AI music and content clogs our social media feeds and algorithms, making it difficult for us to connect with one another," Anthony Fantano, a prominent music critic and internet personality on YouTube, told CNBC in a statement. "AI art offers nothing that humans themselves can't already do better," he said, adding that it's a way for "greedy capitalists" to cut out actual artists. Aside from calling for better copyright protections for artists when it comes to the training of AI, music groups are asking that AI-generated music be labeled as such. Spotify did not respond to an inquiry from CNBC regarding its generative AI detection and labeling policies. In a statement to CNBC, Tino Gagliardi, president of the American Federation Of Musicians of the United States and Canada, urged creators, those in the tech industry, lawmakers, and music fans to stand together in support of human creativity and authorship. "Consent, credit, and compensation are prerequisites in AI development. And transparency, including in streaming and other marketplaces, is the foundation for safeguarding musicians' livelihoods. Anything short of that is theft."
Irish Independent
11-07-2025
- Business
- Irish Independent
Louis Vuitton Ireland's pre-tax profits down 19pc last year, as revenues dropped by €5m
Sales at the company's Grafton Street location fell by 11pc in 2024 Saoirse showed off her baby bump last week Pre-tax profits at the Irish arm of Louis Vuitton, one of the world's most valuable luxury brands, lost some of their sparkle last year as they decreased by 19pc to €8.85m. New accounts show that pre-tax profits decreased as revenues at Louis Vuitton Ireland Ltd declined by 14pc from a record €36.49m in 2023 to €31.36m last year. The brand has only one dedicated store here, housed in Brown Thomas on Dublin's Grafton Street, It also generates revenues from online sales. Sales declined at the Grafton Street outlet by 11pc from €31.54m to €28.16m, while online sales decreased by 35pc from €4.95m to €3.2m. The directors stated that '2024 was a year of continued economic volatility, where the macroeconomic conditions – like the high rates of inflation and interest – remain a challenge in the retail sector'. They added: 'In this context, we stay cautious about the ongoing difficulties impacting the industry and the wider economy.' Despite this, Louis Vuitton 'is showing resilience, with a loyal customer base and a strong branding image supported by marketing activities within Ireland and the wider group', the directors said. 'With a steady trade in our retail store, we see a robust cash flow position for 2025.' The business sells a range of leather goods, accessories, watches, jewellery, fragrances, shoes and clothing, but is renowned for its expensive bags. Its Steamer 65 bag is currently available online to Irish customers at €12,000, while a Louis Vuitton golf bag will set you back €22,000. A diamond ring – LV Diamonds Pave Solitaire, LV Monogram Star cut – is priced from €27,700. The company last year paid out a dividend of €9.53m. The directors are proposing a dividend of €7.479m be paid this year. The brand is a favourite of celebrities and pop stars. It is part of the multi-billion, stock market-listed and France-headquartered LVMH luxury brands company. The profit takes account of a concession commission of €2.86m and non-cash depreciation costs of €437,000. The company last year recorded post-tax profits of €7.47m after incurring a corporation tax charge of €1.37m. Numbers employed last year decreased from 24 to 22, with staff costs dipping from €1.36m to €1.17m. The company had shareholder funds of €8.6m. Luxury brands generally are having a tougher time of it, with US president Donald Trump's tariff regime, reduced consumption in China and too much product on the market all being blamed. There has been a loss of up to 50 million customers, according to an annual luxury study by the consulting firm Bain Company and the Italian Altagamma. The survey found that luxury clientele amounted to approximately 350 million in 2024, down from 400 million in 2022. Spending was estimated at $1.7tn (€1.46tn) last year, down 1pc.
Fashion Network
23-06-2025
- Business
- Fashion Network
Louis Vuitton UK sales and profits fell last year
UK has filed its accounts for 2024 at Companies House and it saw both sales and profits falling as retail spending declined across the luxury sector. Its sales fell to £488.2 million last year from £575.2 million in 2023 while profits also dropped sharply. It was the first revenue fall at the UK arm of LVMH 's star brand since 2020, when sales were heavily impacted by Covid lockdowns that meant travel bans and enforced store closures. The accounts also showed pre-tax profits falling to £84.3 million from £132.1 million and operating profit dropping 36% to £80.46 million. Net profit was down as much as 47% to £69.27 million, although it was more heavily taxed in its latest year compared to 2023. The company said in the filing that the 15% turnover decline was 'explained by a slowdown trend in consumer spending after years of high growth following the global pandemic… In an economic environment which remains uncertain globally, Louis Vuitton will continue to focus its efforts on developing its network and will maintain a strict control over costs'. And it said that despite the challenging macroeconomic environment, it 'continues showing great strength', adding that 'the level of business and the year-end position remain satisfactory for the company and the directors are confident of being able to develop the business further in the future. Our strategy prioritises organic growth, driven by providing exceptional services to existing clients as well as attracting new clients'. With LVMH rarely breaking out results for its individual brands, it's an interesting insight into one part of the business regionally, although of course it doesn't tell the full story given the giant global operation that makes up the France-headquartered brand. But it does say a lot about just how tough luxury retail was in the UK last year and perhaps also how the ongoing loss of VAT-free shopping for tourists is affecting spend on high-end items in Britain.
Fashion Network
23-06-2025
- Business
- Fashion Network
Louis Vuitton UK sales and profits fell last year
UK has filed its accounts for 2024 at Companies House and it saw both sales and profits falling as retail spending declined across the luxury sector. Its sales fell to £488.2 million last year from £575.2 million in 2023 while profits also dropped sharply. It was the first revenue fall at the UK arm of LVMH 's star brand since 2020, when sales were heavily impacted by Covid lockdowns that meant travel bans and enforced store closures. The accounts also showed pre-tax profits falling to £84.3 million from £132.1 million and operating profit dropping 36% to £80.46 million. Net profit was down as much as 47% to £69.27 million, although it was more heavily taxed in its latest year compared to 2023. The company said in the filing that the 15% turnover decline was 'explained by a slowdown trend in consumer spending after years of high growth following the global pandemic… In an economic environment which remains uncertain globally, Louis Vuitton will continue to focus its efforts on developing its network and will maintain a strict control over costs'. And it said that despite the challenging macroeconomic environment, it 'continues showing great strength', adding that 'the level of business and the year-end position remain satisfactory for the company and the directors are confident of being able to develop the business further in the future. Our strategy prioritises organic growth, driven by providing exceptional services to existing clients as well as attracting new clients'. With LVMH rarely breaking out results for its individual brands, it's an interesting insight into one part of the business regionally, although of course it doesn't tell the full story given the giant global operation that makes up the France-headquartered brand. But it does say a lot about just how tough luxury retail was in the UK last year and perhaps also how the ongoing loss of VAT-free shopping for tourists is affecting spend on high-end items in Britain.
