Latest news with #luxuryGoods
Yahoo
6 days ago
- Business
- Yahoo
Dutch Authorities Are Investigating Louis Vuitton Netherlands as Part of a Money Laundering Case
Louis Vuitton Netherlands if facing some serious scrutiny. The subsidiary of the French house is being probed by Dutch authorities for its connection to a money-laundering case against a Chinese woman. Identified as Bei W., the customer reportedly laundered nearly $3.5 million (3 million euros) from September 2021 to February 2023 at LV shops dotting the Dutch country, The New York Times reported. More from Robb Report Bulgari Unveils the First Mansion in Its Residential Resort in Turkey Buffalo Trace's Weller Line Just Dropped Its Oldest Whiskey Yet This $42 Million Mansion in Beverly Hills Was Once Home to a 'Gone With the Wind' Star Over the almost 18-month period, Bei W. never surpassed 10,000 euros, or almost $11,800, on a single luxury-goods transaction; going over that benchmark would call for a report of a cash purchase, The New York Times reported. That repeated string of sales, as well as hovering near the cash-reporting threshold, should have been a red flag to Louis Vuitton Netherlands stores, authorities say. As a result, prosecutors are investigating the subsidiary to see if it violated any money-laundering regulations. Bei W. allegedly used unlawful funds, sourced from illicit activities, to purchase a variety of high-end goods from LV stores under different names and e-mail addresses, authorities detailed at a preliminary hearing earlier this month. The customer in question reportedly used daigou, a practice where a person purchases goods on behalf of someone located in mainland China and ships the items to them, to shop at the Dutch Louis Vuitton stores. Bei W. allegedly sent her purchases back to China and Hong Kong, officials say. These kinds of daigou purchases (the market of which is estimated around $87 billion in 2023, according to the site Dutch News) can skirt high import taxes in China, but they can also be a way to conceal the source of illicit funds. That's key here, because Dutch authorities allege Bei W.'s money came from an underground banker trying to launder money. The person from whom she received the cash has already been convicted for their involvement in the plot. Two others involved in the case are also facing charges, one of whom worked at the maison and allegedly alerted Bei W. as to when items become available in the proper price range for the scheme, according to prosecutors. LVMH did not immediately respond to Robb Report's request for comment. Click here to read the full article.
New York Times
23-07-2025
- Business
- New York Times
Louis Vuitton Netherlands Entangled in Money-Laundering Case
She paid in cash and shopped often. She never spent beyond a set amount, but over about 18 months, the authorities say, this single customer bought millions of euros worth of bags and other luxury goods from Louis Vuitton shops in the Netherlands. Now, Dutch prosecutors are investigating Louis Vuitton Netherlands, a subsidiary of the French luxury brand, in connection with a case against the customer, a Chinese woman who is accused of laundering millions of euros in an international scheme. Law enforcement officials in the Netherlands say that the suspicious purchasing patterns should have alerted the Louis Vuitton shops to wrongdoing and are questioning whether the company should have raised alarms. The company is being investigated for potentially violating money-laundering regulations. The case shines a light on the role of luxury goods in financial crime, as well as the reputational risk for brands whose high-end clientele may include people trying to disguise the origins of funds. While fancy boutiques don't have the same obligations to report suspicious financial activity as banks, they do have some legal responsibilities to alert the authorities to some types of transactions. Prosecutors accuse the woman at the center of the case — who has been identified publicly only as Bei W., in accordance with Dutch law — of laundering nearly 3 million euros ($3.5 million) from September 2021 to February 2023. Two other defendants who are said to have helped her are also facing charges. At a preliminary hearing this month, prosecutors said that Bei W. received large sums of illicit money generated through criminal activity from an individual who has already been convicted in connection with the scheme. She is said to have spent the cash in several Louis Vuitton stores in the Netherlands, using various names and email accounts. The goods were then sent to Hong Kong and China, prosecutors contend. Want all of The Times? Subscribe.
Gulf Business
03-07-2025
- Business
- Gulf Business
Dubai Duty Free shatters sales records in 2025: What's driving the growth?
Image credit: WAM/Website Dubai Duty Free has reported record-breaking sales for the first half of 2025, with turnover reaching Dhs4.118bn ($1.128bn)—a 5.34 per cent year-on-year increase. The figure exceeds the previous first-half record by Dhs208.95m ($57.24m), reinforcing the airport retailer's strong post-pandemic recovery. Read- The robust performance was driven by a surge in travel during the Eid holidays and the early summer season, which significantly boosted passenger traffic and retail spending across the airport, 'We are very pleased with our record performance for the first half of 2025,' said Ramesh Cidambi, Managing Director of Dubai Duty Free. 'While we await final passenger numbers for June, the spend per passenger is likely to be better than June last year. This performance is a testament to our team's hard work and the strength of Dubai as a global travel hub.' Top performing categories and luxury expansion plans Perfumes, liquor, cigarettes and tobacco, gold, and confectionery retained their positions as the top five product categories. Perfume sales reached Dhs744.24m ($203.90m), accounting for 18 per cent of total revenue and reflecting a 5 per cent increase over the same period last year. Liquor followed closely with Dhs513.37m ($140.65m) in sales. Sales of cigarettes and tobacco rose by 12.24 per cent year-on-year, totaling Dhs439.91m ($120.52m), while Gold sales grew by 6.14 per cent to Dhs416.90m ($114.22m), contributing just over 10 per cent to overall revenue. Confectionery continued its strong upward trend, recording Dhs412.52m ($113.02m) in sales—a remarkable 62.70 per cent increase from the same period in 2024. Cosmetics also performed well, increasing 3.36 per cent to Dhs201.51m ($55.21m) and contributing nearly 5 per cent to total turnover. 'We are looking forward to an equally busy second half of the year,' Cidambi said. Passenger spend and terminal sales on the rise Passenger spending across Dubai International Airport continued to grow during the first six months of 2025. Terminal 3, the largest and busiest terminal, recorded a 6.37 per cent rise in duty free sales, driven by both increased foot traffic and higher average spend per traveler. Terminal 1 also showed healthy growth, posting a 5.25 per cent sales increase over the same period last year. Sales performance improved across all major passenger regions. European travelers led the way with a 16.89 per cent year-on-year increase in spending, followed by the Middle East with an 8.15 per cent rise. The Russian region saw a 4.41 per cent gain, while the Indian subcontinent showed steady growth of 1.02 per cent. These trends highlight Dubai's continued appeal as a global transit hub and signal strong consumer confidence among international travelers. Dubai Duty Free officials remain optimistic about sustained growth in the second half of the year, particularly during the upcoming peak travel months and traditionally busy final quarter.
CNA
24-06-2025
- Business
- CNA
CNA938 Rewind - Open for Business: Is Malaysia's new sales tax on non-essentials necessary?
CNA938 Rewind Play From July 1st, Malaysia will impose a sales tax rate of 5 per cent or 10 per cent on non-essential and luxury goods, including salmon and imported fruits. The service tax will also be expanded to cover six new categories, including rental and leasing. But what necessitated it and how will it hit consumers both in Malaysia and shopping Singaporeans? Andrea Heng and Susan Ng chat to Cassey Lee, Economist, Senior Fellow and Coordinator for the Regional Economic Studies Programme at ISEAS-Yusof Ishak Institute to find out more. CNA938 Rewind - Open for Business: Is Malaysia's new sales tax on non-essentials necessary? From July 1st, Malaysia will impose a sales tax rate of 5 per cent or 10 per cent on non-essential and luxury goods, including salmon and imported fruits. The service tax will also be expanded to cover six new categories, including rental and leasing. But what necessitated it and how will it hit consumers both in Malaysia and shopping Singaporeans? Andrea Heng and Susan Ng chat to Cassey Lee, Economist, Senior Fellow and Coordinator for the Regional Economic Studies Programme at ISEAS-Yusof Ishak Institute to find out more. 12 mins CNA938 Rewind - Malaysia's Booker Prize nominee Tash Aw discusses 'The South' – the first in a quartet of novels In 'Culture Club', Melanie Oliveiro speaks with Malaysian author Tash Aw, known for international bestsellers like 'The Harmony Silk Factory' and the longlisted Booker Prize novel 'Five Star Billionaire'. Twenty years after his debut title, Aw will talk about 2025's 'The South' which is a coming-of-age tale of teenager Jay Lim who – with his family – moves south of the Malaysian peninsula to a neglected farm that they have inherited. Aw will talk about the characters and era that propel the story and how 'The South' is the first in a quartet of novels. 39 mins CNA938 Rewind - Travel & the average Singaporean - an Allianz Partners survey In 'Destination Anywhere', Melanie Oliveiro analyses key travel survey results released by Allianz Partners, a global firm providing B2B2C insurance and assistance. Managing Director Vinay Surana will discuss the Allianz Partners Travel Index survey which - for the first time - has released some Singapore findings. Surana will discuss trends like why some Singaporeans are not travelling; what concerns they have about going overseas; using AI for holiday planning; and even aisle passenger behavioural trends. 19 mins
Yahoo
23-06-2025
- Business
- Yahoo
Why the serial CEO has fallen out of fashion
Luca de Meo is the classic serial chief executive. His appointment this week as head of luxury goods maker, Kering, marks at least the Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
