The two subsidiaries of Kering (30% stake) and LVMH have successfully ended the supervision they were under in Italy ahead of schedule by demonstrating effective measures to enforce a zero-tolerance policy regarding labor rights compliance among their subcontractors.
Valentino and Loro Piana have just breathed a sigh of relief.
The former, 30% owned by Kering (the remaining 70% by Mayhoola, a Qatari investment firm), and the latter, a subsidiary of LVMH, have both emerged from court-supervised administration in Italy. This marks the end of a sort of legal “name and shame” process they faced for potentially being complicit in labor rights violations by their Italian subcontractors.
Last Tuesday, Valentino was the first to announce the good news.
Early Termination for Valentino Bags Lab
In a press release, the fashion house welcomed “the Court’s decision to bring an early end to the judicial administration proceedings concerning Valentino Bags Lab S.r.l., the entity responsible for producing the brand’s accessories line.”
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Featured photo: © Valentino – Loro Piana
