Articles by AFP
Even handicraft marketplace Etsy needs AI to compete, says CEO
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The web platform Etsy is famous for selling cutesy handmade arts and crafts, but even a company that relies on a cottage industry of artisans is increasingly undergirded by artificial intelligence, its CEO told AFP on Tuesday. "You couldn't run Etsy without AI," Josh Silverman said on the sidelines of the Web Summit tech event in Lisbon. Etsy...
FC Barcelona signs new contract with Nike
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FC Barcelona announced on Saturday that it had reached a new agreement with American equipment supplier Nike, a partnership that could reach 1.7 billion euros by 2038 according to the Spanish press. Nike has manufactured the Catalan club's jersey and other kits since 1998, and the previous agreement was due to expire in 2028. "Barcelona and...
Amazon results beat third quarter expectations
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E-commerce giant Amazon reported stronger-than-expected third quarter results on Thursday, with significant growth in cloud computing and a return to profitability in its international segment. The Seattle-based tech titan posted net sales of 158.9 billion dollars for the quarter ending September 30, up 11 percent from the same period last year,...
Forget China, Chanel exec warns of luxury fatigue risk
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A slowdown in the key Chinese market is currently lashing the financial performance of luxury houses but a Chanel executive warned Monday it faces an even greater risk from oversaturation and "luxury fatigue". Frederic Grangie, head of the watch and jewellery division at Chanel, told the Swiss daily Le Temps that 2025 and 2026 will be...
India's green fashion lovers switch to secondhand
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India's enormous garment sector churns out billions of dollars' worth of new clothes each year, but some local fashion lovers are switching to secondhand to assuage worries about the industry's environmental impact. It is a tiny drop in a massive ocean, but hipster shoppers in the capital New Delhi say their example is slowly shifting the...
US court blocks Coach owner's 8.5 billion dollar buyout of Versace parent
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A US judge on Thursday blocked fashion group Tapestry's 8.5 billion dollar deal to buy Capri, which owns luxury brands including Michael Kors and Versace, citing a potential loss of competition. The deal, seen as an attempt to create a new global fashion giant to compete with European powerhouses, was halted by a federal court in New York after...
Courir sells several stores to Snipes due to JD Sports takeover under EU conditions
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The European Commission has approved, subject to conditions, the takeover of French Courir by British sportswear company JD Sports. To address the Commission's competition concerns, the merged company has offered to sell "all Courir stores in Portugal and a number of stores in certain regions of France to Snipes, a direct competitor focused on...
Ex-Abercrombie CEO to face sex assault charges: media
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The former chief executive of the Abercrombie and Fitch clothing empire will face charges of sexually assaulting and trafficking male models at events around the world, media reported Tuesday. Ex-CEO Mike Jeffries, his partner Matthew Smith and the pair's alleged go-between were arrested by authorities early Tuesday, the BBC reported....
Amnesty says migrant workers exploited at Carrefour Saudi stores
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Rights group Amnesty International published Monday a report that accused the Saudi Arabian franchise of French supermarket giant Carrefour of exploiting migrant workers. Carrefour told AFP that an internal probe had not confirmed most allegations but was planning on conducting an external review. Amnesty said it found migrant workers for...
France's richest family, Red Bull in exclusive talks for Paris FC takeover
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Paris - The Arnault family, owners of the LVMH luxury goods conglomerate, are in "exclusive negotiations" to buy a controlling stake in French football club Paris FC in a deal that will see energy drinks giant Red Bull secure a minority shareholding. The Agache group, which is controlled by LVMH CEO Bernard Arnault, said in a statement that it...