>>> What to look at today - 31st of May 2022

Stocks in Asia fluctuated and Treasuries sold off across the curve as oil jumped, adding to worries about how aggressive central banks will need to be to rein in inflation without derailing growth. Technology stocks underpinned gains in Hong Kong, while China rose as data showed factory activity shrinking at a slower pace and a Shanghai Covid lockdown eased. Equities in Japan were little changed. US contracts edged up.  Treasury yields jumped more than 10 basis points after German bunds and European bonds sold off. German inflation hit an all-time high, adding to pressure on central bank policy makers to tame rising prices. The dollar advanced. Crude oil rose to around $118 a barrel after the European Union agreed to pursue a partial ban on Russian oil in response to the invasion of Ukraine. Higher energy and food costs are keeping upward pressure on prices globally and squeezing consumers.  Global stocks are on track to end the month with modest gains amid skepticism about whether the market is near a trough and as volatility stays elevated. Fears that central bank rate hikes will induce a recession, stubbornly high inflation and uncertainty around how China will boost its flailing economy are keeping investors watchful.  Inflation prints in Europe came before a crucial European Central Bank meeting where officials are set to announce the conclusion of large-scale asset purchases and confirm plans to raise interest rates in July for the first time in more than a decade. President Joe Biden will hold a rare Oval office meeting on Tuesday with Fed Chair Jerome Powell amid the highest inflation in decades and ahead of US payroll numbers later this week. Bitcoin was back above $31,000 as investors and strategists said the digital currency is showing signs of bottoming out.

Nikkei -0.16% Hang Seng +0.86% CSI +1.36% Shanghai +0.92% Shenzen +1.28%

Eur$ 1.0747 CNH 6.6795 CNY 6.6666 JPY 128.08 GBP 1.2613 CHF 0.9596 RUB 63.5209 TRY 16.3854 WTI$ 118.15. +2.68% Gold 1,852.27 -0.16% BTC 31,772 +1.65% ETH 1,994.63 +2.12%

S&P +0.21% Nasdaq +0.55% EuroStoxx -0.28% FTSE -0.03% Dax -0.34% SMI -0.38%

Macro :
- Todd Boehly Completes Takeover of UK’s Chelsea FC
- AllianceBernstein Likes China Stocks, Sees Policy Support Coming

Keep an eye on :
- ADJ GY : Adler Group Maintains FY Net Rental Income Forecast
- ADJ GY : Adler Cancels Development-Project Sale After Buyer Didn’t Pay
- ARGX BB : Argenx’s Efgartigimod Gets Early Access from UK Drug Regulator
- AML LN : Aston Martin Needs DBX, V12, Sportscar Revamps to Reach Targets
- BAVA DC : Bavarian Nordic Boosts FY Revenue Forecast
- BORR NO : Borr Drilling 1Q Net Loss $51.3M Vs. Loss $54.4M Y/y
- CAST SS : Swedish Property Companies Face End of Era as Deal Volumes Slump
- CLNX SM : Cellnex Explores Bid for Deutsche Telekom’s Towers Business
- CSGN SW : Credit Suisse Weighs Options to Strengthen Capital, Reuters Says
- DSM NA : DSM and Firmenich to Merge in Cash and Stock Deal
- DTE GY : Cellnex Explores Bid for Deutsche Telekom’s Towers Business
- ENI IM : Italy’s Eni Backs Gas Price Cap, CEO Tells Corriere
- IBS PL : Ibersol Says Period for Restaurant Sale Talks Extended to June 3
- INGA NA : Pressure Mounting on ING, UniCredit to Find Russia Exit Strategy
- INTER NA : CSC Extends Offer for Intertrust by 10 Weeks on Antitrust Delay
- LOGN SW : Logitech Has More to Gain From Gaming Peripherals' Demand Boom
- NUX GY : Mutares to Buy Mann+Hummel Plastic Parts Ops; No Terms
- RLF SW : Relief: Trial of Covid Treatment Aviptadil Discontinued
- SAN FP : Regeneron, Sanofi Say FDA Accepts Dupixent for Priority Review
- STR AV : Strabag 1Q Output Volume EU3.07B
- TIT IM : Telecom Italia Said to Seek $21.5 Billion for Landline Network
- UBXN SW : U-Blox Raises Rev, Ebitda Guidance for FY on Strong Billings
- UCG IM : Pressure Mounting on ING, UniCredit to Find Russia Exit Strategy
- DG FP : Vinci Wins EU535m Contract for Femern Tunnel

>>> Europe : Brokers Upgrades & Downgrades - 31st of May 2022

>>> Up
* AIB Group Raised to Reduce at AlphaValue/Baader
* Amundi Raised to Outperform at KBW; PT 82 euros
* Aperam Raised to Overweight at Morgan Stanley; PT 51 euros
* Borr Drilling Raised to Buy at SpareBank; PT 55 kroner
* Engie Raised to Buy at HSBC; PT 15.90 euros
* Kering Raised to Buy at HSBC; PT 600 euros
* Northland Power Raised to Buy at Accountability Research
* Shelf Drilling Raised to Buy at SpareBank; PT 25 kroner
* Siemens Healthineers Raised to Overweight at Barclays
* VW Raised to Buy at HSBC; PT 234 euros

>>> Down
* Acerinox Cut to Equal-Weight at Morgan Stanley; PT 13.30 euros
* DWS Cut to Market Perform at KBW; PT 41 euros
* HBM Healthcare Cut to Add at Baader Helvea; PT 292 Swiss francs
* IAG Cut to Equal-Weight at Morgan Stanley; PT 144.89 pence
* Maisons du Monde Cut to Neutral at Citi; PT 14 euros
* S Immo Cut to Accumulate at SRC Research; PT 26 euros

>>> Initiation
* Atome Energy Rated New Buy at Liberum; PT 181 pence
* Quilter Rated New Neutral at Goldman; PT 135 pence
* St James's Place Rated New Buy at Goldman; PT 1,770 pence
* Tate & Lyle Resumed Neutral at Citi; PT 850 pence

>>> Call
* AllianceBernstein Likes China Stocks, Sees Policy Support Coming
* Aperam Now Preferred to Acerinox in Stainless Steel, MS Says
* Ferrari PT Cut at Citi, Targets at CMD Expected to Disappoint
* Maisons du Monde Cut to Neutral at Citi on Earnings Headwinds
* Stay Defensive in Airlines, IAG Downgraded: Morgan Stanley

SMCP : China’s third aircraft carrier ‘to be launched on Dragon Boat Festival’

China’s third aircraft carrier ‘to be launched on Dragon Boat Festival’
  • Preparations appear to be under way at Jiangnan shipyard in Shanghai, where the warship is under construction
  • Military insider says it will take place on Friday and that the vessel ‘needs to go into sea trials as soon as possible’

Recent satellite imagery shows construction work on the aircraft carrier has almost been completed. Photo: Google Earth

A shipyard in Shanghai appears to be preparing to launch China’s third aircraft carrier, the Type 003, and according to a military source it will take place this Friday – coinciding with the Dragon Boat Festival.

The Maritime Safety Administration last Friday issued a notice calling for berths to be cleared for an operation at the No 3 and No 4 docks at the Jiangnan shipyard on Changxing Island, where the warship is under construction.

It said the operation would be under way from 5.30am to 4pm on Monday and would involve five platforms, three tugboats and two salvage ships.

Naval experts said the arrangements suggested that the Jiangnan shipyard was preparing to launch the new aircraft carrier.

“The latest satellite imagery shows the Type 003 had been blocked by a huge ship segment – this was done so that passing commercial ships couldn’t see the construction progress,” said Lu Li-shih, a former instructor at the Taiwanese Naval Academy.

“That segment will have to be moved so that they can launch the Type 003 by sliding it into the water.”

He added that the launch would mean the construction work in the dry dock had been completed and it would next go through tests and equipment installation based on sea trials.

A military insider familiar with China’s aircraft carrier projects said the launch would take place on the Dragon Boat Festival – confirming speculation on social media.

“The aircraft carrier needs to go into sea trials as soon as possible – it may take several years to achieve initial operational capability,” said the insider, referring to the basic requirements for a warship to be deployed.

There were expectations the aircraft carrier would be launched on April 23 to mark the 73rd anniversary of PLA Navy, but the plan was delayed because of Covid-19 pandemic in Shanghai.
Beijing-based naval expert Li Jie said this Friday would be a “good day for the birth of the ‘third child’”, using the warship’s nickname on Chinese social media.

“It implies the vessel is the country’s dragon boat – a good blessing,” he said.

Li added that “time is precious” for the aircraft carrier. “The installation of all of the weapon systems and the activation of its propulsion system will only start after the hull is proven to have no leaks once it goes into the water.”

The military insider said the shipyard had been scrambling to catch up after Covid-19 restrictions in Shanghai, with nearly 4,000 people back at work on the aircraft carrier since late April.

That was well before the city is due to return to work on Wednesday after a coronavirus outbreak prompted more than two months of strict curbs and lockdowns.

“The shipyard was able to resume work earlier because its operations are under a closed-off management system,” the person said. “None of the workers have been allowed to go out.”

All employees were required to show negative PCR test results for at least the previous week before they returned to work, according to earlier reports.

The new aircraft carrier has a flat-top flight deck equipped with three electromagnetic catapults, similar to the world’s most advanced aircraft launch systems. It is expected to be named the Jiangsu, in line with the protocol of naming the vessels after coastal provinces from north to south.

FT : Executives ‘buy the dip’ at rate not seen since start of pandemic

Executives ‘buy the dip’ at rate not seen since start of pandemic
Stock purchases by company insiders are encouraging sign for markets, say some analysts

Corporate executives have this month bought shares in their companies at a rate not seen since the early days of the Covid-19 pandemic in what some Wall Street analysts said was an encouraging sign for the US stock market.

Between the start of the month and May 24, insider buying at S&P 500 companies has been the strongest since March 2020, according to figures from VerityData. For the broader Russell 2000 index, there have been more insider buyers than sellers this month for the first time since March 2020, VerityData said.

Despite retail investors pulling out of the stock market and the looming threat of a slowdown or recession, “corporate insiders are holding a non-consensus view across most sectors and [are] actively buying the dip”, analysts at JPMorgan said in a May 27 note, adding that the share purchases were encouraging for the direction of stock markets.

US stocks snapped a seven week losing streak on Friday although the benchmark S&P 500 index is down 12.8 per cent so far this year.

Strong insider buying “has historically been a pretty good sign of market bottoms”, said David Giroux, portfolio manager at T Rowe Price.

“Insiders are saying ‘we don’t see a massive event coming’ . . . [that] these are really good buying opportunities,” he added. “This is just another confirming data point that should be positive for the market over six to 12 months if not longer.”

Earlier this month Howard Schultz bought $15mn of Starbucks shares after returning as interim chief executive in March to the company he turned into a global coffee chain. It was the first insider stock buying at Starbucks since August 2018, VerityData said. Starbucks shares are down about 35 per cent so far this year.

Vladimir Shmunis, co-founder and chief executive of RingCentral, a web-based app company that replaces landline phones, spent $1.2mn on his first stock purchase since the company went public in 2013. RingCentral has seen its share price plunge more than 60 per cent this year.

Representatives from Starbucks and RingCentral did not respond to a request for comment.

“There is certainly message sending [with] buying and some of it is performative,” said Ben Silverman, research director at VerityData.

However, Silverman said that he would have expected “more intense buying right now”, especially at S&P 500 companies.

“In March 2020, no one had any clue how the next two years would play out,” he said, adding that at the start of the pandemic “we saw a lot more [buying] conviction”.

WWD: La Dolce Vita Is Back: How Rome’s Via Veneto Is Regaining Its Allure

La Dolce Vita Is Back: How Rome’s Via Veneto Is Regaining Its Allure
Crazy Pizza, Rosewood, Twiga, Nobu Hotel, W Rome and Mandarin Oriental are just a few of the names that are bringing back Via Veneto's notoriety, which once was the epitome of Rome's "Dolce Vita."

The courtyard at the W Rome

Walking along Via Veneto in Rome, one is mesmerized by the grandeur of the avenue, with its wide sidewalks, gigantic buildings that were once luxury hotels, the tall trees that line the road. It’s been known as Rome’s Champs-Élysées or the equivalent of Italy’s Fifth Avenue. The street was catapulted to fame by Federico Fellini’s iconic film “La Dolce Vita,” which immortalized a life of all-Italian indulgence, made up of endless aperitifs at Harry’s Bar and secret parties in the most luxurious hotels.
But after its peak period, Via Veneto unfortunately became one of the symbols of the Eternal City’s decline, not because Romans were forgetting its glitz and glamour but because its buildings, restaurants and bars needed renovation and to be rejuvenated with a more international vibe.


There are many reasons why Via Veneto fell behind and until now no major international hospitality group was willing to invest in the street. However, things are steadily changing and Via Veneto seems poised for a rebirth thanks to a slate of openings of internationally known restaurants and hotels this year and next.

A scene from “La Dolce Vita” movie by Federico Fellini

Angelica Corsini, head of business development at Arsenale Group, a leading specialist in hospitality, claims that “the problem behind Italy and, in particular, Rome’s offer of hotels is that our country does not reach 7 percent of structures managed by big groups, whereas in the rest of Europe, it counts up to 30 percent. The [Italian] hotels are often managed by families so they have limited access to investment capital to modernize the structures and services offered.”
Another issue that discourages funds and investors, says Corsini, is the web of “very complex bureaucratic processes; there are major delays in the completion of projects.”
The Hotel de la Minerve in Rome

Arsenale is an Italian company founded in 2020 by Paolo Barletta with the primary objective of enhancing Italy’s tourism sector through two main divisions: Hospitality Hotel and Resort. The group is behind the opening of the first Soho House in Italy, in Rome, which has seen a “strong interest from customers” since its opening, says Corsini, despite it being a totally new concept for the city. In addition, Arsenale acquired the Hotel de la Minerve in 2021, which is situated in one of Rome’s most prestigious locations, the Pantheon square.
The new Soho House in Rome

The Hotel de la Minerve also will be used by guests of the Orient Express train “La Dolce Vita,” a project led by Barletta’s company. The train is a partnership among Arsenale, the Accor group and Trenitalia that allowed the group to develop a luxury train that offers five-star service across 14 Italian regions.
A rendering of the Orient Express “La Dolce Vita” train’s restaurant
“We are investing a lot in Rome,” claims Corsini. “Our strategy is aimed at enhancing the most unique assets in the great city of Rome. To compensate our fast growth, we announced the partnership with the American fund, Oak Tree.”
On Via Veneto, in February Italian entrepreneur Flavio Briatore opened his Crazy Pizza restaurant.
The Crazy Pizza Restaurant in Rome’s Via Veneto

Crazy Pizza, part of the Majestas luxury dining and entertainment group founded in 1988 by Briatore, in 2019 opened in London’s Marylebone, and the restaurant was so well received that it was followed by other units in London’s Knightsbridge right across the road from Harrods, Monte Carlo, Porto Cervo last summer, Riyadh and most recently in Milan.


“For our entry in Italy, and especially in Rome, we wanted to give a strong message, choosing an iconic location, Via Veneto, with the hope of being able to contribute to its well-deserved rebirth,” Briatore says. “Crazy Pizza moves away from the traditional concept of pizzeria. It is a chic reinterpretation of the most loved and popular food in the world.”
The Crazy Pizza restaurant in Rome’s Via Veneto
COURTESY IMAGE
While Crazy Pizza Rome started as dinner-service only, due to the high demand in April, the group decided to extend its opening to lunch. It can accommodate up to 42 guests in the outside patio and it has 62 seats indoors.
Next up for the Italian entrepreneur is the Twiga restaurant and club on Via Veneto, on the top floor of the Bernini Hotel in Piazza Barberini. It will combine great Italian cuisine with music, dancing and a club-like atmosphere, Briatore says. The establishment is already a key attraction in the luxury resort Forte dei Marmi as well as in London and Monte Carlo.
An exclusive rendering of the Twiga restaurant and club in Rome, Piazza Barberini

Twiga Roma is still under construction and is expected to open in September, with 40 seats inside and a terrace that can seat 120.
Other openings are planned this summer, including the Nobu Hotel and restaurant, located in the historic Grand Hotel Via Veneto’s building. In 2023, the Rosewood hotel will arrive in the capital, as will the Mandarin Oriental in Via Piemonte, just five minutes walking distance from Via Veneto.
Luxury and international hospitality groups are integrating the city’s enormous artistic and historical heritage into their projects. For example, W Rome, which opened last fall in Via Liguria, a two-minute walk from Via Veneto, inaugurated its terrace in April. Owned by American multinational group Marriott, this is the first W hotel to open in Italy.
The rooftop at the W Rome

Thanks to the expertise of the Meyer Davis Studio, the hotel maintains classic Roman features, such as the courtyard inspired by the architectural style of the 17th-century Francesco Borromini, decorated with benches and fountains; the suites, which have references to Rome, and the terrace offering unique views of the city.
The courtyard at the W Rome

The W Rome occupies two adjacent 19th-century buildings and has 147 rooms and 15 suites. According to Candice Cruz, vice president for Europe, Middle East & Africa of Marriott International, “W Rome will surprise both international travelers and local citizens with unforgettable culinary experiences and sophisticated designs inspired by the history and culture of the city.”


The rebirth of Via Veneto means that Rome is expected to see rapid growth in the number of tourists who are willing to spend more but require unique experiences. In addition, in 2025 Rome will have its next jubilee and the city has entered the competition to be the site of the next Expo, in 2030.
Because of this, Arsenale’s head of business development Corsini says that it “is essential to take advantage of this historical moment, to enhance and adapt unique structures and be prepared once the resumption of tourist activity in Italy takes place.”

WWD : The Standard Expands Into Ibiza With Old Town Spot

The Standard Expands Into Ibiza With Old Town Spot
Given its unique location, the hotel wants to offer guests access to a multitude of cultural experiences, on top of the usual beach and sunshine.

The Standard, which has established itself as a hub for creatives in cities like New York, Los Angeles and London, has opened its doors in Ibiza, a hot spot for top fashion designers like Jonathan Anderson to spend their summers.

Located in the old town part of the Spanish island, a location that deviates from the many coastal luxury hotels, The Standard is set in a stark-white building and designed by Spanish creator Lázaro Rosa-Violán, with interiors by Oskar Kohnen in collaboration with the hotel’s in-house design team.

With 67 rooms and suites, starting from 255 euros per night (and 550 euros for high season), a street-level restaurant called Jara, rooftop bar, Up, with a 15-meter swimming pool and panoramic views of the island, and a separate building called Casa Privada for group bookings, the hotel said the design aims to “celebrate the resurgence of the energy that originally attracted so many to Ibiza and the rejuvenation of Flower Power with a chic new ’60s vibe.”

In an interview with WWD, Amber Asher, chief executive officer of Standard International, said given its differentiated location, the hotel wants to offer guests “access to a multitude of cultural experiences,” on top of the beach and sunshine.

“The streets around the old town are lined with world-class restaurants, cafés and local bars while historical sites like the UNESCO World Heritage-listed fortified old town and castle sit just a short walking distance away. The area is great for people watching and for wandering the narrow cobbled streets to explore the myriad local shops and galleries,” she explained.

“We are also steps from the port where our guests can take a short boat trip to the many cultural sites around Ibiza or go island hopping for the day and explore unique destinations like Formentera for lunch and an afternoon swim,” she added.
Other great spots to check when staying in the old town also include the bar Paradise Lost, the Museo Arqueológico de Ibiza y Formentera, Museo de Arte Contemporáneo de Ibiza and the Calle De La Virgen, Asher said.

She hopes that instead of just capturing seasonal tourists, the hotel can be “a year-round, adult-only, social epicenter for drinking, dining, listening to music and gathering with friends for locals.”

“We opened The Standard London, our first in Europe in 2019 to our growing community of friends in fashion, the arts, business, technology and hospitality, with a priority placed on embracing London locals,” she said. “The Standard Ibiza will cater to a similar dynamic and worldly mix of guests.”

The hotel will reflect local culture with its culinary offerings as well as its music programs, which will embrace the essence of Ibiza’s Balearic sounds, with DJs during dinner at Jara and occasional live acoustic shows on the roof at Up, Asher said.

The hotel has also commissioned Madrid-based artist Nicolas Villamizar to paint murals that are a celebration of life, music and dancing, as a tribute to life on the island of Ibiza.

For this summer, especially when the fashion crowd will collectively descend on the island from Paris after Haute Couture fashion week, The Standard Ibiza has prepared a great lineup of music performances to entertain the guests, including a live show with Quinn Luke Lamont on July 13.

For a little warm-up, the hotel flew young Hollywood actors Florence Pugh, Will Poulter, Aron Piper, Yahya Abdul-Mateen 2nd, model Soo Joo Park, British drag queen Bimini Bon Boulash, and fashion designers Maximilian Davis, Harris Reed and Chet Lo on private jets for the opening party on May 21. They began the evening with cocktails at the rooftop bar and continued with an all-night party at Jara with a performance by Irish singer Róisín Murphy, and music by Maurice Felton and Benji B.

WWD : Fusalp Eyes Expansion With New Investors

Fusalp Eyes Expansion With New Investors
French luxury skiwear brand Fusalp plans to open stores in the U.S. and launch footwear this year, as new investors join its capital.

PARIS — French luxury skiwear brand Fusalp is looking to break new ground, particularly in the U.S., with the backing of new investors who will enter its capital on Tuesday.

“We are a family-owned company, so we like to know our partners very well. We had this conversation for some time, speaking about the business, getting to know each other and now we feel that we need to really seize the moment to develop ourselves, especially in America. [So] we felt they could be the right partners because [we share] the same ways of seeing business, continuity and strengthen the business in the long term,” Fusalp co-president Sophie Lacoste told WWD.

Swiss investment funds Mirabaud Patrimoine Vivant and Mirabaud Lifestyle Impact & Innovation, founded and led by David Wertheimer, Renaud Dutreil and Luc-Alban Chermette, will take a combined minority stake through a 12.5 percent capital increase.

Founded in 1952, the French company based in the Alps is best known for its early technical advancements such as contour-fit ski pants, ski stirrup pants and one-piece suits worn by the French national ski teams in the 1960s.

After hitting hard times in the mid-1980s, Fusalp was purchased by siblings Sophie and Philippe Lacoste, grandchildren of tennis legend and Lacoste founder René Lacoste, and former Lacoste executive Alexandre Fauvet in 2014.

The deal was several years in the making, a process that is part of the trio’s overall slow-and-steady approach to doing business.

That said, Sophie Lacoste said Fusalp had grown its 6-million-euro turnover in 2014 to an expected 40 million euros for the current fiscal year, which ends in May, to the tune of 30 percent a year — excluding the 2020 fiscal year impacted by the pandemic.

“When we choose a partner and when they choose us, we need to make sure that our values are aligned — business-wise but also in a more general way — because we like to see things long term,” Philippe Lacoste said, describing that vision as “building a high-quality brand with high-quality products bringing something unique to the market,” one apt to grow internationally.

“We are very happy to join the Fusalp adventure alongside passionate entrepreneurs who have style, sport and France in their genes,” stated Dutreil, a former LVMH Moët Hennessy Louis Vuitton executive who served as French minister in charge of small and medium-size enterprises in the early 2000s.

The executives at the investment funds lauded the successful relaunch led by Sophie and Philippe Lacoste, the brand’s combination of style and technical performance as well as its global potential.

The funds have previously taken stakes in companies that “represent the French industrial know-how and lifestyle” such as footwear brands Clergerie and Heschung, sportswear label Le Coq Sportif and shirt specialist Anne Fontaine. They will join individual investors such as Frédéric Biousse and Elie Kouby, the founders of Experienced Capital, and Galeries Lafayette managing director Nicolas Houzé. The Lacoste family will remain majority shareholders.

Through the new partnership plans are to further develop the business in North America, a market that is currently the brand’s second-largest on its e-commerce, said Sophie Lacoste. In the U.S., a boutique in Aspen is slated to open in November, followed by another on New York’s Madison Avenue. These openings will bring the brand’s retail footprint to a total of 55 boutiques by the end of 2022, up from three in 2015.

Developing wholesale in the U.S. will be the next order of business, with the recent recruitment of an executive to handle this territory and help establish the brand in high-end department stores.

Further afield, the Fusalp executives plan on “seeing what works there…we feel we can really build something strong” before pursuing opportunities in places like Chicago, Los Angeles or Toronto, Canada.

While France remains the main market for the brand, accounting for 70 percent of sales, the growth in the rest of the world is progressing apace with last year’s doubling of overall revenues.

While South Korea has emerged a strong entry point into Asia, developments in China are on hold due to the country’s closed borders and despite the recent Beijing Olympics, where Fusalp dressed the U.K.’s GB Snowsport alpine and para-alpine ski teams.

Also on the cards is the launch of footwear, slated for the fall. This comes as the brand looks to leverage its sports heritage into a wardrobe fit for consumers who expect their clothes to accompany them seamlessly from biking to work, working from home and heading into business meetings, as she put it.

With a near-even split between male and female consumers, Sophie Lacoste described the brand as “transgenerational” with its core market aged between 30 and 45 years old.

“A jacket can be worn by a 25-year-old and almost their grandfather. The durability of our clothing — in terms of quality and style — is also very pertinent for us. It is stuff that you can wear with great pleasure for a long time,” said Sophie Lacoste, who described Fusalp customers as “a population of people that are passionately educated and look for products [offering] great value.”

This segues into current conversations around sustainability, an “ongoing process” that Fusalp started looking into two years ago. “We need to make sure that sustainable development is at the center of everything we do. But we still have many things to learn both ourselves and as an industry,” said Philippe Lacoste.

For now, the brand, which signed the Fashion Pact in 2021, will continue to focus on offering durable, repairable products “because that’s the best way to do it…and then look at other subjects,” said Sophie Lacoste, citing the impact of natural fibers and a current lack of transparency on recycling as some of the issues to close the loop.

“It’s really about thinking deeply about what we do before doing [them] because sometimes you have some ideas coming that proved to be very wrong. So you have to be very careful on the decision you take — this matters,” she added.

FT : Iranian anger at corruption boils over after fatal building collapse

Iranian anger at corruption boils over after fatal building collapse
Protesters voice frustration with Islamic republic’s new wealthy elite as inflation escalates and nuclear talks stall

The evidence suggests that when the 10-storey Metropol Twin Towers Complex collapsed in the Iranian city of Abadan, property developer Hossein Abdol-Baghi was one of the 32 victims.

There was an official DNA match. He was pictured in the building before the collapse. His family have been seen weeping on television.

But that has not been enough to convince those who have taken to the streets over the past week to protest against corruption. Deeply suspicious of the official narrative, they say his influential backers helped him flee the country and escape their wrath.

“It is too obvious that he is not dead. If his face and body were so smashed to necessitate a hasty DNA test, why were his identification cards in his pocket unscathed?” said Reza, an unemployed 28-year-old man in Abadan.

“Why was Abdol-Baghi allowed to build such a non-standard building?” he added, implying it was because of his links to high-level officials.

The view that Abdol-Baghi must have escaped speaks to the level of anger at corruption in the Islamic republic, where people are already struggling with rising prices and a battered economy. With inflation at nearly 40 per cent, talks with western powers over a deal to curb Iran’s nuclear ambitions in return for the lifting of US sanctions have also stalled.

The province of Khuzestan, sitting on Iran’s biggest oil and gas reserves, was the centre of anti-regime protests in 2019. Demonstrations against the rising cost of fuel ended in violence, with more than 300 people dead across the country, according to Amnesty International.

Local people say not only has their share of the oil-rich province’s natural wealth been meagre but that new development projects have also benefited the corrupt.

“Discrimination and corruption of officials bother people in Khuzestan the most. We walk on oil but our houses are still made of mud and bricks,” said Hosna, who left her native Abadan for Tehran. “Such incidents are a pretext for people to go to the streets and get rid of their pent-up anger.”

Iranian leaders have acknowledged that corruption is a significant problem and have promised to deal with it. They blame it on dishonest individuals and say it is not an institutional problem. Analysts say a generation of young businessmen has emerged, loyal to the regime. Their expensive cars and big houses often rankle with ordinary Iranians.

“In every city, there are some ‘Hossein Abdol-Baghis’,” wrote Mostafa Tajzadeh, a reformist politician in Tehran on Instagram. “They have certain things in common: they have astronomical wealth, run charities, hold religious ceremonies . . . are close to members of the parliament and city councils . . . have several major construction projects . . . As simple as that.”

The authorities’ delayed response to the tragedy has also angered protesters. Official condolences were delivered a few days after the building collapsed. The government of Ebrahim Raisi called Sunday a national day of mourning.

Iran’s supreme leader, Ayatollah Ali Khamenei, has been the main target of slogans in Abadan. Protesters have also used a new revolutionary hymn, “Hello Commander”, which has been widely promoted on social media, to signal their disapproval. Many post videos of the disaster on social media, saying “Hello Commander, see this”.

In one film on social media, a woman walks through the ranks of the riot police in Abadan. She can be overheard asking them: “You are [sent by] ‘Hello Commander’? . . . Are we rioters? All of us?”

The anger “is rooted in the extreme poverty in this very rich province”, said Ahmad, 32, who has migrated to Tehran from Khuzestan to look for a job in the hospitality sector. “Even for oil companies, non-locals are recruited. Everywhere you go, you see lots of young men standing in the streets idle and chatting and smoking.”

There are no reports yet of any deaths during the protests. Unofficial accounts say security forces have fired live ammunition and birdshot and used tear gas. “It is a disastrous situation. There are demonstrations every night,” said a resident of Abadan who did not want their name published. “All main streets are surrounded [by security forces].”

Authorities have said they will take action against those responsible for the tragedy. Some officials, including the mayor, were arrested on suspicion of failing to oversee the building project properly.

But Reza doubts the protests will bring change. “People will protest a bit more and soon they have to go back home and continue their miserable life while Abdol-Baghi enjoys his luxurious life in Dubai,” he said.