Latest news for Christian Dior (OTC:CHDRY) Stock

Christian Dior

Christian Dior SE is a holding company with full ownership of Christian Dior Couture and a controlling interest in LVMH. Christian Dior Couture sells apparel, leather goods, jewelry, and accessories under various Dior brands. The majority of sales are through its retail stores. Through LVMH, the company operates the following business groups: wines and spirits, fashion and leather goods, watches and jewelry, perfumes and cosmetics, and selective retailing. LVMH has dozens of brands throughout its businesses, including Dom Perignon, Hennessy, Louis Vuitton, Fendi, TAG Heuer, and Sephora. The company's revenue is distributed throughout Europe, Asia, and the United States.

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The company&#39;s non-compliance with the UK&#39;s Modern Slavery Act of 2015, which mandates annual statements on steps taken to combat forced labor, has raised concerns.

LVMH&#39;s Dior Faces Scrutiny Over Delayed UK Supply Chain Disclosures And Outdated Certifications

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Christian Dior SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CHDRY#OTC">CHDRY</a>), a subsidiary of <a href="https://www.benzinga.com/news/large-cap/24/07/39920045/arnaults-fortune-falls-as-lvmh-misses-on-earnings-zuckerberg-now-eyes-third-spot-on-billionaires-l">French luxury goods conglomerate</a> LVMH Moet Hennessy Louis Vuitton SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), is reportedly behind on the UK&#8217;s required supply chain disclosures. The company&#8217;s website also contained outdated statements about third-party certifications.



What Happened: Until Jul. 19, Dior&#8217;s UK website displayed an anti-slavery statement from 2020 and an obsolete sustainability certification, Reuters reported. This was discovered through a review of company filings.



The company&#8217;s non-compliance with the UK&#8217;s Modern Slavery Act of 2015, which mandates annual statements on steps taken to combat forced labor, has raised concerns. 



The investigation into Dior&#8217;s practices has prompted calls from investors like Amundi and others for LVMH to take more aggressive measures in monitoring its suppliers&#8217; treatment of workers.



Following inquiries about its compliance with UK regulations, Dior published a modern slavery statement for 2023. The company claims to have ceased working with suppliers involved in illegal practices and is cooperating with authorities, according to the report.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152336/shiba-inu-lead-developer-shytoshi-kusama-nods-to-crypto-analysts-sentiment-on-selling-amid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Lead Developer Shytoshi Kusama Nods To Crypto Analysts&#8217; Sentiment On Selling Amid Market Crash: &#8216;They Really Want Your Cheap Crypto&#8217;</a>



Despite the legal obligation to publish these statements, no company has yet been penalized for non-compliance. There are ongoing discussions among lawmakers and rights groups about introducing penalties for non-compliance, according to Sara Thornton, professor of modern slavery policy at the University of Nottingham&#8217;s Rights Lab, the report said.



&#8220;We have been preparing an up to date modern slavery statement, which&#8230;has now been published on our website,&#8221; Dior said in a statement, according to the report. 



Why It Matters: This development comes at a time when LVMH is facing other challenges. The company&#8217;s <a href="https://www.benzinga.com/news/large-cap/24/07/39920045/arnaults-fortune-falls-as-lvmh-misses-on-earnings-zuckerberg-now-eyes-third-spot-on-billionaires-l">earnings fell short of expectations</a>, leading to a significant drop in the fortune of its CEO, Bernard Arnault. This has raised the possibility of Meta Platforms Inc. CEO Mark Zuckerberg overtaking Arnault as the third-richest person in the world.



Despite these challenges, LVMH has been strengthening its ties with Alibaba Group&nbsp;Holding Limited to enhance its <a href="https://www.benzinga.com/markets/equities/24/05/38967742/louis-vuitton-and-alibaba-strengthen-ties-to-boost-ai-powered-luxury-retail">luxury retail experience</a> in China. This partnership aims to leverage Alibaba&#8217;s cloud technologies and AI-powered retail innovations to elevate the luxury experience in China.



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Image Via Shutterstock 



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

LVMH's Dior Faces Scrutiny Over Delayed UK Supply Chain Disclosures And Outdated Certifications

<ul>
	<li>French luxury fashion brand&nbsp;Chanel&rsquo;s&nbsp;owners raked in&nbsp;a $5 billion windfall in 2021,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2022-06-10/chanel-owners-get-5-billion-in-dividends-as-sales-of-luxury-goods-boom?srnd=premium#xj4y7vzkg" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Bloomberg reported</a>.</li>
	<li>Citing the U.K. filings, the report noted Wertheimer family, which owns the brand, got two $2.5 billion dividends in 2021 through their Cayman Islands-based holding company.</li>
	<li>The surge in the global demand for Chanel&rsquo;s products shot the owner&rsquo;s fortunes to new highs.</li>
	<li>Specifically, the report cited Bloomberg Billionaires Index that the Wertheimers&rsquo; net worth skyrocketed 37% in 2022 to $90 billion.</li>
	<li>The company looks to invest $1 billion in 2022 and plans to hire more than 3,500 workers, the report added.</li>
	<li>Photo Via Company</li>
</ul>

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