France has fined eBay €1.7 million for not respecting fully a July 2008 injunction against sales of LMVH luxury goods on the online auction site. The web site reportedly let 1,400 sales of the company’s perfumes and other luxury goods slip through the filtering software it installed last year to comply with the court order. eBay was initially accused of not doing enough to stop copies of the company’s products, but the court order applies to fake as well as legitimate LMVH goods, new or used. Alex Von Schiermeister, director of eBay Europe, calls the fine disproportionate.
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Geneva, Switzerland (Romandie News, Fre) – Genthod-based luxury watchmaking group Franck Muller announced 4 June that it was laying off 200 employees of the approximately 400 remaining in the Lake Geneva region. This comes after a cut of 100 in April. Citing a very difficult situation in the global luxury business, company president Vartan Sirmakes said the company had to adapt its costs to market realities, Romandie News reports.
Geneva, Switzerland (GenevaLunch) - Geneva-based luxury products maker Richemont announced Monday that third quarter turnover was down by 7%, some CHF2.31 million. December alone saw a particularly sharp drop in sales, 12% overall, but 24% in the US. The impact of the global financial crisis began to be felt particularly strongly in October, the group says in its press release.
