EU BEAUTY BAN: The European Parliament voted Wednesday in favor of legislation that, if passed by all European Union member states, will ban EU cosmetic companies from testing all new products on animals and bar imports of all new beauty products tested on animals by 2009. The legislation puts to rest years of disputes over how tough new regulations should be, but it could set the stage for a possible trade dispute with the U.S., if companies cannot find alternatives to animal testing in six years. The rules will not affect some 8,000 cosmetic ingredients tested on animals that are already on the market.

PPR’S GUCCI STAKE: Cutting the size of the bill coming due in 2004 and mirroring a similar move last month, Pinault-Printemps-Redoute SA added 1.1 percent to its stake in Gucci Group NV during the past two months. According to a filing with the Securities and Exchange Commission, PPR, through its Scholefield Goodman BV subsidiary in The Netherlands, spent $102.9 million for a total of 1,104,000 common shares of Gucci between Dec. 27 and Jan. 15, boosting its stake in the Dutch luxury powerhouse to 55.2 percent of outstanding shares. Because PPR has pledged to buy all shares of Gucci it doesn’t own in 2004 for $101.50 each, the transactions, at an average price of $93.20 a share, represent a savings of about $9.2 million for the French retailing giant.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus