Re: Re: Should the Clarence Hotel redevelopment get permission?
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LVMH to take stake in Bono-backed ethical fashion brand
The French luxury goods group is to take a stake in Edun, the ethical fashion brand founded by Bono and his wifeTimes Online
LVMH, the French luxury goods group, is to take a stake in Edun, the ecological and ethical fashion brand founded by Irish singer Bono and his wife, Ali Hewson.
Speaking at LVMHâ€™s annual shareholdersâ€™ meeting in Paris, the groupâ€™s chief executive, Bernard Arnault, said Edun will sit alongside the companyâ€™s other fashion brands such as Celine, Kenzo, Marc Jacobs and Louis Vuitton. He did not specify the size of the stake or give any financial details.
Launched in 2005 by Bono and Mrs Hewson, Edun sells T-shirts and dresses in organic cotton made in countries such a India, Peru, Uganda, Kenya and Lesotho.
The company says on its website it aims to encourage sustainable employment in developing regions, particularly Africa. Bono, whose real name is Paul Hewson, is famous for fronting the band U2 and for his extensive campaigning for African humanitarian causes, which has led to three Nobel Peace Prize nominations.
As he announced the Edun deal, Mr Arnault said trading in April at LVMH was broadly in line with the level seen during the first quarter, with a slight improvement in wines and spirits
Few have escaped in the last 18 months even some of the most risk averse funds have seen performances of -30% p.a.
Will this project happen in the current climate?
Not unless the syndicate empty their matresses