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CEO François-Henri Pinault said the company “remains confident” despite the coronavirus’ effect on the key Chinese market.
The company plans to put the capital towards its expansion, particularly into the Chinese market.
The annual $5,000 award is given in honor of the late Brooke Tivol McGrath.
The retailer has a five-step plan, including closing 125 stores over the next three years and reducing its headcount by 2,000 employees.
LVMH CEO Bernard Arnault called the approval a “significant milestone” in completing the deal.
Mall owners Simon Property Group and Brookfield Property Partners and licensing company Authentic Brands Group want to buy the bankrupt fast-fashion retailer.
CEO Alexander Lacik told Reuters the jeweler’s business in China is in “standstill mode” as a result of the coronavirus.
The industry veteran’s experience spans more than 35 years and includes roles in retail, manufacturing and design.
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Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.