The News In Brief
Meta Invests $3.5 Billion in EssilorLuxottica in AI Glasses Push
Meta Plaforms Inc. bought a minority stake in EssilorLuxottica in a deal that increases the US tech giant’s commitment to the fast-growing smart glasses industry, according to people familiar with the matter.
Trump Says Pharmaceutical Tariffs Could Reach 200%
The Trump administration launched an investigation into the pharmaceutical industry in April as a bid to impose tariffs on the grounds that extensive reliance on foreign production of medicine is a national security threat.
Shein Files for Hong Kong IPO to Save London Listing, FT Reports
Shein has reportedly filed for an IPO in Hong Kong to expedite its listing and encourage British regulators to approve its planned London debut.
Asian Economies in Rush To Cut Tariff Deals
The Trump administration announced rates that remained above 30 percent for manufacturing countries like Bangladesh, Cambodia and Thailand ahead of a new August 1st deadline.
LVMH to Sell Santa Barbara’s El Encanto Hotel for $82.2 Million
The French luxury giant is selling its only US hotel, the El Encanto in Santa Barbara, California.
Michael Burke Tapped to Lead LVMH Americas
The LVMH veteran has been named chairman and chief executive of LVMH Americas as the company navigates a 'complex and evolving geopolitical period.'
Amazon Prime Day Set to Lift US Online Sales to $23.8 Billion, Adobe Estimates
Year-on-year sales from July 8 to 11 are expected to rise 28.4 percent across US retailers.
Trump Sets August 1st Start for Tariffs Ahead of Wednesday Deadline
New trade deals and tariff warnings are set to be announced, with negotiations ongoing to avoid punitive measures on exports to the US.
Birkenstock Cracks Down on Fakes in India
Indian court-appointed representatives recently inspected factories to seize suspected counterfeit footwear, after the German brand launched an infringement lawsuit, sources said.
US Close to Several Trade Deals, Bessent Says
Announcements are expected in the coming days ahead of a July 9 deadline for higher tariffs, according to the US Treasury Secretary.
H&M Releases First Images With AI Digital Twins
The company debuted the images on Instagram on Wednesday, in a post that explained its approach to AI imagery.
France Fines Retailer Shein €40 Million for Misleading Discounts
Fast-fashion retailer Shein has been fined €40 million for deceptive business practices, after a nearly year-long investigation found that a significant percentage of advertised deals were not genuine.