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PARIS (Reuters) – Renault’s (RENA.PA) interim deputy chief executive said he would safeguard the carmaker’s interests in its alliance with Nissan Motor Co (7201.T), following the ouster of Carlos Ghosn as Nissan chairman over financial misconduct allegations. The Nissan board’s vote to remove Ghosn as chairman on Thursday drew a firm line under his stewardship of the nearly two-decade-old alliance types of cufflinks uk sale. “I will make sure we guarantee our stability and stay focused on our missions to preserve the interests of Renault and the sustainability of the alliance,” Thierry Bollore, named as Ghosn’s stand-in at Renault after the industrial star’s arrest in Japan, said in a video to shareholders..
The shareholding structure among Renault, Nissan and Mitsubishi, which was brought into the alliance in 2016, has become a source of tension alongside the removal of Ghosn, with Nissan unhappy with what it sees as a junior partner status. Renault owns 43.4 percent of Nissan, while Nissan has only a 15-percent non-voting share in Renault types of cufflinks uk sale. Yet Nissan is 60 percent bigger than the French automaker by sales. The relationship is further complicated by the role of the French state, which holds 15 percent of Renault and enjoys double-voting rights..
Ghosn and former Nissan Representative Director Greg Kelly are being investigated over alleged conspiracy to understate Ghosn’s compensation over five years from fiscal 2010 by about half of the actual 9.998 billion yen ($88.9 million) types of cufflinks uk sale. On Friday, the Asahi newspaper reported that Japanese prosecutors are likely to build a new criminal case against Ghosn for understating his remuneration by 3 billion yen ($27.0 million) over three years from fiscal 2015. In the wake of Ghosn’s spectacular downfall, French and Japanese government ministers have reaffirmed support for the Renault-Nissan alliance, which was enlarged to include Mitsubishi in 2016..
SHANGHAI (Reuters) – Dolce & Gabbana’s co-founders asked for China’s “forgiveness” on Friday, trying to salvage a crucial market for the luxury brand after a backlash against its latest advertising campaign types of cufflinks uk sale. The Italian fashion house canceled a marquee show in Shanghai on Wednesday after celebrities and social media users threatened a boycott over the campaign, which led e-commerce firms to pull Dolce & Gabbana items on Thursday. The furor is a setback for one of Italy’s best-known fashion brands in China, where rivals from Louis Vuitton of LVMH (LVMH.PA) to Kering’s (PRTP.PA) Gucci are vying to expand..
Chinese buyers account for more than a third of spending on luxury goods worldwide, and are increasingly shopping at home rather than on overseas trips. Users slammed the video campaign in which a Chinese woman struggles to eat pizza and pasta with chopsticks while the narrator offers eating lessons in a patronizing tone. The blunder was compounded when screenshots were circulated online of a private Instagram conversation, in which designer Stefano Gabbana makes a reference to “China Ignorant Dirty Smelling Mafia” and uses the smiling poo emoji to describe the country. The company said Gabbana’s account had been hacked types of cufflinks uk sale.