1. Christian Louboutin Wins Legal Battle for Its Sole
The European Court of Justice has settled a long-running case and determined that colours are not shapes.
Editor’s Remarks: Christian Louboutin has successfully argued a case in front of the ECJ to protect its famous red-soled high heels as a trademark. Rival shoemaker Van Haren was sued by the French footwear designer when it incorporated the lacquered finish into their own offerings. Van Haren had relied on an EU law that barred trademarks from applying to the basic shape of products, such as the shape of a shoe’s sole. Louboutin first designed the red-soled stiletto in 1993 and sued Van Haren for copying the design in 2012.
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- Fosun Lanvin: Chinese Conglomerate Buys France’s Oldest Fashion House
2. Hermes EOS Mobilises Investors Against Sorrell
Investors are looking to challenge Martin Sorrell’s controversial farewell package at annual meeting in London.
Editor’s Remarks: After quitting WPP amidst allegations of personal misconduct, founder Martin Sorrell is set to receive a farewell package of up to £20m pounds. A sizeable opposition is set to challenge the remuneration package at today’s annual meeting of the British advertising giant, with Hermes EOS advising shareholders to vote against it. WPP has faced backlash over its incentive plans in the past with Sorrell receiving a £70m package in 2016. Proponents of the farewell package state that, given the recent underperformance of the firm, it is likely to come in well below the initial £20m estimate.
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3. Facebook to Focus on Curbing Misleading Ads
Facebook has clamped down on potential e-commerce scams operated on its platform.
Editor’s Remarks: The social media giant launched their Marketplace nearly two years ago but only recently allowed users to boost their listings on the service through paid ads. Users will be able to give feedback on these ads after they have ordered products, and if enough negative reviews are received then the sellers will be barred from posting new ads to the service. However, businesses will be given time to correct and improve their practices before any ban is handed down.
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4. Steam Enters China
The popular game store is expanding into China after US-based owner Valve partners with Chinese developers.
Editor’s Remarks: Shanghai-based Perfect World is Valve’s new partner and together they are looking to establish Steam China, the store that will bring Valve’s PC games to Asia’s largest economy. This means the company now has direct access to a market expected to account for a quarter of gaming revenue worldwide by 2019. PC games are close to matching the console sector this year, with a predicted revenue of $32bn globally. Steam China will be directly competing with WeGame, a platform owned by Chinese tech giant Tencent.
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5. Donald Trump and Kim Jong-un Meet in Singapore
Donald Trump and Kim Jong-un held a historic meeting yesterday in Singapore.
Editor’s Remarks: The path to the summit was fraught and briefly called off by the US side. The two leaders signed a paper light on detail, but heavy with symbolism. This is the only time that a serving US president has met with the leader of North Korea. There was a commitment to denuclearising the Korean peninsula and the repatriation of US soldiers’ remains. In a statement following the meeting, Trump also revealed that the US would stop holding ‘war games’ with South Korea.
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