Today, large European enterprises dominate the luxury industry.[1] LVMH alone owns seventy-five Maisons with reported revenue of €80.8 billion in fiscal year 2025,[2] and has systematically absorbed some of the world’s most storied brands, including American jeweler Tiffany & Co. in 2021.[3] The United States, home to the world’s largest luxury consumer base,[4] has never produced a fashion conglomerate capable of competing with its European counterparts on the global stage.[5] The proposed merger between Tapestry, Inc. (parent company of Coach, Kate Spade, and Stuart Weitzman) and Capri Holdings Limited (parent company of Michael Kors, Versace, and Jimmy Choo) was the…
Author: Athéna Bastian
Trust has always been the defining feature of financial services. Unlike in many industries, financial institutions do not merely sell products; they hold assets, process transactions, and manage highly sensitive personal and financial information. In the digital era, trust increasingly depends on how institutions collect, use, retain, and protect their customers’ data. The consequences of a data breach are more profound than ever before. IBM’s 2024 Cost of a Data Breach report reveals that the global average cost of a data breach has risen to $4.88 million.[1] In the financial sector, this average cost has reached $6.08 million, approximately 22%…
Corporate Law’s Traditional Focus on Shareholder Primacy Traditionally, the purpose of corporations has been framed through the lens of shareholder primacy—the idea that corporations exist principally to maximize profits for their shareholders.[1] This is an established norm and legal theory, rooted in the belief that a clear mandate to pursue profit disciplines managerial discretion.[2] Without such a directive, management would lack the necessary incentives to avoid engaging in self-interested behavior and inefficient business practices.[3] Within this framework, shareholders are treated as the corporation’s residual claimants or “owners” of the business and are therefore entitled to have their interests prioritized.[4] Management’s…
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In early 2024, Coupang, Inc. (“Coupang”) completed its acquisition of Farfetch Holdings plc (“Farfetch”) in a transaction that shook the luxury-e-commerce world.[1] The deal, announced in December 2023 and finalized in January 2024, provided Farfetch with approximately $500 million of bridge financing and effectively wiped out its existing equity holders.[2] This transaction illustrates how distressed M&A can shift power away from shareholders and toward acquirers and creditors, exposing legal and regulatory gaps in cross-border governance, fiduciary duties, and transparency.[3] I. Farfetch’s Structure and Financial Distress Farfetch was incorporated in the Cayman Islands[4] but publicly listed on the New York Stock…
Introduction Government shutdowns in the United States (“U.S.”) are creatures of both constitutional and statutory law. The U.S. Constitution states that “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law,”[1] meaning that federal agencies cannot spend funds to operate without the approval of Congress.[2] Under the Antideficiency Act, agencies may not “make or authorize an expenditure or obligation exceeding an amount available in an appropriation or fund for the expenditure or obligation” or “ involve either government in a contract or obligation for the payment of money before an appropriation is made unless authorized…