The secret world of Hermès ultra-VIP fixers | Saks downfall is Abu Dhabi's loss | Talks over Armani stake stall

Plus: Rolex, LVMH, TAG Heuer, Ferragamo

Important: We are updating our email address Our email address will change in the coming days. To ensure that you continue receiving our emails, add contact@email.glitz.paris to your contacts and authorise our domain name in your spam filters. Tuesday 3 February Read this issue     Spotlight | France Hermès' best-kept secret: the grey market serving the ultra-rich   The luxury sector is in the doldrums, but the French giant continues to post impressive growth. This resilience is partly due to a distinct market reserved for the happy few and run by hand-picked intermediaries. Privileged access to Birkin and Kelly bags, control over distribution, careful management of spending... Glitz investigates.   Subscribers only | Houses     Families     Switzerland Fallout from Freymond-Hermès affair spreads to Rolex   As lawsuits from aggrieved clients pile up against wealth manager Eric Freymond's family, the affair is sparking concern within Geneva's elite business circles. The in-laws of the financier accused of embezzling several clients' fortunes are closely linked to Geneva's leading company, Rolex.   Subscribers only | Follow our running story : "Hermès heirs at odds"     Houses     Italy Anointed investors remain wary of buying into Armani   Under the terms of Giorgio Armani's will, his heirs have until the end of this year to bring LVMH, L'Oréal or EssilorLuxottica on board as minority shareholders. But the strict conditions imposed by the late fashion designer, along with the mediocre financial performance of his empire of late, has been complicating negotiations with the potential investors.   Subscribers only | Follow our running story : "Armani after Giorgio"       UAE, United States Abu Dhabi sovereign wealth fund hit hard by Saks bankruptcy   The Abu Dhabi Investment Authority helped finance the purchase of the Neiman Marcus holding company by Saks Global in 2024, but with both department store groups now insolvent, it's facing significant losses.   Subscribers only |       Italy, United States Struggling Ferragamo files lawsuit against Trump administration over tariffs   Luxury giants, led by LVMH and Richemont, have sought to negotiate with Washington to reduce the US tariffs affecting the sector. But Italian fashion house Ferragamo has opted instead for confrontation, filing a complaint with the United States Court of International Trade.   Subscribers only |     In brief France, Switzerland TAG Heuer to install new boss in double-quick time   Subscribers only

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