Luxury brands terminate agreement with Panama based Grupo Wisa

Falabella, Price Waterhouse Coopers, Fedco and the Fossil Group ended their business agreements with Panama based Grupo Wisa after the company was entered into the Clinton List, a U.S. list of trade-sanctioned companies and individuals. Grupo Wisa is accused of being associated with drug-trafficking networks as well as money-laundering.

Duty-free store chain La Riviera in Colombia, which is owned by Grupo Wisa, was also affected, where the property owners wrapped up lease contracts

Most recently, the Burberry store in Santiago (Chile) shut down at the beginning of May. Grupo Wisa operates the franchise of Burberry in several other Latin American countries. In Colombia, for instance, Grupo Wisa controls the franchises of Jimmy Choo, MAC, Burberry, Tous.

In 2016, Colombian police arrested in Bogota Nidal Waked, the son of Abdul Waked, the founder and majority owner of Grupo Wisa.

Burberry store Santiago, Chile closed down

 

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