George Clooney sells his tequila company to Diageo for US$1 billion

A tequila company co-founded by George Clooney has been sold to UK drinks firm Diageo for up to $1bn (£790m). The company behind Smirnoff, Johnnie Walker and Baileys announced it would buy Casamigos, created four years ago by the American actor, together with Cindy Crawford’s husband Rande Gerber and property developer Mike Meldman. Diageo said it was the fastest-growing super-premium tequila brand in the US. The founders will continue to promote Casamigos, which is Spanish for “house of friends”. The firm sold 120,000 9-litre cases last year, mainly in the [...]

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Luxury brands consider quitting Bond Street

The cost of renting a store on Bond street is enough to put many retailers off the thought of never having a presence on London’s most luxurious shopping destination. With millions of pounds of key money being required to buy leases and a staggering square foot cost to rent a store makes it expensive to the point of not profitable. According to the Guardian, after the Brexit vote devalued the sterling, many retailers considered leaving the area for better value rents and business rates. “About 25 of the 100 top [...]

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Burberry Foundation awards 3 million pound grant to Royal College of Art

The Burberry Foundation has awarded 3 million pounds to the Royal College of Art in order to establish a new research group, namely the Burberry Material Futures Research Group. The grant sees the British heritage fashion house expanding on its Design Scholarship Fund, a move which is in line with Burberry’s new five-year responsibility agenda. The new group is set to become the first explicit Science, Technology, Engineering, Art and Mathematics research center at a traditional art and design university. It aims to apply radical thinking to invent more sustainable [...]

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Britain to keep duty-free access for 48 developing countries

Britain is set to keep duty-free access to its markets for goods from nearly 50 countries once it has left the European Union. 48 countries, including Bangladesh, Sierra Leone and Haiti, are set to continue to benefit from the current arrangements on all goods purchased by the UK, excluding weapons. Post-Brexit, Britain aims to explore options to expand trade relations further, stating the government this weekend. Approximately 20 billion pounds worth of goods are imported to the UK from these countries, accounting for at least half of the UK clothing. [...]

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Kering’s François Pinault to open new art museum in Paris

Kering’s François Pinault unveiled Monday his plans for a spectacular new museum in Paris, cementing the city’s claim to be a modern art capital. The French billionaire will show his own $1.4 billion (1.25 billion euro) collection of modern masters in the domed Bourse de Commerce, within a stone’s throw of the Louvre, long the world’s most visited museum. The new gallery, which he said would open in early 2019, is also within sight of the Pompidou Centre, which houses Europe’s largest modern art collection. Paris Mayor Anne Hidalgo called [...]

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