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VIDEO: My Parisian life: working in ‘the heart of the luxury industry’

When it comes to luxury brands, no city can compete with Paris. But beyond the glamorous ads in glossy magazines or on billboards, what's the industry really like for those who work in it?

VIDEO: My Parisian life: working in 'the heart of the luxury industry'
Photos: Megha Malagatti/Getty Images
 
In partnership with ESSEC Business School, The Local takes a closer look at the luxury sector – and how to land a top job within it. In the video below, two graduates of ESSEC’s Global MBA in Luxury Brand Management share their stories and insights from the heart of the luxury industry. 
 
 
 

This video was produced by The Local Creative Studio and sponsored by ESSEC Business School.

BUSINESS

Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reported a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.

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