L'Officiel: fraud investigation launched following 'predatory' acquisition by Chinese group

Fashion

L'Officiel Malaysia cover. Credits: L'Officiel, AMTD.

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French authorities have launched an investigation into potential large-scale fraud surrounding the acquisition of L'Officiel magazine's publisher by a Chinese conglomerate. The founding owners, the Jalou family, are denouncing a “predatory” operation aimed at stripping the assets of the century-old fashion and luxury institution.

Behind the glossy covers featuring Pierre Niney, Jessica Chastain and Michelle Yeoh, a full-scale economic and legal battle has been unfolding for several months. When questioned by AFP, the Paris public prosecutor's office confirmed it has assigned an investigation to the financial research and investigation brigade (BRIF) of the Parisian judicial police, following a complaint filed on March 5, 2025.

The Jalou family, founders of the publishing house behind 'L'Officiel de la mode', accuses the company AMTD of “counterfeiting, tax fraud and misuse of company assets”. The Chinese conglomerate acquired the publishing group in 2022 while it was in receivership.

In the complaint, viewed by AFP, the family alleges misappropriations that caused at least 40 million euros in damages to creditors. It also accuses the investors of evading tax in France by seizing the brand, valued at nearly 85 million euros, through a “fraudulent” scheme.

Empire hollowed out between Paris and the Cayman Islands

The grievances concern a series of opaque financial schemes orchestrated between Paris; New York; Hong Kong; and the Cayman Islands, which the plaintiffs claim were designed to squander the French company's assets. More alarmingly, the valuable photographic archives, a unique record of a century of French fashion, have now disappeared.

AMTD is also accused of having profited from the “L'Officiel” brand from Taiwan to Dubai, without the French entity receiving any of the profits. International partners were allegedly instructed to deal directly with the new owners, bypassing the original company.

As a result, the original entity has been stripped of its assets, even though the recovery plan, which runs until 2028, strictly prohibits the sale or transfer of the business and its brands. “It's an unbelievable story!” lamented Marie-José Jalou, 76, the former long-standing editor-in-chief. “L'Officiel was the bible of fashion. I will never give up.”

From Hong Kong 'saviour' to legal battle

Founded in 1921, the Jalou publishing house dominated the specialist press with titles such as Jalouse, La Revue des Montres and L'Optimum. Its decline began in 2015 following a legal dispute in Russia, which led to the company being placed in receivership. In 2022, AMTD emerged as a saviour. The group embarked on a series of flamboyant projects, including a special edition at the Davos Forum and a fashion show at the New York Stock Exchange.

Since 2024, however, the relationship has broken down. The Jalou family alleges “serious and repeated violations of the recovery plan,” which was intended to protect employees, the Urssaf (the French social security contributions agency) and the tax authorities.

“L'Officiel is a century-old French fashion institution; it cannot be treated as a mere speculative asset,” stated the family's lawyers, Céline Bekerman and Antoine Cadeo. “Its heritage must be preserved [...] and cannot be sacrificed for predatory practices. We have full confidence in the justice system to protect all creditors, especially the French state regarding its tax claims.”

This article was translated to English using an AI tool.

L'Officiel

Receivership