The renowned Italian luxury brand Fendi has landed in hot water following claims that it misrepresented the cultural roots of a handbag’s design. The handbag, adorned with woven motifs echoing the traditional Chinese Knot, was erroneously credited to Korean artistry in the brand’s marketing materials.
Xiaomi’s shares reportedly jumped over 4% during early trading, hitting a new high and allowing founder Lei Jun to surpass Zhong Shanshan, the creator of Nongfu Spring, to take the title of China’s wealthiest individual. Nevertheless, after this peak, Xiaomi’s stock declined, trading at HK$51.85 by 11:47 am, a decrease of 7.90%.
