Sri Lanka is facing its worst financial crisis in decades, with foreign exchange reserves shrinking by more than 16 percent to $1.93 billion in March, according to central bank data.

The Kering-owned brand’s next presentation, scheduled for May 21, will feature Spring/Summer 2023 womenswear and menswear, according to a company representative. Its last collection was shown in Paris just over one month ago.

The event, on April 30, will be the French luxury brand’s first ever runway show in South Korea.

The operator of South Korea’s online resale marketplace for limited-edition sneakers and streetwear said existing shareholders Musinsa, South Korea’s largest multi-brand online fashion retailer, and Dunamu participated in the investment round of 40 billion won.

Following reports that the brand is refusing to sell products to Russians abroad unless they agree not to wear or use them in their home country, some have taken to social media, cutting up Chanel handbags in protest.

The new fund will bring the consumer-focused venture firm’s assets under management to $1 billion and is intended to be put toward investment opportunities in web3, according to a statement.

The company's quarterly results beat Wall Street estimates on Wednesday, helped by price increases and strong demand for its jeans, tops and jackets

Liu Qiangdong, also known by the English name Richard Liu, has been replaced as the e-commerce firm’s chief executive by Xu Lei, effective immediately.