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