L'Officiel's Chinese Takeover Unravels Into Global Legal Battle

Corporate records and court filings reveal how the 2022 acquisition of Éditions Jalou by Hong Kong-based AMTD Group has devolved into a multi-jurisdictional legal battle, with French authorities now investigating suspected large-scale fraud. The Jalou family, founders of the century-old fashion publisher behind L'Officiel magazine, is seeking at least EUR 40 million in damages following allegations that AMTD systematically stripped assets from the French cultural institution while it remained under court supervision.

Background and Context

Founded in 1921, Éditions Jalou established itself as a cornerstone of French fashion publishing, overseeing influential titles including L'Officiel de la mode, Jalouse, and L'Optimum. The group previously owned The Art Newspaper before selling these cultural assets to AMTD during a period of financial distress. The company's decline began in the mid-2010s following a costly legal dispute in Russia, culminating in receivership in 2022. AMTD presented itself as a rescuer, but French authorities confirmed that an investigation into suspected fraud was launched following a formal complaint filed by the Jalou family on 5 March 2025, with the case assigned to the financial investigations unit of the Paris judicial police.

Key Figures and Entities

At the centre of the dispute is AMTD Group, a Hong Kong-based conglomerate with interests spanning digital solutions, media, entertainment, and hospitality. The company's founder, Chinese financier Calvin Choi, is now directly named in several legal proceedings. The Jalou family, represented by former editor-in-chief Marie-José Jalou and lawyers Céline Bekerman and Antoine Cadeo, accuse AMTD and its subsidiaries—including AMTD Digital and The Generation Essentials Group—of transforming what was presented as a rescue operation into what they describe as a "predatory" scheme to hollow out the French publisher's value.

Legal and Financial Mechanisms

The Jalou family's complaint details a complex web of alleged financial misconduct spanning Paris, New York, Hong Kong, the Cayman Islands, and the British Virgin Islands. Central to their allegations are claims that AMTD unlawfully registered the L'Officiel trademark in approximately 40 countries through a British Virgin Islands subsidiary, despite explicit prohibitions in the court-approved recovery plan. Legal filings reviewed by investigators allege that licensing agreements were terminated and reassigned to overseas entities, depriving Éditions Jalou of revenue while expanding AMTD's international control. The family also maintains that the magazine's photographic archives—documenting over a century of French fashion—have disappeared, while proceeds from the sale of both L'Officiel and The Art Newspaper were never fully paid.

International Implications and Policy Response

The case highlights significant gaps in international oversight of cross-border media acquisitions. Despite ongoing French legal proceedings, AMTD has listed both L'Officiel and The Art Newspaper as assets on the London and New York stock exchanges, further complicating jurisdictional questions. The dispute occurs against a backdrop of increased scrutiny surrounding AMTD, which has faced separate regulatory issues with the Hong Kong Securities and Futures Commission. The court-approved recovery plan, which extends until 2028, was designed to protect employees, suppliers, URSSAF, and the French state—but investigators allege AMTD committed "serious and repeated violations" of these conditions, potentially undermining international frameworks meant to preserve cultural heritage assets in an era of global capital flows.

Counterclaims and Defamation Proceedings

In January 2026, AMTD Group and its subsidiaries launched legal proceedings against Benjamin Eymere, a member of the Jalou family and former AMTD subsidiary employee, alleging malicious falsehood, defamation, and misconduct. AMTD maintains that the 2022 acquisition was fully completed with 100% of the purchase price paid, claims the controlling seller was investment group GEM rather than the Jalou family, and states that L'Officiel has not incurred new debt since the takeover. The company has vowed to pursue legal action to defend its reputation, positioning itself as a lawful owner countering what it describes as inaccurate allegations from the magazine's founding family.

Sources

This report draws on court filings from the Paris judicial police, corporate records related to the 2022 acquisition, and public statements from representatives of both the Jalou family and AMTD Group. Information has also been compiled from regulatory proceedings and public disclosures made to stock exchanges in London and New York between 2022 and 2026.