French clothing store chain Kiabi has become the victim of one of the largest money embezzlement scandals in recent memory, as one of the company’s accountants has been accused of committing a large-scale, sophisticated financial fraud, stealing close to $100 million from the company.
This is about 4 percent of the company’s turnover in 2023. The company has acknowledged the crime, but it claims that despite losing this large sum of money, Kiabi’s financial health is not in question.
The company discovered the embezzlement by chance, as they realized what was going on while trying to recover an investment made in mid-July 2024. When Kiabi approached the bank to get their money back, the money had seemingly vanished.
This prompted the company to realize they were being embezzled and an investigation was subsequently started.
The former accountant was arrested in August
French judicial police arrested the former Kiabi accountant as she walked off a private jet in South Corsica, France. The woman had rebuilt her life, moving to Florida to work with luxury fashion brands.
After her arrest, French authorities reportedly found 500,000 euros worth of luxury products and jewelry. Ironically, it seems her life of luxury was the main cause of her downfall. The former accountant craved the spotlight and often posted on social media showcasing her luxurious lifestyle.
Aurélie Bard, vivait la grande vie #kiabi https://t.co/inNbLtlksK pic.twitter.com/3CHvdFo1ud
— 75 Secondes 🗞️ (@75secondes) September 27, 2024
For instance, she posted pictures of herself in Mykonos celebrating the launch of her interior design firm, and then on the Amalfi coast in Italy. These posts showed that she was in Europe and caused French authorities to carry out her arrest.
After her arrest, the former Kiabi accountant who stole no less than $100 million was taken to Paris
After the former accountant’s arrest in Corsica, she was taken into custody by French authorities and taken to Paris. She was charged by an investigating judge with fraud and money laundering in an organized gang. Investigators think that the woman did not work alone, and she was subsequently placed in pretrial detention.
Kiabi’s management put out a statement saying, “We have immediately launched all necessary actions, including legal ones, in order to obtain the recovery of the amount of the fraud.”
Mise en examen dans l'affaire Kiabi, son ex-trésorière Aurélie B. a reconnu avoir dérobé entre 2010 et 2013 près de 140 chèques frauduleux à un ancien compagnon.
Celui-ci était alors un jeune footballeur prometteur, aux revenus déjà très importants
➡️ https://t.co/FUJbLunRcn pic.twitter.com/VMulI7Ody0— Le Parisien (@le_Parisien) October 15, 2024
They added, “We have every confidence in the outcome of the actions carried out by the judicial and police authorities involved.”
Kiabi is one of the most popular low-cost clothing brands in France. It currently holds 3.5 percent of the market share in the country and is one of the main competitors of other conglomerates like Zara and H&M in the French market.
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