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The past couple of years have been brutal for Hollywood, with the 2023 actors’ and writers’ strikes miring the big studios in financial difficulties and having long-term repercussions for production schedules. But there is a crack of light over the Santa Monica mountains. European fashion houses are planting their flags in the entertainment industry and making major investments that are re-energising Tinseltown and shifting industry dynamics.

In late 2023, François-Henri Pinault, the owner of French luxury group Kering, took a majority stake in…

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