And cartel money launderers, HSBC, could host pop-up stores in underutilized branches.
From the Los Angeles Times:
This year, in a federal prison in Manhattan, Joaquin “El Chapo” Guzman quietly signed a contract to help launch his family’s latest business venture.
The new company had nothing to do with drugs, violence or other illicit activities associated with Guzman, the former leader of the Sinaloa drug cartel who in February was found guilty in U.S. federal court of drug trafficking, money laundering and conspiracy to murder.
No, it turns out the world’s most notorious drug kingpin is lending his name to fashion.
Guzman’s wife, a former beauty queen named Emma Coronel, is launching a clothing line she says is inspired by her and her husband’s style.
The brand will be called El Chapo Guzman.
“I am very excited and hope I can create things that everyone likes,” Coronel wrote in a post on Instagram this week, in which she solicited designers to come work for the new company.
The contract Guzman signed from prison in February grants the rights to his name and signature to a limited liability company headed by Coronel, said Michael Lambert, an attorney who represented Guzman during his recent trial.Lambert said that none of the profits from the business will go to Guzman, and that the the new company will not do business with his client. “Additionally, none of the start-up money or any future funding will be connected to him in any way.”
Earnings will go to Coronel, who is raising the couple’s twin daughters; her husband is expected to spend the rest of his life in prison. His sentencing is scheduled for June, but his attorneys have asked for a new trial, alleging juror misconduct.
Although the family’s entree into fashion may be unexpected, it may make good business sense....MORESeriously, the cartels are people who cut heads off with chainsaws, skin folks alive for fun and their banker HSBC would gladly accept deposits of hundreds of thousands of dollars per day, often presented in boxes that perfectly fit the Mexican HSBC teller cages.
I have a suspicion we'll be hearing more about the bank as the year unfolds.
Meanwhile, the families of those harmed and killed by the Sinaloa gang should probably keep an eye on the success of the clothing line.