We deal with two recent conjectures of R.-C. Li [Linear Algebra Appl. 278 (1998) 317– 326], involving unitarily invariant norms and Hadamard products. In the particular case of the Frobenius norm, the first conjecture is known to be true, whereas the second is still an open problem. In fact, in this paper we show that the Frobenius norm is essentially the only invariant norm which may comply wi...