River Island has reportedly returned to profitability following a major restructuring programme, with the retailer posting a pre-tax profit of 11.6 million pounds for 2025.

The result marks a significant recovery for the British fashion chain, which recorded an operating loss of 65.3 million pounds in 2024 and only just avoided administration before launching a business-wide turnaround plan last year.

The restructuring included the closure of 33 stores, rent reductions across dozens more locations and changes to the leadership team, including the return of Ben Lewis as chief executive.

Speaking to The Mail on Sunday, Lewis said he was “very pleased and optimistic” about the results, adding that the company’s actions had been creating a “rapid impact” on performance.

Looking ahead, River Island plans to invest further in digital growth and open new stores across the UK and Ireland. The retailer has also recently expanded its wholesale reach through Marks & Spencer’s online marketplace and increased its focus on brand collaborations.

Despite the improved performance, Lewis warned that rising costs continue to weigh on retailers. “You either must manage these costs, or you must get the economy to grow,” he told the media outlet.

Online resale platform ThredUp has launched a new peer-to-peer selling feature, marking an expansion beyond its traditional managed resale model.

The new offering, dubbed Direct Listing, is being introduced in open beta and allows users to list individual items for sale directly through ThredUp’s marketplace. The move means sellers can now choose between the company's existing Clean Out service, where ThredUp handles the resale process, and a self-managed option for higher-value products.

Direct Listing enables sellers to set their own prices and access the platform's existing customer base, while the company uses AI tools to automate product descriptions, pricing suggestions and image editing. ThredUp will also manage returns on behalf of sellers.

The company said early testing showed strong demand for premium inventory. During the beta phase, nearly 18 percent of listed items were priced above 100 dollars, while the average selling price reached 60 dollars, more than double the average value of products sold through ThredUp's traditional marketplace.

ThredUp added that the addition of peer-to-peer selling is intended to broaden its appeal to consumers looking to resell individual high-value items while continuing to support large-scale wardrobe clear-outs through its existing services.

The launch reflects growing demand for more flexible resale models as consumers increasingly participate in secondhand fashion through a mix of managed and peer-to-peer channels.

Fast fashion giant Shein has opened a new e-commerce logistics centre in Dublin, Ireland, as it expands its regional fulfilment network in response to growing demand.

The new 16,000 square foot facility is located in Greenogue Business Park in Rathcoole, and will support 30 jobs across warehouse and office roles, RTE reported.

In a statement to the media outlet, Shein’s corporate communications director, Robin Kiely, said the company was proud to expand its operations in Ireland, a country which “plays an important role in our wider European growth strategy”.

Kiely added that “this investment strengthens our ability to provide improved, more efficient services for customers across the country”.

“The new facility also creates additional warehouse and office roles locally, while supporting our long-term commitment to investing in infrastructure, technology and operational capability across Ireland and Europe,” he continued.

The introduction of the Dublin site builds on broader efforts by Shein to grow its European logistics footprint.

The company opened a primary distribution centre in Wroclaw, Poland, last year, which was followed by a logit logistics warehouse in the UK Midlands that opened last month.

In Ireland, Shein is currently facing an inquiry by the Irish Data Protection Commission over concerns of personal data transfers between the EU/EEA and China.

The company has also been issued a 22 million euro fine from the French government over allegations related to product traceability, environmental claims, withdrawal periods and delivery times.

Lifestyle Retail Group (LRG) is rebranding as Secret Sales Group to reflect the scale of its off-price retailer, Secret Sales, and an industry shift towards tech-led platforms.

The name change will only apply to the group’s corporate identity, with consumer-facing brands to retain their existing names and operations.

While Secret Sales itself has “become one of the most recognised names in European off-price retail”, Chris Griffin, CEO of Secret Sales Group, said momentum was being seen across the group’s wider portfolio and core markets.

Next to Secret Sales, the company also operates via a slew of international platforms acquired in recent years, including Germany’s Dress for Less; Spain’s Dreivip; and Sweden’s Afound. Such deals have allowed the group to globally expand, leveraging existing consumer bases while also applying its own infrastructure.

This growth has continued into 2026, during which the company has added 150 sellers, more than 500 brands and increased available inventory by over 100 percent.

“Those numbers demonstrate the growing demand from brands and retailers for a pan-European solution that allows them to efficiently monetise excess inventory while maintaining control of pricing, presentation and brand positioning,” Griffin said.

He continued: “The retail landscape is changing rapidly. Brands are increasingly moving away from traditional clearance models and towards technology-led solutions that give them greater control, greater flexibility and better outcomes.

“We believe that shift is only just beginning. Our ambition is simple: to become the first place brands think of when they need to efficiently distribute excess inventory across Europe. The combination of AI, automation, data and scale is helping us get there faster than ever."

StockX is venturing into a new field. The resale platform has announced the launch of a real-time live shopping experience, bringing it into the social commerce space.

Due to debut in summer, ‘StockX Live’ will allow buyers to participate in live auctions, giveaways, and live chats enabling direct seller-buyer engagement.

Its initial rollout will focus on building communities of buyers and sellers within categories like sneakers, apparel, collectibles and vintage fashion, with further categories to follow post-launch.

Sellers will be backed by dedicated marketing support and a Live team, while having the potential to reach the platform’s existing 30 million unique monthly visitors.

The feature will be available to all US iOS customers across mobile and web platforms.

For StockX, the launch marks an evolution into a “multi-experience marketplace built for the next generation of commerce”, a “natural extension” of the platform itself, the company’s CEO, Greg Schwartz, said.

“We’ve spent years building a scaled, trusted, and transparent marketplace and now we’re bringing all of that into a live experience. I couldn’t be more excited to get this product in front of our community later this summer,” Schwartz added.

Asics Corporation has announced plans to spin off its Onitsuka Tiger business. The company's Board of Directors has approved the transfer of the business to OT Group, a wholly owned subsidiary of Asics, through a simplified absorption-type company split. The restructuring is scheduled to take effect on January 1, 2027.

Under the new structure, Onitsuka Tiger will operate with greater independence, while the brand's activities within existing regional subsidiaries will also be reorganized globally under OT Group. Asics said the move reflects the brand's rapid international growth, expanding market presence and rising recognition as a luxury lifestyle label.

Asics to separate Onitsuka Tiger

The Japanese sportswear company noted that Onitsuka Tiger has successfully strengthened its position in the premium segment through the expansion of its directly operated retail network. By establishing an independent operating structure, ASICS aims to accelerate decision-making, enhance competitiveness tailored to the brand's luxury positioning, improve transparency of business performance within the broader group, and strengthen governance and management accountability.

The transaction qualifies as a simplified absorption-type company split under Japan's Companies Act and therefore does not require approval from Asics shareholders. As part of the restructuring, OT Group will issue 400 common shares, all of which will be allotted to Asics. The company added that there will be no change to its stated capital or stock acquisition rights as a result of the transaction.

Onitsuka Tiger to be reorganized globally under OT Group

OT Group, established on February 25, 2026, will serve as the global headquarters for the Onitsuka Tiger business. Although the subsidiary has yet to report financial results, it is expected to oversee operations spanning approximately 160 countries and regions. The business will be supported by regional sales hubs in Japan, China, Europe and Southeast Asia, a global network of around 190 directly operated stores, and a workforce of approximately 2,800 employees, including 550 office-based staff and 2,250 retail employees.

Asics said the reorganisation is intended to position Onitsuka Tiger for its next phase of growth as a global luxury lifestyle brand. As the transaction involves a wholly owned subsidiary, the company expects the impact on its consolidated financial results to be minimal.

Chinese sportswear brand Li-Ning is continuing to push its global strategy plans with a new long-term partnership with basketball star Stephen Curry, who parted ways from his previous partner Under Armour last year.

In a statement, Li-Ning said the partnership with Curry is built on “long-term brand co-creation,” with a focus on multi-category performance product development and sports culture initiatives, as well as commitment to engage the next generation of athletes as it looks to “shape what's next for global sports brands”.

The deal will see NBA star Curry wearing Li-Ning basketball sneakers on court, with the Golden State Warriors player stating he was impressed by the Chinese company’s technological innovation and product performance capabilities.

Commenting on the partnership, Curry said in a statement: "The quality, comfort and performance of their shoes are what impressed me the most. That experience gave me real confidence in Li-Ning sneakers on the court and helped me see that Li-Ning could be the right partner to deliver the innovation and design I want Curry Brand to stand for."

The move will also see Li-Ning backing his Curry Brand, which originally launched in 2020 as a sub-brand under Under Armour. When he left the American company, he kept full ownership of all his logos, trademarks, and intellectual property.

NBA star Stephen Curry finds a new home at Chinese sportswear brand Li-Ning

Li-Ning adds that it plans to advance the global development of the Curry Brand, starting with basketball and golf, before extending into broader consumer lifestyle sport categories. The Chinese giant also said it has plans to open stores in China and the US, as it continues expanding its global footprint.

Curry added: "When I think about the future of Curry Brand, I think about building something that lasts, something that continues to push the game forward and creates real impact for athletes around the world.

"That's what makes this partnership with Li-Ning so exciting. Mr Li Ning built this company from the perspective of an athlete, with the same belief that sport can change lives and inspire the next generation. I felt that in the conversations we've had and in the product I've tested. The quality, performance and innovation are real, and it instils confidence in what we can create together across basketball, golf and lifestyle.

“For Curry Brand, this is about growing the right way, with a partner that understands the standard we're trying to set and the good we want to do."

World-renowned Olympic gymnastics champion Li Ning founded the sports brand in 1990, shaped around his experiences of sport and performance, offering footwear, apparel and hard-goods equipment for basketball, running, fitness, badminton, table tennis, and sports lifestyle, and in recent years expanding into outdoor, tennis, and pickleball.

It has grown into one of the top sportswear and athletic equipment companies in China, reportedly pulling in around 4.3 billion US dollars in annual revenue. While the majority of Li-Ning's revenue has come from inside China, the company is hoping that its landmark partnership with Curry will boost its global presence.

"Sport has the power to ignite passion and inspire each generation to push beyond its limits," said Li Ning, founder and chairman of Li-Ning Company. "Li-Ning and Curry share a deep understanding of sport and a common commitment to performance, innovation and the next generation of athletes. We look forward to building on this partnership to keep pushing boundaries and create new possibilities for global sport."

Madrid – The Valencian company Recover has announced its entry into the recycled cotton yarn market. This move advances its dual objective of establishing itself as the global benchmark for sustainable solutions in the fashion industry, while also promoting its evolution towards a more environmentally committed model. The offering is available to manufacturers and brands from today through its new family of recycled cotton yarns, “Recover Yarns”.

According to the Valencian company's management, Recover is launching “Recover Yarns” to accelerate the use of recycled cotton throughout the textile and fashion value chain. This new and first range of finished, ready-to-use recycled cotton yarns is being made available to brands and manufacturers of all sizes by the Spanish company, a leader in textile innovation and one of the world's largest producers of recycled cotton fibres. Externally, the launch advances the company's goal of driving the textile industry's transformation towards a more sustainable model. Internally, Recover completes its business model and diversification strategy. It is now an integrated platform offering sustainable, industrial-scale solutions for manufacturers and brands, ranging from recycled cotton fibres, to fabrics and finished garments, and now yarns.

“By transforming our fibre into ready-to-use yarns, we make it easier for brands and manufacturers to move from ambition to implementation of their sustainability strategies,” stated Anders Sjöblom, chief executive officer of Recover, in a statement shared by the textile company. With the launch of this new yarn vertical, the company now operates as “a fully integrated ecosystem encompassing fibre, yarn, fabric and finished garment, connecting every stage of the value chain under the umbrella of a reliable brand, guaranteeing clarity, traceability and circularity” for its customers, “from raw material to finished product”.

An adaptive solution for any scale, use and destination

Available for purchase from today, Recover highlights the unique characteristics of its new recycled cotton yarn family. The company emphasises its value as a flexible solution adaptable to multiple uses, production scales, and manufacturing origins and destinations. These features make the collection an optimal solution for any active participant in the textile and fashion industry.

The new yarns, developed in collaboration with Recover's existing global network of spinning mills, offer a wide variety in terms of composition, blends and technical capabilities. This diversity allows them to be used for applications ranging from jeans and denim garments to jumpers, workwear and fleece linings. The Valencian company highlights that thanks to its global network of over 150 collaborating spinning mills, the “Recover Yarns” range can support brands in any geographical location, regardless of their required production volume.

The “Recover Yarns” respond “to the need for adaptable product solutions that allow the integration of recycled cotton at an industrial scale,” noted Enes Adak, product director at Recover. The textile company highlights that its new yarns “simplify the sourcing and development of recycled cotton yarns” within the industry. They offer “a versatile range of options and yarn collections that adapt to market needs, innovative blends and technologies.” This “adaptive approach” ensures the “Recover Yarns” platform can support brands of all sizes in terms of volume, geography, price points and end uses, while facilitating long-term collaboration with business partners. The company reiterates that it offers “a flexible and scalable solution that evolves alongside the production and sustainability strategies” of industry players, “keeping recycled cotton at the heart of its portfolio” of solutions.

The Competition and Markets Authority (CMA) in the UK has opened a formal review into Ebay’s planned acquisition of Gen-Z focused fashion resale platform Depop, to determine the “impact that the transaction could have on competition in the UK”.

The UK’s competition regulator said it has finished the first part of its information-gathering process and closed its invitation to comment, which allowed interested parties to comment on the proposed transaction.

According to the CMA, the merger inquiry will run until August 6, when it will then clear the deal or suggest further investigation.

Ebay announced in February that it planned to buy Depop from Etsy for approximately 1.2 billion US dollars in cash, with the acquisition expected to close in the second quarter of 2026.

The deal is expected to help Ebay expand its reach among younger shoppers, as nearly 90 percent of Depop’s 7 million active buyers are under 34.

In February, Jamie Ianonne, chief executive officer of Ebay, said: “Depop has built a trusted, social-forward marketplace with strong momentum in the pre-loved fashion category, and we are confident that as part of Ebay, Depop will be even more well-positioned for long-term growth, benefiting from our scale, complementary offerings, and operational capabilities.”

Washington - The United States released an updated list on Monday of Chinese companies it considers to be aiding the country's military.

The list includes, among others, e-commerce giant Alibaba, search engine provider Baidu and electric vehicle manufacturer BYD.

The US Department of Defense announced the designations just weeks before President Donald Trump was due to meet Chinese leader Xi Jinping in Beijing, as both sides sought to maintain stability in their bilateral relationship.

The Pentagon's update comes months after it released—and then withdrew—an earlier version of the list without explanation.

The new list is largely similar to the version briefly published in February.

Two memory chip manufacturers were reinstated to the blacklist after being removed at that time: ChangXin Memory Technologies and Yangtze Memory Technologies.

“This updated list of Chinese military companies is a warning to American companies, all levels of government and the American people,” said representative John Moolenaar, republican chairman of the House Select Committee on China.

In a statement, he urged US companies to “stop doing business with these threats to our national security” or risk “facilitating China's military rise”.

Among the companies affected are also some of China's leading technology giants involved in the artificial intelligence race, such as Alibaba, Baidu and Tencent.

Baidu rejected its inclusion on the list in a statement on Chinese social media, calling the accusations “completely unfounded”.

“The claim that Baidu is a military company is completely baseless. We will not hesitate to use all resources at our disposal to have the company removed from the list,” a spokesperson said.

Alibaba called its inclusion on the list “a mistake” and threatened legal action.

“Alibaba Group is not a Chinese military company nor is it part of any military-civil fusion strategy,” the company said in a statement.

Trump invited Xi to visit Washington in September. The list could stoke tensions between the world's two largest economies.

Madrid – British investment group Cap Capital is finalising the details of the new strategic plan for the relaunch of Pronovias. This follows the court-ordered award of its production unit to the investment holding company by the Commercial Court No. 9 of Barcelona. The fashion group has just revealed the main key points of this roadmap.

According to information from Pronovias' management, the bridal fashion group is entering a new chapter under the control of Cap Capital. The company has stressed that it will continue to focus on developing and growing based on the same pillars that have “defined its trajectory”. These pillars have led it to become a historic mainstay of the bridal world, stemming from its role as a pioneer in bridal prêt-à-porter. These pillars are identified by its firm commitment to design, quality, innovation and its international focus.

Building on this foundation, Pronovias is entering a new phase. The bridal fashion group highlights that the “new Pronovias” under Cap Capital's control will maintain its main objective of promoting a renewed business model. This model will be more modern, more connected and better prepared to lead “the next evolution of the bridal sector”. They emphasise that this framework will be supported by the “stability” and “long-term” vision with which the British investment group has taken control of the historic Spanish bridal fashion group. The company will focus on implementing strict operational discipline to boost its growth. The aim is to return the fashion group to its position as a leading and benchmark company at the forefront of the bridal world.

“The company is facing this new cycle with a clear objective”, which involves “strengthening the shopping experience, evolving the boutique model and accelerating its international growth through a stronger, closer and more connected commercial network that meets the needs of brides”, Pronovias' management stated. “In this context”, they added, “franchises will play a key role in expanding the brand's presence and accelerating its development in strategic markets”.

Franchises, the United States and AI

Delving into this new strategic plan, Pronovias has announced that it will be officially presented on September 8, 2026. During this event, the bridal company will also present its new store concept, “designed to elevate the shopping experience, strengthen the connection with customers and open a new stage of growth for the brand”. It is positioned as one of the main pillars of the roadmap, alongside a strong focus on the United States and advancements in the implementation of artificial intelligence (AI).

Regarding these three main strategic pillars in more detail, Pronovias has confirmed the “key role” that franchised stores will play in the new commercial and business structure of the “new Pronovias”. This commitment to the franchise model will be complemented by the company's reduced and well-maintained network of own-brand stores. The number of stores is expected to shrink significantly from the 53 it operated before the acquisition by Cap Capital. This aligns with the investment holding's intention to reduce the company's operating expenses, as stated in its acquisition proposal for Pronovias.

The second strategic pillar is a sustained commitment to internationalisation, which will translate into a decisive and prioritised offensive in the US market. In this country, Pronovias will seek to strengthen its presence and increase its consolidation through a more local and competitive offering and experiences. At the same time, the company remains firm in its determination to continue strengthening its position in Europe.

Finally, the third pillar, which ties in with the previous points, is the key role that new technologies, especially artificial intelligence (AI), will play in this new chapter for Pronovias. This point initially creates some friction and reveals potential risks. Technology itself, and even more so AI, tends to feel cold, distant and disconnected. These feelings do not align with the emotional universe on which the bridal industry is based. However, Pronovias is developing a project “aimed at redefining the bridal experience, integrating inspiration; personalised advice; customer knowledge; and commercial capabilities into a more connected ecosystem”. More details about this initiative are expected to be revealed at the September presentation. It will seek to “improve the bride's experience and enhance the relationship between the brand, the ‘boutiques’ and its international network”.

“We are starting a new phase focused on strengthening our distribution channels, evolving the in-store experience and accelerating our international growth,” summarised the management of Pronovias. For this new chapter, “we want to be closer to brides, offer an increasingly personalised experience and continue to expand our presence in key markets such as the United States”. They added that in pursuit of these key priorities and objectives, “technology and artificial intelligence will be fundamental tools to accompany this transformation and build the future of the bridal experience”.

South African specialty retail group TFG (The Foschini Group) reported a 29.4 percent increase in sales to 488 million pounds (652 million dollars) for its TFG London division during the financial year ended March 31, 2026.

The growth was primarily driven by the recent acquisition of British fashion brand White Stuff, which performed well and recorded pro forma sales growth of 4.3 percent. Excluding the impact of the White Stuff acquisition, legacy UK turnover remained flat in pounds. Management attributed the stagnant organic sales to a highly constrained discretionary consumer spending environment across the UK, which has been severely impacted by elevated living costs and subdued consumer confidence.

Operations hit by category weakness and cyber disruption

The performance of the legacy TFG London brand portfolio was negatively affected by several operational headwinds during the 12-month period. Key factors included:

Weakness across core occasion-wear categories;

Softer overall trading volumes within department store concession channels;

Significant operational disruption resulting from a major cyber incident that affected a key online concession partner.

Negative leverage pressures operating profit

Although regional management remained focused on protecting operating profit margins through targeted cost containment and reduction initiatives, the flat organic sales generated severe negative operating leverage.

Consequently, segmental EBIT declined by 65.4 percent before accounting for brand impairments and the acquisition costs incurred in the prior financial year.

Reflecting a deterioration in long-term cash flow expectations under current economic conditions, the parent group recognised non-cash impairment charges against its UK-based Phase Eight brand. Moving forward into the next financial year, profitability for TFG London will remain heavily dependent on disciplined gross margin protection and strict cost management.

French womenswear prêt-à-porter brand Grain de Malice is exploring its entry into the Spanish market. This will be through a franchise-based expansion model and the search for a local operator. The brand already reaches Spain indirectly through its digital channel, with a presence on platforms like Zalando.

The company, which specialises in mid-range womenswear, is planning this move as part of its international growth strategy. It already operates more than 200 points of sale outside its home country.

Founded in 2007, the brand has positioned itself in the accessible womenswear segment. Its collections are aimed at women over 35 and sizes range from approximately 36 to 50. Its offering focuses on garments designed for different body shapes, with a stated emphasis on comfort, fit and in-store advice.

The planned expansion model for Spain is based on a commission-affiliation system. Under this system, the brand would retain ownership of the stock and the franchisee would act as a point-of-sale, receiving a commission on turnover. The estimated initial investment is around 100,000 euros, with an entrance fee of 12,000 euros, no royalties, and a marketing fee of 2 percent plus an additional 1 percent. The planned stores have an average area of around 160 square metres, with five-year contracts and a minimum population requirement of 40,000 inhabitants.

On a corporate level, the company has undergone significant changes in its shareholding structure in recent years. After being linked to the Mulliez group ecosystem, it was acquired in 2023 by an investment consortium. This consortium was formed by Groupe Philippe Ginestet, the FE2T fund and its current management team. This change has been accompanied by an acceleration of its retail expansion and a greater commitment to international growth.

British women’s fashion brand Wyse London has appointed former Boden executive Cathy Newnes-Smith as its new chief executive officer, with immediate effect.

Newnes-Smith joins Wyse London following three and a half years as CEO of British lingerie and sleepwear brand Stripe & Stare, where she led the business through a significant period of growth and brand development.

Prior to this, Newnes-Smith spent 12 years at British clothing brand Boden, most recently serving on the executive leadership team as chief design and customer experience officer. In this role, she oversaw product design, buying, content and brand marketing, as well as creative and creative services.

In a statement, Wyse London said that Newnes-Smith brings “extensive experience” across brand building, customer experience, creative leadership and commercial growth, and will lead the brand through “its next chapter as the business continues to expand both its retail presence and digital offering”.

Commenting on the appointment, Marielle Wyse, founder of Wyse, said: "Cathy brings a wealth of experience and a deep understanding of our customer, making her an exceptional fit for Wyse London and our ambitions for the future. Her values, vision and commercial expertise are closely aligned with who we are as a brand and where we are heading.

“Both personally and professionally, I have enormous admiration and respect for Cathy. I have every confidence that she is the right person to lead Wyse through its next chapter, building on our strong foundations and driving the business forward as we continue to grow.”

Newnes-Smith added: "I am delighted to be joining Wyse, a brand I have admired for many years. Marielle and the team have always put customers at the heart of Wyse, understanding the power of clothes to give confidence, strength and joy.

“I am very much looking forward to working with Marielle and the team to continue growing the Wyse community in the years to come."

Founded in 2014, Wyse London began as a colourful cashmere brand and has grown into a full lifestyle label spanning knitwear, dresses, denim and outerwear. The contemporary brand also has a growing retail presence in the UK with stores in London, York, Burnham Market, and Southwold.

Portuguese technology company Smartex has added a colour measurement and control tool for the textile industry to its solutions portfolio, strengthening its digitalisation offering for dyeing and manufacturing companies. The new solution, named Smartex CTRL Color, is now available in Europe. It is part of a broader strategy combining technological development, a closer relationship with fashion brands and a future funding round aimed at accelerating the company's international expansion.

The product was originally developed by a British company and is now integrated into the Smartex ecosystem. According to Portugal Textil, it allows for the automatic detection and monitoring of colour variations in knitted fabrics. With this addition, the company completes one of the capabilities it had not yet covered within its platform, which until now had focused mainly on the automatic detection of defects during manufacturing processes.

The integration of CTRL Color aligns with the company's vision of building a digital infrastructure capable of connecting various textile manufacturing processes. Beyond developing inspection systems, Smartex aims to consolidate a platform that allows for the capture and management of production data throughout the entire value chain, from fabric manufacturing to garment construction. The company has even developed a label that can adhere to textiles and withstand the chemical processes typical of the dyeing stages.

As Gilberto Loureiro, president of Smartex, explained a couple of weeks ago at the ETP annual conference, colour measurement represents one of the most complex challenges in textile quality control and is a leading cause of product rejection in the final stages of production.

This commitment to digitalisation has also led the company to invest nearly two million euros in traceability and Digital Product Passport (DPP) technologies. Although the adoption of these solutions remains limited, especially outside of Europe, Smartex believes that future regulatory changes will ultimately drive their development. Currently, Portuguese companies such as Impetus, Familitex, Acatel and Tintex are already using Smartex Loop, the platform developed by the company to manage traceability and production information.

The company has also entered a new organisational phase with the appointment of Max Easton as chief executive officer, while Gilberto Loureiro has taken on the presidency. The change aims to strengthen the direct relationship with fashion brands, an area the company considers strategic for accelerating technological adoption in the supply chain. Although Smartex already collaborates with groups such as H&M, Inditex and Calvin Klein, the company acknowledges that there is still significant growth potential in this segment.

With nearly 80 employees, a presence in more than ten countries and over 45 million euros raised since its founding, Smartex is now preparing for the next phase of its development. The priority is to consolidate its solutions for finished fabric and strengthen its positioning among international brands. In parallel, the company is considering a new funding round to accelerate its expansion and broaden the reach of its technological proposal, with which it aims to become one of the leading digital partners in the global textile industry.

British certified B Corp underwear and sleepwear brand Stripe & Stare has appointed co-founder Katie Lopes as its new chief executive officer.

In a statement, Stripe & Stare said that Lopes appointment marks a “new chapter” for the brand, and will see her leading the next phase of its “ambitious global expansion” plans.

Lopes co-founded the lingerie and sleepwear brand in 2017, where she spearheaded the six years of research and development for the brand’s signature knickers, which are crafted from Tencel fabric, 95% biodegradable and claim to offer a fit where the style doesn’t ride up or dig in.

The female-founded brand now generates more than 10 million pounds in annual revenue and has evolved into a thriving global direct-to-consumer business, disrupting a category traditionally dominated by heritage players. Its stockists include Selfridges, Shopbop and Nordstrom.

Stripe & Stare strive to become the leading comfort-led underwear brand

Commenting on the appointment, Tracy Lewis, board chair of Stripe & Stare, said: “Katie has been the heartbeat of Stripe & Stare since day one. Her passion, entrepreneurial spirit and unwavering commitment to our customers and community have helped build an extraordinary brand.

“She is uniquely positioned to lead Stripe & Stare into its next era of growth, and we're all so excited to see the business reach even greater heights under her leadership.”

As CEO, Lopes is being tasked with making Stripe & Stare the world's leading comfort-led underwear brand, through accelerating investment in product innovation, deepening customer relationships, and expanding its international footprint, as well as further strengthening its environmental commitments.

Lopes said: "Stepping into the role of CEO is both a privilege and an incredible opportunity. Eight years ago, we set out to create underwear that women never wanted to take off. Today, Stripe & Stare is so much more than a lingerie brand, it's a community, a movement and a business proving that purpose and profitability can thrive together.

“I'm enormously proud of what we've built and incredibly excited for what's next as we continue to scale globally, innovate relentlessly and bring the world's most comfortable knickers to even more women around the world."

US fashion group G-III Apparel Group (G-III) has reported its financial results for the first quarter of fiscal year 2027, ended April 30, 2026. The company reported net sales of 536 million dollars, representing an 8 percent decrease compared to the same period of the prior year.

Despite the revenue decline, net income for the first quarter increased to 66.50 million dollars, or 1.50 dollars per diluted share, including a 77.90 million dollar benefit under the International Emergency Economic Powers Act. On a non-GAAP basis, net income per share for the first quarter was a loss of 0.21 dollars per share, compared to an income of 0.19 dollars per diluted share last year, while gross margin increased by 2,270 basis points to 64.9 percent.

G-III chairman and chief executive officer, Morris Goldfarb, stated: “The quarter was better than expected with both our net sales and earnings coming in ahead of guidance. Our go-forward portfolio saw continued momentum and healthy full-price selling, which contributed to meaningful gross margin expansion versus the prior year.”

Strategic acquisition of Marc Jacobs

The financial report follows the company's recently announced definitive agreement to acquire the US designer brand Marc Jacobs in partnership with brand management firm WHP Global. The transaction will establish a 50/50 joint venture to hold the intellectual property of the brand, with G-III managing the global operating business.

Goldfarb added: “Marc Jacobs is one of the most influential brands in fashion, and we see tremendous opportunity to build on its strong foundation and drive long-term growth across categories, channels, and geographies.” The current financial outlook does not incorporate any potential impact from this pending transaction.

Revision of fiscal year 2027 earnings outlook

Based on the first quarter performance, G-III has updated its financial guidance for the full fiscal year ending January 31, 2027. Net sales are projected to reach approximately 2.71 billion dollars, down from 2.96 billion dollars in fiscal year 2026. This estimation accounts for an anticipated loss of approximately 470 million dollars in sales from Calvin Klein and Tommy Hilfiger products.

Full year net income is expected to range between 171 million dollars and 175 million dollars, with diluted earnings per share between 3.85 dollars and 3.95 dollars. This is an increase from the net income of 67.40 million dollars reported in fiscal year 2026. Non-GAAP net income is projected between 95.00 million dollars and 99 million dollars, down from 116.20 million dollars in the prior year. Adjusted EBITDA is forecast between 178 million dollars and 182 million dollars, compared to 192.40 million dollars in fiscal year 2026.

For the second quarter ending July 31, 2026, G-III expects net sales of approximately 570 million dollars, compared to 613.30 million dollars in the second quarter of the prior year. Second quarter net income and non-GAAP net income are both projected to sit between 7 million dollars and 11 million dollars, compared to 10.90 million dollars and 11.20 million dollars respectively in the same period last year.

The US bankruptcy court for the southern district of Texas has approved the reorganization plan of Saks Global Enterprises LLC (Saks Global), a US multi-brand luxury retail company. The plan gained support across the capital structure from participating creditors, with an overwhelming majority voting in favour. Confirmation of the plan allows the company to exit chapter 11 in the coming weeks with a strengthened financial foundation.

“Securing approval of our Plan is an incredible achievement for Saks Global, and the broad-based support we have received from our capital partners, brand partners and other key stakeholders reflects confidence in our future,” said Geoffroy van Raemdonck, chief executive officer of Saks Global. Van Raemdonck added that with the commitment of capital partners and the dedication of the team, the company is on track to emerge stronger and more focused, poised for profitable and sustainable growth.

Upon emergence, the debt of Saks Global will be reduced significantly, by nearly 75 percent, and the company will have the liquidity necessary to support operations and invest in its future. The plan establishes the foundation for the retailer to accelerate sales growth, with a focus on strong full-price selling. The company aims to generate 9 billion dollars in total gross merchandise value and double-digit adjusted EBITDA by fiscal year 2030.

Progress toward sustainable growth

Brandy Richardson, chief financial officer of Saks Global, noted that with significantly reduced debt on the balance sheet at emergence and having already achieved substantial cost savings through the optimization of its footprint, operations, and organization, the business is well positioned for future success.

In less than five months, Saks Global has progressed in evolving its business to support a more sustainable future. This includes establishing an improved capital structure and strengthening relationships with brand partners to facilitate the delivery of a curated product assortment.

The company has also optimized its store footprint and supply chain network to support its integrated retail model. This model is anchored by the best-performing stores in markets with a high concentration of luxury customers, alongside distinct e-commerce platforms and remote selling services. Saks Global has also focused on its core luxury business by streamlining the majority of its off-price business to prioritize luxury and full-price selling, while right-sizing the corporate team to align with this strategy.

The actions of the company are translating into sustained momentum. Store sales for the go-forward operations continue to show steady improvement, reflecting stronger customer engagement as a result of increased inventory.

Shares of Lululemon Athletica fell about 8 percent on Friday to an over seven-year low of 109.36 dollars, Reuters reported, after the activewear retailer cut its full-year profit forecast and signalled mounting operational pressures. The sharp selloff reflected growing investor concern about the pace of the activewear retailer's turnaround and the challenges facing incoming chief executive Heidi O'Neill, who is set to assume the role in September.

The earnings disappointment has intensified scrutiny of a business grappling with weakening brand momentum, rising competition and a series of product-related setbacks. The market reaction has also significantly compressed Lululemon's valuation, with the company now trading at roughly 10 times forward earnings, well below rivals such as Nike and Adidas.

Brand challenges and product missteps weigh on sentiment

Investor confidence has been undermined by concerns over both brand perception and product execution. Management acknowledged that recent sales trends were affected by negative media coverage and social media commentary linked to a prolonged proxy battle with founder Chip Wilson.

Wilson has publicly criticised the company's leadership, arguing that the brand has lost some of its premium appeal while attempting to broaden its market reach. Those concerns have been amplified by customer complaints regarding product quality and innovation.

The company faced backlash following the launch of its 108-dollar "Get Low" leggings, with consumers posting on social media that the garments were see-through. Other recent collections have also drawn criticism over fit, design and overall product quality, raising questions about Lululemon's ability to maintain its premium positioning.

Analysts warn of structural risks

The operational slowdown prompted French banking group BNP Paribas to downgrade the stock from Neutral to Underperform and cut its price target to 88 dollars, implying further downside from post-earnings trading levels.

In a research note, analysts Laurent Vasilescu, Aubrey Tianello and Leah Yang argued that the company's challenges extend beyond short-term execution issues and reflect deeper structural concerns that could persist through fiscal 2027.

Among the key risks identified was Lululemon's continued expansion of its store footprint despite declining comparable sales in the Americas, where same-store sales fell 5 percent. Analysts warned that the resulting fixed-cost pressures could weigh on profitability for several years.

They also pointed to what they described as a dilution of focus within the company's core business. Investments in newer categories, including footwear, self-care and technology products, have coincided with weaker performance in Lululemon's foundational yoga apparel business.

At the same time, growth in China—long regarded as one of the retailer's strongest expansion markets, has begun to slow. Excluding the benefit of a Chinese New Year calendar shift, comparable sales growth in the region moderated to approximately 5 percent.

Profitability under pressure

First-quarter results highlighted the scale of the financial challenges facing management.

Operating income declined 37 percent year over year to 276.95 million dollars, while operating margin contracted by 730 basis points to 11.2 percent. Net income fell to 195.05 million dollars, resulting in diluted earnings per share of 1.69 dollars, compared with 2.60 dollars a year earlier.

According to estimates cited by brokerage firm William Blair, Lululemon's full-year operating margin is expected to decline by approximately 380 basis points to 16.1 percent, which would represent the company's lowest margin level since 2006.

O'Neill faces high-stakes leadership transition

The pressure on incoming CEO Heidi O'Neill is mounting as analysts reassess the company's prospects. At least nine brokerages have reduced their price targets in recent months, with the median target falling from 205 dollars to 149 dollars over the past three months.

Investors remain uncertain whether management's strategy of increasing discounts on older inventory will be sufficient to stabilise demand and improve performance.

The challenge for O'Neill is compounded by the long lead times inherent in apparel manufacturing, meaning many product decisions for 2027 have already been made. As a result, investors will be closely watching whether she can oversee a successful product reset, restore confidence in the brand and reignite growth in North America while preserving Lululemon's premium market positioning.

Mystery shopping has long been a familiar tool in fashion retail for assessing in-store customer experience. Previously used primarily to monitor service agreements, its focus is increasingly shifting towards learning and improvement. Retailers now use insights from store visits as input for coaching, training and discussions on the shop floor. To better understand this development, FashionUnited spoke with fashion retailers, industry organisations and a retail expert.

Research agency Excap, based in Groningen and Antwerp, no longer views mystery shopping as a standalone measurement tool. It is now seen as part of a broader analysis of the customer experience. Arjen van Hijum, managing director of Excap, personally confirmed this to FashionUnited. The agency, which began with in-store mystery shopping over 20 years ago, now focuses on the entire customer journey, incorporating both physical stores and online touchpoints. “How a customer experiences a brand depends on many touchpoints,” stated Excap. Within fashion retail, the store remains a key moment for orientation, advice and trying on products.

According to Excap, retailers use mystery shopping for a variety of reasons. Brands use it to assess how their products are presented and recommended in stores. Other organisations use it to measure the extent to which employees apply trained sales techniques on the shop floor. Larger retail chains also use the tool to monitor whether brand values and desired practices are consistently implemented across different branches. The emphasis is often on aspects such as customer approach, product knowledge and the progression of the sales conversation.

G-Star and My Jewellery on mystery shopping as a development tool

FashionUnited spoke with G-Star and My Jewellery about their use of mystery shopping within their retail organisations. Both brands collaborate with the platform Secret View, using the tool systematically to measure the store experience with a strong focus on coaching and team development.

At G-Star, a mystery shopper visits every store each quarter to assess the customer experience based on predetermined criteria. The results are immediately accessible to store managers, who then discuss them with their teams. Pascal de Boer, retail director at G-Star, emphasises that the insights are used not just to measure performance, but to implement targeted improvements and share successes within the organisation. Dashboards also allow for the analysis of results at a regional, national or channel level, revealing broader trends.

My Jewellery also employs mystery shopping to monitor the experience within its physical boutiques. The focus is firmly on service as a key differentiator in its stores. According to the brand, the results provide insight into how customers perceive the store and highlight opportunities for improvement. These insights subsequently form the basis for training and coaching at both team and organisational levels.

Both retailers use dashboards to monitor performance and track developments. G-Star emphasises the systematic measurement and analysis of store performance. My Jewellery, however, explicitly uses the outcomes to further optimise the store experience, focusing on customer approach, product knowledge and visual merchandising.

According to both brands, the effectiveness of mystery shopping is closely linked to the internal application of its results. Transparency, a focus on development and the active involvement of store teams in the follow-up process are crucial. When insights are used as a basis for feedback and training, employees generally perceive the tool as both educational and motivating.

At G-Star, this approach has led to measurable improvements in store performance, with a consistent rise in mystery shopping scores between the first assessment in 2025 and the first in 2026.

More retail examples: Inno, Carhartt, Les Soeurs, Ziengs and Batavia Stad Fashion Outlet

G-Star and MyJewellery are not the only companies using mystery shopping services. Several providers offer these services in the Netherlands. Companies such as Inno; Carhartt; Les Soeurs; Ziengs; and Batavia Stad Fashion Outlet (in no particular order) work with Excap, for example.

According to the agency, each of these organisations uses mystery shopping to meet specific objectives. It is used to assess how brands are promoted within multi-brand environments; to test the application of sales and advisory skills training by employees; and to gain insight into the quality of sales conversations on the shop floor. Larger organisations also use the tool to monitor the consistent implementation of brand values, terminology and desired customer approaches across different branches.

More focus on omnichannel and speed

The application of mystery shopping is also shifting towards a broader view of the customer journey. There is a greater focus on the cohesion between online and offline channels, for instance by including e-commerce experiences or in-store return processes.

The speed of reporting has also increased. While results were previously available only after several weeks, clients now often expect insights via dashboards within a few days. “Our clients expect and, if requested, receive insight into results within 48 hours. This ranges from individual visit reports to a dashboard where we link various data sources,” stated Excap.

According to Excap, mystery shopping also requires a clear cost-benefit analysis. The initial investment can be a barrier for some organisations, with the return not always being immediately apparent. The agency emphasises that success depends partly on internal positioning. Excap notes that mystery shopping is more readily accepted on the shop floor when introduced as part of a broader vision for employee training and development, rather than as a standalone monitoring tool.

This approach aligns with the experiences of G-Star and My Jewellery, where mystery shopping is explicitly used as a learning instrument. By sharing results transparently and using them for coaching and training, store teams there generally find the tool motivating and educational.

The agency also notes an increase in online mystery shopping. The tool is used to test digital applications, such as e-commerce functionalities or new technologies for online fitting and personalisation. Companies use mystery shoppers in these instances to gain insight into the usability and customer experience of these tools. According to Excap, combining these insights with existing customer data allows organisations to better connect customer experience with commercial performance over time.

De Onderzoekfabriek on how its use is shifting towards development

In fashion stores, mystery shopping often focuses on moments of personal contact between staff and customers. This includes the greeting; enquiring about needs; providing suitable product advice; assisting in the fitting room; and completing the sale. A spokesperson for De Onderzoekfabriek told FashionUnited that these interactions are crucial in determining whether a customer ultimately makes a purchase. Retailers also use the results to identify differences between branches, allowing them to investigate where service agreements are being met more or less effectively.

The spokesperson provided FashionUnited with a practical example. At a large shoe chain, mystery shopping revealed that while customers were greeted, staff often asked only general questions such as “can I help you?”. After coaching on asking more targeted questions, such as the occasion for the shoes or the desired style, there was an improvement in both the mystery shopping scores for advice and closing the sale, as well as in the number of purchases.

The agency observes developments similar to those seen by Excap. These include the use of dashboards and data analysis for faster access to results and the growing integration with online customer journeys via e-commerce or chat. De Onderzoekfabriek also notes an increased use of photo and video materials to more concretely illustrate situations from store visits during the coaching or training of store teams.

Retail expert Dirk Mulder: objectivity depends on execution

To gain a broader, independent perspective on this development, FashionUnited also spoke with retail expert Dirk Mulder of ING. He believes the value of mystery shopping depends heavily on how organisations implement the tool. “If you use it to hold employees accountable, it remains a monitoring tool. If you use it as a basis for feedback, training and discussion, it becomes a coaching instrument,” Mulder stated.

He believes mystery shopping can help improve service and customer experience, but the measurement tool is not entirely objective. The outcomes depend on factors such as the timing of the assessment, the frequency of visits and the mystery shopper's interpretation. Establishing clear criteria and scenarios beforehand can, however, increase objectivity.

When organisations use the results as a basis for training and development, it can contribute to a better store experience and, in the long term, to commercial performance. He notes that direct effects on revenue are difficult to prove. Improved service can, however, encourage customers to stay in the store longer, spend more and return more frequently.

Looking ahead, Mulder expects mystery shopping to evolve further towards a broader, omnichannel approach. This will involve assessing not only the physical store experience but also online touchpoints and the cohesion between both channels throughout the entire customer journey.

Pinterest has extended its partnership with Amazon Web Services (AWS) as it doubles down on AI infrastructure. The social media platform has confirmed a four billion dollar commitment to utilise AWS Trainium and Graviton to train and run AI models at scale through 2031.

The agreement, described as the largest infrastructure deal in the company’s history, will see Pinterest put to use Amazon’s custom silicon chips to host and run language models and vision-language models that power personalised visual search and AI-assisted discovery. Pinterest will also expand its use of Graviton, AWS’ processors designed for cloud computing workloads, to run discovery systems.

This latest agreement expands on Pinterest and AWS’ existing relationship spanning back to 2010. Since the partnership’s inception, the duo have worked to enhance Pinterest’s reliability, efficiency and performance, and have built what is said to be “one of the largest-scale data lakes” – a repository that stores raw data – on AWS.

Pinterest has also been broadening its use of AI in an effort to enhance discovery. The platform has introduced features such as Taste Graph and Pinterest Assistant that provide users with advanced recommendation systems and conversational discovery options, all to improve and personalise its online experience.

Now, the company said the renewed commitment supports the next phase of growth across AI model implementation, with AWS to provide further flexibility, hardware optionality, and infrastructure efficiency to accelerate its AI vision, Pinterest’s chief technology officer, Matt Madrigal, stated.

“This strategic partnership will help accelerate AI innovation at Pinterest, improving both our consumer experience and advertiser performance by advancing our proprietary models and our use of open-source models,” Madrigal added.

Japanese fastening products manufacturer YKK Corporation (YKK) has announced plans to construct a third manufacturing plant in India for its subsidiary, YKK India Private Limited (YKK India). The facility will be located at Origins by Mahindra, Chennai, in the southern state of Tamil Nadu.

The expansion is designed to address the growing domestic demand and export-oriented manufacturing markets in India. The country has been expanding as one of the leading global producers of textiles and apparel. The new factory will work in coordination with the two existing YKK India production facilities located in Bawal, Haryana, in northern India.

YKK has committed an investment of 150 million dollars for the project, which covers land, buildings, machinery, and equipment. The development will feature a land area of 149,936 square metres and a building area of 74,658 square metres. Construction is scheduled for completion in February 2028.

According to the group, the state-of-the-art facility will integrate advanced technologies. Through this expansion, YKK plans to promote locally rooted business operations, expand regional employment opportunities, and establish a production system capable of delivering products that meet a wide range of customer needs.

YKK India was established on September 26, 1995, and is currently led by president Jin Deguchi. The subsidiary's corporate headquarters is based in New Delhi alongside multiple regional offices across India and overseas offices in Nepal, Jordan, and the United Arab Emirates.

The Middle Eastern market is facing significant disruption due to geopolitical tensions, inflation, and a decline in tourism. Experts from CXG are offering advice on crisis management and resilience for luxury brands already present in the Gulf countries or heavily reliant on this clientele.

CXG (Customer Experience Group) is a consulting and customer experience measurement firm specialising in the luxury and premium sectors. It currently supports over 200 luxury brands in more than 70 countries, particularly those facing major crises. The Gulf countries are currently experiencing such a situation.

The issue is particularly strategic because CXG considers Middle Eastern consumers a crucial clientele for high-value luxury purchases. Dubai and Riyadh have also established themselves as key hubs for the industry.

According to CXG, luxury brands have often successfully leveraged crises to evolve. In response to the current situation, the firm provides several potential courses of action.

Market diversification

CXG advises against depending on a single region. Brands must diversify their geographical exposure. Among Middle Eastern markets, they should consider Saudi Arabia a long-term priority due to Vision 2030.

Vision 2030 is Saudi Arabia's economic diversification strategy. It aims to reduce oil dependency by investing in tourism, culture, and high-end consumption.

Furthermore, luxury brands would benefit from serving their Gulf clients where they travel and make purchases, rather than focusing solely on boutiques within the region.

Extending relationships beyond the boutique

The boutique remains at the heart of the luxury experience, but it should no longer be the sole point of contact. According to CXG, brands must develop private clienteling; remote personalised services; proactive interactions with their clients; and strengthen local cultural integration.

Additionally, international brands would benefit from better understanding local cultural references rather than applying a uniform model across all markets.

Customer experience as a competitive advantage

The authors highlight that Middle Eastern consumers are not just experiencing logistical disruption but an emotionally complex situation. Brands are therefore encouraged to show empathy in their communications and interactions and to implement a controlled pricing policy to better cope with economic uncertainties.

For CXG, the ability to make each client feel recognised, understood, and valued remains the primary advantage of luxury.

In summary, according to CXG, the fundamentals of the Middle East remain strong: wealth; a young population; strong brand loyalty; and an appreciation for craftsmanship. The distinction will be between brands that use this period to strengthen their client relationships, organisation, and cultural understanding, and those that simply wait for a return to normality.

The summer of football begins next week with the opening match of the men's World Cup, held in the US, Canada, and Mexico. US sportswear brand Capelli Sport will also be participating, equipping the national team of Cape Verde and distributing licensed products from the Fédération Internationale de Football Association (FIFA).

In Europe, the team sport specialist is primarily known for its partnerships with clubs such as VfL Osnabrück, Grasshopper Club Zürich, and Sheffield FC. Capelli Sport has been based for over ten years with its European headquarters in Ratingen, North Rhine-Westphalia, near Düsseldorf, in a major football hub.

In this interview, Mourheg discusses the company's expectations for the tournament, current business performance, and the markets Capelli Sport plans to expand into.

World Cup is approaching. What are your expectations for the tournament?

The tournament is particularly interesting for us for several reasons, especially because it is taking place on our doorstep. Our parent company is based in the US, with headquarters in New York City and New Jersey, and our distribution centre is just five minutes from the MetLife Stadium, where the final will be held.

This is an extremely important event for the market there. We are already the market leader in US amateur football; everything below Major League Soccer (MLS) is our core business. When a mega-event comes to the country, it boosts the entire sport. For us as the market leader, this means a noticeable push in revenue, player numbers, and membership growth, and new football clubs are formed. That is why we definitely want to be involved, with at least one nation on the pitch.

Do you have a rough idea of the revenue boost the tournament will bring?

It depends on how many of our existing clubs benefit and how many new clubs approach us. Historically, the entire market's focus shifts heavily towards football during such periods.

The host nation's performance also plays a role; if they are eliminated in the group stage, the effect quickly dissipates. In the US, one mega-event follows another seamlessly. It would therefore be beneficial for the sport if the US team progresses as far as possible. We anticipate a short-term increase of up to 10 percent in US youth football. Furthermore, World Cup years are generally growth years for sports brands. Since we serve the team sports market directly, bypassing retail, we feel such developments immediately within the current year.

How has the first half of the year been for you, both globally and in Europe?

Good. The Cape Verde partnership alone, announced this half-year, has automatically generated a lot of interest. Considering how few brands besides the three major players are represented at a World Cup, it is really just a handful. This helps us enormously, including in direct conversations with clubs. We also had other strong areas: lacrosse and field hockey, with the latter becoming increasingly active with the upcoming European Championship. Overall, it has been an eventful first half.

Can you comment on revenue development?

Not yet definitively. It is a very seasonal business, and a lot still happens over the course of the year. We are not a brand that waits for pre-order rounds. Since we serve the team sports market directly, our revenue developments are more immediate. When the season starts, we see what the year has brought. Other brands have long since closed their order books and can do little to change things for this year. Our cycle is different; there is still a lot of movement.

Besides the sportswear segment, you are also responsible for Capelli New York. Do you notice differences between the two areas given the current consumer sentiment?

Yes, definitely. The sports industry is developing differently from fashion. In the fashion and accessories sector, we are heavily dependent on general consumer sentiment and even the weather. If people shop less, it is immediately reflected. In team sports, however, the business is more stable. As long as the ball is rolling, there is momentum, relatively independent of the weather. There are more relevant cycles about the World Cup schedule, mega-events, or the sporting success of a national team.

How large is Capelli Sport in relation to the fashion division?

The sports brand is clearly the group's major growth sector. The fashion accessories business, primarily under Capelli New York, has existed since the company was founded 36 years ago. We are the market leader there, generating around 300 million in revenue. The growth potential in this segment is largely exhausted.

In sports, however, we have enormous growth rates. The brand has been around for 12 years, and we are now the market leader in US youth and amateur football, generating around 85 million in revenue worldwide. This is more than some long-established brands in Germany have achieved after over 100 years. Therefore, the balance between the two divisions at the group level is shifting rapidly. The focus is clearly on the sports brand.

How does this differ in Europe?

In Europe, the ratio is more balanced; we have been active here with the fashion division for 26 years. The revenue split between sports and fashion is approximately 50-50.

How are the sales channels structured?

In the fashion sector, it is a classic wholesale business. More importantly, we market our brand on our own self-managed spaces in large department stores without our own staff but with our own brand presence. We are present in stores like Galeria and P&C, among others. This is complemented by white-label production for large retailers and private label listings.

In the sports segment, direct sales is the core business. Our own sales team sells directly to clubs, building personal relationships. Wholesale plays a subordinate role there and is limited to merchandise products, such as fan jerseys like those for Cape Verde. We also work with sports generalists like Engelhorn, as well as with equipment, accessories, and balls, with the exception of club kits, which are not sold through retail.

Your football partnerships range from professional level to amateur sport, which are also present with integrated fan shops on your website. Where do you draw the line between sponsorship and customer?

It is not always about sponsorship. Many clubs cooperate with us because we provide services for them, such as creating a club collection or setting up a team shop in our online store. These are collaborations without a sponsorship character. A sponsorship begins at a certain level, and league affiliation is not the decisive criterion for us.

We do not see being present with our logo on television broadcasts as a primary goal. It is more important for us to build brand awareness in the region through an engagement with a professional club and then more easily enter into discussions with amateur clubs in the area. The bread-and-butter business is amateur football. The merchandise business with clubs like Alemannia Aachen or VfL Osnabrück, which have a large fanbase, is an added bonus.

There are no standalone Capelli Sport stores, correct?

Correct, we currently have no standalone stores. There were once pop-ups in New York on Fifth Avenue, but no permanent locations.

Do you rely solely on showrooms for these partnerships, and do all the clubs come to you in Ratingen?

Ratingen is the headquarters with a showroom and distribution centre, where we welcome many clubs. We also have many people on the ground in various regions, whether in Bavaria or the north, as well as abroad. In addition, there are separate showrooms in places like Manchester, London, Greece, and other markets. Sometimes, we also have partnerships with clubs where we use a local space for meetings, sample presentations, or as a base for our field sales team.

You are active in more than 20 markets in Europe. Which are the key markets?

Strategically, in the long term, it is of course the 'Big Five' – the markets where we must have a presence: England, Germany, Spain, Italy, and France. We have had a very strong presence in England with our own offices from the beginning, and Germany is our largest market and will remain so in ten years' time. Besides these two markets, we are also currently well-positioned in other markets.

Which countries are those?

We are really pushing ahead in Poland and have good clubs and partnerships there, currently with two teams in the top league. Denmark is a very strong market, which has grown partly because we are represented with our own club in the second division. The Capelli Sport stadium is about a quarter of an hour from Copenhagen, where we host many activities. That has grown very quickly and organically.

We are also very strong in the Balkans, with the Serbian national team and our own local team, among others. In Greece, we have an office and started very early with AEK Athens, back when they were in the Champions League.

Is a major club or a national team the door-opener for you in a market?

That is the classic approach. You start with a major club and build a structure around it to then be able to penetrate deeper into the individual markets.

We do not do everything at once. In some markets, we currently only have one major club and are putting deeper development on the back burner for now. It is also a relationship-driven business; often, a new market has emerged that was not even on the roadmap because a strong partnership presented itself. The great thing about Europe is that this works relatively smoothly, without trade barriers or currency differences. Whether we win a club in Bavaria or the Netherlands, the distance to the neighbouring country is even shorter.

You just mentioned the 'Big Five'. Are the other markets besides Germany and England more difficult to enter?

Yes, Italy is a classic example of this. We do not have a single partner there yet. The football market there is romantic and visibly very appealing; it clearly belongs to the 'Big Five' and must be addressed at some point. It is, however, a more complex market than others. As long as we still have enough growth potential in other markets, we prefer to take the easier path because it leads to success more quickly.

Finally, what are the next goals for the brand?

We want to expand our reach even further, especially in amateur football. In markets where we have so far only been active through professional engagements, we want to penetrate deeper: Denmark, Poland, Switzerland, and of course, Germany. In Germany, sales remain the clear number one priority; we are tapping into more and more regions and continuing to expand the sales team.

In the professional sector, the hope is always that existing clubs will continue to develop. A good example is VfL Osnabrück. We already had them under contract in the 2. Bundesliga, then unfortunately, they were relegated shortly after, and now they are back. That is the ideal scenario! You do not have to convince a new second-division club; instead, you write great stories together with the club. At the same time, we are in talks with all realistic professional clubs from league one to league four that become available, and new engagements will follow in the near future.

Canadian athletic apparel brand Lululemon Athletica Inc. (Lululemon) reported its financial results for the first quarter of fiscal year 2026, ended June 4, 2026, revealing steady international growth alongside deceleration in its domestic market. As detailed in the official press release, total net revenue for the period reached 2.47 billion dollars, representing a 4 percent increase compared to 2.37 billion dollars in the first quarter of fiscal year 2025. On a constant dollar basis, net revenue increased by 2 percent.

The company experienced varying performance across geographic regions. In the Americas, net revenue decreased by 3 percent, or 4 percent on a constant dollar basis. Conversely, international net revenue grew by 22 percent, driven by a 16 percent increase on a constant dollar basis, highlighting robust demand in overseas markets.

Comparable sales and margin contractions

Total comparable sales, which encompass company-operated retail locations and e-commerce, rose by 1 percent during the quarter, though they declined by 2 percent on a constant dollar basis.

Domestic retail channels remained constrained, with comparable sales in the Americas declining by 5 percent, or 6 percent on a constant dollar basis. International comparable sales cushioned this performance, increasing by 13 percent, or 8 percent on a constant dollar basis. Within the international segment, Mainland China delivered a 20 percent increase in comparable sales.

Gross profit decreased by 3 percent to 1.34 billion dollars from 1.38 billion dollars in the prior year period. Consequently, gross margin contracted by 410 basis points to 54.2 percent. Net income stood at 195.05 million dollars, representing diluted earnings per share (EPS) of 1.69 dollars. This performance marked a decrease from a net income of 314.57 million dollars, or 2.60 dollars per diluted share, in the same period last year.

Product updates and strategic agility

The financial update coincides with organizational adjustments following leadership shifts. Lululemon interim co-chief executive officer and chief financial officer, Meghan Frank, noted that while the team executed with speed, the business is currently navigating headwinds that have prompted revisions to the full-year outlook. Frank stated during the investor call that spikes of negative media and social commentary regarding product compositions and proxy contests impacted traffic, predominantly in China and the US.

Furthermore, Frank acknowledged that certain product launches failed to meet expectations. To address these trends, the brand is accelerating its chase capabilities by 20 percent relative to last year to read and react faster to consumer demands, with product focus shifting toward outerwear and lounge fabrics.

Interim co-CEO, president, and chief commercial officer, André Maestrini, reiterated that teams remain focused on core priorities to reignite growth, specifically building upon successful product capsules across train, tennis, and run.

Inventory control and store network development

Lululemon ended the first quarter of 2026 with 1.51 billion dollars in cash and cash equivalents, and maintained 593.60 million dollars of available capacity under its revolving credit facility.

Total inventories at quarter-end grew by 2 percent to 1.69 billion dollars compared to the first quarter of 2025. However, on a unit basis, inventories decreased by 4 percent, indicating healthier stock management and reduced volume risk. During the period, the company allocated 358.30 million dollars to repurchase 2.20 million of its own shares.

The activewear retailer continued to grow its physical footprint, opening five net new company-operated locations during the quarter to bring its global store count to 816 locations.

Updated financial outlook

For the second quarter of fiscal year 2026, Lululemon projects net revenue to range between 2.45 billion dollars and 2.48 billion dollars, representing a decline of 2 percent to 3 percent. Diluted EPS is anticipated to fall between 1.76 dollars and 1.81 dollars.

For the full fiscal year 2026, the company lowered its guidance. It now estimates net revenue to land between 11.00 billion dollars and 11.15 billion dollars, translating to a flat to 1 percent decline compared to fiscal year 2025. Full-year diluted EPS is projected to be between 10.95 dollars and 11.15 dollars.

Is this the dawn of a new era for luxury? Faced with a marked slowdown over the past three years, the sector is trying to regain momentum by returning to fundamentals, streamlining portfolios and exploring new avenues.

Profits are down sharply for LVMH and Kering in 2025, and Burberry reported a net loss for its 2024/2025 financial year. The figures show a change in trend. The causes are numerous, including price increases that have tired customers, questions about product quality and a slowing Chinese market.

“Luxury, coming out of Covid-19, was boosted by revenge buying,” recalls Eric Briones, co-founder of the Paris School of Luxury, who has just published a book on the sector's transformation.

“When luxury was faced with this high demand, the artisanal model was undermined,” he says, citing subcontractor scandals in Italy. The Italian judiciary has been investigating major luxury names for two years over working conditions in sewing workshops, suspected of exploiting Chinese labour.

The demand boom was also accompanied by a price increase of up to 50 percent over three years for some brands, “without an increase in quality, or even with a decrease in quality,” he points out.

Price inflation, but also volume inflation: “There is a fundamental question,” explains Christophe Caïs, head of the luxury consultancy CXG. “How many bags can you sell globally before you become a little too present? We want to be exclusive and at the same time we want to do volume. At what point does this volume effect contradict your desire for exclusivity?”.

According to the consulting firm Bain & Company, the luxury market lost 20 million customers between 2024 and 2025, after having already lost 50 million in previous years.

After years of economic and geographical expansion for major luxury groups that have built themselves up as conglomerates, the time for rationalisation has come, specialists point out.

“There is a phase of refocusing on a form of portfolio coherence. We can decide to move away from or find a better partner for certain brands that are less part of a group's DNA,” analyses Léa Hubsch, a partner at the Kearney firm.

Experiential luxury

The global luxury giant LVMH, for example, recently sold the American brand Marc Jacobs after thirty years under its ownership. In January, it sold its Duty Free Shops (DFS) business in China.

On the side of the French group Kering, which is undergoing a major transformation, moves have also begun, including the sale of its beauty division to L'Oréal for four billion euros.

“This consolidation trend is set to continue, with conglomerates divesting their underperforming or strategically less important divisions to focus on their core businesses,” analyses the firm CXG in a recent report.

Another example is the acquisition of the Italian brand Versace by its competitor Prada for 1.25 billion euros in 2025. Other deals are expected, notably for the Italian house Giorgio Armani. In his will, the designer, who died last year, asked his heirs to sell his empire in the medium term to a luxury giant like LVMH or L'Oréal.

Within companies, rigour is the order of the day. Luca de Meo, the former head of Renault appointed to lead Kering last year, stressed during his strategy presentation in April that excellence must take precedence. This includes a return to fundamentals, store closures and a reduction in the number of product references for certain brands.

More broadly, industry specialists speak of a new luxury, one less focused on ostentatious products and more on the huge, fast-growing wellness market.

“Desire has shifted to the experiential: beauty; hospitality; transformative luxury,” says Eric Briones. Experts see the future particularly in wellness and longevity, with clinics worthy of luxury hotels. This is a sector where Kering has already begun to position itself, through a joint venture with L'Oréal announced a few months ago.

Victoria’s Secret has said that its nine director nominees have received approval from three independent proxy advisors in the run up to its annual shareholder meeting, to be held on June 11.

Institutional Shareholder Services, Glass Lewis & Co and Egan-Jones Proxy Services have all issued recommendations for shareholders to vote ‘for’ the director nominees, including independent chair Donna James.

The company said the backing “reaffirms that our board is best positioned to continue overseeing the successful execution of our ‘Path to Potential’ strategy and continued value creation for shareholders”.

The lingerie brand’s leadership has faced increased scrutiny in recent months from activist investor Brett Blundy, whose investment vehicle BBRC International owns a 12.9 percent stake in the label. Blundy’s campaign for representation spans back to 2023, however, the entrepreneur has since escalated his efforts in an effort to secure a seat on the board.

In response, Victoria’s Secret has doubled down on its transformation strategy under CEO Hillary Super, underlining its focus on long-term growth and board refreshment. The company has also reported a 152 percent total shareholder return since Super’s appointment in August 2024.

In its latest statement, Victoria's Secret further shared that the strategy was already “generating very strong results”, with Q1 2026 earnings having “exceeded both top- and bottom-line guidance”. “Our momentum is broad-based across categories, channels, and geographies, and this strength was reflected in the market’s overwhelmingly positive response,” Victoria’s Secret added.

The apparel, footwear and textile industries are bracing for impact as the evolving conflict in the Middle East reshapes the global economic landscape. According to the OECD’s latest “Economic Outlook,” a severe energy shock is driving up inflationary pressures and stifling global growth — factors that directly threaten fashion supply chains, manufacturing costs and consumer discretionary spending.

Two likely scenarios

Given the volatile nature of the crisis, the OECD has mapped out two distinct paths forward, both of which demand immediate strategic pivoting from fashion executives and supply chain leaders: In Scenario 1, a time-limited disruption, energy production and trade in Gulf economies would progressively return to pre-conflict levels starting mid-2026. This would allow disruptions to gradually unwind, though the immediate sting to margins would remain.

Scenario 2, a prolonged disruption, is more dire: Current disruptions to energy production and exports would persist well into 2027. This scenario would affect the garment and textile industry as it assumes sustained high energy prices, intensifying risks of supply chain shortages, and a tightening of global financial conditions that could freeze capital investment.

“The global economy entered 2026 with robust momentum, but the outlook has weakened significantly since the start of the conflict in the Middle East, with effects likely to be felt for some time. The longer the disruptions last, the larger the economic and social costs become,” warned OECD secretary-general Mathias Cormann at the launch of the Economic Outlook on Wednesday.

“Any fiscal support that countries provide in response to the shock needs to be targeted towards those most in need and temporary, to avoid a further increase in public debt and preserve incentives to save energy. More broadly, countries need to lay the foundations for stronger growth and productivity by improving the business environment, enhancing skills and unlocking the benefits of AI and other transformative technologies,” he added, noting that structural agility and smart technological adoption will be vital to weathering the storm.

GDP growth projections and inflationary pressures

For fashion brands, slowing GDP growth translates directly to tighter consumer wallets. The OECD’s projections suggest a stark divergence depending on how long the conflict will last: In case of a time-limited disruption scenario, the OECD projects global growth slowing from 3.4 percent in 2025 to 2.8 percent in 2026 before picking up to 3.1 percent in 2027.

Looking at G20 countries, only India, Indonesia, China, Saudi Arabia, Argentina and Turkey would be above that project global average with 7.6, 5.1, 5, 4.5, 4.4 and 3.6 percent, respectively in 2026 and further growth in 2027. In North America, the United States’ GDP growth is projected at 2 percent in 2026 before slowing to 1.8 percent in 2027; Canada’s at 1.2 percent in 2026 and picking up again in 2027 to 1.7 percent while Mexico’s would more than double from 0.8 percent to 1.9 percent in 2027.

In the Euro zone, growth is projected to remain modest at 0.8 percent in 2026 before picking up to 1.2 percent in 2027. Below that average are Italy, France and Germany with a projected GDP of 0.5 , 0.7 and 0.7 percent, respectively, in 2026, with a slight increase to 0.6 percent and 0.8 percent for Italy and France in 2027 and a moderate increase for Germany to 1.1 percent. The UK’s GDP is projected at 0.9 percent in 2026 and 1.1 percent in 2027.

Under the prolonged disruption scenario, global growth would slow to 2.1 percent in 2026 and 1.8 percent in 2027, “leaving a lasting mark on many countries, especially in Asia, Europe and developing economies most vulnerable to the energy and food price shock,” sums up the OECD outlook.

Inflationary pressures would rise in both advanced and emerging market economies with the energy shock leading to higher commodity prices. Indirect effects would boost prices in general, especially for agricultural inputs and food. “In the time-limited disruption scenario, annual consumer price inflation in the G20 economies is collectively expected to rise to 4.0 percent in 2026, from 3.4 percent in 2025, before easing to 3.1 percent in 2027 as energy and food price pressures fade. Inflation would rise significantly higher in the prolonged disruption scenario,” concludes the OECD outlook.

What does that mean for the fashion industry?

The fashion sector is uniquely exposed to the inflationary pressures detailed in the report. Energy shocks act as a double-edged sword for the textile sector as they affect production costs: Synthetic fibre production (like polyester and nylon) is heavily dependent on petrochemicals, making raw material costs highly sensitive to oil price spikes. Logistics and freight is another affected area: Shipping costs are already on the rise as global trade routes adjust to the volatility, threatening margin-starved retail brands.

The inflation’s ripple effect would be felt In the best-case scenario, annual consumer price inflation in G20 economies is expected to climb to 4.0 percent in 2026 (up from 3.4 percent in 2025) before easing to 3.1 percent in 2027. Under a prolonged conflict, inflation would spike significantly higher. Higher food and energy prices mean apparel brands will be competing fiercely for a smaller share of the consumer's wallet.

For fashion and textile insiders, the message is clear: the era of predictable supply chains is on pause. To navigate the remainder of 2026 and 2027, brands must double down on efficiency. This means accelerating the adoption of AI for demand forecasting, optimising inventory to avoid costly overstock, and diversifying sourcing destinations to mitigate regional energy dependencies.

The European circular fashion market could surpass the 100 billion euro (116 million dollars) mark by 2030. This figure, revealed this Thursday by the Fédération de la mode circulaire (FMC) and KPMG, demonstrates the economic power of a market that was once a niche but is now a priority for companies in the sector.

A massive economic impact

The projection of 100 billion euros for circular fashion in 2030 represents more than 58 percent of the current turnover of the entire European textile industry (170 billion, according to EURATEX data). The economic weight of the four pillars of circular fashion – reinvent, reuse, repair and recycle – therefore represents more than just opportunities; it represents the future.

Currently accounting for around 6 percent of the European fashion market, eco-designed products could reach a share of nearly 15 percent by 2030, driven by regulatory changes. They could generate around 71 billion euros on their own. As the FMC points out, the design phase determines nearly 80 percent of an item's environmental impact. This stage is therefore essential to ensure the large-scale development of repair, reuse and recycling models.

European legislation: a catalyst for investment

Above all, the report highlights the decisive role of emerging regulations in supporting demand and investment. The harmonisation of extended producer responsibility (EPR) schemes appears to be one of the most powerful levers for structuring the market.

Europe generates approximately 12.6 million tonnes of textile waste each year, but only about 20 percent is currently collected separately. By transferring end-of-life costs to producers, EPR helps finance the necessary infrastructure for collection, sorting and recycling. In addition, the digital product passport (DPP) and circular VAT projects are expected to increase traceability, transparency and competitiveness in the sector.

A strategic reorganisation of value chains

Supporting local repair and recycling services helps to strengthen the resilience of strategic textile supply chains and create long-term value. Mina Bishop, senior circular economy manager at KPMG, explains the importance of this transition: “For years, circular fashion was treated solely as a sustainability issue. Our study shows that it is also a strategic and industrial issue”.

Maxime Delavallée, president of the Fédération de la mode circulaire, confirms the key role of public institutions: “Our study shows that regulation can be a powerful accelerator for circular fashion.” He notes that appropriate tax measures, such as a circular VAT, would help make repair and resale more financially attractive, allowing the European market to capture a significant share of the 104 billion euros in opportunities identified for 2030.

Madrid – Following the presentation on Wednesday of Inditex's accounts for the first quarter of 2026, we now look beyond the record-breaking sales and profits. This analysis aims to understand exactly how the company has performed at the start of this financial year. The owner of Zara has begun the new fiscal year with a widespread improvement in its main economic indicators.

Firstly, looking at Inditex's sales results for the first quarter of 2026, the company achieved 8.8 billion euros (10.21 billion dollars), a +5.75 percent year-over-year growth. This figure represents the highest sales volume in its history for a first quarter. During the same period, from February 1 to April 30, the cost of goods sold reached 3.4 billion euros. This amount is also a record high for a first quarter for Inditex. However, it grew at a slower rate than sales, increasing by only +3.95 percent compared to the 3,262 million euros in the first quarter of 2025.

As a result of these developments, Inditex reported a gross margin of 5.4 billion euros at the end of the first quarter. This is also the highest ever recorded by the company for the first three months of a fiscal year. It represents a +6.92 percent increase over the 5 billion euros gross margin recorded in the same period last year.

To fully understand how Inditex's operational efficiency has improved, these indicators culminate in a gross sales margin of 61.2 percent. This key metric is an increase of 60 basis points compared to the 60.6 percent gross margin recorded in the first quarter of 2025, setting another record high for Inditex in a first quarter. The company has consistently delivered margins above 60 percent at the start of the year since 2022. However, it has not yet achieved this milestone for a full financial year. The last peak was at the close of the 2025 financial year, which Inditex completed with a gross sales margin of 58.30 percent, after reaching a high of 62.2 percent during the third quarter.

Increased supplier financing

Regarding working capital dynamics, Inditex finished the first quarter of 2026 with an increased inventory level of 3.8 billion euros (+0.55 percent). Simultaneously, the amount owed to the company from specific operations and/or franchisees decreased to 1.06 billion euros (-5.49 percent), while the amount the company owes its creditors, mainly suppliers, rose to 10.8 billion euros (+3.75 percent).

As a result, the company ended the quarter with a negative working capital of -5.9 billion euros. This figure represents a +7.85 percent increase from the -5.5 billion at the end of the first quarter of 2025. It is also +42.75 percent higher than the -4,173 million at the close of the last financial year.

Rounding out the main financial indicators for Inditex in the first quarter of 2026, operating profit (EBITDA) grew to 2.6 billion euros (+7.31 percent), with the EBITDA margin increasing from 28.9 to 29.3 percent. Earnings before interest and tax (EBIT) rose to 1.8 billion euros (+7 percent), with the EBIT margin moving from 19.8 to 20.1 percent.

106 fewer stores

Finally, regarding the evolution of its retail network, Inditex ended the first quarter of the year with a total of 5,456 stores. This figure represents a net closure of 106 stores over the past year, compared to the 5,562 stores it operated at the end of the same period last year. Of this net loss, only four stores were closed during this first quarter of 2026, considering the company ended its 2025 financial year with a total of 5,460 stores.

On a year-over-year basis, all of Inditex's chains have seen a reduction in their number of stores, with the sole exception of Lefties, which expanded its network to 217 stores (+8 stores). This contrasts with the net contractions in the retail networks of Zara, with 1,495 stores (-50 stores); Zara Home, with 376 stores (-12 stores); Pull&Bear, with 792 stores (-12 stores); Massimo Dutti, with 509 stores (-19 stores); Bershka, with 851 stores (-4 stores); Stradivarius, with 837 stores (-1 store); and Oysho, with 379 stores (-16 stores).

In this regard, Inditex notes that during the first quarter, optimisation projects were carried out across the retail networks of its various chains in 44 markets. These projects included refurbishments, relocations, new openings, and absorptions. The company is allocating the majority of the 2.3 billion euros in ordinary investments committed for 2026 to these initiatives, as announced last March during the presentation of the 2025 financial results. With these investments, Inditex aims to increase the productivity of its stores. Following its optimisation strategy, the company estimates a gross space growth of approximately +5 percent for 2026.

Italian fashion group OTB (Only the Brave) has acquired the remaining shares it did not already own in Viktor&Rolf. The Dutch fashion house is now fully owned by the Italian group, according to a press release. The financial terms of the deal have not been disclosed.

In 2008, the initial deal was signed between Viktor&Rolf and OTB. At that time, a majority stake of 51 percent was acquired. This was increased to 70 percent in 2019, with the remaining 30 percent split between the two founders, Viktor Horsting and Rolf Snoeren.

The duo will remain with the fashion house for at least another five years, which “confirms the central role of the two founders,” according to the statement. They will therefore continue as creative directors of the fashion house. The press release states that OTB and the designers intend to further develop the fashion house within the international luxury landscape. No further changes, apart from the shareholding structure, have been indicated. The deal does not appear to have any further direct impact on the Dutch fashion house's operations.

OTB acquires all shares in Viktor&Rolf

“It is our great pleasure to continue working as creative directors for Viktor&Rolf and to explore fashion as a testing ground for ideas and experimentation,” said Viktor Horsting and Rolf Snoeren in the press release.

“Viktor and Rolf are among the most visionary and influential designers in contemporary fashion. Over the years, we have built an extraordinary journey together, based on mutual respect, creative freedom and a constant urge to experiment with the most innovative forms of expression in contemporary couture. With this next step we are taking today, we are further strengthening our bond with a Maison that is truly unique in the international luxury landscape and continues to distinguish itself through its creativity, artistic research and cultural relevance,” said Renzo Rosso, founder and chairman of the OTB Group. The OTB Group is the parent company of Diesel, Jil Sander, Maison Margiela and Marni, among others.

About Viktor&Rolf

Fashion house Viktor&Rolf was founded in 1993. Viktor Horsting and Rolf Snoeren met at school in 1988 and founded the brand after winning an international competition. The duo is known for its avant-garde concepts that regularly blur the line between fashion and art.

British clothing retailer Seasalt has announced the closure of its four US stores just two years on from its expansion into the market.

The Cornish company confirmed the news to Drapers, to which it said it was instead looking to grow its portfolio of partners in the US and Europe in the second half of the year, and thus wished to invest “accordingly in this area of the business”.

The statement continued: “Therefore, in order to focus our efforts and resources on third-party relationships moving forward, we have made a business decision to close our four existing Seasalt stores in the US.”

After first announcing expansion plans in November 2023, Seasalt opened locations in Falmouth, Massachusetts; Ardmore, Pennsylvania; Portsmouth, New Hampshire; and Shrewsbury, New Jersey.

All sites shuttered on May 17, bringing to an end a rollout that had at one time been fairly ambitious. The company had previously been eyeing around 20 locations in the US over the course of three years.

It added: “We have taken significant learnings from our international trading to date and we are approaching the next year and beyond with confidence despite the ongoing economic headwinds.”

Seasalt continues to report “significant success in the US and Europe” through its partnerships with department stores and online retailers. Its international sales, meanwhile, make up 16 percent of, with the company aiming for that figure to rise to 20 percent within the next year, it told Drapers.

For now, its focus seems to lie in Europe, specifically Eastern Europe and Scandinavia. Earlier this year, CEO Paul Hayes confirmed plans to open three new stores in 2026, telling The Times that Seasalt had "built a very resilient business model" and was confident it could navigate this challenging period.

US apparel group PVH Corporation reported solid results for the first quarter of the 2026/27 fiscal year on Wednesday evening. However, management lowered its sales forecast for the full year due to the foreseeable negative impact of the war in Iran.

In the first quarter, which ended on May 3, group revenue amounted to almost 2.03 billion US dollars. This represented an increase of 2.1 percent compared to the same period last year. However, adjusted for currency fluctuations, revenue decreased by 2.3 percent.

Overall, the group exceeded expectations. According to the company, this was primarily due to growth in key categories for its two main brands in its own retail channels: namely denim and underwear at Calvin Klein, and sweatshirts and outerwear at Tommy Hilfiger.

Overall, Tommy Hilfiger's revenue increased by 2.8 percent (a 2.0 percent decrease on a currency-neutral basis) to 1.08 billion US dollars. Calvin Klein achieved an increase of 1.0 percent to 895.2 million US dollars, while on a currency-neutral basis, the label's revenue fell by 2.9 percent.

Middle East conflict impacts development in EMEA region

The individual market regions performed differently in the first quarter. The growth driver was the Asia-Pacific region, with a revenue increase of 10.0 percent (up 5.8 percent on a currency-neutral basis) to 387.0 million US dollars. In the EMEA region, which includes Europe, the Middle East and Africa, the group's revenue rose by 2.0 percent to 946.1 million US dollars. However, on a currency-neutral basis, it decreased by 5.3 percent. The company attributed the unexpectedly weak performance in the region to the “ongoing effects of the Middle East conflict and its broad macroeconomic impact”. In the Americas, revenue shrank by 0.9 percent (down 1.7 percent on a currency-neutral basis) to 602.9 million US dollars. Global licensing revenue fell by 7.0 percent to 89.1 million US dollars.

The gross margin remained unchanged at 58.6 percent compared to the same period last year. According to the company, a favourable product mix; the expected repayment of illegal customs duties; lower product costs; and positive currency effects offset the impact of higher tariffs and more extensive discounts.

The bottom line was a reported net profit of 88.0 million US dollars, compared to a loss of 44.8 million US dollars in the first quarter of 2025/26. However, adjusted for special items, particularly high impairment charges and restructuring costs in the prior-year period, net income decreased by 21.2 percent to 93.4 million US dollars. This was, however, still above expectations.

Management lowers its sales forecast

CEO Stefan Larsson stressed that the group had achieved the goals of its current 'PVH+' reform plan in the first quarter. However, the impact of the Middle East conflict had “put pressure” on consumers in the EMEA region.

In light of the resulting weaker outlook for this region, management revised its sales forecast for the current fiscal year downwards. It now only expects revenue to be on par with the previous year, after previously anticipating a slight increase.

The earnings forecasts, however, remained unchanged. The group therefore continues to expect an operating margin adjusted for special items of around 8.8 percent and an adjusted profit per share in the range of 11.80 to 12.10 US dollars.

US clothing rental platform Rent the Runway has announced its financial results for the first quarter of fiscal year 2026, ended April 10, 2026, revealing strong top-line momentum and narrowing losses.

Total revenue for the period reached 89.90 million dollars, representing a 29.20 percent increase year-over-year (YoY) compared to 69.60 million dollars in the first quarter of fiscal year 2025. This performance exceeded the initial guidance provided by the company.

The revenue growth was supported by a 70.40 percent YoY increase in add-on revenue, which also rose 11 percent quarter-over-quarter. Management attributed this improvement to elevated subscriber engagement following a significant inventory expansion and various digital product upgrades executed during the prior year.

Key subscriber metrics and profitability shifts The platform experienced an increase across its subscriber segments during the quarter. The total number of ending subscribers grew by 7.60 percent to 196,147, while ending active subscribers increased by 5.80 percent to 155,692, while average active subscribers grew by 12.20 percent to reach 149,744.

Gross profit rose by 6.40 percent to 23.30 million dollars, however, gross margin contracted to 25.90 percent, down from 31.50 percent in the first quarter of fiscal year 2025.

Net loss narrowed substantially to 18.90 million dollars, down from a net loss of 26.10 million dollars in the prior year period. Net loss as a percentage of revenue improved from negative 37.50 percent to negative 21 percent.

Adjusted EBITDA was negative 0.80 million dollars, an improvement from negative 1.30 million dollars in the first quarter of 2025. This resulted in an adjusted EBITDA margin of negative 0.90 percent, compared to negative 1.90 percent YoY.

Executive transition and board appointments

The financial report follows the recent appointment of Teri Bariquit as interim chief executive officer and president. Bariquit succeeded co-founder Jennifer Hyman, who stepped down after 18 years in the leadership role. Hyman will serve as an advisor to the firm until January 2027 to facilitate the transition.

Bariquit, who joined the Rent The Runway's board of directors in October 2025, previously accumulated 37 years of retail experience, including a tenure as chief merchandising officer at US department store chain Nordstrom.

The executive team has been further expanded with the addition of Paige Thomas as chief commercial officer and Dave Loretta as interim chief financial officer. Thomas previously worked at Nordstrom and Signet Jewelers, while Loretta served as financial head at The Honest Company and Duluth Trading Company.

Financial outlook

For the second quarter of fiscal year 2026, the platform projects revenue to fall between 91 million dollars and 95 million dollars, with an adjusted EBITDA margin expected between 5 percent and 8 percent.

For the full fiscal year 2026, the company reaffirmed its previous guidance. It anticipates double-digit revenue growth compared to the full year 2025, driven by product and inventory investments.

The full-year adjusted EBITDA margin is expected to land between 4 percent and 7 percent, while total rental product acquired is projected to be between 45 million dollars and 50 million dollars, down from 74.90 million dollars in fiscal year 2025.

The start-up Tilt, an e-commerce platform specialising in live shopping and live auctions, has reached a key milestone by announcing a 26 million dollar funding round on LinkedIn. While the funding intends to accelerate the platform's technological innovations, the core element of this announcement is the major and highly strategic participation of Vinted Ventures.

Vinted Ventures is the first industry investor from the re-commerce world to back Tilt. With this investment, the financial arm of the second-hand platform provides essential validation for this new vision of live selling.

The partnership between Tilt and Vinted Ventures is not coincidental but stems from a deep industry synergy. While Vinted has structured and democratised the global second-hand market asynchronously, Tilt aims to achieve a similar transformation in real-time through the video format.

In a post on LinkedIn, Abhi Thanendran, co-founder and CEO of Tilt, highlights the power of this alliance: “What Vinted did for the second-hand market, we are doing for live selling. The support from Vinted Ventures, our first strategic investor from the re-commerce sector, is the strongest possible confirmation that the future of the market is right here.”

Other investors, including Balderton Capital, Earlybird and Seedcamp, also participated in this funding round, as reported by Business Insider.

Madrid – Valencia-based startup Flipflow, a market analytics firm specialising in the retail sector, announced this week that it has successfully completed a three million euro funding round. This injection of funds will allow the company to accelerate the technological development of its solutions for the retail industry and its international expansion plans. The company is focusing its efforts on the US and the countries of northern Europe.

According to reports from local media and publications specialising in the Spanish startup ecosystem, such as RH Lab, Expansión and El Referente, the investment round was led by Spanish venture capital firm 4Founders Capital. The Barcelona-based investment firm specialises in early-stage technology startups. Its portfolio includes investments in emerging companies such as GuruSup, a Spanish platform for artificial intelligence agents for customer service and process automation; Vidext, a startup focused on converting text into AI-generated videos; and BCome, a Spanish technology platform that provides solutions and tools for fashion industry companies to measure and manage environmental impact data.

Alongside 4Founders Capital, both new and existing Flipflow investors participated in the round as “strategic investors”. These include Abac Nest; Acurio Ventures; Lanai Capital Partners; Angels Capital, the investment vehicle of Juan Roig, president of Mercadona; Mango; and Puig. Notably, Angels Capital, Abac and Lanai participated in the 900,000 euro round that the startup closed in late 2023. Mango invested in the company through a convertible participating loan via its accelerator, Mango StartUp Studio, in early 2024. Puig is also understood to be among the new investors backing this latest funding round for the emerging company. Puig would be familiar with Flipflow's operations, as Isdin, a Spanish dermatological products company in which Puig holds a 50 percent stake, is one of the startup's clients. The platform reportedly already provides its services to manufacturers and retailers such as Gucci, Nestlé, Unilever, L’Oréal, Isdin and Mango.

Centralised data analytics platform for retail industry companies

Founded in 2021 by the entrepreneurial trio of Ricardo García (CEO), Ismael Gandarillas (chief technology officer) and Mario Rodríguez (chief customer officer), Flipflow launched the first versions of its unified data platform for retail companies that same year. The platform has since scaled up, particularly after joining the Lanzadera acceleration programme in 2022, a startup accelerator created in Valencia by Juan Roig. Roig invested in Flipflow during its first funding round in 2023. This fundraising helped to support its growth into other strategic sectors of the retail industry, attracting interest from new investors such as Mango and now the Puig group.

Continuing this trend of growth and consolidation, the new funds raised in this round will be used to accelerate Flipflow's technological development and international expansion into the US and northern Europe. The startup, which already operates in Spain and Latin America, remains focused on its goal of offering retail companies a centralised platform to manage their commercial, marketing and product management operations. To this end, it has also evolved its artificial intelligence-driven data analysis engines from reactive analysis of company realities to the design of proactive solutions for businesses.

“Retail can no longer be operated with fragmented tools, manual analysis and large consulting expenses,” says Ricardo García, co-founder and CEO of Flipflow. In this context, “our vision is to build the intelligence layer that guides companies to make decisions autonomously and at the same speed as the market moves”. To achieve this, the startup states, “every day we ingest and process millions of market signals using massive crawling, proprietary AI models and normalisation engines that convert chaotic data into a single, coherent and usable vision”. It connects “information from e-commerce, marketplaces, pricing, content, reviews, competitors, prices, promotions and supply, allowing companies to see their business as a complete system, not as silos”. “The retail OS” is “where critical decisions are made and where competitive intelligence becomes a real advantage,” they maintain. In this new reality, “Flipflow constitutes the strategic infrastructure of modern retail: the system that integrates heterogeneous data, interprets it in a unified way and converts it into immediate action within increasingly complex organisations”.

In short, Flipflow is presented as “the central brain of retail,” a “SaaS platform and copilot that unifies disparate data from the retail ecosystem”. This data comes from “online, physical and global market channels, with maximum granularity and precision,” and is then “transformed into actionable decisions”. With this, “our goal is for brands and retailers to understand not only ‘what is happening’” within their companies, they add, “but what each team and person in the organisation should do now” to respond to the reality revealed by the platform's centralised data.

British activewear brand Aybl has become embroiled in a legal dispute between its founders and one of its largest shareholders.

Lewis Morgan, a co-founder of Gymshark who invested 7 million pounds in Aybl in 2021 in exchange for a 20 percent stake, is reportedly suing brothers Reiss and Kristian Edgerton over his departure from the business, according to The Times.

Morgan alleges he was removed from the company under unfair circumstances and claims his position as both a director and employee was terminated following a short-notice meeting.

High Court filings seen by The Times allege that changes to Aybl's corporate structure reduced the value at which Morgan could sell his shares, while Morgan further claimed he was pushed out after refusing to include part of his stake in a proposed public listing.

The Edgerton brothers have rejected the allegations, describing them as unfounded. They argue that Morgan's involvement in Dubai-based supplements and energy drink business Ownkind created a conflict of interest, claiming the venture competed with Aybl's expansion ambitions beyond apparel.

The legal dispute comes as Aybl continues on a rapid growth trajectory, with the athleisure brand recently reporting revenues of more than 72 million pounds for the 15 months to June 2025, while profit after tax more than doubled to 9.4 million pounds.

Online off-price fashion retailer BrandAlley has been acquired out of administration in a pre-pack sale, allowing the business to continue trading under new ownership.

Administrators from BDO were appointed to BrandAlley UK on 29 May before completing an immediate sale of the business and most of its assets to BrandAlley International Limited, a newly formed company described as unconnected to the previous owner.

The deal brings an end to a lengthy strategic review, which had been underway for several weeks following the appointment of advisors earlier this year. The company had initially been exploring a debt raise as it sought to address financial pressures despite remaining a sizeable player in the UK off-price market.

Founded in 2008, BrandAlley operates a members-only flash-sales model across fashion, beauty and homeware, working with more than 1,000 brands and offering discounts of up to 80 percent.

In a statement on its website, BrandAlley said the transaction secures the future of the business and that customers will see no disruption. Existing orders will be fulfilled as normal, while returns and refunds will continue to be honoured.

While the rescue preserves a significant portion of the business, it has resulted in job losses, according to various media platforms. Among BrandAlley's 163 employees, 88 have transferred to the new company, while 15 were made redundant upon administration. A further 60 employees have been retained temporarily to support the transition, with a total of 75 roles expected to be lost.

In its statement, the company said the sale marks “an exciting new chapter” and that it remains “business as usual” for customers.

Westminster City Council has said it will no longer pursue a judicial review of plans to pedestrianise Oxford Street, reducing the potential for a major legal battle over one of London's most significant regeneration projects.

The scheme, backed by London mayor Sadiq Khan, will see traffic removed from the area between Orchard Street and Great Portland Street, with the first section expected to become traffic-free later this summer. The project is being overseen by a mayoral development corporation, which transferred planning powers from the local authority to the mayor.

The decision marks a shift from the council's previous position following the Conservatives' return to control of Westminster earlier this month. The party had pledged to establish a legal fund to challenge the plans, yet legal advice indicated a judicial review would be unlikely to succeed and that any challenge would now be too late.

In a statement, the council said: “The advice we have is that a judicial review would be unlikely to succeed and that submitting a late claim for judicial review would result in refusal.”

Despite dropping the court challenge, Westminster said it remains concerned about issues including accessibility, bus routes and the impact on residents and businesses. The council confirmed it is exploring other legal and procedural options and that Swaddle has requested a meeting with Khan to discuss its concerns.

Oxford Street pedestrianisation has been debated for decades, and supporters argue it will help revitalise Europe's busiest shopping destination. Critics, meanwhile, have raised concerns around transport access, safety, servicing and increased pressure on surrounding roads.

France's fraud authority has issued two fines to Shein totalling over 22 million euros (25.56 million dollars), it announced on Wednesday. The authority cited failures related to product traceability, environmental claims, withdrawal periods and delivery times.

The institution, which reports to the French Ministry of Finance, has increased the total penalties imposed on the Asian fashion giant in France in recent years. These now amount to over 210 million euros in total.

The two latest fines were issued following a wide-ranging investigation into several e-commerce platforms, particularly non-European ones, including Shein.

The first fine, for 5.77 million euros, targets Infinite Styles Ecommerce Limited (ISEL), the company that sells clothing and accessories under the Shein brand.

The General Directorate for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF) accuses Shein of failing to respect the 14-day withdrawal period for certain purchased products.

The DGCCRF also cited the omission of mandatory traceability information, such as the countries of weaving, dyeing and manufacturing for its garments. It also noted the failure to mention the presence of microplastics in fabrics. These are mainly found in polyester and are released into the water with every machine wash, which is a significant ecological problem.

Shein stated that the DGCCRF "confuses (...) the right of withdrawal with our more advantageous commercial returns policy". The company also cited a "technical incident" for the "temporary" absence of environmental information.

Furthermore, the DGCCRF fined another Shein company, Infinite Styles Services Limited (ISSL), 16.73 million euros. ISSL manages the marketplace, which is the online platform offering products from both Shein and its partner sellers.

The authority noted numerous breaches of consumer law. At the order confirmation stage, the unit price of each product is not provided. Delivery times, information on the identity of partner sellers and their contact details are also missing. This information must be provided on a "durable medium" to be retained by the customer.

Shein argued that this information is available in the customer's account.

Shein considers these sanctions to be "manifestly disproportionate and discriminatory", while minister of commerce Serge Papin has condemned the platform for "unfair competition".

The US has threatened 60 economies with new tariffs for failing to prevent imports of products made with alleged forced labour or for inadequately enforcing existing import bans. The Office of the US Trade Representative announced this late on Tuesday evening (local time).

Consequently, the European Union (EU), the UK and Switzerland, as well as countries in Africa, Asia and Latin America, Canada and China, can expect additional tariffs of between 10 and 12.5 percent. “It is unacceptable that our most important trading partners are doing nothing to prevent the import of goods produced using forced labour. This forces American workers to compete on an uneven playing field globally,” said Trade Representative Jamieson Greer, according to the statement. “We will no longer tolerate this inequality.”

Hearing deadline set for early July before new tariffs are due

The US Trade Representative is basing this on an investigation that began on March 12, as stated in the announcement. According to the statement, it was related to the “failure of various economies to enact and effectively enforce an import ban on goods produced using forced labour.” The tariffs are not scheduled to take effect immediately. Instead, objections can be raised until July 6, with a hearing scheduled for July 7.

China criticised the US action. The People's Republic has always opposed any kind of tariff measures, said Foreign Ministry spokesperson Mao Ning in Beijing. Tariff and trade wars are not in the interest of either side. Regarding the accusation of forced labour, Mao said that China rejects it. “There is no so-called forced labour in China,” she continued.

In the legal battle over his controversial tariff policy, US President Donald Trump achieved a partial victory in mid-May. An appeals court temporarily suspended a lower court's decision that had classified Trump's temporary tariffs on imports from around the world as illegal. Importers must now continue to pay the 10 percent levy for the time being.

Madrid – Following the publication of its first quarter 2026 results, Inditex has called its investors to the 2026 Annual General Meeting, scheduled for Tuesday, July 7. During the meeting, the appointment of José Ignacio Goirigolzarri Tellaeche as a new independent director on the Inditex Board of Directors will be proposed. Goirigolzarri is the former chief executive officer of BBVA and former executive chairman of CaixaBank.

According to information submitted by the Spanish fashion multinational to the National Securities Market Commission (CNMV), the Inditex Board of Directors agreed to convene the company's ordinary Annual General Meeting during its meeting last Tuesday, June 2, 2026. The meeting is scheduled for 12pm Central European Summer Time (CEST) on Tuesday, July 7. Shareholders of the Spanish company can participate both online and in person by attending the meeting at Inditex's headquarters in Arteixo, A Coruña.

Beyond these formalities, the meeting's agenda has been structured around a total of nine points. The meeting will begin with the approval of the individual annual accounts and management report for the 2025 financial year. This will be followed by the approval of the annual accounts and management report of the consolidated group; the approval of the Consolidated Non-Financial Information and Sustainability Report; and the fourth point, of particular interest to investors, will be the approval of the proposed application of the 2025 financial year's results and the distribution of dividends.

In this regard, and following what was previously announced by Inditex's management during the presentation of its 2025 annual results on March 11, the Board of Directors will propose a dividend of 1.75 euros per share to the Annual General Meeting, charged to the 2025 results. This amount is 4.16 percent higher than the dividend agreed for the 2024 results. It consists of an ordinary dividend of 1.20 euros and an extraordinary dividend of 0.55 euros per share. These amounts will be paid in two equal instalments of 0.875 euros per share. The first was paid on May 4, and the second will be paid on November 2, 2026. The second payment will comprise the 0.55 euros extraordinary dividend and the remaining 0.325 euros per share proposed as the ordinary dividend.

Renewal of the board of directors

Continuing with the agenda, the fifth item will be the renewal of the Inditex Board of Directors. This governing body currently consists of 10 directors. The re-elections to be agreed upon are: Marta Ortega as a proprietary director; Óscar García Maceiras as an executive director; Flora Pérez Marcote—Marta Ortega's mother—as a proprietary director; Denise Patricia Kingsmill as an independent director; Pilar López Álvarez as an independent director; and Belén Romana García as an independent director.

Amancio Ortega, Roberto Cibeira and José Luis Durán Schulz will not be part of this renewal and will remain in their current positions on the board. Rodrigo Echenique Gordillo, however, will leave the Inditex Board of Directors when his term ends on July 12 this year. To fill this vacancy in the Spanish fashion multinational's governing body, the appointment of José Ignacio Goirigolzarri Tellaeche as a new independent director will be proposed to the Annual General Meeting. The board will thus remain unchanged with a total of 10 directors.

A well-recognised figure in the Spanish economic and financial world, Ignacio Goirigolzarri stood out during the 90s and the beginning of the 21st century as one of the main executives at BBVA, where he was appointed chief executive officer in 2001. He held this position until he left the company in 2009, taking early retirement. However, this did not mark the end of his professional life. Goirigolzarri returned to the forefront of the financial world with his appointment in 2012 as executive chairman of Bankia. He led the entity following the departure of Rodrigo Rato and during the period of the bank's partial nationalisation by the state. This stage concluded in March 2021 with the merger of Bankia and CaixaBank, under the latter's brand, with Goirigolzarri appointed as the new chairman of the resulting financial entity. He remained in this position until his resignation was announced on October 30, 2024, effective from January 1, 2025. From that date, the bank has been chaired by Tomás Muniesa, as non-executive chairman, with Gonzalo Gortázar remaining as chief executive officer.

Re-election of Ernst & Young and approval of remuneration policy

Completing the agenda for the upcoming Inditex Annual General Meeting, following the item on re-elections and new appointments to the Board, the re-election of Ernst & Young as the company's auditor for the 2026 financial year will be addressed. The meeting will conclude with the proposal for the approval of the directors' remuneration policy for the 2027, 2028 and 2029 financial years. This will be followed by a consultative vote on the Annual Report on Directors' Remuneration for the 2025 financial year. Finally, as a matter of procedure, the agenda includes the granting of powers for the execution of all resolutions passed during the meeting.

Fine Chaos is closing five years after its launch and will celebrate one last time during Copenhagen Fashion Week.

The Danish fashion brand, founded in early 2021 by Ludvig Isaksen and creative director Marc Møllerskov, will cease operations in August. Isaksen announced the news in an email to FashionUnited.

“The vision we set for ourselves in 2021 was one of the most important things in my life, and I am proud of what we have built,” said the co-founder. “However, the numbers have caught up with us, and we have decided to end the project on our own terms and shape the exit ourselves – in the way we see fit.”

With its dark, foundational aesthetic, Fine Chaos has been a fixture at Copenhagen Fashion Week in recent seasons, also exhibiting at the Danish fashion trade fair CIFF. According to its website, the brand had its own store in Copenhagen. It was also available from various fashion retailers in countries such as Denmark, Austria, and Belgium, as well as in Japan, South Korea, and China.

The brand's own community always played an important role, whether at fashion shows; pop-up and store events; or at hanger parties, clubs and warehouse raves. It was seen as the brand’s “infrastructure” rather than an “extension”. This community will be celebrated at a final event on August 7, the last day of Copenhagen Fashion Week. The final sale, which includes the current spring/summer 2026 collection, has already started on the brand's webshop.

UK online retail group Boohoo Group plc, which operates as Debenhams Group, reported a return to growth for its first quarter ended May 31, 2026. The company experienced an acceleration in its multi-year turnaround momentum, with group gross merchandise value, or GMV, increasing by 0.5 percent year-over-year.

Trading during May was notably strong, achieving GMV growth of approximately 8 percent. This performance was primarily led by the Debenhams brand and PrettyLittleThing, alongside improvements within Boohoo, BoohooMan and Karen Millen.

“Debenhams Group has returned to growth, and Q1 marks the inflection point we have been working towards,” stated Debenhams Group chief executive officer Dan Finley. “Group GMV grew 0.5% year on year - with May trading particularly strong at around 8%, led by the Debenhams brand and PrettyLittleThing.”

Profitability and cost reductions underpin turnaround

Adjusted EBITDA margin expanded during the period, which resulted in a substantial increase in adjusted EBITDA.

The company is progressing with its transition to an asset-light operational model. All fashion brands under the group have transitioned to the marketplace model, with approximately 25,000 brands and partners now integrated into the ecosystem.

Outlook remains positive for fiscal year

The company expects lease costs for the current year to decline to 13 million pounds; these costs will further reduce to 6 million pounds once the vacant US property lease is exited. The remaining 6 million pounds in ongoing lease obligations will cover the fully automated Sheffield warehouse, the Manchester head office, and a small London footprint.

The board of directors expressed confidence in achieving double-digit percentage growth in full-year adjusted EBITDA from the 53 million pounds guided for fiscal year 2026 in March. Net debt to adjusted EBITDA is on track to fall below 1x in the current year, driven by trading cashflow and planned asset disposals. These divestments include the Burnley property and the US warehouse, both of which are scheduled for disposal in the current year.

Finley added that the financial turnaround was driven by warehouse consolidation, a comprehensive cost reset, and the rebuilding of every brand onto a single proprietary platform. The executive reiterated corporate guidance pointing toward double-digit adjusted EBITDA growth and free cash flow generation for fiscal year 2027.

Full-year financial results for the period ended February 28, 2026 are scheduled for release within the next two weeks.

Madrid – Spanish fashion multinational Inditex group reported its results for the first quarter of 2026 earlier today. The company, which owns chains such as Zara, Bershka and Massimo Dutti, completed the three-month period from February 1 to April 30 by recording its best first-quarter results in its history.

According to information submitted by the Spanish group's management to the National Securities Market Commission (CNMV), Inditex reported first-quarter sales totalling 8.75 billion euros (10.17 billion dollars). This amount represents a 5.75 percent increase from the 8.27 billion euros invoiced by the company during the same period in 2025. The group, chaired by Marta Ortega, has consequently delivered the best first quarter in its history, setting a new record for the first three months of a financial year. This is a very positive result, particularly as the company estimates that at constant exchange rates, sales would have seen even stronger growth of 8.8 percent.

In line with this strong sales performance, Inditex reported a net profit of 1.38 billion euros for the same period. This figure represents a 5.36 percent increase compared to the 1.31 billion euros in net profit recorded during the same period last year. It also marks another new record for Inditex for a first quarter.

Reactivation of growth

A detailed breakdown of how the company's different chains contributed to these total revenue and profit figures is not yet available. This information will be released on September 9 with the publication of the first-half results. However, the figures announced today clearly show a revival in Inditex's performance in both sales and profits compared to the latest financial data released by the Spanish fashion multinational.

Regarding sales performance, the 5.75 percent growth recorded at the start of the 2026 financial year significantly surpasses the 1.52 percent experienced during the same period last year. This growth is also higher than the 4.88 percent recorded in the third quarter, which was the highest of the entire financial year. Furthermore, it exceeds the 3.19 percent growth with which the company concluded the last fiscal year of 2025, achieving total sales of 39.86 billion euros.

Similarly, in terms of profitability, the 5.36 percent growth rate comfortably surpasses the 0.46 percent recorded in the first quarter of 2025 compared to 2024. It is, however, lower than the 12.77 percent growth seen in the fourth quarter of 2025. Inditex completed that year with a 5.84 percent increase in net profit, amounting to 6.22 billion euros.

Outlook for 2026

Looking ahead to the rest of the financial year, the initial estimate for the start of the second quarter shows sales at constant exchange rates between May 1 and June 1 maintaining a year-over-year growth rate of 11.5 percent. For the full 2026 financial year, Inditex reiterates its forecast of a stable gross margin (+/- 50 basis points) and anticipates a currency impact of -1 percent on sales.

The “Mould Crisis” of 2026 is a direct byproduct of the extended maritime detour around the Cape of Good Hope, which has become a semi-permanent fixture due to the 2026 Strait of Hormuz (SoH) closure and continued Red Sea instability.

What began as a logistical delay has evolved into a quality assurance nightmare, particularly for shipments originating in high-humidity hubs like Bangladesh, Vietnam and Indonesia. The Financial Times recently dedicated a specialised report (“The Cape Route Detour and the Microclimatic Risks to Global Apparel Intermediaries”) to the subject.

“The prolonged exposure to fluctuating maritime microclimates has turned what used to be a simple transit delay into a catastrophic cargo degradation issue,’ noted a senior supply chain analyst in the report. “We are seeing unprecedented volumes of inventory compromised before they ever touch a European dock, forcing brands to choose between expensive localised salvage operations or complete stock write-offs.”

While the crisis is very real, statements from fashion brands and retailers remain scarce as companies navigate the reputational risks associated with damaged inventory. The fact is, though, that garment and textile supply chains are changing.

The “incubation” effect

Under ‘normal’ circumstances (meaning pre-SoH closure), a garment container from Dhaka to Rotterdam would take around 30 days. Current rerouting has pushed this to 45 to 55 days, equalling 50 to 88 percent longer journeys.

Mould spores (specifically Aspergillus and Penicillium) typically require 14 to 21 days of sustained high humidity to colonise fabric. Thus, the Cape route keeps garments in the “danger zone” for double the usual time, hence brands and retailers need to account for this critical window.

In addition, the longer routes mean that containers now cross the equator twice — once down the coast of Africa and once back up — where they experience extreme temperature fluctuations. This causes “container sweat” or condensation that drips from the ceiling directly onto cardboard cartons, compromising the silica gel packets inside within the first 15 days (the “sweat cycle”).

Two-fold risk mitigation

Logistics managers are currently using a two-tier strategy to mitigate these risks, both of which are eroding profit margins: One is the chemical and mechanical pre-treatment: Brands are mandating “anti-mould stickers,” which release chlorine dioxide gas, and VCI (Vapor Corrosion Inhibitor) liners for all maritime cargo. While the latter are safe for humans to handle when used as directed, breathing in chlorine dioxide gas or ingesting it poses severe health risks, thus increasing the risk to dock workers and anyone opening the containers and handling the products.

Then there is the top-off strategy: Brands are still shipping 80 percent of an order by sea, but because sea freight is quite unreliable, top off the remaining 20 percent via expensive air freight. This ensures that even if a sea container arrives with mould-damaged stock, the air top-off provides enough clean inventory to launch a collection on time.

Mould-prevention measures

While this may work in the short run, the industry is currently also rapidly pivoting toward active rather than passive protection.

Smart desiccants are packets with RFID indicators that change colour or signal when they reach 100 percent saturation. This way, logistics teams can identify at-risk containers before they are even opened. Smart desiccants carry a 5 to 15 percent markup on bulk packaging compared to standard or passive desiccants.

Pneumatic textile channels are integrating airflow structures into the garment folding process. This improves micro-climate stability inside the polybag during long transit. This can be initiated at the stitching stage itself, while robotic air blasts can be utilised through automatic folding machines. While initially incurring costs and reprogramming may be required, this strategy should amortise quickly.

Bio-based fungicides like peppermint or lemongrass-based coatings are applied during the finishing stage of manufacturing. This provides a natural, non-toxic barrier that inhibits spore growth for up to 90 days. Lemongrass is typically abundantly grown and found in tropical climates; it is cheaper than nanotechnology-enabled antimicrobial coatings, which are priced at approximately 19 to 38 US dollars per litre. These solutions are typically applied at a ratio of 0.2 to 1.35 percent of the textile’s dry weight.

The salvage industry

One industry’s loss, another one’s gain — a new sub-sector of logistics has emerged in view of the 2026 mould crisis: ozone remediation centres. Major ports like Antwerp and Felixstowe now have dedicated ‘garment recovery’ facilities where mould-affected shipments are treated with high-concentration ozone gas and UV light to kill spores before being re-packaged for sale. This process costs roughly 2 to 3.35 US dollars per garment, a cost most brands are now forced to build into their 2026 pricing models.

What is mould?

Fabric mould is a type of fungus (like the ones mentioned above) that feeds on organic materials within textile fibres like cotton wool and linen, but also synthetic fibres like polyester and nylon. It thrives in damp, dark and humid environments like sea freight containers. Mould may appear as ‘fuzzy’ or ‘slim spots in black, green, grey or white, depending on the type of fungus. A distinct, musty odour can confirm mould suspicion.

What is the difference between mould and mildew? While mildew is also a fungus, it is a surface fungus that stays flat and looks powdery. It is typically white, grey or yellow in colour and easy to wipe away. Thus, it is easier to eliminate and less of a threat. It can be stopped in most cases with a bit of bleach.

US lingerie retailer Victoria’s Secret & Co. exceeded its own targets and analysts' expectations in the first quarter of the 2026/27 financial year. The management subsequently raised its full-year forecast on Tuesday.

In the 13 weeks to May 2, the parent company of the Victoria’s Secret, Pink and Adore Me brands generated sales of 1.56 billion dollars. This represented an increase of 15.3 percent compared to the same quarter last year.

Sales in brick and mortar stores in North America rose by 11.3 percent to 802.8 million dollars. In direct sales, it grew by 8.4 percent to 469.4 million dollars.

Revenue from the international business increased by 44.9 percent to 287.4 million dollars. This was partly because sales in the European Union markets, previously managed in the direct sales segment, are now recorded in this division.

Lingerie retailer more than triples its operating profit

The operating profit rose to 76.3 million dollars, thanks to an improvement in the gross margin. According to the company, this was achieved through lower discounts and more efficient cost management. This was more than three times higher than in the same period of the previous year, when it was just 19.8 million dollars.

The bottom line was a net profit attributable to shareholders of 47.7 million dollars. The group had closed the first quarter of the previous year with a corresponding loss of almost 1.7 million dollars.

CEO Hillary Super praises “strong start”

In light of the latest figures, CEO Hillary Super spoke of a “strong start” to the new financial year. She emphasised that the group had exceeded its own expectations in terms of sales and profit. Double-digit growth for the Victoria’s Secret and Pink brands and in the cosmetics category contributed to this.

The recent development and “continued momentum” prompted the management to raise its forecast for the full year. The sales target, which was previously between 6.85 and 6.95 billion dollars, has been increased to between 7.03 and 7.13 billion dollars. The forecast for adjusted operating profit is now between 550 and 580 million dollars. Previously, only 430 to 460 million dollars had been forecast.

Madrid – Modelia, the Spanish international business-to-business (B2B) platform specialising in AI-generated image creation and management for the fashion industry, has announced the successful completion of a 1.2 million dollar seed funding round. The capital will be used to drive and further scale its operations, with the US currently standing as its largest market.

According to details provided by the Spanish tech platform, Modelia was founded in 2024 by entrepreneurs Iván Rodríguez, its chief executive officer, and René Haas, its chief technology officer. The company has closed a 1.2 million dollar seed round. The funding was led by Spanish investment fund Next Tier, which specialises in artificial intelligence start-ups. Other existing investors also participated, including US-based Rapid Scale and Spanish investment firm Archipelago Next. A group of business angels from the fashion sector completed the round. Notably, Nacho Rivera, co-founder and co-chief executive officer of fashion brand Blue Banana alongside Juan Fernández-Estrada, participated in a personal capacity.

“We are living in one of those moments when an entire industry changes its language,” said Iván Rodríguez, co-founder and chief executive officer of Modelia. He noted that the emergence of artificial intelligence “has made the ability to generate an image accessible to everyone.” However, “producing fashion images on an industrial scale, true to the garment, true to the brand, edition after edition, collection after collection, is still a craft,” which is where Modelia comes in. He argued that while “small brands cannot operationalise AI on their own,” large ones “cannot do it without governance or workflows.” In response to these challenges, “Modelia is the infrastructure that closes that gap,” working towards the goal of “building the standard on which fashion imagery will be produced for the next 10 years.”

“What convinced us about Modelia was finding a team that combines top-tier technical execution with a deep understanding of the sector they serve,” added Patricia Pastor, founder and manager of the Spanish fund Next Tier, which led the investment round. “In applied AI, every advance in large models does not narrow the space for vertical start-ups; it expands it.” She explained that, in this context, “the defensive moat is no longer in the model, but in the application layer, in sector-specific workflows and in the user experience.” Against this backdrop, “Modelia understood before anyone else that fashion brands do not want to choose between AI models; they want production results,” Pastor added. Based on these demands, she stressed, “we see Iván and René, along with their team, as the natural candidates to lead this vertical globally.”

New funds to scale international operations

Modelia's current clients include multinationals such as Desigual and All We Wear Group (AWWG), the parent company of fashion brands Pepe Jeans, Façonnable and Hackett. The platform has also established collaborations with key industry events like Mercedes-Benz Fashion Week Madrid, where it was an official sponsor during the last edition in March. This highlights the company's distinctly international profile. Its global footprint is further emphasised by its revenue figures. The management team noted that the United States currently accounts for 44 percent of its total global revenue, with Europe as the second-largest market at 27 percent. The remaining revenue comes from operations in Asia and other smaller markets. Over the last six months, Modelia's platform has processed more than 300,000 SKUs for brands from 26 countries.

Building on these metrics and with the support of the funds raised, the company aims to accelerate and scale its operations. To achieve this, Modelia will “allocate the new funding to completing its enterprise platform layer, with new capabilities for consistency, style control, business rules, approval workflows” and enhancing “collaboration between teams and APIs to integrate into the e-commerce processes of large brands.” The platform aims to strengthen “its commercial expansion in Europe and the United States, its two main markets,” focusing on securing new “enterprise accounts in the fashion sector” with its AI image generation services. These services offer companies “garment fidelity, automatic application of brand guidelines, reusable models, governance, team collaboration and traceability.” This allows “a visual campaign that traditionally required weeks of production, model coordination, photography, editing and channel adaptation” to be “produced in hours, maintaining brand consistency across collections, geographies and commercial formats.”

“We are in a moment of acceleration for the ecosystem,” said Rodríguez. “Each new generation of generalist models reduces cost and latency, unlocking enterprise use cases that were not viable months ago due to ROI.” He continued, “In this context, value shifts to the orchestration and application layer,” where “deciding which model solves each task, integrating it into real production flows and ensuring brand fidelity at scale” is key, and “this is precisely where Modelia operates.” He acknowledged, “we are aware of where we are,” and that Modelia is “a young company in a category that is still being defined.” However, “every advance in large models makes us stronger, not weaker, because our job is not to compete with them but to turn them into reliable industrial production for a brand.” He concluded, “we have the right team, technology, clients and investors to aspire to lead this category globally.”

Madrid – On Running, or simply On for true sports enthusiasts, celebrated the final of its ‘On Squad Race’ initiative in Barcelona this past weekend, featuring teams from France, Italy and Spain. The relay competition has been promoted globally by the brand. FashionUnited had the privilege of participating first-hand, an experience that provided the perfect backdrop to uncover the Swiss sportswear brand's strategy for Spain.

In just over 15 years, On has established itself as a benchmark brand in the sports world. This is a significant milestone for a company that has managed to compete head-to-head with historic giants like Nike and Adidas, whose origins date back over 60 and 75 years, respectively. On is undoubtedly one of the sportswear brands of the moment. From this position, the company is working hard to strike a difficult balance. It aims to continue growing as a premium brand while focusing on further consolidating its identity and, crucially, avoiding becoming a victim of its own success.

The story of falling into irrelevance is a familiar one in the fashion world. On is trying to shield itself from this fate by executing a meticulous and well-studied strategy. This strategy is applied both globally and is aligned with the respective roadmaps designed for each of its key markets, including Spain. This past weekend, Spain hosted the final of the 'On Squad Race' relay between France, Italy and Spain. This international initiative, driven by On, serves as a perfect example of one of the main pillars of its strategic plan and business model: community connection. This key factor currently acts as a unifying constant for all of On's operations and strategies. On this basis, the company outlines and executes its various 'country initiatives'. For On's roadmap in Spain, the Swiss sportswear brand is focusing its attention on the country's two largest cities: Madrid and Barcelona.

More community

As a core element of its business model, we begin our breakdown of On's strategic plan for Spain with its 'connection with the community'. This factor is "multidimensional" in both form and substance, as evidenced by the 'On Squad Race' relay competition. The initiative allows On to go beyond organising the usual running clubs promoted by sports brands in major cities. It offers a different experience to the same community of people interested in sports and running.

To clarify exactly how On is building and assembling a "community" through activations like this, we will use the first-hand experience from this past Friday, May 29, in Barcelona, during the 'On Squad Race' final between France, Italy and Spain. The competition features teams of four runners representing their broader running communities. The Barcelona final was held after preliminary qualifying rounds in each of these countries. The French team Jolie Foulée won, with the Spanish teams No Breaks Squad and Apalarun finishing second and third, respectively. With this result, the French team's runners emerged as the winners of the race, earning a spot in the grand final of this global initiative, which will be held in Los Angeles.

Through the 'On Squad Race', the brand has created a dynamic of healthy competition around a relay race. This allows On to connect with its target audience of sports and running enthusiasts, offering them a unique experience. It also helps establish connections and relationships that extend beyond the product and any commercial transaction. At the same time, On strengthens ties with its commercial partners and local running communities. Through them, it organises the events for the various races and finals taking place worldwide as part of this initiative, from Beijing to Los Angeles; Medellín; Tokyo; Rio de Janeiro; Sydney; Lima; Buenos Aires; Mexico City; and now, Barcelona.

“‘On Squad Race’ is a global series of activations centred around the running community, with a strong focus on community,” emphasises Antonio Melero, marketing director for Southern EMEA at On, during a conversation with FashionUnited just minutes after the Barcelona final concluded at the incomparable setting of Montjuïc castle. “The reality of running communities and ‘Community Cruises’ is that they are emerging very actively within the sports world, especially in major global cities, and brands obviously want to join this trend.” In On's case, we launched the 'On Squad Race' relay competition primarily because “we found it interesting to promote an activation that would bring community members together without necessarily establishing active, direct collaborations with them, and for them to unite simply for the sake of the activity.”

“The whole ‘Community Cruise’ concept, which also has a significant social component, is a fantastic phenomenon that is bringing young people closer to running,” adds Melero. “As a premium brand, we wanted to offer them something that truly fits their community positioning, so they could first enjoy the experience and then also use it as a vehicle to generate visibility.” From an internal perspective, the competition also allows On to “tap into the current fertile ground of ‘Run Cruises’ and the running community at a local level, especially in key cities, to fuel the running industry and rejuvenate it.” At a brand level, On was “interested in reaching a younger consumer and, as a premium brand, providing them with an experience very different from a typical race on an athletics track.” These two factors emerge as the main drivers that will clearly shape the Swiss brand's strategies in its commitment to building more community, both globally and in Spain.

Focus as a premium brand

Focusing on the specific keys of On's "country plan" for Spain, the first thing to highlight is its premium brand approach towards the consumer. On carefully maintains this through all its initiatives and executions as a sports brand, whether through activations like the 'On Squad Race' relay or its commercial activities. The brand admits this was a challenge, facing a price-driven market like Spain. However, they report a very successful performance despite maintaining a no-discount pricing policy and tight control over the brand's exposure in the multi-brand channel.

“In terms of positioning, we will never deviate one millimetre from being a premium brand, which means we operate in a more niche part of the consumer pyramid,” Melero points out. “In a market like Spain, which is very price-driven, knowing how to work it well means making certain decisions that, in most cases, involve giving up a large part of the distribution the market offers. We will not deviate from that,” he warns. This strategy, despite the risks, is clearly proving very positive for the brand. “Even playing the no-discount game and implementing other policies to guarantee this positioning, the market is responding very well. It was one of the big unknowns when you enter a very price-driven market as a premium brand, and you don't know how it will react. Fortunately, Spain is reacting very positively to our commercial strategy.”

New openings in Madrid and Barcelona

On has had its own store in Spain since November 2025, when its first store in the country opened at 17 Calle de Serrano in Madrid. This opening, in the heart of the Salamanca district, the capital's "golden mile," perfectly exemplifies the premium positioning strategy Melero detailed. On's marketing director for Southern EMEA also revealed the next steps the brand plans to take in Spain. Madrid and now Barcelona will be the locations from which it will seek to strengthen its operations in the country.

First flagship store on Paseo de Gracia in Barcelona

Starting with Barcelona, the choice of the city to host the 'On Squad Race' final between France, Italy and Spain is the "icing on the cake" for the brand's investments in the city in recent years. These investments include On's sponsorship of the last two editions of the Barcelona Marathon. The brand's growing presence in the city's sports scene complements the activities carried out from its head office in Barcelona. However, this contrasts with the lack of an On store in the city. The absence of a store is not for lack of trying, but due to the difficulty in finding a retail space that meets all of On's requirements for establishing a presence in Barcelona. On has confirmed to FashionUnited its plans to open its own store in the city. This store is set to be the brand's first flagship in the country, and they are currently waiting to find the ideal retail location for its opening. On emphasises that the location will definitely be on Barcelona's Paseo de Gracia.

As one of the "key cities" identified by On, a label also applied to strategic locations like Milan, Paris, London and Berlin, “in Barcelona, there has been an organic investment over the last three years that is generating very good results and performance. While it's true we don't have our own store yet, it's purely a logistical issue of not having found the location we want,” Melero explains. For the location, “our goal is Paseo de Gracia.” “Until we find the right place, we won't make the move, but the decision has been made,” as has the decision that Barcelona will be a “flagship location.”

Second store in Madrid

The store concept for Barcelona will therefore be different from the smaller "chapter store" model with which On entered Spain and Madrid, with the opening of its first store on Serrano last November. On is already considering reinforcing the operations of this establishment with a second, similar "experiential" store, which would be different from the "flagship store" model planned for Barcelona. This difference is due to On's outstanding performance in Barcelona, which is similar to that in Madrid, but achieved without even having its own point-of-sale to support it.

“We opened in Madrid with the ‘chapter’ concept, which is a more limited format, and with just that one store, things are going as well as in Barcelona, where we haven't invested yet.” From there, “we are already considering a second store in Madrid,” Melero reveals. This opening will align with On's strategic objectives for Spain, just as the first store in Madrid did. For that city, “it was very clear that Serrano had to be one of the main objectives” for the brand, “and it was.” “In Madrid, luckily, things came together very quickly and smoothly, but we still haven't reached the point of investing in Madrid as a city,” in the same way it is already being done in Barcelona. The city, compared to Madrid, “has evolved much more quickly” because “the brand structure is here,” and also because “we decided to bet” on making a series of investments that “have helped us a lot to create a footprint in the local community and with the local customer.” This influence has been capped off “after the investment of recent years with an event” like the 'On Squad Race' final. It will be crowned by the long-awaited On store on Paseo de Gracia.

Madrid – In one of the week's major business stories, Puig held its 2026 Annual General Meeting last Friday, May 29. The meeting proceeded as planned, with shareholders approving every item on the agenda. These items ranged from the approval of the group's financial and non-financial statements for the 2025 financial year to the renewal of its Board of Directors. During the meeting, the company announced the presentation date for its new strategic plan. It also issued a clear warning following the collapse of negotiations with The Estée Lauder: “Puig is not for sale”.

According to Puig's management, a qualified majority of shareholders in the Spanish multinational group approved all proposals presented by the Board of Directors during the Annual General Meeting. The agenda was structured around 13 points for discussion. The agenda began with the review and approval of Puig's annual accounts for the 2025 financial year. The Spanish company concluded the year with sales reaching 5.04 billion euros (a 5.26 percent increase) and profits of 617.10 million euros (a 13.74 percent increase). This solid performance in both revenue and net profit contrasts sharply with the company's negative stock market performance since its IPO. Shares closed last Friday with a cumulative drop of 34.16 percent, falling from their initial public offering price of 24.50 euros to 16.13 euros at the close of trading on Friday, May 29.

Beyond the approval of the agenda items, which was largely a formality given the Puig family's control over 93.21 percent of voting rights, a key moment was the address by Marc Puig, the executive chairman. He spoke to shareholders who attended the meeting exclusively online, with no in-person attendance. Puig used his speech to defend the recent negotiations with Estée Lauder, despite them ending without an agreement. He also reaffirmed the Puig family's commitment to the company and their decision to remain as reference shareholders. Finally, he clarified that the negotiation process with Estée Lauder does not imply that Puig is for sale; in fact, the opposite is true.

“Although these talks did not result in a transaction, they highlighted the strong recognition Puig has achieved in the sector,” stated Marc Puig during his address to the company's shareholders at the meeting. Elaborating on the reasons for the lack of agreement, he added, “the potential combination would have required aligning three key aspects of a possible merger: governance; business leadership; and economic considerations that correctly recognised the company's value and were fair to all stakeholders”.

“In any case, as has been made clear throughout this process, Puig is not for sale,” asserted its executive chairman, a member of the third generation of the founding family leading the Spanish group. “We have always maintained that the family is and will remain a long-term shareholder, and this would have been the case even in the contemplated business combination.” Looking ahead to the company's next chapter, he said, “we have a very exciting long-term project, with very well-positioned brands, a winning team, a very solid balance sheet, and a history of over 110 years that supports us”.

Approval of dividend and renewal of Board of Directors

In addition to the approval of the accounts, financial and non-financial reports, and the authorisation to grant “Class B” shares to executive directors as payment for the variable components of their remuneration, two other key points from Puig's AGM are worth noting. The first, following the agenda's order, concerned the approval and distribution of the dividend. The second related to the renewal of Puig's Board of Directors.

Regarding the first point, in line with the announcement made by Puig's Board of Directors last February during the 2025 results presentation, the AGM has approved a gross dividend of 0.42 euros per share, to be paid from the 2025 profit. This amounts to a total of approximately 617.10 million euros. The board has agreed to allocate 435.54 million euros as available funds, with 198 million euros designated as a voluntary reserve and the remaining 237.47 million euros for this year's dividend payment. This amount aligns with Puig's shareholder remuneration policy of approximately 40 percent of its net profit. The dividend will be paid to shareholders from June 17, with the final date to be eligible for payment being Friday, June 12.

Regarding the renewal of the Board of Directors, the AGM approved the re-election of eight board members: Marc Puig (executive director); Nicolas Mirzayantz (independent director); Daniel Lalonde (independent director); Ángeles García-Poveda Morera (independent director); Jordi Constans Fernández; Ioannis Petrides; Rafael Cerezo Laporta; and Christine Ann Mei (independent director). The appointments of Jose Manuel Albesa as executive director and Julie Van Ongevalle as a new independent director were also approved. Following the resignation of Josep Oliu, it was agreed to set the number of Board of Directors members at 13.

Additionally, among the items discussed at the AGM, the proposals that faced the most opposition from Puig shareholders were the approval of the company's director remuneration policy, with 31.37 million votes against, and the approval of granting Class B shares to executive directors, with 33.65 million votes against. This opposition was notably weak against the majority power held by the Puig family, representing only 1.51 percent and 1.62 percent of the total voting rights, respectively.

Presentation of new strategic plan on October 28

Looking beyond the Annual General Meeting, during which Jose Manuel Albesa made his debut before shareholders as Puig's new chief executive officer, the company reiterated its outlook for 2026. It expects to close the year “growing above the premium beauty market” with a stable adjusted EBITDA margin at the same level as the end of 2025. The company ended 2025 with an adjusted EBITDA of 1.05 billion euros (a 7.8 percent increase) and a margin of 20.7 percent. To reinforce these trends and build further momentum, the company has scheduled the presentation of its new strategic plan for October 28. This will coincide with the eventual celebration of Puig's first “Capital Markets Day”. The event was initially scheduled for April 16 and 17, then moved to April 14, and was ultimately postponed indefinitely following the start of negotiations with Estée Lauder.

“The leadership of this management team gives us the confidence to move further and faster, building Puig with greater scale and agility,” stated Jose Manuel Albesa. He was addressing shareholders about the management changes agreed upon last March, including his own appointment as the new CEO. “Over the last five years, Puig has been the fastest-growing multi-brand premium beauty company in the industry, significantly outperforming the global premium beauty market.” “We are not only growing rapidly, but we are also becoming a more balanced, global, and resilient company.” Building on these strengths after concluding its 2021 to 2025 strategic plan, the company is now preparing for its next phase of growth. To this end, “our teams have worked intensively on defining our new strategic plan,” which “was originally scheduled to be presented during our Capital Markets Day”. He added, “I want to take this opportunity to thank everyone for their patience and understanding regarding the event's postponement. I am pleased to confirm that our Capital Markets Day will be held on October 28 in Madrid.”

Regarding the new roadmap, Albesa elaborated, “without revealing too many details that we will save for the Capital Markets Day, I can say that the future involves scaling up what is already working. In short, it means consolidating our three-axis brands; strengthening our leadership in the ‘Niche’ segment; continuing to revolutionise ‘Prestige’ perfumery; and, beyond our core business, positioning ‘Derma’ as a new pillar of growth.” This will all be part of a new strategic plan, which will demonstrate that “we have full confidence in our ability to continue creating value while remaining true to what has always made us unique”.

From this same forward-looking perspective, Marc Puig noted during his speech, “what I see today is a company that is stronger than ever. Above all, I see a company with the confidence, ambition, and values needed to build for future generations.” He added, “as executive chairman, my commitment is to help protect this vision and guide Puig in its next stage, so that future generations inherit an even stronger, more admired, and more relevant company than the one we lead today.”

The Textile ETP Annual Assembly brought together over one hundred professionals from the textile industry at the Amsterdam Fashion Institute (AMFI) last week. Researchers, engineers, innovation managers and technology companies attended the event. It was marked by the challenges of an industry seeking to redefine its future amidst regulatory pressure, digitalisation and growing concerns about the sector's competitiveness.

Among the presentations and debates dedicated to the digital transformation of the European textile and apparel industry, one concept emerged as the central theme of the meeting: data. It was present in almost every speech. Data appeared not only as a technological tool but as the sector's new strategic raw material; a common language and the invisible infrastructure upon which a new industrial architecture is being built.

With different nuances, the message was repeated throughout the two-day event: under the idea of share and conquer, sharing to advance. The premise is as simple as it is ambitious. Only an industry capable of exchanging information in a structured way can build a truly competitive and sustainable long-term model.

System built on excess

For Lutz Walter, secretary general of Textile ETP, digitalisation cannot be understood solely as a lever for efficiency. In his view, it represents an opportunity to correct some of the structural inefficiencies of a model that for decades has been producing more than the market can absorb.

Every year, between 150 and 166 billion garments are produced worldwide, equivalent to about 20 pieces per person. However, only 30 to 40 percent are sold at full price. Another 30 percent end up in promotions and discounts, while up to 10 percent never find an end consumer.

The presentation by Ahmed Zaidi of Huubland Technologies offered a complementary perspective. He warned of the risk that the industry is focusing its efforts on optimising a model that is fundamentally broken. “The problem is that we are adding artificial intelligence to broken systems, without changing the system”.

The ultra-fast fashion company Shein is rarely used as an example in the fashion industry. However, in the context of Textile ETP, it appeared on several occasions as a case study for a very specific reason. It exemplifies what happens when a supply chain operates constantly fed by shared information, working on real-time data streams.

Zaidi argued that the competitive advantage of this model lies not only in speed or technology but in the continuous exchange of information between all links in the supply chain. This is something much more complex to replicate in Europe. The result is reduced production times; flexible factories; reactive systems; and immediate access to demand data. This allows for more precise production adjustments and a move towards on-demand models. However, this format has only worked in China; they themselves tried to clone it in Brazil without success.

The main obstacle, however, remains cultural. Many brands continue to view data as an asset to be protected even from their own suppliers. This attitude limits collaboration and hinders the construction of truly agile supply chains.

Data spaces

The key is to share the right information, at the right level of complexity, in a controlled environment.

This was explained by Dena Arabsolgar of Syxis Innovation Hub. She presented European data spaces as an architecture designed to facilitate the secure and governed exchange of information throughout the value chain, without companies losing control over their own data. Each organisation retains its own systems and information bases, while a network of connectors allows everyone to communicate with each other without needing to centralise the data in a single location.

The gap between the discourse on digitalisation and the reality of many factories was made clear in the presentation by Gilberto Loureiro, co-founder of Smartex, based on his experience in Asia. Many processes still rely on manual fabric inspections. “When you visit a textile factory in Asia, where almost 85 percent of the world's textiles are produced, you travel twenty years into the past,” Loureiro summarised.

“Inefficiency has become the norm.” In many factories, data is still recorded with pen and paper. It is difficult to imagine truly agile supply chains or future tools like the digital product passport if the technological reality at the source of the chain is ignored. Looking the other way would be, as Zaidi said, “putting a supersonic AI rocket on a horse-drawn carriage”.

In response, Smartex has developed defect detection systems using cameras installed directly on circular knitting machines. The technology identifies manufacturing errors in real time, automatically stops production and prevents defects from spreading throughout an entire run. Loureiro also presented a QR code technology capable of withstanding industrial dyeing processes, which can facilitate supply chain tracking from the raw material itself. However, the market reception was limited, despite its minimal added cost of just one cent per kilogram. This highlights the ongoing difficulties many innovations face in achieving widespread adoption in the sector.

The technology, therefore, already exists; what is still lacking is the collective will to adopt it. He, like many other speakers, argues that as long as legislation does not drive progress, many of these solutions will continue to lack the necessary attention, even though they already anticipate and shape the future of the industry.

Structural barriers

Lutz Walter's diagnosis identified several persistent obstacles to the sector's digital transformation: a lack of interoperability between systems; the limited capacity of SMEs to invest in digitalisation; the uneven quality of available data; a cultural resistance to making information-based decisions; and a disconnect between European machinery manufacturers and the real needs of production.

To this list, Mario Jorge Machado, president of Euratex, added a decisive factor: structural cost disadvantages that erode European competitiveness. These include higher labour costs; environmental regulatory requirements; and rising energy prices, including the European Emissions Trading System, which adds around 40 euros per tonne of CO₂. A systematically higher cost of capital than in markets like China or the US is also particularly relevant.

“Europe is losing industry at a rate of around -4 percent per year,” warned Machado. “In ten years, we will have -40 percent less industry.” In this context, the Antwerp industrial summit, held two months ago with the president of the European Commission and several heads of state in attendance, was cited as a political turning point. For the first time in decades, industry is once again a priority on the agenda.

Circularity with an incomplete equation

Much of the conference was framed by the weight of incoming European legislation, a cross-cutting theme on the agenda. The sessions on the ESPR, the DPP, the AI Act and the Extended Producer Responsibility (EPR) frameworks underlined a shared idea: without structured information management, their effective implementation is impossible.

David Schoenwerth, policy officer at the European Commission's DG CONNECT, outlined Brussels' ambition to position Europe as an “AI continent”. This is supported by a Data Union Strategy designed to address three structural challenges: the scarcity of training data for AI systems; regulatory complexity; and the new geopolitical dynamics around digital sovereignty. Between 2021 and 2024, the Commission channelled 336 million euros into the deployment of data spaces, with an additional 100 million planned for later phases.

However, the contrast between the regulatory architecture and the industry's actual implementation capacity re-emerged in several presentations. Eugenio Alessandro Canepa of the Piacenza Group noted that the European framework still lacks clear operational guidance, particularly regarding responsibility for data capture and management along the value chain. Joffrey Delfgaauw, head of innovation at O’Neill Europe, summed it up pragmatically: “We talk about getting the data, but sometimes it simply doesn't exist.” In parallel, companies like Schijvens, represented by its CEO Jaap Rijnsdorp, are already developing internal traceability systems to bring production and the end-user closer together.

Workforce of the future

The gap is not only technological but also generational. Anne Schwarz-Pfeiffer, a researcher in smart textiles, pointed out that traditional academic cycles are too slow for an industry where knowledge in digitalisation and artificial intelligence is updated in just two or three years. “The problem is no longer what we teach, but how quickly we are able to adapt it”.

From the Fashion and Textile Innovation Lab+ at HOGENT University, Aleksandra Delac presented the Skills for Circularity project. This is a consortium of 23 partners in 12 countries that analysed over 300 job offers, nearly 200 company surveys and multiple industry interviews. The study points to a growing demand for hybrid profiles capable of combining textile knowledge with skills in data, sustainability and regulation. The biggest gap identified by companies is not technical but interpretative: translating regulatory complexity into real operational processes. The first edition of the training programme has already been launched and has a waiting list.

Decisive decade

Walter closed the conference with four possible scenarios for the European textile industry in 2035, built around two variables: where value is generated and where production is concentrated. The most favourable scenario, the “Digital Renaissance,” envisions a specialised, competitive European industry supported by highly digitalised regional value chains. A second model, the “European Mediterranean Digital Belt,” proposes production distributed between Europe and neighbouring countries, connected by shared information infrastructures.

The other two scenarios describe less optimistic trajectories: a progressive outsourcing of manufacturing to Asia or, at the extreme, a structural loss of industrial and technological capacity on the continent.

“The future is not written,” Walter recalled. “But the decisions are being made now, and they will define the next decade.” This idea summarises the spirit of the meeting: digital transformation is no longer seen as an isolated technological project, but as the factor that will determine industrial survival, investment attraction and regulatory adaptability.

The next Textile ETP annual conference will be held in France, maintaining the itinerant format that each year moves the debate to a different industrial ecosystem to connect with local players.

Paris - Amazon plans to invest more than 15 billion euros (17.49 billion dollars) in France over three years. The company announced on Monday "three new logistics sites" intended to create 1,000 permanent jobs. These will be in addition to the more than 7,000 already promised by the company in early May.

"Amazon is strengthening its presence (...) (in France) with three new logistics sites in Pays de la Loire, Ile-de-France and Nouvelle-Aquitaine," the e-commerce giant announced in a statement during the annual Choose France summit, organised by the Elysée Palace to attract foreign investment.

When contacted by AFP, Amazon specified that this would include one distribution centre and two delivery depots.

"These new investments reflect our confidence in the economic potential of the regions," said Jean-Baptiste Thomas, general manager of Amazon in France, as quoted in the statement.

"With the distribution centre planned for late 2027 in Ensisheim, Alsace, these four sites represent more than 400 million euros in investment and more than 3,000 permanent jobs," the company stated in its press release. These sites are part of the investment plan announced by Amazon in early May. This is its largest investment in France to date, totalling more than 15 billion euros by 2028. The company added that this will bring "the number of jobs created by the company to more than 8,000."

These job creations "will begin from 2026, with the upcoming opening of three distribution centres" in Illiers-Combray (Eure-et-Loir), Beauvais (Oise) and Colombier-Saugnieu (Rhône), the logistics company highlighted in early May.

The plan also includes developing cloud and artificial intelligence capabilities and consolidating the existing network. "Between 2019 and 2025, we opened two warehouses. In 2026, we are opening three, then two next year," summarised Thomas, general manager of Amazon in France, in an interview with Ouest-France on Monday.

Founded in 1994, the US giant established its presence in France in 2000. It was the third country it launched in outside the US, following Germany and the UK.

Facing competition from Asian platforms in recent years, the group claims to have invested "more than 30 billion euros in the French economy" since 2010. It also claims to have "more than 25,000 permanent employees spread across more than 35 sites."

US footwear group Genesco reported a 3 percent increase in net sales for the first quarter of fiscal 2027, reaching 487 million dollars compared to 474 million dollars in the first quarter of fiscal 2026.

The revenue increase was driven by a 2 percent rise in comparable sales, including a 3 percent gain in same store sales, which helped offset the impact of net store closures. Performance across the brand portfolio was mixed, led by a 6 percent increase at Johnston & Murphy, a 5 percent gain at Journeys and a 4 percent increase at Genesco Brands. Conversely, sales at Schuh declined by 5 percent, or 9 percent on a constant currency basis.

Gross margin for the quarter improved by 30 basis points to 47 percent of sales, up from 46.7 percent in the previous year.

Outlook raised following positive start

The group recorded a GAAP operating loss of 15.4 million dollars, narrowing from a loss of 28.1 million dollars in the same period last year. Adjusted operating loss was 23.9 million dollars compared to 27.9 million dollars in fiscal 2026, representing an adjusted operating margin loss of 4.9 percent of sales. GAAP loss from continuing operations was 14.8 million dollars, while adjusted loss from continuing operations stood at 22.7 million dollars, or 2.18 dollars per share.

During the quarter, the company opened two stores and closed 30 locations, ending the period with 1,208 stores. Genesco did not repurchase shares during the quarter and retains 29.8 million dollars under its authorized repurchase programme.

Following the first quarter performance, Genesco board chair, president and chief executive officer Mimi Vaughn expressed confidence in the company's strategic initiatives. Based on the results, the group raised its full-year adjusted diluted earnings per share outlook to a range of 2 dollars to 2.40 dollars, up from the previous guidance of 1.90 dollars to 2.30 dollars. Total sales for the full year are still expected to be down 1 percent to flat, while YoY comparable sales are projected to increase between 1 percent and 2 percent.

The German government-funded future project, “Textile Factory 7.0” (T7), launched almost a year ago. It is a collaboration between the University of Applied Sciences Hochschule Niederrhein (HSNR) and other stakeholders from research, business and local authorities. The ambitious goals were announced in July 2025 already: Production and business processes are set to become digital; robotics will be introduced and production will become circular.

Supply chains will also be made resilient, while the shortage of skilled workers and the need for an adequate energy supply will be addressed. In other words, the aim is CO2-neutral, circular and economically viable textile production in Mönchengladbach, a central location between Düsseldorf and the Dutch border that has textile production in its DNA.

Over a period of ten years, the HSNR will receive a total of 25 million euros in funding from the German government. Different institutes, universities and local associations are involved as project partners and have already founded a joint company, the T7 Management GmbH, to manage and structure the project after the funding period ends.

The project officially started in October 2025 and focuses on four core modules: On-Demand Manufacturing, MicroFactory Engineering, Digital Textiles and Biosphere. Workshops were held with various representatives of the textile industry at the official kick-off on 19th March 2026 on site, at business park Monforts Quarter.

Industry insiders shared their needs and wishlists so that these could be considered during planning and implementation and to find sustainable and economical solutions jointly. The project is now entering its operational phase. This means that the currently empty factory hall will be filled with most of the required machinery over the course of the year.

In the future, the creation of 3,000 jobs is planned in conjunction with a proposed industrial park. What specific knowledge and skills should potential employees possess? How will the integration of automation and human labour function? Where will artificial intelligence be used? FashionUnited discussed these and other interesting questions with Prof. Dr. Maike Rabe, who as head of HSNR's Research Institute for Textiles and Clothing is also in charge of the Textile Factory 7.0.

To begin: What is the current status of the project?

The project officially started in October 2025, and our “Technology Centre” at Textile Factory 7.0 is open since 1st January 2026. It consists of an area of approximately 2,000 square metres at Monforts Quarter in Mönchengladbach. This is an old industrial building that is now undergoing innovative reuse as part of the project. This is the first unique feature: moving away from new construction and soil sealing, and towards sustainable industry with its own power supply.

This is the site of the former C&A FIT jeans factory in Mönchengladbach, which had to close at the beginning of last year.

Textile Factory 7.0 is an independent project and not a continuation of the C&A FIT jeans factory. The Monforts Quarter was chosen as a historically significant location. As a former centre of textile machinery production, it is closely linked to Mönchengladbach's industrial textile history. The project's aim is to find CO2-neutral, circular economy solutions. This was also a factor in the choice of location, which is why an existing factory hall was deliberately selected and will be upgraded accordingly. Most of the machinery is scheduled to be procured by the end of this year and fully installed in 2027.

Up to 3,000 new jobs are planned. Could you elaborate on how these will be distributed across the various project phases and areas?

An industrial park is planned in addition to the technology centre at Monforts Quarter. It will have its own energy supply, optimal connectivity and digitalisation, and will use sustainable raw materials. A development team will continue to support and advise companies not located in the industrial park, carrying out application-oriented developments for them.

The industrial park is currently still in the planning phase. This is where the 3,000 new jobs will be created. The findings from the emerging Textile Factory 7.0 technology centre will be used to realise this industrial park. It will also continue to exist in the future to create new applications with the industry and strengthen the location's competitiveness. Around 50 jobs will be created in the technology centre itself.  

What specific knowledge and skills should employees have? Are entirely new job profiles emerging?

The project is developing solutions for the megatrends of defossilisation, robotics, automation, AI and biotechnology. The T7 team is already qualified to combine knowledge of textile and clothing technology with the ability to handle cross-disciplinary topics. In the future, people with interdisciplinary training will be needed. The traditional engineering profession will change; knowledge of AI, programming, robotics control and microbiology will be required.

Is this development also taken into account in training and further education modules?

The Textilakademie NRW is also a project partner, so there is a close exchange with vocational training, where the new job profiles can be applied in the future. Passing on the knowledge gained is also part of Textile Factory 7.0. The “Academy” module plans to transfer this knowledge into practice through workshops and training courses.  

How will you ensure that the workforce perceives increasing automation as a support rather than a threat?

The goal is high value creation through excellence in work. Demographic change, in particular, necessitates the use of robotics and automation to maintain economic output and thus jobs, even if certain manual tasks can no longer be performed. This will require qualifications so that employees can control the complex machines and monitor quality. Here, too, the “Academy” module is of central importance. Through early communication about the project, it will ensure that technological developments are perceived as progress and not as a threat.  

Regarding technology and digitalisation: in which specific process steps is artificial intelligence already being used productively?

Artificial intelligence will be used primarily in production planning, quality assurance and process optimisation. This includes AI-supported planning tools for micro-factory layouts, machine-vision systems for real-time fault detection and intelligent assistance systems for employees. The aim is to make production processes more flexible, efficient and data-driven, especially for small batch sizes and on-demand manufacturing. AI is also playing an increasingly important role in design, which we will not neglect in the project.  

Does the project use an open data format for the digital twin of textiles, allowing information to flow seamlessly between different stakeholders in the value chain?

Our aim is to connect the physical and digital worlds. We will cooperate with our partners on this to find the most practical solutions possible. The Textile Factory does not conduct basic research but rather tries to transfer good ideas from research into practice. What we consider suitable will be passed on through the academy to create the easiest possible access to the information.  

What does the energy concept for the planned T7 industrial park look like? Is the aim to cover production entirely with local renewable energy sources?

In the T7 technology centre, we are focusing on the electrification of heat processes, such as heat pumps for high-temperature processes, generating electricity from solar and wind energy and, of course, energy efficiency. In our technical centre, all systems and processes are controlled so that energy requirements can be recorded in real time and matched with the energy provided. This opens up new possibilities for industrial processes.

The T7 industrial park will, of course, be powered entirely by renewable energy. The specific implementation is part of our planning work. Our goal is for the T7 park to have its own energy concept, making it independent of large suppliers.  

What about competitiveness? How will the T7 concept compensate for Germany's high energy and ancillary wage costs, so that on-demand manufacturing can compete on price with imports from low-wage countries?

We assume that regulations in the European Union will change the conditions in the textile industry. The global, highly distorted supply chain will be transformed, at least in part, into a value-added cycle. This is precisely where technological and qualitative offerings are needed. On-demand with digital concepts, but without long delivery routes by air and social disruption, would be a step forward.

Society is currently flooded with a kind of “push demand”. Even if Chinese direct sales are presented as innovative and needs-based, they are in no way so. We will use automation to help keep production costs low in order to provide European solutions. The developed recycling processes and green fibre production will also help to save costs and simultaneously become more independent of international supply chains, creating a competitive advantage.

As part of science communication, consumers must also be reached to encourage more sustainable consumption and achieve a higher willingness to pay. The Textile Factory focuses not only on clothing but also on technical textiles, for example. These are not in direct competition with imports from low-wage countries, but their competitive conditions are to be strengthened through new production methods.  

How is the topic of recycling being addressed? Are there binding guidelines for material blends in the “Biosphere” module to ensure that the textiles produced can be recycled as a single material at the end of their life cycle?

Binding guidelines are not planned; we see ourselves as enablers, not preventers. The “Biosphere” module will recycle mixed materials and investigate various blend ratios. Based on these findings, recommendations can then be made for optimal material compositions with regard to recycling possibilities. At the same time, we are working to increase recyclability and the proportion of recycled fibres through technical and qualitative improvements. Legislative demands can only be met with limitations according to the current state of technology.  

What about market access and scaling? Are the micro-factory modules developed in the real-world laboratory already standardised enough for a medium-sized company to integrate them into its existing processes as a “plug-and-play” solution?

Plug-and-play is a good question – we should answer with plug-and-knit/weave/dye. Micro-factory concepts for fabric production and dyeing are already quite advanced, and we are building on that. We must also move away from conventional processes: away from piece goods and towards moulded parts.

What is the first, smallest step a traditional textile company can take today to become part of the 7.0 world? How does one get in touch?

Manufacturers and retailers can contact the development team directly by email with a brief description of the topic and their contact details: t7-factory@hs-niederrhein.de. The next step is to classify the request into one of the working areas of Textile Factory 7.0.

At present, we can address issues related to the project's objectives. Scientists are already on site to take on these tasks. These individuals are also setting up the technology centre. The project team selects and prioritises the topics.

What specific offers and forms of cooperation are available for interested companies?

The services offered include research, consulting, the planning of trials and, where appropriate, the execution of trials, up to the development of demonstrators or a maximum of a small series. The terms are discussed on a case-by-case basis. Textile Factory 7.0 is not conceptualised to manufacture products Therefore, there is no competitive situation. On the contrary, the focus is on supporting companies from industry and retail.  

As part of T7, are you working on a counterfeit-proof digital product passport that guarantees the sustainability of production to end consumers?

Not at the moment, but we are developing approaches to link product data, for example for digital product passports, with production data for end-to-end traceability. We first want to ensure that reliable data can be found in the DPP; this starts with a realistic ecological footprint.  

Last but not least: are there plans to transfer the findings from the Monforts Quarter to other textile clusters in Germany, such as the Swabian Alb or Saxony?

Yes, the findings should be transferable to other textile clusters. A transfer to other industries is also planned. For example, the findings gained in the area of microplastics are not only relevant in the textile context. Another field of application could be microplastics in connection with tyre abrasion. In summary: We are inventing Industry 7.0 in Mönchengladbach and thus the industry of the future. This vision needs to be propagated.

The interview was conducted in written format.

The UK government has introduced new guidance aimed at helping consumers safely shop second-hand fashion online, following a rise in counterfeit goods circulating across resale platforms.

Published by the Intellectual Property Office (IPO), the guidance is part of a wider campaign developed alongside online marketplaces including Vinted, and responds to growing concerns around organised counterfeit operations targeting the resale market.

New IPO figures show one in four UK second-hand fashion shoppers unknowingly purchased counterfeit items online in the past year. Nearly 60 percent reported negative experiences, including poor quality products, refund disputes and rapid deterioration, while 14 percent said the experience put them off shopping pre-loved as a whole.

The government said younger consumers are particularly exposed, with almost half of 18 to 24 year olds reporting encounters with counterfeit designer goods on resale platforms.

The guidance's launch follows a series of notable enforcement actions enacted across the UK. In March, Trading Standards seized more than three million pounds worth of counterfeit luxury goods from storage facilities in Bury, while another police operation in Rotherham uncovered over 1.1 million pounds worth of fake clothing and trainers, alongside suspected stolen goods valued at a further one million pounds.

In a statement, minister for online safety and intellectual property Kanishka Narayan said: “The UK’s pre-loved fashion trade is a booming market that’s good for bargain hunters and for the environment. That’s why we’re acting to help shoppers browse with confidence, and spot counterfeits before it’s too late.”

Ebay has named textile sorting technology company Trosort as the global winner of its 2026 Circular Fashion Fund, honouring the business for its AI-powered approach to improving secondhand clothing operations and textile recovery systems.

Selected from eight finalists across the UK, EU, US and Australia, Trosort was recognised for tackling scalable textile sorting infrastructure, a key circularity challenge for fashion. As part of the award, the company will have the opportunity to receive a 300,000 dollar investment from Ebay Ventures.

The Belgium-based startup develops semi-automated sorting systems designed to digitise textile processing and improve garment recirculation through reuse, repair, upcycling and recycling channels.

Now in its fourth year, Ebay's Circular Fashion Fund supports early-stage businesses focused on resale, repair, recycling, authentication and textile recovery technologies. Since launching in 2022, the initiative has supported more than 30 businesses globally, with total investment expected to reach 1.9 million dollars by the end of 2026.

“We’re honoured to receive this recognition from Ebay's Circular Fashion Fund,” said Achille Mathot, co-founder and chief executive of Trosort. “Textile sorting remains one of the fashion industry’s biggest infrastructure challenges, and we believe smarter, AI-powered systems can help unlock greater efficiency, transparency and garment recirculation at scale.”

Other finalists included Circular Sourcing, Ragpiq, Silhouet, Refabric, TRUSS, eComID and It Goes Forward.

London-based Goldfinch Agency is set to unveil the next phase of Von Dutch’s European expansion at Pitti Uomo this June, using the Florence trade show to introduce the brand’s new SS27 footwear collection alongside a preview of a developing women’s ready-to-wear line.

The launch marks a broader push to reposition Von Dutch beyond its trucker-cap heritage and into a more comprehensive lifestyle brand spanning footwear, apparel and accessories across the UK and Europe.

Goldfinch, which holds the men’s and women’s footwear licence for Von Dutch in the region, said the expansion builds on strong retail momentum in the UK. The brand’s retail footprint has reportedly grown from a five-store trial to around 300 stores in the past 12 months, while quarterly cap orders have increased from 400 units to 40,000.

Alongside the footwear launch, Goldfinch is also developing a women’s ready-to-wear collection with European apparel specialist Textiss, targeting selected European markets including Spain, Benelux, Scandinavia and Greece.

“Von Dutch has always had that rare thing - instant recognition and real attitude,” said Matthew Broughton, managing director of Goldfinch Agency. “The opportunity now is to take that energy and build the right product architecture for today’s market. Our success with Von Dutch in the UK has shown what is possible when product, retail and timing align.”

Broughton added that SS27 represents the next stage of turning Von Dutch into “a fuller lifestyle proposition” through footwear and women’s apparel partnerships.

Michelle Cameron, the founder of Indigenous Nations Apparel Company (INAC), claims that the ultra-fast-fashion giant Shein has copied 20 of her company’s designs, including the product imagery, to sell copycat products.

A member of the Peguis First Nation, Cameron founded her brand close to six years ago in Winnipeg, selling Indigenous streetwear at markets and conferences. According to media reports from CBC, WWD and Winnipeg CityNews, Cameron was first made aware of the copycat designs last week, when customers visiting the INAC store in Polo Park shopping center alerted her.

She immediately contacted Shein regarding the design breach, and reportedly received a response from the Chinese company a few days later, a link where she could file a complaint online. The INAC copycat designs have since been removed from Shein’s website, and the Chinese company has started its own investigation according to WWD. A Shein spokesperson said that “the products in question were being sold on Shein Marketplace by third-party sellers,” and added that sellers are required to “comply with company policy and certify that their products do not infringe third-party intellectual property.”

Cameron has yet to hear back from representatives from Shein and is reportedly looking into taking legal action, as she looks to spread awareness regarding Shein’s copying of her designs. As INAC is built around supporting Indigenous creators and community organisations, the most difficult aspect of the Shein situation for Cameron has been the price undercutting, with the fast-fashion platform selling their copycat designs at half of INAC's price.

The founder of INAC also alleged that Shein used their website imagery to sell its copycat designs, including a photograph of her own daughter modelling INAC products. One of the designs Shein is said to have copied was a shirt from INAC's Red Day Dress collection, which was designed to raise awareness of missing and murdered Indigenous women, girls, and Two-Spirit People. Red Dress Day is observed annually on 5 May. Another reportedly copied design features INAC's company name and the date it was founded. 

The dispute with Shein is not the first time that INAC has faced copycats, as the company recently discovered a seller on Amazon selling knockoffs of its designs. The online marketplace immediately removed the item in question for sale after receiving a cease-and-desist letter.

Shein has been frequently in the news these past few months for a myriad of reasons, from concerns about how it handles its EU customer data to accusations regarding the sale of contaminated products in the EU and US, selling childlike sex dolls, and a copyright trial with Temu in the UK over copyright infringement on an “industrial scale.”

FashionUnited had reached out to Shein for further commentary on the accusations.

This Thursday, the platforms Vestiaire Collective and Zalando announced a partnership that pushes the boundaries of the resale market. By partnering with a powerful e-commerce player, capable of selling pre-loved items in 14 European markets to millions of visitors, Vestiaire Collective is ushering second-hand fashion into a new era: that of the 'new new' and virtual mega-malls.

What is the 'new new'?

Coined by Maurane Nait Mazi, an expert in the second-hand fashion sector, the 'new new' is the perfect phrase to describe the shift of the second-hand clothing market into a commercial space very similar to that of new items.

This 'new new' market is being driven by partnerships between online resale specialists and powerful e-commerce platforms. Whether it is the collaboration between Vestiaire Collective and Zalando or the earlier one between Luxclusif and Farfetch, the result is the same. It leads to a commercial service and presentation of a pre-loved garment almost identical to that of a new piece. This means that thanks to these business-to-business (B2B) agreements, consumers can now switch from the product page of a new bag to that of a pre-loved one without even noticing the difference.

This consumer shift between new and second-hand did not wait for a polished presentation and a service modelled on new retail to happen. Recently, the platform Vinted indicated that by 2025, 88 percent of its members consult listings posted by individuals on Vinted before considering the purchase of a new item. These listings are often composed of amateur photos and brief descriptions. This behaviour sends a strong signal: new items seem to be becoming 'Plan B', while second-hand takes its place.

The unified ecosystem offered by Zalando or Farfetch is a response to this new consumption pattern. It erases the visual and logistical boundary so that customers can compare and buy new or pre-loved items interchangeably, without ever leaving the platform.

This dynamic is confirmed by industry players like Aurélie Baranes, co-founder of Jaiio, a company that already integrates its second-hand offering on platforms such as Place des Tendances and La Redoute. Contacted by email, the director states that Zalando's announcement is “not a revolution, but a very strong signal”. It proves that second-hand has moved out of its niche market to become a natural part of the overall shopping journey. “Customers no longer think in terms of new versus second-hand,” she explains. “They are primarily looking for the right piece, at the right price, with the right level of trust and service.” According to her, this collaboration is therefore excellent news for the sector. The more visibility and ease of access second-hand gains, the more it becomes a natural choice for a wider audience.

Virtual mega-malls

In 2026, the second-hand market remains fragmented, although it is dominated by Vinted in France. In a few years, however, the landscape could well be restructured around the super-platforms represented by Zalando or Amazon.

Regarding its partnership with Vestiaire Collective, Zalando writes on its website: “This partnership opens up the ‘Pre-owned’ category to Zalando's partner programme for the first time, marking Zalando's transition from a retailer to a retail enabler.” The company continues: “By offering a comprehensive e-commerce ecosystem for fashion and lifestyle across Europe, Zalando is opening up new opportunities for both its partners and customers, now also in the pre-owned space.”

Zalando, like some of its competitors, is now a technological and logistical infrastructure that other companies rely on to sell their own products. This evolution can be compared to that of Amazon, which has grown from a simple bookseller into the global infrastructure we know today. This is what the German company calls a retail enabler, and it is what makes it a kind of virtual mega-mall.

It is precisely this industrial power that solves the biggest nightmare of second-hand retail: the puzzle of the 'unique SKU' (Stock Keeping Unit). Unlike new items, where a single identification code refers to thousands of identical products, the pre-loved market requires managing millions of unique pieces, each with its own size, wear, and colour. Only the ultra-robotised supply chains and algorithms of these internet giants are capable of handling such complexity on a large scale. These online shopping centres therefore seem to be the inevitable launchpad the resale market will need to surpass the 393 billion dollars mark by 2030, according to ThredUp's forecasts.

Danish fashion brand Ganni has published its 2025 Responsibility Report, which concludes its Gameplan 2.0 (2023–2025) sustainability strategy and introduces Gameplan 3.0, the new framework that will guide its environmental and social commitments until 2028.

The document outlines unmet goals, structural barriers yet to be resolved and a recalibration of targets in a context that the company itself describes as a widespread “silent retreat” from sustainability promises in the sector.

Emissions reduction, with Scope 3 as the main challenge

In 2025, Ganni reduced its absolute carbon emissions by 32 percent compared to 2021, the baseline year. The total was 25,065 tonnes of CO₂ equivalent, down from the initial 37,036 tonnes. This consolidates a downward trend after the increase recorded the previous year.

The main challenge remains concentrated in Scope 3, which accounts for 98 percent of the total footprint. More than two-thirds of these emissions come directly from products, influenced by materials and manufacturing processes, while transport from suppliers adds an additional 13.5 percent.

The company attributes this reduction to a combination of several factors. These include a greater use of lower-impact materials; a slight decrease in production volumes compared to 2024; and the expansion of carbon insetting projects. This approach involves co-financing renewable energy facilities with suppliers within the supply chain itself.

The report, however, acknowledges a significant failure in this area. The goal of integrating seven suppliers into the programme was not met, with only four in Portugal and Italy participating. Ganni cites supply chain volatility, the geopolitical context and the structural demands of the model as reasons. The model requires production stability and supplier ownership of facilities.

Materials, the core of decarbonisation

The materials strategy continues to be the main lever for reduction within Scope 3. Through its internal Fabric Score system, Ganni classifies fabrics into three categories based on their environmental impact. The aim is to progressively shift its purchasing towards lower-footprint options.

In 2025, 85 percent of materials were already in the Preferred category. The mix is primarily composed of plant-based fibres (47 percent), followed by synthetics (26 percent) and animal-based fibres (20 percent). This reflects an advanced but still incomplete transition. Materials like cotton and polyester are still present, although increasingly in recycled or certified versions.

The company maintains its goal of reaching 100 percent Preferred materials by 2028. This commitment aligns with the goal validated by the Science Based Targets initiative, which sets a 50 percent reduction in absolute emissions by 2031 compared to 2021, following a methodological review that adjusted some intermediate milestones.

This progress coexists with a slower evolution of experimental materials. The so-called Fabrics of the Future, developed from waste or alternative processes such as olive oil residues, recycled leather or chemically recycled cotton, reached 4 percent of the total. This is up from 3 percent the previous year but still far from the 10 percent target for 2028. The report identifies their cost, limited industrial adoption and scaling difficulties as the main barriers.

The document also incorporates biodiversity as an emerging strategic line for the first time, although it is still in the definition phase. The company plans to complete its materiality analysis in 2027, at which point it will establish its impact priorities in this area.

Social dimension, focus on key suppliers and new partnerships

On the social front, Gameplan 3.0 reinforces the focus on female workers in the textile sector and continues the Living Wage Programme as a central part of its strategy. The initiative remains active with eight tier-one suppliers, although two have left the programme after their commercial relationship with the brand ended.

The goal of extending this standard to 100 percent of tier-one suppliers has not been met. In response, the company has refocused its strategy on core suppliers, who account for 80 percent of the business and where its influence is greater. Within this group, 46 percent already pay a living wage or receive supplements from the brand, with the goal of achieving full coverage by 2028.

This rethinking coexists with an expansion of social governance tools. A three-year partnership with UN Women stands out, focusing on mentoring, volunteering and financial support programmes. At the same time, Ganni is extending its social audits to Tier 2 suppliers, allowing for greater visibility beyond final assembly.

The company is also developing new direct listening mechanisms in the supply chain. These include a pilot in India with the &Wider platform, which incorporates anonymous worker surveys as a tool to assess working conditions and the impact of social programmes.

In parallel, it is advancing the development of the Digital Product Passport, a tool that, if successful, will integrate complete information for each garment from materials to end-of-life. This type of system is accelerating in the fashion industry in anticipation of the European Union's regulatory framework. The framework foresees its mandatory implementation in the coming years, which is leading companies to structure and digitise their product data in advance.

US specialty apparel company Gap Inc. has updated its full year guidance following its financial results for the first quarter ended May 2, 2026. The group reported a net sales increase of 1 percent to 3.50 billion dollars, while comparable sales rose 2 percent, marking the ninth consecutive quarter of positive growth.

Standout quarter for Gap brand

Performance across the portfolio was varied during the 13-week period. San Francisco-based Gap Inc. saw its namesake Gap brand deliver a 10 percent increase in both net sales and comparable sales, reaching 796 million dollars. The company noted this was one of the strongest performances for the brand in more than two decades, driven by culturally relevant storytelling in destination categories such as denim, fleece, and kidswear.

Old Navy, the largest brand in the portfolio by revenue, posted net sales of 2.00 billion dollars, up 1 percent compared to last year, with comparable sales also up 1 percent. Growth in denim, activewear, and kidswear was offset by weakness in women’s dresses. During an investor call, Gap Inc. president and chief executive officer Richard Dickson addressed the category challenges, noting that the group did not deliver the right fashion value equation for seasonal lines, with customer responses also weaker for swim and shorts.

Banana Republic net sales rose 1 percent to 431 million dollars, with comparable sales up 2 percent. Activewear brand Athleta continued its multi-quarter decline, with net sales dropping 12 percent to 270 million dollars and comparable sales down 11 percent. The brand is currently focused on rewriting its product assortment for the second half of the year.

Operating income and margin details

The company reported first-quarter operating income of 445 million dollars and an operating margin of 12.7 percent, while adjusted operating income stood at 182 million dollars, with an adjusted operating margin of 5.2 percent. Gross margin for the quarter was 40.5 percent, down 130 basis points compared to the prior year.

Store sales for the group increased 3 percent, while e-commerce sales decreased 2 percent, representing 38 percent of total net sales. Gap Inc. ended the period with 3,477 company-operated stores across approximately 35 countries.

Net income for the quarter reached 339 million dollars, or 0.90 dollars per diluted share. Adjusted net income was 145 million dollars, representing adjusted diluted earnings per share of 0.38 dollars.

Updated full year guidance

For fiscal year 2026, the company expects net sales to be up 1 percent to 2 percent year-over-year, compared to its prior outlook of flat to up slightly. The company raised its guidance for adjusted diluted earnings per share to a range of 2.30 dollars to 2.40 dollars, up from the previous forecast of 2.20 dollars to 2.35 dollars.

The full year outlook factors in a 50 basis point benefit to gross margin and operating margin from updated tariff assumptions under Section 122, translating to approximately 80 million dollars of net tariff relief.

For the second quarter of fiscal year 2026, the retailer expects net sales to be flat to down 1 percent year-over-year compared to 3.70 billion dollars in the prior year period. Gross margin is expected to be flat to down 50 basis points against last year's 41.2 percent.

Everlane founder Michael Preysman is preparing to launch a new fashion brand following the controversial sale of Everlane to Shein, according to Forbes.

The move comes after Shein acquired the US fashion retailer earlier this month in a deal that sparked backlash from customers and sustainability advocates, given Everlane’s long-standing positioning on sustainability.

Founded by Preysman in 2011, Everlane built its reputation on what it called “radical transparency”, publishing factory information alongside material, labour and transport costs for its products. However, the brand struggled to regain momentum following the pandemic, while mounting debt and declining sales reportedly pushed majority owner L Catterton to seek new investment or a sale.

The acquisition by Shein, a company frequently criticised over its environmental impact and ultra-fast fashion business model, was approved by the board of L Catterton, whose members include LVMH chairman and chief executive Bernard Arnault and his family.

In response, Preysman has launched a waitlist platform under the name 'Still Radical', outlining plans for a new venture built around similar sustainability principles, but without venture capital or private equity backing.

“The Everlane sale has driven questions and conversation around the viability of sustainable fashion in 2026,” a spokesperson for Preysman told Forbes. “Michael is betting that he can find a path forward informed by his learnings from the successes and shortcomings of the industry over the past decade.”

In a message to subscribers, Preysman added: “So we’re starting over. Same principles, but a new take. And this time: no venture capital, no private equity.”

The French brand Le Coq Sportif has signed a strategic agreement with Albion 1879 SL to drive its growth in the Iberian Peninsula. The focus will be on Spain and Portugal, aiming to accelerate its consolidation in the premium sport lifestyle segment.

The move follows the company's restructuring after its Spanish subsidiary entered insolvency proceedings. This process ended its direct operations in the country and led to a reorganisation of its local structure, including a redundancy plan for some of its staff. In this new phase, the brand is moving towards a more asset-light model, relying on strategic partners to maintain its international presence.

The agreement places Albion 1879 SL at the core of the brand's distribution, commercial development and expansion strategy in the region. With over three decades of experience in the sector, the company will manage a network of more than 400 active accounts and over 1,000 points of sale. It will articulate a multichannel model focused on selective retail and high-value spaces, alongside a curated multi-brand network.

Within this structure, El Corte Inglés remains a key pillar for visibility and volume. It is joined by other specialised operators who will help strengthen the brand's positioning in the Iberian market.

Both the French firm and its new partner agree that consumers in the region show a growing affinity for brands with identity, heritage and design. This is a space where Le Coq Sportif aims to consolidate its narrative in this new phase of growth.

A coalition of UK retailers and trade organisations is calling on the government to speed up the introduction of reforms to low-value imports (LVI), warning that delays are placing mounting pressure on domestic retail and fashion businesses.

In a letter addressed to prime minister Keir Starmer and chancellor Rachel Reeves, signatories including Asos, Primark, Next, Marks & Spencer, River Island and the UK Fashion & Textile Association requested that meaningful customs reform be introduced before the 2026 peak trading season.

The debate centres on the UK’s “de minimis” threshold, which allows low-value parcels imported directly into the country to avoid customs duties. Retailers have argued that the system has become a competitive advantage for overseas marketplaces and sellers without a physical UK presence, like Shein and Temu, enabling them to undercut businesses that pay local taxes, duties and operating costs.

The government confirmed plans in its 2025 Budget to close the loophole, but implementation is currently scheduled for 2029. Industry groups say the timeline is too slow, particularly as low-value imports continue to surge.

According to the letter, LVI trade increased by more than 50 percent between 2023/2024 and 2024/2025, while parcel volumes have tripled since 2021. Retailers also pointed to moves by the US and EU to tighten similar rules, arguing that this has redirected more overseas sellers towards the UK market.

The group said reform would create a more level playing field, improve product safety standards and generate additional tax revenue. It is further estimated that a flat 2.60 pounds charge per parcel, mirroring an EU proposal, could raise 1.7 billion pounds annually.

If full reform cannot be delivered quickly, retailers are instead calling for an interim flat fee on low-value parcels to be introduced as soon as possible.

NGO Drip by Drip has launched a new programme designed to tackle menstrual health challenges facing women in Bangladesh’s garment sector, an issue it says remains largely overlooked across global fashion supply chains.

Announced on World Menstrual Hygiene Day, the initiative, dubbed ‘Menstrual Dignity in Fashion’, will run across 10 ready-made garment factories in Dhaka, Gazipur and Chittagong between September 2026 and December 2027.

The programme follows a pilot phase that unveiled widespread structural and social barriers for female garment workers. According to Drip by Drip, 90 percent of workers surveyed faced challenges managing menstruation safely and with dignity at work, while 96 percent said supervisors denied permission to use the bathroom, and 97 percent reported factory toilets lacked sanitary bins.

The NGO said the findings highlighted how factory environments are often not designed with women’s health needs in mind, contributing to discomfort, stigma and avoidable health risks.

Despite this, the pilot also demonstrated business benefits when menstrual health was treated as a workplace issue. In 90 percent of participating factories, health-related absenteeism fell and productivity improved, while more than 60 percent of factories continued supplying menstrual products after the pilot ended.

Developed alongside Bangladesh-based NGO Agroho Society and supported by brand partners including Vaude and Amer Sports, the programme combines worker and management training, sanitation upgrades and access to menstrual products.

It aims to train 9,000 workers, support 350 supervisors and provide 3,000 women with menstrual products over a 12-month period. An independent research component involving LMU Munich, INSEAD and the University of Groningen will also seek to generate data on effective workplace levers to improve menstrual health and dignity in factories.

In a statement, Amira Jehia, founding executive director of Drip by Drip, said: “If workers do not have privacy, safe sanitation, access to products, and the freedom to use the bathroom when they need to, this is not a marginal issue. It is a workplace failure built into the system.”

The European Commission has imposed a 200 million euro fine on the Chinese online marketplace Temu for illegal products. The Brussels authority announced that the company had failed to properly assess the risks and damages to consumers. This is a particularly serious breach of the Digital Services Act (DSA). Consumers in the EU were highly likely to encounter illegal items on Temu.

“Temu's risk assessment underestimates specific risks, is too vague, lacks solid evidence and is not comprehensive,” denounced the responsible vice president of the European Commission, Henna Virkkunen. She stated it does not show “the actual extent of the potential harm” caused by illegal products sold via Temu. Temu now has 130 million customers in Europe, so illegal products reach many EU citizens, Virkkunen said.

Temu announced it would carefully review the decision and “weigh all available options”. The company will continue to cooperate constructively with the European Commission. Temu gives European consumers “access to a wide range of affordable products” and also helps European companies reach more customers.

Dangerous baby toys and chargers

The authority cited, among other things, test purchases from last year in which many products failed. A “very high percentage of the selected chargers” had “failed basic safety tests”. A “high percentage of the baby toys tested” exceeded chemical limits or posed a choking hazard due to detachable parts.

Temu is an online marketplace where numerous companies sell various goods. The Chinese company has been active in Germany since spring 2023 and repeatedly causes a stir with its rock-bottom prices and high discounts. Products are often delivered directly from the manufacturer to the customer.

The provider is controversial. Politicians, trade representatives and consumer advocates criticise, among other things, product quality, a lack of controls and unfair competitive conditions.

EU: Influencers could increase risk

The European Commission has now criticised Temu's risk assessment. Contrary to legal requirements, it was based on general information about risks across the e-commerce sector instead of on “concrete evidence relating to its own service”, including public reports and tests. It also failed to adequately assess the extent to which Temu's design could increase the risk of disseminating illegal products. The European Commission cited product advertising by influencers and recommendation systems as examples.

Temu must now pay the fine and rectify the problems, otherwise the authority could impose additional daily penalties. Separately, European Commission experts are also currently investigating whether Temu may have violated EU law by restricting researchers' access to data and whether it should be doing more to combat the sale of illegal products, Virkkunen said. Chinese competitors Aliexpress and Shein are also under scrutiny.

Strict rules for online giants

The Digital Services Act (DSA) has been in force since February 2024 and is intended to be a powerful tool against practices by tech giants that are considered dangerous. Due to the DSA, large online platforms must adhere to much stricter regulations. User complaints must be addressed more effectively, illegal content removed more quickly and children better protected.

Otherwise, online platforms face hefty fines: up to 6 percent of their global annual turnover is possible. According to the European Commission, the fine against Temu is far from this percentage, given a global annual turnover of 53 billion euros in 2025. Critics accuse the authority of making too little use of these sanctions. The fine against Temu is only the second based on the DSA.

In December, the European Commission sanctioned Elon Musk's online platform X. It had to pay 120 million euros due to a lack of transparency. This involved, among other things, the misleading authentication of user accounts via the white verification tick on a blue background.

More and more parcels with cheap goods from China

In its decision on Temu, the European Commission's experts also took into account data from customs authorities, among other things. This showed “high rates of infringements for products sold on Temu in the categories examined”, it was stated.

European customs are facing a growing flood of parcels from abroad, particularly from China. According to the European Commission, around twelve million parcels arrived in the EU every day in 2024, significantly more than in the previous two years.

To counter unwanted cheap imports, a levy of three euros will be due in the EU from July for every parcel with a value of up to 150 euros. This will apply temporarily until a new platform is launched, expected in 2028, after which all goods imported into the EU will be subject to customs duty from the first euro.

From November 1, a new handling fee is also to apply to every product ordered online and imported into the EU. This measure has not yet been finalised. In addition, the amount of the fee has yet to be determined by the European Commission.

Selfridges is due to shake up its head office team. The luxury department store has confirmed proposed plans to cut 2 percent of its headcount to align with “strategic and financial objectives”.

In a statement to Drapers, a spokesperson for the company said it had entered into a consultation process with employees. Those impacted are believed to be in IT support, business analysis, service improvement and digital operations. Selfridges currently employs around 3,100 people.

The statement read: “We are proposing changes to some of our head office teams in line with our strategic and financial objectives. We are working through the details and ways to mitigate a proposed 2 percent reduction in our overall headcount as part of a consultation process with our teams.”

British footwear brand Clarks is eyeing a major expansion with plans to open 150 stores this year, as outlined in a Modaes interview with the company’s president of the UK and Europe, Joe Ulloa.

According to the exec, 29 locations have already opened, 11 of which reside in Europe, where 15 to 20 new sites are expected in total. Its focus lies heavily on China, where 50 locations are planned, and the US, with 40 sites on the horizon.

Its increased attention on Europe and Asia-Pacific comes as management identified “greater opportunities for growth”, Ulloa said.

In approaching these markets, Clarks has established a system for directly managing each region. The setup has already been applied in Germany and France, and is now extending to Spain, which was deemed a “very important market” by Ulloa, who said the company expects to “double the business in one or two years”.

A Spanish team has been established alongside an office and Madrid-based showroom, with operations to be led by Marta González-Babé, who has been appointed as head of sales for Spain.

Clarks is also boosting its marketplace strategy, as seen in existing partnerships with Shein and Ebay. “We opened eight last year and we have 20 planned for 2026,” Ulloa explained.

This also includes its own marketplace platform, which has already launched in the UK and is expected to roll out to Europe and the US in 2027.

The plans come on the back of Clarks returning to profitability in 2025 for the first time in two years, despite a 3.3 percent drop in sales. The company has ensured “strong cost discipline” while reviewing its operations, allowing it to enter a position to “reinvest for growth”.

Ulloa added that the goal is to “achieve sustainable market share growth, while achieving healthy levels of profit for shareholders and the business”.

Vestiaire Collective is bringing second-hand luxury fashion to Zalando.

The Berlin-based online retailer and the French resale platform have entered into a partnership, the two companies announced on Thursday. A hand-checked selection of second-hand luxury items will now be available on Zalando.

The collaboration will be rolled out in 14 European markets. It will give Zalando customers access to luxury items from over 50 designer brands, some of which were previously unavailable on the platform. The range includes ready-to-wear, shoes, handbags and accessories. It is available immediately via a dedicated landing page on Zalando.

“We are delighted to introduce a range of authenticated luxury fashion with Vestiaire Collective as our first pre-owned partner,” said Alice Marshall, director of pre-owned at Zalando. “The demand for high-quality pre-owned fashion is constantly growing. By expanding the offering to include authenticated luxury items and combining this with the convenience of Zalando, we want to encourage even more customers to discover second-hand shopping for themselves.”

Verification meets right of return

The collaboration with Vestiaire Collective marks the first time the Berlin-based company has opened its existing pre-owned category to a partner. This move is driven in no small part by the current market trend. According to Zalando, in 2025 an average of 62 percent of the pre-owned range was sold within the first seven days of being listed. Additionally, 40 percent of orders included both new and used items in the same basket.

The partnership will combine Vestiaire Collective's expertise in authenticating luxury goods with Zalando's reach and platform structure. This aims to further enhance the second-hand shopping experience for customers. The integration of both systems is a key focus. While Vestiaire Collective contributes its established verification and quality processes, Zalando provides the technical infrastructure and access to a broad customer base across several European markets.

The integration is intended to further strengthen trust and transparency in the pre-owned segment. It will also make the purchasing process as smooth as possible for customers. In addition to Vestiaire Collective's multi-stage verification process, Zalando's 30-day return period will remain. This ensures the online retailer's existing service standards are maintained and integrated into the new offering.

“We want to make it easier for millions of people in Europe to access verified second-hand luxury,” explained Thomas Hezard, chief product officer at Vestiaire Collective. “Through the partnership with Zalando, we are reaching a new generation of customers where they already shop. Together, we are making circular luxury more visible and attractive to a broad, young target audience.”

Portuguese textile and apparel exports closed the first quarter of 2026 with moderate yet significant growth. This progress comes amid a challenging environment where a decline in several European markets was offset by growth in non-EU destinations.

Between January and March, the sector's international sales reached 1.44 billion euros (1.67 billion dollars), a 0.5 percent increase on the same period last year, according to Portugal's National Statistics Institute (INE).

Despite a decline during the period, Spain remains the primary customer for Portuguese textiles.

The start of the year also solidified the growing importance of higher value-added categories within Portugal's export mix. Knitwear again led international sales at 566.5 million euros, a growth of 3.1 percent. Meanwhile, non-knit apparel advanced by 5.6 percent to 274.7 million euros.

More technical segments also gained prominence. Impregnated fabrics and specialised textiles for industrial applications grew by 10.5 percent in the quarter, while carpets and floor coverings recorded one of the period's largest increases, rising by 15.7 percent.

Conversely, several raw materials and intermediate products were affected by the adjustment in international demand. Exports of synthetic and artificial fibres fell by 30 percent.

The European Union continued to account for the majority of Portuguese exports, although sales within the bloc decreased by 0.6 percent to 1.05 billion euros. Spain remained the leading trade destination, with purchases worth 321 million euros, despite a 5.6 percent drop. France gained ground with growth of nearly 4 percent, while Germany reduced its imports by 7.7 percent.

Outside of Europe, the US consolidated its position as the fourth largest market for Portugal after increasing its purchases by 6.6 percent. The Netherlands also stood out, with a growth of 14 percent.

Among the most dynamic destinations, Canada stands out. Portuguese exports there increased by 21 percent to reach 31 million euros, driven mainly by knitwear, apparel and home textiles. The growth in markets such as Poland, Vietnam and Singapore also reflects the geographical diversification strategy that the Portuguese sector has been accelerating in recent years to reduce its dependence on Western Europe.

French sustainability platform Carbonfact has acquired its German competitor Vaayu Tech GmbH. The companies made a joint announcement today. The purchase price has not yet been disclosed.

The acquisition brings the two largest decarbonisation tools for the fashion industry under one roof. Existing clients will migrate to Carbonfact. The combined portfolio now includes over 300 apparel and footwear brands, including On, Ganni, The North Face and Ace & Tate.

Both platforms operate in the carbon accounting sector. While Carbonfact focuses on automating data collection and conducting Life Cycle Assessments (LCA), Vaayu concentrated on integrations with external systems and clearly presenting environmental impacts to the consumer.

A well-known practical example is the collaboration with French designer fashion platform Vestiaire Collective. Vaayu developed the “cost per wear” formula for this, allowing consumers to calculate the real cost of a purchase, meaning per wear. For Vinted, Vaayu's analysts calculated the environmental benefits of second-hand purchases compared to new ones.

Vaayu was founded in 2020, one year before Carbonfact, by founder Namrata Sandhu, former director of sustainability at Zalando. She successfully raised over 13 million dollars in growth capital for her startup from investors such as Flint Capital and The Garage.

The launch of both companies was a response to new European legislation on product transparency. At the time, an ambitious package of measures seemed imminent. Fashion and footwear brands needed to quickly gain insight into their suppliers and production processes and sought help in calculating their ecological footprint. Many of the plans on the Brussels agenda have since been suspended or postponed, partly due to the weakening of the so-called omnibus directive.

For major fashion brands, it remains crucial to have their data management in order, despite delays from Brussels. By 2030 at the latest, they must comply with strict European regulations under the Extended Producer Responsibility (EPR) and the Ecodesign for Sustainable Products Regulation (ESPR), which also includes the Digital Product Passport (DPP).

Madrid – The Spanish multinational OHLA, successor to the former OHL of the Villar Mir Group, will put the exclusive Galería Canalejas shopping complex up for sale at the end of the year. This was announced by its chairman of the board of directors and main shareholder, Luis Amodio. He has ruled out the possibility of the transaction being completed for less than 200 million euros (232 million dollars).

The global infrastructure group, as it likes to call itself, began the week by presenting its results for the first quarter of 2026. The board of directors then convened a General Shareholders' Meeting for the upcoming June 29. Following this, Luis Amodio, chairman of the board and, along with his brother Mauricio, one of OHLA's two main shareholders with nearly 22 percent of the voting rights, participated in the annual congress of the Consejo Empresarial Alianza por Iberoamérica (CEAPI) from Mexico City. The event was held in the Mexican capital from May 25 to 27. Keynote speakers and participants included figures such as Nadia Calviño, president of the European Investment Bank; José María Aznar, former president of the Government of Spain; and Carlos Slim, chairman of the multinational group Carso.

Taking advantage of the meeting, Amodio held a “tête-à-tête” with a group of Spanish journalists, including representatives from mainstream media such as El País and El Mundo. During this meeting, he announced the upcoming decision by OHLA's board of directors regarding Galería Canalejas. Since opening its shopping gallery doors in June 2022, the centre has solidified its position as the “grand mecca of luxury” in the heart of Madrid. OHLA had previously highlighted its intention to strengthen this positioning after finalising the dissolution of its partnership with the Emirati investment company Mohari Hospitality, owned by Israeli-Canadian billionaire Mark Scheinberg. The Spanish company reported on April 29 that the agreement had been finalised, which involved the distribution of the various assets comprising the Galería Canalejas Complex between the two parties. The complex as a single entity has since ceased to exist. Mohari and Scheinberg have taken ownership of the hotel, currently operated by the Four Seasons chain, including the retail space at its base occupied by Hermès, and the hotel's associated car park. OHLA has retained exclusive ownership of Galería Canalejas and the main car park of the complex, along with one-third of the property's outstanding debt.

Completing the details of the announcement, the Spanish group also reported that as part of the asset division process of the Canalejas Complex, a refinancing of the assets now under OHLA's ownership had been carried out through a “project finance” deal, totalling 63 million euros. It was specified that these funds were allocated to both cancel the previous financing and to open a line for future “capex” for the shopping gallery. This operation served to refinance the previous debt and provide the shopping complex with new investment funds. The aim was to boost and reinforce its “positioning as one of Madrid's leading luxury shopping destinations”. This purpose is now confirmed to be a preliminary step towards the approval of its sale by OHLA.

Sale before year-end for over 200 million euros

No official information has been transmitted to the Comisión Nacional del Mercado de Valores (CNMV), which is unusual for a listed group like OHLA. According to published reports, during his meeting with journalists in Mexico City, the chairman of the Spanish construction company stated that OHLA's current plans for Galería Canalejas are to accelerate facility improvements. These improvements are intended to first increase the value of the shopping gallery and second, to complete the occupancy of its retail units. Amodio considers this point to be almost decisive in reaching an agreement for the sale of the shopping complex.

The chairman of OHLA justified this strategy by explaining that the intention is to increase the gallery's sale price. He estimates the price would naturally be higher with all units occupied rather than with empty retail spaces. The forecasts remain that the sale of Galería Canalejas could be closed before the end of this year. Secondly, the transaction is not expected to fall below 200 million euros, a figure above which Amodio has set the book value of Galería Canalejas. He believes OHLA should divest from the complex as it is a mega-project that does not align with the strategy, priorities, or business model towards which OHLA is redirecting itself. For the group, “we are not interested in pharaonic mega-projects”, which “often take too long” to build, and “are too costly and not necessarily very profitable”. Amodio stated that the majority of the proceeds from the asset sale will be used to reduce the company's debt, which currently stands at around 300 million euros.

From an operational standpoint, over the last four years, Galería Canalejas has established itself as the main “meeting point” for luxury shopping in central Madrid. This consolidation has been supported by the city's rising value as a preferred destination for luxury tourism. This is the result of a feedback loop in which the “Four Seasons effect” has been undeniably decisive. This factor originated with the opening of the American chain's first establishment in Spain in Madrid at the end of 2020. This event marked the beginning of Madrid's ascent among the top international “luxury destinations”, and consequently, that of Galería Canalejas for luxury shopping.

Following the opening of the shopping gallery in June 2022, several prestigious firms and houses now operate from the Galería Canalejas complex. To be precise, Hermès operates from the ground floor of the Four Seasons. The line-up includes brands such as Cartier; Giorgio Armani; Jimmy Choo; Louis Vuitton; Marc Cain; Moncler; Omega; Rolex; Saint Laurent; Stefano Ricci; Tumi; Valentino and Zegna. Particularly noteworthy in this retail offering is the Dior boutique, which opened in April 2023 as the Parisian house's largest store in Spain. There is also an indefinite pop-up from the Madrid-based firm MR. AB, by Tomás Laso-Argos and Rafael Medina, which has recently welcomed fighter Ilia Topuria as an investment partner. Finally, the Tom Ford store is the American fashion house's only own-brand store in Spain.

Luxury group Kering is holding its annual general meeting on Thursday, a few weeks after unveiling its strategic plan, as the slowing luxury market seeks to reinvent itself.

Last September, the French giant's last annual general meeting saw the appointment of Luca de Meo as chief executive officer. François-Henri Pinault retained his position as chairman of the group. Kering owns Gucci, Saint Laurent, Bottega Veneta and Boucheron.

The former head of French car manufacturer Renault then stated his intention to reduce the group's debt. He also aimed to “rationalise, reorganise and reposition some of our brands.”

Kering's situation had become critical, with significant debt and cautious buyers. The group's sales fell by 13 percent in 2025 to 14.7 billion euros (17.07 billion dollars), while its net profit was divided by more than ten.

A little less than a year later, Luca de Meo has initiated a series of actions to turn the company around. At the end of 2025, Kering's debt stood at 8 billion euros, 2.5 billion euros less than at the end of 2024. To achieve this, Kering sold its beauty division to cosmetics giant L'Oréal in a deal worth four billion euros. The group has also postponed the acquisition of Valentino by two years.

The group also unveiled its medium-term strategic plan in Florence in mid-April, with a particular focus on its flagship brand, Gucci. The Italian house, which accounts for 40 percent of Kering's turnover, has fallen out of favour in recent years. Its sales dropped from 10.5 billion euros in 2022 to six billion euros in 2025.

During his presentation to investors, de Meo indicated that the solution would involve reducing the number of Gucci stores and focusing more on product quality. Since September, Gucci has also had a new CEO, Francesca Bellettini, who was previously Kering's deputy chief executive officer.

Another priority is China, which has long been a driver of the luxury market but has seen a slowdown in recent years. Kering intends to significantly increase its marketing and sales budgets in the region and close some points-of-sale.

Will this be enough to revitalise the company? While its share price has fallen by almost 20 percent since the beginning of the year, partly due to the war in the Middle East affecting luxury groups, it has gained approximately 38 percent over the past year.

Italian luxury label Golden Goose has announced its financial results for the first quarter ended March 31, 2026, delivering strong growth across all regions. The group reported net revenues of 173.22 million euros (201 million dollars), representing a 10 percent increase compared to the first quarter of 2025. This performance was primarily powered by continued momentum in its direct-to-consumer (D2C) channel and the strength of its community-driven model.

The D2C channel remains the engine of growth for the group, with net revenues increasing 19 percent year-over-year (YoY). Retail was the key contributor to this performance, driven by double-digit like-for-like (LFL) performance and space effect, despite broader sector headwinds. The digital channel also performed strongly in the quarter, in line with retail. Consequently, D2C represented 81 percent of total revenues, up from 76 percent in the first quarter of 2025.

In contrast, total turnover in wholesale declined 16 percent due to a selective wholesale management strategy. This drop was driven by the time-shift of deliveries in Europe, the Middle East and Africa (EMEA), more complex market dynamics in the US wholesale channel and a strategic downsize of South Korean e-commerce retailers.

Regional performance led by Asia Pacific

Geographically, Golden Goose experienced strong growth across all regions. Asia Pacific (APAC) was the top-performing region during the quarter, growing 17 percent YoY. This growth was supported by a 20 percent increase in D2C revenues, double-digit LFL performance and space effect.

The Americas grew 14 percent YoY, supported by a 20 percent increase in D2C revenues, which was mainly driven by LFL performance. Meanwhile, the EMEA region recorded a 6 percent revenue growth. While D2C performance was strong in EMEA, sales in the Middle East were impacted by the conflict in Iran in March.

The global directly operated stores network of the group stood at 232 stores at the end of the first quarter of 2026. During the period, the brand expanded its retail experience through new openings, including the first Younique Caffé in Europe, located in Milan. It also launched the ‘Frutteria Golden’ takeover at Selfridges’ Corner Shop in London, opened a new flagship store in Athens featuring the same fruit-themed concept and re-opened the Beijing Taikoo Li South store, which is its biggest flagship store in APAC.

Balanced financial indicators and operational milestones

The group adjusted EBITDA reached 55.30 million euros, yielding a margin of 31.90 percent.

In terms of product development, the brand launched a new sneaker style globally, named the Marathon Speed, following an exclusive launch in China and South Korea in 2025. The company also expanded its brand ambassador community by appointing tennis players Gabriel Diallo and Dayana Yastremska for 2026.

Silvio Campara, chief executive officer of Golden Goose, commented: “It’s been a strong start to 2026 for Golden Goose, with clear momentum across the business. In the first quarter, we delivered ten % revenue growth, we achieved strong performance across every region through our Direct-to-Consumer channel, now representing 81% of total revenues and the engine of our success.”

Looking ahead, Campara added that the group remains focused on what makes the brand unique, highlighting co-creation, shared moments and personal authenticity. The company plans to strengthen its D2C model while continuing to expand its retail network and broaden experiential offerings.

US apparel group Abercrombie & Fitch Co. set a new sales record in the first quarter of the 2026/27 financial year. However, its profit declined.

According to a statement released on Wednesday, sales in the 13 weeks to May 2 amounted to approximately 1.11 billion US dollars. This was a two percent increase on the same quarter last year and a new record high for the company. Adjusted for currency fluctuations, however, revenue fell by one percent.

The group attributed the slight increase to its Abercrombie division, where sales rose by three percent to 564.7 million US dollars. On a currency-neutral basis, sales remained almost unchanged compared to the same quarter last year. In the Hollister segment, revenue of 549.1 million US dollars was slightly below the previous year's level. On a currency-neutral basis, they decreased by two percent.

Impact of the Iran war slows sales growth

Group sales developed positively in the Americas. They rose by three percent (one percent on a currency-neutral basis) to 899.9 million US dollars. The Asia-Pacific region saw even more dynamic growth, with an increase of 24 percent (15 percent on a currency-neutral basis) to 46.5 million US dollars.

Conversely, sales declined in the EMEA region, which includes Europe, the Middle East and Africa. Sales there shrank by ten percent (11 percent on a currency-neutral basis) to 167.4 million US dollars. The group attributed the decline in part to the impact of the Iran war, which weighed on demand in the region. The Hollister division was particularly affected.

Annual forecasts remain unchanged

Higher operating expenses impacted the result. Operating profit fell by 12.5 percent to 88.8 million US dollars. Net profit attributable to shareholders decreased by 16.5 percent to 67.1 million US dollars, but still exceeded expectations.

The latest figures gave management no reason to change the annual forecasts. For 2026/27, the group therefore continues to expect sales growth of three to five percent, an operating margin in the range of 12.0 to 12.5 percent and diluted earnings per share of between 10.20 and 11.00 US dollars.

The federal government of Nigeria has launched a new initiative to revitalize its cotton, textile, and garment (CTG) industry as it aims to reposition the sector as a hub for employment, industrial growth, and export competitiveness.

Also known as the National Cotton, Textile and Garment Industrial Transformation Programme (NCTG-ITP), the programme is said to be a practical implementation of the Nigerian Industrial Policy, as the country possesses the production capacity, skilled workforce, and market potential needed to rebuild its textile industry and reduce its dependence on imports while stimulating inclusive economic growth.

The first stage of the programme included a six-month pilot, during which 10,000 t-shirts were made in Nigeria, using locally sourced cotton. The results of the pilot showcase the country’s capacity to produce high-quality garments at competitive costs compared to imports.  

“Our biggest challenge has not been finance or infrastructure alone, but coordination across the value chain,” said John Owan Enoh, Minister of State for Industry, Federal Ministry of Industry, Trade and Investment, during a working session regarding the programme earlier this month. He noted that the government is currently developing a stronger policy framework to support farmers, manufacturers, and investors through strategic partnerships with institutions, including the Bank of Industry and Bank of Agriculture.  

With the potential to generate more than 1.5 million jobs, especially for women, Nigeria’s CTG sector could also sharpen the country’s position within the African Continental Free Trade Area, according to  Dr. Chris Osa Isokpunwu, the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment. The new framework is designed to improve policy consistency, strengthen value chains, attract investment, and develop more opportunities for small and medium-scale enterprises through technology adoption, skills development, and market access.

Development partners and financial institutions also backed the sector's revival. Bank of Agriculture MD Ayo Shotirin reaffirmed the bank's support for farmers and businesses across the CTG value chain, while UNIDO's Philbert Johnson said Nigeria's industrial transformation is within reach through stronger collaboration, investment, and steady policy support.

US fashion group Capri Holdings Limited also suffered a decline in sales in the fourth quarter of the 2025/26 financial year. The company made significant progress in its earnings thanks to extensive reforms. Management is now also forecasting sales growth for the current year.

In the final quarter of the past financial year, which ended on March 28, the group's revenue from continuing operations amounted to 796 million dollars. This excludes contributions from the fashion house Versace, which has since been sold to the Prada Group. This represented a decrease of 3.7 percent compared to the same period last year. Adjusted for currency fluctuations, revenue shrank by 7.0 percent.

Revenue for the core brand Michael Kors fell by 5.5 percent (currency-adjusted -8.4 percent) to 656 million dollars. In contrast, revenue for the shoe label Jimmy Choo increased by 5.3 percent to 140 million euros. On a currency-adjusted basis, it remained roughly constant.

Group makes further progress on earnings

The gross margin, which was 59.9 percent in the prior-year quarter, increased to 64.8 percent, partly due to the expected refund of improper customs duties. This increase, along with cost savings, helped reduce the operating loss from continuing operations from 57 million to 27 million dollars.

The reported net loss attributable to shareholders was reduced to four million dollars, compared to 645 million dollars in the prior-year quarter. The continuing operations generated a profit of one million dollars, after suffering a net loss of 579 million dollars in the same period last year.

For the full 2025/26 financial year, the group's revenue from continuing operations fell by 4.1 percent (currency-adjusted -6.2 percent) to 3.47 billion dollars. Net profit attributable to shareholders was 137 million dollars, after the group recorded a corresponding loss of 1.18 billion dollars in the previous year.

Management forecasts growth in revenue and earnings for current financial year

Chairman and CEO John Idol highlighted the “encouraging progress” the group has made in implementing its strategic initiatives over the past year. Following the sale of Versace, the strategy focuses on strengthening the two remaining brands. According to Idol, “targeted measures” have been initiated to “strengthen product innovation, brand appeal and customer engagement”. He added that the group is now seeing “clear signs that these efforts are resonating with consumers”. Due to the improving trends at both brands, management has “confidence in a return to revenue and profit growth,” Idol emphasised.

Accordingly, for the current 2026/27 financial year, the group expects revenue to grow to approximately 3.25 billion dollars. Adjusted net profit per share is expected to increase by around 40 percent to approximately 2.15 dollars.

US sports retailer Dick's Sporting Goods today reported its financial results for the first quarter ended May 2, 2026, delivering strong comparable store sales growth and increasing the lower threshold of its annual sales guidance.

The consolidated results reflect the operation of the recently acquired Foot Locker business for the entire 13-week period, whereas the prior year quarter reflected Dick's Sporting Goods on a stand-alone basis. Net sales for the first quarter increased by 62.7 percent to 5.16 billion dollars, and the company delivered earnings per diluted share of 3.54 dollars, compared to 3.24 dollars in the first quarter of 2025. On a non-GAAP basis, earnings per diluted share were 2.90 dollars compared to 3.37 dollars in the prior year quarter, reflecting the dilutive impact of 9.6 million shares issued to complete the Foot Locker acquisition.

Elevated performance across banner segments

The core Dick's Sporting Goods segment, which management refers to as the Dick's Business, reported a 6 percent increase in comparable store sales, building upon a 4.5 percent increase in the same period last year. Growth was driven by gains in both average ticket values and transaction volumes, with broad-based demand across apparel, footwear, and hardlines.

The acquired Foot Locker Business, which encompasses the Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos banners, returned to proforma comparable sales growth of 0.6 percent during the quarter, compared to a decline of 2.9 percent in the prior year period.

"Sport is one of the hottest categories in the country today, and Dick's is leading from the front," said executive chairman Ed Stack. "With Foot Locker, our excitement and confidence continue to build as we execute our plan, and in the first quarter we saw encouraging proof points, returning the Foot Locker Business to positive comps and profitability."

Strategic store optimization and integration plans

Dick's Sporting Goods has scaled its Foot Locker Fast Break store remodel initiative to approximately 100 locations globally during the quarter, with plans to reach 250 stores by the back-to-school season. The company noted that this capital-light remodel program is generating double-digit comparable sales and merchandise margin improvements.

As part of an ongoing review of unproductive assets, the group is optimization inventory and closing underperforming retail locations. During the quarter, the Foot Locker Business closed 85 owned stores, including 62 units identified as unproductive. As of May 2, 2026, the consolidated company operated 3,115 store locations globally.

Updated annual consolidated guidance

Following the positive start to the year, Dick's Sporting Goods raised the lower limit of its full year 2026 proforma comparable store sales outlook. For the Dick's Business, full year comparable sale are now projected to increase between 2.5 percent and 4 percent, up from the previous forecast of 2 percent to 4 percent. The Foot Locker Business expectation was lifted to a range of 1.5 percent to 3 percent, compared to the 1 percent to 3 percent anticipated previously.

On a consolidated basis, full year net sales are projected to range from 22.10 billion dollars to 22.40 billion dollars. Full year non-GAAP operating income is now expected to sit between 1.71 billion dollars and 1.83 billion dollars, representing an increase from the previous guidance range of 1.68 billion dollars to 1.81 billion dollars. Non-GAAP earnings per diluted share are forecasted to remain between 13.50 dollars and 14.50 dollars.

Lululemon Athletica inc. has entered into a cooperation agreement with founder Dennis J. “Chip” Wilson, who holds approximately 8.7 percent of the outstanding common stock of the Canada-based company.

As part of the agreement, Laura Gentile, former chief marketing officer of ESPN, and Marc Maurer, former co-chief executive officer of On, will join the board of directors following the 2026 annual meeting of shareholders. The board is also continuing refreshment efforts by committing to appoint an additional director with product and brand expertise in apparel by October 1, 2026.

The appointments come as the apparel company prepares to welcome its incoming chief executive officer, Heidi O'Neill.

Marti Morfitt, executive chair of Lululemon, stated that the agreement allows the company to focus on strengthening performance, reaccelerating growth, and delivering enhanced value for shareholders.

Strategic background of incoming directors

Gentile served as executive vice president and chief marketing officer of ESPN from January 2018 to October 2023, where she founded espnW, a platform dedicated to women in sports. Following her tenure at ESPN, she co-founded Storied Sports LLC, a content studio partnering with athletes and brands in women's sports.

Maurer served as co-chief executive officer of Switzerland-based brand On from January 2021 to May 2025, after joining the premium footwear company in 2013 as chief operating officer. During his tenure, On expanded internationally, diversified into apparel, and completed a successful public listing.

Wilson expressed confidence in the new board additions, noting that the strategic changes reflect progress toward restoring the product-first vision of Lululemon. Under the terms of the agreement, Wilson has agreed to customary standstill, non-disparagement, and voting provisions for approximately 18 months. Instead of expense reimbursement, Lululemon and Wilson have agreed to make a donation supporting athletics, art, and landscaping at Kitsilano Beach in Vancouver, where the company was founded.

French group Damartex, based in Roubaix, has announced a change in its leadership with the appointment of Anne-Sylvie Hubert and Filiep Blontrock. The company is also undertaking a fundamental review of its operations.

Anne-Sylvie Hubert, formerly of Kiabi and KPMG and chief financial officer of the Damartex group since 2023, has been appointed president of the executive board.

Filiep Blontrock, managing director of Damart and with the group since 2013, becomes a member of the executive board and managing director of Damartex.

“I am taking on these new responsibilities with determination within a group I know well, which has a recognised history and expertise,” the new president stated in the press release. “Together with Filiep, in this demanding environment, we will diligently undertake this strategic review of our activities. We thank the supervisory board for its confidence and look forward to tackling this work with our teams.”

Anne-Sylvie Hubert replaces Nicolas Marchand, who left his position in mid-May 2026. In the press release, Jean-Guillaume Despature, chairman of the supervisory board, thanked Marchand and welcomed the appointment of the new executive board: “Anne-Sylvie and Filiep will be able to draw on their expertise and in-depth knowledge of the group and its markets to lead its development in the face of the challenges in our markets.”

Turnover down 1.9 percent to 279.3 million euros in first half of 2025-2026

Damartex has three business divisions: the Fashion division (Damart, Xandres); the Home & Lifestyle division (3 Pagen, Vitrine Magique, Coopers of Stortford); and the Healthcare division (Almadia, Santéol, MSanté).

The group recorded a net loss of 17.7 million euros for the 2024/2025 financial year, while its turnover continued to decline. It fell by 0.6 percent for the full 2024/2025 financial year, followed by a 1.9 percent drop in the first half of 2025-2026 and a 5 percent decrease in the third quarter of 2025-2026.

Certain divisions are facing greater difficulties, particularly the Home & Lifestyle division, where sales fell by 7.2 percent in the first half of 2025-2026. At the same time, the group's net debt still exceeded 100 million euros, standing at 102.8 million euros at the end of December 2025.

The stated objectives are to strengthen the portfolio's coherence, focus investments and support Damartex's development. This is intended to “streamline the balance sheet to achieve a more sustainable level of debt.”

The new executive board will conduct a thorough review of the Damartex portfolio. It will cover all of the group's activities in the coming months. The next steps will be detailed during the presentation of the annual results in September 2026.

The Düsseldorf-based e-commerce group The Platform Group SE & Co. KGaA has continued its growth trajectory in the first three months of the 2026 financial year. On Wednesday, the company announced significant increases in sales and operating profit, as expected. It also confirmed its annual forecasts.

In the first quarter, group sales reached 243.1 million euros, an increase of 51.2 percent compared to the same period last year. The gross merchandise volume (GMV) grew by 23.0 percent to 438.4 million euros.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by only 28.1 percent to 25.1 million euros, partly due to a slightly lower gross margin. Adjusted for special effects, it rose by 37.1 percent to 21.8 million euros. The reported net profit, however, decreased slightly. It fell by 2.7 percent to 17.7 million euros.

The group meets its own expectations in the opening quarter

CEO Dominik Benner expressed satisfaction with the results while also highlighting new challenges. “The first quarter was positive, the results met our expectations, and we achieved high organic growth in our segments. At the same time, the operating result increased,” he explained in a statement. “There is, however, a fundamental difference: since the war in Iran, interest and logistics costs have changed significantly.”

Benner emphasised that the group will adapt its strategy to the more difficult conditions. “Specifically, we are planning to reduce our dependence on logistics costs and lower interest costs by actively reducing bank liabilities. The debt ratio is set to decrease significantly in the future,” said Benner. “We will also manage our portfolio more actively and reduce costs. We have reduced the number of planned acquisitions for the current financial year to five to six.”

Management confirms annual forecasts despite challenges from the war in Iran

Management nevertheless stuck to its annual forecasts. For 2026, a GMV of 1.7 billion euros and sales of one billion euros are still expected. The target range for EBITDA adjusted for special effects remains between 70 and 80 million euros.

The group will update its forecasts once the previously announced acquisitions are finalised. “Regarding the current status of the planned AEP acquisition, the closing conditions of the purchase agreement have not yet been fully met,” the company stated. “Progress is therefore expected in June 2026.”

Boston-based asset and brand investment firm Gordon Brothers have acquired British heritage brand Radley and all related intellectual property, for an undisclosed amount.

In a statement, Gordon Brothers said it will add Radley to its growing fashion and lifestyle portfolio and plans to pursue a growth strategy focused on expanding Radley’s global presence and operations through “strategic investments in people, products and marketing”.

Tobias Nanda, head of brands at Gordon Brothers, said: “We are thrilled to add another British icon to our global portfolio of brands. Our goal is to invest in Radley and support the company’s next phase of development, expanding the brand’s footprint in the US, UK, Australia and Asia so future generations can experience the best of British craftsmanship.”

Gordon Brothers intends to operate Radley under an "asset-light" licensing-led growth model, a strategy that it states will “unlock the full potential of the brand,” by focusing on strengthening relationships with key retail partners, as well as expanding the brand’s international presence and extending Radley’s product categories beyond handbags, watches, jewellery, eyewear and beauty gifting.

The acquisition only includes the Radley brand and related intellectual property, meaning that Radley’s retail operations, which include two standalone stores on Floral Street in Covent Garden, London, and in Glasgow, alongside 19 concessions and outlets, will close.

Radley acquired by Gordon Brothers and will shift into an “asset-light” model

Radley was founded as a stall in London’s Camden Market in 1998 and established itself as an accessible-luxury British handbag brand, known for combining vibrant colours with functional designs, as well as its distinct Scottie dog logo.

News began circulating in March that Radley’s parent company, private equity firm Freshstream, was exploring a sale of the handbag brand after a decade of ownership. The firm appointed FTI Consulting to oversee a review of strategic options for the business, due to the brand’s widening pre-tax losses.

According to a statement from FTI Consulting, Radley’s administration followed “a sustained period of challenging economic conditions for the retail environment, including declining customer demand and increasing operating costs".

Gordon Brothers has been actively investing in fashion and lifestyle brands since 2003, including Nicole Miller, Rachel Zoe, Chinese Laundry, Laura Ashley, Telefunken, Broyhill, and, most recently, British footwear brand LK Bennett in January 2026, which it also acquired with plans to run as an asset-light model. A strategy that it also implemented when it revitalised the Laura Ashley brand before it sold the heritage brand to New York-based Marquee Brands in 2025.

Carolyn D'Angelo, senior managing director and head of brand operations at Gordon Brothers, added: “We are honoured to be the brand stewards for this modern British brand and look forward to bringing Radley to a wider consumer audience, with new territories, product categories and retail distribution channels.”

The recent establishment of the Natural Textile Fiber Innovation Hub (NTFIH) in Benito Soliven, Isabela, represents a significant leap for the Philippine textile industry. By leveraging the region’s vast banana plantations, which cover approximately 1,200 hectares, the Department of Science and Technology (DOST) is transforming agricultural waste into high-value textile-grade fibres. This move directly addresses a long-standing inefficiency in the sector: the disposal of thousands of tonnes of banana stalks that, until now, offered little economic return to local farmers.

According to DOST-PTRI (Philippine Textile Research Institute) director Julius Leaño Jr., the project is expected to “strengthen Isabela’s emerging natural fibre industry and promote sustainable, science-driven enterprises in the countryside,” according to the department’s announcement.

From an industry perspective, the six million Philippine peso investment (almost 100,000 US dollars) in specialised machinery — including decorticating, softening and degumming equipment — is the catalyst required to turn raw by-products into spinnable materials. This facility bridges the gap between raw agricultural output and industrial manufacturing, allowing for the production of up to 40 kilograms of open or spinnable fibres per day. With a projected annual income of nine million Philippine pesos (around 146,000 US dollars), the hub demonstrates that circular economy principles can be both environmentally sustainable and commercially viable in a competitive market.

How does one turn banana stalks into textile-grade material?

The industrial conversion is a rigorous multi-stage process that begins with mechanical decortication to strip raw bast fibres from agricultural pulp. These raw fibres must then undergo a critical “cottonisation” phase involving alkaline degumming or enzymatic treatment to remove natural lignins and pectins, which significantly improves softness and spin-ability. Once refined, the material is dried, softened and precision-cut into specific staple lengths — typically 38 or 50 millimeters — allowing it to be carded and spun on standard industrial machinery. The resulting fibre boasts a high moisture regain of 12 percent and a tensile strength exceeding that of many cotton varieties, making it an exceptionally durable and breathable component for sustainable blended yarns.

The relevance of this project extends beyond simple waste management; it is a critical component of a burgeoning regional textile value chain. The Benito Soliven hub does not operate in isolation but complements existing infrastructure like the Regional Yarn Production and Innovation Center (RYPIC) and the Bamboo Textile Fiber Innovation Hub. By creating a synchronised network of fibre extraction and yarn spinning, Northern Luzon is positioning itself as a powerhouse for indigenous, eco-friendly textiles that meet the rising global demand for sustainable fashion.

From fibre to livelihood generation

Livelihood generation remains at the heart of this initiative, particularly for the Solivenian Agricultural Business Association (SABA). The hub is expected to support at least 30 community members, providing technical roles in machine operation and logistics. Crucially, the project empowers women, who comprise nearly two-thirds of the association’s workforce, shifting the demographic of a sector traditionally dominated by manual agricultural labour toward more skilled, technology-driven roles.

Ultimately, the launch of the NTFIH signals a strategic shift toward “Telang Pinoy” — proudly Filipino fabrics that are rooted in local heritage yet globally competitive. By integrating science and technology into rural agriculture, the DOST and its partners are not just reviving a nascent industry but are building a resilient ecosystem. This model of innovation-driven development provides a scalable blueprint for other regions to follow, ensuring that the future of textiles is as natural as it is profitable.

French children's ready-to-wear brand Okaïdi announced a reorganisation plan this Tuesday, May 26. The plan could lead to up to 290 job cuts in France and the closure of 60 stores. This marks a new stage in the restructuring undertaken by the IDKIDS group since it was placed in receivership last February.

According to RTL, citing AFP, the plan aims to refocus the brand's French network on its best-performing points-of-sale, with implementation expected in the second half of 2026. Okaïdi currently employs approximately 2,000 staff in France. The brand generates nearly 300 million euros in turnover in the French market, out of a global total of around 600 million euros, also according to RTL.

In a statement reported by several media outlets, management cited a “sustainably degraded environment” to justify this reorganisation project. This phrase reflects the reality that the entire children's market economy is under threat.

Market weakened by demographics and second-hand fashion

Okaïdi specifically mentions the declining birth rate and the persistent pressure on families' purchasing power. The brand also highlights the rise of second-hand fashion, which has become a particularly significant consumption channel in the world of childrenswear.

This segment is facing a more rapid transformation than the rest of the textile industry. Children's clothes are worn for short periods and easily re-enter circulation, naturally fuelling the pre-loved market which captures a growing share of purchases. Adding to this evolution is the competition from ultra fast-fashion, which continues to drive prices down.

For a brand historically positioned in the mid-range, the equation is becoming more complex. It must maintain a dense physical network, absorb high fixed costs and preserve margins in a contracting market.

Restructuring that goes beyond Okaïdi alone

The plan announced on May 26 is part of a broader framework. According to Les Dernières Nouvelles d’Alsace, the Lille Métropole commercial court placed several entities of the IDKIDS group into receivership in early February. These include Okaïdi, Obaïbi, Oxybul and the logistics platform IDLOG.

The procedure, which affects approximately 2,000 jobs in France, was intended to give the group an observation period to restructure its operations and adapt its business model to a more challenging environment.

Tuesday's announcement thus marks the transition from a judicial protection phase to a more operational one, with concrete decisions on the brand's commercial and social scope.

Mid-range textile crisis

The case of Okaïdi illustrates the broader difficulties faced by many French ready-to-wear brands positioned in the mid-range.

As La Gazette France pointed out when the group was placed in receivership, the market is experiencing a polarisation phenomenon. Premium players retain a more resilient customer base, while low-cost brands and ultra-digital platforms capture budget-conscious spending. In between, historical brands are seeing their position weaken.

In childrenswear, this pressure is further accentuated by a structural factor rarely mentioned in adult textiles: demographic contraction, which mechanically reduces the size of the market.

With approximately 335 stores in France, Okaïdi remains one of the main players in the sector. The announcement of this plan confirms that the difficulties in textile retail are no longer merely cyclical. They reflect a deeper shift in consumer habits, driven by budget-conscious choices, the rise of the pre-loved market and new forms of competition.

Chinese digital platform Alipay has introduced its full-stack artificial intelligence payment solution to partners across various industries, including traditional retailers and technology firms. The company debuted two new services this week, AI Wallet and Token Pay, to support the rapid growth of the agentic commerce ecosystem.

The launch extends the next-generation infrastructure of the platform, building on its consumer-facing product Alipay AI Pay and its business-facing payment processing product. Cyril Han, chief executive officer of Ant Group, the parent company of Alipay, stated in a press release that the emergence of AI agents is reshaping commerce. Han noted that the company is leveraging 22 years of technological expertise to build these services and accelerate ecosystem growth.

New services offer consumer control and business integration

The new AI Wallet allows individual users greater visibility and control over payments made through automated agents. Available within the application, the product enables consumers to manage tasks executed by agents before and during payment, as well as review and analyze subsequent spending.

To ensure trusted transactions, the Chinese platform launched the Agentic Commerce Trust Protocol alongside partners, establishing a collaborative framework between technology and service platforms. An intelligent security system was also introduced to provide foundational safeguards for every transaction driven by an agent.

For business operations, the company launched Token Pay. The platform provides model companies with a one-stop solution for global subscription payments, token top-up processes, and related transaction needs. At the Alipay AI Payment Ecosystem Conference on May 26, 2026, tech companies MiniMax and Stepfun announced new collaborations to adopt the solution for membership subscriptions and marketing campaigns.

Scale of transactions reaches 300 million

In February 2026, Alipay AI Pay became the first native AI payment product globally to exceed 100 million users. The infrastructure has recorded 300 million transactions to date, expanding across a range of use cases.

These applications include traditional retail mini-programs, smart glasses, consumer applications, and development platforms. Lin Zhu, general manager of Alipay AI payment business of Ant Group, emphasized that payments are no longer just the final step in commerce but are becoming embedded from the very beginning of the consumer journey.

The platform connects more than one billion consumers to over 80 million merchants across China. To further accelerate development, the company introduced a support program for individual developers, offering token incentives and zero payment processing fees.

Benetton's turnaround plan is starting to bear fruit. The company, led by CEO Claudio Sforza, will close 2025 with losses reduced by over 65 percent.

Appointed in June 2024, Sforza immediately initiated a plan to revitalise and streamline the company and its distribution network. Following the reorganisation, the sales network of the company, founded by Luciano Benetton in 1965, now comprises approximately 2,700 stores worldwide, with a presence in 80 countries.

Benetton Group closed 2025 with revenues of just under 800 million euros

A corporate governance restructuring was also finalised, becoming operational in January 2026. This aims to strengthen efficiency, increase management transparency, enhance assets and create the conditions for targeted industrial partnerships.

In terms of figures, Benetton Group has streamlined its direct and indirect distribution network. It closed 2025 with revenues of just under 800 million euros (932 million dollars), down from approximately 915 million the previous year.

The net financial position, including the effects of applying IFRS 16, improved by approximately 100 million, from 411 million euros in 2024 to 313 million euros in 2025. Losses, which amounted to 230 million in 2023, were more than halved in 2024 to just under 100 million euros. At the end of 2025, they were further reduced by over 65 percent, standing at approximately 33 million.

The first industrial partnership, announced in recent weeks, was with Poste Italiane, made possible by the institutional relationship with Edizione. The strategic agreement involves Poste Logistics, a Poste Italiane group company dedicated to integrated logistics, acquiring a stake in Benetton Logistics, a spin-off of Benetton Group.

This has resulted in a new joint venture called “Logistic 360” (51 percent Poste Italiane, 49 percent Benetton Group). The core aspects of the agreement are the enhancement and development of the Castrette di Villorba hub in the province of Treviso. The goal is to transform it into a national and international reference centre, also open to new product sectors. The partnership between Poste Italiane and Benetton Group aims to significantly increase the infrastructure's operational capacity. It can already handle 30 million items over a total area of approximately 400,000 square metres, of which 100,000 are equipped with the latest automated systems. The facility includes a distribution centre capable of processing up to 45,000 packages per day and a system with a fleet of robots to optimise storage and picking for e-commerce.

A plan to streamline production sites has been initiated within the supply chain

The operational model for product management and sourcing has been re-evaluated, aiming to reduce development and production times for collections.

This targeted intervention aims to make the company more responsive and competitive, allowing it to adapt quickly to market trends and consumer needs. Within the supply chain, a comprehensive plan has been launched to streamline direct production sites. The focus is on sourcing that can significantly impact costs by leveraging a network of high-quality, specialised suppliers.

Benetton's revival also involves a focus on the product. Specifically, the brand's evolution aims to strengthen its dialogue with new generations by enhancing its heritage with a contemporary perspective. In this regard, the company has launched a series of initial development initiatives. These include a collaboration with Netflix, which led to the development of collections inspired by the platform's iconic content and titles, such as the series Stranger Things. Another initiative is the relaunch of Jean’s West, a brand founded in 1974 linked to denim and western aesthetics, through a new collection.

Madrid – Madrid-based menswear brand MR. AB has just confirmed that fighter Ilia Topuria, the Ultimate Fighting Championship (UFC) world champion in the featherweight and lightweight divisions, has joined as a new investing partner. This move sees him join the project led and co-founded by Tomás Laso-Argos and Rafael Medina.

First teased on social media just over a week ago, MR. AB's management has now officially confirmed the news in a statement. The statement highlighted that the fighter's investment and involvement with the brand stem from a mutual affinity developed over the past few years. While no financial details were disclosed, such as the percentage of share capital acquired by Topuria or the transaction amount, the company did provide details on how the fighter's involvement will contribute to its short, medium and long-term strategies. MR. AB is confident that this partnership with Topuria will accelerate its roadmap, strengthening its international profile and positioning, particularly in the key US market. This is particularly relevant as Topuria, following his much-discussed meeting with President Donald J. Trump in the Oval Office earlier this month, is set to co-headline a historic event on June 14. He will face American Justin Gaethje in a UFC fight for the unification of the lightweight belt, which will take place in the gardens of the White House to mark the US president's 80th birthday.

“The relationship between the champion and the brand stems from a pre-existing and organic affinity, based on shared values and an understanding of luxury rooted in discretion, authenticity and personal standards,” stated the management of the Madrid-based fashion brand. “Moving away from the traditional codes of the sector, MR. AB has built its own identity based on aesthetic restraint and a constantly growing international community. With this addition,” the brand emphasised, “it further strengthens its international profile, especially in the United States, consolidating a phase of global expansion and positioning.”

“I am joining something that I already felt was mine,” said Ilia Topuria. “MR. AB truly represents how I see life outside of sport.” He added that it is a project he “saw born from the very beginning,” and “most importantly,” one that “I wear.” “I have always believed that there is a way of doing things that is not taught, but that is recognised in how someone pushes themselves, in how they behave when no one is looking. It is about doing things quietly, pursuing the best version of myself, and constantly working to build something that does not depend on the approval of others.” This life philosophy aligns with the quiet luxury that MR. AB champions as its distinguishing value. “I don't believe in making noise to be seen,” he explained. “I believe in doing things so well that you don't need to explain them.” The fighter concluded, “When you know who you are, you don't need to prove it.”

Absolute Bespoke's prêt-à-porter line and heir to Scalpers' “original spirit”

Founded in Madrid in 2021, MR. AB is the brainchild of Tomás Laso-Argos. He is an entrepreneur with ties to men's fashion and tailoring through ventures like Absolute Bespoke, a made-to-measure suit workshop that creates suits for clients such as Marcos Llorente, Radamel Falcao and, of course, Ilia Topuria himself. His partner is Rafael Medina Abascal, Duke of Feria and son of Naty Abascal, a former muse of Valentino. Medina Abascal has an extensive background in the fashion industry. He was a founding partner of the Seville-based fashion brand Scalpers; a director at Massimo Dutti; and head of curator at Wow, the once-promising retail project launched by Dimas Gimeno, former executive chairman of El Corte Inglés.

Almost exactly a year after joining Wow, Medina and Laso-Argos combined their efforts and expertise to found MR. AB in Madrid. The project is broadly presented as the prêt-à-porter line of the bespoke tailoring venture, Absolute Bespoke. It also continues the spirit with which Medina founded Scalpers in 2007. At that time, the Seville-based brand was launched with a much more elevated market position than it currently holds and a stronger focus on tailoring. This combination of drives and intentions is reflected in the brand's name, MR. AB. The initials are often attributed to Abascal (A) and Bespoke (B), but could also stand for Absolute Bespoke (AB), which the brand represents in the prêt-à-porter scene.

With retail prices ranging from 260 euros for a polo shirt or Bermuda shorts to 320 euros for trousers and 720 euros for a linen blazer, according to the latest available data, MR. AB closed 2023 with a turnover of nearly one million euros. The management reports that sales have continued to climb, with the brand recording organic growth of over 1,000 percent in “recent years.” The exact timeframe and the figures supporting this growth indicator were not specified. However, during this period, the menswear brand has consistently strengthened its market presence and positioning. MR. AB currently operates online and through its physical stores and points-of-sale in Marbella, where it opened a space inside El Corte Inglés in Puerto Banús on March 28. In Madrid, it has had a flagship store at 23 Calle de Lagasca in the heart of the Salamanca district since May 2025, and another in the Galería Canalejas shopping gallery. The latter, the brand's first space, opened as a pop-up in June 2024 and has remained open ever since. The company now hopes to scale these commercial structures with the financial and brand support of Ilia Topuria, focusing particularly on the US.

Interview

French luxury brand Longchamp has attracted attention in recent months with some unconventional sustainability initiatives, such as its collaboration with the French shipping company Neoline, which has built a state-of-the-art sailing cargo ship. In an interview, Adrien Cassegrain, director of transformation and corporate social responsibility (CSR) and a member of the fourth generation of the family company that owns Longchamp, explains what this is all about.

Luxury brands often talk about craftsmanship and tradition, but much less frequently about sustainability. Longchamp was founded in 1948 as a manufacturer of leather goods and now offers ready-to-wear, shoes and accessories in addition to bags. It is one of the few houses in the industry that is now proactively addressing the topic. The French family-owned company has drawn attention to itself in an innovative way with its B Corp certification in 2026, the logistical integration of wind-powered cargo ships last autumn and other measures.

Cassegrain explains why sustainability was hardly communicated at Longchamp for a long time, even though topics such as repairs have been practised for decades. He also explains why the circular economy in the luxury segment is often more complex than it seems.

Longchamp is one of the few luxury companies to address sustainability in its communication. Why is the topic so underrepresented in the luxury segment?

I cannot speak for all luxury brands, of course, but I can speak for Longchamp. As a company, we place great value on the sincerity and modesty of our communication. When we communicate about something, we want to be absolutely certain that our statements are correct. This applies to the quality and craftsmanship of our products as well as to sustainability and CSR topics. We therefore want to ensure these practices are firmly established and well-documented before we talk about them.

There is another point: sustainability is part of our DNA. We may not have considered that it could be of interest to our customers because for us, it is simply a given. This could be a reason why we have not spoken about it so much.

Can you be more specific?

Our repair service is a good example. We have been operating our own workshop since the 1950s and offer repairs. We did not actively communicate this for a long time because it is a matter of course for us. Anyone who produces durable products and strives for a long-term customer relationship must also be able to repair them.

We have only recently realised that this is by no means common in the industry. We are therefore talking more about it today to be transparent about our standards for quality and customer relationships.

Do your customers ask about these topics?

Not all, but a growing number of our customers are interested. For many, sustainability is closely linked to quality. Often, it is essentially the same thing, just viewed from a different perspective.

When customers talk about quality, they mean not only the longevity of a product but also how it is made and under what conditions. Ultimately, this is exactly what falls under CSR.

You have been certified as a B Corporation. Why was that important for you?

Longevity has always been part of our DNA. However, we realised that longevity alone is no longer enough today. CSR means systematically recording and documenting measures and creating clear responsibilities.

Our goal was therefore to better structure our existing practices and, in some cases, develop them further. We also felt that we had more to say to our customers about this, but it had to be on a solid basis.

We examined various certifications and chose B Corp because it takes a holistic approach. The entire company is certified across all countries, locations and functions; from production and supply chain to sales and communication. It was crucial for us to have a framework that maps and evaluates all aspects of our actions in the environmental and social areas. This allows us to ensure our statements are well-founded and that we do not make unsubstantiated environmental claims.

Can you give examples of changes the certification has initiated?

The biggest changes are in the organisation. Our main goal was to better structure and document our way of working, something that was not always a given in a family business of our size.

We have therefore established a governance model that directly involves top management. Part of the board meets monthly on CSR topics, organised by our CSR team, with the participation of our CEO and the artistic director. In parallel, we have established a global network of employees who act as contacts within the teams. They provide feedback from the markets, support data collection and help to make the implementation of guidelines traceable.

It was also important for us to strengthen the exchange in both directions: not only requirements from the head office but also feedback from the countries. We define goals together, evaluate progress and deliberately look not only at what needs to be improved but also at what is already working well.

This has significantly changed our organisation, moving towards a closer integration of global management and operational implementation. We have also developed guidelines for responsible procurement and created a comprehensive environmental policy with CO2 footprint targets.

How did collaboration with shipping company Neoline come about?

I cannot tell you exactly when this project began. It developed long before the production of the first ship. Our commitment to ship some of our products with the freighter helped them secure the financing to build the ship. So it was quite a long time ago. Neoline is a French company whose ports are very close to our main warehouse in France. The ships also go to Philadelphia, which happens to be near our main warehouse in the US. This is very practical as it also minimises lorry traffic.

What share of logistics does this ship account for?

Today, this is still quite small. Currently, there is only one ship at Neoline that sails exclusively from France to the US, so it only covers part of our activities. All our subsidiaries and boutiques in Asia are not covered by this partnership.

The journey from France to the US takes around 15 days and then another 15 days back. We can therefore only use one ship per month. If the ship is successful, Neoline wants to build a second ship. This would mean one would sail every two weeks, and then we could double the freight volume to the US.

Can this type of transport compete economically with conventional methods?

I cannot tell you that exactly at the moment. Transport is not the main factor in the price of our products. The main factor is primarily the manufacturing and the quality of the materials. Logistics is also more about time than cost. If we have to deliver products to the US because we might have bottlenecks or need to deliver the new collection to our boutiques, a few extra days can sometimes be very costly. I think the investment Longchamp is making in this practice is more focused on transport time than on the price of this transport.

Is this ship faster or slower?

It is slower because it has to travel further north than a normal cargo ship to take advantage of favourable winds.

What measures are you taking in circular economy? You have already mentioned repairs. Do you also offer second-hand fashion or recycling solutions?

Today we offer about 95 percent of our repairs free of charge. We introduced this last year in Belgium, Luxembourg, the Netherlands and now also in Germany, and we want to expand this gradually in Europe. Repairs are important to us because we want to build meaningful, trust-based relationships with our customers that develop over time. We are therefore prepared to invest in our repairs. It is also easy for us because we have the craftsmanship to do it.

On the subject of second-hand fashion, we launched a second-hand shop with a partner in France just a few months ago, which is integrated into our website. Here, our customers can buy and sell products, and we have the opportunity to certify the condition of the products and refurbish them slightly. Once we have gained more experience, the project will also be established outside of France.

How do you deal with recycling?

Currently, there is no practicable solution to completely recycle our products at the end of their life cycle. Recyclability is complex, which is why we are only approaching the topic step by step. We are initially concentrating on offcuts from production and looking for sensible ways to use them.

Leather in particular presents a special challenge. It has been optimised for durability over thousands of years, so reversing this process is difficult. We are already working with partners in France who can recycle some of our leather waste, but not yet on the scale we would like. Similar challenges exist with synthetic fibres, although we are already using some recycled materials and are working on further solutions.

Is there a market for leather offcuts?

No. One of the main uses for leather offcuts is currently carpets. At the moment, however, we are still looking for the magic solution. We also try to generate as little waste as possible.

As a heritage brand, do you have much scope for new, innovative materials? Do you experiment with materials?

Yes, of course we experiment. We do this continuously and have our own team that develops new materials and uses for residual materials. Two central conditions apply. Firstly, the quality of the end product must be right; for example, many “vegan” leathers do not yet reach our standard. Secondly, it is about scalability. We first test innovations in small series and with partners. It is important, however, that these solutions can also be integrated on a larger scale in the long term and make up a relevant part of our range. Our aim is not to launch individual, communicatively charged niche products that ultimately have little effect.

Do you have an example?

Our Pliage line is a good example. First, we tested recycled materials in small, independent collections, such as with “Le Pliage Green”. After we were able to ensure that the quality matched the original and our suppliers could deliver the necessary quantities, we gradually extended the concept to the entire line. Today, recycled nylon is used throughout.

We follow three clear criteria: consistent quality; sufficient scalability; and a demonstrable reduction in environmental impact. Only when all three are met does an innovation have a long-term future for us.

What other topics are you currently working on in CSR?

We are working specifically on reducing the use of fossil fuels and shortening transport routes. To do this, we are building up our supply chains more regionally, with a dual procurement system and an additional warehouse structure, for example in Asia, to bring production and sales markets closer together. This is a large, operational project that is hardly visible to customers but is crucial for us to reduce emissions.

In parallel, we are investing in our locations. Our workshops in France are being energetically modernised, including through better insulation and the switch from gas heating to heat pumps. We are also relying on our own energy generation, for example through solar panels, to cover part of our electricity needs ourselves.

Where exactly do you produce?

We produce in our own workshops in France, Tunisia and Mauritius, some for several decades, and also work with long-standing partner companies in Europe, Africa and Asia. The type of production is more decisive for us than the location. All raw materials are purchased centrally and controlled by us; we also provide clear specifications for processing. Our own production allows us to closely monitor standards, while at the same time we deliberately focus on long-term partnerships. For example, we have been working with our workshop in Mauritius for 40 years, always with the aim of sharing knowledge, learning together and continuously improving quality. It is also about building relationships with the companies and the craftspeople there in order to share our common experiences. This established, internationally distributed structure is central to us and should continue to exist in the future.

Final question about your role: most CSR managers come into the company from outside. You belong to the Longchamp family. Is that an advantage?

I am often asked this question in one form or another, and I would say it is different. It is different in a way that I feel comfortable with, and that facilitates long-term thinking. Anyone who knows the company well can focus more on what is important, not just on what seems urgent in the short term. This creates more room to drive sustainable developments and to position the company for long-term stability, especially in comparison to listed companies. At the same time, this closeness can make an outside perspective more difficult; a certain subjectivity remains. Nevertheless, this long-term perspective is deeply anchored in Longchamp's DNA. Building lasting relationships with customers, partners and employees shapes the corporate culture. Many employees stay with the company for decades, which is also an expression of our commitment to continuity and stability.

Market share indicates who is winning today, but not necessarily what is fundamentally changing. The key figure from Vinted's latest impact report stands out as one of these major signals. In 2025, 88 percent of the platform's members reported checking Vinted before considering the purchase of a new item.

This finding calls for a complete reassessment of the market. The issue is no longer simply the growth of second-hand fashion or the increase in the volume of pre-loved products. The main takeaway from this indicator is that the purchasing journey in the fashion industry is undergoing a structural change.

The recommerce platform is no longer just a digital car boot sale. It has transformed into a product discovery engine; a real-time value comparator; and a primary entry point into the world of brands. For a growing number of consumers, it is their first contact with a brand.

Meanwhile, a large majority of fashion brands continue to view the secondary market exclusively through the lens of Corporate Social Responsibility (CSR), relegating it to a peripheral or even defensive issue. This interpretation is incorrect. Since the secondary market directly influences price perception, brand desirability, new customer acquisition, client loyalty, and the residual value of products, it becomes a strategic layer of a brand's business model. Brands that neglect to manage their secondary market are gradually losing control of their own value.

When perceived value is built outside traditional channels

Consumer behaviour towards their wardrobes reflects this shift from a linear model to a circular one. Clothes are no longer seen as pure sunk costs but as assets capable of retaining a resale value.

• Resale anticipation: 41 percent of users consider the resale potential of a garment even before buying a new item in a traditional retail setting.

• Item care: 56 percent of members state they take better care of their personal belongings to keep them in good condition for future buyers.

• Financial gains: This focus on durability translates into significant financial flows, as 10.8 billion euros were returned directly to sellers via the platform in 2025.

This reinvested financial capital directly influences national consumption choices. Secondary pricing is now establishing itself as a macroeconomic factor in its own right. Approximately half of sellers choose to reinvest their sales revenue into new second-hand purchases on the platform, thereby keeping products in circulation within an internal circular economy. In this context, digital marketplaces are dictating new rules regarding price authority. A brand's perceived value is no longer built solely within its original distribution network. It is now negotiated daily on second-hand platforms, which validate or invalidate a label's long-term desirability.

A lever for purchasing power amid economic pressures

Beyond style considerations, second-hand fashion is emerging as a concrete response to household budgetary pressures. The platform's report suggests that users saved a total of 21.6 billion euros on their adult fashion purchases compared to what they would have spent on new items at original prices. This performance is equivalent to paying on average 72 percent less than the initial price.

Even with a cautious approach that includes sales and promotions from traditional retail, the real savings for members would still amount to 11.6 billion euros. These financial decisions cater to various budgetary situations, as detailed by members in the platform's surveys.

For households facing restrictions, these savings move from the realm of non-essentials to funding daily necessities. Indeed, 31 percent of buyers use the money saved through second-hand shopping to cover routine household expenses, such as food or energy bills. This figure rises to 43 percent among members who report experiencing significant financial difficulties. Furthermore, 60 percent of users believe this consumption model helps them manage the daily effects of inflation on their budget more effectively.

Measuring carbon avoidance at the heart of the transition

The environmental argument for circular consumption is based on the principle of replacing a new purchase with an existing product, thereby limiting the demand on industrial resources. The central element of this demonstration is the platform's replacement rate, which stands at 76 percent. This figure indicates that more than three-quarters of transactions on the app effectively cancelled out the purchase of a new garment.

In terms of carbon accounting, the platform reports having avoided net emissions of 1,607 kilotonnes of CO₂ equivalent in 2025. To put this impact into perspective, the report states that this volume is theoretically equivalent to 164,000 car journeys around the Earth, a distance of 6,589,823,090 kilometres.

To structure this modelling, the analysis uses an assessment methodology compliant with the principles of the ISO 14067 standard, developed in collaboration with industry expert Impact Institute. The calculations include emissions avoided at the industrial production level but systematically deduct the negative impacts generated by the platform's own activities.

Each transaction generates an average of 1.22 kg of CO₂ equivalent, which includes packaging manufacturing, data centre energy consumption, and carrier logistics. Delivery flows account for the largest share of this technical footprint, amounting to 94 percent of the total emissions generated by the activity in 2025.

From a niche sector to the new consumption norm

The evolution of behaviour now extends beyond the historical scope of clothing. Interest in circular consumption is spreading to new product categories, from home goods to technological items. Operational data indicates that 36 percent of members who purchased fashion items in the previous financial year expanded their purchases to other product types in 2025. For 17 percent of them, this was their first transaction outside the fashion sector.

This transition is occurring in a tense industry context, as the global textile industry remains responsible for 2 to 8 percent of global greenhouse gas emissions and faces major challenges in managing production waste. Easier access to resale platforms is helping to change consumer perception, transforming items once considered disposable into goods with lasting economic value.

The most underestimated risk for traditional brands lies in this change of habit. The user no longer seeks a second-hand alternative after looking at new items. They now start their search on the secondary market and only turn to traditional retail if the product cannot be found second-hand. Shaken by these new behaviours, the retail sector must integrate circularity not as an eco-responsible option, but as an essential condition for its future profitability.

Barometer of a cultural shift

The evolution of behaviour now extends beyond the historical scope of clothing. Interest in circular consumption is spreading to new product categories, from home goods to technological items. Operational data indicates that 36 percent of members who purchased fashion items in the previous financial year expanded their transactions to other product types in 2025.

Ultimately, this data stands out as the true daily barometer of the transformation in our consumption patterns. The fact that 88 percent of consumers check Vinted before even considering buying a new product shows that second-hand is no longer just a backup economic alternative or a conscious choice. It has become the sole entry point and the first instinct in the purchasing process. For traditional brands, this figure serves as a clear warning, as those who refuse to manage their secondary market on these platforms will inevitably lose control of their own value and price authority.

Egypt has announced the development of a fully carbon-neutral industrial textile city in the Port Said governorate, in partnership with Chinese developer Cloud Chain. According to the Egyptian State Information Service, the project is the first of its kind in the MENA (Middle East and North Africa) region and aims to position the country as a regional hub for sustainable textiles.

Beyond its purely industrial dimension, this project illustrates the global reconfiguration of fashion value chains. It sits at the intersection of nearshoring, environmental transition, and the rising influence of Asian players in logistics infrastructure.

Export hub for the European market

The Port Said project is based on a now well-established strategy in the global textile industry. This strategy relies on creating integrated industrial zones that combine production, logistics, and export activities in close proximity to major maritime corridors.

The chosen location is particularly advantageous as the site is at the entrance to the Suez Canal. This provides direct access to trade flows to Europe, which remains the main market for the region's textile exporters.

Through this project, the Egyptian government is pursuing a dual objective. The country aims to capture a portion of industrial relocations from Asia while meeting new environmental requirements imposed by European clients, particularly regarding carbon traceability and environmental, social, and governance (ESG) criteria.

Cloud Chain, operator of Chinese industrial expansion

The Cloud Chain group is a Chinese developer specialising in the creation of integrated industrial zones and international logistics platforms, often in partnership with local governments.

The company manages turnkey projects that combine factory infrastructure, logistics real estate, and the optimisation of export supply chains. It focuses particularly on manufacturing sectors geared towards Europe and the Middle East.

Its model is part of a broader trend of Chinese operators expanding abroad. These entities support the partial relocation of manufacturing capacity to cost-competitive zones, while maintaining direct connections and control over Western markets.

Reconfiguration of routes between Asia, Africa and Europe

This Egyptian hub is taking shape as the global map of textile sourcing undergoes a major redrawing. For several years, Chinese industrialists in the sector and logistics have been seeking to diversify their production bases, particularly towards South Asia, North Africa, and certain Eastern European countries like Poland or Romania.

This strategy is a response to several factors. These include rising wage costs in China; recurring customs tensions with the US and the European Union; and stricter environmental standards. North Africa thus emerges as an ideal balance point, combining geographical proximity to Europe, competitive production costs, and trade agreements that facilitate access to the common market.

Chinese presence in African infrastructure

Beyond textiles, the Chinese presence in Africa is already firmly established in key infrastructure. Several analyses by international organisations, including the World Bank and the IMF, have extensively documented the increase in Chinese financing for ports, logistics networks, and energy projects on the African continent since the 2000s.

In some cases, these investments have been structured through sovereign loans, sometimes backed by long-term concessions on port or logistics infrastructure. This model is described as “port diplomacy” in economic literature. This trend also extends to natural resources, with massive investments in the mining and industrial sectors of several African countries, following a logic of vertical integration of global supply chains.

Textiles, sustainability and competitiveness: an increasingly political equation

For the fashion industry, this new wave of investment comes at a time when the compatibility between price competitiveness and environmental requirements is becoming a central issue. The European Union is progressively strengthening its obligations regarding due diligence, supply chain traceability, and environmental reporting.

These regulations are gradually changing the organisation of supply chains and logistics flows into the European market. They are leading some players to adapt their production models by combining geographical diversification, logistics cost optimisation, and adjustments to new compliance requirements.

This evolution is helping to shift some industrial capacity to areas close to Europe or integrated into its trade agreements. In these regions, regulatory frameworks can be more easily integrated into existing production models.

In this context, textile logistics chains are also being reshaped operationally. Adjustments to shipping routes and distribution methods are regularly observed, particularly in cross-border trade, where traceability and compliance requirements are gradually tightening under the influence of new European rules.

Integrated textile industrial zones, such as the one planned for Port Said, are part of this movement. They combine production and logistics within the same area to streamline exports while progressively integrating international standards for sustainability and traceability.

Industrial transition still under construction

While the Egyptian project remains an official announcement at this stage, it illustrates the rise of specialised industrial hubs outside of traditional Asia. These hubs are capable of navigating logistical, environmental, and geopolitical challenges. Today, real power in the textile industry no longer lies with the workshop that sews the garment. It now belongs to those who master logistics, dictate standards, and control the gateways to consumer markets.

The American brand Alo, positioned in the premium sportswear and “wellness lifestyle” segment, is accelerating its European expansion. It is opening its first boutiques in France and launching a series of immersive experiences on the Côte d'Azur.

This strategy illustrates the growing convergence between retail, hospitality and brand experiences in contemporary luxury.

The brand

Founded in Los Angeles in 2007, Alo – an acronym for Air, Land, Ocean – has established itself as one of the most prominent brands in the premium athleisure segment. It is driven by a positioning that combines technical apparel, a minimalist aesthetic and a wellness culture. The brand, rooted in the well-being of body and mind, is now rolling out its international strategy through its retail “sanctuaries” and high-end event activations.

A targeted expansion on the Riviera

France is becoming a new area for expansion with two strategic openings this May 2026. The first boutique opened in Saint-Tropez on May seven at 45 rue Gambetta, and a second in Cannes on May 11 at 62 La Croisette.

In these two stores, which have high exposure to international tourism, Alo is showcasing its comprehensive offering. This includes its menswear and womenswear collections, accessories, and its signature “Alo Bag Collection” leather goods line. This expansion aligns with the growing trend of lifestyle retail in seasonal destinations with a high density of international customers, agilely combining direct sales with physical experiences.

Hospitality and yachting as retail extensions

Beyond its boutiques, Alo is increasing its large-scale experiential initiatives. In Cannes, the brand has taken over the jetty of the prestigious Hôtel Martinez, transforming it into an exclusive seaside wellness destination until June 14, 2026. The installation features around 40 custom-made sun loungers in Mediterranean colours. It also offers a programme dedicated to movement and recovery, complemented by a fresh juice menu.

This type of takeover illustrates a structural shift in the industry. Fashion brands no longer just want to occupy traditional retail spaces; they aim to invest in hospitality venues such as hotels, private beaches and yachts to extend the product experience.

In parallel, Alo is taking to the sea from May 17 with the launch of the “Alo Voyage: Wellness Club at Sea”, a 72-metre private yacht sailing along the Riviera. This mobile, invitation-only platform offers private sessions of EMS training, Pilates, IV therapy and chiropractic treatments during the Cannes Film Festival and the Monaco Grand Prix.

An ultra-selective international expansion

While Alo is accelerating its European expansion, the brand is prioritising controlled, identity-driven growth. Its openings are exclusively focused on highly attractive global hubs: Los Angeles, New York, London, Seoul, and now the Côte d'Azur.

“The Côte d'Azur has a special energy in the summer — in the way people travel, connect and take care of themselves — that deeply resonates with the brand's DNA,” explains Benedetta Petruzzo, international CEO of Alo.

To nurture its community aspect, the brand is rolling out specific local activations. These include in-store sound healing sessions and ear seeding rituals, as well as an “Alo Run Club” on the Croisette and intimate yoga classes at the Hôtel La Ponche in Saint-Tropez.

Direct competition with 'soft' luxury players

Alo's arrival on the Côte d'Azur comes at a time when the boundaries between sport, fashion and luxury are becoming increasingly blurred. Groups like LVMH and Kering have already ventured into the lifestyle experience sector through their hotels, restaurants and events.

Simultaneously, brands like Lululemon and On Running have demonstrated the ability of premium sportswear to attract a high-value international clientele. Alo positions itself precisely in this niche: a non-status-driven luxury focused on the body, performance and well-being, rather than ostentation. This is a strategy focused on image over volume.

No official consolidated data on Alo's global turnover is published in detail, as the brand remains private. The analyst consensus, however, points to a development model focused on image and community, rather than a race for volume or mass retail expansion. Its model relies on a strong digital presence, an influencer strategy and a proliferation of high-visibility physical experiences, particularly in international tourist hubs.

An expansion indicative of a broader movement

Beyond the case of Alo, this expansion on the Côte d'Azur illustrates the transformation of premium retail into an experience economy. In this model, the boutique serves as an entry point to an ecosystem of services, events and content.

The Côte d'Azur, with its seasonal international flow and concentration of luxury hotels, thus becomes a prime testing ground for these hybrid formats.

A market driven by the global wellness economy

The sector is indeed performing well. This acceleration on the Riviera is supported by the robust health of the “wellness economy”. According to the Global Wellness Institute, the “wellness economy” now represents nearly 6,800 billion dollars globally (2024 data). It is a rapidly expanding market driven by premium fitness, nutrition, wellness tourism and preventive health services.

Alo fits into this dynamic by combining three pillars: premium retail with its studio-to-street collections; physical experiences through its activations; and wellness services such as yoga, recovery and coaching. This hybrid model aligns the brand with strategies focused on providing comprehensive consumer support.

Chinese e-commerce company JD.com is evaluating a potential 2 billion pound, or 2.70 billion dollars, acquisition of the British online retail platform The Very Group, according to a report by Sky News on May 22, 2026. The move marks the latest initiative by the Beijing-based firm to expand its footprint within the UK digital commerce sector.

The potential offer follows a series of previous strategic efforts by JD.com to establish a firmer foothold in the UK market. The company recently executed a failed takeover bid for electricals retail group Currys, and last year walked away from discussions regarding a potential acquisition of Argos from J Sainsbury.

Chinese digital players accelerate European expansion plans

The Very Group, an online department store and flexible payment provider based in the UK, generates annual revenues of approximately 2.10 billion pounds. The business was acquired last year by global private equity firm Carlyle, ending the long-standing involvement of the Barclay family. Carlyle was reported in January to be preparing an auction process for the multi-brand digital retailer, valuing the platform between 2 billion pounds and 2.50 billion pounds.

Strategic expansion into Western European retail markets has accelerated among major Chinese digital operators. JD.com recently launched its upgraded e-commerce business, Joybuy, across six European countries, including Germany and the UK, with a focus on rapid fulfilment.

An acquisition of an established British digital entity like The Very Group would grant JD.com immediate local brand recognition, logistical infrastructure, and a substantial consumer base accustomed to consumer credit options. The retail platform includes distinct digital storefronts, such as Very.co.uk and Littlewoods.com, which feature an extensive selection of apparel, sportswear, and home goods.

Review of The Very Group 2025 performance

The financial services division of The Very Group remains an integral component of its business model, offering revolving credit facility options like buy now, pay later (BNPL) to shoppers. In the 2025 financial year, the retail group recorded an increase in its gross margin to 36.60 percent, driven primarily by integrated financial provisions and category shifts, whilst EBITDA rose 8.40 percent to 267 million pounds.

However, performance across specific consumer sectors diverged, with home goods expanding by 9.90 percent while fashion and sportswear declined by 3.70 percent amidst a domestic retail landscape shaped by aggressive discounting. The broader organisation also reported a widened pre-tax loss of 505.40 million pounds for the period, heavily impacted by financing costs and accounting revaluations.

Representatives for JD.com and The Very Group have declined to comment to Reuters, on market speculation surrounding the potential acquisition.

Speculation over Shein's reported acquisition of a majority stake in American clothing brand Everlane has seemingly been confirmed. According to an internal email seen by Vogue Business from Everlane to its employees, it appears the deal is going ahead, corroborating reports of the acquisition that began circulating earlier this month.

Shein is buying the stake from LVMH-backed venture capitalist L Catterton for an undisclosed sum. The transaction is still pending regulatory approval.

The sale follows an intensive period of due diligence behind the scenes. American investment firm L Catterton had been searching for an investor since March to clear a debt burden of approximately 90 million dollars that Everlane had accumulated. This debt included a 25 million dollar loan from investment firm Gordon Brothers and a 65 million dollar asset-backed revolving credit facility.

Independent course and operational shifts

Everlane employees were officially informed of the acquisition on Friday morning, according to Vogue Business. In a message to staff, Everlane chief executive officer Alfred Chang addressed the moral conflict that the change in ownership might cause among employees. Chang emphasised that the company will maintain its own identity and values under Shein's ownership.

“I want to be clear: Everlane will remain Everlane. I will continue as CEO, our management team will stay in place, and we will continue to operate independently, maintaining our design standards, brand philosophy, and values,” said Chang.

According to Chang, the partnership with Shein provides necessary stability and resources in a rapidly changing retail landscape. It will enable the American brand to invest in product innovation and reach a larger international audience without compromising on quality.

Vêtir has secured 5.5 million dollars in a first close of its Series A funding round, giving the business a valuation of 150 million dollars as it expands its AI-powered wardrobe and styling platform. The round was backed by investors including Laidlaw & Company, alongside luxury-focused family offices and strategic partners.

Former Mytheresa executive Jemma Plaue has joined as SVP, global styling and strategy as Vêtir expands its luxury clienteling operations. The company also confirmed new advisory appointments including Stephanie Horton, senior director of global commerce at Google, and Nina Garcia, editor-in-chief of Elle and Project Runway judge.

Vêtir describes its platform as an AI-powered “wardrobe operating system” designed for luxury consumers, combining wardrobe management, personalised styling and commerce into one platform. The company said its technology acts as a persistent digital stylist, learning from users’ wardrobes, travel, purchasing habits and preferences.

The business reported 200 percent month-on-month organic user growth, more than 3,500 percent growth in B2B clients and ninefold year-on-year revenue growth, while average order values further exceed 2,500 dollars.

The new funding intends to aid in the accelerated development of Vêtir's personalisation engine, while also contributing to the expansion of its global presence and the further integration of enterprise partners from luxury fashion.

The platform's founder and CEO, Kate Davidson Hudson, said: "As Vêtir grows, we've been very deliberate in how we've built both the product and the company. The focus is on building intelligence around the wardrobe itself—well beyond a traditional shopping interface.

"With our lead investors now in place, we've kept a small portion of the round open for a few strategic partners who can add real value as we continue to scale globally."

Madrid – The market's response to the announcement of the unsuccessful end to negotiations between Puig and The Estée Lauder Companies regarding a potential merger of their businesses has been swift. It has come in the form of a severe penalty for the Spanish company. The group's shares opened Friday's trading session, May 22, 2026, by plummeting as much as -15 percent.

While it remains to be seen how today's trading day will ultimately unfold, it seems clear for now that what fuels the market, it eventually takes back. This is the main takeaway from the stark outcome of the negotiations between Puig and The Estée Lauder. The shares of the Spanish fashion and beauty multinational are on track for what could be their biggest drop to date since its initial public offering on May 3, 2024. On its debut, Puig's shares opened on the stock market at 24.50 euros (28.43 dollars) per share. This initial price has been consistently questioned since then, given the rapid depreciation of its shares.

Until today, one significant date stood out in Puig's trading calendar: September 6, 2024. On that day, following the release of its results for the first half of 2024, the first the company presented after its stock market launch, its shares plummeted. They fell from 24.55 euros at the previous day's close to 21.20 euros by the end of that difficult session. This represented a -13.64 percent drop, which until now was the largest single-day decline recorded for Puig's shares.

This record, clearly a negative one from the perspective of its performance as a listed company, could be surpassed by today's session, Friday, May 22. If the day concludes as it began, Puig's shares will have dropped from Thursday's closing price of 17.64 euros to the 15.25 euros at which they opened this morning. From there, they hit an intraday low of 14.99 euros at around 9:40 am. This value represents a -15 percent plunge from yesterday's closing price. The fall was triggered by the announcement of the unsuccessful end to merger talks with The Estée Lauder. The decline has since “softened” slightly to -13.83 percent, with Puig's shares currently trading at 15.20 euros.

After a two-month stock market climb

From an objective market perspective on the end of negotiations between Puig and Estée Lauder, today's plunge in the Spanish company's shares is seen as a “correction exercise”. This follows a nearly two-month stock market climb for its shares. The revaluation is attributed by markets and investors to the interest shown by the US giant, rather than Puig's latest results. At the end of last April, Puig reported a first quarter of 2026 with sales of 1,215.3 million euros (+0.78 percent).

To quantify this recent stock performance, Puig's shares opened on Monday, March 23, at 14.80 euros per share. Within just 24 hours, following the confirmation of the start of negotiations between Puig and The Estée Lauder at the close of the Spanish stock market that same day, they soared by +18.92 percent. They opened the next day, March 24, at 17.60 euros. The shares climbed further to a peak of 18.89 euros on April 21. While negotiations continued, they stabilised around the 17 euro mark, closing at 17.64 euros this past Thursday, May 21.

In contrast to this climb, today's events represent a sharp market correction for Puig's shares. In any case, based on today's opening price of 15.25 euros, the shares have accumulated a depreciation of -37.75 percent from the 24.50 euro price set for Puig's IPO.

Alphalyr, an AI platform for supply, retail and e-commerce data analysis, is the winner of the ANDAM Innovation Award 2026. The company will receive a grant of 100,000 euros. Pili, which develops bio-based dyes intended to replace petrochemical alternatives, has received the special jury prize.

This 2026 edition shows that fashion innovation is structured around two major themes: artificial intelligence and more sustainable materials and processes.

The Committee of Experts met on May 20, 2026, at IFM Paris to review the applications and select the winners. Created in 2017, the award aims to support technological innovations related to the transformation of the creative and fashion industry.

AI at the heart of ANDAM 2026's innovation

“With Alphalyr, the 2026 edition marks the arrival of an AI applied to retail, the supply chain and sales management. In a complicated context for brands, especially younger ones, the challenge is also to help companies better anticipate demand and adjust their flows,” Nathalie Dufour, founder and general director of ANDAM, told FashionUnited.

The 2026 winner, Alphalyr, chaired and managed by Bertrand Fredenucci and Nicolas Fellous respectively, develops an artificial intelligence platform for fashion brands and distributors to analyse and manage their supply chain, retail and e-commerce data. The company aims to transform commercial and operational data into actionable insights to improve the overall performance of fashion businesses.

Their technology is involved in sales analysis; inventory management; supply chain management; retail performance tracking; e-commerce optimisation; demand forecasting; and AI-assisted decision-making.

By awarding the first prize to Alphalyr, ANDAM is recognising operational AI solutions capable of directly impacting the economic and environmental efficiency of the fashion value chain.

“We have also seen the very concrete and operational improvement brought by AI to the value chain. This applies to both operational efficiency and the co-development of the creative approach,” stated Yann Gozlan in the press release. Gozlan is the founder of Creative Valley, a French incubator and accelerator for innovative start-ups, and a member of the executive committee.

Innovations focused on materials and sustainability

“However, ANDAM maintains its interest in material innovations, as shown by the special prize awarded to Pili and its alternatives to petrochemical dyes,” explained Nathalie Dufour.

Pili, led by Guillaume Boissonnat-Wu and Jérémie Blache, is part of the biotech ecosystem applied to materials and sustainable fashion. This French company offers an alternative to petrochemical dyes.

Pili combines microbial fermentation and green chemistry to produce bio-based dyes and pigments. It notably produces a bio-based indigo from renewable resources.

“We have discovered a real maturity and diversity in the new materials on offer, with an increasingly sophisticated consideration of ecological issues, particularly water and carbon consumption,” added Yann Gozlan.

The two finalists will benefit from mentoring by Yann Gozlan and access to the ANDAM network and ecosystem. In addition, the Committee of Experts has also invited the ten finalists to present their technology at Inno-Tech at Première Vision Paris, from September 1 to 3, 2026.

ANDAM notes that the nine previous winners have raised over 200 million euros and have established partnerships with key players in the luxury and fashion sectors.

H&M's founding family is continuing to purchase shares in the Swedish group. Its holding company, Ramsbury Invest, has acquired almost 39 million euros worth of additional shares. This is part of a series of regular transactions over several months, as the stock has underperformed since the start of the year.

This methodical signal is being closely analysed by the markets. H&M's founding family has once again increased its stake in the group this week. Its family holding company, Ramsbury Invest, acquired over 2.75 million shares for approximately 444 million Swedish kronor (47.46 million dollars), according to a declaration submitted to the Swedish financial regulator and reported by Zonebourse.

The transactions were carried out over three consecutive sessions on the Stockholm Stock Exchange, involving significant volumes relative to the stock's daily liquidity. Given H&M's chronic underperformance against its benchmark index, investors are monitoring these purchases as a key indicator of the controlling shareholder's position.

Purchases spread over three sessions

According to data from the Swedish market authority compiled by Zonebourse, Ramsbury Invest intervened progressively. On May 18, the holding company acquired 650,261 class B shares at an average price of 160.98 Swedish kronor. The following day, 600,000 shares were purchased at 164.82 kronor, followed by a final large tranche of 1.5 million shares at 160.77 kronor.

In total, the transaction represents exactly 2,750,261 shares. It consolidates an already significant majority position. Ramsbury Invest holds approximately 65.7 percent of the capital, according to the latest annual report. While these purchases do not alter the balance of control or the governance structure, they do safeguard the core shareholding.

Stock in decline since the start of the year

This new wave of purchases comes as the stock's market trajectory remains under pressure. Since January, H&M's stock has fallen by more than 13.5 percent, while the OMX Stockholm index has risen over the same period. This divergence partly explains the attractive valuation at which the recent transactions are taking place. It offers the founding family a technical entry point to lower its average cost price.

Industrial and long-term perspective on the matter

Beyond simple market opportunism, these regular interventions reflect an insider's perspective. The majority family has direct insight into the group's industrial strategy, its logistical decisions and its transformation projects. This proximity to internal governance gives these transactions a classic wealth management dimension. It allows for smoothing entry points and closely supporting the group's trajectory.

H&M is continuing the profound transformation of its model, with an emphasis on algorithmic stock management. This is a critical lever for preserving margins in the face of rising ultra-low-cost competition. The Persson family's increased stake thus confirms the stability of the core shareholding in a more volatile market. It substitutes short-term stock market volatility with a pure, long-term industrial conviction.

Brands and retailers that are currently preparing for the EU’s Digital Product Passport (DPP) regulation can start by sourcing verified, compliance-ready textiles directly from a structured, supplier-level data library, which went live on 21st May.

The library is the brainchild of World Collective who connects brands with next-generation materials and suppliers. It is built and maintained by the global sourcing infrastructure in partnership with Kinset, a digital product passport infrastructure company providing the DPP technology for the pilot.

“The regulation is still being defined. The industry has been waiting to find out what the rules will say before acting. What's live today is what stops being optional. Brands sourcing here will not be scrambling when the deadline lands, the compliance work has already been done at the supplier level. That changes what brands can do in the next twelve months,” comments Jeanine Ballone, co-founder and CEO of World Collective, in a statement.

What information is provided?

The starting size of nine verified materials from three suppliers — Climatex Industrial Co., Ltd. (Bangladesh), Maritaş (Turkey) and SKD Fine Décor (India) — is intentional as organic growth is envisioned: “The architecture is built to scale; the library is growing into it: material by material, supplier by supplier,” emphasises the statement. Each material is third-party tested, certified and structured to DPP standards. Additional suppliers are currently being verified, and new materials will be added on a rolling basis.

On each fabric information page, one finds details such as composition and construction, finish and performance, compliance and testing and handling and recommendations, including level of completion for each item. The traceability section has information from Tier 4 (raw material origin) to Tier 2 (production level) via Tier 3 (yarn production). Information about the environmental footprint about each fabric is also provided. Helpful would be more information about each supplier, but that may be added at a later stage.

What is novel about the approach?

Brands and retailers that are in the process of complying with DDP regulations usually move backwards, tracing their way back from the finished product. This is tedious and relies on supplier cooperation. By choosing a fabric from the textile library, brands and retailers are assured that it is pre-verified. In addition, data is structured in the format the DPP is converging on. “The compliance burden moves out of the brand's back office and into the supply chain itself, where the data actually originates,” states World Collective.

Another advantage is that the same supplier-level data that powers the DPP also feeds every other major piece of incoming regulation: Extended Producer Responsibility (EPR), the Corporate Sustainability Reporting Directive (CSRD, the Green Claims Directive. “A textile that is DPP-ready is, by definition, ready for the regulatory architecture that follows it. What the library demonstrates, beyond the catalog itself, is that the compliance future of fashion is being built at the supplier layer. The agents that recognise it now will lead the market shift,” sums up the organisation.

The library has been built to adapt to specific requirements quickly, keeping in mind that the DPP regulation is still being finalised. Thus, data fields can be extended, formats can be aligned, and new attributes can be layered on top of an architecture that already holds the foundational truth about each material.

The DPP-Ready Textile Library is live and open to brands at world-collective.com/collections/dpp-ready.

Vinted's 2025 impact report aims to demonstrate that second-hand fashion has become a lever for consumer purchasing power, a tool for economic circularity and a means of reducing fashion's environmental impact.

According to Vinted, one of Europe's leading second-hand fashion platforms, users saved 21.6 billion euros (25.07 billion dollars) on what they would have theoretically spent if they had bought these clothes new. This means they paid an average of 72 percent less than the original price of the items.

To calculate these savings, Vinted compares the estimated price of an equivalent new item with the amount actually paid on the platform. However, it does not specify the extent to which the actual depreciation of the clothes is taken into account.

“The results of the Impact Report in France show that members use Vinted to regain control of their budget, while contributing to a wider cause,” said Marianne Gybels, senior director of sustainability at Vinted, in the press release.

A portion of savings is reused for essential expenses

75 percent of French members state that Vinted helps them better manage their household expenses. This figure is twelve percentage points higher than the European average of 63 percent.

33 percent use the money saved for groceries or bills. This proportion rises to 42 percent for those in financial difficulty.

53 percent of French members say they feel less pressure to cut back on other expenses since using the platform.

62 percent report having reduced their overall fashion budget thanks to Vinted.

“Second-hand becomes the obvious choice when it represents a simple and more affordable option. Behaviours evolve naturally when they meet concrete, everyday needs,” the director noted.

Vinted users capitalise on their second-hand purchases

The report explains that clothes are no longer seen solely as an expense, but also as products likely to retain a resale value.

Thus, 41 percent of users report considering the resale potential before buying a new item, while 56 percent say they take better care of their belongings because they know they can resell them later.

As proof, in 2025, 10.8 billion euros were returned directly to sellers via the platform.

These earnings influence consumer choices. Approximately half of sellers reinvest the money earned on the platform into new purchases on Vinted, helping to keep products in circulation.

In this context, second-hand is no longer a parallel market but an integrated step in the purchasing journey. 89 percent of French buyers state they check Vinted first before considering a new purchase.

Beyond the benefits, second-hand purchases reportedly reduce environmental impact

The report is based on the idea that when a consumer buys a second-hand product, it prevents a new one from being produced. The central element of this argument is the figure that 76 percent of purchases made on Vinted reportedly replaced the purchase of a new item.

Vinted estimates that 1,607 kilotonnes of CO₂e were avoided in 2025. This is equivalent to approximately 164,000 car trips around the Earth, according to the press release. To support its calculation, Vinted states that it relies on a life cycle analysis compliant with the ISO 14067 standard.

This figure is based on the assumption that the purchase of a second-hand item replaces that of a new one. It does not account for additional or impulse purchases, or for products that would not have been bought otherwise.

Compagnie Financière Richemont, the Swiss luxury goods group, delivered a solid performance for the financial year ended March 31, 2026, navigating fast-evolving geopolitical and macroeconomic conditions.

Group sales reached 22.42 billion euros (26.04 billion dollars), representing an increase of 11 percent at constant exchange rates and 5 percent at actual rates. This performance was underpinned by strong local demand and the benefits of a diversified regional footprint, with momentum continuing into the fourth quarter where sales rose by 13 percent at constant rates.

Operating profit for the year grew by 1 percent to 4.5 billion euros,while the operating margin stood at 20 percent, down by 90 basis points from 20.9 percent in the prior year. Profit for the year increased by 27 percent to 3.5 billion euros, supported by robust operating profit and the non-recurrence of a 1 billion euro Yoox Net-a-Porter (YNAP) write-down in discontinued operations during the prior year.

In his commentary, Richemont chairman Johann Rupert stated that uncertainty is likely to persist in the global market, particularly regarding developments in the Middle East. Rupert noted that the group will continue to rely on its long-term orientation, distinct brand identities, and disciplined operating approach to maintain the desirability of its brands and deliver sustainable value.

Americas and Middle East lead regional performance

All geographical regions contributed to the group's growth during the year. Performance in the Americas was particularly strong, with sales increasing by 8 percent at actual rates and 17 percent at constant exchange rates to 5.7 billion euros, led by sustained domestic demand throughout the year and double-digit growth across its Jewellery Maisons and Specialist Watchmakers.

Sales in the Middle East & Africa region rose by 6 percent at actual rates and 13 percent at constant rates to 2 billion euros. Double-digit growth in the first three quarters in the Middle East & Africa was disrupted in March by regional conflict, causing a 3 percent decline in fourth quarter sales at constant exchange rates.

In Europe, sales increased by 7 percent at actual rates and 9 percent at constant rates to 5.3 billion euros, driven by double-digit local demand and positive tourist spend, notably in Italy, Germany, and the UK. Asia Pacific returned to growth with sales up 1 percent at actual rates and 8 percent at constant rates to 7.2 billion euros, supported by strong performance in South Korea, Australia, and Singapore. Within Asia Pacific, combined sales in China, Hong Kong, and Macau grew by low single digits at constant rates. Japan posted a 2 percent sales increase at actual rates and 9 percent at constant rates to 2.2 billion euros, accelerating to a 28 percent increase in the fourth quarter due to robust local demand.

Retail channel expands direct-to-consumer reach

Sales grew across all distribution channels during the financial year. Retail sales from directly operated stores grew by 5 percent at actual rates and 12 percent at constant rates to 15.8 billion euros. Richemont expanded its retail footprint to 1,393 directly operated boutiques, which now account for 71 percent. Online retail sales grew by 2 percent at actual rates and 8 percent at constant exchange rates to 1.4 billion euros.

In total, direct-to-consumer (D2C) sales accounted for 77 percent of overall group sales, representing a slight increase over the previous year. Wholesale sales, which include franchise partners, multi-brand retail partners, agents, and royalty income, increased by 4 percent at actual rates and 9 percent at constant rates to 5.2 billion euros, representing 23 percent of total sales.

Jewellery Maisons drive profitability while watchmakers stabilize

The group's Jewellery Maisons, which include Buccellati, Cartier, Van Cleef & Arpels, and Vhernier, delivered an 8 percent increase in sales at actual rates and 14 percent at constant rates to 16.5 billion euros, with fourth-quarter sales accelerating by 16 percent at constant exchange rates.

The Specialist Watchmakers segment, comprising brands such as A. Lange & Söhne, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin, recorded a 4 percent decline in sales at actual rates to 3.1 billion euros. At constant exchange rates, watchmaker sales rose by 1 percent, indicating stabilization after a challenging 24-month period for the global watch market. Performance improved in the second half of the year, particularly for A. Lange & Söhne, Jaeger-LeCoultre, and Vacheron Constantin.

Richemont also announced a private transaction on January 22, 2026, to divest full ownership of the specialist watchmaker Baume & Mercier to the Italian luxury group Damiani Group. The transaction is expected to close in the summer of 2026.

The group's Other business area, which includes Fashion & Accessories Maisons and the pre-loved watch platform Watchfinder & Co., reported a 2 percent decline in sales at actual rates to 2.7 billion euros, but an increase of 3 percent at constant rates. Performance was supported by strong momentum at Peter Millar and Alaïa, alongside encouraging sequential improvement at Montblanc.

The board of directors has proposed an ordinary dividend of 3.30 Swiss francs per 'A' share and ten 'B' shares, representing a 10% increase over the prior year. The board has also proposed an additional special dividend of 1.00 Swiss franc per 'A' share and ten 'B' shares, subject to shareholder approval at the annual general meeting scheduled for September 9, 2026.