Tokyo - Japanese ready-to-wear giant Fast Retailing (Uniqlo) on Thursday again raised its forecast for its 2025/26 fiscal year. This follows robust first-half profits. The company intends to accelerate its international expansion, particularly in the US, where it is partnering with the leading baseball team, the Dodgers.

The Japanese apparel champion had its fourth consecutive year of record profits in its 2024/25 fiscal year, which ended in late August. It has significantly accelerated its expansion outside the archipelago since the slow period of the Covid-19 pandemic.

It now forecasts an operating profit of 700 billion yen (4.40 billion dollars) for the 2025/26 fiscal year, which began in September, up from 650 billion previously. A net profit of 480 billion yen is also expected, up from the previous forecast of 450 billion.

Sales are expected to soar by some 14.7 percent for the fiscal year to reach 3.9 trillion yen, a forecast that has also been raised.

This improvement reflects strong results for the September-February period, boosted by “robust sales for Uniqlo in all regions, with the brand achieving record half-year results and ever-growing international support”.

For the first half of the year, the Japanese group's turnover soared by almost 15 percent year-over-year to 2.055 trillion yen. Net profit reached 279.2 billion yen, an increase of almost 20 percent.

Sales for Uniqlo, its flagship brand, recovered in Japan (+7.4 percent). They also soared by 22.4 percent internationally, generating an increase in operating profit of almost 40 percent year-over-year.

The turnaround is confirmed in China, its largest market outside Japan. While its sales and profits had plummeted there in the last financial year, Uniqlo International now reports a rebound in turnover for the first half. It also saw “double-digit” profit growth in mainland China, where it benefited from the Lunar New Year sales.

Meanwhile, Uniqlo is posting “double-digit” growth in sales and profits for the first half in both North America and Europe, stating that it sold its winter ranges well there.

The North American market is its most coveted prize. Fast Retailing has just signed a major agreement with the Los Angeles Dodgers, the champion team of the National Baseball League, whose ranks include star Japanese player Shohei Ohtani.

Uniqlo's red and white logo will be visible in the stadium. This is a way of capitalising on the passion of Japanese and American baseball fans, offering Uniqlo exceptional visibility.

According to Bloomberg, Fast Retailing generates less than 10 percent of its turnover in the US and has only 3 percent of its points-of-sale there, heralding significant growth potential.

International resale platform Vinted has unveiled its annual results for the 2025 financial year. The group reported significant growth in its global business volume, reaching 10.8 billion euros (12.59 billion dollars), a 47 percent increase on the previous year. Revenue totalled 1.1 billion euros, marking a 38 percent year-over-year increase.

This expansion phase was accompanied by a drop in the company's immediate profitability. Adjusted EBITDA stood at 151 million euros, a decrease of 5 percent, while net profit reached 62 million euros. This represents a 19 percent decrease compared to the 77 million euros recorded in 2024. The decline in profits is attributed to strategic investments in developing the German market; expanding product categories; extending logistics services across Europe; and introducing new payment solutions. Free cash flow, meanwhile, grew by 36 percent to 137 million euros.

Expansion of categories and geographical development

In 2025, Vinted focused on diversifying its product offering. Womenswear and kidswear remain the platform's core business. However, it has expanded its catalogue to include other consumer goods categories, such as sporting goods and collectibles, to attract a broader audience.

Geographically, the group improved its performance in the German market through an enhanced product proposition and targeted return on investment. Vinted also consolidated its European presence by entering new markets, including Latvia, Estonia and Slovenia.

Strengthening of the logistics ecosystem

The group continued to develop its infrastructure to support the growth of its transaction volumes. The delivery partner network now includes over 500,000 pick-up and drop-off points across Europe. Vinted Go, the internal transport service, was launched in Spain and Portugal, and a new sorting centre was opened in France. The company has also started testing its logistics infrastructure with external clients. Vinted Go currently operates in five markets: Belgium, France, the Netherlands, Portugal and Spain.

In a statement, Vinted's chief executive officer, Thomas Plantenga, suggested the company's strategy is to create a resale ecosystem that maximises value for its members at the lowest possible cost. “To achieve this,” he said, “we are investing in technology to have a sustainable and scalable impact.” He added: “This is why we are improving our product, investing in member safety and support, while strengthening the pillars that underpin the marketplace: shipping and payments.”

Plantenga noted that these technological developments lead to faster sales, with buyers finding what they want more easily and “at the best price”. He specified that value increases as the marketplace improves significantly with each new member. He concluded: “In 2025, this occurred across every growth vector we have, resulting in strong growth and, more importantly, a more efficient and solid foundation that will drive the future shift from new to second-hand consumption.”

This article was written in part with the assistance of an artificial intelligence tool and was subsequently edited and completed by a FashionUnited journalist.

Paris, France - Swedish ready-to-wear group H&M plans to close the French design studio of its brand & Other Stories. A representative for the brand confirmed this to AFP after the trade union Force Ouvrière raised concerns about the elimination of just under 30 positions.

"We must continue to strengthen our business for the long term and ensure a sustainable operating model in all the markets where we operate," the fashion giant explained.

"To meet these challenges, we plan to close our Paris studio with the aim of consolidating the entire creative and design team in Stockholm, Sweden," the group continued. It declined to comment further as the process is currently under consultation with employee representative bodies.

According to Force Ouvrière, 26 of the 28 designer and buyer positions will be eliminated. “These roles are held almost exclusively by women, some of whom have been with the company since it opened more than ten years ago,” Nicolas Levy, an FO H&M union representative, told AFP.

According to the union representative, “the brand’s turnover has decreased” since the arrival of new creative director Jonathan Saunders in 2025, which would explain the move to cut costs.

Founded in 2013, & Other Stories offers womenswear and accessories. The brand has a global presence with 66 stores, including three in France, across 24 countries and is available online in 32.

In the first quarter, H&M reported a 22 percent increase in its net profit, reaching 704 million crowns.

Finnish textile technology company Spinnova has started test runs at its Woodspin demonstration factory in Jyväskylä, the company announced in a press release. The aim of these trials is to validate its recycling technique, which converts plant-based material into textile fibres, on a larger scale to increase production efficiency and fibre quality. If the test phase is successful, Spinnova aims to resume larger-scale production later this year.

The restart follows a turbulent period for the company. In June 2025, production came to a complete halt and employees were temporarily laid off after former joint venture partner Suzano decided to cease further investment. Spinnova subsequently took over all of Suzano's facilities in October to maintain control over the development of the Spinnova fibre.

CEO Janne Poranen emphasises that this step should pave the way for future industrial supplies to fashion companies. Serious interest in purchasing the recycled fibres has previously been shown by apparel companies such as H&M Group, Marimekko and The North Face. Last month, Swiss industrial engineering and manufacturing company Sulzer joined as a tech partner to accelerate scaling and help improve Spinnova's competitive position.

The court-ordered judicial administration for Valentino Bags Lab SrL, a company belonging to the fashion house Valentino, has been ended early, according to media reports.

According to a report by the news agency Reuters, the measure was imposed in May last year because the company, which produces accessories for the Valentino brand, allegedly worked with Chinese-led subcontractors where exploitative working conditions were prevalent. A one-year judicial administration was ordered at the time. This has now been lifted early.

According to the report, the fashion house welcomed the decision. The company stated it has strengthened its governance criteria and introduced more selective procedures for choosing suppliers to ensure better monitoring and control of the supply chain. Last year, Italian courts targeted a number of fashion companies to curb illegal labour practices at subcontractors.

A perfect smile, a flawless body, an outfit that fits like a glove. The image looks normal in an online shop; after all, it is a model. Or is it? Increasingly, these images are not created by real people, but by artificial intelligence (AI). Companies are using AI more and more in their online shops, promising speed, efficiency and lower costs. For models worldwide, this raises a fundamental question: will the industry even need real people in front of the camera in the future?

AI in the daily life of international models

“AI is no longer a topic for the future. It is already part of our daily work,” Ukrainian model Stasya tells the German Press Agency. She has worked as an international model for several years, most recently for an extended period in China. She experienced the AI transformation particularly clearly there, with faces being digitally transferred onto other bodies after shoots. Working hours have also been shortened, which she sees as a consequence of using AI. This raises serious ethical and legal questions.

Clients are also now presenting contracts that explicitly permit the use of models' faces for AI purposes. “You think about job security and whether you can still earn enough in the future,” she reports. Simultaneously, she sees a potential market shift. AI could accelerate standardised mass production, while high-quality campaigns with real teams and physical sets could gain exclusivity.

Diversity: Real variety already exists

Berlin-based model Annika Schnauffer does not see AI as a dominant threat. Competitive pressure is already a given in an overcrowded industry. It often remains unclear whether a job is lost because of AI. She can most easily imagine digital figures in standardised e-commerce, where large quantities of images are produced with little creative scope. Schnauffer is critical of the diversity debate. AI can simulate diversity, but she notes, “there are enough people and models that you could book for real”.

AI has already arrived in German e-commerce

AI models are no longer a vision of the future in Germany. Hamburg-based retailer Otto already uses generative AI to create photorealistic model images of synthetic, fictional people, according to the company. This allows new collections to be made available online within a few hours. Its use is limited to the online shop and only for product presentations where real people were not previously featured, the company states. AI primarily fills the gaps where traditional photo productions reach their economic or organisational limits.

Online fashion retailer Zalando is taking a different approach. The company works with digital twins of real models, according to its statements. These high-resolution 3D replicas are created based on traditional photoshoots. Real people continue to be in front of the camera for creative campaigns. The company states that it only uses purely AI-generated models without a real-life counterpart in exceptional cases, for instance, to avoid shoots with children or to react quickly to trends.

Model agencies between resistance and adaptation

The debate within model agencies is running in parallel, focusing less on technology and more on rights. “We are not currently experiencing a massive loss of bookings,” says Carlos Streil, a model scout at Frankfurt-based agency East West Models. However, there have been enquiries, including from major clients, with contracts requiring models to cede rights for AI use, such as for data collection and subsequent use as an AI model. These agreements have been rejected. In principle, however, the agency is not against AI, as long as avatars are created based on real models and the models continue to be paid.

Carmen Weigel, head of the Berlin-based model agency BMM, argues with similar pragmatism. She considers Zalando's approach promising. Digital avatars of real models could be licensed without the models having to be physically present on set. This is economically attractive, as licensing fees are often higher than traditional day rates. However, she does not expect a widespread displacement of real people. For Weigel, modelling is more than being photogenic: “For me, a model is more of a talent,” she says. “It is not just about being beautiful, but about charisma, posture and the potential for identification.”

Legal aspects: Labelling, consent and guidelines

Legally, much remains unresolved, especially the question of how AI-supported content in e-commerce must be labelled. Weigel calls for clear labelling and warns against new, even more unrealistic body images, with consequences for models and young women who would end up comparing themselves to computers.

Although she believes this is difficult to regulate by law, agencies must be particularly cautious when licensing their models' images for AI avatars that could be resold to brands. Models need to understand exactly what is happening with their face and be adequately compensated. Weigel also points to the long-term dimension. A face, once digitised, could continue to be used long after death, making informed consent and clear contractual limits all the more important.

Otto describes the debate in Germany and the EU as being “in flux”. Binding regulations and guidelines for e-commerce have not yet been finalised. While Zalando emphasises its commitment to transparency, it still sees grey areas. For digital twins based on real models and real clothing, where AI only supports parts of the production, the label “AI-generated” can sometimes fall short.

Customer decides

Ultimately, it is the market, not technology alone, that decides, says Streil. Weigel agrees: “In the end, customers vote with their wallets.” Brands have already experienced how public pressure can change strategies. Weigel points to “Victoria's Secret”. After criticism of its narrow beauty ideal in the 2010s, customers turned away, sales fell and its image faltered.

How the industry will continue to develop remains to be seen. For Schnauffer, it is also a question of power: “In the end, as a model, you are somewhat at the mercy of how the industry moves forward.” The decisive factor will likely be whether clear rules can be established for consent, use and remuneration when faces become data.

Madrid – Optimism is taking hold of the markets following the hopeful bilateral ceasefire agreed between the governments of the US and Iran in the early hours of Wednesday, April 8, Central European Summer Time. The agreement, reached for the next two weeks, is based on open negotiations for a “definitive” and “long-term” peace deal. It will also guarantee “safe passage” through the Strait of Hormuz.

Given such an encouraging outlook, the markets have responded swiftly to the beginning of the end of a crisis. This crisis was already impacting consumer spending and affecting a wide range of companies across various sectors. The response has sent the share values of major European listed companies soaring. This revaluation of shares has been seen almost across the board throughout the day. For the IBEX 35 index, the only exception has been energy companies. Their share values are in the red, which can be attributed to the fall in oil and gas prices resulting from the “guarantees” for the opening of the Strait of Hormuz.

Within the fashion industry specifically, the performance has been diametrically opposed to the “Black Monday” on March 2. That day followed the attacks on Iran by the US and Israeli armies on February 28. Major European listed fashion companies are generally experiencing a very positive trading day. The market's optimism for the sector is proving much stronger than the fears expressed after that last Saturday in February. The current gains far exceed the losses recorded at that time. It should be noted that those losses were followed by several successive days of falling share values for major European listed fashion companies. The sector had been triply affected by this latest crisis in the Middle East. Firstly, by disruptions to its value chains, which led to delays in certain product deliveries. Secondly, by increased costs related to both imports and manufacturing processes caused by the same disruption. Thirdly, by a drop in consumption that was beginning to be felt among consumers, resulting from the uncertainties generated by the crisis.

European fashion is “dressed in green” on the stock market

With many of these uncertainties now somewhat dispelled, the stock market performance of major European listed fashion companies has been more than positive. This was evident at the opening of Wednesday's trading session. Following the confirmation of the two-week ceasefire between the US and Iran, based on negotiations for a long-term Peace Agreement and the opening of the Strait of Hormuz, the shares of major fashion companies soared. They recorded revaluations ranging from +2.71 to +8.22 percent.

At the two ends of this range, at the market open this morning, were the British group Burberry (+8.22 percent) at the top and the Swedish fashion multinational H&M Group (+2.71 percent) at the bottom. From there, the companies evolved differently. Burberry's shares lost some momentum, currently trading at 1,143 pence compared to Tuesday's close of 1,069.80 (+6.84 percent). H&M's shares gained strength, trading at 176.75 Swedish kronor compared to the last session's close of 171.25 (+3.21 percent).

As for other updates, shares of the French multinational holding company LVMH are currently trading at 500.70 euros (+7.25 percent); Kering's at 275 euros (+6.69 percent); and Hermès' at 1,781 euros (+8 percent). Regarding the two major Spanish listed companies, shares of Inditex, owner of Zara and other chains like Bershka, Stradivarius and Massimo Dutti, are currently trading at 53.18 euros (+5.97 percent). Puig, which is currently in negotiations for a potential merger with the US company The Estée Lauder Companies, has its shares trading at 17.70 euros per share (+3.14 percent).

The United States Department of Health and Human Services (HHS), a federal government department focused on protecting the health of Americans and providing essential human services, has launched a 144 million US dollar programme to investigate how microplastics build up within the human body and look for ways to protect people against their potential health impact.

The Advanced Research Projects Agency for Health (ARPA-H), an agency within HHS, dubbed the initiative the Systematic Targeting Of MicroPlastics, or STOMP, and said the nationwide programme would create a framework for measuring, researching, and affordably removing microplastics and nanoplastics (MNPs) in the human body.

“HHS is taking decisive action to confront microplastics as a growing threat to human health,” said HHS Secretary Robert F. Kennedy, Jr in a statement. “Americans deserve clear answers about how microplastics in their bodies affect their health. Through ARPA-H’s STOMP programme, we will measure microplastic exposure, identify sources of risk, and develop targeted solutions to reduce it.”

Microplastics, which are often invisible to the naked eye, come from a wide range of everyday products and industrial processes, including personal care products and synthetic textiles, and have been detected in lungs, arterial plaques, and brains, through food, air and water. Animal case studies have also shown that microplastics cause disease, while human studies have shown a high correlation.

ARPA-H added: “Yet to date, we are still remarkably in the dark. We don’t have a precise way to measure microplastics in our organs, nor do we understand which ones are affecting us in what ways, because each plastic works differently.

“This is important: We can’t clear what we can’t measure, and we can’t develop interventions that are precise, safe, and effective for impacts we don’t understand.”

The STOMP programme, led by Drs Ileana Hancu and Shannon Greene, has been tasked with creating tools that will be affordable and accessible to reach the masses and help lower the downstream costs of treating and preventing microplastic-related disease.

Alicia Jackson, director of ARPA-H, said: “Microplastics are in every organ we look at, in ourselves and in our children. But we don’t know which ones are harmful or how to remove them.

“Nobody wants unknown particles accumulating in their body. The field is working in the dark. STOMP is turning on the lights.”

The programme’s three technical focus areas will be split into two phases: first, measurement and mechanism, and second, removal. During phase one, STOMP will design experiments to understand microplastics within the human body, including a clinical test that will quantify individual microplastic burden, to make monitoring and intervention possible at scale.

Madrid – Since confirming on March 24 that they were in negotiations for a potential merger of their respective businesses, Puig and The Estée Lauder Companies have not provided any new official information. The only exception was a statement in which the Spanish company updated its financial calendar at the end of that week. This has not prevented information about the potential merger from being leaked since then, with varying degrees of bias and reliability. It is suggested that a definitive agreement could be announced “in the coming weeks”.

Financial publication Bloomberg provided an update on April 1, citing anonymous sources “close” to both companies. The update concerned the current progress of the merger negotiations between Puig and The Estée Lauder, suggesting that the agreement could be “formally announced in the coming weeks”. This speculation was qualified by a warning that the groups have not yet reached any definitive agreement. Therefore, negotiations for their potential merger remain open, with the possibility that they may not ultimately reach an understanding. It was also noted that Puig has made it an essential requirement for the family to have a significant presence on the board of directors of the post-merger company.

Building on this information, financial publication Expansión reported earlier this week that representatives of the Puig family had travelled to New York. Their aim is to accelerate negotiations for the potential merger of the Spanish group with its US counterpart. It is presumed that Marc Puig is leading the Spanish company's delegation. He stepped down as chief executive officer in early March to exclusively assume the role of executive chairman of the board of directors. The specific objective was to remain, and we quote, “focused on the company's mergers and acquisitions strategy”.

This particular mention cannot be separated from the announcement confirming negotiations with The Estée Lauder, which came just one week after the internal restructuring. It could now be followed by Marc Puig joining the board of directors of The Estée Lauder Companies. This appointment would fulfil the “essential requirement” demanded by the Puig family to approve the deal. However, sources accessed by Expansión indicate that the Puigs are demanding not one, but two seats on The Estée Lauder's board of directors. These seats would be occupied by Marc Puig Guasch, chairman of Puig's board since 2007, and Manuel Puig Rocha, his cousin and vice chairman of Puig's board, also since 2007.

A 50 billion dollar beauty giant

Despite the ongoing doubts about the execution and integration of the deal, which has affected the share prices of Puig and The Estée Lauder differently from the outset, it is already assumed that if the merger goes ahead, it will involve the integration of Puig into The Estée Lauder. It is also ruled out that the group will adopt a new name. This will lead to the de facto disappearance of Puig as an independent company and a benchmark in the luxury fashion and beauty sector. This would be a definitive farewell to its 112-year history. Nevertheless, the family members would try to keep its legacy alive, both from their positions on the board and by leveraging their weight in the shareholding of the “new” The Estée Lauder Companies.

While there is no concrete information on the negotiations, which we reiterate are still open, US investment bank and broker Jefferies has offered its estimates. These estimates cover how the deal is expected to be finalised and how the share capital of the “new” The Estée Lauder Companies might be distributed following the integration of Puig's business. In general terms, the deal would create a beauty giant with a total value of around 50 billion dollars. For the 2027 financial year, the US investment bank projects sales of around 22 billion dollars. It also forecasts an adjusted operating profit margin (EBITDA) of over 20 percent of revenue, following estimated savings of 375 million dollars in general and administrative expenses due to cost synergies between the two groups. These general indicators do not deviate significantly from those already estimated by FashionUnited.

Regarding the unresolved financial terms for Puig's integration into The Estée Lauder, a report from Jefferies on Monday, April 6, 2026, sent to clients and institutional investors, suggests a 30 percent premium on Puig's share price before the merger negotiations were announced. This report was echoed by media outlets such as Europa Press and Cinco Días. This amount would be paid to the shareholders of the Spanish fashion and beauty multinational through a mixed public tender offer. The payment would consist of 20 percent in cash and the remaining 80 percent in shares of the “new” The Estée Lauder Companies resulting from the merger. Under this scenario, the Lauder family would retain 26.7 percent of the company's capital; the Puig family 21.7 percent; current The Estée Lauder shareholders 43.6 percent; and Puig's minority shareholders the remaining 8 percent. It should be noted, however, that the investment bank does not estimate the “real weight” that the members of each family would have after the merger. Both families have always sought to maintain control over their respective groups. The Lauder family holds 84 percent of the voting rights despite owning less than 34 percent of the shares. The Puig family holds 92.96 percent of the Spanish company's voting rights, while retaining 71.7 percent of its share capital after the company's IPO.

A “dual listing” for the “new” The Estée Lauder

In addition to the distribution of board seats, the price of the deal, and the final question of the “real weight” the Puig family would have in the “new” The Estée Lauder, all sources consulted agree on another requirement. It has been stipulated that the post-merger company must have a dual listing. A “dual listing” would allow its shares to be traded simultaneously and in real time on both the New York Stock Exchange, where The Estée Lauder Companies is already listed, and the Madrid Stock Exchange, where Puig is listed.

In this regard, the financial publication Expansión reports that the Puig family is demanding that the shares of the post-integration company be listed in Madrid as well as New York. This would be under the same The Estée Lauder Companies “brand”. This demand is a clear attempt by the Puig family to maintain some effective control over the potential new group. They are trying to avoid being completely absorbed by the US group, especially since it is assumed that the “centre of power” of the resulting company will remain at The Estée Lauder's corporate headquarters in New York.

Sportswear giant Nike is facing a class action lawsuit over its alleged failure to secure consumer information amid a data breach on January 21, 2026.

The suit, filed with an Oregon federal court and reported on by WWD, was brought by complainant Maria Gomez who claimed that the company did not safeguard shopper details stored in its network, including billing addresses, phone numbers, and transaction data.

Nike is also accused of neglecting to notify shoppers to the breach in a timely manner, with those impacted said to have been informed over a month after the incident occurred on February 25.

As a result, Gomez is pursuing a nationwide class action against Nike, and is calling on other individuals affected by the breach to participate.

Lawyers for the complainant said that class action members were “wholly unaware” of the data breach until Nike’s notification was issued. The company is also alleged to have recklessly and negligently failed to take reasonable steps to protect data.

Gomez is seeking a trial by jury, declaratory and injunctive relief, and an award of punitive damages for both herself and other signatories.

In January, Nike was among an increasing number of fashion brands facing cyber attacks; its own initiated by a ransomware group World Leaks that claimed to have leaked data related to the business and its customers.

At the time, Nike said it took “consumer privacy and data security very seriously”, adding that it was “investigating a potential cyber security incident”.

FashionUnited has contacted Nike with a request to comment on the class action.

Madrid – Diplomacy has prevailed over conflict following an announcement made in the early hours of this morning, Central European Summer Time, by US president Donald J. Trump. The statement concerns the armed conflict involving the armies of the US, Israel and Iran since February 28. This crisis appears to be on track according to the American president, who announced a two-week bilateral ceasefire between the US and Iranian armies.

After causing widespread global astonishment with statements the previous day, Trump once again used his official account on Truth to provide updates on the conflict. He had previously warned that an entire civilisation would perish if Iran did not adopt less radicalised positions during a complex moment in world history. On this occasion, his statements were markedly more optimistic as he announced a two-week bilateral ceasefire with Iran. This period will be used to finalise a definitive and long-term peace agreement for the entire Middle East region.

Following conversations with prime minister Shehbaz Sharif and field marshal Asim Munir of Pakistan, Trump agreed to suspend bombings and attacks against Iran for two weeks, provided the Islamic Republic of Iran agrees to the complete and safe opening of the Strait of Hormuz. Trump specified that this will be a bilateral ceasefire, explaining that military objectives have been exceeded and negotiations for long-term peace are well advanced. Regarding these talks, he added that the US has received a 10-point proposal from Iran which constitutes a viable basis for negotiation. The US and Iran have reached an agreement on almost all previous points of contention, though a two-week period will allow the deal to be finalised. On behalf of the US, Trump stated it is an honour that this long-standing problem is close to being resolved.

Safe opening of Strait of Hormuz

In response, Seyed Abbas Araghchi, minister of foreign affairs of the Islamic Republic of Iran, issued an official statement accepting the two-week ceasefire. During this period, the peace agreement will be finalised based on the 10-point proposal and safe passage through the Strait of Hormuz will be guaranteed.

Araghchi expressed gratitude to the prime minister of Pakistan and field marshal Munir for their efforts to end the war. In response to the request from Sharif and the US request to enter negotiations based on its 15-point proposal, Araghchi declared that if attacks against Iran cease, the armed forces will suspend defensive operations. He concluded by stating that for a period of two weeks, safe passage through the Strait of Hormuz will be possible through coordination with the armed forces of Iran.

Great day for world peace

Following the official declarations, Trump again used his Truth account to celebrate the initial understanding. He described the starting point for definitive peace in the region as a great day for world peace and announced that the US will help to ease traffic congestion in the Strait of Hormuz.

Trump declared that Iran wants peace to happen and noted that the US will assist with the traffic build-up in the Strait of Hormuz. He suggested there will be positive action and that Iran can begin the process of rebuilding. The US president warned that the US will remain present to ensure everything goes well, pointing out that this could be the Golden Age of the Middle East.

US-based denim leader Levi Strauss & Co. has reported robust financial results for the first quarter ended March 1, 2026, prompting the group to increase its full-year outlook. The company saw broad-based growth across all regions and channels, bolstered by its strategic pivot toward a direct-to-consumer (DTC) denim lifestyle model.

Quarterly revenue and regional performance

Net revenues reached 1.7 billion dollars, representing a 14 percent increase on a reported basis and 9 percent on an organic basis compared to the first quarter of 2025. This performance was supported by a double-digit rise in international markets.

In Europe, net revenues grew 24 percent on a reported basis and 10 percent on an organic basis. Asia followed with a 13 percent reported increase, while the Americas saw a 9 percent rise. Within the US market, revenues increased by 4 percent. The group’s activewear brand, Beyond Yoga, also performed well, seeing a 23 percent increase in net revenues.

Channel evolution and digital growth

The company’s shift toward a direct-to-consumer (DTC) model remains a primary growth engine. DTC net revenues rose 16 percent on a reported basis, now accounting for 52 percent of total net revenues for the quarter. Within this channel, e-commerce grew by 21 percent, while DTC comparable sales saw a 7 percent increase.

Wholesale net revenues also performed better than anticipated, rising 12 percent on a reported basis. Levi Strauss president and chief executive officer, Michelle Gass, noted during the earnings call that the wholesale segment is benefiting from increased partner investment in women’s categories and tops, which remain under-penetrated areas for the brand.

Profitability and shareholder returns

Net income from continuing operations rose to 177 million dollars, up from 140 million dollars in the previous year. Adjusted diluted earnings per share (EPS) reached 0.42 dollars, surpassing initial guidance.

During the quarter, the group returned 214 million dollars to shareholders through 54 million dollars in dividends and a 200 million dollars accelerated share repurchase program. The company has also completed the divestment of its Dockers business, which is now reported under discontinued operations.

Leadership transition and future outlook

The company announced that executive vice president and chief financial and growth officer, Harmit Singh, will retire after a successor is appointed. Singh will remain as a special advisor during the transition.

Reflecting on the positive start to the year, the group has adjusted its fiscal 2026 guidance. Reported net revenue growth is now expected to be between 5.5 percent and 6.5 percent, while organic growth is projected at 4.5 percent to 5.5 percent. Adjusted diluted EPS has been raised to a range of 1.42 dollars to 1.48 dollars.

"Our strategic transformation is translating into higher returns and more profitable growth," Singh stated. The updated guidance accounts for potential macro-economic pressures and assumes import tariffs from China remain at 30 percent and rest-of-world at 20 percent.

Under its premiumisation strategy, the group continues to focus on full-price selling and innovation, with its high-end Blue Tab line seeing a 40 percent increase in the quarter.

The UK government has officially launched the Fair Work Agency (FWA), an organisation designed to protect workers’ rights and ensure accountability from businesses required to follow employment laws. Its formation addresses a system that has been historically fragmented, providing both workers and employers with a single entity to turn to regarding workplace rights.

Context and backdrop

The UK fashion supply chain is currently undergoing a profound transformation. For years, domestic garment manufacturing has struggled in the throes of fragmented labour enforcement and widespread allegations of worker exploitation. In hubs like Leicester, historical debts owed to underpaid workers were estimated to reach 125 million pounds, with workers collectively denied up to 2.1 million pounds a week at the peak of illegal pay practices, a report by Labour Behind the Label stated.

The industry is therefore pushing for revitalisation. Leicester, for example, is currently serving as the pilot for the UK Textiles Renewal Project, driving a regional rebrand to establish the city as a high-tech, high-volume manufacturing cluster. To support this, a major 2026 apprenticeship intake is working to close the local skills gap. In this context, digital product passports (DPPs) and total supply chain transparency are now non-negotiables, moving the local industry into an era of stringent accountability and technological renewal.

What is the Fair Work Agency?

It is in this backdrop that the FWA has been established. The organisation brings together several existing groups, such as HMRC’s National Minimum Wage Unit and the Gangmasters and Labour Abuse Authority, under one roof. Their collective goal is to streamline strategy and improve efficiency, following a mandate to support compliant businesses through guidance and take action against employers who exploit workers.

The agency itself will retain the power to inspect workplaces, issue civil penalties, and recover unpaid wages for issues like the minimum wage and statutory sick pay. Ultimately, the aim is to level the playing field so that ethical, responsible fashion manufacturers can thrive without being undercut by illegal operators.

How is it rolling out?

The rollout of the FWA is taking a phased approach following the passing of the Employment Rights Act 2025. From April 2026, the agency will enter a transitional year after its establishment as it brings together multiple bodies under a single leadership structure. During this period, HMRC will continue to enforce the National Minimum Wage under a contracting arrangement with the FWA.

From 2027, the HMRC National Minimum Wage unit will fully integrate into the FWA. The agency will also expand its remit to enforce holiday pay and statutory sick pay.

In April 2027, the FWA is expected to publish the first Statutory Enforcement Strategy and, after the end of the 2027/28 financial year, the first Statutory Enforcement Annual Report, which will set out how the organisation has delivered against the priorities in the initial strategy.

How are industry organisations responding?

The consolidation of the agency has been largely welcomed by ethical manufacturing advocates who view it as a necessary step to secure public and brand trust.

Jenny Holloway, chief executive officer of Fashion-Enter and chair of the Apparel and Textile Manufacturers Federation (ATMF), highlighted the importance of the agency for the sector’s growth, particularly amid the unification of Leicester factories, which requires a streamlined approach for compliant businesses.

“As we work collaboratively to bid for public procurement contracts, it is essential that enforcement bodies have confidence in the factories they engage with,” Holloway added.

Labour Behind the Label also views the formation of a single entity as a positive step forward towards worker accessibility and centralised support. In doing so, the organisation views the agency as a vital tool in tackling the “culture of fear” prevalent in sectors like fast fashion manufacturing, with the focus on high-risk sectors emerging as a targeted approach to addressing long-standing issues, like the National Minimum Wage gap in manufacturing hubs.

The organisation did note, however, that these positive points will only influence real change if the agency is “properly resourced”, maintains a “firewall” from immigration enforcement, and moves beyond “supporting” employers to “robustly penalising” the brands that drive the low-cost model.

Its concern revolves around the ‘Brand Accountability Gap’, with current enforcement heavily targeting individual factories rather than the fast fashion brands dictating terms. In its current state, brands are able to use their purchasing power to demand low prices and short timeframes, driving exploitation while evading legal accountability.

Additionally, labour enforcement is linked to immigration control, which Labour Behind the Label states acts as a deterrent for migrant workers to report abuses out of fear of deportation. The organisation is calling for a strict separation between employment rights enforcement and immigration enforcement so workers can safely report exploitation.

Madrid – This marks the latest chapter in the turbulent decline of the Spanish bridal fashion group Pronovias, a journey that began with its sale by Alberto Palatchi in 2017 to the British private equity fund BC Partners. This transaction is seen as the root of the financial difficulties the company has since faced. Pronovias is now on the brink of filing for insolvency and is embroiled in a bidding war, with notable offers from fellow Spanish company Desigual and the US investment fund Enduring Ventures.

To provide some context, the current owners of the Pronovias group made unsuccessful efforts to relaunch the company. The company has been owned since December 2022 by private equity firms Bain Capital and MV Credit, the latter of which was acquired in September 2024 by the US firm Clearlake. In late November 2025, Pronovias' owners initiated a determined process for the sale of the company. This process, led by the international financial group Rothschild, ultimately failed. This led the bridal fashion company's owners to adopt a new strategy to achieve their goal of a complete divestment from Pronovias' capital.

In pursuit of this goal, initial reports emerged in late January 2026 that Bain Capital and Clearlake had decided to seek a judicial 'pre-pack' administration to both accelerate and finalise the sale of Pronovias. This procedure was justified by the bridal group's looming insolvency. Under the supervision of the Commercial Court No. 9 of Barcelona, the professional services firm FTI Consulting was appointed as the independent expert to oversee the initial phase of the process. For this phase, the group's owners also agreed to dismiss Cristina Alba Ochoa, who had been chief executive officer since July 2025. From late 2025, the company was placed in the hands of Abencys, a law firm specialising in corporate restructuring. Specifically, it was managed by a team including Esther Alfonso, Antonio Arenas, and Luis Martín, the founding partner of Abencys, who was then appointed as the new chairman of the Pronovias group.

Binding offers from Desigual and Enduring Ventures

As part of this initial 'pre-pack' (pre-insolvency process) phase, various investment funds and interested companies have submitted offers to take control of the company since FTI Consulting's appointment as an independent expert. According to the business publication El Economista, FTI Consulting's timeline was to conclude the offer submission process in the last week of March. This was to be followed by a two-week period for interested parties to conduct due diligence on Pronovias' accounts, a phase that has now reportedly concluded.

FTI Consulting is now reportedly finalising its analysis of the various proposals received for Pronovias, a process expected to take only a few more days. Once a decision is reached, it will be communicated to the group's management. Among the proposals, the binding offers submitted by the Spanish fashion firm Desigual and the US investment fund/holding company Enduring Ventures are considered the frontrunners.

Once FTI Consulting selects the best offer for Pronovias, the company's management will proceed with the standard steps for such a process. They will file for voluntary insolvency proceedings, attaching the offer from the chosen bidder. This will initiate the second phase of the 'pre-pack', which should conclude with the accelerated sale of Pronovias' business unit to the selected group/fund, following judicial approval.

Desigual poised to acquire Pronovias

According to the same sources, Pronovias concluded its last full financial year in 2025 with total annual sales down to 88 million euros (101.8 million dollars), a 15.38 percent year-over-year decrease, and a negative EBITDA of -9 million euros. These key economic indicators from a loss-making fiscal year reinforce the negative trend the company has experienced since 2019. That year marked a turning point in its performance. Since then, Pronovias has seen a general decline in sales across distribution channels. Wholesale sales fell from 103 million euros to 40 million euros, a 61.17 percent drop, while retail sales decreased from 50 million euros in 2019 to 35 million euros in 2025, a 30 percent decline. In the retail sector, the company continues to operate through 47 of its own stores, 26 of which are in Spain.

For 2026, based on information also reported by El Economista, Pronovias forecasts sales of around 79 million euros, a 10.22 percent decrease, but with a positive EBITDA of approximately 8 million euros. Desigual may have first-hand knowledge of these forecasts. In mid-February, reports emerged, though unconfirmed by the company, of the return of Marc Calabia to Desigual. Calabia was CEO of Pronovias from September 2023 to September 2025 and was previously with Desigual from 2013 to 2018. He was said to have returned as its new product director. We reiterate that this position has not been confirmed by Desigual or Calabia to date. It remains to be seen if this was a preliminary step by Desigual and its founder and chairman, Thomas Meyer, before bidding for control of the Pronovias group. Other industry players, such as Barcelona-based Rosa Clará, were also reportedly interested in the acquisition. However, unlike Desigual and Enduring Ventures, Rosa Clará did not submit a binding offer for its long-standing rival.

Just days after a historic visit from a delegation of nine MEPs, Beijing published new national strategic guidelines on Monday, April 6, 2026. Amidst reinforced customs duties and a push for “harmonisation with international rules”, China is reforming its ultra-fast fashion model, which has become a major issue in economic diplomacy.

Trigger: explosion of small parcels and safety scandal

The conflict reached a climax in March 2026 following the publication of staggering figures. 4.6 billion parcels were sent to the EU in one year, with 91 percent originating directly from China.

Beyond the sheer volume, non-compliance served as political leverage for the European delegation. Tests by France's consumer fraud authority, the DGCCRF, revealed critical results. 70 percent of the products tested did not comply with European standards, and 45 percent were deemed dangerous due to toxicity or choking hazards.

Negotiation: three pillars of normalisation

The European delegation, led by MEP Anna Cavazzini, demanded concrete guarantees in exchange for continued access to the single market:

• Legal liability: Platforms are now accountable for the products they list and face massive fines.
• Source control: Beijing commits to screening exports before they leave Chinese territory.
• Algorithmic transparency: Increased protection against “deceptive designs” and content unsuitable for minors on Shein and Temu.

Concrete impacts: end of the digital wild west

The economic model of Chinese ultra-fast fashion, based on the avoidance of taxes and standards, is ending in favour of a more institutional framework.

Before April 2026, the model was opportunistic. The sector benefited from a customs exemption (the de minimis rule for shipments under 150 euros). Responsibility rested with third-party sellers, who were often untraceable, and random checks were performed on billions of small parcels shipped by air.

After April 2026, it is the era of compliance. The new framework imposes a fixed tax of 3 euros per item and processing fees. The platform becomes the sole legally responsible party. To reduce costs, companies are encouraged to establish “local supply bases” in Europe. Inspections are officially tripled and will rely on AI to certify textile composition.

Beijing’s response: advent of fast track

Faced with pressure from Brussels, Beijing has chosen to turn this constraint into a national strategy. According to the official document published by the state news agency Xinhua, several Chinese ministries have joined forces to launch directives aimed at “strengthening the role of e-commerce in supporting the real economy”.

China now proposes creating pilot zones where international standards will be applied directly at the factory. To ensure this compliance, Beijing is relying on technological innovation, particularly through the deployment of AI-certified scanners like the Fastsort-Textile. This tool can instantly identify fibre composition, enabling product quality validation before shipment.

The Chinese government now advocates for “greater harmonisation with international rules” and aims to transform its e-commerce into a “fast track” for high-quality products. This initiative, dubbed “Silk Road e-commerce”, also seeks to facilitate the entry of European goods into the Chinese market to rebalance the trade balance.

Forward-looking analysis: towards compliance fashion

As researcher Chen Bo, quoted by the Reuters news agency, points out, these measures are a “constructive step forward”. For platforms like Shein and Temu, the choice is now between full normalisation, by respecting health and tax standards, or facing a gradual block from the European market. The MEPs' visit marks the end of the regulatory “grey area”, where the fashion of tomorrow will, by necessity, be one of compliance.

The American Apparel & Footwear Association (AAFA) has filed a legal complaint challenging the implementation of California’s Responsible Textile Recovery Act of 2024, marking a significant development in the rollout of the US’s first extended producer responsibility (EPR) scheme for textiles.

The complaint targets regulator CalRecycle, arguing that its initial designation of a Producer Responsibility Organisation (PRO) does not meet the statutory requirements set out under SB 707.

The act itself intends to establish a framework requiring producers to take responsibility for the collection, reuse, repair and recycling of textile products at end of life. A central element of the system is the PRO, an industry-led body responsible for coordinating compliance and infrastructure development.

Earlier this year, CalRecycle appointed Landbell USA as the leading body for the act, tasking the organisation with overseeing the management and stewardship of regulated textile products in California. Landbell is thus responsible for developing a Producer Responsibility Plan, while CalRecycle will oversee annual progress reports submitted by the nonprofit.

According to AAFA, however, the selected PRO fails to meet key criteria outlined in the legislation, including being producer-formed, having a representative board, operating as a non-profit, and maintaining robust financial controls.

In a statement on LinkedIn, Stephen Lamar, president and CEO of AAFA, said the organisation had worked closely with stakeholders and legislators to shape the law into a “strong and productive” framework for textile circularity, but had “no recourse” but to challenge the decision. He added that the complaint is intended to be narrow and resolved quickly to avoid delays in implementation.

AAFA emphasised that the design of the PRO will play a critical role in directing investment into recycling infrastructure and enabling producers to meet regulatory obligations, as well as supporting product redesign for circularity.

Klekt, Europe’s sneaker and street culture marketplace, has announced that American sneaker designer, collector, and entrepreneur Sean Wotherspoon has invested in the platform, which was acquired by Belfast-based fashion technology firm Responsible in November 2025.

In a statement, Klekt said that Wotherspoon would be investing an undisclosed sum in the platform and joining as its new chief community curator to help guide Klekt’s “cultural direction and community initiatives”.

Commenting on the news, Wotherspoon said: “Klekt has always felt very rooted in the real sneaker community, and that’s what drew me in. It’s really all about storytelling, and the people and culture behind those stories.

“I’m excited to support the team as chief community curator and help build the next chapter of Klekt.”

On his own social media, Wotherspoon added that the collaboration would be a “multiple-year” partnership, and that his role would be “to find ways to expand the platform, while also powering the community…and reminding everyone why we love sneakers”.

The move comes ahead of Klekt launching a community crowdfunding campaign on April 8 on Republic as it looks to expand beyond sneakers into a broader resale marketplace spanning streetwear, collectables, and circular commerce.

The campaign marks the next phase of Klekt’s evolution under Responsible, the company that powers circularity platforms for brands and retailers, which has ambitions to build a global marketplace centred on community, culture, and the growing resale economy.

Mark Dowds, chief executive at Responsible, added: "Klekt has always been about more than just transactions and numbers. It's about the culture and the community around sneakers.

“With Sean joining and the community playing an even bigger role in the future of the platform, we're excited to take Klekt into its next chapter across new categories and new geographies."

Labour Behind the Label has warned that widespread labour exploitation persists across the UK’s fashion supply chains, despite planned reforms aimed at improving worker protections. In a new briefing, the organisation outlines the scale of non-compliance in the UK labour market, particularly in fast fashion production.

Citing research from Resolution Foundation, the report highlights that 32 percent of low-paid workers are underpaid, while 900,000 workers miss out on paid holiday entitlements. A further 1.8 million workers do not receive payslips, limiting their ability to verify wages, and one in five workers report workplace discrimination.

The report argues that exploitation is driven by systemic issues, including insecure employment, subcontracting, and weak enforcement. Workers in sectors such as garment manufacturing face heightened risks, particularly migrants and those on precarious contracts, who may be reluctant to report abuses due to fear of retaliation or immigration consequences.

Labour Behind the Label welcomes the introduction of the UK’s planned Fair Work Agency, launching today, which will consolidate enforcement functions currently spread across multiple bodies. The agency is expected to introduce stronger inspection powers, recover unpaid wages, and provide a single access point for workers seeking support.

However, the organisation warns that the agency’s effectiveness will depend on sufficient funding, stronger collaboration with trade unions and local stakeholders, and a more proactive enforcement approach. It also calls for a separation between labour enforcement and immigration control to encourage reporting of abuses.

Beyond enforcement, the report highlights a “brand accountability gap,” arguing that fast-fashion business models, characterised by low prices and tight production timelines, continue to drive illegal labour practices within supply chains. To address this, Labour Behind the Label is calling for mandatory human rights and environmental due diligence legislation, requiring companies to take legal responsibility for conditions across their supply chains.

In 2017, the Kering group announced its intention to reduce its emissions by 50 percent by 2025 through optimisation and offsetting. Nine years later, in 2026, the industry no longer aims to reduce its footprint; it is transforming carbon into a resource. This marks a paradigm shift, with fashion moving from the realm of textiles to that of Climate-Tech.

Historically, fashion has always been an extractive industry. Fibre is created by cultivating crops, felling trees, or pumping oil. The model emerging in the first half of 2026, as reported by Science et Vie, is driven by players like the Californian startup Rubi Laboratories. It proposes a more radical departure: industrial photosynthesis.

End of extraction: industrial-scale biomimicry

Where the Kering group was exploring alternatives like mushroom leather as early as 2017, Rubi Laboratories is now industrialising an enzymatic process capable of converting captured CO2 into high-purity cellulose.

Mechanism

By replicating the life cycle of a tree in modular bioreactors, the technology creates a lyocell (cellulosic fibre) without felling any forests.

Competitive advantage

Unlike previous innovations that required a complete overhaul of factories, this "air-made" fibre is compatible with existing spinning infrastructure. This interoperability is the key factor that has convinced 15 global giants, from fast fashion (H&M) and accessible luxury (Ganni) to outdoor wear (Patagonia).

Venture capital redefines value: from brand to infrastructure

The analysis of financial flows in the first quarter of 2026, marked by a total volume of 620 million dollars raised, confirms a paradigm shift. Fashion is no longer valued by the markets as a simple retail business, but as a genuine technology sector.

Venture capital funds are now shifting their focus from brand image and wholesale margins to artificial intelligence, supply chain optimisation, and unit economics. This transformation shifts asset value from design and physical store networks to intellectual property and software infrastructure. Consequently, the most innovative fashion companies now benefit from high valuation multipliers comparable to those in the SaaS or DeepTech sectors. This contrasts with the historically low multiples of this cyclical industry.

The investment of prestigious funds like Andreessen Horowitz (a16z) and Khosla Ventures, historical Silicon Valley "heavyweights", in promising startups such as Phia (AI) and Rubi (Climate-Tech) proves that profitability is no longer found in creating fleeting trends. It now lies in technologically solving the sector's structural inefficiencies, whether overproduction, traceability, or pollution.

Renewcell's crash: a lesson from the industrial "Valley of Death"

While the enthusiasm is real, the spectre of the Swedish company Renewcell (which went bankrupt in 2024 despite H&M's support) looms over the sector. The challenge for Rubi and its peers is not scientific; it is primarily logistical.

Price parity

To move beyond the "sustainable capsule" niche, CO2-textile must achieve price parity with conventional viscose.

Modularity

Rubi's approach of using deployable units where CO2 is emitted seems more resilient than the centralised giant factory model that led to Renewcell's downfall.

Prospective analysis: towards a "decentralised fashion"?

The evolution from Kering's 2017 plan to the 2026 funding rounds shows a shift from responsibility to resilience.

2017 was about measurement. With its EP&L tool, Kering measured the damage to better limit it. At that time, sustainability was seen as a necessary cost centre and a major reputational issue. The primary goal was to offset existing impacts.

2026 is about change. Sustainability is now becoming a profit centre. Companies like Quince (valued at 10.1 billion dollars) and Rubi are using AI and biotech to physically eliminate waste and virgin raw materials. It is no longer a constraint but the very engine of profitability.

Will tomorrow's "Fashion Score" be technical?

For executives, the implication is significant. The value of a fashion company in 2026 is no longer measured solely by the desirability of its logo, but by the intellectual property within its value chain.

The transition of CO2 from a "greenhouse gas" to a "raw material" could well mark fashion's entry into the era of bio-manufacturing. Brands that do not own or have privileged partnerships with these disruptive technologies risk being marginalised in a sector where regulation and the cost of virgin raw materials will become prohibitive.

A number of US retailers, including Walmart and REI, have signed letters of support for Unspun’s plan to build automated apparel manufacturing hubs in the US using AI-enabled 3D weaving technology.

The initiative aims to bring production closer to consumers at a commercial scale, supported by supply chain partners such as Bethel Industries, Peckham and PDS Ltd / GSC Link. Unspun is currently evaluating sites across multiple US states, with initial production expected in the near term.

Backed by more than 50 million dollars in venture funding, Unspun’s proprietary technology enables garments to be woven directly from yarn in minutes, replacing traditional cut-and-sew processes with a single automated system. The model aims to shorten production timelines from months to days, reduce excess inventory, and improve margins by limiting markdowns.

In a statement, Arne Arens, who was appointed CEO of Unspun in March, said: “We are not exploring whether domestic apparel manufacturing can work. We are building it. Our clients are looking for a new production model because they see the economics: manufacturing closer to the customer, responding to demand within the same season, and creating skilled American jobs in the process.”

Walmart’s VP, apparel production development, Avishnash Bhasker, added: “Our customers are proud to buy apparel made in America, and the demand keeps growing. We are excited about Unspun’s commitment and effort in helping rebuild domestic manufacturing capability that is faster, smarter, and designed for how customers actually shop.”

A US district court has denied attempts by Abercrombie & Fitch, operating as Hollister, to compel arbitration in a consumer lawsuit alleging deceptive pricing practices, allowing the case to move forward as a potential class action.

The lawsuit, filed with the US District Court of the Southern District of California, centres on claims that Hollister misled consumers through “strike-through” pricing on its website, displaying higher reference prices that allegedly did not reflect genuine prior prices.

The plaintiff, Rebeka Rodriguez, purchased a T-shirt for 6.99 dollars that was advertised as discounted from 14.95 dollars, arguing that the higher price was artificially inflated to create the appearance of a deal.

The complaint was brought under California consumer protection laws, including false advertising and consumer remedies statutes, and seeks to represent a broader class of shoppers who purchased discounted items under similar conditions.

In its ruling, the court rejected the retailer’s effort to move the dispute into arbitration, finding that customers were not given sufficiently clear notice that completing a purchase would bind them to arbitration terms. As a result, the court also denied motions to dismiss the class claims and to stay the proceedings.

The decision keeps the focus on the underlying allegations of deceptive pricing, a practice that has faced increasing scrutiny across the retail sector. Cases typically determine whether reference prices reflect actual, recent selling prices or are used primarily as a marketing tactic to drive conversions.

With arbitration denied, the case against Hollister will proceed in court, potentially increasing legal exposure for the retailer and adding to ongoing regulatory and legal pressure around promotional pricing transparency in e-commerce.

Shoe brand Minelli has once again been placed into administration, two and a half years after a similar procedure led to the brand's acquisition, according to a court document seen by AFP, confirming a report by L'Informé.

Minelli had been in a safeguarding procedure since September, which was converted into administration in March by a ruling from the Paris commercial court. This decision means the company is now officially insolvent.

A fragile rescue in 2024

Founded in 1973, the leather goods and footwear brand had already been placed into administration in September 2023 by the Marseille commercial court.

It was then saved by a consortium of three buyers—investors associated with the clothing brand “Mes Demoiselles Paris”—who integrated it into a new entity, “Maison Minelli”. This structure is now facing difficulties after a six-month observation period during the safeguarding phase.

Persistent losses and an unprofitable network

The brand has so far failed to turn things around. It reported a loss of 3.7 million euros (4.27 million dollars) in its last published financial year (2024-2025).

According to the previous safeguarding ruling seen by AFP, “around ten of the stores taken over” by the new owners “are proving to be unprofitable”. The 2024 rescue also came at the cost of significant social restructuring, with the workforce reduced from 600 to fewer than 200 employees.

A sector in the midst of a domino effect

Minelli joins the growing list of fashion brands that have entered administration in France over the past two years, such as Claire’s, Jennyfer, Okaïdi and IKKS.

The sector is particularly suffering from the erosion of purchasing power and aggressive competition from low-cost Asian platforms, such as Shein or Temu, which are saturating the clothing and accessories market.

In today’s digital era, where many brands are born and grow through social media, physical retail continues to play a strategic role in the fashion business. However, far from being an immediate step, opening a store usually responds to a combination of factors: brand identity, customer knowledge and an active community that supports that decision.

In Yucra’s case, this journey was not only defined by her development as a designer, but also by her connection to a family tradition deeply rooted in artisanal production in Peru.

This article is part of “The Do’s and Don’ts,” a FashionUnited editorial series that gathers insights from industry professionals to explore, from a practical perspective, the most common successes and mistakes in key fashion business decisions.

From online to physical retail

Yucra is a third-generation descendant of Indigenous women artisans. Her family built a textile business in Lima over several decades. After studying fashion in the United Kingdom, she returned to Peru in 2018 and joined the family business, initially with a more experimental approach. “The brand was my baby,” she recalls.

The designer went through different stages of commercial validation, where each instance functioned as a testing ground before opening her store.

Her first approach to physical retail came through a partnership with department store chain Falabella, where she worked under an unusual model: maintaining control of her production within her own workshop. This experience allowed her to understand key retail dynamics, such as product rotation and the importance of inclusive sizing, incorporating a broader offering from the outset.

She later developed a series of pop-ups over several years. These temporary spaces not only served as sales channels but also as opportunities to observe customer behavior: what they were looking for, how they shopped and what they needed from the physical experience.“Each pop-up gave us information,” she explains. From stock levels to spatial design, everything was gradually refined.

The role of community

The final decision to open a physical store did not come solely from a business standpoint, but from direct demand from her community.

“They were asking for a space to try on the garments,” she says. The digital experience was not enough: contact with the product and the brand universe required a physical environment. Another key factor was tourism. Many international clients traveled to Peru with the intention of purchasing her pieces, further reinforcing the need for a permanent retail space.

The Do’s

The Don’ts

What should be considered?

Opening a physical retail space involves integrating multiple dimensions, from brand identity to daily operations.

For Yucra, one of the key learnings was understanding that retail requires structure: stock control, sales systems, return policies and internal organization. Additionally, the store does not operate in isolation, but in dialogue with digital channels. In her case, the retail space helped centralize operations, improve logistics and organize inventory.

Another crucial aspect is choosing the right format. Not every brand needs to be in a shopping mall or large retail chain. Independent spaces, collaborations or non-traditional locations can be more aligned with a brand’s identity.

Real cases

Yucra’s journey shows that there is no single path to physical retail. From collaborations with major retailers to pop-ups, each stage provided concrete learnings that later translated into more informed decisions.

Her current store, located in a gallery on the traditional Petit Thouars street in Lima, functions not only as a retail space but also as a way of revaluing a historic artisan circuit. The space also creates a dialogue with its surroundings: visitors who come to the store often explore the area, integrating the shopping experience with its cultural context.

Key takeaway

Opening a physical store is not just a commercial expansion, but a natural evolution of the relationship between a brand and its community.

In summary:

Physical retail works when it is the result of a process, not the starting point. Annaiss Yucra’s final reflection encapsulates her experience: “Yes: I believe in my product—my product will find its place.No: I won’t put barriers on myself when it comes to finding my place in this world.”

As tulips begin to bloom in the valleys and trees start to bud, the winter high season returns to the mountains. At Easter, snow enthusiasts travel to the mountains one last time to enjoy the final runs of the season.

What is the current state of the ski and snowboard market? For decades, the health of the industry could be reliably gauged at the Ispo sports trade fair in Munich, which was long dominated by winter sports. This has changed significantly in recent years. The number of exhibitors in this category has decreased year after year. The large mega-booths of market leaders have given way to smaller formats, until hardly any brands remained and hardware almost completely disappeared. Has the industry already bowed out in the face of rising temperatures due to climate change?

Ski market is growing

“It is not as many always claim: ‘There is no more snow, and therefore people are not skiing as much’. That is not true,” contradicts Hans Taubenberger, founder and managing director of the German premium ski label Toni Sailer Sports. Martin Lien, chief commercial officer at the Norwegian freeski and outdoor provider Norrøna, even identifies a “growing interest in skiing in many countries”.

Intersport Austria, for example, reported an “exceptionally positive” winter business for 2025/26 in its January interim report, with a 6 percent increase in turnover year-over-year. The driving forces were ski rental (up 12 percent) and the sale of skis and ski boots (up 22 percent). Alpine winter sports are therefore not in decline, but are undergoing a profound reorganisation or a “phase of renewal”, as Stefano Saccone, brand president at the Swedish ski and outdoor brand Peak Performance, puts it.

Transformation of the ski market

What exactly is being reorganised? A look at the ski regions provides some insight. “Skiing has become extremely expensive in recent years and is affordable for fewer and fewer people,” explains Hans Taubenberger of Toni Sailer. A ski pass now costs between 50 and 100 euros per day per person. This is in addition to increased accommodation and food costs, as well as the cost of equipment.

Fewer people and families can or want to afford a ski holiday. Skiing is therefore losing its importance as a mass sport and family event. It is increasingly positioning itself in the premium segment with greater internationalisation and a growing focus on affluent target groups.

Additionally, the sport is increasingly shifting to high-altitude, snow-sure destinations such as Zermatt, St. Moritz or Lech Zürs am Arlberg. These locations combine several success factors: reliable snow conditions despite climate change; continuous investment in infrastructure; and a diverse range of experiences that extend far beyond skiing, from luxury hotels and culinary offerings to high-end retail. The latter is now often located directly within luxury hotels.

Smaller, lower-altitude ski resorts, on the other hand, face a long-term threat to their existence due to a lack of guaranteed snow, the high cost of artificial snowmaking and a lack of investment. Growth is therefore no longer driven by volume but by value.

Retail is also restructuring

This shift is clearly visible in retail. “The number of retailers in the lowlands has changed significantly,” Taubenberger continues. “In medium-sized towns and outside of ski resorts, there are fewer and fewer retailers buying skiwear.”

While the company supplied around 20 retailers throughout Germany a few years ago, today it only serves the five major key accounts, such as Sport Schuster in Munich and Breuninger in Stuttgart. At the same time, turnover has clearly shifted: Toni Sailer Sports now generates 80 percent of its turnover in ski resorts and only 20 percent in cities. “There has been a major shift,” says Taubenberger. The growing e-commerce business is further reinforcing this trend.

Regional decoupling secures value retention

This development even has its advantages. Skiwear has long been out of sync with the seasonal rhythms of retailers outside of ski resorts. While the first markdowns are already happening in the lowlands before Christmas because the spring collections are about to arrive, the winter season is only just beginning in the ski resorts.

Shops in ski destinations have long complained about these distorted competitive conditions. This regional shift in the retail structure makes it more likely that ski products will retain their value for longer. The aim, however, remains to deliver the goods as early as possible.

Taubenberger says: “We deliver very early. The goods are available at the beginning of September.” He even calls the early delivery date a “secret to success”. In high-altitude areas, the ski season often starts in the autumn, or skiing is even possible all year round thanks to glaciers. Those who already have new stock in their shops at that time can build up a good turnover cushion right at the start of the season.

“We had a cold snap at the end of September and sold well. That immediately creates a positive atmosphere,” he reports on the course of the current season.

New competitors reflect market attractiveness

The continued appeal of the ski market is demonstrated by the many fashion brands that now regularly present ski capsule collections. These range from luxury houses like Louis Vuitton, Prada and Dior to the fashion retailer H&M. Other brands collaborate with ski legends, such as Ferragamo with Alberto Tomba, or open their own stores with ski capsules in ski resorts, as Loro Piana recently did in Cortina d’Ampezzo.

Hans Taubenberger, whose company is currently celebrating its 20th anniversary, welcomes this competition. “When such brands invest in ski collections, it shows that it is an interesting segment. We are relaxed because we are much more functional and have many years of experience.”

Other ski brands share this view. Stefano Saccone of Peak Performance says: “The more brands that enter this area, the more the relevance of the segment is underlined.” He is not so much talking about fashion brands entering the ski market, but rather about a growing differentiation within it.

“While traditional brands continue to shape the industry, we are seeing an influx of newcomers, especially in piste skiing, who bring a fresh aesthetic and tap into the growing, lifestyle-oriented consumer base.” It is precisely this increasing number of newcomers he is referring to when he speaks of “the phase of renewal” mentioned earlier.

Differentiation of the sport

This specialisation and the emergence of new brands originate from within the sport of skiing itself. Martin Lien of Norrøna elaborates: “We often talk about the ‘strong ski culture’ with which we identify. In reality, however, we encounter a multitude of different subcultures, each with its own interests, perspectives, identity markers, opinions, desires, needs and visions.”

There are elite athletes; ski touring enthusiasts, with and without ice axes or crampons; classic piste skiers; snowboarders; freeskiers; and those who like to take the lift to the summit but then hike 200 vertical metres with skins before descending back into the valley through deep powder. They all have different technical requirements for their clothing, which sometimes needs to be as light and breathable as possible, and at other times, such as when riding a lift, requires more insulation.

And to design. Even the pioneering snowboard brand Burton, which revolutionised skiing in the late 1970s with the commercialisation of the snowboard and reinvented it for a young target group, recognises this evolution and creates its own lines for new audiences.

“Our designs are driven by how riders want to look and feel. An example is our [ak] line (named after Alaska), which became a standalone collection in 2000 to provide our top big-mountain riders with super-technical gear. [ak] was born out of necessity: riders pushing deeper into the backcountry needed technical gear with an added style that represented them as snowboarders,” explains Mike Gratz, creative director of product at Burton Snowboards.

Back to nature as a counter-trend

Ultimately, the increased interest in off-piste skiing can also be seen as a reaction to the traditional ski world. Those who are no longer willing to pay high prices for lift passes every day and want to escape the classic ski scene on the pistes are looking for alternatives, and finding them away from the groomed slopes.

“Skiing in untouched snow has always been the holy grail of the ski world, but it is now more popular than ever. The queues at the lifts in popular ski resorts are getting longer, and the prices for lift passes are rising. This, combined with a general trend of seeking peace and harmony in nature, clearly shows that backcountry skiing in its many forms will continue to grow in popularity,” says a convinced Martin Lien of Norrøna. Norrøna therefore not only supports its target group with the right equipment but also offers guided tours to untouched, spectacular ski areas in Norway and many other countries.

The backcountry thus becomes the antithesis of classic ski tourism: less infrastructure, less consumption, but more personal responsibility, natural experience and authenticity. It is also “in many ways the opposite of the digital world,” adds Stefano Saccone of Peak Performance. In all its different forms, from freeriding to ski touring, this area is developing into a dynamic segment of winter sports.

Olympics: a showcase for the sport

The question remains as to whether and how the Winter Olympics in February contributed to the interest in skiing. From the perspective of ski brands, they play an important role in the visibility and emotional appeal of winter sports.

“Major international events are incredibly important to us, not just as a company, but for the sport of snowboarding as a whole. Every four years we have a unique opportunity to show the world what it really means to be a snowboarder,” says Mike Gratz of Burton. “They are an international celebration and a showcase for winter sports,” adds Martin Lien of Norrøna, even if this can rarely be measured in concrete sales growth.

The fashion industry also used the Winter Olympics to put itself in the spotlight, much like it did at the 2024 Summer Games in Paris. Numerous collaborations and sponsorship deals with teams and top athletes show how much fashion companies now see sport as a stage, and the extensive media coverage of the athletes' outfits proves them right.

It is therefore unlikely that winter sports will prematurely succumb to climate change.

Fashion for Good has launched the Mass Balance Demonstrator, a new collaborative industry initiative to implement and scale a chain-of-custody system that traces biomass-based PET through textile supply chains. 

The project is part of the global innovation platform's broader goal of accelerating decarbonisation across the apparel sector. Today, biosynthetic materials remain a small fraction of projected textile output for 2030, held back by underdeveloped commercial infrastructure, low production volumes, and high costs. 

Mass balance attribution (MBA) offers a practical bridge in the meantime. Borrowed from industries such as renewable energy and sustainable forestry, the MBA is a chain-of-custody production model that allows renewable and fossil-based feedstocks to be mixed within the same production system. The amount of renewable input is measured, recorded, and independently verified, and a proportional share is then allocated to the final output, in this case, biomass-attributed PET, though the model can apply to other fibres, such as nylon. 

Importantly, this does not mean every product physically contains renewable material; rather, it reflects a strictly controlled accounting of renewable feedstock entering the system, with certified attributes unable to be counted twice. "We are at a point where the industry wants to move and adopt biosynthetics, but the production frameworks and commercial infrastructure haven't caught up," said Katrin Ley, Managing Director at Fashion for Good, in a statement. 

"The Mass Balance Demonstrator project is about closing that gap: building the impact and commercial evidence, the blueprint, and the feedback loops that will allow the MBA model to scale with integrity." The new initiative brings together leading players from the industry, including Bestseller, Beyond Yoga, On, Paradise Textiles, Environmental Resources Management (ERM), Indorama Ventures, ISCC, UPM Biochemicals, and Textile Exchange. 

The MBA project has four core aims: to physically produce biomass-attributed resin and yarns that match conventional performance standards; to measure full greenhouse gas emissions from cradle to grave; to develop a practical roadmap for scaling biomass-attributed PET across the apparel sector; and to share findings with climate initiatives and standard-setting bodies to help shape credible industry guidance on MBA.

"Polyester is our second biggest fibre by volume, which means we are continuously investigating improvements in this category,” added Anders Schorling Overgård, Material Research Lead at Bestseller. “By taking part in this project, we are building experience within mass balance attribution and bio-attributed polyester. Hopefully, as we collaborate with other great partners, this can initiate pathways that can support scaling of renewable feedstocks (or inputs) going forward.” 

Eyewear giant EssilorLuxottica has made an overseas acquisition. The company has acquired a “significant” stake in Top Charoen, making it a partner. The transaction, for which financial details were not disclosed, consolidates the long-standing collaboration between the two companies.

“The partnership with Top Charoen strengthens our presence in one of the most significant Asian countries. It also contributes to raising the standards of vision care and supports the development of the new wearable category. In the same way, we continue to provide our optical customers with innovative and high-quality products and services. We are working together to promote greater awareness of the importance of visual health and to respond concretely to the growing demand in Asia,” commented Francesco Milleri, chairman and chief executive officer, and Paul du Saillant, deputy chief executive officer of EssilorLuxottica, in a note.

Top Charoen is the leading optical retail chain in Thailand, with over 2,000 stores in the country.

Founded in 1947 with the opening of the first store in Saraburi, the company also had a travelling programme to bring vision care services to more rural areas. Today, Top Charoen operates through several banners. These include Top Charoen; Luxoptic; Eye Class; Eye Bright; Eye Sport; Big C Optical; Robinson Optical and Beautiful Optic.

The company is also active in e-commerce, through a proprietary platform and a selected presence on local third-party marketplaces.

Interview As the gap between sustainability goals and industry reality grows, Textile Exchange is shifting from a focus on guidance to one of shared accountability. In an interview with FashionUnited, Sarah Needham, chief engagement and partnerships officer, and Beth Jensen, chief impact officer, discuss the organisation's new action-oriented membership structure, designed to bridge the divide between ambition and measurable impact.

From unifying global standards to supporting raw material producers at the start of the supply chain, they explore how standardised data and collective action are helping brands navigate emerging regulations and drive a high-tech transition toward preferred production systems.

When deciding to shift to a more action-oriented membership structure, what industry gaps or frustrations did Textile Exchange recognise that made it clear the organisation needed to move beyond engagement and towards accountability?

Sarah Needham: Membership has always been central to Textile Exchange’s impact. We have built a global community of over 700 members across the supply chain and supported them with resources, data, connection, events, and expertise. But as the gap between ambition and reality has widened, it’s clear that guidance alone is no longer enough.

The shift to a more action-oriented membership structure reflects the need for deeper engagement and greater accountability. We want to support members to make measurable, credible contributions to industry-wide goals, in an effort to drive beneficial outcomes for climate, nature, people and animals. Practically, that means clearer expectations around increasing both supply and demand for materials from preferred production systems and aligning members around a shared pathway toward system-level change.

The new Action and Community cohort structure introduces clearer pathways for different types of organisations. How do you expect this structure to change how brands, suppliers, and other stakeholders collaborate across the value chain?

Needham: The two-cohort structure reflects the distinct needs and goals of different types of organisations working within the industry, while creating clearer, more purposeful pathways for collaboration.

The Action Cohort brings together brands, retailers, suppliers, and Tier 4 stakeholders who directly source or produce raw materials and want a clear direction to meet targets. It is designed for those already taking steps toward sourcing or producing through systems that verify best practices and scaling preferred production systems. These members commit to taking tangible action on sourcing and production, moving from reporting on progress to implementing verified best practices and helping to scale preferred production systems.

A key shift here is bringing both ends of the supply chain together to work through shared challenges via collective action, helping to build alignment, trust and systemic solutions.

The Community Cohort supports organisations whose work sits outside of direct sourcing or production, such as academics, non-profits, solution providers, and Tier 1–3 supply chain partners. This cohort provides space to build expertise, share insights, and exchange best practices, ensuring knowledge and learning continue to follow across the wider system.

Together, these cohorts are designed to strengthen collaboration by clarifying roles, aligning actions and connecting organisations around shared goals.

Recent progress tracking acknowledges that the industry is not currently on track to reach its 45 percent GHG emissions reduction target. What role do you see Textile Exchange playing in closing the gap between sustainability ambition and measurable impact?

Beth Jensen: Textile Exchange's mission is to transform how we produce, choose, and reuse materials to benefit people and places at the source. Our role in closing the gap between ambition and progress has three core parts: setting clear direction, convening for action, and enabling and reporting on credible progress, through mechanisms such as our Materials Benchmark and Materials Market Report.

Textile Exchange has developed a set of actions and aggregate targets for six priority fibre and raw material production systems: cotton, wool, bovine leather, polyester, nylon, and manmade cellulosic fibres (MMCFs). The aggregate targets are set for 2030 and 2035, providing a clear direction of travel for the industry. These targets are grounded in extensive data analysis and research, mapping against voluntary and regulatory frameworks, and extensive stakeholder engagement.

They are aligned with Textile Exchange’s Preferred Production System principles, and are designed to support the achievement of the industry’s overarching climate and nature impact goals. Brand and retailer members will set their own meaningful goals aligned to the aggregate targets.

Textile Exchange also convenes its global membership to support organisations’ progress against climate and nature impact goals. For those organisations already reporting and sourcing or producing through verified production systems, and for Textile Exchange’s strategic partner organisations, there will be an opportunity to co-create the “Lead” step of the Action Cohort membership pathway.

Through coordinated collective action in this step, members will benefit from pooled resources and equitable decision-making, bringing together funding, expertise, and networks. With the right structures in place, members will be supported to take decisive actions that contribute to system-wide transformation beyond what any one organisation can deliver alone.

Finally, we support progress through Textile Exchange’s tools, standards, reports and guidance, while tracking progress via mechanisms such as the Materials Benchmark and Materials Market Report.

Impact data is an important backbone to the progress we want to see. Textile Exchange’s work on impact data is guided by its “LCA+” approach, which acknowledges that Life Cycle Assessment data can be a useful tool for understanding the impact of materials and production systems, but that for a truly holistic view of impact, other areas outside of what is covered by traditional LCA methodology (such as biodiversity, soil health, human rights and livelihoods, and animal welfare) should also be addressed.

Textile Exchange is developing seven LCA studies across different material categories, which will include “LCA+” content where possible. These studies will help increase the availability and quality of LCA data available to the industry, enabling more accurate modelling and progress tracking of GHG emissions and other impacts. The first of these studies, Life Cycle Assessment for Cotton, was released on March 26. Textile Exchange also released Ensuring Integrity in the Use of Life Cycle Assessment Data in 2025, which provides a foundational understanding of how LCA data should and should not be used.

We hope to help move the industry beyond isolated efforts toward coordinated action and achieve beneficial outcomes that no single organisation could achieve alone.

A key focus of the new strategy is Tier 4: farmers and raw material producers at the start of the supply chain. Why is it so important to shift attention to this level now, and how will the new structure better support them?

Needham: Tier 4 stakeholders—raw material producers—are critical to delivering beneficial outcomes for climate, nature, people and animals. Yet they often carry a disproportionate share of the cost and risk when transitioning to preferred production systems.

In bringing the two ends of the supply chain together, the Action Cohort in particular gives Tier 4 members the opportunity to share their perspectives, challenges, experiences, and needs. This will help brands and retailers to shape their own sourcing strategies to better support Tier 4 to make the transition to preferred production systems.

The aim is to ensure that transformation at the start of the supply chain is not only expected, but enabled.

The upcoming Materials Matter Standard aims to unify and simplify the standards landscape. In practical terms, how will this make it easier for brands and producers to adopt preferred production systems?

Jensen: The Materials Matter Standard unifies and harmonises Textile Exchange’s current standards, creating a more consistent and streamlined approach to certification across a variety of material production systems. The Materials Matter Standard, and other standards that include credible verification mechanisms, provide a straightforward way to adopt and scale verified best practices.

Textile Exchange is also emphasising partnerships with existing certification and material programmes. Why is collaboration, rather than building entirely new systems, the right approach for accelerating industry change?

Needham: We recognise that there are already credible systems and programs in place, which brands and suppliers are actively using. Textile Exchange’s approach is to align with the existing ecosystem where possible to avoid duplication, lower barriers to adoption, and avoid further fragmentation across the industry.

Fashion brands are operating in a challenging climate, with geopolitical instability, ESG pushback in some markets, and stricter regulations emerging in others. How is Textile Exchange helping its members navigate this complexity while still progressing on climate and nature goals?

Jensen: Textile Exchange’s new membership structure, particularly the Action Cohort, is designed specifically to support members through these types of challenges. The pathways to preferred production systems include a series of step-wise recommended actions and aggregate targets, providing a shared direction of travel for the industry towards sourcing and producing fibres and materials from preferred production systems. Collective action opportunities will be designed to address challenges that no individual company can solve alone and which are barriers to further transitions to preferred production systems.

Underpinning the Action Cohort are the reports, research, and impact data offered by Textile Exchange, including our forthcoming Life Cycle Assessment reports which provide updated and/or new impact data for key raw material and fibre categories, and our work on developing and implementing an approach to setting and measuring nature-related impact across the industry.

Looking ahead to 2030, what would success look like for Textile Exchange under this new strategy, and what kind of transformation do you hope to see across the fashion and textile industry as a result?

Needham: Our membership community represents leading, influential organisations from across the fashion, textile, and apparel industry. In guiding our members along a shared pathway and vision, we have the opportunity to create collective change that is more impactful than what each of our members can achieve alone.

Success for our new membership structure is a clear shift in the trajectory of our members’ material sourcing and production, making demonstrable progress towards preferred production systems that show clear beneficial outcomes for people, animals, climate, and nature.

Collective action projects, as part of the “Lead” step, are ongoing and leading to beneficial outcomes in the landscape. The achievement of the aggregate targets would involve Action cohort members making more informed raw materials production and sourcing decisions in line with the preferred production system principles and pathways. Action cohort members’ involvement would bring actors in the space together to support the regeneration and transformation of the production systems towards beneficial outcomes and impacts for climate and nature.

By 2030, we would like to see the Materials Matter System widely adopted as a practical, scalable system that supports the shift from fragmented approaches to systemic change, where preferred production systems become the norm across the industry.

A recycling plant has been developed in China that uses artificial intelligence to quickly and automatically analyse textile waste according to its material composition. The “Fastsort-Textile” machine was developed by the Chinese company DataBeyond and named one of the best inventions of 2025 by The Times Magazine.

The plant combines a conveyor belt system with an AI scanner measuring approximately five by two metres. There, the material composition of each individual garment is analysed in less than a second, with the results displayed live. The system then automatically sorts the textiles by fibre type, such as polyester or nylon, and directs them into the appropriate recycling streams. Items that do not meet defined quality criteria are sorted out. Previously, up to 50 percent of the textiles processed were considered non-recyclable and were disposed of or incinerated. With the Fastsort-Textile machine, this proportion is said to have fallen to 30 percent.

The machine achieves a high level of efficiency. Around 100 kilograms of clothing are sorted in two to three minutes, totalling up to two tonnes per hour. This is significantly faster and more precise than the manual sorting that has been common practice until now. The Fastsort machine is also said to be able to sort by details such as colours and neckline types on T-shirts. For shredded textiles, it sorts out contaminants like sequins, buttons, and zips.

The machine is located in an industrial park in Zhangjiagang, a small city on the east coast of China. The company, DataBeyond, is a Chinese technology firm founded in 2018 that now operates globally. It specialises in AI-supported sorting solutions for recycling processes. Its European branch is located in Italy.

The company primarily develops optical and AI-based sorting systems for various waste streams, such as plastics and textiles, and is one of the leading providers of such technologies in China.

The company's goal is to make recycling processes more efficient through automation and to advance the transition to a more digitised circular economy.

UK commercial real estate owner Derwent London has exchanged contracts for the disposal of Horseferry House SW1 to an overseas investor. The 164,900 square foot building serves as the global headquarters for British fashion brand Burberry.

The transaction is valued at 131.8 million pounds (174.5 million dollars) before rental top-ups. The sale price is reported to be marginally below the December 2025 book value. Completion of the deal is scheduled for June 2026.

Investment and asset management

Derwent London originally acquired the Westminster property in 2005 for 34 million pounds. Following the acquisition, the Group completed a substantial refurbishment of the site. It was subsequently pre-let to Burberry.

In late 2025, the Group regeared the lease with Burberry. This agreement extended the term by five years to 2043 with no break clauses. The lease also incorporates two five-yearly fixed uplifts scheduled for 2033 and 2038.

Strategic disposal targets

Derwent London chief executive, Paul Williams, stated that the disposal crystallises an approximate 8.4 percent internal rate of return (IRR) over the 21-year ownership period. This performance outperformed the MSCI Central London Office Index by approximately 240 basis points per annum.

Williams noted that the Group has exchanged contracts on approximately 275 million pounds of sales since the start of the year. The company is currently in discussions regarding a further 100 million pounds in potential disposals. These actions are part of a three year disposal target of one billion pounds.

The Group is the largest London office-focused real estate investment trust (REIT). As of December 31, 2025, its commercial portfolio was valued at 5.1 billion pounds. Other landmark buildings in its 5.3 million square foot portfolio include 25 Baker Street W1 and the White Collar Factory EC1.

US sportswear giant Nike has seen a jury verdict in its favour reversed by a federal judge in Manhattan, effectively nullifying a 355,450 dollars damages award against Canadian athleticwear company Lululemon USA Inc. (Lululemon).

The decision, signed by district judge Arun Subramanian on March 24, 2025, follows a legal battle initiated in 2023. Nike had originally alleged that Lululemon infringed two patents regarding innovations in sneaker structures, specifically concerning the knit construction of footwear uppers.

While a jury had previously determined that Lululemon infringed claims one and 14 of US Patent No. 8,266,749, Subramanian ruled that the patent in question was invalid. The judge stated that the technology would have been obvious to an ordinary person in the field at the time of its invention.

Details of patent claims

The litigation focused on several of Lululemon’s running and training models, including the Blissfeel, Blissfeel 2, Chargefeel Low, and Strongfeel shoes. Nike had sought damages representing at least 5 percent of the revenues generated from these specific products.

The court decree noted that while Lululemon was initially found to have infringed the '749 patent through the importation and sale of these models, it did not infringe claims of a second patent, US Patent No. 9,375,046. Furthermore, the court found that the '046 patent was not invalid as anticipated by the Nike Lunar one.

Despite the initial March 7, 2025, verdict awarding Nike 355,450 dollars, the subsequent ruling on patent invalidity removes Lululemon’s liability for these damages.

Ongoing legal friction

This footwear dispute is not the only legal engagement between the two industry leaders. Nike previously filed a separate lawsuit against Lululemon in 2022 regarding the Mirror Home Gym.

That case, which alleges infringement of patents related to digital fitness technology, remains ongoing in the New York court system.

During the crisis meeting on the largely blocked Strait of Hormuz, participating countries discussed possible further sanctions against Tehran.

The British Foreign Office announced this following an online meeting convened by the UK with representatives from more than 40 countries. Foreign secretary Yvette Cooper spoke of a determination among many countries to open the strait, which is vital for global trade. No concrete steps have been taken for the time being.

Measures to increase pressure on Iran discussed

According to the statement, measures to increase pressure on Iran were discussed at the meeting, including economic and political ones, “such as sanctions”, should the Strait of Hormuz remain closed. Numerous sanctions are already in place against Iran, for example in the energy sector.

Another measure could be cooperation with the International Maritime Organization (IMO) “to ensure that the first stranded ships can get underway again”, according to the statement. The IMO recently announced that it is already working on evacuation plans for the numerous stranded ships and seafarers.

Meeting of military planners in London next week

The impact of the Iranian blockade on the economy is enormous. After the US and Israel attacked Iran, Tehran brought shipping through the Strait of Hormuz to a virtual standstill with attacks and threats. This is also why Cooper repeatedly denounced Tehran's “recklessness”. Iran has taken the “global economy hostage”, she said.

Even before the crisis meeting, which Germany also attended, Cooper announced a meeting of military planners. They are scheduled to meet next week in Northwood, north of London, as the British Ministry of Defence wrote on X. The meeting will discuss “feasible options to ensure the accessibility and security of the Strait of Hormuz for shipping”.

Interview

Resale is no longer a niche or sustainability-led initiative. It is taking measurable market share from traditional retail, with the global market projected to reach 393 billion dollars by 2030. ThredUp remains one of the sector’s leading players in the US.

Here, resale grew at nearly four times a faster rate than the overall apparel market, even outpacing its global trajectory, according to ThredUp’s latest Resale Report. Now in its 14th edition, the report has become both a diagnostic and strategic tool, tracking consumer behaviour and the structural forces shaping resale.

For ThredUp, these insights have driven a strategic shift from a high-volume marketplace to a more infrastructure-led model. Following a 2025 rebrand and a renewed focus on the US, after exiting Europe in 2024, the company reported revenue of 310.8 million dollars, up 20 percent year-over-year.

Speaking to FashionUnited, chief strategy officer, Alon Rotem, explained the brand refresh exhibited both maturity and market evolution: “We were a startup once, but we went public in 2021 and revenues are north of 300 million dollars at this point. As we’ve scaled, it’s been important to refresh our brand at intervals. What you see today is a more streamlined, cleaner look that is accessible for our entire customer base.”

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From demand-constrained to supply-constrained

ThredUp’s rebrand was a targeted effort to align its consumer-facing identity with the growing sophistication of the resale market. At its core is a cleaner, more elevated visual language, led by a new ‘infinity’ emblem: a thread-drawn ‘T’ symbolising circularity and the interconnected nature of secondhand fashion.

The update reflects the company’s shift towards a more polished, experience-driven platform, a pivot that is closely tied to a series of product upgrades on the site designed to enhance usability on both sides of the marketplace. For buyers, this includes AI-powered discovery tools, weekly trend edits, and more detailed listings with improved imagery and product data. For sellers, operational changes, such as streamlined doorstep pick-ups and transparent payout systems, aim to reduce friction and encourage participation.

This repositioning comes as resale increasingly transitions into a default starting point instead of an alternative channel. According to the report, 41 percent of consumers now look to secondhand first for value, while 46 percent browse resale before buying new. In the US, the market is projected to reach 78.8 billion dollars by 2030, adding 23.3 billion dollars in incremental value.

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Resale is no longer demand-constrained but limited by supply, forcing platforms to rethink seller incentives and logistics. Rotem noted: “The industry is now supply-constrained, not demand-constrained. Everyone wants the stuff. Now it’s up to the industry to go find all of the supply that’s out there and make it available.”

For ThredUp, the move from a solely transactional marketplace to a dual-sided platform is characterised by its Resale-as-a-Service (RaaS) offering, which since last year is now available to brands without platform fees. By embedding resale capabilities directly into retailers’ ecosystems, ThredUp is positioning itself as an established backend utility, providing the infrastructure in a market that remains operationally immature.

The rise of the ‘liquid closet’

Central to this shift is how consumers now view clothing as an asset rather than a sunk cost. According to the report, 60 percent consider resale value when buying new, while 57 percent resell for income, more than double last year. Rotem described this as a fundamental shift in consumer psychology. “[Gen Z] see their clothes as assets to be liquidated to fund the next purchase. The ‘digital closet’ will become a normal behaviour, allowing consumers to constantly ‘edit’ and rotate their wardrobe,” he explained.

This ‘liquid closet’ model is reshaping the design of resale platforms, making speed, convenience, and control more important than maximising resale price. This dynamic is reflected in the data, where 36 percent of consumers say they would sell more frequently if payouts were faster, while 31 percent of non-sellers said they would start reselling if AI automates the listing process.

In response, ThredUp introduced peer-to-peer listings, allowing sellers to retain control while accessing platform demand. Launched in late 2025, the feature has already doubled average selling prices. “The reason we added peer-to-peer wasn’t necessarily just to go ‘premium’. It was to serve the marketplace more broadly. We recognise many sellers want to retain control: they want to house the item, determine the pricing, take the photos, and answer the buyer questions. We want to be a unified platform where you have the best of both worlds,” Rotem noted.

Discovery beyond platforms

Nearly half of secondhand discovery (46 percent) now happens outside resale platforms, driven by social media and creators. This fragmentation is pushing retailers to reconsider where transactions begin. ThredUp itself has taken to experimenting with new distribution channels, including TikTok Shop. In January 2026, ThredUp sold around 100,000 Clean Out Kits via TikTok Shop, highlighting the power of passive discovery.

This shift towards social discovery has likely contributed to the company’s surge in buyer acquisition, with its active buyer base growing 30 percent last year. Rotem said: “Our job is to meet the customer where they are. We started selling Clean Out Kits on TikTok Shop and in the month of January, we sold something like a hundred thousand kits.”

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The ‘premium’ pivot, without going luxury

At the same time, ThredUp is recalibrating its assortment in response to shifting demand. Premium goods now account for 18 percent of revenue, though ThredUp maintains its position in the “middle ground,” with an average selling price of 25 to 30 dollars.

“We definitely want to continue to own the middle ground,” he added. “Even in our peer-to-peer beta, where pieces are two to three times higher, there’s a lot of distance between the value and the mass brands all the way up through premium and upscale before you get to the luxury space where items cost several hundred dollars. We think we can serve that whole market in between.”

Similarly, Rotem recognises a trend among consumers of combining affordable pieces with more upscale pieces in what he deemed as “high-low fashion”. The strategic positioning also aligns with consumers increasingly rejecting low-quality garments that cannot be resold. In the report, 49 percent of shoppers say they have already reduced purchases of such items, making the middle market a more scalable venture.

Solving the ‘single SKU’ problem with AI

Operationally, resale remains complex. Unlike traditional retail, inventory is non-standardised, with millions of unique items: what ThredUp calls a “single SKU” model. “Resale has inherently been a lot harder to shop,” Rotem explained. “On ThredUp, there are four or five million different items available at any given time. In order to find the needle in the haystack and make sure customers don’t feel “thrift overwhelmed”, we need to develop powerful tools.”

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AI is central to solving this, enabling product data extraction, visual search, and pricing optimisation, driving improvements in conversion, loyalty, and return rates. According to the report, 81 percent of AI users say it improves the resale experience, while 69 percent would use it to find specific items. AI is therefore helping to dismantle any friction that has previously defined secondhand shopping, enhancing efficiency in the process.

AI’s adoption throughout the industry has been met with both caution and acceptance, yet Rotem affirms that ThredUp itself has aimed to be thoughtful about its integration, ensuring continued internal discussions about how it is rolled out. “We are optimistic about how AI can benefit our business and our customers. When you look at resale versus traditional retail, AI advancements will disproportionately benefit resale,” he added. “If AI normalises resale behaviour and causes people to choose secondhand over new, we think that is a net positive for society.”

Resale as compliance and a competitive necessity

It would be hard to discuss the resale market without also acknowledging its place as in the circular economy. As regulatory pressures accelerate, so does the adoption of resale, particularly as Extended Producer Responsibility (EPR) frameworks and broader sustainability mandates begin to take hold in the US.

Brands and retailers are moving to either reevaluate their product lifecycles, or directly build resale into their operating models. While 66 percent of retailers view resale as a compliance tool, only 16 percent are equipped to scale it, and 58 percent see lacking a resale presence as a structural disadvantage. This gap between intent and capability is where ThredUp’s RaaS model is gaining traction. By removing platform fees and lowering the barrier to entry, the company is hoping to serve both as a compliance and commercial partner.

“Retailers totally get it now. Regulation is increasing the need for resale for compliance reasons, and they realise that from a supply chain standpoint, resale is a hedge against things like tariffs. But the gap is that while they know it’s a permanent structural disadvantage to lack a resale presence, the vast majority don’t have the resources to scale it yet,” Rotem elaborated.

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ThredUp has partnered with brands including Gap, J.Crew, and Tommy Hilfiger, while also enabling international players like Beyond Retro to access the US market. Though ThredUp had exited Europe in 2024, partnerships with retailers outside of the US suggests a different approach to tackling the region.

When asked about the future of ThredUp’s European ties, Rotem said: “It wasn’t a permanent retreat, it was a specific business decision to improve the financial profile of our US business as a public company and demonstrate profitable growth sooner. In the long run, we remain open to new opportunities.”

Profitability through platform evolution

While not yet profitable, ThredUp is shifting from volume-driven growth to a multi-layered model combining marketplace transactions, peer-to-peer listings, and B2B infrastructure. This strategy reflects a broader shift within the resale sector, requiring platforms to reduce operational friction and capture value across a garment’s entire lifecycle.

“The resale report tells us the market is growing not just in size, but in rate. Consumers are increasingly looking at secondhand first, which suggests it’s a better value proposition: price, availability, and sustainability all play a role,” Rotem said. “Our job is to execute on that opportunity by making sure we have great supply, from consumers’ closets and brand partners. In terms of whether we’re a retailer or infrastructure, the answer is both.”

The Decathlon group published its annual results this Thursday, announcing a 4.0 percent increase in turnover compared to the 2024 financial year. It also reported a 7.1 percent growth in gross merchandise volume (GMV) at constant exchange rates. These improving figures are accompanied by strong operational profitability, with an EBITDA of 1.8 billion euros.

As the sports retailer celebrates its 50th anniversary this year, the group it belongs to reached a turnover of 16.8 billion euros in 2025. This figure demonstrates the company's resilience after a lacklustre 2024.

In 2025, the French group's EBITDA increased by 21 percent to 1.8 billion euros, while its net profit grew by 16 percent to 910 million euros.

According to Decathlon, this performance is explained by “the strength of Decathlon's integrated model, combining design, production and distribution, and its ability to offer products with the best value for money to its customers worldwide.”

The French retailer is currently continuing its retail expansion. The group plans to open ten new Decathlon stores in Spain during the first half of 2026, as well as 25 new stores in Germany. In France, the retailer is also strengthening its local strategy by opening its ninth Parisian store. This new location is integrated within a Boulanger store, a chain specialising in home appliances and multimedia.

US luxury retailer Saks Global has entered into a Restructuring Support Agreement with an ad hoc group of senior secured bondholders, securing a commitment for 500 million dollars in exit financing as it prepares to emerge from Chapter 11.

The agreement is a key step in the company’s broader restructuring process, with Saks continuing discussions with stakeholders on a Plan of Reorganisation, which is expected to be filed in the coming weeks.

Saks Global aims to establish a stronger financial foundation and position its three luxury banners, Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, for long-term growth.

In a statement, Geoffroy van Raemdonck, CEO of Saks Global, said: “Achieving this important milestone underscores the progress we are making on our transformation and reflects our capital partners' confidence in our go-forward vision, guided by our relentless devotion to the luxury customer.

“As we advance the restructuring process and position Saks Global for the future, our focus remains on strengthening our brand partner relationships, and delivering an expertly curated product assortment and personalized service for our luxury customers.”

The company expects to emerge from Chapter 11 this summer with a streamlined capital structure and improved liquidity. Its strategy includes an integrated retail model combining physical stores in key luxury markets with e-commerce and remote selling services.

Since the bankruptcy filing, Saks Global has reported progress across operations, with more than 650 brands resuming shipments, inventory receipts increasing, and improvements in customer engagement, including higher spend per visit and stronger online conversion.

Van Raemdonck added: “In a short period of time, we've taken decisive actions and made meaningful progress in stabilising the business and strengthening our relationships with brand partners. Our sales and inventory results continue to outperform our internal plans.”

Madrid – Following the guidelines set for the execution of its 2023 to 2027 Long-Term Incentive Plan, the Spanish fashion multinational Inditex group has distributed 14.8 million euros (17.06 million dollars) in shares among its top executives.

The company has included Carlos Torretta, husband of its executive chairwoman Marta Ortega Pérez, in this group of beneficiaries, despite him not holding any position within the Spanish company's senior management.

Inditex distributes shares among top executives

On July 11, 2023, during the Inditex Annual General Meeting, shareholders of the Spanish fashion multinational approved a long-term incentive plan. This plan, involving payment in cash and shares, is aimed at members of the management team, including executive directors and other company employees. It aligns with the new remuneration policy for Inditex directors for the 2024, 2025 and 2026 financial years.

The plan covers the period from 2023 to 2027 and is structured in two cycles. The first runs from February 1, 2023, to January 31, 2026, followed by a second cycle from February 1, 2024, to January 31, 2027. During these periods, the company's top executives will be rewarded with a maximum of 7.5 million shares, with 183,750 allocated to its chief executive officer. They will be informed individually of these rewards and their economic equivalent. The rewards for the first cycle (2023 to 2026) will be delivered in the calendar month following the 2025 Inditex annual accounts. Those for the second cycle (2024 to 2027) will be delivered in the calendar month following the presentation of the 2026 results.

Based on this remuneration scheme, following the presentation of Inditex's 2025 annual accounts on March 11, the company has now paid these incentives. It has distributed a total of 301,220 shares to its management, at a unit price of 49.24 euros per share. These figures bring the total value of the shares distributed by Inditex, as part of the first phase of its long-term incentive plan, to over 14.83 million euros.

From Óscar García Maceiras to Carlos Torretta

As reported by the Spanish company's management to the National Securities Market Commission (CNMV), Inditex has rewarded a total of 14 top executives as part of this first stage of its incentive plan. This group includes Carlos Torretta, husband of Marta Ortega Pérez, who has been the non-executive chairwoman of Inditex since April 1, 2022. This is despite the fact that, as stated in the records filed with the CNMV, he is not recognised as holding any position within the company's senior management. He is only designated as a “person closely associated” with the non-executive chairwoman of Inditex.

Delving into the share-based reward by Inditex, as of April 1, 2026, the company has awarded Óscar García Maceiras, the group's chief executive officer, a total of 39,908 new shares, valued at over 1.96 million euros. This volume of group shares makes Maceiras the executive receiving the most shares from the first cycle of the incentive plan.

Below Maceiras, the company has clearly defined two levels of executive rewards through the delivery of company shares. The first level involves the distribution of 26,515 shares, valued at 1.30 million euros, which have been individually awarded to: José Miguel Díaz Miranda, chief financial and operating officer of Zara; Ignacio Fernández Fernández, corporate general manager of Inditex; Javier García Torralbo, director of the digital department; Begoña López-Cano Ibarreche, chief people officer; María Beatriz Padín Santos, director of the women's department at Zara; Jorge Pérez Marcote, director of Massimo Dutti and brother-in-law of Amancio Ortega; Óscar Pérez Marcote, director of Zara and also brother-in-law of Amancio Ortega; and Javier Monteoliva Díaz, general counsel and secretary of the Board of Directors of Inditex.

At a second, lower level, rewards of 14,734 shares, valued at over 725 thousand euros, have been received by three top executives of the Spanish fashion multinational. These individuals are Antonio Flórez de la Fuente, director of Bershka; José Andrés Sánchez Iglesias, chief financial officer of Inditex; and Jordi Triquell Valls, director of Stradivarius.

610 thousand euros in shares for Carlos Torretta since 2022

Completing the previously mentioned distributions, it has also been reported that the company has awarded shares to individuals without recognised positions at Inditex. As part of the same first cycle of the 2023 to 2027 long-term incentive plan, 1,021 shares, valued at 50.27 thousand euros, were given to Francisco Galán González, husband of Zara's director of womenswear, María Beatriz Padín. Additionally, 3,969 shares, valued at 195.43 thousand euros, were awarded to Carlos Torretta, husband of Marta Ortega. The information submitted to the CNMV does not recognise him as holding any position within Inditex. This is despite confirmation in September 2019—following his marriage to Marta Ortega in November 2018—that he had joined the communications department of Zara's e-commerce division.

Focusing on these rewards, this is not the first time that either Francisco Galán or Carlos Torretta have been included as beneficiaries in Inditex's incentive plan for senior management. Specifically, Torretta, Marta Ortega's husband, has received a total of 12,695 Inditex shares between April 2022 and April 2026. These shares, with an assigned price ranging from 19.74 to 49.24 euros per share, bring the total value of the shares Torretta has periodically received from Inditex for his “association” with Marta Ortega to 610.39 thousand euros.

First tranche of buyback programme completed

To support these obligations to its executives (and other interested parties), undertaken under the 2023 to 2027 long-term incentive plan and expanded after the approval of a new 2025 to 2029 long-term incentive plan at the last Inditex Annual General Meeting, Inditex announced on February 4 that it was launching a temporary share buyback programme. The programme is structured in two tranches. The company informed the CNMV on March 25 that it had completed the first tranche, reaching the maximum target of 1.6 million shares.

In detail, the buyback programme stipulated the purchase of Inditex shares on the market for a maximum of 180 million euros, for the acquisition of a maximum of three million shares. Of these shares, 1.6 million were to be acquired between February 5 and March 31, 2026, with the remaining up to 1.4 million to be acquired during the second tranche of the programme, running from May 1 to June 30 of this year. For this period, the company will now have just over 97.32 million euros to acquire the remaining 1.4 million shares, after completing the first cycle of the buyback programme by acquiring the exact maximum of 1.6 million shares for a total of 82.67 million euros.

For their acquisition, Inditex increased its portfolio of own shares by acquiring 199 thousand shares between February 5 and 6; 516,249 shares between March 12 and 18; and finally, by purchasing 884,751 own shares between March 19 and 25. These shares were acquired at prices ranging from 49.29 euros for a block of shares purchased on March 23, to 57.92 euros per share for a block purchased on February 5.

On Wednesday, shares in Adidas and Puma defied the disappointing outlook from US competitor Nike. While Nike's stock slumped by 10.5 percent to 47.25 dollars in pre-market US trading, the shares of the two German sportswear manufacturers recovered in a very strong overall market.

In the Dax, however, Adidas shares rose by a below-average 0.6 percent to 137.45 euros after two days of gains, while the leading German index climbed by 2 percent. In contrast, Puma jumped by an above-average 4.5 percent to 22.69 euros. The index of medium-sized companies, the MDax, gained 2.5 percent at the same time.

A trader said that in addition to general investor optimism that the war in Iran would soon be over, Adidas was primarily helped by a well-received event held by the sportswear manufacturer ahead of its quarterly results on April 29. “This shows that Nike has its own internal issues, so a direct comparison to industry peers like Adidas and Puma is not applicable. If anything, the word is that Nike's weakness is proving to be a strength for the others.”

The previous day, for instance, Jefferies analyst James Grzinic commented positively on Adidas' pre-close call. He wrote that the event confirmed a continued positive balance between the maturity of the Terrace sneaker segment and strong demand for apparel and running. According to Grzinic, the models of the new Hyperboost running shoe also appear “promising” at first glance.

Analyst Jürgen Kolb of Kepler Cheuvreux also wrote positively about Adidas. While the German company reaffirmed its annual targets, expecting stronger sales growth in the first half of the year than in the second, Nike needs more time overall.

The US group exceeded expectations in its most recent business quarter. However, the absolute development regarding the decline in sales and operating margin shows that the American company is in a repositioning process. It has become clear that a return to growth will not happen sooner than expected. This, in turn, “offers Adidas the opportunity to strengthen its market position, as the company has expanded its product range and benefits from a strong brand image.” Nike exceeded expectations in its third business quarter, but its outlook disappointed the market.

According to stock market expert Andreas Lipkow from the broker CMC Markets, the significant rise in Puma's shares on the day is likely fuelled by renewed takeover speculation in addition to the generally positive market sentiment. At the end of January, the Chinese group Anta Sports Products announced its intention to acquire a major stake. The parent company of brands such as Atomic, Fila, Jack Wolfskin, Salomon and Wilson announced about two months ago that it intended to acquire a stake of just over 29 percent from the French billionaire Pinault family, subject to regulatory approval.

British fashion retailer AllSaints has partnered with Impact Analytics, an AI-native solution for retail decision-making, pricing, merchandising, and inventory optimisation, to modernise and scale its buying and merchandising operations to streamline its business processes.

In a statement, AllSaints said it has selected Impact Analytics to adopt AI-native planning tools to support its growth, improve forecast accuracy, and empower its teams to focus on value-added decision-making rather than data manipulation, and support its move away from a legacy environment heavily reliant on spreadsheets, manual workflows, and fragmented decision-making.

Alfie Meekings, chief transformation and technology officer at AllSaints, said: “At AllSaints, one of the four pillars of our transformation is to become data-driven and powered by AI. We have a great team, but they have to spend so much time manually pulling and analysing data.

“This partnership allows us to eliminate repetitive, low-value tasks so our merchandisers can focus on understanding what is truly happening in our brand and make quicker, higher-quality decisions to get the right products in the right places for our customers.”

Founded in 1994, AllSaints has grown into a global omni-channel brand spanning the UK, Europe, North America, and Asia, with a presence across owned stores, wholesale partnerships, franchised locations, and a strong digital platform.

As the brand continues to scale internationally, AllSaints states that investing in advanced technology will support “faster, smarter, and more connected merchandising decisions,” and it will be utilising Impact Analytics end-to-end AI-native supply chain, planning, pricing and business intelligence platform to cover all of its supply chain and merchandising planning lifecycle.

Impact Analytics will be implementing a phased rollout of its solutions, including CortexEye for agentic AI-native business intelligence; allocation and replenishment; markdown and promotional pricing optimisation; merchandise financial planning; and assortment and range planning.

AllSaints notes that a core focus of the move to AI support is “accelerating weekly trading cadence”. Currently, the retailer’s Monday trading packs require teams to begin data collation as early as Sunday to “gain clarity by Monday afternoon”. By using Impact Analytics’ CortexEye, the complete Monday Trading Pack will be available to the team by 8 am Monday, broken down by department and team, “enabling trade meetings to begin immediately and decisive action to be taken by midday”.

Meekings added: “We are excited to leverage agentic AI to empower our teams to do what they do best. Instead of losing valuable time preparing reports, we can start the week aligned, informed, and ready to act.

“I want our teams to log on and be told what’s happening across the globe in our brand and where we need to focus our energy, rather than having to seek out those answers.”

Textile Exchange has released a comprehensive set of policies providing guidance for certification holders defining the steps required as they move from the organisation's existing standards to its it new Materials Matter Standard.

The Transition Policy outlines the actions organisations must take to align with the new standard. The Scope and Eligibility Policy, meanwhile, clarifies material eligibility, certification scope, minimum thresholds, available certification options, and the responsibilities of certified organisations.

In addition, Textile Exchange has updated the Policy for Scope and Transaction Certificates and related templates to simplify handling and verification of certificates, providing standardized criteria, format, and text for certification bodies and users.

The Materials Matter Standard will come into effect on December 31, 2026, with mandatory compliance by December 31, 2027. The release of these policies is the next step in helping brands and suppliers prepare for a more consistent, transparent, and sustainable standards framework in the textile industry, the organisation said.

Ashley Gill, chief standards and strategy officer at Textile Exchange, commented: “This is a key moment in the transition to the Materials Matter Standard. Publishing these policies provides organisations with the clarity they need to prepare for the shift toward a more unified, impact-driven standards system.

"As we undertake this exciting transition together, we recognise our community may need additional support and guidance. We’re committed to working closely with them and providing the resources they need to navigate the changes and move forward with confidence.”

Sulzer, a Swiss industrial engineering and manufacturing company, has officially joined Spinnova’s ecosystem to support the availability of the firm's fibre in the textile market. The collaboration expands on Sulzer’s role in Spinnova’s technology development and strengthens the consortium with advanced engineering expertise.

Suzler is a major player in applications for industrial infrastructure, striving to help customers improve energy efficiency, reduce emissions, and implement circular economy solutions. Through this partnership, Sulzer will contribute its knowledge in pumping, mixing, and fibre suspension flows to enhance Spinnova’s industrialisation efforts.

The two companies have a history of collaboration. Sulzer previously supported Spinnova during its Woodspin demonstration factory project, from planning to production ramp-up, and helped develop the piloting environment for MFC (microfibrillated cellulose) production. Beyond providing machinery, the partnership involved close co-development to improve process efficiency.

Spinnova’s consortium is designed to accelerate the scaling of its technology and fibre supply by engaging partners across the value chain. Sulzer’s contributions are expected to improve cost competitiveness and industrial readiness.

In a statement, Mikko Kautto, responsible for Technology Concept and Partners at Spinnova, said: “Co-development with Sulzer strengthens our offering to scale up Spinnova’s technology. By combining Sulzer’s technology and engineering expertise with our concept, we can industrialise more effectively and improve competitiveness at large scale.”

At US fashion group PVH Corporation (PVH), the strategic priorities are clear. The company is focusing entirely on strengthening its two heritage brands, Tommy Hilfiger and Calvin Klein. Collaborations with prominent figures from the music and cultural sectors play a key role in this strategy. Recently, prestigious partnerships in professional sports have also been added, which is now itself part of the global entertainment industry.

On the occasion of presenting the results for the 2025/26 financial year, PVH CEO Stefan Larsson articulated a clear definition of the message the group aims for with its main brands. “It has to be 100 percent iconic and 100 percent current,” he explained during a conference call on Wednesday. The group's focus is therefore on updating traditional values in a contemporary way.

There is a clear objective behind this. As part of the current 'PVH+' reform strategy, the group aims to appeal to younger target audiences who promise particular advantages. “Members of Gen Z and young millennials are particularly style-conscious. They shop more frequently, spend more and are more loyal,” Larsson emphasised, citing internal data analysis. PVH is therefore specifically targeting its marketing activities on social media channels and digital platforms towards these consumers.

At Calvin Klein, stars like Bad Bunny, Rosalía and Jung Kook are boosting demand

Influential testimonials play a significant role in this. In this context, Larsson pointed to the measurable success of recent Calvin Klein underwear campaigns featuring Puerto Rican pop star Bad Bunny and Spanish musician Rosalía. These led to sales increases of 20 percent in menswear and 13 percent in womenswear, the CEO explained.

The collaboration with South Korean singer Jung Kook was reportedly even more successful. Sales of products featured by the K-pop star in a recent Calvin Klein campaign immediately increased by 50 percent, Larsson noted.

The latest Calvin Klein campaign with actress Dakota Johnson for the current spring collection has also already had an impact. Traffic to the brand's website increased by a double-digit percentage after its launch in Europe, Larsson explained. Sales have also developed “strongly” since then.

Success of TV series ‘Love Story’ brought Calvin Klein classics back into focus

The brand recently received an additional, unexpected boost from the hit TV series ‘Love Story’. In the show, lead actress Sarah Pidgeon embodied the classic 1990s style of Calvin Klein in her role as Carolyn Bessette. This brought the label's historic core values back into the spotlight for fashion-conscious viewers. “You can't talk about Calvin Klein right now without mentioning ‘Love Story’,” Larsson admitted in light of the surprising response. “You can't plan something like that.”

The group reacted quickly to the series' success, which caused search queries for historic Calvin Klein products to soar. The brand dressed Pidgeon for the most recent Oscar party. It also opened a specially designed pop-up store in New York's SoHo district, which achieved astonishing sales according to Larsson. Additionally, a dedicated section called the ‘90s Edit’ was launched on its online shop to highlight the brand's classic styles.

Tommy Hilfiger focuses on prominent partners from professional sports

While marketing for Calvin Klein focuses on fashion history and top-tier pop culture stars, PVH has recently emphasised the connection to professional sports for Tommy Hilfiger. Last summer, the brand announced its collaboration with the new Formula 1 team, Cadillac. In January, the label entered into an outfitter partnership with the historic English football club FC Liverpool. According to Larsson, this led to a tripling of demand for the featured products in Europe.

A special case was the collaboration with American football star Travis Kelce, unveiled just a few days ago. As a three-time Super Bowl winner, the Kansas City Chiefs professional is a sports icon. However, he gained worldwide cultural relevance through his relationship with pop titan Taylor Swift. Kelce, who will now act as a “global brand ambassador and creative partner” for Tommy Hilfiger, thus serves multiple target audiences.

The connection to pop culture has a long tradition at the brand. It achieved its global breakthrough in the 1990s through close collaboration with up-and-coming hip-hop stars. A pivotal moment was an appearance by rapper Snoop Dogg in 1994, who wore a Tommy Hilfiger outfit on the popular TV show ‘Saturday Night Live’. He ultimately helped the brand make the leap from the subculture scene to the fashion mainstream.

The group continues to rely on such partnerships, recently demonstrating a remarkable instinct. After all, artists like Bad Bunny and Rosalía are now among the most influential worldwide. However, like Jung Kook, they have managed to preserve their identity and therefore continue to appeal to diverse regional target audiences.

Given the global challenges facing the fashion industry, the measurable success of these collaborations is currently not enough to help PVH make significant leaps. For the current 2026/27 financial year, the group's management again expects only a modest increase in sales.

When Donald Trump issued an invitation to the White House Rose Garden exactly one year ago, it was already clear to many that something significant was coming. The topic was to be tariffs, “unfair trade” and the American economy. The US president celebrated it as “Liberation Day”. In Germany, the EU and other parts of the world, however, his tariff announcements caused dismay. Many saw the world on the brink of a trade war.

On that day, the US president imposed tariffs on almost the entire world, not even sparing traditional partners. “The friend is in many cases worse than the enemy,” he said. The US economy had been “plundered”, “robbed” and “raped”. Now was the time to fight back.

Since then, governments, companies, consumers and courts have been grappling with the consequences. In a landmark ruling in February, the US Supreme Court largely overturned the tariffs based on their legal foundation. Trump then resorted to the next tariff law. One year later, it remains unclear where Trump's tariff offensive is heading.

These three issues could still slow down Trump's tariff plans.

1. Can Trump's administration keep the tariffs?

For the US administration, the tariffs are important for two reasons. Firstly, the hope is that more companies will establish themselves in the US instead of exporting there. The US trade deficit with the EU, for example, has been a thorn in Trump's side for years.

Secondly, Trump is targeting the revenue from the tariffs to finance tax cuts, among other things. However, it is unclear how much of the tariff revenue will actually benefit the government.

A few weeks ago, a New York court cleared the way for refunds for companies. Importers are entitled to repayments for tariffs already paid, provided they are the duties overturned by the US Supreme Court. According to calculations by the University of Pennsylvania, the amount is approximately 175 billion dollars. This would correspond to about 2.5 percent of the budget. The US logistics group Fedex, among others, filed a lawsuit following the ruling.

2. How reliable is Trump's new tariff instrument?

Immediately after the ruling, Trump had the next tariff tool ready: first 10, then 15 percent. The US president based this on a 1974 trade act that allows him to impose tariffs on imports for up to 150 days. After that, congressional approval would be necessary.

Experts assume, however, that such an extension is unlikely just a few months before the midterm elections in November. The tariffs are unpopular not only with trading partners but also with the domestic population.

It is conceivable that Trump will resort to another law from the summer onwards. His administration recently launched an investigation into whether structural overcapacities among trading partners are detrimental to the US economy, including in individual sectors of the European Union. In the past, the US has used this mechanism to impose punitive tariffs on China.

Regardless of which tariff law Trump ultimately relies on, the Supreme Court's ruling generally sets strict limits on the president's ability to levy tariffs. However, it could take years for the courts to provide clarity, a problem that Trump might no longer face as president.

3. EU parliament demands changes – EU deal remains open

In the EU, a year after “Liberation Day”, the mood is still sombre. Although the community of states managed to avert threatened tariffs of 30 percent after tough negotiations, the EU had to swallow several bitter pills for the deal finalised at the end of July at Trump's golf resort in Turnberry, Scotland.

Additionally, from the EU's perspective, the US has already violated the agreement on several occasions. Just a few weeks after it was concluded, tariffs on more than 400 products containing steel or aluminium were raised from 15 to 50 percent.

The European Parliament, in particular, wants to link points of the agreement to security clauses, thereby forcing Trump to honour his commitments. It also demands that the US reduce the remaining tariffs on EU steel and aluminium derivatives to 15 percent within six months of the agreement coming into force. The US ambassador to the EU, Andrew Puzder, had previously warned the EU against making any further changes to the agreement.

German companies continue to face an uncertain future

The “Liberation Day” tariff shock left clear marks on the German economy. In 2025, exports to the US collapsed, and China replaced the United States as the most important trading partner. “Massive tariff increases, erratic changes and persistent legal uncertainty are noticeably slowing down trade with our most important sales market,” said Melanie Vogelbach, an expert in economic policy at the DIHK.

From the US perspective, the tariffs have also missed their target, said Vogelbach. Direct investment from Germany in the US has declined significantly, and companies intend to reduce it further. “The shift of production to the US at the expense of Europe, as sought by the US administration, is therefore not happening.”

Apparel provider Esprit presented its financial results for the first fiscal year following its major restructuring on Monday. After divesting the majority of its operational business, the parent company, Esprit Holdings Ltd., is now focusing entirely on a licensing model for the once-popular brand. Consequently, losses were significantly lower than in the previous year. However, revenues also saw a considerable decline.

The reported net loss attributable to shareholders shrank from around 1.2 billion Hong Kong dollars (0.15 billion dollars) in 2024 to 20.5 million Hong Kong dollars, following extensive cuts to its business activities. The previous year's figures, however, had included the immense losses from the now-discontinued operations. The loss from continuing operations was reduced from 266.5 million to 42.6 million Hong Kong dollars.

Simultaneously, revenue from continuing operations, which is now generated entirely from licensing income, decreased to 20.5 million Hong Kong dollars. This was less than half of the previous year's figure of 42 million Hong Kong dollars. The company attributed the decline to the loss of licensing income in Europe, which was once the brand's most important market by a significant margin. Esprit sold the brand rights for the region to Deichmann subsidiary Fasbra SE during the insolvency proceedings of its German subsidiaries.

Esprit focuses on China and North America

The company now holds all brand rights for non-European regions. The exception is the brand rights for footwear in the US, which were also sold to Deichmann. The focus is now on rebuilding Esprit's presence in Asia and America in collaboration with local licensing partners. Activities in Greater China and North America are central to this strategy.

Esprit sees opportunities, particularly in the current shift in consumer behaviour. The company explained that consumers continue to value established brands but are shopping more price-consciously due to the overall economic situation. Esprit now aims to further establish itself in this segment within its target markets, using its new, cost-efficient business model.

French luxury group Kering announced on Wednesday it has sold a majority stake in a building in Milan to the Qatari Al Mirqab Group for over 1 billion euros (1.15 billion dollars).

Kering announced the acquisition of the building for approximately 1.3 billion euros in April 2024. In a press release on Wednesday, the group stated it is “contributing this asset to a newly formed joint stock company, 80 percent owned by Al Mirqab Group and 20 percent by Kering”.

The luxury giant stated it received 729 million euros upon completion of the transaction, while the additional 432 million euros will be paid five years later.

Located on a corner of Milan's Quadrilatero della Moda, “this 18th-century building is one of the most important on via Monte Napoleone and holds an iconic position in the heart of the city's most prestigious district,” Kering noted in its statement.

The group explained it seeks to secure key locations for its houses while strengthening its financial flexibility.

Kering, which is undergoing a transformation, has previously announced this type of partnership. This includes a portfolio of assets in Paris, such as the Hôtel de Nocé on Place Vendôme and two buildings on Avenue Montaigne, in early 2025. Following this transaction, investment firm Ardian acquired a 60 percent stake in this property portfolio, with Kering retaining the remaining 40 percent.

In December, it signed a new agreement with Ardian for the sale of its building on Fifth Avenue in New York for 766 million euros. In this case too, Kering stated it would hold 40 percent of the joint venture created with Ardian, which owns 60 percent.

The group (Gucci, Yves Saint Laurent, Balenciaga...), which saw its net profit fall by more than tenfold in 2025, has been undergoing a restructuring since the arrival in September of its new chief executive officer, Luca de Meo, the former head of Renault.

The US-based Wacoal International Corporation (WIC), which serves as the parent company of Wacoal America, Inc., has announced an agreement to acquire all issued and outstanding shares of Glamorise. Based in New York, Glamorise specializes in the design, development, and e-commerce-driven sales of women’s innerwear.

The strategic move is intended to strengthen the business operations of the Japanese-founded Wacoal group within the US market. By integrating the 105-year legacy of Glamorise, Wacoal aims to enhance its product development capabilities specifically within the larger band and cup size segment.

The acquisition is further designed to establish a profitable business platform by leveraging the digital marketing expertise and proprietary e-commerce operations of the New York firm. This integration is expected to accelerate the expansion of the customer base and enhance overall brand awareness.

Integration of digital commerce and size inclusivity

Wacoal, founded in Japan in 1949 and launched in the US in 1985, has positioned itself as a category leader in department and specialty stores. The group emphasizes technical innovation and high-quality materials, supported by a national team of fit consultants.

The acquisition of Glamorise allows Wacoal to build stronger direct-to-consumer (DTC) capabilities. By utilizing the digital know-how of the acquired entity, the group intends to drive further growth and profitability across its entire portfolio.

Wacoal America president and chief executive officer, Mitch Kauffman, stated: “This acquisition greatly enhances Wacoal's position and experience in the digital commerce space and enables us to serve more women than ever before.”

Strategic alignment of brand heritage

The partnership unites two long-standing entities within the intimates sector. Glamorise CEO, Jon Pundyk, noted that the agreement begins a new chapter that joins the history of the brand regarding size inclusivity with the technical excellence of the Wacoal group.

Pundyk expressed that the collaboration is dedicated to meeting the unique needs of every woman through a shared vision of premium quality and superior fit. The transaction marks a significant step in the evolution of the group as it shifts toward a more digital-centric business model.

The hosiery and apparel supplier Falke KGaA, based in Schmallenberg in the Sauerland region of Germany, celebrated its 130th anniversary last year. The family business now employs the fifth generation and combines traditional craftsmanship values with continuous product development. The range includes sheer tights, trainer socks and functional textiles, as well as compression and shaping items.

FashionUnited spoke with Franz-Peter Falke, great-grandson of the founder Franz Falke-Rohen, about current challenges, what makes a brand, logistics, sales development and more. As a managing partner, he runs the company together with his cousin Paul Falke Jr. and CEO Martin Winkler.

You are leading a company with a 131-year history through a time of multiple crises (supply chains, energy prices, purchasing power). what specific virtues of a family business are proving to be your most important anchor?

Our company was founded in 1895. We have experienced many highs and lows over the decades. We have overcome these challenges through a traditional yet forward-looking approach. Our success is also due to our curiosity and openness to global developments, which has allowed us to help shape the future. Our family business signifies not only tradition but also a commitment to a modern approach towards our employees and the society we live in.

As a family business, we do not think and act in terms of short-term success, but in generations. Against this backdrop, we see crises not only as negative but also as an opportunity to proactively adapt to new situations time and again.

Supply chain issues are a major topic at the moment. We have established long-standing, positive relationships with our stakeholders, developing shared expertise and trust. This enables us to ensure a degree of stability and, consequently, a degree of independence.

You manufacture very close to or within Europe, specifically in Germany.

We believe in manufacturing as close to our sales markets as possible. The complexity of our product range, combined with our high quality standards, makes it difficult to outsource individual processes without compromising our brand promise.

They say perfection is in the details. what seemingly insignificant detail in a Falke product is, for you personally, proof of the highest quality?

You have to consider the entire process and the interconnectedness of the supply chain. This includes everything from yarn development with spinners to development with machine manufacturers, and most importantly, our internal expertise. We develop for the future together. These diverse inputs are crucial for our capacity for innovation.

It is not possible to single out one element. The combination, the sum of all parts, is what ultimately creates uniqueness. Every individual and every link in the chain must be perfectly coordinated to secure long-term trust and appreciation for the brand. This is a major challenge.

Competition from the Far East is flooding the market with products that offer little to no brand promise. how do you view this issue?

A brand is independent of the product itself; it operates on a different level. Many companies can make good products, but they lack the essence of what constitutes a ‘brand’. This essence is built on affinity. An exclusive focus on the product and its promise is no longer the sole decisive competitive factor. It remains a very important factor, the foundation of the promise. However, brand desirability and consumer trust are increasingly playing out on an emotional and affinity-based level.

At Falke, we have a triad of values. Alongside our quality promise, innovation is crucial. This innovation requires creativity in all areas, not just from designers but at every stage and in every part of the company. We cannot create a brand ourselves; we are made into a brand by our consumers. This is achieved through credibility, the trust built over many years and the affinity of our customers. The more consistently we pursue this, the more stable we become. Our mission is to create modern clothing for modern people.

You said that a company is made into a brand by its consumers. could you elaborate on that a little?

As a family business, we have our own mission and values that we live by, which are upheld by all employees across generations. Our mission, “to make modern clothing for modern people,” sounds very abstract and ambitious. When we delve into its deeper meaning, we see that modernity implies a constantly self-changing objective for any given period; the goal itself evolves. The understanding of modernity was different in 1950 than in 1980, and it is different again today. The core values of the brand, however, are a fixed point in a constantly changing world.

When we are curious and have the openness and passion to be a market leader that shapes the industry, rather than just a follower, our mission becomes a sort of “perpetuum mobile”. It presents a challenge and a responsibility to shape the company. Living our values and attitudes results in an offering that becomes synonymous with what the Falke brand represents to people.

In an inflationary environment, consumer spending is under pressure. how do you convey ‘value for money’ to customers when a pair of socks is priced significantly above the market average?

Our goal as a company is to offer “fair value” to our customers. This value is comprised of product performance and the appreciation for our brand. This appreciation ultimately leads to value creation, which allows us to ensure the company's viability.

Innovation and creativity require talented people who stay with a company long-term. do you face challenges with this in Schmallenberg, given that it is not Milan, Hamburg or Munich?

I see creativity as multidimensional. It stems from individual departments and from the collaboration between all departments and employees. We have employees who have been with us for generations. They not only possess technical expertise but also share a passion for continuous improvement. This identity, ingrained in our employees, is what makes us unique as a company and as a brand. A “brand” cannot be understood on a purely rational level; a “brand” must be felt, irrespective of location.

We must delve deep into the brand and understand its culture. It is also important to immerse ourselves in different cultures worldwide to fulfil our claim to modernity. In Germany, we often talk about the strength of the Mittelstand and craftsmanship. Sociologically, we have always been a nation of innovators. Their primary motivation was not initially to make money, but to prove to themselves that they could always improve something.

On the topic of globalisation, Falke operates as a global player in over 60 countries. how do you balance the need for global scale with the ‘Made in Germany’ or ‘Made in Europe’ promise that is core to your brand identity?

In my view, our European culture is unique and a great asset in global competition.

I am against the ‘Made in Germany’ and ‘Made in Europe’ labels. Other countries and nations are equally competitive. We therefore focus on our core brand, our brand values and our vision. Through brand appeal, we attract a ‘like-minded’ global customer base that we concentrate on.

Could you elaborate a little on the expansion of logistics in Schmallenberg? does this mean hiring new employees or investing in technology and automation?

Schmallenberg continues to be a development centre and creative hub.

Consumer behaviour and their purchasing habits have changed dramatically in recent years. We are experiencing serious structural weaknesses in the retail sector, which continues to be of great importance to us. The e-commerce sector is becoming increasingly important and now accounts for a significant share of our business.

This leads to increased complexity due to smaller shipments, requiring greater precision and speed. It demands new solutions in our logistics structure. Ensuring this requires significant financial investment, not only in technology but also in people.

So, if I understand correctly, a large proportion of goods are actually dispatched from Schmallenberg.

That is correct. The entire process, from yarn to finished product, is controlled in Schmallenberg. The quality of the yarns is checked here before they are sent to the various production sites. The finished products are then returned to Schmallenberg and dispatched to customers worldwide from there.

That is impressive. will you continue to invest in logistics in Schmallenberg?

The increasing complexity I mentioned can only be managed efficiently by people to a certain extent. Major investments in data collection and management, in particular, enable us to handle this complexity.

The human factor, however, remains crucial. Many things cannot be automated. The skills of our employees and their teamwork are still a decisive factor for our quantitative and qualitative productivity. The “craftsmanship mindset” of all our employees allows us to differentiate our offering and enables us to continually renew our brand promise.

How do you see sales developing over the next few years, especially after the decline in recent years?

As our company's history shows, there are always highs and lows. I believe that by living our core mission intensively and acting with caution, we are on the right path to achieving our ultimate goal: ensuring the long-term viability of our company.

Turnover is not everything. The crucial factor is sustainable value creation, which allows us to continuously invest in our future and secure our viability as a company.

How do US tariffs or the new EU free trade agreement with India affect a company like Falke?

All tariffs are inherently negative. They do not help with the global networking of societies, and they are certainly not helpful for globalisation. The rise of protectionism worldwide hinders business and prosperity. Yes, we face challenges with tariffs that are economically damaging to us.

We see new free trade agreements as an opportunity. The more freely we can operate as a company for the benefit of society, the more effectively we can conduct our business.

French company Reju has been awarded a 135 million euro (156.6 million dollars) subsidy from the Dutch government to advance its plans for a recycling centre in Limburg. The company, which is owned by the French tech firm Technip Energies, announced the development in a press release.

The funds originate from the National Investment Scheme for Climate Projects in Industry (NIKI). This programme is designed to scale up innovative tech solutions that reduce greenhouse gas emissions in Dutch industry. The application period opened last summer with a total available budget of 211 million euros, meaning Reju has been awarded over half of the total amount.

The new facility will be located at the Chemelot industrial park in Sittard-Geleen. It is designed to recycle post-consumer textiles made from hard-to-recycle, mixed fabrics, which are typically polyester blends. Reju claims its technology can convert these materials into new textiles.

According to the company, this process reduces carbon dioxide emissions by approximately half compared to the production of virgin polyester. Reju reports that the subsidy finalises the investment decision for the Limburg project. The plans were first announced last May.

US brand management giant Authentic Brands Group has reportedly expressed interest in acquiring Converse should Nike decide to divest the footwear label, according to a Bloomberg report.

The media outlet stated that while no formal talks were currently underway, the interest from Authentic, the parent company of brands like Reebok and Champion, comes as Converse continues to face a challenging fiscal period.

The brand’s performance has significantly lagged behind the broader Nike portfolio. For the quarter ended November 30, 2025, Converse reported a 30 percent drop in sales to 300 million dollars. In contrast, Nike’s overall sales were up 1 percent during the same period. An analyst cited by Bloomberg suggests Converse could see a further 26 percent drop in sales for the most recent quarter.

Despite Converse’s status, and the enduring popularity of its Chuck Taylor shoe model, the brand has struggled to maintain momentum. In response, Nike has attempted several revival strategies, including integrating comfort technology into classic models, re-entering the professional basketball market, and implementing international reorganisations.

Nike’s chief executive officer Elliott Hill acknowledged receiving inquiries regarding a potential sale, yet reaffirmed that the US sportswear giant was committed to the brand, stating that Converse remains a core part of the group’s roster. For Authentic, however, Converse would align with its model of rebuilding brands through global licensing and commercial partnerships.

Madrid – Spanish footwear and fashion brand Flabelus is setting its sights on the UK. It aims to unlock its full growth potential in the market with the help of logistics company Bleckmann. The brand has just appointed Bleckmann as its exclusive partner for all its logistics operations in the British market.

With a presence in the UK through both physical and online channels, Flabelus stands out today as one of the most vibrant and burgeoning new voices in the Spanish fashion ecosystem. Since its founding in 2020, the brand has operated both nationally and internationally. It sells its footwear and fashion collections globally through its online channel and in over 42 countries via a growing physical retail network. This network consists of both multi-brand points-of-sale and monobrand stores operating under the Flabelus name. Among these boutiques are 31 company-owned stores that the brand has opened in the last six years since its creation by entrepreneur Beatriz de los Mozos. These are located in countries such as Spain, the US, Mexico, Portugal, Italy, France and the UK, in demanding cities like Madrid, New York, Mexico City, Lisbon, Milan, Paris and London. These stores are part of a wider network of over 700 locations worldwide where Flabelus' collections, primarily footwear, are currently sold.

In this context of sustained global growth and expansion, the logistics operations required to maintain Flabelus's operations optimally are particularly demanding. This is crucial for ensuring an equally optimal shopping experience for its growing customer base. These demands are even more pronounced in the British market. This is due to the company's diversified operations in the UK, where it is active across retail, multi-brand and online channels, and the disruption to imports caused by Brexit. While Brexit maintains preferential treatment for imports from the European Union to the UK with zero percent tariffs, it still requires a series of bureaucratic procedures that slow down the import process. Faced with this complex scenario and its challenges, Flabelus has decided to appoint Bleckmann as its “exclusive logistics partner” for the UK.

“Prioritising the customer at every stage has been fundamental to our growth,” stated María Fernándes-Álva de Zunzunegui, global operations director at Flabelus. “For this reason, and to continue honouring that commitment, we demand the same level of excellence from our partners.” She added that based on this demand, “Bleckmann has demonstrated the ideal balance between logistics expertise and a commitment to service excellence,” which is why the operator was chosen as Flabelus's “exclusive logistics partner” for the British market.

“Fast-growing brands need a partner who can manage the entire process, from freight transport and customs to warehousing, last-mile delivery and returns,” added Fernando Sainz Martínez-Vara de Rey, business development director at Bleckmann. “That is precisely our role,” he continued, highlighting the logistics operator's position as a leading partner in this field, especially for fashion and lifestyle brands. He emphasised that they aim to support these brands with their services so that “they can focus fully on growing”.

Operations centre in Burton

As a result of the partnership with Bleckmann, all of Flabelus's logistics operations in the UK will be managed from one of the logistics company's centres in the British town of Burton. This location is north of London and within the UK's so-called “golden triangle of logistics”. The centre's geographical position will help to speed up and reduce delivery times for Flabelus products, both to the physical stores where its collections are sold and to the end customer who has purchased them online.

Bleckmann will support all these operations, which are both business-to-business (B2B) and business-to-consumer (B2C). This will be achieved through a transport network and distribution centres in Spain and the UK, enabling comprehensive supply chain management for all of Flabelus's B2B and B2C orders; specialised customs teams operating on both sides of the English Channel will streamline the administrative procedures for UK imports; and a logistics centre in Burton-on-Trent where the Spanish company will have a “flexible” storage space that can be expanded as Flabelus's operations in the country grow. From these facilities, Bleckmann will also be responsible for dispatching the Spanish brand's goods, thanks to its agreements with various last-mile logistics partners. All these operations will be enhanced and streamlined through the full integration of Bleckmann's logistics services with Flabelus's e-commerce operations. This will allow teams from both companies to track operations in real-time.

“This end-to-end omnichannel setup offers Flabelus complete oversight of the entire delivery cycle, from outbound shipments to returns and exchanges, ensuring that all customer touchpoints can be optimised to reflect the brand's premium positioning,” Bleckmann stated. The logistics operator also highlighted this partnership with Flabelus, describing it as a “clear example of Bleckmann's approach to designing logistics solutions tailored to client needs, backed by decades of industry experience.” They added that “every aspect of the collaboration has been designed to meet Flabelus's operational requirements, completely freeing them from burdens so they can accelerate their commercial ambitions”.

Madrid – Decathlon’s acquisition of specific Intersport assets in Spain has encountered a significant regulatory hurdle. The Spanish antitrust authority, Comisión Nacional de los Mercados y la Competencia (CNMC), has escalated the transaction to a "second phase" analysis.

This move, triggered by potential competition risks identified during a preliminary review, does not yet signal a prohibition of the deal, but it indicates that the regulator requires a deeper investigation into how the purchase might stifle market competition.

Decathlon's bid for Intersport assets in question

The deal follows a period of financial instability for Intersport’s Spanish subsidiary, which filed for creditor protection in March 2025 due to insolvency. By July of that year, the companies—Intersport, Intersport CCS, and Intersport Retail One—entered liquidation. The court subsequently consolidated their assets into two main units: a Central Purchasing Office and a retail network of 34 stores.

While Intersport France secured the purchasing office with a 300,000 euros bid, the retail stores were put up for an out-of-court bidding war. To encourage buyers, the court eventually allowed these units to be "unbundled" to individualize assets with their own operational viability.

Decathlon entered the bidding process following these relaxed rules, notifying the CNMC of its intent on December 31, 2025.

CNMC conduct an in-depth study before making a final ruling

Although rumors circulated that the French giant intended to buy Intersport’s entire Spanish operation, sources close to the company clarified that they are only pursuing strategic assets to strengthen their existing commercial network. This focus has largely landed on Intersport’s high-performing stores in the Canary Islands, particularly in Tenerife. This regional network outperformed mainland stores significantly between 2022 and 2024, generating 39.6 million euros in revenue with healthy margins between 41 percent and 43 percent.

The CNMC’s decision to move to a second-phase study on March 30, 2026, stems specifically from concerns regarding the sporting goods market on the island of Tenerife. The regulator warned that the acquisition could create a "high concentration" in the sale of technical equipment and footwear, potentially reducing competitive pressure. According to the CNMC, the deal could lead to "reduced offer and variety of sports products—especially from third-party brands," as well as lower service quality and limited access for new competitors.

Decathlon has already offered commitments to mitigate these risks, but the CNMC deemed them "insufficient." The regulator will now conduct an in-depth study, allowing for third-party arguments before issuing a final ruling that could authorize, condition, or block the transaction entirely.

It is now official: Kering and L’Oréal finalised their beauty partnership on March 31, 2026. The 4 billion euro (4.64 billion dollars) deal redefines the global luxury cosmetics market. It also marks a structural turning point for the two French leaders.

Initially announced in October 2025, the alliance has received the green light from competition authorities. L’Oréal officially takes control of Kering Beauté, an entity that includes the prestigious Maison Creed. It also includes the fragrance and cosmetics licences for the group's iconic houses (Bottega Veneta, Balenciaga, Alexander McQueen).

Cash and royalties deal

The financial terms of the agreement reveal a transaction optimized for immediate growth:

• Cash payment: L’Oréal has paid 4 billion euros in cash to Kering today.

• Recurring revenue: Beyond the sale price, Kering will receive royalties on the use of its licensed brands.

• Operational synergies: Kering will now benefit from L’Oréal's R&D, production, and media power.

For Kering: delegating to accelerate

Under the direction of Luca de Meo, Kering is making a pragmatic choice. After attempting to internalise its Beauty division, the group has chosen to rely on the industrial expertise of the world leader. The objective is to “open a new phase of acceleration” for its luxury brands by offering them access to the world's most advanced innovation platforms. For Kering, which achieved a turnover of 14.7 billion euros in 2025, this cash injection allows it to consolidate its positions in its core businesses (leather goods and jewellery).

For L’Oréal: consolidating luxury hegemony

For Nicolas Hieronimus, this acquisition is a natural extension of the historic collaboration around Yves Saint Laurent Beauté. By integrating Creed and the other Kering licences, L’Oréal is strengthening its dominance in the ‘Luxury Beauty’ segment. The group is betting on unlocking the potential of these brands for the “next 50 years”.

Beyond fragrance: a focus on ‘longevity’

The most forward-looking point in the statement is the creation of a joint venture dedicated to wellness and longevity. The alliance is not limited to fragrances; it extends to the new territories of health and life science. This pivot suggests that the two groups anticipate the growing fusion between traditional luxury and medical ‘Deep Tech’ applied to beauty.

Analysis

This finalisation comes in a French economic context marked by a stabilisation of inflation (1.1 percent in February 2026, according to the Banque de France). The luxury sector, although resilient, must face rising energy costs and increasingly complex value chains. By joining forces, Kering and L’Oréal are creating a high-performing defensive and offensive ecosystem. Kering secures its margin and desirability, while L’Oréal locks down the market's most coveted assets.

US fashion group PVH increased its revenue in the 2025/26 financial year. However, profit fell significantly due to adverse conditions and negative special effects. The results, published on Tuesday by the parent company of Calvin Klein and Tommy Hilfiger, were above market expectations.

Tommy Hilfiger and Calvin Klein see revenue increase

In the most recent financial year, which ended on February 1, group revenue reached 8.95 billion dollars. This was an increase of 3.4 percent compared to the previous year. Adjusted for currency fluctuations, revenue rose by 0.5 percent.

Both core brands contributed to the growth. Tommy Hilfiger's revenue rose by 3.9 percent to 4.77 billion dollars, or +0.5 percent on a currency-adjusted basis. Calvin Klein posted an increase of 2.8 percent to 3.96 billion dollars, also +0.5 percent on a currency-adjusted basis.

Higher tariffs and write-downs impact earnings

The group's gross margin fell from 59.4 to 57.5 percent year-over-year. The company attributed this to higher import tariffs in the US, increased freight costs and more extensive discounts. PVH also had to make significant write-downs, causing earnings before interest and taxes (EBIT) to fall by 70 percent to 230.6 million dollars from 772.3 million dollars in the previous year. Net profit plummeted from 598.5 million to 25.3 million dollars.

Adjusted for special items, net income decreased by almost 17 percent to 553.2 million dollars. Adjusted earnings per share shrank from 11.74 to 11.40 dollars. This figure was significantly above the company's forecast of 10.85 to 11.00 dollars, largely due to surprisingly strong fourth-quarter results.

Management forecasts further progress

For the current 2026/27 financial year, management anticipates further modest progress despite ongoing difficult market conditions. Current forecasts suggest a slight increase in revenue. Adjusted earnings per share are expected to rise to between 11.80 and 12.10 dollars.

US brand Nike has reported financial results for the third quarter of fiscal 2026, ending February 28, 2026, revealing a period of strategic rebalancing. The company recorded revenues of 11.3 billion dollars, remaining flat on a reported basis compared to the previous year. On a currency-neutral basis, revenues declined by 3 percent.

The results arrive as the Beaverton-based group continues its 'Win Now' initiative, a series of corrective measures aimed at improving marketplace health. Nike president and chief executive officer, Elliott Hill, noted that the company is deliberately removing "unhealthy inventory" of classic footwear franchises. This intentional reduction created a five-percentage point headwind for the quarter but is deemed necessary for long-term brand equity.

Segment performance and wholesale growth

While total revenue stagnated, the company saw a shift in channel dynamics. Wholesale revenues reached 6.50 billion dollars, an increase of 5 percent on a reported basis and 1 percent on a currency neutral basis. This growth was primarily fueled by strong demand in the North American market.

In contrast, Nike Direct (D2C) revenues fell to 4.50 billion dollars, representing a 4 percent decline. This was exacerbated by a 9 percent drop in Nike brand digital and a 5 percent decrease in Nike-owned stores.

Performance varied significantly across the brand portfolio. Nike brand revenues reached 11 billion dollars, up 1 percent reported but down 2 percent currency neutral, as growth in North America was offset by declines in Greater China and the Europe, Middle East and Africa (EMEA) region. Converse brand faced significant pressure, with revenues dropping 35 percent to 264 million dollars.

Sportswear category remained a headwind, declining in the low double digits during the period.

Margin pressure and tariff impacts

The group's gross margin decreased by 130 basis points to 40.2 percent, attributed largely to higher tariffs in North America. Executive vice president and chief financial officer, Matthew Friend, stated that higher tariffs are expected to remain a material headwind to gross margin through the first quarter of fiscal 2027.

Net income for the third quarter fell 35 percent to 520 million dollars or 35 cents per diluted share.

Strategic pivot to performance and local markets

Executive leadership emphasized that the current decline in the Nike Sportswear and Jordan Streetwear segments is a byproduct of prioritizing the performance category. Hill explained that the company focused first on running and football to rebuild brand authenticity.

“Ultimately, sport is what creates a halo over the sportswear and streetwear businesses,” Hill said, adding that the company is now moving from "defense to offense" in its lifestyle segments.

The group is also moving away from a 'direct-first' strategy in favor of a 'city-led' approach. This is particularly relevant in EMEA and Greater China, where the brand aims to become more "locally relevant." In China, the company is tightening execution across digital and physical retail to navigate structural challenges.

Even with immediate pressure on its income statement, Nike maintained its shareholder commitment by returning approximately 609 million dollars through dividends, marking 24 consecutive years of payout increases. However, the outlook remains cautious; Friend revealed that Nike expects fourth-quarter sales to decline between 2 percent and 4 percent, significantly missing Wall Street’s projected 1.9 percent increase. For the remainder of the calendar year, the company anticipates a low single-digit drop in revenue, as modest growth in North America fails to offset ongoing sales slumps in China.

During their first visit in eight years, MEPs in China have demanded greater control over the export of Chinese goods. “We have repeatedly stated that it is important for exports to be more strictly controlled by the Chinese side,” said Anna Cavazzini (Greens), chair of the European Parliament's internal market committee, in Beijing. She added that it is important for companies to comply with laws and adapt their policies more quickly than they have in the past during ongoing proceedings.

The nine-member group from the Committee on the Internal Market and Consumer Protection plans to visit the eastern Chinese economic hub of Shanghai after Beijing. They will meet with representatives from the online giant Alibaba and the e-commerce platforms Shein and Temu.

The European Commission initiated proceedings against Shein following the scandal over the sale of sex dolls with a childlike appearance. The Brussels authority also suspects Temu of not complying with EU rules.

The EU has also long criticised a flood of cheap goods from China entering the European economic area. According to the Commission, e-commerce imports into the EU via online marketplaces like Temu, Shein, Alibaba and others rose significantly to 4.6 billion small parcels in 2024. EU data indicates that 91 percent of these originated from China.

An end to the diplomatic frost?

This marks the first time in eight years that a delegation from the EU Parliament has visited China. Previously, a frosty period had prevailed in their mutual relations. This was due to trade disputes, China's relations with Russia in the Ukraine war and other issues. Last year, Beijing lifted sanctions against some MEPs.

Beijing's foreign ministry welcomed the trip to China. “We believe that the visit will promote exchange and cooperation between the legislative institutions,” said spokeswoman Mao Ning in Beijing. She added that it will improve understanding of China and advance the development of EU-China relations.

Intersport Group has concluded the 2025 financial year with revenue growth.

The Bern-based retail group concluded 2025 with a year-over-year revenue increase of 0.4 percent, IIC-Intersport International Corporation GmbH announced on Tuesday. On a currency-neutral basis, growth was 1.2 percent.

The group is active in 40 countries and has a store network of 5,260 points of sale. During the period, it achieved a global omnichannel revenue of 14.1 billion euros. This performance underscored its “resilience, operational discipline and ongoing transformation” in a year affected by significant currency fluctuations.

“2025 was a stable and constructive year for Intersport,” said Tom Foley, CEO of the sports retail group. “Despite some external pressures, we were able to achieve continuous growth, strengthen profitability and make significant progress on our long-term strategic priorities. Our renewed and new partnerships, our commitment to performance categories and the passion of our teams worldwide strengthen our position at the heart of sport.”

Intersport achieved “strong results” in its core performance categories in 2025, with running emerging as the best-performing category.

Growth and consolidation

The expansion of its store networks, increasing customer engagement and continuous investment in local relevance have also driven strong progress in new and developing markets, the Bern-based company reported. Markets such as Turkey and Algeria benefited from steady expansion and rising demand in key categories. Existing markets like Greece, Canada and Ireland also recorded solid growth.

Additionally, several structural realignments were made “to strengthen regional integration and operational efficiency”. As a result, Slovenia now falls under the supervision of Austria, Denmark under Sweden, and Spain under France.

Kering has marked a new decisive step in its structural repositioning. The French luxury leader has formalised the acquisition of a 20 percent stake in the Raselli Franco group, a leading independent jewellery manufacturer in Europe, for a valuation of 115 million euros. This transaction, first announced in December 2025, paves the way for a majority stake scheduled for 2032.

While this move may initially seem like a simple industrial rationalisation with a supplier, it reflects a profound overhaul of Kering's operational model. The group is accelerating its expansion into fine jewellery while consolidating its control over the value chain.

From brand prestige to industrial sovereignty

For decades, the luxury industry thrived on a binary model, separating the creative aura of its houses from an outsourced and fragmented supply chain. This paradigm is now obsolete.

The gradual acquisition of a stake in Raselli Franco confirms a fundamental trend in luxury: vertical integration. The LVMH and Richemont groups have already extensively internalised their production capabilities, particularly in jewellery and watchmaking.

This economic logic responds to specific needs. Controlling the industrial process helps to guarantee consistent quality, increase market responsiveness and better manage margins. It is also an essential lever for ensuring the traceability of precious materials throughout the chain.

As Bain & Company analyses in its latest report on the luxury market, sovereign control of the supply chain has become a “critical competitive differentiator for players committed to a resilient and sustainable growth trajectory”.

In the jewellery sector, this issue is all the more fundamental. Unlike fashion, which is more suited to flexible outsourcing, fine jewellery requires exceptional technical expertise, millimetric precision and rigorous sourcing protocols.

A critical industrial asset for the Kering Jewellery division

This acquisition is a cornerstone for the Kering Jewellery division. Bringing together prestigious houses such as Boucheron, Pomellato, Dodo and Qeelin, this entity aims to establish itself as a powerful growth driver, complementing the fashion and leather goods pillars.

The integration of Raselli Franco brings this ambition to life. With a workforce of over 500 employees, the Italian manufacturer has an annual production of 300,000 pieces and sets over four million gems per year. It provides Kering with immediate industrial power and recognised technical expertise. Beyond volumetric capacity, the aim is to anchor fundamental skills at the heart of the group's ecosystem. This will foster enhanced synergy between the design, prototyping and manufacturing phases.

Diversification and dilution of Gucci risk exposure

This tactical move also addresses a portfolio diversification issue: the concentration of risk on the Gucci house. Historically, the Italian label has generated a predominant share of the group's turnover and operating profitability. A slowdown in its growth momentum immediately impacted consolidated performance, a risk long highlighted by the financial community. According to Reuters, Gucci contributed over 50 percent of operating income in previous financial years.

In this respect, jewellery is emerging as an effective diversification lever. Unlike fashion, this segment has longer product cycles; less seasonal volatility; attractive unit margins; and intrinsic heritage value. As McKinsey notes, luxury jewellery is “structurally more resilient to economic cycles, thanks to its emotional dimension and investment status”. By strengthening its assets in this market, Kering is prudently rebalancing its revenue streams.

A race for critical mass against sector leaders

Kering's offensive in jewellery responds to a compelling competitive necessity. Richemont asserts its dominance through the prestige of Cartier and Van Cleef & Arpels, while LVMH has significantly consolidated its position with the integration of Tiffany & Co. and the development of Bulgari. Faced with these hegemonic players, Kering retains a more modest market share.

Through the creation of the Kering Jewellery division, coupled with the gradual acquisition of a stake in Raselli Franco, the group seems to want to close the gap and achieve the necessary critical mass. However, the mere accumulation of assets is not enough. The sustainable competitive advantage of the leaders lies in the combination of brand desirability, retail excellence and industrial mastery. It is on this last strategic pillar that Raselli Franco acts as a performance accelerator.

Securing supply in a constrained environment

Beyond growth imperatives, this transaction responds to the growing regulatory and ethical constraints of the luxury industry. Jewellery production is subject to unprecedented traceability and sustainable sourcing requirements.

Raselli Franco is certified by the Responsible Jewellery Council (RJC), the industry benchmark. This commitment aligns with Kering's sustainable development policy. As the World Gold Council points out, transparency and responsible sourcing are now non-negotiable criteria for luxury consumers. Retaining part of the production facility internally gives Kering greater control over these reputational and operational issues and reduces its dependence on third parties.

A long-term industrial gamble

The structure of the transaction reveals a cautious approach. Rather than an immediate and total acquisition, Kering has opted for a gradual integration plan, culminating in 2032.

This choice reflects a desire to manage the integration in stages, ensuring operational continuity and the alignment of stakeholder interests over the long term. It also confirms that Kering sees this transaction as a structuring investment for the coming decade, not just a tactical adjustment. In the luxury world, industrial assimilation takes time to align cultures, processes and expertise. By staggering the acquisition, the group mitigates execution risks while reaffirming its industrial vision.

Redefining the group's architecture

The acquisition of Raselli Franco transcends the scope of a one-off transaction. It is part of a global re-engineering of Kering's business model. The group seeks to dilute its exposure to the volatility of fashion, strengthen its positions in more resilient segments and bring value back in-house by controlling its industrial facilities.

Jewellery, with a turnover of 935 million euros (1,072 million dollars) in 2025, is emerging as a credible growth pillar in this new architecture. If this integration dynamic is successfully carried out, it could reconfigure the group's financial and operational balance, limiting its sensitivity to fashion cycles and building a more stable, sustainable and value-creating growth model.

Chanel has secured a partial win in a long-running legal dispute against The RealReal (TRR). A New York judge has moved to dismiss a number of the US resale platform’s counterclaims, narrowing the defense to more timely matters.

US district judge Vernon Broderick of the Southern District of New York granted a motion by Chanel to dismiss five counterclaims brought against it by TRR. The claims include allegations of antitrust violations under the Sherman Act and tortious interference.

TRR had accused the luxury house of using its market dominance to govern the secondary market by entering into exclusive agreements with retailers and publishers to shut out resellers.

Antitrust violations blocked

The court ruled, however, that the majority of these claims were time-barred. The alleged acts occurred in 2015 and 2016, placing them outside the three-to-four-year statute of limitations.

TRR argued that Chanel’s more recent actions, such as a 2019 incident where WWD allegedly blocked TRR’s advertisements due to a “huge partner”, constituted a “continuing violation”. Similarly, the platform accused Chanel of investing in and tolerating the resale of products on Farfetch while suing TRR for similar conduct. The judge found these claims lacked sufficient factual detail to prove an illegal conspiracy or market-wide harm.

Chanel filed its initial dispute against TRR back in November 2018, alleging that the platform was selling counterfeit handbags and using false advertising to suggest that Chanel authenticated TRR’s inventory.

Chanel argued that only the brand possesses the expertise and internal database required to verify its products. In 2021, TRR then filed counterclaims, alleging that Chanel was engaged in a “regional rebrand” designed to stifle competition and monopolise the market for its goods.

Chanel’s ‘unclean hands’ motion denied

While TRR’s counterclaims have been dismissed, the core of the case remains active, including the original claims regarding trademark counterfeiting and false advertising. Broderick further denied Chanel’s motion to strike TRR’s affirmative defense of “unclean hands”, meaning the platform can still argue that Chanel’s own alleged anticompetitive behaviour should prevent the luxury brand from winning its claims.

TRR has been granted until April 10 to seek formal leave to refile certain amended counterclaims related to the WWD and Farfetch allegations.

US footwear brand Allbirds has announced a definitive agreement to sell its intellectual property and specific assets and liabilities to American Exchange Group. The New York-based firm, which specializes in accessories design and manufacturing, will acquire the brand for an estimated 39 million dollars.

The transaction was negotiated by a special committee of independent directors and received unanimous approval from the Allbirds board of directors. A proxy statement detailing the asset sale and the subsequent dissolution and winding down of the company is expected to be filed by April 24, 2026. Allbirds anticipates the transaction will close in the second quarter of 2026.

Strategic shift for lifestyle footwear brand

Allbirds chief executive officer, Joe Vernachio, expressed gratitude to the teams responsible for building the brand identity over the last decade. Since its founding in 2015, the company has positioned itself as a modern lifestyle footwear brand utilizing innovative materials.

“This next chapter with American Exchange Group builds on the foundational work already completed and sets up the brand to thrive in the years ahead,” stated Vernachio. The brand became known for its signature Wool Runner and its focus on comfort-driven design.

Following the closing of the sale, a distribution of net proceeds to stockholders is expected during the third quarter of 2026. These proceeds will account for the costs associated with the wind-down of the business.

Financial reporting and transition

In light of the acquisition news, Allbirds canceled its earnings press release and conference call originally scheduled for March 31, 2026. The company still intends to file its annual report on Form 10-K for the year ended December 31, 2025.

The transition marks a significant pivot for the San Francisco-based company as it moves toward dissolution under the new ownership.

UK-based luxury lifestyle brand Perfect Moment has announced it has secured 12 million dollars in growth financing to strengthen its liquidity and support its strategic expansion. The capital injection follows the recently reported first profitable quarter for the brand and is intended to accelerate progress toward sustainable profitability.

The financing package is comprised of two distinct elements. The first is a 10 million dollar revolving credit facility provided by Krane Capital and X3 Higher Moment Fund (X Cubed). The second component is a separate two million dollar equity investment from Krane Capital.

Structured credit and premium equity investment

The 10 million dollar revolving credit facility includes 4 million dollars from Krane Capital and 6 million dollars from X Cubed. The facility has a term of 24 months and carries an interest rate of 12 percent per annum. These funds are designated for general corporate purposes, including working capital, product development, and the repayment of outstanding debt.

Simultaneously, Krane Capital has agreed to purchase 6,060,606 shares of Perfect Moment common stock at 0.33 dollars per share. This price represents a 75 percent premium to the closing share price of 0.19 dollars on March 27, 2026. This investment is intended to bolster the balance sheet and support compliance with the continued listing requirements of the NYSE American exchange.

Strategic expansion and market development

Perfect Moment executive chairman, Max Gottschalk, stated that the objective of the financing is to secure the capital necessary for long-term strategic execution. Gottschalk noted that with a leadership team in place and improving revenue trends and margins, the brand is building momentum toward sustainable profitability.

Gottschalk also highlighted the strategic importance of Krane Capital regarding its experience in China. The brand intends to leverage local market insights and relationships to partner with operators in the region. This collaboration is expected to accelerate a curated distribution strategy to ensure the brand is positioned appropriately within the premium segment.

The brand, which was founded in Chamonix, France, specialises in luxury outerwear and activewear. The new capital structure is designed to support near-to-medium term priorities, including product innovation and category expansion, as the brand seeks to scale its go-to-market capabilities.

Chanel is a maison synonymous with luxury and recognised globally, defined by timeless black and white chic and its 'ultimate luxury' identity. Founded in Paris in 1910 by fashion pioneer Gabrielle ‘Coco’ Chanel, today it remains a powerhouse brand, now headquartered in London. Many of the elements introduced under Coco have endured, firmly establishing the brand’s identity. In fact, these hallmarks are continually drawn upon, reinvigorated and reimagined, including under current creative director Matthieu Blazy, whose first collection for the maison for SS26 was an instant sell-out.

Privately owned by the Wertheimer family, a structure still relatively common in the luxury fashion sector despite the broader retail industry’s move toward conglomerates and private-equity ownership, the maison continues to flourish, guided by its own creative vision as an independent brand and a member of the haute couture fashion industry.

Chanel’s core audience has long consisted of affluent women who value classic style, craftsmanship, and the ability to express themselves through fashion. While this demographic prevails, the brand has broadened its appeal and adapted to new markets and cultural shifts.

Intellectual property (IP) has been instrumental not only during its initial establishment but also in strengthening brand loyalty and reaching new consumers and followers. This article examines the IP rights that anchor Chanel’s identity and uphold the brand’s influence in today’s market and across the decades.

Trademarks

Easily recognisable, the two interlocking Cs, the initials of the eponymous founder, form the well-known logo designed by Coco Chanel. It remains a highly-recognised badge of origin, unchanged to this day.

The clean all-caps font of the CHANEL wordmark, often placed underneath the interlocking Cs, is in a Couture sans-serif font, evocative of the 1920s art deco era but bold enough to have withstood the test of time over a century later.

The ‘Chanel’ wordmark was registered in 1924, and though it is the name of the brand, has often been misused to identify non-branded items or counterfeit goods by third parties wishing to profit from Chanel’s hard-earned reputation. An example might be a tweed suit with no affiliation to the brand still being dubbed a ‘Chanel suit’.

‘Coco’ was registered in 1980 and is one of Chanel’s most valuable trade marks by which the founder was affectionately known, due mostly to its acquired goodwill and use in signature perfumes. It is created in the same sans-serif style as the CHANEL logo.

The use of tweed, the iconic soft textures that make up Chanel’s jackets and suits, are hallmarks in the brand’s toolkit and have been developed and reimagined overtime to evoke its heritage. In turn, Chanel’s legacy of craftsmanship has been protected through the acquisition of artisanal mills.

Recognisable design elements like the Camellia Chanel flower motif adorn various offerings such as cosmetic products, and the camellia essence itself is an ingredient in one of Chanel’s beauty ranges. The camellia has a long history of association with the brand, appearing in adaptations across clothing, jewellery and accessories.

Chanel’s is not an easy reputation to uphold as its popularity frequently breeds others trying to cash-in. The label is known to protect its trademarks and other IP through legal means, and has regularly enforced its rights successfully, for example:

• In 2025, a New York jury ruled in favour of Chanel, awarding the brand damages against second-hand reseller What Goes Around Comes Around (WGACA) which was found to be selling counterfeit Chanel branded handbags and creating a false impression of affiliation to Chanel.
• The Chanel v The RealReal (TRR) luxury resale case has been ongoing since 2018 and is related to the sale of counterfeit goods and trademark infringement, with multiple failed attempts at mediation. Most recently, a US court has dismissed the majority of the reseller’s counterclaims, eliminating a large part of its antitrust claims.

Other rights in the maison’s arsenal include registered designs such as the shape of shoes, bags, and perfume bottles. Chanel No. 5 perfume, the bottle of which was reportedly inspired by a whiskey decanter, heralded the beginning of investment in advertising in the 1970s with shrewd decision-making. It created a demand for the perfume by popularising it through Marilyn Monroe’s endorsement, inaugurating the importance of collaboration with celebrities.

People

Chanel’s celebrity driven strategy relies on a sophisticated IP framework. In addition to the above-mentioned IP protection, licensing agreements with clauses added protect IP and exclusivity in collaborations; Non-Disclosure Agreements (NDAs) safeguard campaign confidentiality and protect the maison’s creative concepts during launches and campaigns; and copyright protection around campaign imagery ensures that only authorised representations of the brand are publicly circulated.

High-profile figures that represent the brand include: ‘the Face of’, currently Margot Robbie for No. 5 perfume; ‘Ambassadors’ (since the 1980s) and 'Muses' like Lily-Rose Depp and lately Ayo Edebiri; and ‘Friends’ and ‘Representatives’ such as Dua Lipa. Nicole Kidman has starred in short but impactful, memorable films. These icons attend fashion shows, are photographed on the red carpet and feature in ad campaigns, creating a buzz for the brand that helps cultivate Chanel’s audience and market share.

In Chanel’s posted social media guidelines, the working policy is clearly elucidated as the expectation for a company, geared to ensure the protection of the brand, its collaborators and its customers:

...You should never post or share any content that violates or infringes the IP rights of any third party. A good rule of thumb is, if your content is based on or incorporates someone else’s creation, make sure you have their permission to post it, even if the content is freely accessible...

With nearly 60 million followers on Instagram alone, it is essential that the message is clear both to follow legal guidance and to help counter the threat of online infringement.

Leadership

The evolution over the past decades, from when Karl Lagerfeld was chief designer and with the infusion of business savvy from the Wertheimer family, has worked well for Chanel’s brand image. Under current CEO Leena Nair, the first woman of Asian heritage to lead the house, Chanel is dedicated to gender equality and sustainability, with a commitment to achieving net-zero by 2040.

Creative director Matthieu Blazy was appointed in December 2024 and debuted with a space-themed runway show during Paris Fashion Week. His inaugural SS26 collection introduced a fantastical, mushroom-filled set while maintaining Chanel’s elegant DNA: simplicity, craftsmanship, and unmistakable design. He follows in the footsteps of Coco and Lagerfeld - big shoes to fill with their dedication to style and their own unique flair. Nicole Kidman’s return as a brand ambassador under the direction of Blazy demonstrates the maison’s multi-generational resonance.

Meanwhile, Chanel Beauty attempts to bridge the gap to a Gen Z audience by launching a sustainable beauty range that aims to be eco-friendly and innovative, while also keeping pace with modern expectation alongside preserving the classic Chanel ethos.

Conclusion

Coco Chanel’s belief that “fashion changes, but style endures” is evident in the maison’s strategic use of IP not merely as a defensive mechanism, but as an active expression of its brand DNA in extraordinary ways.

From trademarks and design rights to celebrity partnerships and strict enforcement, Chanel has leveraged IP not only to protect its heritage but to continually influence culture. Its enduring appeal lies in its ability to evolve while remaining true to the foundational values that define the brand.

From April 9 to 11, Manhattan’s luxury corridors will double as a distributed exhibition space. Under the banner “Icons of Italy,” 43 flagship boutiques representing 56 Italian brands spanning fashion, design, jewellery, automotive, yachting, food and wine will host installations and cultural activations aimed at reframing retail as a vehicle for storytelling rather than transaction.

The initiative is curated by Altagamma, the foundation representing Italy’s high end cultural and creative industries, and lands just ahead of Italy’s Made in Italy National Day on April 15, the anniversary of the birth of Leonardo da Vinci. The symbolism is deliberate, a nod to the cross disciplinary ingenuity that Italian brands frequently invoke as shorthand for their global positioning.

Italy’s luxury engine, exported

For Italian fashion and design groups, the US remains a cornerstone market. According to industry data from Confindustria Moda and Altagamma, the broader Italian fashion system generates more than 100 billion euros in annual turnover, with exports accounting for roughly two thirds of production. The United States consistently ranks among the top destinations for Italian fashion exports, alongside France, Germany and China.

Within personal luxury goods, Bain and Company has repeatedly identified the US as one of the largest single markets globally, accounting for roughly a quarter to a third of global luxury consumption in recent years. For many Italian houses, particularly in leather goods, footwear and high jewellery, North America represents both a mature revenue base and a testing ground for experiential retail concepts.

New York plays an outsized role in that equation. Fifth Avenue, Madison Avenue and SoHo remain strategic flagships for brands seeking visibility, clienteling depth and cultural proximity to US tastemakers. The city is also home to a dense network of collectors, museum institutions and design galleries that have historically amplified Italian design, from postwar industrial furniture to contemporary automotive and yacht design.

Retail as cultural infrastructure

Rather than staging a centralised fair or trade show, “Icons of Italy” opts for a decentralised model. Individual boutiques will transform into temporary cultural spaces hosting installations that highlight specific objects or experiences deemed emblematic of Italian creativity.

The format aligns with a broader shift in luxury retail. As store productivity normalises post pandemic and wholesale channels recalibrate, mono brand flagships are increasingly tasked with delivering narrative immersion. Limited time installations and cross category collaborations, particularly in New York, have become tools to drive footfall and reinforce brand equity without resorting to discounting.

By aggregating multiple sectors including fashion, automotive, fine food, hospitality and yachting under one umbrella, the initiative also reflects the structure of the Italian luxury ecosystem itself. Italy’s competitive advantage lies less in conglomerate scale and more in a dense network of specialised, often family controlled companies clustered in regional districts such as leather in Tuscany, knitwear in Emilia Romagna, eyewear in Veneto and tailoring in Campania.

Why New York?

The choice of Manhattan is not incidental. The United States was among the earliest and most influential adopters of Italian ready to wear in the postwar era, helping elevate designers from Florence and Milan onto the global stage. American department stores and buyers were instrumental in scaling Italian fashion exports in the 1950s and 1960s, while US media and Hollywood amplified the aspirational appeal of Made in Italy.

Today, that cultural exchange runs both ways. US consumers have shaped product categories, from logo driven leather goods to performance luxury hybrids, while American capital markets have become increasingly relevant for Italian groups seeking growth. At the same time, Italian brands continue to leverage manufacturing credibility and craft narratives that resonate with US clients seeking authenticity and traceability.

“Icons of Italy” positions itself within that long standing dialogue, but with a contemporary twist, blending retail, tourism and experiential marketing. Visitors who engage with the programme can enter a contest offering two night stays at 18 Italian luxury hotels, effectively extending the in store narrative into destination travel.

Strategic timing

The activation arrives at a moment of recalibration in global luxury. With growth in parts of Asia moderating and geopolitical uncertainties affecting consumer sentiment, brands are refocusing on core markets such as the US. Recent sector analyses indicate that North American demand has proven relatively resilient, particularly in the high end segment.

For Italian companies, many of which remain export driven, reinforcing brand heat in New York is both symbolic and practical. It strengthens relationships with local clientele, engages international visitors and underscores the breadth of Italy’s creative industries beyond fashion alone.

Supported by the Italian Ministry of Foreign Affairs and International Cooperation and the Italian Trade Agency, the project also functions as soft power. By foregrounding craftsmanship, regional identity and cross sector excellence, it reinforces the Made in Italy label at a time when supply chain transparency and country of origin credentials carry renewed weight.

For fashion and retail professionals, the event offers a live case study in collaborative market activation, demonstrating how multiple independent brands can leverage a shared national narrative to amplify visibility in one of the world’s most competitive luxury environments without retreating into the conventions of a trade fair or marketing spectacle.

Nearly a year on from its acquisition of Foot Locker, parent company Dick’s Sporting Goods has begun a series of layoffs within the operations of the sportswear retailer.

The news was confirmed to Footwear News by unnamed sources. FashionUnited has contacted Dick’s with a request to comment.

Some employees were reportedly asked to ‘return to office’ in Foot Locker’s New York headquarters this week or in Florida for Champs Sports. Others were asked to relocate, however, the number of those impacted is currently unknown.

Speaking to Footwear News, Matt Powell, advisor at Spurwink River, acknowledged that, like most mergers and acquisitions, redundancies, particularly in back of house, were expected.

He noted, however, that the integration of Foot Locker into the Dick’s business had “gone better than expected”.

Dick’s pursued a takeover of Foot Locker last year, marking a new venture into international waters for the American retailer and a new home for the ailing footwear specialist, which had been facing widening losses.

At the time of the acquisition, Dick’s said it had identified opportunities to align the strengths of the two brands, leveraging their differentiated retail formats, global scale, and existing brand partnerships.

In the FY25 report of Dick’s, executive chairman Edward Stack said the recent pilot phase of a simplified merchandising concept at 11 Foot Locker stores had been successful, prompting the planned roll out across 250 other locations across the US and Europe later this year.

Manchester-based Debenhams Group, the online platform operated by Boohoo Group plc, has announced it delivered 53 million pounds (70.16 million dollars) in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the financial year ending February 28, 2026. This figure represents a 36 percent increase compared to the previous year and sits comfortably ahead of the guidance issued by the board in January 2026.

The performance was bolstered by a significant 76 percent increase in adjusted EBITDA during the second half of the year. While gross merchandise value (GMV) trends remained negative, the group reported three consecutive quarters of improvement, ending February at 5 percent below the prior year.

Strategic pivot to marketplace model

The group is currently transitioning to an asset-lite marketplace model, which group chief executive officer Dan Finley credited for the improved financial standing. As part of this turnaround, the company has completed a warehouse consolidation, rightsized its stock base, and delivered a new technology re-platform. “Our pivot to the stock-lite, capital-lite, highly profitable marketplace is working,” Finley stated. He noted that the cost base has been reset and the majority of onerous costs have been exited, allowing the management team to shift its focus toward growth.

The group's cost-reduction strategy resulted in a fixed cost exit rate of 119 million pounds, which was 11 million pounds lower than the 130 million pounds guided in February 2026. The company remains on track to reach a fixed cost target of 100 million pounds in the financial year ending February 28, 2027.

Debt reduction and cash flow outlook

Debenhams Group reported net debt of 90 million pounds at the end of February 2026, representing less than two times adjusted EBITDA. This reduction was supported by a 40 million pound fundraise completed in February 2026. The board expects net debt to fall below one time adjusted EBITDA by the end of FY27.

Following the 53 million pound adjusted EBITDA outturn for FY26, the board has raised its FY27 guidance, expecting double-digit growth in adjusted EBITDA. The group, which serves millions of customers across destinations including Debenhams, Karen Millen, Boohoo, MAN and PLT, remains focused on growing its marketplace model.

Marseille (France) - The Marseille commercial court on Friday reviewed bids from three candidates to take over the Marseille-based ready-to-wear company Jott, known for its colourful down jackets. These were selected from around 15 potential buyers who came forward in February. The court will announce its decision on April 13.

The Jott brand ('Just over the top'), founded in 2010, was placed into administration in December. The Amoniss group is an investment company with a portfolio that includes the brands Chevignon, Lee Cooper and the retailer Pimkie, which was acquired from the Mulliez family in 2023. The group has received the majority of votes from the case's stakeholders, according to one of the parties involved. These stakeholders include the administrator, the judicial representative, the wage guarantee scheme (AGS) and the bank.

This bid appears to offer the best guarantees, with the takeover of 77 percent of the French workforce and the best sale price of three million for stock and assets. The takeover proposal by employees and one of the founders, named Project Mars, received only two votes from the representatives of Jott France and Jott Opération, two entities of the Marseille-based company. Project Mars plans to retain only 34 percent of employees and sets the sale price at 900,000 euros.

Finally, the proposal from BCR-I, a holding company that took over the menswear brand Café Coton in June, received no votes. It plans to retain only 28 percent of the workforce and offered 400,000 euros for the sale.

The Origin group, associated with Middle Eastern interests, did not present its bid on Friday as it had not secured the necessary bank guarantees, the same source specified.

The Jott company, headquartered in Marseille, has a network of stores mainly in France and Europe. It employed 254 people in France in 2025 with a turnover of 70 million euros. The subsidiary managing the stores in the Netherlands and Belgium is also subject to bankruptcy (liquidation) proceedings in Brussels.

"Jott is not just a local company, but a Marseille success story," stated "Mode in Sud", the region's fashion business union, in a press release in December when the bankruptcy was filed. The union expressed concern about an example that is "highly significant for our fashion ecosystem in the South". In recent years, the French ready-to-wear sector has been suffering a severe crisis, weighed down in particular by competition from second-hand fashion and ultra-fast fashion from Asia.

Analysis

Madrid – Everyone has a price. This stark premise lies at the core of the current negotiations for a “potential” merger between the US group The Estée Lauder Companies and Spain’s Puig. The deal, should it materialise at the right valuation, could effectively subsume Puig’s 112-year history.

Founded in 1914 in Barcelona by Antonio Puig Castelló as Antonio Puig, the company began in perfumery before quickly diversifying into makeup with the 1922 launch of “Milady,” Spain’s first lipstick. Early partnerships—such as with the German Mülhens family, makers of 4711 eau de cologne—and launches like “Agua Lavanda Puig” in 1940 helped establish Puig as a leading beauty company in Spain, then dominated by Perfumería Gal, Parera and Myrurgia.

This position was reinforced through infrastructure investments, including a new fragrance factory and headquarters in Barcelona, and through licensing agreements such as Nina Ricci. The latter led to the 1948 launch of L’Air du Temps, a milestone that highlighted Puig’s international potential. That trajectory accelerated after the second generation—Antonio, Mariano, José María and Enrique Puig Planas—took over in 1950.

From the 1960s onward, Puig expanded internationally, opening offices in the US (1962), the UK (1972) and Panama (1979), and building a production facility in Chartres, France, in 1976 (sold in 2025). At the same time, it strengthened its portfolio with products such as Moana (1966) and fragrances including Agua Brava (1968), Azur de Puig (1969), Estivalia (1973) and Quorum (1982).

A key strategic move came with the Paco Rabanne license in 1968, which evolved into a full acquisition in 1987. This marked a turning point, signalling Puig’s ambition to move beyond beauty and towards a more diversified fashion-driven model.

This shift must be understood within the broader transformation of the luxury industry following the creation of LVMH in 1987. As LVMH rapidly built a diversified conglomerate across fashion, jewellery, watches and beauty, Puig pursued a similar—though more limited—strategy. It expanded through acquisitions including Carolina Herrera (beauty license in 1987, fashion in 1988) and Nina Ricci (1998), followed later by Jean Paul Gaultier (2011), Dries Van Noten (2018) and Charlotte Tilbury (2020).

Puig: in LVMH's mirror

For nearly four decades, Puig has signalled ambitions that extend beyond perfumery, broadly mirroring LVMH’s model. However, two key differences remain. The first is scale. Puig closed 2025 with revenues of 5.04 billion euros (+5.26 percent) and net profit of 617.1 million euros (+13.74 percent), while LVMH reported 80.81 billion euros in revenue and 11.22 billion euros in profit.

The second is diversification. Despite its acquisitions and brand portfolio, Puig has not succeeded in expanding beyond beauty in a meaningful way. This has limited its ability to fully capitalise on the fashion assets it controls—potential that its IPO on May 3, 2024 was expected to unlock.

Instead, the IPO has underperformed. Shares have fallen by as much as 46.5 percent from their initial price, weakening investor confidence and slowing expansion plans. This context is critical to understanding the current negotiations with Estée Lauder, which—despite being framed as a merger—are widely seen as a potential acquisition.

Such a move would effectively position Puig, once aspiring to emulate LVMH, as an addition to Estée Lauder’s portfolio in its ongoing competition with L’Oréal.

Creating a company worth over 40 billion euros

As doubts persist over whether this is the right moment for Estée Lauder to pursue such a deal, a closer look at both companies’ structures helps clarify the potential scale and implications of the transaction.

Following confirmation of the talks, Estée Lauder lost 5.22 billion dollars in market capitalisation over two days, with its shares falling to 69.75 dollars, reflecting investor caution. Puig, by contrast, has seen renewed momentum in its share price, supported by expectations of a premium over its current valuation. These gains, however, remain contingent on a deal being reached; failure to do so could trigger a reversal and further strain Puig’s positioning, particularly given the tension between its legacy-driven narrative and its willingness to negotiate a sale.

In purely financial terms, the integration would create a group with combined annual revenues of approximately 17.4 billion euros (over 20 billion dollars), based on Puig’s 5.04 billion euros in 2025 sales and Estée Lauder’s 14.33 billion dollars. The resulting entity would have an estimated enterprise value of around 44.85 billion euros (51.67 billion dollars), combining Puig’s 17.48 billion euros and Estée Lauder’s 31.54 billion dollars.

Performance by segment

Looking more closely at operations, Puig structures its business across three segments—“Fragrances and Fashion,” “Makeup,” and “Skincare”—while Estée Lauder reports across five: “Skin Care,” “Makeup,” “Fragrance,” “Hair Care,” and “Other.” Aligning both under Puig’s framework provides a clearer comparison.

In fragrances, Estée Lauder generated 2.49 billion dollars (+0.16 percent) in 2025, compared to Puig’s 3.65 billion euros (+3.78 percent). Combined, this would result in a fragrance division of approximately 5.81 billion euros—still about 616 million euros below L’Oréal’s 6.42 billion euros (+7.9 percent) in the category.

In makeup, Estée Lauder reported 4.21 billion dollars (-4.92 percent), while Puig generated 845 million euros (+10.74 percent). Together, this would produce around 4.50 billion euros in sales, roughly half of L’Oréal’s 8.42 billion euros (-0.4 percent).

Skincare would become the largest segment. Estée Lauder generated 6.96 billion dollars (-11.96 percent) in this category, while Puig contributed 551 million euros (+7.19 percent), resulting in combined revenues of approximately 6.59 billion euros. This remains significantly below L’Oréal’s 16.38 billion euros in skincare.

Additional revenues would come from Estée Lauder’s smaller segments, including hair care (565 million dollars, -10.17 percent) and other activities (100 million dollars, -13 percent), completing the group’s overall revenue structure.

Performance by market

Regionally, both companies divide revenues into three key areas: the Americas, EMEA (Europe, Middle East and Africa), and Asia-Pacific.

EMEA would be the largest market for the combined group, with approximately 7.42 billion euros in sales, based on Estée Lauder’s 5.38 billion dollars (-12.46 percent) and Puig’s 2.75 billion euros (+5 percent). This remains well below L’Oréal’s 14.86 billion euros (+4.6 percent) in the region.

In the Americas, combined revenues would reach around 5.59 billion euros, from Estée Lauder’s 4.41 billion dollars (-3.71 percent) and Puig’s 1.76 billion euros (+2.62 percent), again far behind L’Oréal’s 15.00 billion euros (-0.73 percent).

In Asia-Pacific, Estée Lauder reported 4.54 billion dollars (-7.18 percent), while Puig generated 530 million euros (+16.48 percent), resulting in combined sales of approximately 4.47 billion euros. This also trails L’Oréal’s 14.19 billion euros (+0.16 percent) across the region.

Skincare as main segment, and EMEA as main market

Overall, the merged entity would generate around 17.4 billion euros in annual revenue, with skincare as its largest segment (6.59 billion euros), followed by fragrances (5.81 billion euros) and makeup (4.50 billion euros). This structure highlights Puig’s relatively limited weight in skincare, despite its broader brand portfolio.

Regionally, EMEA would lead (7.42 billion euros), followed by the Americas (5.59 billion euros) and Asia-Pacific (4.47 billion euros), defining the group’s geographic balance.

Beyond these figures, a key strategic question concerns the future of Puig’s fashion assets. Estée Lauder has consistently positioned itself as a beauty specialist, licensing out fashion operations such as Tom Ford’s. A similar approach is likely here, with brands including Jean Paul Gaultier, Rabanne, Dries Van Noten, Nina Ricci and Carolina Herrera expected to see their fashion divisions licensed out and removed from the group’s core scope.

Madrid – Spanish textile multinational Nextil has announced the successful completion of its latest debt placement through its promissory note programme on the Alternative Fixed-Income Market (MARF). This financing operation follows the acquisition of a majority stake in the Portuguese company Sindutex.

This morning, Nextil Group announced the successful completion of a promissory note issue for 13.9 million euros. This amount adds to the 9.2 million euros the company raised in the first debt placement of the same programme. The total injection into its accounts now stands at 23.1 million euros. These funds will finance the company's ongoing operations and its next growth phase.

From the textile group's perspective, this latest debt placement demonstrates the strength of its operational and business model following recent years of changes and restructuring. The company argues this is confirmed by the lower interest rates and longer terms of this latest promissory note issue compared to the 9.2 million euros issue completed last November 2025. Specifically, the promissory notes were issued for terms between nine and 18 months. The majority of the demand, 82 percent, was for the 18-month tranche. The operation involved “large institutional investors” and EBN Banco de Negocio, which joins as a collaborating entity and direct investor in Nextil's promissory note programme.

“In a transforming global textile sector, Nextil continues to consolidate a solid financial structure that allows it to address new growth opportunities and strengthens its position as a sustainable, high-value-added industrial platform,” stated Nextil. The company added that the funds raised will allow it “to face the challenges associated with its commercial and operational development, in a context of growth driven by the strategic agreements announced in recent months,” which “are expanding revenue visibility for the coming years beyond expectations.”

Acquisition of Sindutex

The announcement of this latest debt placement comes after Nextil informed the National Securities Market Commission (CNMV) on March 20 of the agreement reached with the Portuguese company Sindutex. The agreement is for the acquisition of a 70 percent majority stake in its share capital. The purchase, which is still pending formalisation, was agreed for an amount of approximately 1.75 million euros. The Spanish textile multinational will finance it entirely with its own funds.

Regarding the nature of this acquisition, Nextil states that the purchase of Sindutex is part of a strategic consolidation plan. The company continues to evaluate investment options in both Portugal and the Americas. The acquisition will allow Nextil to diversify its customer base and product offering from its Portuguese production unit. It will also generate synergies with its subsidiary Sici93, the cornerstone of its fabric and garment production unit for premium and luxury brands, which is also based in Portugal. Furthermore, Nextil will use its own capabilities to boost Sindutex's current business model. This could lead the Portuguese textile company to close the current 2026 financial year with a turnover of over 10 million euros and an EBITDA of more than two million euros.

“Sindutex has a solid industrial base in the garment manufacturing segment. Its integration will allow Nextil to advance in the consolidation of its platform in Portugal, expanding its production capabilities and its position in the premium and value-added segment,” stated the Spanish company's management. From a broader perspective, “this transaction is part of Nextil's growth and industrial consolidation strategy, which continues to advance on various opportunities in the sector.” The company is currently “in open negotiations with other larger companies, both in Portugal and on the American continent,” and “will inform the market as these materialise.”

Misto Holdings is strengthening its position as a strategic brand hub, driving the expansion of Korean fashion labels across the Greater China region. Leveraging its retail operations and brand development expertise, the company is scaling its multi-brand portfolio while enhancing integrated online and offline capabilities.

The company has already introduced several prominent Korean brands to the region, including Matin Kim, Marithé + François Girbaud, Raive, and Rest & Recreation. Building on this momentum, Misto Holdings aims to expand its retail network to more than 100 locations across the region within the first half of 2026.

A representative for Misto Holdings stated: “We are not simply managing brands; we are long-term partners dedicated to building brand value across both online and offline touchpoints. Our focus remains on building sustainable brand equity across the Greater China region.”

The firm's standardised operating model has already yielded significant results. Mardi Mercredi saw a 190 percent year-over-year increase in its second year of operation, while Raive recorded 200 percent sales growth within its first year in 2024. These results are backed by Misto’s direct management of digital platforms like Tmall, Xiaohongshu, and Douyin, alongside in-house live-commerce streaming studios.

Looking ahead, Misto Holdings sees 2026 as a pivotal year for restructuring its portfolio. Starting in 2027, the company plans to launch approximately five new brands across categories including men’s high-end contemporary and athleisure. This diversification strategy is intended to build a stable revenue base and reduce reliance on individual labels.

Textile Exchange has released the first in a new series of Life Cycle Assessment (LCA) studies, aimed at improving the quality and consistency of environmental impact data across the fashion and textile industry.

The initial report focuses on cotton, providing updated data across key producing countries and covering a range of systems including organic, regenerative, recycled and conventional production. The study forms part of a wider rollout of seven LCAs, with further research set to cover materials such as polyester, nylon, wool and leather through 2026 and 2027.

The organisation said the studies take a broader “LCA+” approach, expanding beyond traditional environmental metrics to also include factors like soil health, biodiversity and social impacts where relevant.

Beth Jensen, chief impact officer at Textile Exchange, said: “This work is about improving the quality, transparency, and appropriate use of LCA data at the raw material level, where it is urgently needed.

“By closing critical data gaps for priority fibers, we are providing credible, fully documented impact data that supports more accurate modeling and tracking of greenhouse gas emissions and other impacts.”

Findings from the cotton study highlight that environmental impact varies significantly depending on where and how cotton is grown. Field emissions, largely linked to synthetic fertiliser use, were identified as a key impact area across most regions.

Debra Guo, lead for cotton and crops at Textile Exchange, added: “This LCA study shows that cotton’s environmental impact hinges on where it’s grown and how it’s managed in the field… enabling brands to make more informed sourcing decisions.”

The data will be submitted to industry databases to support more consistent tracking and decision-making across the sector.

EU states and lawmakers struck a deal Thursday to give the bloc the power to slap fines on online platforms importing unsafe items into the European Union.

The measure is part of wide-scale reforms to the EU's customs rules, including an EU-wide handling fee on products bought outside the 27-nation bloc, as Brussels steps up its efforts to stem the flow of cheap Chinese parcels.

The EU says an estimated 5.9 billion low-value retail packages entered the EU in 2025, more than 90 percent originating from China. Some 4.6 billion cheap parcels entered the bloc in 2024.

A three-euro levy was proposed for parcels worth less than 150 euros (173 dollars), but the European Commission will decide the precise amount.

EU negotiators agreed during talks Thursday that companies repeatedly allowing the import of dangerous items could face a fine of up to six percent of the total value of goods imported into the EU in the previous 12 months.

The bloc can also suspend an e-commerce platform as a last resort, the parliament said in a statement, as part of the reforms that will apply from 2028.

"The goal: an internal market that no longer leaves platforms such as Temu, Shein and AliExpress untouched while putting massive amounts of non-compliant goods on the European market and unfairly competing with our businesses," lead negotiator for the parliament Dirk Gotink said.

The agreement comes a day after the French city of Lille was chosen to host the new customs authority that will centralise EU efforts to tackle the issues.

European consumer rights umbrella group BEUC hailed the reforms agreed.

"Europe has been swamped by a tsunami of packages from China, and customs authorities could simply not cope," BEUC director general Agustin Reyna said.

He pointed to consumer groups' tests of goods bought online which found toys that could "fatally injure" children and textiles "laced with banned chemicals".

Reyna added: "This reform begins to turn the tide and makes it harder for dangerous products to enter the EU."

As fashion navigates economic uncertainty and technological disruption, the C-suite is being redrawn. Artificial intelligence is no longer confined to design studios or marketing dashboards, it is now reshaping executive leadership itself.

At Kering, CEO Luca de Meo last week appointed the group’s first chief digital, AI & IT officer, Pierre Houlès. His mandate is to reinforce the group’s digital strategy and fast-track the overhaul of its technology infrastructure, aligning it with Kering’s operational and innovation goals. The role is designed to embed technological advancement at the core of the business, supporting both performance and the creative appeal of its houses. Similar AI-focused leadership roles have emerged at Ralph Lauren, Lululemon and Marks & Spencer in the past two years, according to Business of Fashion (BoF).

The rise of the AI chief signals more than experimentation. As Paula Reid of executive search firm Reid & Co. told BoF, AI is impacting “every piece of the business,” requiring elevation at the highest organisational level. Increasingly, companies are recruiting from tech-heavy sectors to fill these posts, reflecting the scale and complexity of implementation.

Rise of AI leadership roles

Crucially, AI leadership is being structured to avoid siloed execution. Yvonne Pengue of Spot On Minds noted to Business of Fashion that these mandates are “transversal,” spanning marketing, supply chain, merchandising and communications. By combining AI with digital and data oversight, brands aim to ensure organisation-wide adoption rather than isolated pilots.

Executive reinvention in fashion is part of a broader shift in retail leadership profiles driven by digital disruption and new growth imperatives. Retail executives increasingly need digital fluency, with 71 percent of industry leaders surveyed expecting consumers to increase their use of generative AI in shopping, and are prioritising strategies that strengthen digital commerce and omnichannel experiences as core drivers of growth. Retailers planning for the future are focusing on loyalty programmes (46 percent), digital channels (45 percent) and seamless omnichannel offerings (44 percent) to capture market share and revenue in a fragmented consumer landscape. These shifts underscore why strategic growth and commercial leadership roles are rapidly emerging as organisational priorities, according to research from Deloitte.

Meanwhile, companies such as Gap Inc. are leaning into cultural relevance, appointing entertainment-focused executives to integrate fashion with media, music and sport - an acknowledgement that growth is increasingly tied to storytelling and consumer engagement.

Taken together, these evolving titles: AI, growth, entertainment, point to a common priority: placing the consumer at the centre of strategy while equipping organisations for structural change. For fashion businesses, AI is no longer just a tool. It is becoming a governance issue, and a defining competency of the modern executive suite.

Employees of Italian retailer LuisaViaRoma have gone on strike in Florence today, after union representatives announced that liquidation proceedings were being pursued by the company. As reported by La Nazione, the Italian court's protective measures under the negotiated crisis settlement procedure expired. LuisaViaRoma has announced it will apply for a preliminary liquidation agreement to obtain protective measures against creditors and suspend enforcement actions for another 60 days.

“The negotiated crisis settlement was not successful, but negotiations with new investors are ongoing. A capital increase of 15 million has been approved, and the deadline to subscribe is April 20,” explained Tommaso Andorlini, chief executive officer and key shareholder of LuisaViaRoma, to the newspaper La Nazione. “Our objective is the same as the union's, which is to protect employment levels. We have already reached agreements with 90 percent of creditors, and now we will have another 60 days to finalise them.”

Filcams Cgil Florence highlights in a statement that “hundreds of jobs are at risk”. A strike and picket are scheduled for today, March 26, while a meeting on the dispute will be held with the regional authorities on March 31. The strike is taking place during the last four hours of the working day, with a picket from 3:30pm CET in front of the historic LuisaViaRoma store at 16/21R Via Roma in Florence.

“Learning that LuisaViaRoma's intention is discontinuity through corporate restructuring leaves us speechless. This will certainly be even more true for all the current employees who, despite the existing solidarity contract, were confident that an industrial solution would prevail. Today, we are talking about discontinuity through a liquidation agreement,” wrote the unions.

“We do not forget that, as a result of the crisis and the disastrous choices of a management team that proved unequal to the task, over 100 employees have left LuisaViaRoma in the last year and a half. This includes those who saw no logic in what was being done and those who were formally invited to leave the company by signing a settlement,” the workers' representatives continued.

The company has confirmed to workers its intention to have the website managed by its subsidiary, which has been put up for sale. “We understand there are already potential buyers for it. Similarly, we have been told that management intends to entrust the creation of the new site to an external company. At the same time, we have no knowledge of what will happen to the historic stores, which helped to build the prestige of the LuisaViaRoma brand even before the advent of the internet,” stressed the LuisaViaRoma and Filcams Cgil Florence union representatives.

All of this puts hundreds of direct (approximately 200) and indirect jobs at risk. In addition to the employees directly employed by LuisaViaRoma, there are about one hundred workers contracted at the Campi Bisenzio warehouse.

“As Filcams Cgil of Florence and Rsa Luisa Via Roma, we once again appeal to the institutions. We ask that from the next plenary meeting at the crisis unit of the Tuscany Region on March 31, 2026, they stand by the workers. They must support those whose daily expertise is the true added value of any work activity.”

The firm managing Gap’s Chinese operations has said it is planning to open 50 new stores for the brand in mainland China during 2026. Baozun, which acquired Gap China in 2022, said it is hoping to boost the retailer’s growth in the country over the next three years.

In an interview with Bloomberg TV, Baozun’s chairman and chief executive officer, Vincent Qiu, said that the company breaking even for the first time on a quarterly basis proves its “new model is now working”.

With this boost of confidence in Gap, Qiu said: “In the coming three years, we are ready to accelerate this business and scale it to a bigger size.” The company is also eyeing a return to retail in Hong Kong.

Since Baozun took over the brand’s Chinese operations, Gap has gained momentum in the region, expanding its store count to 164 locations. Additionally, in 2025, sales for the business rose 20 percent, a pace Baozun is hoping to maintain while pushing for 30 percent growth over the coming years.

Gap’s performance in China has instilled a sense of assurance in Qiu, who is now looking to manage more brands in China. Baozun currently oversees footwear label Hunter, and has “a strong pipeline” of potential partners.

The European Union and Australia have concluded negotiations on a comprehensive free trade agreement (FTA), marking a significant step for international business and trade.

The agreement, finalised during a meeting between European Commission president Ursula von der Leyen and prime minister of Australia Anthony Albanese, will remove over 99 percent of tariffs on EU exports. This is expected to save businesses around one billion euros annually and increase EU exports by up to 33 percent over the next decade.

For fashion and textile companies, the deal improves access to the Australian market by lowering costs and simplifying trade conditions. It also opens opportunities in services such as retail, e-commerce, and logistics, while enabling greater participation in Australian public procurement.

The agreement introduces modern rules on data flows, preventing data localisation requirements, integral to digital businesses operating across borders. It also includes provisions to support small and medium-sized enterprises, helping them scale exports more easily.

Sustainability is a key component. The FTA includes binding commitments on labour rights, environmental standards, and climate targets aligned with the Paris Agreement. Trade in sustainable goods, including eco-friendly materials and energy-efficient products, will also be facilitated.

In addition, the agreement strengthens supply chain reliability by improving access to critical raw materials essential for production and innovation.

In a statement, von der Leyen said the deal aims to “drive prosperity through rules-based trade,” reinforcing long-term business confidence between the two markets. “We are committed to building a cleaner, more digital future for our citizens, workers and businesses. And we are sending a strong signal to the rest of the world that friendship and cooperation is what matters most in times of turbulence,” von der Leyen added.

The Swedish apparel group Hennes & Mauritz AB (H&M) experienced a significant decline in sales in the first quarter of the 2025/26 financial year, largely due to negative currency effects. However, the parent company of brands such as H&M, Cos, Weekday, & Other Stories and Arket managed to significantly increase its profit. This was revealed in an interim report published on Thursday.

According to the report, group sales from December to February amounted to 49.6 billion Swedish kronor (5.30 billion dollars). This represented a 10 percent decrease compared to the same quarter last year. The development was significantly influenced by the appreciation of the Swedish krona. The company explained that in local currencies, revenue in the first quarter fell by only one percent.

In all market regions, the group suffered losses. Revenue fell by 3 percent in the Nordic countries; 8 percent in Western Europe; and 7 percent in both Eastern and Southern Europe. The decline was 15 percent in the Americas, while sales in the Asia, Oceania and Africa region dropped by 18 percent.

Cost-saving measures and lower discounts boost results

In terms of earnings, the group made progress. The gross margin increased from 49.1 to 50.7 percent compared to the same quarter last year, largely due to fewer markdowns. At the same time, the group was able to further reduce its selling and administrative expenses.

Operating profit rose by 26 percent to 1.5 billion Swedish kronor. Net profit attributable to shareholders reached 724 million Swedish kronor, exceeding the previous year's level by 23 percent.

Chief executive officer Daniel Ervér highlighted the positive aspects of the current results. He explained in a statement that demand had recovered after a weak December. The sales trend was positive towards the end of the quarter due to the positive response to the spring collections.

Ervér also pointed to the continued progress in earnings. “Thanks to continued good cost control, greater efficiency in product purchasing and external factors that had a positive impact on purchasing costs, we were able to increase both the gross margin and the operating margin compared to the same quarter last year,” he emphasised.

Management sees slight upward trend in sales

In the first weeks of the second quarter, the company observed a continuation of the slight upward trend. The group stated that, according to current information, sales in March are expected to have increased by one percent, adjusted for currency. It warned, however, that the impact of markdowns on earnings would be slightly higher in the current quarter than in the same period last year.

Management also expressed confidence in its ability to manage the impact of the crisis in the Middle East. “The company is closely monitoring developments in the Middle East and their impact on world trade,” a statement said. “Thanks to a high degree of flexibility in the supply chain and a low proportion of air freight, there are opportunities to adapt the flow of goods to the changing conditions. The Middle East markets account for only a small part of the company's total sales and are served by franchise partners.”

Long considered a peripheral or even competing market, second-hand fashion is now establishing itself as a new engine for growth and product cycle monetisation in affordable luxury. By deploying its own white-label resale solution, the SMCP Group is doing more than just following a trend: it is reclaiming a market segment that brands had gradually lost to third-party platforms.

The stakes go far beyond simple diversification. Second-hand fashion is no longer an extra channel; it is redefining where and how value is created in fashion retail. In a context of shrinking volumes, rising acquisition costs, and changing purchasing behaviours, the ability to capture value throughout the entire product lifecycle is becoming a decisive competitive advantage.

From the periphery to the core of the model: a structural shift

In this context, growth forecasts for the pre-loved segment, estimated at around 10 percent per year by 2030, significantly surpass those of the primary market. This dynamic is no longer a cyclical effect but a structural transformation in consumer choices.

For Isabelle Guichot, chief executive officer of SMCP, the observation is now unequivocal: resale has established itself as part of the customer journey. “It has become clear that resale is an integral part of consumer behaviour. Seeing the volume of our own items on platforms like Vinted was a wake-up call,” she explains. During a discussion with AlixPartners and Faume, the diagnosis became clear: second-hand fashion is no longer on the periphery of accessible luxury, but its new centre of gravity.

This shift is forcing brands to fundamentally reassess their understanding of the business model. For years, the industry has thought in terms of sell-in and sell-out, focusing exclusively on the first transaction. However, the growing circulation of products on the secondary market reveals a different reality: a significant portion of value is now eluding brands.

What was once considered an externality, peer-to-peer resale now appears as a direct loss of revenue. The challenge is no longer whether to be present in this market, but how to structure it to capture its flows. Value is no longer limited to the initial purchase; it is built on the ability to orchestrate the entire product lifecycle: resale, credit, repurchase, within a controlled ecosystem.

Regaining sovereignty: data, image, margin

The rise of consumer-to-consumer (C2C) platforms like Vinted or Vestiaire Collective has profoundly reshaped the market. While these players have played a key role in educating the public, they have also captured a significant share of the value. This has gradually deprived brands of three critical assets: customer data, image control, and margin on the extended product lifecycle.

The main challenge of SMCP's strategy therefore lies in breaking this dependency. By leveraging Faume's technological infrastructure, the group is internalising the entire second-hand value chain. This choice is not merely operational; it is highly strategic. It allows for the re-establishment of service continuity between new and pre-loved items, whereas third-party platforms systematically introduce a break in the experience and a dilution of the brand narrative.

This continuity is all the more essential in the accessible luxury sector, where desirability rests as much on the object as on its transactional environment. SMCP refuses to offer a degraded experience for its pre-loved products. Aymeric Déchin, CEO of Faume, insists on this point: “A second-hand product should never be synonymous with a degraded experience. Desirability lies not only in the object, but in the tone, imagery, and every interaction.” At Maje or Sandro, the second-hand tab is designed to mirror the main boutique. By standardising protocols for systematic authentication, professional refurbishment, and presentation (visuals, descriptions, storytelling), the group avoids the pitfall of anonymity found on classic marketplaces. The second-hand product remains a branded item, shipped in the house's original packaging. This rigour transforms a pre-loved transaction into a complete brand experience, justifying a coherent price positioning aligned with the prestige of the group's labels.

A lever for acquisition and loyalty at a controlled cost

The impact of second-hand fashion on SMCP's customer base is immediate and measurable. One of the model's most significant findings is its ability to generate new streams at a particularly competitive marginal cost. Isabelle Guichot highlights a decisive point: nearly 50 percent of users of vouchers from resale were not registered in the group's CRM databases.

In an environment where the customer acquisition cost (CAC) via traditional digital channels is constantly increasing, sometimes exceeding 100 euros depending on the segment, second-hand fashion acts as an almost self-funded acquisition lever. Olivier Abtan, partner at AlixPartners, analyses this dynamic: “Resale is now absorbing demand because it perfectly matches the new logic of consumption: value, liquidity, and durability. It is no longer a marginal phenomenon.”

Contrary to popular belief, this model does not cannibalise new sales; it functions as an ‘organic’ conversion funnel. Resale becomes a strategic entry point into the brand's ecosystem, particularly effective with younger customers, especially Gen Z and Millennials. The data also indicates a conversion rate to purchasing new products of around 30 percent within eighteen months of a first interaction via the second-hand channel. This recruitment naturally transforms into long-term loyalty, anchoring the customer in the complete lifecycle of the collections.

The physical store as a circular services platform

The integration of second-hand fashion into the boutique network, approximately 50 points-of-sale per brand in Europe, is profoundly transforming the role of physical retail. Stores are no longer just places of transaction. They are becoming multidimensional service platforms that integrate drop-off, take-back, and value reactivation. By becoming collection centres, the boutiques solve the major problem of sourcing quality pieces while generating significant operational benefits:

• Qualified flow and traffic: Dropping off an item involves an intentional physical visit. This visit to a terminal or checkout creates an immediate opportunity for interaction and sales.
• Immediate liquidity: The in-store buy-back system offers much greater fluidity than C2C platforms. Unlike an uncertain and lengthy peer-to-peer sale, the instant payment of a store credit encourages immediate reuse of capital within the brand.
• Upsell mechanism: With an average voucher value of around 60 euros, the customer is naturally encouraged to supplement their budget to purchase a piece from the current collection. As Isabelle Guichot points out: “You don't buy a new product at this price; the customer therefore uses their voucher as a contribution towards their next purchase.” Second-hand fashion thus becomes a direct tool to support sales of new items.
• Team engagement: For sales teams, this service becomes a powerful clienteling tool. It allows them to identify and activate profiles that were previously invisible or off the radar of traditional retail, thereby strengthening the customer relationship in the long term.

Residual value: a new pillar of pricing

One of the most structuring contributions of this strategy lies in the profound redefinition of pricing. Like the automotive industry, resale value is becoming a decision-making criterion from the initial purchase. The consumer no longer evaluates only the face value of a Sandro or Maje piece, but a net cost of ownership that incorporates the product's residual value.

By internalising its secondary market, SMCP is able to stabilise this value and protect its margins on new items. This control limits the excessive depreciation seen on generalist platforms, where the lack of certification and oversight systematically drives prices down. Olivier Abtan, partner at AlixPartners, compares this evolution to the certified pre-owned market: “If you manage a certified resale, you stabilise residuals, protect the price reference, and thus support your margins on the primary market.”

This ‘Certified Pre-Owned’ logic helps protect the brand's equity by avoiding overly drastic price differences between new and pre-loved items. In an economy where the customer increasingly calculates their resale potential before confirming their basket, the guarantee of a high second-hand value becomes a major selling point for the new product. Second-hand fashion no longer degrades the brand's perceived value; it structures, secures, and strengthens it in the long term.

A strategic repositioning in relation to other industry players

SMCP's approach is part of a still heterogeneous landscape. Some groups, like Kering, have chosen to invest in external platforms, while others, like LVMH, are adopting a more cautious stance, prioritising control over primary distribution.

The choice of internalisation made by SMCP therefore constitutes a distinct path. It reflects a strong conviction: the strategic value of second-hand fashion lies not only in volume, but in mastering the experience and data. Ultimately, these assets will determine the ability of brands to manage their customer relationships in a fragmented environment.

Towards a circular data economy: the new behavioural sensor

For SMCP, the short-term objective is to unify all interactions (purchase, resale, rental, repair) within a single data ecosystem. This vision implies a profound transformation of CRM systems, which must now be capable of mapping non-linear, multi-touchpoint customer journeys.

Isabelle Guichot insists on this holistic approach, which has become vital for the brand's relevance: “The purchasing journey is no longer linear. We must be present at all touchpoints, whether it's social media, e-commerce, shop windows, or the resale market.”

This strategy transforms second-hand fashion into an unprecedented behavioural data sensor. It allows for a much finer reading of consumption dynamics: the frequency of wardrobe renewal; real price sensitivity; or the appetite for certain product categories. By extending the conversation with the customer well beyond the initial sale, SMCP is no longer just selling a product; the group is managing a service ecosystem that maximises the value of each customer in the long term. Circular data thus becomes the new lever of agility for anticipating the expectations of an increasingly volatile consumer.

Second-hand as the infrastructure for tomorrow's retail

The example of SMCP highlights a broader transformation in the industry. Second-hand fashion can no longer be considered an opportunistic initiative or a simple image-building tool. It is becoming a structural component of the business model, on par with e-commerce or physical retail.

In a context of pressure on margins, demand volatility, and soaring acquisition costs, the ability to generate value from products already in circulation constitutes a major competitive advantage. What SMCP demonstrates is not just the profitability of second-hand fashion, but its capacity to redefine the fundamentals of retail.

Tomorrow, the question will no longer be who sells a product, but who controls its value, from the first purchase to its resale.

Madrid – In Spain, investors, the market and analysts have enthusiastically welcomed the talks between Puig and The Estée Lauder Companies for a potential merger agreement. A decidedly opposite sentiment is being felt on the other side of the Atlantic, where the US beauty multinational's shares recorded another session in the red on March 24.

On Tuesday, after both companies confirmed on Monday evening, Madrid time, that they were in negotiations to discuss a potential merger of their respective business models, FashionUnited highlighted how Puig's shares were soaring in value. This followed a 7.71 percent drop in The Estée Lauder's shares the previous day, once the talks were confirmed. These opposing performances revealed the unequal valuation of the potential merger from the perspective of investors in each listed company. The disparity was further amplified after the opening of the New York Stock Exchange, where The Estée Lauder's shares are traded. On that exchange, the US beauty multinational's shares deepened their Monday decline, with a fall on Tuesday that eventually settled at -9.85 percent of their trading value, dropping from 79.29 to 71.48 dollars, compared to the already lower value recorded on Monday.

With this second consecutive fall in its share value following the confirmation of its talks with Puig, The Estée Lauder's shares have gone from trading at 85.92 dollars at the close of last Friday, March 20, to 71.48 dollars at the close of trading this Tuesday, March 24. This represents a 16.80 percent drop, which has naturally affected the company's market value. The company has lost 5.22 billion dollars in market capitalisation in just the last two days, falling from 31.08 billion dollars on Friday to 25.86 billion dollars at the close of trading on Tuesday.

Merger with “risks” and “challenges”

The exact causes for this sustained fall in The Estée Lauder's share value are not clear, nor can they be attributed to a single factor. It is clear, however, that they are a direct result of the negotiations with Puig. Secondly, they show a lack of support and significant doubts about the deal from the market and The Estée Lauder's shareholders. This is despite many analysts recognising the value for The Estée Lauder of a “strategic” move that would strengthen it against its main competitor, L’Oréal. At the same time, they also warn of the complexities this operation could entail and its potential risks, due to the size and nature of both companies, and in terms of reinforcing the US company's market position against the French group.

While both companies remain specialised in the beauty sector, “there are notable differences in the sales frequency of their products,” analyses Dan Coatsworth of the British investment platform AJ Bell. “Estée Lauder focuses on skincare, makeup and hair care, products that are purchased more frequently than the designer clothing offered by Puig,” leaving fragrances and perfumes as the “key area” and “where there is a clear overlap between the two companies.” From this perspective, “it could be argued that the activities of both companies are complementary, but a business merger would entail execution risks and very likely cultural differences” at a corporate level. “Estée Lauder has lost ground in recent years and needs a radical change to regain its leadership position,” and “the acquisition of Puig is an interesting proposal, but history suggests that the merger of two companies does not guarantee success.”

“If it goes ahead, a merger with Puig would raise Estée's market share in the luxury fragrance sector from 6 to 15 percent (according to Euromonitor), second only to L’Oréal's 16 percent,” notes Dan Su of US financial analysis firm Morningstar. “We see challenges arising from the size of the deal and its potential to distract Estée's management during a restructuring phase.” Su continues, “We are sceptical that Estée's management can carry out a merger of this magnitude in a way that creates value for shareholders.” The company “is in the midst of a multi-year restructuring process, which requires management to focus on brand investments, innovation and market execution after three years of declining sales.” Su adds, “we doubt that management can execute this plan efficiently while integrating Puig.” If the deal were to proceed, “we foresee some efficiency improvements in fragrance manufacturing, but we expect little margin improvement in Estée's core skincare business (half of sales), given Puig's low sales figure (600 million dollars) in this category.” To complete it, “it may have to issue up to 6 billion dollars in new shares to finance the deal, which would likely put the shares under further pressure.”

Positioned by analysts as the cornerstone around which this deal seems to revolve, “the agreement would further tilt Estée Lauder's portfolio towards fragrances, a sector with strong growth,” points out Sydney Wagner, an analyst at Jefferies, in a note reported by Reuters. However, in this sector, “competition from independent brands is intensifying, L'Oréal is redoubling its efforts” following the purchase of Kering's beauty division, and it is a category in which “the momentum” for growth “appears to be in an advanced stage”—meaning it is heading towards lower growth indicators. This warning, or rather warnings when added to the previous ones, is completed by reports pointing to the premium on Puig's share value and/or the significant stake in Estée Lauder that the Puig family would aim to achieve from these negotiations, for a merger that would be carried out through a share swap with a cash payment component.

These aspirations—a considerable premium and an equally significant stake in Estée Lauder's capital—are also putting downward pressure on The Estée Lauder's shares. Meanwhile, J.P. Morgan analysts told The Wall Street Journal, “it is surprising that the Puig family would give up independence and majority control of the 112-year-old group, even if they retain their economic stake, considering their recent market entry.” They concluded, “This fact is intriguing given the recent management changes,” focusing their words on the significant issue of the Puig family's legacy. This is one of the bargaining chips its members would have in these negotiations, from which, once open to selling or merging the group, they could pressure Estée Lauder by considering other offers.

Paris, France – The latest global economic developments on Wednesday at approximately 8am GMT, as the war in the Middle East enters its 26th day.

Oil prices fall

Oil prices fell on Wednesday, with Brent dropping below 100 dollars, following Iran's announcement that it would unblock the Strait of Hormuz for ships deemed “non-hostile” and the transmission of a US peace plan to Tehran.

At around 7:40am GMT, North Sea Brent crude, the global oil benchmark, fell by 4.95 percent to 99.27 dollars a barrel. The US benchmark, West Texas Intermediate (WTI), dropped 4.13 percent to 88.54 dollars.

The US president expressed optimism on Tuesday about the chances of reaching an agreement with Iran. “We are in negotiations” and Iran has offered the US “a very big gift” related to hydrocarbons, “the equivalent of a lot of money,” the US president stated, without providing further details.

Several media outlets, including The New York Times and Israeli television channel Channel 12, report that the Trump administration has sent a 15-point peace plan to Iran via Pakistan, which is on good terms with both parties. One of the points demands that the Strait of Hormuz remain open to maritime navigation.

European and Asian stock markets reassured

European and Asian stock markets are reassured. At the opening, Paris gained 1.20 percent, Frankfurt 1.43 percent and London 0.63 percent. Tokyo's Nikkei index closed up 2.9 percent at 53,749.62 points, and the Shanghai Composite Index rose 1.3 percent to 3,931.84 points. Hong Kong's Hang Seng continued to trade in the green (+0.5 percent at 25,199.45 points) around 7:30am GMT, along with Sydney, Singapore, Mumbai, Bangkok, Jakarta, Wellington and Taipei.

In the currency market, the greenback is down against the Japanese currency, with one dollar trading for 159.00 yen. Gold, on the other hand, rebounded by 2.79 percent, to 4,562.59 dollars an ounce (31.1 g).

Oil: IEA ready for new stock release after Japan's request

The director of the International Energy Agency (IEA) said on Wednesday he was “ready” to implement a new release of oil stocks “if and when necessary,” on the 26th day of the war in the Middle East, which is causing hydrocarbon prices to soar.

These statements by Fatih Birol were made in response to a request from Japanese prime minister Sanae Takaichi to “prepare to implement” such a coordinated operation during their meeting in Tokyo.

Iran has stated that “non-hostile ships” can use the Strait of Hormuz, provided they respect safety and security rules, according to a statement sent to the International Maritime Organization (IMO).

The statement read: “Non-hostile ships... may benefit from safe passage through the Strait of Hormuz in coordination with the competent authorities, provided they do not participate in or support acts of aggression against Iran and fully comply with current safety and security regulations.”

French minister of the economy Roland Lescure affirmed on Tuesday at the National Assembly that the war in the Middle East is causing “a new oil shock” that risks weighing on France's economic growth.

“It's an oil shock. We've had about ten in the last 50 years,” said Lescure. “The hypothesis of a temporary crisis, whose economic consequences would disappear with the end of the bombing, is unfortunately no longer relevant,” he estimated, before the Finance Committee.

The French economy has been “hit by global turmoil,” according to the National Institute of Statistics and Economic Studies (Insee). On Tuesday, the institute indicated that French growth is expected to be lower than forecast in the first and second quarters due to inflation linked to rising hydrocarbon prices, although it will “resist” at this stage.

After 0.5 percent growth in the third quarter of 2025 and a slowdown to 0.2 percent in the fourth quarter, Insee again forecasts a 0.2 percent increase in gross domestic product (GDP) for the first and second quarters of 2026, it said in its economic outlook.

UK biotechnology company Epoch Biodesign has closed a 12 million US dollar strategic funding round, including investment from Canadian activewear brand Lululemon, alongside Kompas VC, Happiness Capital, Extantia and Leitmotif (a VC backed by Volkswagen) to accelerate the commercialisation of recycled nylon.

In a statement, Epoch Biodesign, a leader in enzymatic recycling technology, said the new funding brings total capital raised to over 50 million US dollars and will help to deliver virgin-quality recycled nylon at scale.

The move comes as Epoch scales production from its pilot facility to a new, much larger demonstration site that will validate commercial-scale production of its recycled nylon 6,6 material, which does not require virgin feedstock. Epoch's enzymatic recycling technology breaks down end-of-life nylon garments and other waste materials back to their chemical building blocks, specifically adipic acid and HMDA. From these raw materials, brand new, virgin-quality polymer and yarn can be produced.

Crucially, the process works on blended textiles and coated fibres that conventional mechanical and chemical recycling cannot handle, significantly expanding the range of feedstocks available to the apparel industry.

Lululemon backs Epoch Biodesign to deliver virgin-quality recycled nylon at scale

Jacob Nathan, founder and chief executive of Epoch Biodesign, said: “We’re delighted to announce the closing of this strategic funding round, which includes investment from both existing investors and exciting new partners. From the apparel industry, we’re proud to receive fresh backing from Lululemon, an athletic wear brand known for innovation and quality. We also welcome Leitmotif, a deep tech investor with strong ties to the automotive industry, which is a key sector for Epoch. Nylon 6,6 is a key material for both apparel and automotive industries, but a circular solution has yet to be successful at scale.

“Support from partners such as these highlights Epoch’s momentum and will accelerate our plans to progress from multi-tonne production to multi-kilotonne scale. Very soon, recycled nylon 6,6 will be available to our partners in apparel, automotive and beyond.”

Epoch hopes the latest round of investment will drive forward its global commercialisation strategy and deepen partnerships in apparel and automotive, such as its recent signing of a memorandum of understanding between Epoch and Invista, a world-leading nylon 6,6 producer.

Gap Inc. is introducing two new technologies to its online shopping experience, each designed to “transform how customers shop” and instill confidence into their e-commerce journey.

One feature, built alongside AI body data platform Bold Metrics, will see Gap embed predictive fit guidance into “AI-driven shopping flows”. With this, customers will receive personalised and conversational size recommendations as they move through their purchase path.

Akin to other retailers, Gap will also be bringing its services to emerging AI-native environments through Universal Commerce Protocol (UCP). Customers will be able to purchase Gap products while using and searching in AI Mode via both Google Search and the Gemini app.

The company said the shift intends to ensure brands “appear accurately and transaction-ready within conversational AI experiences”, while further reducing friction at two critical points in the shopping journey: size selection and purchase completion.

Gap Inc, the parent company of Old Navy, Gap and Banana Republic, revealed the new tech during the ongoing Shoptalk Spring event in Las Vegas, where the company’s chief technology officer, Sven Gerjets, spoke on the latest developments.

In a statement, Gerjets said: “We are not pursuing AI for novelty. These partnerships are about solving real customer problems - helping shoppers feel confident about fit and making it easier to complete a purchase. They also reflect the holistic AI strategy we’ve built to scale intelligence across the enterprise in a disciplined way that drives measurable value over time.”

According to sources from Modaes, Simon Porte Jacquemus has reportedly sold approximately 5 percent of his house to Sandbridge Capital, a Californian fund specialising in luxury, beauty and wellness.

This transaction, although awaiting official confirmation, complements the financial structuring plan of a brand already engaged in a phase of diversification and operational scaling.

Circle of mentors for US conquest

Sandbridge Capital is distinguished by the experience of its leaders. Founders include Domenico De Sole, the architect of Gucci's global success and co-founder of Tom Ford, while Tommy Hilfiger serves as an advisor. Presence of investors of this calibre would strengthen Jacquemus' international credibility.

This partnership could serve as a lever to accelerate expansion into new segments, particularly in the US and the beauty sector, where the fund has deep expertise.

La Maison Mère: architecture for growth

This minority stake sale comes one year after L'Oréal acquired a 10 percent stake. This initial partnership aimed to secure the future fragrance license and support the launch of the first Jacquemus fragrance scheduled for 2027.

In parallel, the creation of the holding company Jacquemus La Maison Mère in May 2025 consolidated the 'Jacquemus La Mode' and 'Jacquemus La Beauté' activities under a single entity, with an estimated valuation of 576 million euros. This structure allows for better management of brand diversification and prepares for the arrival of new financial partners.

Professionalisation of governance

Appointment of Sarah Benady, a former Céline executive, as chief executive officer (CEO) illustrates the desire to structure long-term growth. This combination of minority shareholders, a consolidated holding company and experienced leadership reflects an approach where creativity is supported by rigorous management and high-value-added partners.

If Sandbridge Capital's involvement is confirmed, it would represent a minority but decisive investment intended to diversify the shareholder base and prepare for more ambitious international expansion. As an active investor in consumer technologies, the fund could provide operational support to structure development in the beauty sector and strengthen the brand's presence in key markets.

Coming of age for an independent houseFor Simon Porte Jacquemus, this step symbolises a maturation phase: transforming a still largely independent house into an entity capable of attracting institutional investors while retaining its creative DNA. The move illustrates the complexity of valuation journeys in contemporary luxury, where the combination of external capital and professionalisation becomes a key factor for long-term sustainability.

In summary, the entry of Sandbridge Capital, coupled with the alliance with L'Oréal and the consolidation of activities under the holding company, opens a new cycle for the house. It is a matter of balancing creative audacity with financial stability while preparing the brand to face an increasingly demanding international luxury market.

About Sandbridge Capital

Sandbridge Capital is a private investment fund based in the US, specialising in disruptive luxury, beauty, wellness and consumer technology brands. The fund is supported by a network of industry experts, including historical figures such as De Sole, former CEO of Gucci and co-founder of Tom Ford, and Hilfiger, who serves as a senior advisor.

Among its investments, Sandbridge Capital includes brands such as Thom Browne, Rossignol, r.e.m. beauty, ILIA and Youth to the People. It leverages expertise, its network and operational support to maximise the value of its investments.

After two challenging financial years, Ba&sh has returned to a tangible growth trajectory. The French premium ready-to-wear brand once again surpassed 300 million euros (348 million dollars) in turnover in 2025, with a 9 percent like-for-like increase, according to data released by the group. In France, growth reached 11 percent, confirming a faster-than-expected recovery.

This return above the 300 million euro threshold comes as management initially targeted a business level of around 280 million euros as part of its “New Beginnings” plan. The gap between the target and the actual result illustrates a re-acceleration in demand, despite a challenging environment for the entire sector.

A recovery driven by a return to fundamentals

The recovery of Ba&sh is primarily part of a clear strategic reorientation. As highlighted by the group's financial management in a statement reported by BFM Business, the brand has refocused on its heritage codes following a period where its identity was diluted between 2023 and 2024. This repositioning has resulted in streamlining collections and re-emphasising iconic products — flowing dresses, structured jackets, and denim — which originally built the brand's desirability.

This strategy is part of a broader trend seen in the premium segment. In a more selective consumer environment, the clarity of the offering becomes a performance driver. Contrary to cycles of hyper-renewal, stylistic clarity and collection consistency emerge as reassuring factors for the customer.

A product growth lever: expansion into accessories

Beyond its refocus, Ba&sh has activated a second key lever: the development of categories with a higher marginal contribution. Accessories — particularly bags and jewellery — recorded 20 percent growth in 2025, according to information released by the group.

This dynamic serves a dual purpose. On one hand, these categories typically offer higher profit margins than ready-to-wear. On the other hand, they provide a more accessible entry point into the brand's world, making it easier to attract new customers.

This product repositioning is accompanied by an expansion of the customer base. The brand reports it has strengthened its appeal to the 18–30 age group, a strategic segment in a market where customer acquisition costs are continually rising. This partial rejuvenation of its clientele is a leading indicator of the brand's ability to renew its growth cycle.

Network rationalisation and geographical refocus

The recovery of Ba&sh also relies on operational decisions. The brand has closed approximately 50 points-of-sale across its three main regions (Europe, Asia, and the US) as part of a store network rationalisation.

The objective is twofold: to improve network productivity and to focus investments on locations with higher potential. Europe, which accounts for approximately 70 percent of turnover, has thus become the core of its development strategy.

In line with this logic, Ba&sh is now favouring larger, higher-quality boutique formats, including the announced opening of a flagship store in Paris on the Rive Gauche. This choice reflects a shift towards a more experiential retail approach, consistent with the expectations of the premium segment.

Digital as a key growth driver

The digital channel currently accounts for approximately 25 percent of Ba&sh's turnover, with a stated medium-term goal of increasing this to 28 percent, according to management. This growth will be driven in particular by an overhaul of its e-commerce platform.

In a market where omnichannel is becoming the norm, digital is no longer just an additional sales channel. It plays a central role in customer acquisition, insight, and loyalty. The ability to effectively integrate physical and digital retail is now a key determinant of performance. This rebalancing occurs in a context where premium brands must contend with dual pressures: on one side, the rise of digital pure-players like Sézane or Balzac Paris; and on the other, competition from established groups in the accessible luxury segment.

Repositioning in a more selective market

The recovery of Ba&sh is taking place in an environment marked by changing purchasing behaviours. As noted in several industry analyses, particularly those published by WWD, consumers are making more considered spending choices. They are buying less but favouring pieces perceived as more durable or of higher quality.

In this context, the price positioning — typically between 250 and 450 euros per item for this segment — requires a clear value proposition. Brands can no longer rely solely on their image; they must demonstrate the relevance of their product offering.

Simultaneously, the rise of second-hand fashion and circular models is redefining consumption patterns. As highlighted by several industry studies, these new habits directly influence purchasing frequency and the perception of value.

A new cycle, still conditional

Ba&sh's return to growth marks the beginning of a new cycle, but it remains conditional on several factors. Product offering stabilisation, operational discipline, and the ability to maintain constant desirability will be crucial for sustaining this recovery over the long term.

More broadly, the case of Ba&sh illustrates a dynamic observable across the entire premium segment. In a more constrained market, performance relies less on expansion and more on precision — precision in the offering, positioning, and execution.

By once again crossing the 300 million euro threshold, the brand is sending a positive signal. The challenge now is to transform this recovery into a sustainable trajectory, in an environment where growth must be earned rather than decreed.

Last week, an unprecendented movement had begun in the fashion world. The leaders of the four main international industry organisations sent an open letter to Saks Global's CEO, Geoffroy van Raemdonck, urging him to guarantee payment of outstanding invoices to independent and emerging designers as part of the retailer's judicial restructuring.

The events concern both the financial health of a major luxury retail player and the economic viability of an essential part of fashion's creative ecosystem.

Joint appeal from the four major global organisations

In a joint letter, the Council of Fashion Designers of America (CFDA), the British Fashion Council (BFC), the Camera Nazionale della Moda Italiana (CNMI) and the Fédération de la Haute Couture et de la Mode (FHCM) have asked Saks Global to consider the impact of non-payment to designers for goods already delivered.

The signatories pointed out that independent designers do not have the financial reserves of large groups, reports WWD. They also noted that the refusal to pay for fulfilled orders is not only a financial setback but also a direct threat to their ability to continue operating.

“The continued strength of our industry depends on supporting the next generation of designers,” wrote the representatives of the four major institutions, highlighting the role of independent creativity in the sector's innovation, diversity and cultural appeal.

Context: Saks Global undergoing Chapter 11 restructuring

Saks Global, which includes the retailers Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 protection in early 2026, facing a total debt estimated at several billion dollars. The retailer has since unlocked access to an additional 300 million dollars of its 1.75 billion dollars in committed capital. This followed the approval of its five-year plan by major bondholders. These funds are in addition to the 825 million dollars already available, providing the company with the necessary liquidity to stabilise its operations, improve inventory flow and resume shipments with nearly 600 partner brands, according to WWD and Reuters.

This injection is accompanied by an ambitious operational plan: the closure of 20 Saks Fifth Avenue stores; four Neiman Marcus stores; 57 Off 5th stores; and five Last Call centres, while refocusing operations on three priority distribution sites in the US. According to Geoffroy van Raemdonck, CEO of Saks Global, this plan will strengthen relationships with brand partners, ensure a smoother inventory flow and guarantee full-price sales and long-term profitability.

Risks for independent designers

This financial standoff highlights a structural reality of the industry's business model: emerging designers often operate on very tight margins and without significant cash reserves. According to several accounts from previous investigations, unpaid invoices from a major retailer, even for modest amounts, can quickly compromise a small house's ability to pay its suppliers or staff, or even to continue production.

In a 2025 article, for example, Los Angeles-based brands explained they had to take out bank loans to cover late payments from Saks. Some reported payment delays that far exceeded industry standards (90 days compared to a standard of 30).

Why this debate is fundamental for the industry

The message from the four major organisations is not just a demand for payment. It raises the question of the sustainability of the fashion business model, which relies on a complex ecosystem of major houses, distributors and young designers. In an industry where visibility, innovation and diverse talent drive growth, the ability of small brands to survive largely depends on stable commercial relationships with their retail partners.

This situation reveals the tensions between the financial restructuring of a central player and the need to preserve the industry's entire creative ecosystem, as many emerging houses lack the margins or reserves to absorb losses from unpaid invoices.

A strong but non-binding signal — what are the possible outcomes?

The letter is not legally binding, but it carries unusual symbolic weight. It reflects a union of influential powers in the sector (America, Europe, Italy, France) to protect a vulnerable part of the industry. If Saks were to ignore these calls, it could damage its reputation with designers and weaken long-term business relationships, just as the company is trying to reposition itself after its Chapter 11 filing.

For independent designers, the next steps will also depend on the legal treatment of pre-petition claims. In major restructurings, these claims are often treated as subordinated debt. This can mean only partial repayment or repayment spread over long periods.

Towards an arbitration between finance and creativity

The mobilisation of major fashion institutions in support of young designers illustrates a growing tension in the industry: how to reconcile the financial restructuring needs of a large distributor with the long-term viability of a network of independent designers who are essential to the sector's innovation?

As Saks Global strives to recover financially after a complicated bankruptcy filing and store closures, pressure is mounting for its recovery strategy to consider not only its major suppliers but also the small brands that shape the industry's creativity and future.

Ralph Lauren Corporation has outlined the upcoming phase of its Global Citizenship & Sustainability (GC&S) strategy under the title ‘Timeless Design by 2030.’

The next stage of its GC&S strategy aims to build on the current progress that the parent company of the Ralph Lauren brand names has achieved over the last few years while strengthening the current teams, communities, and partnerships that are vital to the business. 

First announced alongside Ralph Lauren Corporation’s 2019 financial report, the GC&S strategy aims to drive positive impact across the company’s value chain. Initially centred around three main pillars, Create with Intent, Protect the Environment, and Champion Better Lives, Ralph Lauren has made key advancements over the years on goals set since the release of its first GC&S strategy, including introducing new or evolved practices throughout its operations.

Ralph Lauren launches 'Timeless Design by 2030'

“By investing in the resilience of the people who shape our business, the communities we serve, and the resources that make our products possible, we are reinforcing the long-term strength and durability of Ralph Lauren,” said Katie Ioanilli, Chief Global Impact & Communications Officer at Ralph Lauren Corporation, in a statement. “Aligned to Ralph’s timeless vision that inspires everything we do, this work is enduring and foundational to operating a business that stands the test of time.”

The next GC&S further defines Ralph Lauren Corporation's priorities for the next five years and supports its ‘Next Great Chapter: Drive’ strategy. The company will track and report progress annually in line with its fiscal year, with full details of the strategy and its goals available on its website. 

Shaped around four key pillars, each with its own clear and measurable targets, Timeless by Design 2023 advances the company’s current longstanding commitments. Each one of the four pillars centers on a core flagship program that is designed to showcase the areas where Ralph Lauren can deliver the greatest positive impact.

Ralph Lauren outlines four pillars of global citizenship & sustainability strategy

Under the pillar ‘Partner for Impact,’ the company is set to focus on strategic partnerships that help with the reduction of carbon emissions and water usage, expand worker empowerment and life skills programmes across its supply chain, and strengthen supplier relationships. Its flagship program, ‘Design with Intent’, integrates culturally sustainable design into both product development and brand storytelling.

Then, under the ‘Protect Natural Resources’ pillar, the Ralph Lauren Corporation addresses climate and nature-related impacts through circular product design, consumer-facing circular initiatives, and investment in innovative materials. Given cotton’s importance as the company’s primary material, ‘Cotton Stewardship’ serves as the flagship program, supporting the company’s transition to using regenerative and recycled cotton.

Through the ‘Engage & Enable Teams’ pillar, Ralph Lauren will invest in employee growth and development while developing a culture of inclusion to attract and retain top talent. Its flagship program, ‘Only at RL’, reflects the company’s distinctive employee experience and career development environment.

Finally, the ‘Care for Communities’ pillar builds on the company’s philanthropic efforts through employee volunteering, charitable giving, and strategic partnerships. ‘Pink Pony’, Ralph Lauren’s global cancer initiative, serves as the flagship program.

Some of the targets reached in its former GC&S strategy by the end of 2025 include Ralph Lauren introducing eight signature products that are Cradle to Cradle certified, expanding circular initiatives such as recycling, repair, and vintage programmes in key cities, and ensuring that 99 percent of its production met at least one sustainable material criterion. Ralph Lauren Corporation also achieved its goal of having 100 percent of its main wood suppliers use sustainably sourced wood substrates for its new store interiors. 

Operationally, Ralph Lauren surpassed its climate targets with a 34 percent reduction in emissions from a 2020 baseline, achieved 100 percent renewable electricity across its owned facilities, and reduced water use by 32 percent in 2025. Ralph Lauren Corporation also reached more than 144,000 supply chain workers through its empowerment and life skills programs, increased employee volunteer hours, and expanded its reach and impact in the fight against cancer by the end of last year.  

By acquiring Kickers the French retail giant Chaussea is making more than just an opportunistic purchase. The Lorraine-based group has secured a 50-year-old brand, confirming the emergence of a strategic 'distributor-operator' model. This model allows for the vertical integration of struggling assets, fully leveraging the power of its 650-store network.

This deal signifies a broader market shift. In a strained footwear market, historical balances are being reshaped. Licence holders and independent brands, weakened by outdated cost structures, are gradually losing ground to distributors capable of controlling the product, distribution and customer relationship.

Liquidation reveals sector's weaknesses

On March 18, 2026, the Rennes commercial court ordered the judicial liquidation of Groupe Royer, ending several years of gradual decline. Despite initiating a recovery procedure in autumn 2025 to restructure the business, the group failed to overcome its cash flow problems.

The social cost is significant: out of 187 employees, only 45 have been kept on. The Arques and Sèvres sites are closing permanently, while the Cholet and Fougères sites will only be partially maintained, primarily for logistics functions.

The closure of the eight Kickers stores a few days before the court's decision illustrates a broader reality: the single-brand store model, particularly in the mid-market segment, is now under intense pressure.

Kickers: a strong brand, a weakened position

Founded in 1970, Kickers retains significant brand equity, particularly in the children's and casual segments. This brand recognition, however, has not been enough to offset structural market shifts.

Like many mid-market players, the brand found itself caught between two dynamics. On one hand, there is the aggressive pricing of ultra-fast fashion; on the other, the rise of premium brands that can justify higher prices through strong desirability.

Added to this is a profound transformation in distribution channels, marked by the rise of platforms and disintermediation. The result is a market position that has become difficult to sustain with a standalone retail model.

Chaussea: emergence of an integrated distributor

For Chaussea, this move is part of an ongoing strategy. Following the acquisitions of San Marina and Pataugas in 2023, the group is confirming its ambition to build an integrated brand portfolio.

With nearly 620 million euros in turnover in 2024 and a network of 650 points of sale, Chaussea has a decisive advantage: a capacity for massive and immediate distribution.

By owning its brands, the group is fundamentally changing. It is no longer just a distributor; it now manages the entire value chain, from product positioning and commercial strategy to pricing.

Towards a hybrid model: retail and integrated brands

This shift to an integrated model allows Chaussea to reduce its reliance on suppliers while improving its margins. The case of San Marina is telling: the brand was reintegrated as in-store corners rather than being relaunched through a standalone network.

This strategy could foreshadow the future for Kickers. By leveraging its existing network, Chaussea can relaunch the brand at a lower cost, while benefiting from established footfall in its out-of-town retail parks.

A clear industrial logic

The operation is based on a rigorous and selective approach. Chaussea is only taking over assets deemed strategic: the brand, part of the logistics infrastructure, and certain key expertise.

At the same time, the group is carrying out an immediate rationalisation by abandoning its most costly activities, notably the network of own-brand stores.

This strategy also paves the way for increased business-to-business (B2B) development. By relying on external partners, Kickers can continue to exist beyond the Chaussea network without requiring heavy investment.

A major challenge remains: preserving brand value

Distributing Kickers on a large scale is an obvious volume driver. This mass-market approach, however, carries the risk of gradual commoditisation. To succeed, Chaussea will need to find the right balance between accessibility and desirability.

This will require modernising collections, clarifying the brand's positioning, and maintaining a strong identity — an essential condition for transforming a heritage asset into a sustainable growth engine.

Exhaustion of the mid-market single-brand retail model

The Kickers episode is not an isolated case, but a symptom of a brutal reconfiguration of market balances. We are witnessing a phase of accelerated consolidation where the strength of the balance sheet and logistical power now dictate the survival of heritage assets.

In this new paradigm, business models are becoming hybrid. The distributor no longer simply rents shelf space to third parties; it is transforming into a brand operator capable of managing the entire value chain, from design to the last mile. Conversely, the physical store network model dedicated to a single mid-market brand is proving to be structurally unprofitable. Without a radical value proposition or a highly segmented customer experience, these networks are collapsing under the weight of fixed costs, such as rent and payroll, which current margins can no longer cover.

Towards the rise of the integrated 'brand-retailer' model

The operation led by Chaussea foreshadows what could become the industry standard: forced verticalisation. For out-of-town retailers, the challenge is to saturate their store portfolio with brands that have strong internal recognition, thereby eliminating intermediaries and licensing fees.

This 'platformisation' strategy for the point-of-sale allows each store to be transformed into a multidimensional hub capable of absorbing heritage labels like Kickers, San Marina, or Pataugas, without bearing their specific property risks. This trend towards concentration highlights an inescapable reality for 2026: a brand's longevity no longer depends solely on its desirability, but on its backing by a massive and optimised distribution infrastructure.

Sports Direct’s parent company has increased its financial commitment to Asos. According to a regulatory filing, Frasers Group has purchased additional "sold put options", increasing its total exposure in the e-commerce company to 29.26 percent.

Frasers currently holds 23.33 percent of direct shares, making it one of Asos' largest shareholders. The remaining 6.6 percent of exposure is held via derivative instruments. The acquisition of more "sold put options" may allow Frasers to purchase more shares in the future.

The retail group, founded by Mike Ashley, has been quietly upping its control over Asos since 2022, when it initially snapped up a 5.1 percent stake, making it a majority shareholder. At the time, Asos had launched a turnaround plan responding to lacklustre trading in the year prior, which had resulted in a dip of share value.

Frasers had said its ultimate goal was to potentially form a future partnership with Asos, a mission that had been adopted more broadly at the group, as it sought to establish strong ties with brand partners. Asos is just one of many struggling e-tailers Frasers has expressed interest in, with the group having previously acquired the likes of Missguided, now sold to Shein; Studio Retail; and I Saw It First.

Updated 15:00 CET, March 24 to reflect Frasers clarifying that its voting stake remains at 23.2 percent and the additional exposure is held via derivatives.

A legal victory for Nike, Inc. A federal jury has awarded a total of 11 million dollars in damages to protect the trade dress of the Dunk model and against the global sale of counterfeit Nike products promoted through social media and influencer networks.

Accusations concern counterfeiting and infringement of multiple iconic Nike trademarks

An eight-person jury at the US District Court for the Central District of California has held influencer Nicholas Tuinenberg and his apparel brand Divide the youth liable for 11 million dollars in damages. The accusations concern the counterfeiting and infringement of multiple iconic Nike trademarks, including the Nike and Air Jordan names; the Swoosh and Jumpman logos; and the Nike Dunk trade dress.

The jury, explained lawyers from Dla Piper who assisted Nike in a statement, “also found the company Divide the youth liable for infringement of the registered trade dress of the Dunk model, awarded Nike 8 million dollars in damages under the Lanham Act and three million dollars in punitive damages”.

“The verdict represents an important step in the global fight of iconic brands against counterfeiting,” emphasised Tamar Duvdevani, US head of the trademark, copyright, and media division at the firm Dla Piper, in the note. “It confirms that the trade dress of the Nike Dunk is infringed even when third-party brands replace the Swoosh.”

The Dla Piper team was led by Tamar Duvdevani (New York) and included partners Staci Trager (Los Angeles) and Marc Miller (New York), along with associates Oscar Orozco-Botello (Los Angeles), Jared Greenfield, Maegan Stanley and Lucas Uhm (all from New York).

Madrid – A potential, and it must be stressed potential, merger of giants in the fashion and beauty world is on the horizon. Both the Spanish company Puig, owner of Carolina Herrera and Jean Paul Gaultier, and the US-based The Estée Lauder Companies, which owns Tom Ford, Clinique and Mac, have confirmed they are in negotiations to merge. This deal would lay the foundation for a giant with annual sales of nearly 20 billion dollars.

Late on Monday evening, March 23, 2026, Puig's management issued an official statement. They announced that the Spanish fashion and beauty multinational is in negotiations for a possible merger with The Estée Lauder Companies. This information was simultaneously confirmed by the management of the US beauty multinational. They specified that the parties have not yet reached any agreement. There is no guarantee that the transaction will be completed, nor what its terms might be.

“Puig confirms that it is in discussions regarding a possible business combination with The Estée Lauder Companies Inc., which would involve the potential merger of the business of both companies,” Puig's management announced in the aforementioned statement sent to the National Securities Market Commission (CNMV). However, it was pointed out that “no definitive decision has been made nor has any agreement been reached.” They also specified that “as long as there is no agreement, there can be no guarantee that a transaction will take place or what its terms will be”.

A 20 billion dollar turnover giant

While the terms of a deal cannot be analysed at this time, as both parties confirm no formal agreement or pre-agreement exists, it is possible to explore its potential. This can be done by examining the annual balance sheets for their respective 2025 fiscal years. Puig completed its fiscal year between January 1 and December 31 of last year with net revenues of 5.04 billion euros (+5.26 percent). The Estée Lauder's fiscal year ran from July 1, 2024, to June 30, 2025, with net sales of 14.33 billion dollars (-8.21 percent). This figure, converted to euros at the current exchange rate, would represent about 12.37 billion euros. Combined with Puig's revenues, the total would be 17.41 billion euros, or about 20.17 billion dollars at current exchange rates.

In terms of sales, it is clear which of the two parties would be the dominant one in these negotiations. However, looking at profits, Puig completed its last fiscal year with a net profit of 617 million euros (+13.74 percent). This was a very positive performance, completely opposite to that of The Estée Lauder, which closed its last full fiscal year in 2025 with a net loss of 1.13 billion dollars. This negative performance was due to several factors, including the execution of its strategic restructuring plan. It would have swallowed Puig's profits if not for the now positive data the US company has started to record in the first months of its current 2025/2026 fiscal year. For this fiscal year, as of last December 31, it completed the first half with sales of 7.71 billion dollars (+4.68 percent). It posted a positive net profit of 209 million dollars, compared to a loss of 746 million dollars in the same period of the previous year.

Regarding their respective values as listed companies, Puig had a market capitalisation of 8.77 billion euros as of the close of trading on Monday, March 23. Its enterprise value was 9.5 billion euros. Meanwhile, The Estée Lauder has a market capitalisation of 26.68 billion dollars and an EV of about 34.99 billion dollars. If the deal is completed, these combined values would lead to the creation of a giant worth nearly 40 billion euros.

Two broad (and diversified) portfolios

Regarding what each company would bring to the new combined fashion and beauty entity, Puig was founded in 1914 by Antonio Puig Castelló as a cosmetics and fragrance company. Over its 112-year history, the Spanish multinational has built an extensive and diversified portfolio of fashion and beauty brands. Just last week, Puig restructured its management bodies, appointing Jose Manuel Albesa as its new CEO. This portfolio includes brands such as Rabanne; Carolina Herrera; Charlotte Tilbury; Jean Paul Gaultier; Nina Ricci; Dries Van Noten; Byredo; Penhaligon’s; L’Artisan Perfumeur; Uriage; Apivita; Dr. Barbara Sturm; Kama Ayurveda and Loto del Sur. It is complemented by licences for firms and trademarks like Christian Louboutin, Antonio Banderas and Adolfo Domínguez. Puig markets its products in more than 150 countries worldwide.

On The Estée Lauder Companies' side, founded in 1946 by Estée and Joseph Lauder, the company is one of the largest and most representative global companies. It specialises in the manufacture, marketing and sale of skincare, makeup, fragrance and hair care products. It develops and sells these items under the umbrella of more than 20 renowned brands. These include Estée Lauder, the company's own brand from which the Estée Lauder group was formed; Aramis; Clinique; Lab Series; Origins; the cosmetics firm MAC; Bobbi Brown; La Mer; Aveda; Jo Malone London; Bumble and Bumble; Darphin; Tom Ford, which it owns outright; Smashbox Cosmetics; Aerin; Le Labo; Les Editions de Parfums Frédéric Malle; Glamglow; Kilian; Too Faced; the Korean Dr.Jart+; the Canadian Deciem Beauty Group, parent of The Ordinary and Niod trademarks; and Balmain Beauty, managed through a licensing agreement. As we can see, this is an extensive portfolio of commercial brands, whose products The Estée Lauder Companies markets and distributes in approximately 150 countries as well.

Israel-based fashion technology firm MySize has announced that its subsidiary, Naiz Fit, has signed a non-binding letter of intent (LOI) to acquire selected assets of EyeFitU. Based in Switzerland, EyeFitU provides digital sizing and fit solutions for international fashion retailers and sportswear brands.

The acquisition is expected to integrate EyeFitU’s proprietary algorithms, codebase, and Shopify integration APIs into the Naiz Fit platform. The deal also includes the EyeFitU ‘FootScanner’ application and its existing customer contracts.

MySize founder, chairman, and chief executive officer, Ronen Luzon, stated that the integration would strengthen the company's technology base and expand its reach across European and international markets. “This transaction reflects our strategy of bringing together innovative sizing technologies, data assets, and customer relationships into a unified AI-powered platform,” Luzon said.

Strategic expansion and financial impact

The acquisition includes a client portfolio featuring brands such as Head, Paul & Shark, Ecoalf, and Odlo. These existing contracts generate approximately 350,000 Swiss francs (in annual recurring revenue, which is expected to be accretive to Naiz Fit upon the closing of the transaction.

Following the execution of definitive agreements, EyeFitU founder and CEO, Isabelle Ohnemus, and chief technology officer, Erik Troelsen, are expected to assist with the transition. The deal remains subject to due diligence and customary approvals.

MySize 2025 revenues surge

The move comes as MySize continues to expand its broader ecosystem, which addresses sizing accuracy and inventory management. The company reported preliminary unaudited revenue of approximately 10 million dollars for 2025, an increase from 8.26 million dollars in fiscal year 2024. Management estimates a trajectory toward 15 million dollars in revenue for 2026.

By incorporating EyeFitU’s data and technology, MySize aims to further reduce product return rates, which the company currently reports at reductions of 15 percent to 40 percent for its existing Naiz Fit clients.

Escalating tensions involving Iran, Israel and the United States are beginning to ripple through the global fashion industry, raising concerns among retailers about delayed shipments, surging transport costs and potential stock shortages across the Middle East.

Beyond temporary store closures, the real disruption is unfolding upstream — inside the complex logistics networks that move clothing and accessories from Asian factories to retail shelves worldwide. For an industry built on tightly synchronised seasonal calendars, even small disruptions can quickly cascade into missed sales opportunities.

The Middle East plays a dual role in this system. It is both a lucrative retail market and a critical logistics crossroads for global trade. According to the Dubai Chamber of Commerce, the fashion market across the Gulf Cooperation Council (GCC) was valued at roughly 55 billion dollars in 2024, supported by high levels of luxury consumption, tourism and some of the world’s largest shopping malls in cities such as Dubai, Doha and Riyadh.

But the region’s strategic position also makes it highly vulnerable to geopolitical shocks.

Strategic trade routes under pressure

The Middle East sits at the intersection of several of the world’s most important maritime corridors. The Suez Canal, the Red Sea and the Strait of Hormuz together form a key artery linking manufacturing hubs in Asia with consumer markets in Europe and beyond.

According to data from UNCTAD and the International Energy Agency, between 12 percent and 15 percent of global trade passes through the Suez Canal each year. For the fashion industry — heavily reliant on container shipping — these routes represent one of the most efficient pathways connecting production centres in China, Bangladesh, Vietnam and India with retailers worldwide.

The intensifying regional tensions are already beginning to disrupt these flows. Shipping companies operating in the region have been forced to adjust routes, suspend cargo bookings and cancel port calls in response to the deteriorating security environment.

Nils Haupt, senior director group communications at German shipping giant Hapag-Lloyd, confirmed that the company has had to modify its operations significantly in recent days.

“Some ports are no longer being called due to the security situation,” Haupt said. “One of them is Jebel Ali in Dubai, which normally acts as a key hub for cargo in the region.”

The port of Jebel Ali serves as a major redistribution centre for goods moving throughout the Gulf. A reduction in vessel calls there can therefore ripple across the broader regional supply chain.

Hapag-Lloyd has also temporarily suspended bookings for shipments to several Gulf markets. “We currently have around seven or eight countries where we cannot accept cargo bookings for import or export,” Haupt explained.

Those include the United Arab Emirates, Iraq, Kuwait, Qatar, Bahrain, Oman and parts of Saudi Arabia, notably the ports of Dammam and Jubail.

The disruption means that containers already travelling through the region may not reach their intended destinations. “We have containers on board that cannot be delivered at the moment,” Haupt said. “We have to find alternative ports where we can temporarily offload them.”

Retailers face supply chain uncertainty

For fashion retailers, the implications are immediate. Unlike many other industries, fashion operates on highly synchronised production and distribution schedules. Seasonal collections are manufactured months in advance but are delivered to stores according to carefully planned retail calendars. Any disruption in shipping timelines can therefore cascade through the entire sales cycle.

Most clothing sold in the Middle East is produced in Asia and transported via container ships passing through the Red Sea and the Suez Canal before reaching distribution hubs in the Gulf or Europe. If security concerns force shipping lines to reroute vessels away from these corridors, the consequences can be significant.

According to maritime analytics firm Clarksons Research, rerouting ships around the Cape of Good Hope, at the southern tip of Africa, adds between 10 and 14 days to delivery times. For retailers relying on rapid inventory turnover, such delays can quickly undermine the commercial viability of seasonal merchandise.

“Fashion supply chains rely heavily on predictable delivery schedules,” Haupt noted. "At the moment we are seeing slight delays, but if the situation continues for several weeks, we could see port congestion, cancellations and service changes.”

Such disruptions could ultimately affect what consumers see on store shelves. “In practical terms, delays could translate into stock shortages or postponed product launches,” he said.

Retailers operating across the Gulf region may therefore face a difficult balancing act between maintaining inventory levels and controlling rising logistics costs.

Air freight offers speed — at a steep price

Faced with the risk of shipping delays, some fashion brands are already exploring alternatives to maritime transport. Air freight offers a faster solution but comes with a significantly higher price tag. “Air cargo prices have gone up by roughly 300 to 400 percent,” Haupt said.

The surge reflects both increased demand and reduced airspace capacity across parts of the Middle East. Several Gulf countries — including the United Arab Emirates, Qatar, Bahrain and Kuwait — have temporarily restricted airspace or rerouted flights due to security concerns, according to operational updates published by shipping group Maersk.

Air freight is typically used for high-value or lightweight goods, making it a potential option for luxury fashion items or urgent replenishment shipments. However, it is rarely viable for large volumes of mass-market apparel.

“You pay per kilo with air freight,” Haupt explained. “For many goods, this is much more expensive than ocean transport.”

Some e-commerce platforms such as Shein and Temu rely heavily on air cargo for small parcel shipments, allowing them to maintain rapid delivery times even during logistics disruptions. Traditional fashion retailers, however, operate on different cost structures. For many of them, sustained reliance on air freight would quickly erode margins.

Rising logistics costs could reach the consumer

Shipping companies also warn that the broader cost of transporting goods is likely to increase if the crisis persists. Several factors are pushing logistics expenses higher, including rising fuel prices, increased insurance premiums and additional storage costs for containers stranded at alternative ports.

“We are seeing prices rise across the transportation sector,” Haupt said. “Insurance contracts have had to be renegotiated and bunker fuel prices have increased significantly.”

Maritime insurers have already introduced additional war-risk surcharges for vessels entering high-risk areas in the Gulf and the Red Sea, according to industry reports from Lloyd’s List.

For fashion retailers operating on already thin margins, these additional costs may ultimately filter down to the consumer. “I would assume that customers will have to expect rising prices for fashion products,” Haupt said.

Retail resilience on the ground: malls and consumer patterns

While supply chains face mounting pressure, early signals from major retail destinations in the Gulf suggest a more nuanced picture of consumer behaviour. In Doha, the Place Vendôme mall — one of the region’s luxury shopping landmarks — has reportedly remained “fully operational throughout the events of the past two weeks,” continuing to offer both retail and essential services.

According to the operator, overall footfall during Ramadan has remained steady, with only minor fluctuations compared to previous years, and is even “tracking in line with the same period last year with a 2 percent increase,” encouraging signs amid ongoing geopolitical uncertainty.

The mall’s statement underlined that although “there has been a slight shift in visitor patterns in light of the current regional context,” engagement from residents, families, and regular visitors has remained robust.

This relative stability reflects the complex customer mix in the Gulf. Before the current tensions, the GCC luxury market was recording solid growth: Chalhoub Group estimated the region’s personal luxury market at 12.5 billion dollars in 2023, with high-end fashion outstripping global averages.

Furthermore, retail spending across the GCC is forecast to rise toward 300 billion dollars by 2028, driven by demographic shifts and strong urban consumption. These figures suggest that domestic demand was already a critical pillar of the retail mix before the latest shocks.

However, analysts remain cautious: Bain & Company estimates that international tourists historically contribute roughly 50 percent to 60 percent of luxury sales in the region. Should travel restrictions persist, the loss of these flows—key to hubs like Dubai—could still exert downward pressure on overall performance.

Travel retail operators also exposed

While traditional malls face inventory challenges, the region's massive travel retail sector is equally on alert. Lagardère Travel Retail, a key operator in the Gulf’s duty-free hubs, is monitoring the situation closely.

“At this stage, it is still too early for us to accurately assess the potential impact of the current regional tensions on our operations. As the situation continues to evolve, we are closely monitoring developments across the region. Our absolute priority remains the safety and well-being of our teams on the ground, and we are in regular contact with our local teams to ensure they have the appropriate support.,” says Gaëtan Labardin, corporate communications & external affairs manager at Lagardère Travel Retail.

Beyond traditional retail, the crisis may also affect the region’s powerful travel-retail sector. The Gulf has emerged as one of the most powerful hubs for airport retail globally. In Dubai alone, duty-free sales exceeded 2.3 billion dollars in 2025, illustrating the scale and resilience of travel retail in the region.

Any sustained disruption to air travel, whether through reduced passenger traffic or logistical delays in product deliveries, could therefore have broader implications for the region’s retail ecosystem.

Shopping malls, another cornerstone of Gulf retail culture, may also feel the effects if supply chain disruptions prevent stores from replenishing new collections. For brands operating in a region where novelty and rapid product turnover are essential to maintaining consumer interest, inventory shortages could quickly dampen sales momentum.

A resilient but fragile system

Despite the uncertainty, logistics operators emphasise that global supply chains have become increasingly resilient after several years of disruption.

The shipping industry has navigated multiple crises in recent years, including the Covid-19 pandemic, the blockage of the Suez Canal by the Ever Given container ship in 2021 and escalating geopolitical tensions across several regions. “Our industry has experienced many crises over the last years,” Haupt said. "This industry is used to disruptions. But what we are currently seeing, a war involving several countries, is particularly tough.”

For retailers, the key variable remains time. If geopolitical tensions ease quickly, the disruptions may remain limited to temporary delays and cost increases. But if instability persists, the consequences could extend further along the supply chain — from delayed shipments and rising retail prices to reduced availability of goods in stores.

In an industry built on speed and precision, the events unfolding in the Middle East are a reminder that even the most sophisticated global supply chains remain vulnerable to geopolitical shocks. For fashion retailers dependent on constant product flows and carefully timed seasonal launches, the coming weeks may prove decisive.

H&M Foundation, the non-profit organisation of Swedish retailer H&M, is launching an open-access toolkit that allows brands, suppliers, policymakers, and investors to integrate the company’s System Map into their own business.

Launched in 2024 by the H&M Foundation, the System Map serves as a visual framework of the full textile value chain, carbon emissions, and systemic forces, such as cultural norms and power imbalances. By doing so, the service intends to challenge the traditional fashion industry, outlining where impact and action can arise from decisionmaking and strategic shifts.

Working with tech company Accenture, H&M has developed both a digital and in-person toolkit that includes a keynote introduction to the System Map, as well as three educational workshops. By providing industry players with a structured means to apply the kit within their own organisation, H&M hopes to encourage more coordinated and equitable climate strategies, helping companies identify leverage points to halve emissions.

In a statement, CEO of H&M Foundation, Anna Gedda, said: “Change won’t come from islands of perfection - in a system as interconnected as fashion, every part influences the other. The System Map helped make that visible and now this toolkit makes it usable. If we want to halve emissions every decade, we have to stop optimising in silos and start pulling the right levers together.”

Ermenegildo Zegna reported revenues of 1.9 billion euros in 2025, an organic increase of 1.1 percent (-1.5 percent year-over-year), and a net profit of 109.5 million, up 20 percent from 90.9 million in 2024. This performance was supported by higher financial income and foreign exchange gains (41.5 million and 9.0 million euros, respectively), mainly due to favourable exchange rates and a lower effective tax rate (22 percent in 2025, compared to 30 percent in 2024).

Thom Browne, set to show in Milan in June, recorded a 14.7 percent decline

Revenues came from the Zegna brand at 1.18 billion (+1.5 percent), Thom Browne at 268.5 million (-14.7 percent), and Tom Ford Fashion at 317.1 million (+0.8 percent).

The group reported an EBIT of 163 million (173 million net of the 10 million provision for expected credit losses related to Saks Global's Chapter 11) and proposed a dividend of 0.12 euros per ordinary share.

Group's net financial position is positive at 52 million as of December 31, 2025

The gross profit margin was 67.5 percent compared to 66.6 percent in fiscal year 2024. The group's net financial position was positive at 52 million as of December 31, 2025, compared to a net financial debt of 94 million as of December 31, 2024.

“In 2025, our group achieved solid revenue and net profit growth, despite a persistently challenging environment for the entire sector. Revenues reached 1.9 billion, with an organic increase of 1.1 percent, while net profit stood at 109 million, up 20 percent from the previous year. We also ended the fiscal year with a net cash position of 52 million, further strengthening the group's financial flexibility,” explained Ermenegildo “Gildo” Zegna, executive chairman of the Ermenegildo Zegna Group.

During this afternoon's call with analysts on Friday, March 20, Zegna discussed the company's strategy, which underpins the strong results achieved in the fiscal year and will increasingly shape its future path. Zegna also elaborated on recent developments in the Middle East, which have added another layer of uncertainty to the sector.

Gildo Zegna: "targeted growth, solid cash generation and rigorous execution of our plans to achieve set goals"

“In this particularly complex scenario, our priorities remain clear: targeted growth; solid cash generation; and rigorous execution of our plans to achieve our set goals. While we remain mindful of potential risks, our ambitions do not change, nor does our determination to achieve them together. The Middle East remains an important region for our group. Although we are adapting our activities to reflect the situation in the short term, we expect it will continue to play a significant role in our business, particularly thanks to the resilience of our customers,” said Zegna.

Regarding customer loyalty, the executive chairman emphasised the importance of the Zegna brand's roots. Similar emphasis is placed on the other two brands: Tom Ford and Thom Browne. The company's chairman recalled the success of the Tom Ford show in Paris, designed by Haider Ackermann. The new Tom Ford collection is a dialogue between attracting opposites: chicness and casualness, risk and confidence.

The company is also working on the upcoming Thom Browne show, scheduled for Milan on June 22. Last month, the American designer presented the autumn/winter 2026 ready-to-wear collection in San Francisco. Gildo Zegna also mentioned that Asics and Thom Browne unveiled their first sneaker on the Gq Bowl runway.

Memorie is Zegna's new "olfactory wardrobe"

The Zegna collection, designed by artistic director Alessandro Sartori and presented in Milan, drew on the brand's DNA and history. It was set in an imaginary wardrobe filled with real items from the family wardrobe of Gildo, the group's executive chairman, and Paolo Zegna. Both are members of the third generation of the Zegna family.

Featuring personal pieces and inherited garments, this collection stems from a love of weaving and wearing. It reflects a strategy based on a brand vision that increasingly embraces lifestyle and culture. Fragrances, for example, are an important chapter in this scenario. Memorie is, in fact, Zegna's new "olfactory wardrobe".

Six fragrances encapsulate the entire heritage of the Biella-based brand, where each composition is a memory, a specific place, a gesture. Zegna perfumes write a new page for the label, starting from its roots, “the most precious thing we have”.

Ermenegildo Zegna sponsors Italian Pavilion at Venice Art Biennale 2026

Roots and DNA, therefore, but also culture. It is no coincidence, explained Gildo Zegna, that Ermenegildo Zegna is the official sponsor of the Italian Pavilion at the Venice Art Biennale 2026, scheduled from May 9 to November 22. The initiative strengthens the company's ties with the world of contemporary art and the promotion of Italian culture.

The Italian Pavilion, curated by Cecilia Canziani, will present the project by artist Chiara Camoni entitled "Con te con tutto", a work that invites reflection on the relationship between matter, time and shared practices. According to the company, this sponsorship continues a path of support for creativity that is part of the group's industrial and cultural history.

In conjunction with the Biennale, Oasi Zegna will host a solo exhibition by Camoni from May 22 to November 22, curated by Ilaria Bonacossa. This will be an opportunity to create a dialogue between the work, the natural landscape and the company's textile heritage.

Zegna to present its collection in Los Angeles, outside Milan Fashion Week calendar

Other events outside Italy will nurture the bond with international clientele, such as Zegna's summer 2027 show. The brand will present its collection in Los Angeles, outside the traditional Milan Fashion Week calendar.

The show will take place on June 5 to coincide with Villa Zegna, the brand's temporary private club, which is scheduled to open immediately after the show and remain in Los Angeles for a few days.

Returning to the company's accounts, as explained during the analyst call by Gianluca Tagliabue, chief financial officer, gross profit in fiscal year 2025 reached 1,294.0 million euros, compared to 1,296.6 million euros in full year 2024, with a gross margin of 67.5 percent compared to 66.6 percent in full year 2024. “This increase was mainly driven by the channel mix, with direct-to-consumer sales rising to 82 percent of total branded product revenues in full year 2025 (compared to 78 percent in 2024).”

Selling, general and administrative expenses amounted to 1,033.9 million euros (53.9 percent of revenues) in 2025, compared to 1,008.3 million euros (51.8 percent of revenues) the previous year. The increase primarily reflects investments to support future growth, including personnel costs, higher IT spending and the continued development of the retail network.

It also includes 10 million euros in provisions for expected trade credit losses related to Saks Global, following its voluntary reorganisation petition under Chapter 11 of the US bankruptcy code. The impact of expenses on revenues was also affected by negative operating leverage from lower revenues, particularly for Thom Browne.

Marketing expenses in 2025 amounted to 120.7 million euros, compared to 121.4 million euros in 2024. The impact on revenues was substantially unchanged despite a greater number of activations, reflecting a more targeted and efficient marketing approach for the three brands. The group reported an operating profit of 139.5 million euros, compared to 166.9 million euros in 2024.

Outlook for the current year

“Recent developments in the Middle East have increased uncertainty regarding the global economic outlook in 2026 and reduced visibility on demand for luxury goods. The group's management confirms that it remains focused on achieving its 2027 targets, while acknowledging the potential risks associated with the duration of the conflict and its possible impact on global growth and consumer demand,” the management concluded when discussing the outlook for the current year. The company will present its first-quarter results on April 30.

London-based brand development firm Tomorrow Group has found a new owner in Progetto 11, the Italian holding company of e-tailer The Level Group. Andrea Ciccoli, co-founder of The Level Group, confirmed the news to WWD, stating that the deal would “ensure the operational continuity” of the fashion platform.

While financial details were not disclosed, it was revealed that previous shareholders will be exiting the business, including founder and chief executive officer Stefano Martinetto. Tomorrow’s showrooms in Milan, Paris and New York are expected to remain in operation.

In a statement to WWD, Ciccoli underlined the unique positioning of Tomorrow, yet stated this was a “moment of wholesale disruptions and market challenges and The Level Group will help support and stabilise the platform and enable its evolution to address brand needs”.

“We bring a digital direct-to-consumer experience so this is an opportunity to reinterpret Tomorrow’s wholesale approach in a more digital integrated perspective,” Ciccoli continued. “With our solid financial base, we can help accelerate Tomorrow’s business and expand their brand portfolio.”

Over the past year, financial volatility has seemingly been bubbling away under the seams at Tomorrow Group, the co-owner of brands like Martine Rose, Coperni, and Charles Jeffrey Loverboy.

Rose cancelled her autumn 2026 show. Reports have suggested the designer is attempting to buy back Tomorrow’s stake in the business. Coperni also didn’t participate in the latest season of Paris Fashion Week, with the brand’s founders citing a flailing relationship with Tomorrow as the reason.

In an interview with WWD last year, Martinetto confirmed a drop in Tomorrow’s 2024 sales. The company also offloaded A-Cold-Wall and London retailer Machine-A, reducing its portfolio size.

Cristian Musardo, co-founder of The Level Group, recognised the “structural shift” underway in the industry, and the need for platforms to adapt.

“Our immediate focus is to ensure continuity for the brands, teams and partners that rely on this platform, while we work to build a more sustainable and integrated model for the future,” Musardo added.

Teleshopping has not died; it has simply migrated to mobile phones. Live shopping, a blend of live video and instant purchasing, is revolutionising e-commerce. This has prompted tech giants, brands and small boutiques to invest in the format.

“One euro starting price... 20 seconds to bid. Three, two, one, go!”. In front of multiple screens, Hugo Carvalho, founder of the Parisian boutique Swave, a specialist in collectable trainers, shouts live on the Whatnot app. The young entrepreneur acts as an auctioneer for around 400 people gathered virtually, bidding with a single click on their phones.

Live shopping, a next-generation form of teleshopping, allows customers to buy products presented live by a seller, often an influencer, through an auction system or at a fixed price. “It is a very good way to sell our unsold stock, accounting for about 20 percent of our sales,” Carvalho explained to the AFP. “It also allows people to get pairs at a fair price.” He added that the format offers interaction with people.

Launched in 2016 by Chinese giant Alibaba, live shopping remains primarily driven by Asia. According to Grand View Research, the region will account for 66.8 percent of global revenue in 2025. Valued at 173 billion dollars in 2025, this market is expected to exceed 2.5 trillion dollars by 2033.

Giants and SMEs

Aware of this potential, giants like the American company Amazon and the Chinese platform TikTok are positioning themselves in this market, including in France. One year after its launch in the country, TikTok Shop claims to have nearly 33,000 French small and medium-sized enterprises (SMEs) and more than 29 million users, out of a total of 200 million in Europe.

“Over the past six months, we have seen triple-digit growth in daily gross merchandise value,” Mehdi Meghzifene, head of France at TikTok, told the AFP. He specified that live shopping accounts for nearly 20 percent of this total. Brands such as Samsung, Moulinex and L'Oréal have invested in the network. L'Oréal relies on an army of 2,200 influencers who create numerous commercial videos, both live and pre-recorded.

The American auction giant Ebay, which focuses on collectors, also launched in France in January. According to a study by Ifop for Ebay, 30 percent of French people and 56 percent of Gen Z are already familiar with the concept. Gamified mechanics encourage spending, with the average basket value rising to 120 euros during a live session—three times more than in traditional e-commerce.

In contrast to TikTok, Ebay cultivates its difference. “We are not about scrolling; we are not a social network,” Sarah Tayeb, managing director of Ebay France, told the AFP. “We focus on rare products, items that require a seller, a story and details, whether for Pokémon cards or works of art.” To explain the success of live shopping, she points to a shift in younger generations’ relationship with time, noting that this audience does not want to wait seven days to place a bid.

Addiction and counterfeiting

Whatnot, an app specialising in live shopping, claims growth of 427 percent in France, its leading European market. It projects a global transaction volume of eight billion euros in 2025. Pierre Tettart, managing director of France at Whatnot, told the AFP that the entertainment aspect makes commerce more human, an element lost with traditional e-commerce. Live shopping provides an additional revenue stream for independent boutiques or allows others to create a virtual store.

The efficiency of this channel, optimised by artificial intelligence, raises concerns about overconsumption. Tettart insists that safeguards exist, such as limits on the amount spent. TikTok is under particular scrutiny from the European Union, which deems its interface addictive and threatens heavy fines. A French parliamentary report on the psychological effects of TikTok on minors recently highlighted the danger of live streams, stating they create strong incentives to spend and facilitate the promotion of counterfeit, dangerous or non-compliant products.

A year on from LuxExperience’s takeover of Yoox Net-a-porter (YNAP), changes are still being rolled out among the retailer’s off-price division, Yoox.

In an interview with WWD, Yoox’s chief executive officer Mirko Nobili outlined his vision for the luxury e-tailer, which is due to embark on an experiential pivot under a new visual identity.

The refreshed branding and associated communication campaign, including a new modernised colour palette and an enhanced website and app, will begin rolling out from the end of March and continue until the end of the year.

Its introduction contributes to Nobili’s overarching goal to bring Yoox closer to the customer, with a mission to serve not only as a transactional platform, but as a part of culture.

With this in mind, Nobili said he plans to create a community based around art, culture, and creativity, while further elevation will be present in experiential initiatives, from editorial content to event access.

The executive reaffirmed that Yoox would remain an off-price e-commerce platform that caters to a customer who is “independent in taste” and “perfectly at ease with digital channels”.

In order to simplify the business and increase operational efficiency, Yoox has made changes to its operational setup, namely in the closure of its local logistical footprint in Asia-Pacific, Nobili confirmed.

Its Italy-based Interporto central hub remains at the core, underlined by an independent structure created for Yoox in the region, complete with its own technology and distribution network, a reflection of efforts to build a more specific identity to the storefront.

The focus on Italy is apt considering Nobili views potential within the country. The CEO also cited Germany, France, and Spain as promising markets, with Europe as a whole remaining the company’s main region having posted double-digit net sales last year.

Nobili took up the helm position at Yoox following LuxExperience’s – formerly Mytheresa – takeover of the YNAP group last year. Since the acquisition, the company has offloaded off-price website The Outnet, but has retained ownership of Net-a-porter, Mr Porter, and Yoox.

The garment industry is currently navigating a crisis that is less about fashion trends and more about basic survival. As of mid-March 2026, the energy arteries that feed manufacturing hubs in South Asia have all but collapsed under the weight of the West Asia conflict. The closure of the Strait of Hormuz has turned a steady stream of industrial fuel into a trickle, leaving boilers cold and assembly lines silent.

Boiler shutdowns and gas cuts in India

In northern India, the situation is nothing short of catastrophic. In Panipat alone—a town that usually hums with the sound of looms—over 350 dyeing units have been forced to pull the plug. These are not small-scale casualties; these units are the “mother” of the textile sector, preparing the fabrics that feed export houses globally. Nitin Arora, president of the Panipat Dyers’ Association, recently told The Tribune that “more than one lakh (100,000) people are directly or indirectly employed in the dyeing sector are at risk and export houses are also badly affected," as over 150 units in the Sector-29 dyeing cluster have shut down due to the unavailability of commercial liquefied petroleum gas (LPG). The government has suggested switching to biomass, but most factories dismantled their coal-fed thermostats years ago to comply with “green” gas mandates. They are now trapped between a fuel they cannot get and one they are no longer equipped to burn.

In the Faridabad industrial belt in Haryana, where 15,000 MSMEs across the garment and footwear sectors are reeling, the sentiment is grim. Raj Bhatia, president of the Faridabad Industrial Association, noted that the "real impact" is only just beginning as "safety stocks” of fuel and raw materials finally exhaust. When a boiler goes cold, it is not just a machine stopping but thousands of workers—mostly women—whose shifts get cut and wages shrink. Payment delays of 60 days are becoming the norm, thus pushing small businesses to the brink of loan defaults.

In Gujarat’s textile and chemical clusters, the state government has imposed a 50 percent cut on industrial gas usage. This has triggered a 30 to 40 percent surge in the price of basic chemicals and dyes. “Rising manufacturing costs could force weavers to temporarily reduce production,” warned Mayur Golwala, secretary of the Sachin Industrial Society, according to Apparel Resources. He added that if operating under current conditions became financially unviable, weavers might need to halt production for two or three days a week. For a weaver in Surat, a jump in crude oil prices from 73 US dollars to 100 US dollars in a single week is not just a statistic; it is a death knell for margins.

Power blackouts and capacity reduction in Bangladesh

The problem is not confined to India. In Bangladesh, the world's second-largest garment exporter, the energy deficit is threatening to tear the fabric of the national economy. Given that the country sources about 95 percent of its fuel requirements from outside its borders, supply risks are real. According to reports in The Guardian, the government has been forced into desperate measures, including scheduled power blackouts and early Ramadan holidays for universities, just to divert enough diesel to keep garment factories working. However, even these emergency rations are failing. Many factories are now operating at a mere 40 to 50 percent capacity because gas pressure has plummeted from the required 10 PSI to a 1.5 PSI, which is not enough. Thus factories are not only missing deadlines; they are losing the ability to keep their people employed.

Weaving mills shutter doors indefinitely in Pakistan

In Pakistan’s textile heartland of Faisalabad and Karachi, the situation has reached a breaking point as the government struggles to subsidise re-gasified liquefied natural gas (RLNG) amidst a severe foreign exchange crunch. The Dawn recently reported that hundreds of small-to-medium weaving mills have “shuttered their doors indefinitely” due to a combination of 40 percent higher power tariffs and erratic gas pressure that makes consistent fabric dyeing impossible.

Skeletal shifts in Sri Lankan factories

In Sri Lanka, while the economy has shown signs of recovery, the garment sector—the nation's primary export earner—is facing a “double squeeze.” According to The Island, the Ceylon Chamber of Commerce has noted that high electricity costs are forcing factories to operate on skeletal shifts, leading to a migration of orders toward African competitors where energy overheads remain lower.

Unpredictable power supply in Cambodia and Vietnam

Vietnam, an important destination in the global apparel trade, is grappling with load-shedding in its northern manufacturing hubs, a crisis exacerbated by the extreme heatwaves of early 2026 which have drained hydroelectric reservoirs. The Saigon Times highlights that major footwear and garment vendors for global buyers are being asked to “self-regulate” and cut power consumption by 15 percent, leading to expensive investments in diesel generators that erase already thin profit margins.

Meanwhile, in Cambodia, the Garment Manufacturers Association (GMAC) has voiced concerns through The Phnom Penh Post regarding the “unpredictability of the regional grid.”

Global trade redirects in view of energy crisis

The final sting in this energy crisis is the permanent loss of trust. International buyers, spooked by the instability, are already looking for “safer” harbours. A massive rerouting of orders can be observed as brands fear their seasonal collections will be stranded on ships or at airports, according to insiders as quoted in The Federal. If South Asia fails to secure a stable, affordable energy supply within the next few weeks, the reputation of its production hubs that took decades to build may be in jeopardy.

American lifestyle brand Lands’ End has reported a return to topline growth for the fourth quarter of fiscal 2025, alongside a transformative partnership with brand management firm WHP Global. The agreement, which involves the formation of a joint venture (JV) to manage the brand’s intellectual property, is expected to eliminate the company’s term loan debt.

Fourth quarter financial performance

For the fourth quarter ended January 30, 2026, Lands’ End saw net revenue increase by 4.7 percent to 462.4 million dollars, compared to 441.7 million dollars in the same period of the prior year. Gross merchandise value (GMV) rose by mid-single digits during the quarter.

The U.S. digital segment, a core component of the business, recorded net revenue of 402.3 million dollars, representing a 5.3 percent increase year-over-year. Within this division, U.S. e-commerce revenue grew by 4.8 percent to 312 million dollars, supported by higher average unit retails and strong performance in solution-based product categories.

The outfitters division reported a 9.6 percent revenue increase to 53.7 million dollars, driven by double-digit growth in school uniforms. Third party revenue also improved by 4.3 percent to 36.6 million dollars, bolstered by double-digit growth on the Amazon marketplace. Notably, Europe e-commerce revenue rose by 9.3% to 32.9 million dollars, reversing a previous declining trend.

Lands’ End chief executive officer, Andrew McLean, stated: “The fourth quarter was a turning point for Lands’ End as we returned to topline growth, driven by our most significant businesses, and capped off a year in which we strengthened the foundation for sustainable, profitable, long-term growth.”

Strategic joint venture and debt reduction

The company has entered into a definitive agreement to form a JV with the US-based WHP Global. Under the terms of the deal, Lands’ End will contribute its intellectual property to the new entity, while WHP Global will pay 300 million dollars for a 50 percent controlling stake.

Lands’ End plans to use the proceeds to fully repay its outstanding term loan debt, which stood at approximately 234 million dollars as of January 26, 2026. While WHP Global will lead global licensing and brand expansion, Lands’ End will maintain operational control of its direct-to-consumer (D2C) and business-to-business (B2B) channels.

Lands’ End chief financial officer, Bernie McCracken, noted that the transaction will significantly improve the company’s capital structure and materially reduce interest expenses. Additionally, WHP Global has launched a tender offer to acquire up to 100 million dollars of Lands’ End shares at 45 dollars per share, which could result in the firm owning approximately 7 percent of the company's common stock.

The transaction is expected to close by the end of the first quarter of fiscal 2026.

As the global conflict involving Iran escalates, the prospect of oil prices climbing towards 200 dollars a barrel no longer feels implausible. Fashion businesses across the UK and Europe are once again bracing for volatility, as energy markets react sharply to geopolitical risk. From fibre production and manufacturing to freight costs and consumer confidence, the consequences are reverberating through an industry already operating on thin margins in a fragile global economy.

Oil remains central to the industry, not only for transport, but as a raw material for polyester, nylon and other synthetics that dominate global textile production. A sustained spike at this level raises input costs for mills, dye houses and manufacturers, while pushing up sea freight, air cargo and insurance premiums on key trade routes.

Luxury feels the tourism slowdown

The luxury sector is already exposed. According to reporting by Bloomberg, Swatch Group AG is bracing for prolonged economic upheaval as turmoil in the Middle East hits demand. The company operates more than 200 stores in the region, which, excluding Saudi Arabia, accounted for between 5 and 10 percent of sales last year, chief executive Nick Hayek said in Biel.

While stores remain open, a drop in tourism during the key Ramadan trading period is expected to weigh on performance. Since the conflict began, Swatch shares have fallen around 16 percent, Bloomberg reported. The timing is difficult for the wider luxury sector, given the Middle East had been a relative bright spot amid weak Chinese demand and tariff pressures introduced under US President Donald Trump.

Swatch’s operating margin more than halved in 2025, underscoring sector fragility, even as the group reiterated guidance for improved sales volumes this year.

Compounding pressures

Currency movements are adding strain. The Swiss franc has appreciated roughly 15 percent against the dollar since the start of 2025, a development Hayek warned is weighing on exporters and is being underestimated by the Swiss National Bank. In its annual report, Swatch also criticised tariffs and trade disruption that hurt both the company and the wider industry last year.

For fashion brands more broadly, oil at 200 dollars threatens margin compression across the value chain. Higher energy, logistics and material costs arrive at a moment when consumer spending is already under pressure from inflation.

The escalation highlights fashion’s structural dependence on fossil fuels, both as energy and feedstock. If elevated oil prices persist, the crisis may accelerate shifts towards nearshoring, alternative materials and supply chain diversification. For now, brands are recalibrating forecasts and bracing for a volatile second half of the year.

Debenhams Group has reportedly carried out a handful of redundancies as it expands the use of artificial intelligence (AI) across image creation.

According to sources for Drapers, less than five redundancies have taken place to date within the studio department, which includes photography, hair and makeup, retouching, casting and production.

The media outlet was further informed that models were not being booked for campaign imagery, with garments said to be photographed on a mannequin before being digitally imposed onto an AI-generated model.

Sources claimed that the recent shift to AI, driven by the group’s studio director Jon Till, was not formally communicated to staff.

In a statement to Drapers, a spokesperson for Debenhams Group said: “Over 99.9 percent of our imagery features human models, who we continue to work with across all of our campaigns and brand activity. Like many retailers, we are also exploring the use of AI-generated content too.”

The news comes amid a continued transformation for Debenhams Group, led by CEO Dan Finley, who has notably set out to prioritise AI-powered innovation, among other things. At the crux of the strategy is a business-wide shift to a marketplace model, which has also included an evaluation of the ‘Youth Brand’ category.

The group’s turnaround plan has now delivered a fixed cost exit rate of 130 million pounds, reduced from 175 million pounds for FY26. This puts the company on track to meet its 100 million pound target, reflecting its pivot to an increasingly asset-lite model.

British baby and children’s wear brand Mori is venturing further into the US market through the regional launch of Kidly by Mori as part of its next phase of growth.

The London-founded label has pitted the US as a key strategic growth market, with Nordstrom and Bloomingdale’s already serving as stockists for the Mori brand itself, operating alongside its direct-to-consumer platform.

Now, through Kidly by Mori, the company is doubling down on the market, while maintaining a disciplined, long-term approach by investing in product categories and brand development.

The launch follows Mori’s acquisition of the Kidly brand in April 2025 as a continued effort to broaden the business across a wide range of ages, with toddler and childrenswear up to age eight being other recent additions.

Its continued growth has contributed to strong performance for the business, with FY25 revenue up 17 percent year-on-year to 16.1 million pounds and EBITDA increasing by 160 percent.

In a statement, Akin Onal, founder and chief executive officer of Mori, said: “This is a defining moment for Mori. Kidly built a brilliant brand and product line that perfectly complements our mission, and bringing Kidly by Mori to the US strengthens our long-term strategy and signals our intent to scale globally.”

Mori by Kidly’s US expansion will continue into April, during which the brand is preparing for the regional debut of its bestselling jelly sandals alongside a broader footwear range.

Swiss-Austrian crystal group Swarovski has announced its financial results for the fiscal year ending December 31, 2025, reporting a year of broad-based progress and improved profitability. The family-owned business delivered 6 percent organic growth compared to the previous year, reaching 1.97 billion euros (2.26 billion dollars) in revenue.

This performance was bolstered by a 9 percent increase in like-for-like (LFL) growth, with LFL gains recorded in nine out of the company’s top 10 markets. Growth was observed across all regions and channels, with North America leading the expansion with a 10 percent increase.

Profitability and strategic execution

The group's EBITDA rose by 12 percent compared to the previous year, accompanied by strong cash conversion. These results follow the systematic execution of the LUXignite strategy and a unique family shareholder agreement announced last year, which integrated the global crystal group and strengthened its governance.

Swarovski chief executive officer, Alexis Nasard, stated that the progress continued despite a challenging environment. “The execution of the LUXignite strategy is delivering as intended,” Nasard said, noting that the brand has anchored itself as a cultural icon in the ‘Pop Luxury’ space.

Swarovski jewelry significantly outperformed the broader market during the period. Meanwhile, the business-to-business (B2B) segment renewed its commercial plans and optimized manufacturing capacity.

Brand milestones and 2026 outlook

The 2025 fiscal year marked the 130th anniversary of the company, an occasion celebrated through the launch of the Vienna Collection and the introduction of the Swarovski Created Diamonds Octagon Cut.

The brand also appointed American singer Ariana Grande as a global ambassador to strengthen emotional connections with consumers.

Looking ahead to 2026, the company anticipates a continued challenging operating environment due to volatile geopolitics and weak consumer sentiment. Despite these headwinds, the group remains committed to long-term value creation under its current strategy.

Based in Männedorf, Switzerland, and Wattens, Austria, the Swarovski Crystal Business operates in more than 140 countries with approximately 2,200 boutiques.

South Korean brand portfolio company Misto Holdings, formerly known as Fila Holdings, has announced its financial results for the fourth quarter and full year of 2025. The Seoul-based group recorded consolidated revenue of 4.47 trillion South Korean won (2.98 billion dollars) for the full year, representing an increase of 4.7 percent year-over-year. Operating profit for the period reached 474.80 billion South Korean won, marking a 31.6 percent growth compared to the previous year.

During the fourth quarter, revenue reached 915.20 billion South Korean won, an increase of 6.3 percent. The company attributed these results to profitability-focused operations and the strategic restructuring of its US business. This growth occurred despite ongoing macroeconomic uncertainty, supported by the continued solid performance of its golf subsidiary, Acushnet.

Misto segment achieves profitability turnaround

The Misto segment, which includes the Fila brand, generated annual revenue of 829.60 billion South Korean won. This figure represents a 9.6 percent decrease, primarily due to inventory clearance and restructuring efforts within the US market. Despite the dip in revenue, the segment’s operating profit improved to 74.70 billion South Korean won.

This performance marks a significant turnaround for the division, which recorded its fourth consecutive quarter of profitability in the final three months of 2025. In the domestic South Korean market, Fila maintained steady demand, particularly for its footwear franchise models.

Greater China emerges as primary growth driver

The Greater China business has become a central growth engine for the group, delivering triple-digit growth throughout 2025. Misto Holdings expanded its regional presence by leveraging leading K-fashion brands, including Marithé+François Girbaud, Matin Kim, Rest & Recreation, and Raive.

The Acushnet segment also maintained stable momentum. Fourth-quarter revenue for the golf division rose 10.9 percent to 698.30 billion South Korean won. Growth was supported by strong sales of Titleist T-Series irons and SM10 wedges, alongside higher average selling prices for FootJoy golf shoes.

Shareholder returns and strategic vision

Misto Holdings made progress on its capital allocation strategy, returning approximately 285.40 billion South Korean won to shareholders in 2025 through dividends and share repurchases. This accounts for 57.1 percent of the three-year shareholder return target established by the group.

Misto Holdings chief financial officer, Ho Yeon (Aaron) Lee, stated: “2025 was a meaningful year in which we further clarified our identity as a global brand portfolio company following our corporate name change. Based on the expansion of our Greater China business, improved profitability in the Misto segment, and Acushnet’s solid growth, we strengthened the stability of our earnings.”

Lee added that the group will continue to focus on brand value enhancement and profitability-focused management to support sustainable growth. Misto Holdings rebranded from Fila Holdings in April 2025 to reflect its diversified portfolio, which includes brands such as Titleist, FootJoy, and Kjus.