FW
Giordano Middle East bagged three prestigious awards at the recent SS26 Global Buying Conference/ These included the awards for Best Market, Best Global Marketing, and Best Global Buying & Merchandising Team.
This triple win highlights the brand's exceptional performance, strong market position, and dedication to innovation, flawless execution, and teamwork.
Ishwar Chugani, CEO and Managing Director, says, these awards reinforce the company’s belief in leading with purpose, staying customer-focused, and constantly pushing beyond boundaries.
Giordano Middle East has been a standout performer within the global Giordano network, expanding its footprint across the GCC and boosting its digital commerce efforts. The company is committed to driving growth, developing talent, and providing a top-tier retail experience.
These accolades are the result of the team’s tireless efforts. They inspire the company to push the boundaries of excellence even further, he adds.
With a growing presence in the Middle East, Giordano continues to offer timeless, high-quality apparel and an exceptional shopping experience, solidifying its role as a key contributor to the brand's global success.
The UK High Court has approved closure of 33 stores of River Island across the country as part of the company’s restructuring efforts to avoid insolvency.
Citing a customer shift to online shopping and rising operating costs as reasons for its multi-million pound losses, the fashion retailer had warned creditors it could run out of cash by the end of August if the plan was not approved.
In addition to the store closures, the company will seek rent reductions at 71 other locations. According to Ben Lewis, CEO, River Island, the plan will enable the brand to align their store estate to customers' needs. The company also plans to eliminate approximately 110 of its 950 head office positions, a move expected to save about £8.1 million. The retailer currently operates 223 stores across the UK and Ireland, with no closures planned for its Irish locations.
River Island’s barrister, Matthew Weaver KC, told High Court the company had already closed seven unprofitable stores this year. He emphasized, the proposed restructuring was the only viable alternative to insolvency. The company's most recent accounts showed a full-year loss of £33.2 million on the back of a 19 per cent decline in sales. Weaver also noted, River Island was projected to be unable to pay its debts by late August or early September, with a shortfall exceeding £43 million.
Industry analysts suggest, River Island has struggled to keep pace with evolving consumer tastes and lacks a striking brand identity. Charles Allen, Analyst, Bloomberg, notes, the company is suffering from issues common to many UK retailers, including the decline of in-store business and higher costs exacerbated by increased National Insurance Contributions.
While the restructuring provides a temporary reprieve, Nick Sherrard, Label Sessions cautions, simply cutting costs won’t guarantee long-term success. River Island is a much-recognized brand. However, it's not the same thing at all as being a beloved one, he says.
With the restructuring in place, River Island is forecasting a modest 1 per cent annual growth for the next five years.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Southern Gujarat Chamber of Commerce and Industry (SGCCI) are set to collaborate to bring the business communities of Bangladesh and India closer to explore new bilateral trade opportunities.
Led by Himanshu H Bodawala, President, a SGCCI delegation recently met with Faruque Hassan, President, BGMEA in Dhaka to discuss potential partnerships. The two sides focused on increasing direct business interactions between Bangladeshi ready-made garment (RMG) exporters and Indian textile manufacturers and raw material suppliers. They believe this will strengthen relationships and create a mutually beneficial situation for both countries.
Discussions also revolved around creating a platform for knowledge and expertise exchange in areas like design, technology, machinery, and productivity. This initiative could involve linking institutions such as the BGMEA University of Fashion and Technology (BUFT) with Indian universities, fashion institutes, and trade associations like SGCCI.
Hassan highlighted, Bangladesh and India are well-positioned to complement each other in the RMG and textile industries. He noted, as Bangladesh increasingly focuses on diversifying its RMG product range - particularly into non-cotton and high-value items - India’s strong textile industry and supply of man-made fibers could provide crucial support. Additionally, he pointed out that India is a promising and growing market for Bangladeshi RMG exports, creating more opportunities for both nations.
The SGCCI delegation included Bhavesh M Tailor, Secretary; Bhavesh Vallabhbhai Gadhiya, Treasurer; Amish H. Shah, Chairman of Overseas Expo; Harshal Bhagat, Co-chairman and Binty Jahan, SGCCI Representative from Bangladesh.
As the global luxury industry confronts its first major slowdown in over a decade, a quiet but powerful transformation is reshaping its foundations. According to the ‘True Luxury Global Consumer Insights 2025’ report by Boston Consulting Group (BCG), the tides of affluence are receding from the aspirational classes and consolidating among the ultra-rich, those for whom luxury is not indulgence, but a way of life.
The traditional model where millions of aspirational buyers buoyed the bottom rungs of luxury has begun to unravel. Once the industry’s growth engine, this segment is now pulling back amid rising costs and a growing sense that luxury has lost its allure, becoming “too noisy, too crowded, too industrialized.”
Yet, within this slowdown lies an extraordinary opportunity. While the middle retreats, the pinnacle rises. The elite ultra-high-net-worth individuals (UHNWIs) are emerging not only as resilient spenders but as cultural architects redefining the meaning of luxury itself.
A market in transition
Over the past decade, aspirational consumers, often making their first forays into luxury through handbags, watches, or accessories, drove up to 70 per cent of luxury sales. However, the BCG report reveals a sharp reduction in this group’s influence. Their market share has declined by nearly 15 percentage points, largely due to macroeconomic pressures and shifting perceptions.
In contrast, top-tier consumers, the 0.1 per cent elite are expanding their footprint. This class now makes up 23 per cent of global luxury spending, a figure that is only expected to grow. These aren’t casual consumers. They are deeply invested patrons, spending on average €355,000 annually on luxury, and as much as €500,000 when high-end cars, wellness, and other lifestyle categories are included.
For them, luxury isn’t about accumulation. It’s about orchestration of life a symphony of experiences, aesthetics, and personalized enrichment.
Redefining luxury, from ownership to experience
The evolving preferences of UHNWIs signal a deeper cultural shift: luxury is no longer about what one owns, but how one lives. BCG’s data points to a significant rise in spending on health-as-wealth categories such as wellness, beauty, and interior design. These sectors are ready for a 10 per cent spending increase over the next 18 months, reflecting a move away from status symbols toward investments in longevity, comfort, and self-expression. This is further illustrated by the spending habits of top-tier clients.
Table: Global spending habits of top-tier clients
|
Category |
Share of top-tier client spend (approx.) |
Potential for India's UHNWIs |
|
Cars (Ultra-luxury) |
52% (highly engaging globally) |
High demand for limited editions and bespoke models. |
|
Design & Fine Arts |
43% (globally) |
Growing interest in curated art and designer homes. |
|
Wellness & Beauty |
35% (globally) |
Rapidly expanding segment for high-end spas, anti-aging, and exclusive beauty products. |
|
Personal Luxury (total) |
34% (Jewelry & Watches globally) |
Strong existing market, shifting towards bespoke and heritage pieces. |
|
Private Memberships |
28% (globally) |
Increasing demand for exclusive clubs and concierge services. |
|
Wine & Spirits |
38% (globally) |
Premiumization of consumption and demand for rare vintages. |
Note: These illustrative data is relevant to Indian UHNWIs
Among these, All Category Spenders, a niche but potent segment, comprise 17 per cent of top-tier clients, with an average annual spend of €580,000, across categories as diverse as automobiles (70 per cent), luxury travel and dining (16 per cent), and high-end personal luxury (8 per cent).
India, the emerging luxury powerhouse
While traditional markets like Europe, the US, and China continue to anchor luxury demand, the BCG report spotlights India as a key frontier for future growth. With a projected CAGR of 11–15 per cent in the HNW and UHNWI population by 2034, India is undergoing an unprecedented shift in wealth creation. By 2030, the country is expected to have a significant share of the 1.4 million HNWIs globally, part of a group collectively managing €100 trillion in investable assets.
This demography is young, digitally savvy, and increasingly global in taste but firmly Indian in cultural pride. As affluence replaces mere aspiration, luxury brands are being urged to move beyond token localization. The future, BCG suggests, belongs to those who embed craftsmanship, personalization, and intimacy into their India strategy.
A strategic imperative for brands
The BCG report doesn’t mince words: luxury must find its way back home. As many brands increased their reach to capture aspirational markets, they diluted their DNA compromising on exclusivity, rushing collections, and losing sight of their core clientele. Now, with aspirational buyers retrenching, the cracks are showing.
To thrive in this new scenario, brands must prioritize:
Connection: Delivering meaningful, human-led relationships that transcend transactions.
Intimacy: Curating hyper-personalized, exclusive experiences.
Excellence: Upholding the highest standards of quality and craftsmanship.
Recognition: Honoring the unique preferences and loyalty of elite clients.
The report also notes that many high-value clients still find luxury offerings too generic, a symptom of over-industrialization. BCG urges brands to reorient towards high-touch service, vertically integrated quality, and GenAI-enhanced personalization but never at the expense of the human connection.
Luxury’s rebirth at the top
In an industry long dominated by scale and inclusivity, the pendulum is swinging back toward intimacy and excellence. The ultra-wealthy are not just surviving this market shift they are leading it. Their desires are more discerning, their loyalty harder to earn, and their expectations higher than ever before.
For luxury brands, this is not a time to broaden the tent. It’s a moment to raise the standard to deepen roots with their most committed patrons and build a future anchored in timeless values. As the BCG report concludes: "The future of luxury lies in exclusivity, not accessibility. In personalization, not proliferation. In craftsmanship, not commodification." And perhaps, in this renewed sense of purpose, lies the industry’s next golden age.
An AI-powered retail solutions company with a market capitalization of $3.72 million, MySize, Inc is strategically shifting from being a sizing-focused company to a comprehensive retail intelligence provider for the fashion industry.
This move was detailed in a recent shareholder update from Ronen Luzon, Founder and CEO. InvestingPro analysis suggests, the company’s stock is currently trading below its fair value, indicating a potential upside for investors.
The company has integrated three acquisitions - Naiz Fit, Orgad, and Percentil - to create what a ‘Retail Intelligence Engine.’ This engine helps fashion brands with several key functions: recommending correct sizing, analyzing product performance, monetizing overstock, and ensuring compliance with regulations. The company turns fragmented data into intelligent action, states Luzon, noting the company has collected user profiles, product measurements, and fit preferences to power its new Large Language Model (LLM)-based assistant for clients.
Despite significant investments in AI, integration, and automation, MySize claims to have ‘runway through 2027’ based on its current plans. While Luzon acknowledged margins ‘remain negative today,’the company maintains a healthy current ratio of 3.02 and reported revenue of $6.75 million over the last twelve months, according to InvestingPro data.
The company successfully launched a pilot for NaizGPT, an AI-powered conversational assistant. This tool allows retail teams to analyze sizing and returns data using natural language, which has already shown strong user engagement.
MySize has appointed Borja Cembrero Saralegui as the new Chief Growth Officer. His experience in scaling AI sizing solutions is expected to drive the company’s international expansion and M&A opportunities.
Through its subsidiary, New Percentil, SL, MySize acquired key assets of Percentil, a second-hand fashion marketplace. This acquisition aims to reposition the platform for upcoming EU regulations and to build a profitable circular fashion business. The deal includes a central warehouse, an AI-powered pricing engine, and over 120,000 vetted garments.
Nike’s Board of Directors has declared a quarterly cash dividend of $0.40 per share. The dividend is payable on October 1, 2025, to shareholders of record as of the close of business on September 2, 2025.
Nike, Inc has also entered into a partnership with FC Barcelona to bring Kobe Bryant’s legendary Mamba Mentality to the world of professional soccer. This shared mentality is at the heart of the club's new 2025–26 away kit featuring a light Team Gold base with Persian Violet and black accents, while the shorts have a black base with a subtle snakeskin-textured pattern. Both the club crest and the Kobe Sheath logo on the jersey will feature a silicone gloss, 3D snakeskin texture, making it a truly unique design.
The partnership extends beyond the kit to a full collection, including special-edition footwear like the Kobe x FC Barcelona Air Force 1 Protro and the Kobe 4 Protro, along with a selection of co-branded lifestyle apparel.
To launch the collection, Nike has launched a campaign titled ‘Better is the Only Choice’ featuring a film called Mamba Rondo. Voiced by first-team coach Hansi Flick, the film connects Kobe’s pursuit of perfection with the club’s iconic rondo training drill, which is a staple of their philosophy.
Headquartered near Beaverton, Oregon, Nike is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. A wholly-owned NIKE, Inc. subsidiary brand, Converse designs, markets and distributes athletic lifestyle footwear, apparel and accessories.
Kim Kardashian's billion-dollar shapewear and lifestyle brand, Skims is set to make its debut in the Middle East market with its first-ever physical store opening in Dubai. The new flagship store will be situated in the prestigious Mall of the Emirates.
This development marks a major milestone for Skims' global retail expansion. While the brand has been available to customers in the UAE since 2020 through the luxury e-commerce platform Ounass, the new brick-and-mortar store will offer a direct, immersive experience. Shoppers will now be able to physically browse and try on the brand’s popular products, from its viral sculpting bodysuits and comfortable loungewear to its expanding collections of activewear, swimwear, and menswear.
The decision to open in Dubai is a strategic one, tapping into the city's reputation as a global hub for luxury and a market with high consumer spending power. With its inclusive sizing (XXS to 5XL) and diverse range of skin-tone shades, Skims has cultivated a strong following worldwide. To be opened in collaboration with the local retail powerhouse Al Tayer Group, the store is expected to resonate with Dubai's fashion-forward and diverse population, further solidifying the brand's presence in a key international market.
Expanding its collection, Diane von Furstenberg (DVF) has launched a new denim capsule, offering a focused range of casual, stylish pieces. The line features a variety of dresses, suits, and separates made from modern denim fabrics like denim jersey, chambray, and printed denim.
The collection highlights several key items, including the ‘Luisa’ dress, a ruffled chambray gown, and the ‘Michele’ jumpsuit, crafted from stretchy denim knit. Other standout pieces are the oversized ‘Mabel’ trousers and the ‘Blair’ jacket, both of which feature the brand’s vintage ‘Dancing Rose’ pattern laser-etched onto the denim. According to a press release, the capsule is designed to blend comfort with a structured look, emphasizing versatility and effortless style.
The collection is available for purchase on the brand's e-commerce site and at its flagship store on Washington Street in New York City.
Founder and chair of her well-known ready-to-wear brand, Diane von Furstenberg gained fame in 1974 after introducing the iconic wrap dress. Today, DVF is a global luxury fashion brand with products sold in over 100 countries.
In a dramatic reversal of fortune, India's apparel industry, once poised for growth amid a changing global trade landscape, now finds itself in a state of turmoil. Donald Trump’s recent imposition of a 50% US tariff on Indian garment imports has sent shockwaves through the sector, forcing exporters to a difficult crossroads. This steep levy, a sharp increase from initial, more favorable proposals, has soured the relationship between New Delhi and Washington, leaving Indian exporters grappling with a sudden and crippling disadvantage.
The consequences have been immediate and severe. U.S. clients, including major brands like Gap and Kohl's, are demanding that suppliers either absorb the tariff impact or, in a more drastic move, shift production out of India. Companies like Pearl Global, a key supplier to these brands, have been inundated with "midnight panic calls" and ultimatums from their American partners. To appease these clients, Pearl Global's Managing Director, Pallab Banerjee, has offered to relocate production to the company's 17 factories in Bangladesh, Indonesia, Vietnam, and Guatemala. As Banerjee noted to Reuters, "All the customers are already calling me. They want us to... shift from India to the other countries."
Says Sudhir Sekhri, Chairman AEPC, "This is a huge setback to the labour-intensive apparel export industry. There is no way the industry can absorb this. I am sure the government also realizes that this unreasonable increase in tariff will sound the death knell for the Micro and Medium apparel industry, especially those who majorly sell to the US market, unless the Government of India steps in with direct fiscal support to the industry."
Sekhri adds, “The USA is a key market for Indian RMG exports, with the country holding a share of 33% in India’s total garment exports in 2024. India’s presence in the U.S. garment import market has grown, with its share increasing from 4.5% in 2020 to 5.8% in 2024 and ranks 4th among the top RMG exporters to the United States.”
This tariff hike has a domino effect across the supply chain, impacting everything from new orders to existing inventory. The Confederation of Indian Textile Industry (CITI) has raised an alarm over the "effective 50% US tariff rate," describing it as a "huge setback." CITI Chairman Rakesh Mehra emphasized that this move "will significantly weaken our ability to compete effectively vis-a-vis many other countries for a larger share of the US market."
The Economic fallout and disadvantage
The new tariff regime has created a significant commercial unviability for Indian exports. The combined regular and new duties now exceed 60%, rendering Indian products uncompetitive against rivals. This is a stark contrast to the tariff rates for other major garment exporters, as illustrated in the table below:
|
Country |
US Tariff Rate |
|
India |
50% |
|
Bangladesh |
20% |
|
Vietnam |
20% |
|
China |
30% |
|
Indonesia |
19% |
|
Cambodia |
19% |
According to Santosh Katariya, President,CMAI, the tariff hike will make Indian apparel "costlier by 30–35% compared to alternatives from countries like Bangladesh and Vietnam." This pricing gap is too substantial for buyers to absorb, which could lead to a sharp decline in export orders. The move has been termed "unjustified, unfair, and arbitrary" by the CMAI, which anticipates "extremely challenging" months ahead.
The inventory crisis and call for government action
A major concern is the existing stock in the pipeline. With average monthly garment and textile exports to the U.S. at an estimated $800 million, industry leaders like Sanjay K Jain, chairman of the ICC National Textiles Committee, fear that stocks worth nearly $2–2.5 billion are now in jeopardy. Exporters are holding back shipments, creating a standstill as buyers and sellers navigate the uncertainty.
Industry leaders are pleading for urgent government intervention. CITI is calling for the fast-tracking of measures to mitigate the hardship, while Jain argues that the government should use savings from "cheaper Russian crude oil" to provide "immediate cash incentives" to the industry, similar to how China responded to its own trade challenges. He also suggested that a Bilateral Trade Agreement (BTA) with the U.S. could be a "win-win proposition" for both nations.
Rahul Mehta, Chief Mentor of CMAI, stated, “While we continue to hope that this development is part of a broader negotiation strategy, we strongly recommend that both the government and the industry collaborate urgently to devise measures that can mitigate the adverse impact of this draconian levy.” CMAI anticipates that the coming months will be extremely challenging for the Indian apparel export sector and is calling for strategic intervention to safeguard the industry's long-term viability.
Finding opportunity in turmoil
While the immediate impact of the new tariff regime is causing significant disruption and threatening the livelihoods of millions employed in the sector, the crisis is also being viewed as a crucial catalyst for change. The sudden and severe trade barrier serves as a "wake-up call" for the industry to reduce its reliance on a single major market.
This difficult situation presents a strategic opportunity for long-term structural reform and market diversification. By leveraging existing Free Trade Agreements (FTAs) with countries like Japan, the UAE, the UK, and Australia, the industry can proactively expand its global footprint. Strengthening a presence in these alternative markets is a viable strategy to mitigate risk and unlock new growth avenues. The challenge, therefore, is to build resilience by strategically broadening market exposure and reducing the vulnerability that comes with over-dependence on any one trading partner.
While the Indian government and industry are confident that they can turn this turmoil into a strategic advantage, the immediate future remains precarious. The current 21-day window for dialogue and diplomacy is a glimmer of hope that a resolution can be found. However, if the tariffs become a long-term reality, it will undoubtedly test the resilience and ingenuity of India's textile and apparel sector.
In the sprawling fields of West Texas and the ginning factories of Gujarat, tremors of geopolitical unrest are being felt in cotton. Once regarded as a stable global commodity, cotton now sits at the crossroads of trade wars, diplomatic recalibrations, and sustainability imperatives.
As per the International Cotton Advisory Committee’s (ICAC) latest Cotton Market Reports (June 2024 and May 2025 editions), the 2024-25 global cotton season is expected to yield approximately 25.8 million tonnes of lint, marginally higher than the anticipated consumption of 25.5 million tonnes. But behind this veneer of balance lies a volatile reality—one shaped less by yields and more by fractured trade ties and supply chain uncertainty.
A trade war that won’t end
At the heart of this upheaval lies the prolonged trade war between the US and China. The two largest economies—and most important players in the cotton value chain—remain locked in a dispute that shows no signs of resolution.
“These tariffs not only increased costs but also disrupted global cotton supply chains, forcing a reevaluation of sourcing strategies,” the Cotton Review May 2024 bluntly states. Although the Phase One Agreement of January 2020 offered a temporary truce, its expiration in late 2021 reopened trade wounds. As of the 2024-25 season, China’s tariffs on US cotton remain steep, 26 per cent for in-quota and 65 per cent for out-of-quota imports. On the other side, the US has imposed tariffs ranging from 7.5 to 25 per cent on Chinese textiles and apparel.
China sourcing beyond the US
China, which remains the world’s largest cotton consumer at an estimated 8.3 million tonnes this season, is no longer placing its cotton eggs in the US basket. In 2017, 53 per cent of China’s cotton imports came from the US. By 2019, this figure had dropped to 22 per cent, and the downward trend continues. Brazil and Australia have emerged as primary alternatives, with Brazil nearly matching US supply volumes to China in 2023. This realignment isn’t just about avoiding tariffs, it’s about reengineering supply chains for long-term resilience.
US cotton finds new homes
While China may be cooling on US cotton, other countries are actively warming up. The geopolitical reshuffling has opened new avenues for American exports, particularly in South Asia and Southeast Asia.
Table: US cotton lint exports by partners and tariff impacts (2024-25)
|
Export partners |
Percentage of total US cotton lint exports (2024/25) |
Previous Rate |
Any retaliatory rate announced on US |
Updated rate by US |
Timeline |
|
China |
10% |
34% |
125% |
145% |
no timeline set |
|
Pakistan |
23% |
29% |
None |
10% |
29% paused until July 25 |
|
Turkey |
8% |
10% |
None |
10% |
no timeline set |
|
Vietnam |
17% |
46% |
None |
10% |
46% paused until July 25 |
|
Bangladesh |
5% |
37% |
None |
10% |
37% paused until July 25 |
|
India |
5% |
26% |
None |
10% |
26% paused until July 25 |
The trade tensions have led to the reshaping of global supply chain. The US, in turn, has diversified its import sources for textiles and apparel, leading to increased reliance on countries like Vietnam, Bangladesh, Turkey, Pakistan, Mexico, and India. These countries have seen substantial annual growth rates in their export values to the US between 2017 and 2021, with Vietnam at 6 per cent, and both Bangladesh and Turkey at 5 per cent.
Several countries are actively negotiating or increasing their imports of US cotton to mitigate tariff effects and reduce trade imbalances:
Bangladesh: Estimated to become the world's largest importer in 2024-25, Bangladesh is negotiating duty-free access for US cotton and finalizing a dedicated bonded warehouse facility for US cotton imports.
Egypt: Expanding its domestic consumption capacity with significant investments, Egypt's imports are revised upward.
Indonesia: Considering increasing US cotton lint imports and a tax cut for US goods, rather than retaliating against tariffs.
India: Has already consumed about five times more cotton in the first six months of the 2024-25 season compared to the previous year and is negotiating to potentially increase US cotton lint imports.
Pakistan: Has increased US cotton imports in 2024-25 and is reportedly negotiating to further increase cotton and soybean imports.
Vietnam: Likely to cut tariffs and import more US cotton.
Table: World cotton lint balance sheet (2024-25 est.)
|
Category |
Value ('000 metric tonnes) |
|
Production |
25829 |
|
Beginning Stocks |
17132 |
|
Imports |
9450 |
|
Consumption |
25527 |
|
Exports |
9450 |
Cotton faces other foes
While geopolitics dominate headlines, structural challenges gnaw at the fabric of the cotton industry. Cotton continues to lose ground to man-made fibers (MMFs), which are cheaper and more predictable. Add to this a rising wave of regulatory requirements, including traceability mandates in Europe and the US, and the value chain is under growing pressure. “Considering the complexity of the cotton value chain, the implementation of all these policy changes will be difficult and likely would add costs and audit fatigue to the value chain,” warns the ICAC.
Meanwhile, climate concerns are clouding the outlook. Drought in US cotton heartlands like Texas threatens exportable supplies, and stagnant global GDP growth raises questions about long-term demand
A fragile fabric in a fractured world
Cotton, once a symbol of stable, predictable trade is now stitched into a chaotic geopolitical tapestry. From Beijing to Dhaka, Cairo to Washington, the decisions of diplomats and trade negotiators are increasingly shaping the fate of farmers, millers, and apparel exporters. But the global cotton industry has shown a remarkable ability to adapt. Whether through new alliances, import diversification, or domestic capacity building, stakeholders across continents are reshaping their futures. The fiber may be soft, but the strategies are getting tougher.
