Fashion
Germany’s GDP to rise 1.4% in 2026, 1.8% in 2027: Goldman Sachs
Germany’s economy is poised for stronger growth over the next two years, as the country’s gross domestic product (GDP) is projected to rise by 1.4 per cent in 2026 and 1.8 per cent in 2027—well above its 0.8 per cent potential growth rate and the consensus among economists, according to Goldman Sachs Research.
Chancellor Friedrich Merz’s government plans to invest €500 billion (~$580 billion) in infrastructure over the next 12 years and has amended Germany’s constitutional debt rule to enable higher defence spending. Total spending is expected to rise 2.2 per cent of GDP by 2027, Goldman Sachs said in an article.
Germany’s GDP is forecast to grow 1.4 per cent in 2026 and 1.8 per cent in 2027, surpassing its 0.8 per cent potential rate, according to Goldman Sachs.
The Merz government plans €500 billion (~$580 billion) in infrastructure spending and higher defence outlays.
While reforms could tackle labour and energy challenges, Germany remains exposed to global trade risks and structural inefficiencies.
“After years of economic underperformance, we have turned notably more optimistic on Germany’s economic outlook,” said Niklas Garnadt and Jari Stehn, economists at Goldman Sachs. They added that near-term policy efforts will likely focus on executing the fiscal package efficiently, including fast-tracking planning and permitting processes to prevent investment delays.
The fiscal expansion could also open the door to structural reforms tackling long-standing issues such as labour shortages, high energy costs, and sluggish productivity. As in the early 2000s, these measures could transform Germany into a renewed growth engine, Goldman Sachs said.
Nonetheless, challenges persist. Germany’s dependence on global trade makes it vulnerable to protectionist trends and slowing world commerce, while its reliance on traditional industries, elevated energy prices, bureaucratic inefficiencies, and skilled labour shortages continue to weigh on potential growth.
Goldman Sachs concluded that the Merz administration now has ‘a window of opportunity to build on this improved macro picture with reforms that ensure a lasting improvement in Germany’s economic performance.’
Fibre2Fashion News Desk (SG)
Published
December 4, 2025
BasicNet has made its second acquisition in the space of a month. After acquiring Woolrich, the Piedmont-based group, which also owns Sebago and K-Way, has brought another iconic American brand, Sundek, into its fold. In addition to the beachwear brand, the deal also involves 100% of Kickoff, the current holder and operator of Sundek, which is controlled by Winnie S.r.l.
The enterprise value of the Kickoff group — which also includes Kickoff USA Inc., Kickoff SL and Kickoff France SAS — has been set at €33.5 million. After deducting the financial position — including bank debt, tax liabilities and amounts owed to the shareholder — the initial consideration for the transaction comes to approximately €10 million.
Completion of the transaction, which is not subject to conditions precedent, is expected by the end of December; this amount may nevertheless be subject to standard adjustments based on the final calculation of the net financial position.
“The group’s expansion trajectory continues, and acquisitions are a strategic focus; we will now concentrate on integrating these two companies and relaunching these two extraordinary brands. We welcome another historic American brand, with seventy years of history, deeply rooted in the culture and customs (in every sense of the term) of the Italian market and beyond. It’s a brand that we’ve always appreciated, that we have personally used and that, like others in our group, is recognisable from afar,” say BasicNet co-CEOs Lorenzo Boglione and Alessandro Boglione.
The initial consideration will be paid in full through the transfer of treasury shares already in the portfolio, valued at the average market price over the last six months (i.e., around 1386 million shares, valued at €7.22 each).
The treasury shares delivered by BasicNet to the counterparty, as part of the initial consideration, will be subject to a 36-month lock-up period from the date of completion of the acquisition, with partial releases from the second year onwards.
In addition to the initial consideration, one or two earn-outs — each amounting to €5 million, up to a total of €10 million — may also be payable by BasicNet if revenue thresholds for the Sundek brand are exceeded in any of the financial years after 2025 and up to the year ending 31 December 2030.
BasicNet has not taken on any new debt to finance the acquisition, but confirms that it plans to refinance the Kickoff group’s existing medium- and long-term facilities.
The Kickoff group, which closed the 2024 financial year with sales of €27.6 million and EBITDA of €6.8 million, has 27 single-brand stores in Italy, including eight outlets, as well as seven single-brand stores in Spain, France and the United States.
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The more active March 2026 cotton futures settled at 64.46 cents per pound, down 0.11 cents, reflecting continued price stagnation. Other contracts closed with declines between 4 and 11 points. The 64-cent low attracted some fundamental buying interest, but farmer selling and algorithmic trades capped any move toward 65 cents.
ICE cotton futures remained weak as farmer selling and algorithmic activity limited any upward move despite support from a softer US dollar and firmer crude oil.
March 2026 settled at 64.46 cents amid low trading volumes and stagnant prices.
Weak US economic data boosted expectations of rate cuts.
JP Morgan sees prices potentially rising to 75 cents by late next year.
The US Dollar Index fell 0.45 per cent to 98.85, touching an intraday low of 98.82, its lowest level since October 29. The weaker dollar made US cotton cheaper for global buyers and supported overall demand.
Rising crude oil prices increased polyester costs, indirectly supporting cotton prices as polyester became less competitive.
Total trading volume was 26,902 contracts, one of the lowest levels in more than two months.
Overall commodities were weaker, while US equity markets moved towards all-time highs. Market sentiment was driven by expectations of a possible December interest rate cut by the Federal Reserve. US ADP data showed private-sector employment fell by 32,000 in November compared to expectations of a 10,000-job increase. Weaker-than-expected economic data strengthened expectations of further monetary easing.
CFTC data showed speculators reduced net short positions by 2,480 contracts, taking their total net short position to 84,607 contracts for the week ending October 21.
JP Morgan projected that ICE cotton futures could rise toward 75 cents per pound by the fourth quarter of next year, while ICE-certified stock remained stable at 19,894 bales as of December 2.
This morning (Indian Standard Time), ICE cotton for March 2026 traded at 64.44 cents per pound (down 0.02 cent), cash cotton at 62.46 cents (down 0.11 cent), the December 2025 contract at 62.66 cents (down 0.11 cent), the May 2026 contract at 65.57 cents (down 0.03 cent), the July 2026 contract at 66.54 cents (down 0.06 cent), and the October 2026 contract at 67.40 cents (down 0.08 cent). A few contracts were unchanged from the previous close, with no trading recorded so far today.
Fibre2Fashion News Desk (KUL)
The new flagship store, located just seconds from Selfridges and Bond Street Tube Station, spans 24,000 square-feet and features PUMA’s industry-leading innovations, such as running technology NITRO, its football boots FUTURE, ULTRA and KING, as well as its current range of lifestyle products.
Puma has opened its largest European flagship on London’s Oxford Street, a 24,000-sq-ft space showcasing NITRO running tech, key football franchises and lifestyle ranges.
The store features customisation zones, digital experiences, archive displays and a London-exclusive collection, with major events planned through 2025–26 as Puma boosts its direct-to-consumer focus.
“The opening of our Oxford Street flagship is an exciting moment for PUMA,” said Arthur Hoeld, CEO at PUMA. “It’s our first Flagship store in Europe, which gives us the chance to connect with more people than ever before — right in the heart of one of the world’s most iconic shopping destinations. It is a powerful platform to engage directly with consumers, showcase our latest performance innovations, and strengthen our brand presence in one of the world’s most influential retail destinations. This space not only highlights our product excellence, but also celebrates our heritage and long-standing connection with elite athletes.”
Consumers can take advantage of multiple customisation areas to create unique products, immerse themselves into PUMA’s performance technology NITRO through a digital running video-wall that reacts to every touch, or learn more about the brand’s rich history in the archive area that features iconic pieces from the past 77 years of the brand.
“London is one of the most competitive retail markets in the world, and Oxford Street is its main stage,” Lucynda Davies, Managing Director UK & Ireland at PUMA, added. “This flagship shows our confidence in the UK and reflects our commitment to delivering fresh, creative experiences that feel authentic to PUMA.”
To mark the opening, PUMA introduced a London Exclusive collection designed by Heiko Desens, PUMA’s Vice President Creative Direction & Innovation. Inspired by the city’s community spirit and creative energy, the collection reimagines British icons such as the Union Flag and Harris Tweed through PUMA’s modern lens. The limited-edition pieces are available exclusively at the London Flagship.
Now open to the public, the London Flagship will have a dynamic program of events and activations for the rest of 2025 and into 2026, hosting exclusive collaborations and athlete appearances to evolving in-store experiences, ensuring the flagship remains a vibrant destination long after launch.
As part of the store’s activation plans, PUMA will hold a dedicated launch event on December 4, celebrating its official debut. In the months ahead, the London Flagship will also serve as the stage for major brand moments, including a pre-race HYROX experience for HYROX London athletes on the December 3, and a special motorsport event on December 11, which will highlight PUMA’s racing heritage and the PUMA x Aston Martin F1 Team partnership and a Select Capsule Collection.
In October, PUMA outlined its new strategic priorities aimed at resetting the company and establishing it as a Top 3 sports brand globally. While both its Wholesale and its direct-to-consumer business will continue to play an important role in PUMA’s distribution strategy, the company aims to evolve its channel mix and aim for higher growth in our direct-to-consumer channels to bring it closer to industry averages.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
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