Fashion
Banking woes threaten Bangladesh’s RMG export momentum
On the other hand, the very backbone of the country’s apparel export ecosystem—its banking system—has been exhibiting severe structural failures, paralysing operations, and threatening future growth prospects.
Bangladesh apparel industry is reportedly facing a liquidity crunch due to banking failures at a time when shifting orders are expected to benefit the country.
The sector’s heavy reliance on back-to-back LCs has turned risky, as local banks struggled to honour or issue new LCs.
Exporters warned delayed payments and financing risks might hit Bangladesh’s image while also eroding its competitive gains.
With Western retailers increasingly seeking alternatives to Chinese suppliers amid geopolitical and cost considerations, Bangladesh has emerged as a key beneficiary. Reports of order diversions from China and even India were already fuelling optimism across the textile-exporting community.
However, just as factories began preparing to absorb the expected surge in orders, the sector was blindsided by a systemic banking failure—one that has reportedly affected production in around 400 garment manufacturing units recently.
The crisis is rooted in the sector’s heavy reliance on Letters of Credit (LCs) for procurement and production continuity.
Typically, in export-based business models, foreign buyers open LCs through internationally recognised banks, ensuring payment to the supplier upon shipment. Bangladeshi exporters, however, operate within a more constrained framework. They commonly utilise back-to-back LCs provided by local banks to finance the procurement of raw materials. These back-to-back LCs are settled once export proceeds are realised.
The model worked efficiently—until liquidity dried up.
Reports indicate banking problems escalated sharply during the COVID-19 pandemic period. Since then, a cascading series of alleged financial missteps, rising non-performing loans (NPLs), and widespread governance issues have only deepened the cracks, as per reports.
Exporters have complained that even when export dollars are repatriated into the country, banks have been delaying or withholding the disbursement of funds. This has not only hindered the settlement of back-to-back LCs but has also jeopardised the ability of factories to pay worker wages—a particularly sensitive issue in Bangladesh, where the RMG sector directly employs over four million people and indirectly supports the livelihoods of many more.
According to data from the central bank—Bangladesh Bank—non-performing loans in the country’s banking sector reportedly jumped by Taka 74,570 crore in the January–March 2025 quarter, pushing the cumulative figure beyond Taka 4.20 lakh crore.
Several financial institutions are reportedly teetering under the weight of these bad loans, many of which are the result of alleged politically backed fraudulent lending practices and regulatory inertia.
Among the most vulnerable are five Islamic banks, facing critical liquidity shortages.
Recognising the systemic risk, the Bangladesh Bank has now proposed a merger of these five crisis-hit Islamic banks into a single entity—‘United Islami Bank.’ With the approval of the interim government, the central bank has reportedly pledged a capital infusion of Taka 20,200 crore to stabilise the merged institution.
This restructuring, though vital, may take time to translate into functional liquidity relief for the export sector, especially given the urgent cash flow needs of factories already struggling to stay operational.
In the meantime, industry representatives have been lobbying hard for immediate intervention. A BGMEA delegation, led by its president, met with the governor of the Bangladesh Bank to raise urgent concerns about the banking bottleneck. During the meeting, the BGMEA highlighted the inability of multiple banks to release repatriated export proceeds or issue new LCs—both of which are essential for maintaining production cycles and meeting international shipment deadlines.
According to reports, the BGMEA president made it clear that these delays are not just hurting domestic business continuity but are also inflicting reputational damage on Bangladesh’s credibility in the global arena.
In an industry where timeliness and trust are paramount, any perception of systemic risk—particularly around payment and financing—can result in order migration to more stable sourcing destinations.
That a sector contributing about 85 per cent of the country’s export revenues and powering nearly four million direct jobs finds itself at the mercy of banking dysfunction signals a deep policy failure, feels many.
The government, aware of the criticality of the situation, started taking steps to provide liquidity support, if reports are to be believed.
On September 4, the BGMEA issued a statement confirming that Bangladesh Bank had released Taka 886 crore in export proceeds via two distressed banks—Exim Bank and Social Islami Bank Ltd (SIBL). The disbursement has reportedly enabled nearly 250 garment factories to pay workers’ wages and allowances for August and September.
While such temporary injections could provide some breathing space, such measures are far from being a sustainable solution.
Compounding the challenge is the psychological effect the crisis is having on foreign buyers and financial markets. Order volumes and investment flows, after all, are heavily influenced by perceptions of political and financial stability.
So, even if the US imposed a somewhat favourable 20 per cent tariff on Bangladeshi goods, effective from August 7, the banking turmoil could end up eroding those competitive gains. If international buyers begin to question the reliability quotient, especially due to financial transaction risks, the consequences could be long-lasting.
The scenario unfolding at a time when many global brands are actively diversifying their sourcing bases, Bangladesh has an open runway to seize a larger share of the global apparel export pie, but for the liquidity crisis, which many fear, could become a roadblock to capitalising on the opportunities on offer.
Fibre2Fashion News Desk (DR)
Fashion
Pitti Uomo 109: over 700 brands, 43 returning exhibitors, and a new beauty zone
Published
November 5, 2025
Despite a general slowdown in the fashion and luxury sectors, mainly due to the global geopolitical situation, the Florentine trade fair Pitti Uomo is defying the downturn and reaffirming its role as the leading event for menswear. The Pitti Immagine fair, focused entirely on menswear, will bring the Autumn/Winter 2026/27 collections of more than 700 brands to the Fortezza da Basso, 44% of which are from abroad. A packed calendar of events will accompany the 109th edition of the Florentine showcase, with fashion shows by Soshiotsuki, Hed Mayner, and Shinyakozuka, alongside the return or debut of 43 brands at the fair.
From January 13 to 16 2026, more than 700 brands will present their creations to a community comprising buyers from the most prestigious department stores, independent boutiques, research-driven retailers, concept stores (thanks to an intensive hosted buyers programme), and journalists from the international press.
The January show’s Motion theme and site-specific installation “Ancient/New Site” by French architect and sculptor Marc Leschelier will welcome visitors in the square in front of the Central Pavilion. The trade show has confirmed five sections — Fantastic Classic, Futuro Maschile, Dynamic Attitude, Superstyling, and I Go Out — ranging from classic to informal, via research and the outdoors. There will also be many new elements along the exhibition itinerary.
Prominent among them is HiBeauty, a special space dedicated exclusively to the world of niche perfumery. Located within the Futuro Maschile itinerary, it will host a selection of 10 independent brands, representative of a new wave that spans Europe and reaches as far as Asia. HiBeauty will feature an immersive set-up that exemplifies the cross-pollination between genres that clothing and concept stores around the world are increasingly exploring, and it stems from the experience of Fragranze, Pitti Immagine’s event dedicated to artistic perfumery and skincare research, “which in September recorded a 34% increase in buyers from all over the world,” recalled Antonio Cristaudo, Pitti Immagine’s commercial director.
“We will start with a very precise initial selection of 10 independent European and Asian skincare and fragrance brands with strong international distribution, on the Attico level of the Central Pavilion, in the Futuro Maschile area,” said Cristaudo. “[It is] an area set to grow, bringing beauty back to Pitti Uomo after the sporadic presence of a few beauty companies pre-Covid. Perhaps it was too early; now the time is ripe.”
“The Pitti team is very grateful to President De Matteis, who brings so much to the event thanks also to his travelling around the world, spotting innovations, trends and styles ahead of time,” continued Raffaello Napoleone, CEO of Pitti Immagine. “Abroad, we are carrying out various promotional programmes. We want to highlight creative resources, also because it is in the new that we find valuable momentum. We will stage eight more events around the world, after London yesterday and Milan today,” he revealed. “In addition, we are enhancing our digital communication to transmit to our entire global community (more than 100,000 on our mailing list) everything we do, our programmes, and more. The Pitti Motion theme was chosen precisely because movement is a necessary condition. When the body meets fashion, movement becomes style, identity, and narrative.”
Antonio De Matteis, President of Pitti Immagine, said, “We have now reached 109 editions of Pitti: a demonstration of how we have been at the centre of fashion worldwide for a very long time. The figures are positive: almost 740 exhibitors, 44% from abroad. The Motion theme also shows how our company is always on the move,” he recalled. “One of the new features will be the inclusion of the beauty area in January. We continue collaborations with Korea, Japan, and China: Pitti is one of the very few entities, perhaps the only one globally, with the ability to attract such an important number of buyers linked to the universe of menswear and to appeal to the entire world. I urge everyone to be positive.”
There are 43 new names or returns to the Tuscan international menswear showcase. These include Save the Duck, Berwich, Bogner, Final Draft, Gabriel Stunz, Glenover, Hestra, Hippy Realisti, Inis Meáin Ireland, Jott, Mackie, Mallet, Santha, Snow Peak, Wyeth, Bareen, Alpe Piano, and Taakk.
Among the highlights, WP Lavori in Corso will bring to the Fortezza the A/W 2026 collections of Baracuta, Barbour, BD Baggies, Spiewak, Filson, Universal Overall, and Blundstone, and, above all, the official launch of the Baracuta womenswear collection and a series of collaborations with leading names from the Japanese creative scene, as well as the Filson–Baracuta capsule, combining British heritage and outdoor functionality. Then, Roy Roger’s and Kappa present, in collaboration, a ski suit that fuses denim DNA with technical innovation.

Schneiders Salzburg, Austria’s historic Loden brand, founded 80 years ago, returns to Pitti Uomo on the eve of a relaunch on the global market, driven by its new owner, the Biella entrepreneur Giovanni Schneider (yes, that is his name — a curious coincidence, ed.). In Florence, the new Autumn/Winter 2026/27 collection will be presented which, under the creative direction of Viviana Volpicella, combines tradition and innovation, starting from the celebrated Loden and developing Shetland garments with check, tartan, and herringbone patterns.
Then, there is the Japanese sports giant Asics, which comes to the fair with a new product, Asics Walking, reinterpreting the concept of the classic shoe by pairing it with a technical sole, and the return to Pitti Uomo of Born to Standout, a small Korean brand acquired by L’Oréal, with a major presence. Meanwhile, the Dolce & Gabbana maison will strongly support Fabi, a storied Italian brand it acquired a few months ago, having so far used its factory to produce accessories. There is also news for Final Draft, a new distribution line and project launching right from Florence, and Sebago, a very much on-trend brand that is continuing to grow, now offering a total look and increasingly unisex collections.
Also arriving from Rio de Janeiro is the beachwear brand Frescobol Carioca, named after the famous beach game, introducing denim and evolving its knitwear and outerwear. Gabriel Stunz, a Franco-German designer with experience in iconic fashion houses, after being among the standouts of Paris Fashion Week, debuts at Pitti Uomo 109 with his eponymous brand, founded in 2011, presenting a collection dedicated to Manon Lescaut. Histores, the association that brings together 45 multi-brand retailers, returns to the Fortezza da Basso, consolidating its partnership with Pitti Immagine. On Tuesday, January 13, in the Limonaia of Villa Vittoria, it will take centre stage at an event created together with Pitti, and during the days of the fair at the Fortezza a capsule with Flower Mountain and a preview of other collaborations will be presented. Finally, the Danish brand Ecco will launch a preview of the Ecco.Kollektive collection, in collaboration with designer Craig Green and with the brand White Mountaineering.
Further news concerns Futuro Maschile, the section that — through research brands and international collaborations — showcases the latest in contemporary menswear: in January it will present itself in a new guise, designed by the architects of DWA – Design Studio, a multidisciplinary practice based in Milan, who have redesigned the spaces of the Attico level to highlight the section’s innovative scope.
The special events of Pitti Uomo 109 will first of all concern Guest Designer Soshi Otsuki, designer of the Japanese brand that bears his name. For the occasion, the winner of the LVMH Prize 2025 will present his unique style in a fashion show-event in Florence, Made in Japan filtered through the lens of Made in Italy, fusing tradition with modern sartorial art. The other guest designer is Hed Mayner, founder and creative director of the eponymous brand, who, with his conceptual, almost architectural approach, in open dialogue with the fluidity of the present, will stage a défilé in Florence in his unmistakable style. In addition, Shinyakozuka, a Tokyo-based designer known for his thoughtful approach to form and proportion, with highly original silhouettes often hand-painted or finished by the designer himself, will star in the fair’s Special Event: a fashion show in collaboration with Japan Fashion Week Organization. Shinyakozuka will also have an exhibition space within the Futuro Maschile section.
Two events, meanwhile, have been realised in direct collaboration with Pitti Immagine: Consinee, a Chinese leader in cashmere fibres and precious yarns, will appear with the site-specific installation “Echoes of Craft” curated by Sara Sozzani Maino together with Georgian designer Galib Gassanoff. Sebiro Sampo, a Made in Japan project launched by a group of six leading Japanese menswear companies, will stage in Florence the first promenade show in Europe, in collaboration with Vitale Barberis Canonico. The expression Sebiro Sampo comes from the union of the words suit and walk. Starting from the Fortezza da Basso, a sort of spontaneous parade of men who embody masculine elegance will take shape and — through the streets of the historic centre of Florence — bring their own vision of tailoring.

In addition, the Scandinavian Manifesto area, coordinated by CIFF, returns to Pitti Uomo, bringing the best of Nordic menswear to the Fortezza. It is the seventh edition for J∞Quality, the initiative promoting quality Japanese apparel curated by the Japan Apparel and Fashion Industry Association (JAFIC), with special consultancy from Hirofumi Kurino and art direction by Masato Koyama of HEUGN. Also returning, in the Hall of Nations, is the Japan Leather Showroom project led by the Japanese Ministry of Economy, Trade, and Industry, which promotes sustainable production in Japan’s leather goods industry. In addition, for the second time CODE Korea will be at the Fortezza da Basso, with its special spotlight on contemporary creativity in fashion, design and cultural experiences from South Korea, born out of the collaboration between Pitti Immagine and the Korea Creative Content Agency (KOCCA), while contemporary Chinese menswear returns to the Fortezza da Basso for the fourth time thanks to China Wave, a special area at Costruzioni Lorenesi resulting from the partnership between Pitti Uomo and the China National Garment Association.
Thanks to the collaboration with Promas French Menswear Fédération and DEFI, the organisation for the development of French menswear, which launched Promas LIST, a platform for direct dialogue between buyers and brands, the special focus on Made in France creativity also returns. The Spanish Institute for Foreign Trade (ICEX) supports the participation of a selection of Spanish menswear and lifestyle brands.
Highlights in the city include Andro Eradze’s exhibition “Bones of Tomorrow,” the Georgian artist’s first institutional solo show in Italy. The project brings together a selection of videos, photographs, and installations conceived specifically for two venues: the Project Space at Palazzo Strozzi and the former Teatro dell’Oriuolo, home of IED Florence (until January 25, 2026).
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Fashion
Wolf & Rita records growth in the US, plans retail expansion in 2026
By
Portugal Textil
Published
November 5, 2025
Portuguese childrenswear brand Wolf & Rita has posted growth in the North American market, now its main market, and is preparing new strategies for 2026, with a focus on expansion in Portugal and across Europe.
Wolf & Rita had a steady 2024, albeit with significant shifts across international markets. “Last year we were at cruising speed, stable. We saw a slight dip in Japan, as the market is facing significant economic difficulties, but we grew strongly in the US, which has become our leading market” and now accounts for 25% of turnover, Sónia Rocha tells Portugal Têxtil.
According to the brand’s co-founder, Asia, which until then had been the main market, has been overtaken by the US, driven by a new distributor who works “with a very specific community, the Orthodox Jewish community in Brooklyn”, which has “strong purchasing power and is embracing Wolf & Rita.”
With the autumn/winter 2025 collection also enjoying a good reception, including online sales in the US, Sónia Rocha recognises that the next challenge lies in customs duties. “We believe that online sales will decline. The challenge and the strategy will be to increase sales to shops, so they can better meet the market’s needs locally. Because the wholesale price we sell at, and the business model we’ve been using, already cover the duties,” she explains.
The brand is also seeing positive momentum in the Middle East, with a presence in Kuwait, Qatar, and Saudi Arabia and an increasing number of points of sale. “It’s a market that, while not yet as significant as the US, is growing,” notes the co-founder of Wolf & Rita. Currently, the Middle East represents around 15% of the brand’s turnover, while Asia accounts for between 15% and 17%.
By contrast, the Portuguese market remains “very residual.” Sónia Rocha acknowledges that “all the shops we had selling Wolf & Rita, unfortunately, did not survive.” Even so, online sales place Portugal as the third- or fourth-largest market, especially during promotional periods. “Our main strategy for 2026 is to undertake marketing and communication for the Portuguese market, to see if we have any room for growth here,” she reveals.
In Europe, the focus is on the Benelux countries, particularly the Netherlands and Belgium, which Sónia Rocha considers to have the greatest potential. “We’re now working with a consultant and then we’ll move on to the communications side, demystifying the idea that people have of Wolf & Rita being a very unattainable, fashion-led brand,” explains the co-founder. However, she clarifies that despite the “strong image,” “60% of the collection is knitwear, easily combined with other brands. But people don’t see that and we’re working on simplifying the collection and making it more commercial, so that we can then communicate that.”
The current collection, launched in August, is in line with previous years’ collections and, “even though the economic situation isn’t great in Japan and the cold weather has yet to set in, Wolf & Rita is outperforming other brands. So we’re happy with the results this collection is achieving,” she concludes.
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Fashion
Super-stylist Clare Byrne is new fashion director of i-D
Published
November 5, 2025
Karlie Kloss’s Bedford Media said Wednesday that its i-D Magazine has named stylist Clare Byrne its global fashion director, effective immediately.
Reporting to editor-in-chief and chief brand officer Thom Bettridge, she takes on a role previously held by Carlos Nazario, Alastair McKimm, Julia Sarr-Jamois and Edward Enninful (who was global fashion director for 20 years until 2011).
Byrne works between New York and Europe and we’re told she “brings an instinctive approach to visual storytelling that is often defined by colour, humour and a refined sense of composition”.
She was most recently fashion director at The Travel Almanac, “where she introduced a fashion perspective and elevated the roster of contributors and subjects to feature talents such as Grimes, A$AP Rocky, Arca and Anohni”.
Her styling work has appeared in a variety of publications including Pop, M Le Monde, Vogue, W Magazine, Fantastic Man, Double, and i-D itself. She actually worked on the ‘Unknown’ cover story with Ezra Khoury for the relaunch issue earlier this year.
She also styles and consults for brands including Heaven, Marc Jacobs, Chanel, Dior, Hermès, Calvin Klein, Tiffany & Co and MAC and has worked closely with major-name photographers and directors including Inez & Vinoodh, Roe Ethridge, Craig McDean, Aidan Zamiri, Willy Vanderperre, Charlotte Wales, Collier Schorr, Theo De Gueltzl and Ethan James Green.
Copyright © 2025 FashionNetwork.com All rights reserved.
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