Fashion
Additional US tariff to unevenly hit Indian corporations: S&P Global

The tariff effects on rated APAC corporations have been modest so far.
US tariff-related hits to credit quality in APAC will become more pronounced, and the tariffs pose downside risk to the 12 per cent of rated APAC corporate and infrastructure issuers S&P Global Ratings views as exposed to material tariff-related effects.
S&P Global expects the tariff will unevenly hit Indian corporations.
US tariff actions on APAC nations will remain fluid, with varying effects, it noted.
US tariff actions on APAC nations will remain fluid, with varying effects across countries and sectors. This creates uncertainty—and risk—for bondholders, the rating agency said recently in a report.
The indirect impact of potential weaker macroeconomic conditions poses a greater risk than the direct effect of tariffs levied on countries and sectors.
The auto sector in the region faces the most direct tariff impact. The chemicals and metals & mining sectors are most exposed to indirect effects, as these sectors are already facing structural and cyclical pressures.
About 80 per cent of the corporations S&P Global Ratings rates in APAC are investment-grade. They carry quite a bit of financial flexibility against immediate tariff impacts.
However, the indirect (or second order) effects could be pervasive. These include a global or regional slowdown, the report noted.
Tariffs may also amplify existing cyclical and structural pressures, such as overcapacity in China.
The risk of a sudden influx of cheap goods in regional markets to offset a loss of access to the US market also poses a significant threat to the region’s steel, textile, apparel and chemicals sectors.
Additional import duties and measures by several countries in the region will further escalate risks for exporters.
“While the latest US tariff differential among Asia-Pacific countries has narrowed, we believe trade flows and supply chains will continue to reshape, and this presents a category of risk in itself,” said the report.
S&P Global expects the additional US tariff will unevenly hit Indian corporations. Exporters of capital goods, chemicals, automobiles and food and beverages will face the toughest adjustment. Pharmaceuticals and smartphones are insulated because of exemptions. But uncertainty remains especially for pharmaceuticals.
Fibre2Fashion News Desk (DS)
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)
Fashion
Astrid & Miyu expands US footprint with new NYC store

Published
October 19, 2025
British jewelry brand Astrid & Miyu is strengthening its foothold in the United States with the launch of a new store on New York City’s Madison Avenue opening Monday.
The new 1134 Madison Avenue boutique follows Astrid & Miyu’s signature London aesthetic — inviting and inclusive — designed as a space for self-expression and connection. Customers can explore in-house jewelry collections, personalize their pieces, and experience the brand’s signature piercings, tattoo and welding services in an intimate, Instagram-worthy setting.
“Opening our second U.S. location on Madison Avenue feels like a natural expansion for us. We’ve always been passionate about creating beautiful spaces that go beyond jewelry — places where our community can come together, express themselves, and feel at home,” said Connie Nam, founder of Astrid & Miyu. “New York has embraced us in such a remarkable way, and we’re so excited to continue growing with our customers here.”
Following the success of its U.S. debut in the West Village, the expansion marks a major milestone in the brand’s international growth and ongoing mission to build meaningful communities through experiential retail.
Looking ahead, the brand plans to expand further across the U.S., with its first Los Angeles location set to open early next year.
Founded in 2012, Astrid & Miyu began in a Notting Hill flat with the goal of reimagining how people experience jewelry. Over the past decade, the London-based brand has become a global favorite for its stackable, minimalist designs and purpose-driven ethos.
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Fashion
Kering in talks to sell beauty unit for $4 billion

By
Bloomberg
Published
October 19, 2025
Kering SA is in talks to sell its beauty business to L’Oréal SA in a deal worth about $4 billion, according to the Wall Street Journal.
The deal could be announced as soon as next week, the newspaper added, citing people familiar with the matter.
The potential sale comes as Kering’s new Chief Executive Luca de Meo seeks to turn around the luxury house’s fortunes, following a slump in Chinese demand and the threat of higher US tariffs.
The owner of fashion brands including Gucci, Bottega Veneta, Saint Laurent and Balenciaga launched its beauty division in 2023. The company declined to comment on the report when contacted by Bloomberg News.
L’Oréal offers a range of beauty products, including L’Oréal, Garnier and Maybelline New York, and the deal could add cologne maker Creed to the mix.
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