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)
The average November price settled at BRL 3.4505 (~$0.65) per pound, 1.91 per cent lower than in October 2025 and 12.5 per cent below November 2024. Over the month, the Index slipped 0.23 per cent and remained below export parity, signalling little support from external markets.
Brazil’s cotton prices fell in November, hitting their lowest real level since September 2009 as strong supply, weak domestic demand and softer global quotes pressured the market.
The CEPEA/ESALQ Index stayed below export parity, with buyers taking minimal volumes and sellers accepting lower prices to clear stocks.
ABRAPA reported 81.73 per cent of the 2024-25 crop processed by November 27.
Market participants are preparing for the year-end period, buying only small volumes. Sellers under cash pressure or looking to clear inventories have shown greater price flexibility, adding to the downward momentum, CEPEA said in its latest fortnightly report on the Brazilian cotton market.
Beyond ongoing shipments under term contracts, traders are already negotiating new deals for early 2026 deliveries and for cotton from the next season. According to Brazilian Cotton Producers Association (ABRAPA), 81.73 per cent of Brazil’s 2024-25 crop had been processed by November 27, with progress at 79 per cent in Mato Grosso and 92 per cent in Bahia.
Fibre2Fashion News Desk (KD)
Fashion
‘Made in Italy’: Yves Saint Laurent, Givenchy named among 13 luxury giants suspected of exploiting Chinese workers
By
AFP
Published
December 5, 2025
Thirteen further leading luxury brands, including Gucci, Versace and Yves Saint Laurent, are suspected of having used subcontractors in Italy who exploited Chinese workers, according to a request issued on Thursday by the Italian judicial authorities.
In a request for information seen by AFP, a prosecutor in Milan said they had found bags, wallets and garments from these brands during searches of Italian workshops employing ‘Chinese labour in severely exploitative conditions’.
Thursday’s proceedings concern brands from the French group Kering (Gucci, Yves Saint Laurent and Alexander McQueen), Givenchy (LVMH group), as well as Prada and its new acquisition, Versace, along with Ferragamo, Pinko, Dolce & Gabbana, Missoni, Off-White, leather goods maker Coccinelle, and the sportswear giant Adidas.
The Milan prosecutor is asking the brands, which are presumed innocent, to provide documents on their supply chains promptly, such as internal audits.
Other leading names have already been singled out by the Italian judiciary in similar cases: Dior, LVMH’s second-largest brand, the leather goods houses Tod’s and Alviero Martini, as well as an Armani subsidiary and cashmere specialist Loro Piana.
Poverty pay, workers sleeping in the workshop to produce items sold for thousands of euros: investigations carried out by the Milan public prosecutor’s office have revealed a serious lack of oversight across supply chains.
Under Italian law, companies can be held liable for violations committed by authorised suppliers. Advocates for fashion workers have been denouncing such abuses for decades.
The Italian government has gone on the offensive to defend its brands, with the Minister for Industry and ‘Made in Italy‘, Adolfo Urso, declaring that their reputation was ‘under attack’.
Tod’s, after denying any irregularities, was given an 11-week period by a Milan judge on Wednesday to strengthen its system for monitoring suppliers.
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Published
December 5, 2025
Stitch Fix Inc. announced on Thursday sales for the first quarter rose 7.3% to $342.1 million, with an increase in order revenue per customer offsetting a dip in active customer numbers.
The San Francisco-based company said active client numbers fell 5.2 % year-on-year to 2.307 million, while revenue per active client rose 5.3% to $559 during the three months ending November 1.
Despite the sales improvement, the subscription fashion company recorded a net loss of $6.4 million or diluted loss per share of $0.05 during the first quarter, unchanged on the prior-year period.
“Q1 was a strong start to the fiscal year—we accelerated year-over-year revenue growth to 7.3% and captured considerable market share gains,” said Matt Baer, CEO, Stitch Fix.
“As a result of the successful execution of our transformation strategy, we are increasingly becoming the retailer of choice for more of our clients’ apparel and accessories needs. We are doing this by leveraging the latest in GenAI technology, the expertise of our human Stylists, and our assortment of leading brands to deliver the most client-centric and personalized shopping experience.”
Looking ahead, the company said it expects full-year revenue to land between $1.32 billion and $1.35 billion, up 4.2% to 6.5% year-on-year.
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Cotton prices in Brazil hit 16-year low amid weak demand, ample supply
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