For India’s textile and apparel (T&A) industry, which is deeply dependent on US buyers and already grappling with sharply higher duties imposed since August ****, the implications are severe. The US accounts for nearly $* billion of India’s T&A exports ($*.** billion during January–October ****, down from $*.** billion in ****), with apparel alone contributing $*.** billion. If a tariff were imposed anywhere near the headline rate, Indian garments would likely become commercially unviable almost overnight. US brands and retailers would be forced to reroute sourcing rapidly, while Indian exporters, who are highly exposed to the US market, would scramble to find alternative destinations for a large share of their exports. The US accounts for nearly $* billion of India’s T&A exports ($*.** billion during January–October ****, down from $*.** billion in ****), with apparel alone contributing $*.** billion, as per Fibre*Fashion**;s sourcing intelligence tool TexPro.

What exactly is the “*** per cent tariff” threat?

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Switzerland-based luxury group Richemont reported a strong performance in the third quarter (Q3) of fiscal 2026 (FY26) ended December 31, with group sales reaching €6.4 billion (~$7.424 billion). Sales increased 11 per cent at constant exchange rates despite demanding double-digit comparatives a year earlier, while growth was 4 per cent at actual exchange rates.

All geographic regions recorded growth at constant exchange rates, with particularly strong double-digit performances in the Americas, Japan, and the Middle East and Africa. Sales in the Americas climbed 14 per cent at constant rates, supported by robust local demand across all business areas and major markets. Europe recorded 8 per cent growth, underpinned by local demand and supportive tourist spending, especially from North American and Middle Eastern visitors, with the UK and Italy delivering notable performances.

Richemont SA has posted a strong Q3 FY26, with sales reaching €6.4 billion (~$7.424 billion), up 11 per cent at constant exchange rates, led by retail strength and broad regional growth.
The Americas, Japan, and Middle East & Africa delivered double-digit gains.
Nine-month sales rose 10 per cent at constant rates, while disciplined investment supported growth amid currency and cost pressures.

The Middle East and Africa emerged as the fastest-growing region, with sales up 20 per cent, led by strong momentum in the United Arab Emirates and double-digit growth across all business areas. Asia Pacific sales increased 6 per cent at constant rates. Sales in China, Hong Kong and Macau combined rose 2 per cent, largely driven by solid activity in Hong Kong, while South Korea and Australia posted robust growth. Japan delivered a standout performance, with sales rising 17 per cent, Richemont said in a press release.

By distribution channel, retail continued to lead growth, with sales up 12 per cent at constant exchange rates and accounting for 72 per cent of group sales. Online retail sales rose 5 per cent at constant rates.

The ‘Other’ business area of the group remained broadly stable. Within this segment, Fashion and Accessories Maisons posted a 3 per cent increase in sales.

During the quarter, the group benefited from new product launches and impactful communication, with Peter Millar and Gianvito Rossi posting solid momentum within the Fashion and Accessories segment.

For the nine-month (9M) period of FY26, Richemont reported sales of €17 billion, representing growth of 10 per cent at constant exchange rates and 5 per cent at actual rates. Growth over the period was broad-based across regions, channels and business areas.

The group continued to invest consistently in nurturing the long-term growth prospects of its Maisons amid a complex macroeconomic environment characterised by weaker major trading currencies and rising material costs, which continued to weigh on margins. Richemont ended the period with a robust net cash position of €7.6 billion, compared with €7.9 billion a year earlier.

Fibre2Fashion News Desk (SG)