Fashion
Bangladesh Bank allows foreign currency-taka swap facility for dealers
The decision aims at facilitating short-term liquidity requirement in taka of exporters while simultaneously permitting them to maintain their foreign currency holdings, a circular from the central bank said.
Bangladesh Bank has introduced a financial arrangement allowing authorised dealers to enter into foreign currency-taka swap arrangements with exporters against balances held in their respective 30-day pools and exporters’ retention quota accounts.
The aim is to facilitate short-term liquidity requirement in taka of exporters while simultaneously permitting them to maintain their foreign currency holdings.
The swap tenor must not exceed the expected utilisation period for ERQ balances, and is limited to a maximum of 30 days for 30-day pools. The facility against such swap is to be settled on maturity.
The applicable swap points will be based on market- or cost-reflective interest rate or profit differential between two currencies.
Swaps shall be executed only against available and unencumbered balances held in foreign currency owned by exporters. ADs shall maintain adequate risk management, credit and liquidity control systems, along with internal approval and audit mechanisms, according to domestic media reports.
The swap transaction shall not be treated as loan or financing facility extended to customers by ADs.
Taka funds obtained by exporters under the swap arrangement shall be used solely for bonafide working capital purposes related to export operations; no speculative positions shall be undertaken under this arrangement.
Fibre2Fashion News Desk (DS)
By
Reuters
Published
November 5, 2025
CoverGirl-parent Coty forecast like-for-like sales for the second quarter at the top end of its prior outlook, betting on steady demand for Calvin Klein and Hugo Boss fragrances even as customers curb spending on broader makeup and skincare items.
The company had previously forecast second-quarter sales to fall between 3% and 5%.
Coty said earlier this year it has launched a strategic review of its beauty business that could lead to the sale of brands such as Rimmel and CoverGirl, as it aims to refocus on its fragrances segment amid persistently weak demand for color cosmetics.
Fragrances and scenting is a very resilient category for Coty, and is performing well across the spectrum from $5 mass options to ultra-premium at $500, Chief Financial Officer Laurent Mercier said in an interview with Reuters.
Last week, peer Estee Lauder also signaled strong demand for its fragrances and an uptick in China.
Coty, however, missed first-quarter profit estimates as retailers cut back on orders amid ongoing macroeconomic and tariff uncertainty.
French beauty conglomerate and industry leader L’Oreal, which is set to buy Kering‘s beauty business, including rights to Gucci, reported weaker-than-expected third-quarter sales last month, weighed down by its performance in North America and Latin America.
Coty, which currently holds the licensing to Gucci Beauty, will continue to operate the brand for the term of the agreement, Mercier said.
The company posted adjusted profit per share of 12 cents during the first quarter, compared with analysts’ average estimate of 15 cents, according to data compiled by LSEG. Its net sales fell 6% to $1.58 billion.
For the second quarter, it forecast adjusted profit between 18 and 21 cents per share, while analysts expected 19 cents. Coty shares have fallen nearly 46% so far this year.
© Thomson Reuters 2025 All rights reserved.
Published
November 5, 2025
Tory Burch announced on Wednesday the appointment of Joëlle Grunberg to the role of president of North America, effective November 10.
Grunberg succeeds Christophe de Pous, who is leaving the American fashion company to “pursue other opportunities,” according to a press release.
In her new role, Grunberg will be responsible for the New York-based brand’s retail, e-commerce and wholesale operations in the North America region. Based in New York, the executive will report to chief executive officer, Pierre-Yves Roussel.
A fashion and luxury veteran, Grunberg has held multiple C-suite roles across Europe and the United States. She joins Tory Burch from McKinsey & Company, where she was a partner in the retail – fashion and luxury practice for North America. Prior to that, she served in executive leadership roles at Wolverine Worldwide, Lacoste and Galeries Lafayette.
“Joëlle is an accomplished executive with a vast range of experience in our industry,” said Roussel, who is also Burch’s husband.
“She brings with her a growth mindset in alignment with our approach, as well as a strong track record of success driving customer engagement and omni-channel results. I look forward to working with her to further capitalize on our strength and potential in North America.”
Opening its first store in New York City in 2004, North America is Tory Burch’s largest market. Today, the brand’s retail footprint includes 125 stores across the United States and Canada, representing nearly one-third of its global network.
In addition to its digital presence, Tory Burch is sold in select department stores, including Nordstrom, Saks, Bloomingdales and Neiman Marcus.
Copyright © 2025 FashionNetwork.com All rights reserved.
Published
November 5, 2025
An hour after Matignon announced that it was initiating a suspension procedure for the platform, Shein said on Wednesday afternoon that it would temporarily suspend its marketplace in France. The Chinese company says the decision was taken “independently” of the announcement made by Sébastien Lecornu.
“We take note of today’s announcement by the government. The safety of our customers and the integrity of our Marketplace are our absolute priorities,” explains Quentin Ruffat, director of external relations at Shein France. “This suspension will allow us to bolster our accountability measures and ensure that every product on offer complies with our standards and legal obligations.”
Shein states that this measure is intended to allow a comprehensive review of procedures, to ensure full compliance with French law and the highest level of consumer protection.
The company adds that its ‘Marketplace Integrity Taskforce’ is overseeing this process, which includes an in-depth audit of product listings and categories, strengthened checks on sellers and enhanced monitoring of the platform.
“Shein also intends to initiate a dialogue with the French authorities as soon as possible, in order to address the concerns expressed and to present the measures already implemented to protect French consumers.”
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