Fashion
Compagnie Chargeurs Invest maintained its first-half sales
Published
September 11, 2025
French textile group Compagnie Chargeurs Invest posted first-half sales of 372.2 million euros. This represents a contraction of 0.6%, and 1.7% on an organic basis, after a first quarter marked by growth.
While the group reported strong growth for its Museum Studio (+17.9%) and Personal Goods (+21.1%) divisions, as well as positive momentum for Novacel, it pointed to a “wait-and-see attitude on the part of Chargeurs PCC customers (interlinings and components for fashion and luxury goods, editor’s note) linked to uncertainties over customs duties”.
Thus, in the second quarter, PCC’s sales fell organically by 12.2%, and even by 15.5% for Luxury Fibers. For the group as a whole, this resulted in a gross margin for the first half of the year of just 0.6% at 99.9 million euros, while Ebitda contracted by 2% to 29 million euros, representing 7.8% of sales.
The group reports that it is studying “several expressions of interest” in Novacel, which is being considered for sale. “These expressions of interest reflect the market’s recognition of an asset that has been profoundly transformed over the last ten years,” said management.
Last May, the group announced that it had raised €108 million in new financing. This followed a takeover bid for the company’s shares in 2024 by its own CEO.
The group generated sales of 729.6 million euros in fiscal 2024. This represents a growth of 11.9%, and 10.7% in organic terms. Compagnie Chargeurs Invest recently announced the appointment of Carla Bruni-Sarkozy to its board of directors.
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On the other hand, under the invalidation of International Emergency Economic Powers Act (IEEPA) tariffs, consumers face an overall average effective tariff rate of 6.8 per cent, the highest since 1969. After consumption shifts, the average tariff rate will still be 6.8 per cent.
In the baseline scenario, consumers face particularly high increases in leather and clothing in the short-run: prices increase by 37.3 per cent for leather products (shoes and hand bags), 36.2 per cent for apparel and 22 per cent for textiles. After substitution and global supply shifts in the long-run, prices remain 13.2 per cent, 12.8 per cent and 8.2 per cent higher respectively for the three sectors.
In the baseline scenario where all current US tariffs are maintained in perpetuity, US consumers face an overall average effective tariff rate of 17.4 per cent, the highest since 1935, The Budget Lab at Yale University said.
Under this scenario, prices increase by 37.3 per cent for leather products, 36.2 per cent for apparel and 22 per cent for textiles in the short-run.
In the baseline scenario, all tariffs till now this year are expected to raise $2.4 trillion between 2026 and 2035. Under the invalidation of IEEPA tariffs, $704 billion is raised over the same time horizon.
In the baseline scenario, the price level from all 2025 tariffs rises by 1.7 per cent, equivalent of an average per household income loss of $2,300 in 2025 US dollars. Under the invalidation of IEEPA tariffs, the price level rises by 0.5 per cent, equivalent of an average per household income loss of $700.
In the baseline scenario, US real gross domestic product (GDP) growth over 2025 and 2026 is minus 0.5 percentage point (pp) lower each year from all 2025 tariffs. In the long-run, the US economy is persistently minus 0.4 per cent smaller, the equivalent of $120 billion annually in 2024 dollar.
Under the invalidation of the IEEPA tariffs, US real GDP growth over 2025 and 2026 is minus 0.5 pp lower each year from all 2025 tariffs. In the long-run, the US economy is persistently minus 0.1 per cent smaller, the equivalent of $25 billion annually in 2024 dollar, a TBL release said.
In the baseline scenario, the unemployment rate is projected to rise by 0.28 pp by the end of 2025 and 0.65 pp by the end of 2026. Payroll employment is 480,000 lower by the end of 2025.
Under the invalidation of the IEEPA tariffs, the unemployment rate rises by 0.3 pp by the end of 2025 and 0.5 pp by the end of 2026. Payroll employment is 480,000 lower by the end of 2025.
Fibre2Fashion News Desk (DS)
The ministry’s export and import department notified C/O-issuing organisations and the Vietnam Textile & Apparel Association (VITAS) of the need for textile and apparel exporters to Mexico under the CPTPP to register and update trader information.
Under the Vietnam-Mexico bilateral Textile and Apparel Monitoring Programme within the CPTPP, exporters must register and update trader information on exports of textiles and apparel to Mexico.
Vietnam recently made public a cautionary note from Mexico that the latter may deny preferential tariffs to consignments already issued with a CPTPP certificate of origin (C/O) if the exporter has not registered or updated required information.
A review showed that many textile-apparel exporters to Mexico have obtained CPTPP C/Os, but have not carried out the registration and updates.
A review showed that many textile and apparel exporters to Mexico have obtained CPTPP C/Os, but have not carried out the required registration and updates, a domestic media outlet reported.
The department also urged VITAS to inform members about the monitoring programme requirements and Mexico’s note.
Fibre2Fashion News Desk (DS)
Published
September 11, 2025
THG’s first-half results on Thursday were in line with its guidance as the company returned to revenue growth in Q2 and saw a positive start to the second half. Not that the figures for the first six months of the year looked particularly impressive, but the company seems to be upbeat as business is moving in the right direction.
It said that “trading momentum from Q2 into Q3 continues to build positively, with the strategic model changes implemented across both THG Beauty and THG Nutrition throughout 2024 now bearing results. This momentum underpins confidence in full year and medium-term outlook”.
And it added that the successful THG Ingenuity demerger at the start of H1 alongside the Q3 disposal of Claremont Ingredients for £103 million, puts it on an “accelerated path towards a net cash position, with the H1 2025 refinancing securing long-term committed facilities”.
So let’s look at the H1 numbers and the H2 outlook with a particular focus on its Beauty ops.
THG revenue was £783.4 million, which was down 2.6% on a constant currency basis. The gross margin dipped to 41.1% from 42.6%, reflecting price impacts in its Nutrition business but is expected to return to growth for the second half.
Adjusted EBITDA fell to £24 million from £37.1 million a year ago in line with the trading update it issued last month. The result was weighted towards Q2 with Q3 expected to be “meaningfully higher”. That comes as the company said it’s seeing its strongest trading performance of the year so far in the third quarter.
Revenue at THG Beauty dropped 5.9% in the first half on a constant currency basis and was down 12.4% on a reported basis at £479.9 million.
THG Beauty’s gross profit fell 14.8% to £190.4 million in the first half and adjusted EBITDA for the division was down 29.4% at £20.2 million, primarily reflecting the revenue and gross profit result. But this was partially offset by distribution cost efficiencies from increased UK participation. Lifecycle investment and B2B order phasing (across own-brands and manufacturing) also contributed to the change.
For H2, THG Beauty is expected to deliver revenue growth of 1%-3%.
Digging into the details of the Beauty performance, THG said that it saw “resilient retail trading with Q2 2025 UK growth at its highest rate since Q1 2024, supporting market share gains”.
The effect of withdrawing from certain sales activity in Europe and Asia, as well as various non-underlying items such as asset disposals including the luxury portfolio, contributed over 900bps of the revenue decline in H1, with these factors mainly annualising in Q3 2025.
But new brand launches drove growth and engagement, with over 70 launched year to date, including Gucci Beauty. Revenue from new brands is expected to be up 50% vs 2024 “with future personalisation developments supporting product discovery including integrating diagnostic technology and tailored product recommendations for specific looks and concerns”.
LookFantastic loyalty members continued to grow in H1, reaching 3.2 million members, “with consumer preference surging by 54% (Q1 to Q2). This reflects the ongoing strategy to develop and deploy learnings from an evolved marketing measurement framework, focused on incremental efforts, demand generation and brand tracking to drive greater brand awareness and a higher quality of recurring customer”.
CEO Matthew Moulding said: “I’m really pleased at how THG has gained momentum throughout the first half and into Q3. A slower start to the year in Beauty, alongside record whey prices in Nutrition, initially held back performance, but we saw clear improvement in Q2, in particular supported by Myprotein offline retail and licensing sales.
“As a business we’ve reaped the benefits of the recent extensive strategic initiatives across the group. Our Beauty business particularly in the UK demonstrated impressive resilience, securing market share gains in Q2, with a growing loyalty base and successful new brand launches supporting a return to revenue growth in Q3.”
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