Fashion
EU, US set up framework for balanced trans-Atlantic trade, investment
This builds on the political agreement reached by European Commission President von der Leyen and President Donald Trump on July 27.
The EU and the US today set up a framework for fair, balanced and mutually-beneficial trade and investment.
A joint statement lays out the new US tariff regime towards the EU, with a clear maximum 15-per cent tariff rate for the vast majority of EU exports; sectors already subject to MFN tariffs of 15 per cent or above will be exempt.
The EU will also engage in negotiating a trade agreement with the US.
The joint statement lays out in detail the new US tariff regime towards the EU, with a clear maximum, all-inclusive tariff rate of 15 per cent for the vast majority of EU exports, including strategic sectors. Sectors which are already subject to most favoured nation (MFN) tariffs of 15 per cent or above will not be subject to additional tariffs.
With regard to cars and car parts, the 15-per cent US tariff ceiling will apply in tandem with the EU initiating the procedures for tariff reductions vis-à-vis US products.
Effective as of September 1, a number of product groups will benefit from a special regime, with only MFN tariffs applying. These include unavailable natural resources (such as cork), all aircraft and aircraft parts, generic pharmaceuticals and their ingredients and chemical precursors.
Both sides have agreed to continue to ambitiously work to extend this regime to other product categories as well—a key deliverable for the EU.
The EU will also engage in negotiating an agreement on fair, balanced and mutually beneficial trade with the United States.
EU-US trade in goods and services has doubled over the last decade, surpassing €1.6 trillion ($1.86 trillion) in 2024, with €867 billion (~$1 trillion) of trade in goods and €817 billion of trade in services.
The EU intends to eliminate tariffs on all US industrial goods and provide preferential market access for a wide range of US seafood and agricultural goods.
Both sides committed to cooperate on ensuring secure, reliable and diversified energy supplies, including by addressing non-tariff barriers that might restrict bilateral energy trade. As part of this effort, the EU intends to procure US liquified natural gas, oil and nuclear energy products with an expected offtake valued at $750 billion till 2028.
In addition, the EU intends to purchase at least $40 billion worth of US artificial intelligence (AI) chips for its computing centres.
The EU further plans to work with the United States to adopt and maintain technology security requirements in line with those of the United States.
European companies are expected to invest an additional $600 billion across strategic sectors in the United States till 2028.
The EU plans to consult with the United States and US traders on digitalisation of trade procedures and implementation of the legislation currently proposed on EU Customs Reform.
Fibre2Fashion News Desk (DS)
Wholesale revenue dropped 12.8 per cent on a currency-adjusted basis to €4.9 billion, while direct-to-consumer (DTC) sales increased 3.4 per cent, lifting the DTC share to 32.4 per cent from 28.9 per cent.
Regionally, sales fell 6.9 per cent in Europe, Middle East and Africa (EMEA), 7.4 per cent in Asia-Pacific and 10 per cent in the Americas, with North America driving much of the decline.
Puma has reported sales of €7.3 billion (~$8.61 billion) in FY25, with currency-adjusted revenue down 8.1 per cent amid strategic reset actions.
Wholesale declined while DTC share increased.
Margins contracted and EBIT turned negative, leading to a net loss.
Q4 saw sharper declines across regions and categories.
Puma expects further sales softness and negative EBIT in FY26.
By product segment, footwear sales decreased 7.1 per cent, apparel declined 9.7 per cent and accessories fell 8.5 per cent, although selective growth was observed in running, training and premium sport style lines, Puma said in a press release.
Profitability weakened significantly during the year. Gross margin contracted 260 basis points to 45.0 per cent, impacted by promotional activity, inventory reserves, unfavourable mix and currency effects. Adjusted EBIT turned negative at €165.6 million, while reported EBIT declined to -€357.2 million after €191.6 million in one-off costs related mainly to the cost efficiency programme and goodwill impairments.
Loss from continuing operations widened to -€643.6 million, translating to earnings per share of -€4.37 versus €1.88 in the prior year.
From a balance sheet perspective, inventories rose 2.3 per cent to €2.06 billion as inventory takebacks from wholesale partners supported distribution clean-up. Working capital increased 20.2 per cent, while trade receivables and payables declined sharply in line with reduced sales and purchasing activity. Puma ended the year with additional financing capacity, including €1,202.2 million in unutilised credit lines.
Fourth quarter (Q4) performance reflected the peak impact of the strategic reset. Currency-adjusted sales declined 20.7 per cent to €1,564.9 million, with reported revenue down 27.2 per cent due to currency headwinds. The decline was driven by deliberate reductions in wholesale exposure, inventory clearance actions and lower promotional intensity.
Wholesale sales fell 27.7 per cent in Q4, while DTC revenue decreased 8.0 per cent, although DTC share increased to 41.1 per cent from 35.5 per cent. Regionally, sales dropped 12.6 per cent in Asia-Pacific, 22.2 per cent in the Americas and 24.3 per cent in EMEA.
Across product divisions, footwear sales declined 25.4 per cent, apparel fell 13.7 per cent and accessories dropped 18.2 per cent, with selective resilience in training and performance running categories.
Profitability deteriorated sharply. Gross margin declined to 40.2 per cent from 47.7 per cent due to promotions, inventory provisions and currency effects. Adjusted EBIT fell to -€228.8 million, while reported EBIT reached -€307.7 million following one-off costs linked to restructuring and impairment charges. The quarter ended with a loss from continuing operations of -€335 million.
Arthur Hoeld, CEO of Puma, said: “2025 was a reset year for us. We want to establish Puma as a top 3 sports brand globally, return to above-industry growth and generate healthy profits in the medium term. It is crucial to make the Puma brand less commercial and ensure we once again excite our consumers with attractive products, compelling storytelling and distribution in the right channels. I am satisfied with the progress we have made so far. We cleaned up most of our distribution by reducing promotions in our own channels and cutting our exposure to those wholesale channels that damage our brand’s desirability. To better position our product icons and our performance offering and tell more engaging product stories, we created the right structures inside our company. We also addressed operational inefficiencies and further optimised our cost base.”
Looking ahead, Puma expects currency-adjusted sales in fiscal 2026 to decline in the low- to mid-single-digit percentage range, with EBIT projected between -€50 million and -€150 million. Capital expenditure of around €200 million is planned as the company continues investments in brand repositioning and digital capabilities, added the release.
Fibre2Fashion News Desk (SG)
Nominal GDP, or GDP at current prices, is estimated to grow at 8.6 per cent to reach ₹345.47 trillion in FY26 against ₹318.07 trillion in 2024-25.
India’s real GDP is estimated to grow at 7.6 per cent to ₹322.58 trillion (~$3.54 billion) in FY26 compared to the first revised GDP estimate of ₹299.89 trillion for FY25 (7.1 per cent growth).
It released the new series of annual and quarterly national accounts estimates with FY23 base.
Real GVA is projected to grow at 7.7 per cent to reach ₹294.40 trillion in FY26 against ₹273.36 trillion in FY25.
Real gross value added (GVA) is projected to grow at 7.7 per cent to reach ₹294.40 trillion in FY26 against ₹273.36 trillion in FY25 (a 7.3-per cent growth rate).
Nominal GVA is estimated to grow at 8.7 per cent to hit ₹313.61 trillion during FY26, against ₹288.54 lakh crore in 2024-25.
Robust economic performance in FY26 is primarily on account of robust real growth observed in the second quarter (8.4 per cent) and third quarter (7.8 per cent).
The manufacturing sector has been the major driver of resilient performance of the economy the consecutive three fiscals after rebasing, a release from the ministry said.
Both private final consumption expenditure and grossed fixed capital formation exhibited more than 7-per cent growth rate in FY26.
Fibre2Fashion News Desk (DS)
Orlando vs. Miami (Mar 1, 2026) Live Score – ESPN
Labour parliamentarians urge UK Government to oppose Rosebank oil field
Chris Hemsworth reveals what keeps marriage strong after all these years
Pakistan carries out precision strikes on seven militant hideouts in Afghanistan
Eye-popping rise in one year: Betting on just gold and silver for long-term wealth creation? Think again! – The Times of India
These Cheap Noise-Cancelling Sony Headphones Are Even Cheaper Right Now
-
Politics1 week agoPakistan carries out precision strikes on seven militant hideouts in Afghanistan
-
Business1 week ago
Eye-popping rise in one year: Betting on just gold and silver for long-term wealth creation? Think again! – The Times of India
-
Tech1 week agoThese Cheap Noise-Cancelling Sony Headphones Are Even Cheaper Right Now
-
Sports1 week agoKansas’ Darryn Peterson misses most of 2nd half with cramping
-
Entertainment1 week agoViral monkey Punch makes IKEA toy global sensation: Here’s what it costs
-
Entertainment1 week agoSaturday Sessions: Say She She performs "Under the Sun"
-
Sports1 week agoHow James Milner broke Premier League’s appearances record
-
Sports1 week ago
Mike Eruzione and the ‘Miracle on Ice’ team are looking for some company