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)
The factory is likely to create 2,000 direct jobs and export nine-tenths of its production abroad.
SCZONE chairman Waleid Gamal El-Dien said the Qantara West Industrial Zone now hosts 34 projects with investments worth $859.3 million, providing over 48,000 direct jobs.
Egypt’s Suez Canal Economic Zone has signed a deal with Turkiye’s Nil Orme to set up a $35-million textile-clothing unit in the former’s Qantara West Industrial Zone.
Meanwhile, Turkiye’s Sahinler Holding Group is planning to expand its operations in Egypt, investing over $41 million to expand its garment manufacturing and planning to complete its third sportswear factory in Egypt by the yearend.
Meanwhile, Turkish conglomerate Sahinler Holding Group is planning to expand its operations in Egypt with investments exceeding $100 million, according to an Egyptian media outlet. It is now investing over EGP 2 billion (~$41 million) to expand its ready-to-wear garment manufacturing.
This includes the completion of its third sportswear factory in Egypt by the end of 2026. It will raise production lines to 34 from the current 10.
A fourth garment factory for the Zara brand is also being planned in the third phase of Robbiki City, east of Cairo.
Founded in 1982, Sahinler now operates two sportswear factories in Egypt with a total investment of $50 million, alongside five additional facilities in Turkiye, Bulgaria, Germany and France.
Fibre2Fashion News Desk (DS)
Published
August 28, 2025
Expect big changes in how consumers shop. Oh, and move over Baby Boomers, because Gen X-ers are now the biggest spenders.
This year, Generation X (born between 1965 and 1980) consumers will outspend Baby Boomers (1946-1964) for the first time globally, and will remain the biggest spenders until at least 2033, according to home delivery giant Parcelhero.
It says the passing of the baton “will mean big changes on the High Street, online and even to society in general”.
New figures revealed by the data analyst and consumer researcher NeilsenIQ show Gen X consumers will spend £11.28 trillion this year worldwide, eclipsing the Baby Boomers’ £10.02 trillion. In fact, Baby Boomers are also likely to be outspent by Millennials (born between 1981 and 1996) this year.
Millennials’ spending could reach £10.91 trillion, knocking Boomers into third place.
Parcelhero’s head of Consumer Research, David Jinks, said: “While the postwar Boomer generation has seen the values of their houses and pensions soar, leaving many comfortably off, many of them are now retired. That means Generation Xs… are now the UK’s biggest spenders.
“There are approximately 13.7 million people in the UK who belong to Generation X, making up about 20% of the total population. [They] are now the biggest earners and highest contributors of tax, despite being a smaller cohort than the 14.1 million Millennials.”
Jinks added: “The new dominance of Gen X is going to mean significant changes, both on the High Street and online, as their preferences start to lead many retail trends. Gen X-ers have been called ‘the latch key generation’ as many grew up with both their parents working and/or divorced, letting themselves in when they returned home from school. Consequently, Gen X-ers became one of the most self-reliant of recent generations, as well as the last to grow up without the support of mobile phones and the internet.
“Whereas Boomers still preferred to make their biggest spending commitments in-store, Gen X is equally happy to splash the cash online. They may be the last analogue generation but they are also enthusiastic digital adopters.
He also noted that brand loyalty is highest among Gen X consumers, “who respond best to transparency, product performance and customer reviews, rather than flashy advertising”, according to research by the customer engagement platform Salesfloor.
The report said Gen X are also the most omnichannel of all generations. They research carefully online, reading experts’ and consumers’ reviews, but are equally likely to make their final purchase online or in-store.
“It’s also a generation less likely to be swayed by the opinions or promotions of online influencers. Indeed, Gen X may be the last generation willing to pay significantly more for proven quality and reliability.”
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By
DPA
Translated by
Nazia BIBI KEENOO
Published
August 28, 2025
The Austrian luxury hosiery manufacturer Wolford reported a 23.4% drop in sales for the first half of the year on Thursday.
Compared to the previous year, revenue decreased by €10.1 million to €33.0 million (H1 2024: €43.1 million). The company attributed this mainly to the lingering impact of delivery delays and store closures that had been initiated in the previous year. Although Wolford stated that these issues were structurally resolved by the end of 2024, their effects continued to impact sales during the first quarter of 2025.
Despite the steep revenue decline, the company reduced its cost base, resulting in a relatively stable EBIT compared to last year. Recent streamlining and efficiency measures contributed to this outcome. Wolford did not disclose specific figures and plans to publish its full half-year report on 19 September.
The results should be viewed “in the context of the expected ongoing transition phase in which the company is actively implementing a comprehensive operational transformation aimed at restoring long-term resilience and profitability.” The company expects the first signs of recovery to appear in the second half of the year.
Looking ahead to 2025, Wolford — part of the Lanvin Group — said it does not anticipate trade policy or the broader economic environment to have a significant negative impact on earnings or sales for the second half or the full year.
FNW with dpa
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