Fashion
Fitch keeps India at ‘BBB-‘, projects 6.5% growth in FY26
Fitch said a strengthening record of delivering growth with macro stability and improving fiscal credibility should steadily lift structural metrics, including GDP per capita, while increasing the likelihood of a modest downward trend in debt over the medium term.
Fitch Ratings has affirmed India’s Long-Term Foreign-Currency IDR rating at BBB- with stable outlook, citing strong growth and external finances but high deficits and debt as weaknesses.
GDP is forecast to grow 6.5 per cent in FY26, inflation is contained, and reserves stand at $695 billion.
Risks include US tariff uncertainty, while sustained fiscal consolidation could aid an upgrade.
It projects GDP growth at 6.5 per cent in FY26, unchanged from FY25 and well above the BBB median of 2.5 per cent, supported by strong public capex and resilient consumption. Nominal GDP growth, however, is forecast to slow to 9 per cent in FY26, from 12 per cent in FY24, Fitch said in a press release.
A proposed 50 per cent US tariff on India poses a downside risk, though Fitch expects this to be negotiated lower. While exports to the US represent just 2 per cent of GDP, prolonged tariff uncertainty could dampen sentiment and reduce India’s competitiveness in supply chain shifts away from China.
Inflation remains contained, with headline inflation falling to 1.6 per cent in July 2025 on easing food prices and core inflation steady at around 4 per cent. Following a 100 basis points cut in the repo rate to 5.5 per cent, it sees scope for one more 25bp cut in 2025. Credit growth, which slowed to 9 per cent in May from 19.8 per cent a year earlier, is expected to recover under the easing cycle.
On the fiscal side, the central government deficit narrowed to 4.8 per cent of GDP in FY25 and is forecast at 4.4 per cent in FY26, in line with the medium-term target. The broader general government deficit is projected to fall from 7.8 per cent in FY25 to 7.3 per cent in FY26 and 7 per cent by FY28, while state deficits are expected to stabilise at 2.9 per cent from FY26.
India’s debt burden remains high at 80.9 per cent of GDP in FY25, set to edge up to 81.5 per cent in FY26 before gradually declining to 78.5 per cent by FY30, though Fitch cautions this path relies on nominal growth staying above 10 per cent. The interest-to-revenue ratio, at 23.5 per cent versus the BBB median of 9 per cent, continues to constrain fiscal flexibility.
India’s external position remains a key strength, with foreign exchange reserves rising to $695 billion by mid-August 2025, equivalent to eight months of external payments. The current account deficit is projected at 0.7 per cent of GDP in FY26, rising gradually to 1.5 per cent by FY28, added the release.
Governance continues to weigh on ratings, with India ranking below the median on World Bank indicators, but Fitch’s ESG relevance scores of ‘5’ for political stability and rights and ‘5[+]’ for rule of law and institutional quality reflect both resilience and challenges.
Fitch noted that an upgrade could follow stronger fiscal consolidation and a sustained revival in private investment-led growth, while weaker growth or rising debt burdens could trigger a downgrade.
Fibre2Fashion News Desk (SG)
Fashion
Munich Fabric Start puts emotional materiality centre stage with ‘Pleasure’ as its guiding theme
Published
January 15, 2026
Munich Fabric Start (MFS) is gearing up for its January 27–29 edition. Designers, product managers, and buyers will be able to explore around 1,000 spring/ summer 2027 collections from international fabric and trim manufacturers at the MOC Munich.
With the lead theme of “Pleasure,” the trade show’s organisers aim to spotlight “attitude, sensuality, and emotional materiality” over the three days of the fair. The lead theme frames fashion as an emotional space, an expression of attitude and cultural reflection. Colours, surfaces and materials become conduits for self-confidence and joie de vivre.
“After seasons of restraint, spring/ summer ’27 marks a deliberate counter-design: optimism, sensuality, and creative freedom take the place of pragmatism and neutrality. Physical presence and individuality are regaining importance- as a response to uncertainty, exhaustion and algorithmic predictability,” according to MFS.
“Efficiency and pragmatism are shaping current market developments. And these are not easy times for us as trade fair organisers either. We are countering this with a clearly structured trade fair and a strong positioning as a key source of inspiration, an interactive business forum, and a platform bringing together textile expertise. In terms of fashion and trends, we are heralding a change of perspective: optimism instead of restraint. Self-confidence instead of uncertainty,” adds managing director Florian Klinder.
With the integrated shows Bluezone, Keyhouse, and The Source, the trade fair brings together all relevant fashion segments: high-quality fabrics and trims, international denim expertise, and forward-looking innovations along the entire textile value chain. International reach, collaboration, and sustainability remain central themes.
The consolidation of the trade fair segments at the MOC has proven successful. The trade fair with its eight areas will once again be held under one roof.
Bluezone and Keyhouse with “Sustainable Innovations” will once again be anchored in the high-footfall area of Hall 2 at the upcoming event- directly connected to the Fabrics and Additionals areas.
The Design Studios in Hall 4 are now positioned even more centrally. And the sustainable sourcing area Resource is also set to have a stronger presence, located directly next to The Source in Hall 1.
To provide buyers and designers with a holistic overview, the Bluezone denim trends will be integrated directly into the trend worlds built around the lead theme in the MOC foyer. This new form of presentation reflects market developments in which denim and classic fashion segments are increasingly merging within collections.
The exhibitors will once again include well-known names from the fabric and textile industry, including the Albini Group, Kiki Fashion, Calik, Lanificio di Tollegno, Bornemann Etiketten, Manteco, Pontetorto, Riopele, Thermore, Bureaux Bo, Can Tekstil, and Troficolor Denim Makers.
As usual, a supporting programme of keynotes, panel discussions, and trend presentations will round off the trade fair offering. Current industry topics will be discussed and contextualised on the “Stage” with Peclers Paris, David Shah, O/M Collective, Olivia Does Design, and Monsieur-T, among others. The curator of Sustainable Innovations, Simon Angel, will offer in-depth sessions on future-oriented, sustainable material solutions.
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Copyright © 2026 FashionNetwork.com All rights reserved.
Published
January 15, 2026
Kering’s Balenciaga and resolutely independent Manolo Blahnik announced a first-time collaboration on Thursday on a trio of styles created for the Fall 2026 collection.
They said it’s “an exchange shaped by shared values and an admiration for couture tradition. The partnership reflects the House of Balenciaga’s enduring commitment to artisanal mastery, as well as creative director Pierpaolo Piccioli’s distinct approach to fashion, long inspired by the legacy of Cristóbal Balenciaga”.
It makes sense for the two labels to work together given their dual Spanish roots, as well as “the elegance of craft that unites them”.
So what does the capsule comprise? There’s a low-heeled mule and a slingback with either a 105mm or 50mm heel. With a décolleté cut, we’re told “the silhouettes reveal skin, the body, a display intrinsically linked to the primacy of the human form”.
The styles are “in and of themselves a dialogue, a duet, drawn from designs from the Manolo Blahnik archive, chosen by Piccioli, and fused together. All three are executed in silk-satin, proposed in various colours and lined in Balenciaga grey”.
Each shoe style also features crystal embroidery across a low-cut vamp, something for which Blahnik is known. The company said the embellishments “simultaneously recall archival Blahnik designs and [reference] the 1960s bijoux created by Cristóbal Balenciaga”.
Manolo Blahnik said that “Don Cristóbal Balenciaga is, to me, the ultimate designer. I have adored his work for as long as I can remember. As a Mediterranean boy myself, I have always felt a deep connection to his Spanish culture and sensibility. To be partnering with Balenciaga, and with Pierpaolo, fulfils a lifelong dream. [His] direction for Balenciaga resonates profoundly with my own ideas of how the modern woman should dress in 2026, a vision of timeless elegance rooted in craftsmanship and enduring beauty.”
Copyright © 2026 FashionNetwork.com All rights reserved.
Directed by AJ Duan and photographed by Anton Gottlob in the streets of Shanghai, the hero film captures the poetry of movement in the city’s rush hour – a dance of anticipation as the four characters race towards a reunion. Amid the hum of the streets, fleeting moments of humour, warmth and surprise are revealed like hidden treasures.
Burberry marks the Year of the Horse 2026 with a capsule collection and Shanghai-set campaign starring Chen Kun, Tang Wei, Wu Lei and Zhang Jingyi.
The line reimagines the iconic Knight motif in painterly techniques, anchored in lucky red tones.
Store windows across China and Asia Pacific feature hand-painted designs created with de Gournay and artist Liao Wenjun.
The capsule collection
At the heart of the capsule collection – titled Burberry Year of the Horse Collection – is our house code, the Knight, playfully reinterpreted as a watercolour and ink sketch, brought to life through intricate techniques such as vibrant metallic embroidery, cross-stitch and appliquéd badges.
The horse is a significant motif for Burberry. The original Knight was the winning entry of a public public competition to design a logo for the house, circa 1901. Imbued with symbolism, it represents protection, innovation and Burberry’s forward-looking spirit.
The collection is grounded in red, a symbol of luck and prosperity in Chinese culture, with scarves and daywear in an exclusive new red Burberry Check.
Outerwear pieces include the Berryhill car coat and Floriston quilted jacket in iridescent nylon, while the gifting offering is expanded through soft accessories, bags and small leather goods detailed with the seasonal Knight.
Window and store display
Burberry has partnered with esteemed British hand painted wallpaper brand de Gournay on window designs throughout stores in China and Asia Pacific. The collaboration celebrates the craft and texture of Xuan paper – the traditional Chinese paper used for calligraphy and painting. Both surface and subject, the paper becomes a canvas for painterly expression and a reflection of artistry and heritage, by Chinese artist Liao Wenjun.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
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