Fashion
France’s richest man, LVMH’s Arnault, slams proposed billionaire tax
By
Reuters
Published
September 21, 2025
Bernard Arnault, the boss of luxury goods group LVMH and France’s richest man, has attacked a proposed 2% tax on billionaires as an assault on France’s economy and denounced the plan’s architect as a far-left ideologue.
The tax, which would target wealth above 100 million euros ($117 million), has gained political traction in France, where Prime Minister Sébastien Lecornu faces pressure from the Socialist Party to include it in the 2026 budget or face a confidence vote that could topple his government.
“This is clearly not a technical or economic debate, but rather a clearly stated desire to destroy the French economy,” Arnault told Britain’s Sunday Times.
He accused the plan’s architect, economist Gabriel Zucman of being “first and foremost a far-left activist” who uses “pseudo-academic competence” to promote an ideology aimed at dismantling the liberal economic system, which Arnault described as “the only one that works for the good of all”.
Zucman, a professor at France’s École Normale Supérieure and the University of California, Berkeley, rejected the accusations.
“I’ve never been an activist for any movement or party,” he said on X, adding his work was grounded in research, not ideology.
Zucman was among 300 economists who publicly backed the economic platform of the left-wing Nouveau Front Populaire alliance ahead of last year’s legislative elections.
He has recently argued in media appearances that the ultra-rich pay proportionally less tax than many other citizens — a gap the proposed levy aims to close.
The tax has broad public support, with an Ifop poll commissioned by the Socialist Party this month showing 86% approval.
© Thomson Reuters 2025 All rights reserved.
Fashion
Retech to showcase precision godet technology at Techtextil 2026
Advanced induction heating concepts, available in single-zone or multi-zone configurations, ensure highly accurate temperature profiles and excellent temperature uniformity over the entire godet surface, precisely influencing yarn properties such as tenacity, elongation, and shrinkage to achieve a highly consistent final product.
Retecch develops precision godets and draw frames for heated, ambient and cooled fibre processes up to 400°C.
Its advanced induction heating ensures uniform temperature control, optimising yarn tenacity, elongation and shrinkage.
Energy-efficient systems, robust design and the UTR-6A non-contact monitoring solution support reliability, machine uptime and sustainable production.
Energy efficiency and long-term reliability are key elements of the RETECH godet concept. Energy-optimised heating systems and efficient drive solutions are combined with a robust mechanical design to achieve extended service life and maximum machine availability.
The proven non-contact temperature measuring and transmission system UTR-6A continuously captures temperature data directly from the rotating godet and transfers it to the UCR-6 controller for regulation. This enables preventive measures to protect the godet, bearing system and induction heater, while ensuring stable production conditions and supporting the sustainability of the overall fibre manufacturing process.
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 (MS)
Fashion
US’ Old Navy launches little navy, a new newborn essentials collection
“We designed this collection with parents in mind. Shopping for a newborn, as a gift or for your own, should feel joyful and easy. Everything is intended to be mixed together and matched — it’s fun, it’s emotional, and the value is incredible.”. – Sarah Holme, Head of Design & Product Development for Old Navy.
Old Navy has introduced Little Navy, a new collection of newborn essentials designed to simplify early-stage shopping and gifting.
The range includes layettes, hats, booties and mix-and-match basics in soft, seasonless colours and cosy fabrics.
Sized for babies up to 24 months, the line focuses on comfort, versatility, emotional appeal and strong value for modern parents.
Little Navy goes beyond onesies, offering layettes, hats, booties, and more, all in one convenient collection and no extra searching required. It features a soft, seasonless color palette, cozy fabrics, and versatile styles made for newborns and babies up to 24 months, with sizing that allows Little Navy to grow with baby.
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)
Fashion
Bangladesh’s BGMEA seeks policy reforms, release of pending incentives
They said bank audit procedures have stalled numerous applications. Around Tk 57 billion in incentives for the textile and apparel sector remain unsettled in fiscal 2025-26, creating acute liquidity pressure and affecting exports.
Bangladesh trade body BGMEA representatives recently met Finance Minister Amir Khasru Mahmud Chowdhury and urged him to release pending cash incentives without waiting for quarterly release schedules and simplify the disbursement process.
They said bank audit procedures have stalled numerous applications.
They also raised concerns over loan rescheduling and working capital.
The authorities were requested to disburse incentives upon application submission instead of waiting for quarterly release schedules, according to a release from the trade body.
BGMEA vice president Mohammad Shihab Uddoja Chowdhury raised concerns over loan rescheduling and working capital. He said banks often reschedule loans to maintain non-performing loan ratios, but fail to provide the working capital factories need to resume operations.
He proposed that banks pair rescheduling with working capital support to create a win-win outcome, allowing factories to operate and repay loans. The finance minister agreed with the proposal.
BGMEA leaders also called for business facilitation and lower operational costs to help Bangladesh remain competitive in the global market. They sought policy support to remove obstacles in customs, ports and other administrative layers and to ensure an investment-friendly environment.
Fibre2Fashion News Desk (DS)
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