Fashion
GST rate rationalisation to profit Indian states in FY26: SBI Research
First, GST is shared equally between the central government and the states, with each receiving half of the collections. Second, under the mechanism of tax devolution, 41 per cent of the central government’s share flows back to the states, SBI Research said in a report on GST.
The proposed goods and services tax (GST) rate rationalisation is likely to result in stronger revenue collections validated by historical trends due to the unique revenue-sharing architecture of the tax, according to SBI Research.
FY26 projections indicate that states are expected to receive at least ₹10 trillion in state GST plus ₹4.1 trillion through devolution, thereby making them net gainers.
Taken together, this means that out of every ₹100 of GST collected, states ultimately accrue nearly ₹70.5.
SBI Research’s FY26 projections indicate that states are expected to receive at least ₹10 trillion in state GST plus ₹4.1 trillion through devolution, thereby making them net gainers.
The gains accrue even when the researchers did not take the additional consumption boost due to rate rationalisation.
“Evidence from earlier rounds of GST rate changes, such as those in July 2018 and October 2019, suggests that rationalization does not necessarily weaken revenue collections. Instead, the evidence points to a temporary adjustment phase followed by stronger inflows,” the SBI Research report noted.
“While an immediate reduction in rates can cause a short-term dip of around 3-4 per cent month on month (roughly ₹5,000 crore, or an annualized ₹60,000 crore), revenues typically rebound with sustained growth of 5-6 per cent per month,” it added.
Fibre2Fashion News Desk (DS)
The average November price settled at BRL 3.4505 (~$0.65) per pound, 1.91 per cent lower than in October 2025 and 12.5 per cent below November 2024. Over the month, the Index slipped 0.23 per cent and remained below export parity, signalling little support from external markets.
Brazil’s cotton prices fell in November, hitting their lowest real level since September 2009 as strong supply, weak domestic demand and softer global quotes pressured the market.
The CEPEA/ESALQ Index stayed below export parity, with buyers taking minimal volumes and sellers accepting lower prices to clear stocks.
ABRAPA reported 81.73 per cent of the 2024-25 crop processed by November 27.
Market participants are preparing for the year-end period, buying only small volumes. Sellers under cash pressure or looking to clear inventories have shown greater price flexibility, adding to the downward momentum, CEPEA said in its latest fortnightly report on the Brazilian cotton market.
Beyond ongoing shipments under term contracts, traders are already negotiating new deals for early 2026 deliveries and for cotton from the next season. According to Brazilian Cotton Producers Association (ABRAPA), 81.73 per cent of Brazil’s 2024-25 crop had been processed by November 27, with progress at 79 per cent in Mato Grosso and 92 per cent in Bahia.
Fibre2Fashion News Desk (KD)
Fashion
‘Made in Italy’: Yves Saint Laurent, Givenchy named among 13 luxury giants suspected of exploiting Chinese workers
By
AFP
Published
December 5, 2025
Thirteen further leading luxury brands, including Gucci, Versace and Yves Saint Laurent, are suspected of having used subcontractors in Italy who exploited Chinese workers, according to a request issued on Thursday by the Italian judicial authorities.
In a request for information seen by AFP, a prosecutor in Milan said they had found bags, wallets and garments from these brands during searches of Italian workshops employing ‘Chinese labour in severely exploitative conditions’.
Thursday’s proceedings concern brands from the French group Kering (Gucci, Yves Saint Laurent and Alexander McQueen), Givenchy (LVMH group), as well as Prada and its new acquisition, Versace, along with Ferragamo, Pinko, Dolce & Gabbana, Missoni, Off-White, leather goods maker Coccinelle, and the sportswear giant Adidas.
The Milan prosecutor is asking the brands, which are presumed innocent, to provide documents on their supply chains promptly, such as internal audits.
Other leading names have already been singled out by the Italian judiciary in similar cases: Dior, LVMH’s second-largest brand, the leather goods houses Tod’s and Alviero Martini, as well as an Armani subsidiary and cashmere specialist Loro Piana.
Poverty pay, workers sleeping in the workshop to produce items sold for thousands of euros: investigations carried out by the Milan public prosecutor’s office have revealed a serious lack of oversight across supply chains.
Under Italian law, companies can be held liable for violations committed by authorised suppliers. Advocates for fashion workers have been denouncing such abuses for decades.
The Italian government has gone on the offensive to defend its brands, with the Minister for Industry and ‘Made in Italy‘, Adolfo Urso, declaring that their reputation was ‘under attack’.
Tod’s, after denying any irregularities, was given an 11-week period by a Milan judge on Wednesday to strengthen its system for monitoring suppliers.
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Published
December 5, 2025
Stitch Fix Inc. announced on Thursday sales for the first quarter rose 7.3% to $342.1 million, with an increase in order revenue per customer offsetting a dip in active customer numbers.
The San Francisco-based company said active client numbers fell 5.2 % year-on-year to 2.307 million, while revenue per active client rose 5.3% to $559 during the three months ending November 1.
Despite the sales improvement, the subscription fashion company recorded a net loss of $6.4 million or diluted loss per share of $0.05 during the first quarter, unchanged on the prior-year period.
“Q1 was a strong start to the fiscal year—we accelerated year-over-year revenue growth to 7.3% and captured considerable market share gains,” said Matt Baer, CEO, Stitch Fix.
“As a result of the successful execution of our transformation strategy, we are increasingly becoming the retailer of choice for more of our clients’ apparel and accessories needs. We are doing this by leveraging the latest in GenAI technology, the expertise of our human Stylists, and our assortment of leading brands to deliver the most client-centric and personalized shopping experience.”
Looking ahead, the company said it expects full-year revenue to land between $1.32 billion and $1.35 billion, up 4.2% to 6.5% year-on-year.
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