Fashion
India, EU review progress in FTA negotiations
Both sides reaffirmed their shared commitment to conclude the India-EU FTA by the end of 2025, following the clear direction from Prime Minister Narendra Modi and President of the European Commission Ursula von der Leyen during the College of Commissioners’ visit to New Delhi in February 2025. The engagement focused on achieving a mutually beneficial, balanced and equitable trade agreement, reflecting the depth of political trust and the strategic ties between India and the European Union, and at the same time respecting each other’s sensitivities and priorities.
Union Minister Piyush Goyal visited Brussels to advance India-EU FTA negotiations, holding productive talks with EU Commissioner Maros Sefcovic on outstanding issues.
Both sides reaffirmed their aim to conclude a balanced, mutually beneficial FTA by end-2025, addressing tariff, non-tariff, and regulatory concerns.
An EU technical team will visit India next week to build on the progress achieved.
India recognises the importance of ensuring that the FTA remains balanced in addressing both tariff and non-tariff barriers and creating transparent and predictable regulatory frameworks that accelerate trade for both partners in the coming years, the Ministry of Commerce and Industry said in a press release.
There was intensive engagement to explore possible landing zones on the outstanding issues. There was also a good discussion on India’s concerns on non-tariff measures and the new EU regulations. During the negotiations, Goyal emphasised the need for preferential treatment for India’s key asks, particularly those with respect to labour-intensive sectors. Both sides agreed to work closely to finalise the non-sensitive industrial tariff lines. They also agreed that issues related to steel, auto, CBAM, and other EU regulations still require further discussion, as these issues have higher sensitivities.
India looks forward to working closely with the European Union to transform this vision into reality through shared innovation, balanced, equitable, and meaningful trade, and a collective commitment to peace and prosperity. To advance the ongoing discussions, the EU technical team led by the director general for trade will visit India next week with the objective of achieving a constructive conclusion based on the potential solutions identified over the past two days, the release added.
Fibre2Fashion News Desk (RR)
The projects will cover 68,000 square metre and generate 4,600 direct jobs.
Suez Canal Economic Zone (SCZone) chairman Waleid Gamal El-Dein and Ismailia province deputy governor Ahmed Essam El-Din laid the foundation stones.
Foundation stones were recently laid for two projects in Egypt’s West Qantara Industrial Zone by two Chinese-backed Firms.
Hui Zhou Top New Garment will set up an export unit for RMG and sportswear, with production likely to begin in July 2026.
Changzhou Top Credit’s project will manufacture fabrics and textiles, with an expected annual output of over 28,000 tonnes, 80 per cent of which will be exported.
Hui Zhou Top New Garment will set up an integrated, export-oriented factory for readymade and sportswear apparel, with production expected to begin in July 2026. The 28,000-square metre facility valued at $7.2 million will employ 4,000 workers and produce more than 25 million pieces annually, domestic media outlets reported.
With an investment of $13.3 million, Changzhou Top Credit’s project will manufacture fabrics and textiles on a 40,000-sq m site, with an expected annual output exceeding 28,000 tonnes, 80 per cent of which will be exported. The factory will employ 600.
El-Dein said the first phase of the industrial zone’s development has already drawn 44 projects, with total investments worth $1.17 billion and creating 60,165 jobs in less than two years.
Fibre2Fashion News Desk (DS)
The operating income fell 62.2 per cent to $29.1 million, reflecting higher tariffs, increased investment in product quality and store expansion. Adjusted operating income dropped 48.9 per cent to $39.4 million, with an adjusted operating margin of 5.2 per cent versus 10.2 per cent in the previous year.
American apparel company Carter’s, Inc, has reported flat Q3 FY25 sales at $757.8 million, while profit fell sharply due to higher tariffs and restructuring costs.
Net income dropped to $11.6 million from $58.3 million, with adjusted EPS down to $0.74.
The company plans 300 job cuts and 150 store closures to save $35 million annually, while tariffs are expected to impact Q4 earnings by $25–35 million.
Net income plunged to $11.6 million, or $0.32 per diluted share, from $58.3 million, or $1.62 per diluted share, a year earlier. On an adjusted basis, net income was $26.8 million, or $0.74 per diluted share, compared to $59 million, or $1.64 per diluted share, in Q3 FY24, Carter’s said in a press release.
“Our third quarter performance reflected continued improvement in US retail business demand as we achieved positive comparable sales and improved pricing for the second consecutive quarter,” said Douglas C Palladini, chief executive officer (CEO) and president. “However, elevated product costs, in part due to the impact of higher tariffs, as well as additional investment, weighed meaningfully on our profitability.”
For the first nine months (9M) of FY25, Carter’s has reported net sales of $1.97 billion, down 0.6 per cent YoY. Adjusted operating income declined nearly half to $86.5 million, with adjusted earnings per share (EPS) at $1.57, compared with $3.43 a year earlier. Net cash used in operations totalled $136.3 million, compared to net cash inflow of $11.3 million in FY24.
The company has initiated a productivity drive, including the reduction of 300 office-based roles (around 15 per cent of its workforce) and the closure of 150 stores across North America by 2026, measures expected to generate annual savings of about $35 million beginning in 2026, added the release.
Looking ahead, the company warned that new US import tariffs could have a pre-tax earnings impact of $200–250 million annually. Vietnam, Cambodia, Bangladesh, and India now account for about 75 per cent of Carter’s sourcing, with China contributing less than 3 per cent. The company expects a $25–35 million hit to pre-tax income in Q4 FY25 due to tariff pressures.
Carter’s has also secured commitments for a new five-year $750 million asset-based revolving credit facility to strengthen liquidity and is evaluating refinancing options for its $500 million senior notes maturing in 2027.
Fibre2Fashion News Desk (SG)
Egypt’s textile and apparel imports from Turkiye rose 7.7 per cent year-on-year to $154.68 million in H1 2025, driven mainly by higher fabric demand from garment exporters.
Fabric imports surged 27.75 per cent, while yarn imports dipped slightly.
Despite modest overall growth, Turkiye remained Egypt’s second-largest supplier of fabrics and apparel and third-largest in yarn.
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