Fashion
India, Germany to realise untapped economic potential on both sides
Merz is on an official visit to India on January 12-13 accompanied by a high-level delegation. This was his first official visit to India and his first visit to Asia as the Chancellor.
Indian PM Narendra Modi and German Chancellor Friedrich Merz recently reaffirmed their commitment to fully realise the untapped economic potential on both sides through SMEs, start-ups, digitalisation, AI and innovation-driven enterprises.
Merz is on an official visit to India on January 12-13.
Both leaders invited companies from the other side to invest and expand businesses in their countries.
Modi invited German companies to invest and expand businesses in India to benefit from its strong economic growth, business-friendly environment, large highly-skilled workforce and immense opportunities to scale up operations.
Merz recommended Germany as an attractive location for investment by Indian companies.
The India-Germany Strategic Partnership completed 25 years in 2025 and diplomatic ties between the two countries complete 75 years this year.
The two leaders addressed India-Germany CEOs Forum in Ahmedabad. Merz is also visiting Bengaluru with engagements focusing on business and technological collaboration, a release from the Indian Prime Minister’s Office said.
India-Germany bilateral trade in goods and services surpassed $50 billion in 2024, amounting to over 25 per cent of India’s trade with EU.
Both leaders reiterated their support for the conclusion of the India-EU Free Trade Agreement as a key outcome of the upcoming EU-India Summit, which will facilitate trade flows and inject further momentum into German-Indian economic relations.
Both leaders interacted with leading chief executive officers (CEOs) and industry leaders from either sides to encourage more business collaboration and investment in technology, automotives, defence, shipbuilding, smart infrastructure, pharmaceuticals, chemicals, biotechnology, industrial equipment engineering and energy.
They welcomed the signing of a joint declaration of intent on strengthening the bilateral economic cooperation through the German-Indian CEO Forum, which will further promote business and industry collaboration, supported by the long-standing presence of German businesses in India and Indian businesses in Germany.
The leaders noted that 2026 marks half-time of the commitment period of the Green and Sustainable Development Partnership (GSDP), and expressed satisfaction at implementation of this flagship initiative between India and Germany.
Fibre2Fashion News Desk (DS)
By
Reuters
Published
January 14, 2026
High-end department store conglomerate Saks Global filed for bankruptcy protection late on Tuesday in one of the largest retail collapses since the pandemic.
Saks Fifth Avenue, an affiliate of Saks Global, listed $1 billion to $10 billion in assets and liabilities, according to court documents filed in U.S. Bankruptcy Court in Houston, Texas.
Saks Global did not respond to a request for a further comment.
The move cast uncertainty over the future of U.S. luxury fashion barely a year after a takeover that brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.
A retailer long loved by the rich and famous, from Gary Cooper to Grace Kelly, Saks fell on hard times after the Covid pandemic, as competition from online outlets rose, and brands started more frequently selling items through their own stores.
Saks Global was close to finalizing a $1.75 billion financing package with creditors that would allow its stores to remain open, two people familiar with the negotiations told Reuters earlier on Tuesday.
The financing would provide an immediate cash infusion of $1 billion through a debtor-in-possession loan from an investor group led by Pentwater Capital Management in Naples, Florida, and Boston-based Bracebridge Capital, the people said.
An additional $250 million in financing would also be available through an asset-backed loan provided by the company’s banks, the people said. The luxury retailer would have access to another $500 million of financing from the investor group once it successfully exits bankruptcy protection, the sources added.
A host of luxury brands were among the unsecured creditors, led by Chanel and Gucci owner Kering at about $136 million and $60 million respectively, the court filing said.
The world’s biggest luxury conglomerate, LVMH, was listed as an unsecured creditor at $26 million. In total, Saks Global estimated there were between 10,001 and 25,000 creditors.
In 2024, parent company Hudson’s Bay had bet on scale by merging it with rival Neiman Marcus, creating the entity now known as Saks Global. The $2.7 billion deal was built on about $2 billion in debt financing and equity contributions from investors including Amazon, Salesforce, and Authentic Brands.
Amazon and Authentic Brands were listed in the court filing as equity investors.
© Thomson Reuters 2026 All rights reserved.
The newly announced rates will apply to goods shipped between January 1 and June 30, 2026.
Bangladesh Bank has announced a package of export incentives and cash assistance across 43 sectors to boost exports.
Domestic textile units will receive 1.5-per cent alternative cash assistance in lieu of duty drawback or bonded warehouse facilities.
The new rates will apply to goods shipped between January 1 and June 30, 2026.
SMEs in the garment sector are eligible for a 3-per cent incentive.
This maximum 10-per cent rate is allocated to several sectors, including diversified jute products, leather goods, processed agricultural products and light engineering products.
Exporters targeting the eurozone will receive an additional 0.50 per cent. Small and medium enterprises (SMEs) in the garment sector are eligible for a 3-per cent incentive.
Entities within the Bangladesh Economic Zones Authority, Bangladesh Export Processing Zones Authority and high-tech parks are eligible for incentives ranging from 0.5 per cent to 2 per cent, depending on the category of the goods and the nature of the industry, according to domestic media reports.
Fibre2Fashion News Desk (DS)
They are now allowed to source up to cent per cent of inputs from any country while maintaining tariff-free access to the United Kingdom.
Sri Lankan garment manufacturers secured unprecedented access to the UK market under liberalised trade rules beginning January 1.
They are now allowed to source up to cent per cent of inputs from any country while maintaining tariff-free access to the UK.
There are fewer processing requirements now, removing the previous rule that two significant manufacturing processes must take place in Sri Lanka.
Hence, there are fewer processing requirements now, removing the previous rule that two significant manufacturing processes must take place in Sri Lanka, a statement by the High Commission said.
The liberalised rules also include the creation of an Asia Regional Cumulation Group of 18 countries applicable to all other exports from Sri Lanka.
“By simplifying rules of origin, we are supporting Sri Lanka’s economic growth by improving market access to the UK and helping to further diversify exports,” the British High Commissioner to Sri Lanka Andrew Patrick said.
“We recognise Sri Lankan government’s ambition for export growth and continue to advocate for improved utilisation of the scheme,” he said.
Sri Lanka’s Joint Apparel Association Forum (JAAF) welcomed the decision.
The United Kingdom is now Sri Lanka’s second-largest garment export market, valued at nearly $675 million.
Fibre2Fashion News Desk (DS)
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