Fashion
Italy rules out golden powers in future Armani stake sale
By
Reuters
Published
October 8, 2025
The Italian government cannot intervene in a future sale of a stake in the luxury fashion house Armani using its “golden powers,” even if a deal involved a foreign company, Italy’s industry minister told Reuters.
“Armani doesn’t fall within the scope of national security,” Adolfo Urso said on the sidelines of an event late on Tuesday when asked whether Rome could apply such measures. The so-called golden powers enable Italy’s government to block or impose conditions on foreign and domestic corporate acquisitions in strategic sectors, such as energy, telecommunications, and banking.
Urso noted that the late Giorgio Armani’s plans for the company he led for 50 years were clear and outlined in his will, indicating that current regulations do not allow government intervention.
In his will, Armani instructed that an initial 15% stake in the fashion house be sold within 18 months of his death and that an additional 30% to 55% stake be transferred to the same buyer or that the company seek a market listing.
The will gave priority to luxury conglomerate LVMH, beauty group L’Oreal and eyewear maker EssilorLuxottica, with which the fashion house maintains a commercial partnership.
Giorgio Armani, who built the brand into one of Italy’s most iconic fashion houses, died last month at the age of 91.
© Thomson Reuters 2025 All rights reserved.
The country is expected to maintain an upward growth trajectory in the medium term, but urgent reforms are critical to sustaining growth and job creation, especially for youth and women.
Bangladesh’s economy rebounded in H2 2025 after disruptions in H1, backed by exports, remittances and a rise in foreign exchange reserves, the World Bank said.
It may maintain an upward growth trajectory in the medium term, but urgent reforms are critical to sustaining growth and job creation.
GDP growth is projected to rise to 4.8 per cent in FY26 and 6.3 per cent in FY27 from 4 per cent in FY25.
The document projects gross domestic product (GDP) growth to rise to 4.8 per cent in FY26 from 4 per cent in FY25 and to reach 6.3 per cent in FY27.
External pressures eased in FY25 as a market-based exchange rate was adopted, foreign exchange reserves stabilised, the current account deficit narrowed and exports grew robustly.
Inflation moderated on the back of tight monetary policy, lower essential food import duties and strong harvests. However, the fiscal deficit widened amid weak tax revenue and higher subsidies and interest payments, the World Bank noted.
Poverty increased between 2023 and 2024, and labour force participation fell from 60.9 per cent to 58.9 per cent, with women disproportionately affected. Of the three million additional working-age people outside the labour force, 2.4 million were women.
“The economy has shown resilience, but this cannot be taken for granted,” said Jean Pesme, World Bank division director for Bangladesh and Bhutan.
‘To ensure a strong growth path and more and better jobs, Bangladesh needs bold reforms and faster implementation to address enhance domestic revenue mobilization, banking sector vulnerabilities, reduce energy subsidies, plan urbanization, and improve the investment climate,” he added.
The report calls for an urgent rethinking of spatial development strategies with a focus on reducing regional disparities as way of supporting inclusive job creation nationwide.
Fibre2Fashion News Desk (DS)
Translated by
Nazia BIBI KEENOO
Published
October 8, 2025
By launching its integrated Instant Checkout payment tool in the United States, ChatGPT (OpenAI) now allows users to purchase products directly within its platform. The move marks a significant milestone in how generative AI can reshape online shopping and challenge traditional search-engine-driven commerce models.
A user can describe to ChatGPT the product they want, include a budget, and receive a curated selection of items, all without leaving the platform. The system is built on the open-source Agentic Commerce Protocol, developed in collaboration with Stripe, enabling merchants to integrate it quickly. Merchants pay a “small commission” on each purchase, while the service is free for customers.
“For sellers, it’s a new way of reaching hundreds of millions of people while retaining full control of their payments, systems and customer relationships,” OpenAI explained, adding: “We are building out this protocol, with documentation available from today, to enable interested merchants and developers to begin creating integrations.”
While Etsy is the first platform involved, OpenAI said more than a million merchants on Shopify — as well as brands such as Glossier, Skims, Spanx and Vuori — will soon join the offering. On the technical side, ChatGPT is introducing a “multi-basket” feature to enable the simultaneous purchase of multiple products from different sellers.
OpenAI stated that product recommendations are based solely on relevance to a user’s query and are therefore “organic and unsponsored.” However, industry observers note that sponsored results could appear in the future.
Beyond the immediate retail implications, ChatGPT’s entry into e-commerce highlights a shift that challenges the dominance of traditional search engines. Google’s advertising-funded keyword model has long influenced both paid and organic search engine optimization (SEO) strategies across various industries.
Search engines and e-tailers on high alert
International studies over the past year have tracked a growing shift of users from search engines to conversational AI. According to the agency Innovating with AI, Google’s market share dropped below 90% for the first time since 2015. An AI Search Archetypes survey conducted in the spring reported that 43% of users now rely on AI daily for their searches.
Major technology players are responding in kind: Alphabet’s Google has rolled out Gemini; Microsoft is advancing Bing AI; Apple is evolving Siri into “Apple Intelligence”; and Samsung is investing in Galaxy AI. Retailers have also been integrating AI into their platforms to meet the rising expectations of consumers.
In fashion, Amazon, the largest clothing retailer in the United States, introduced Rufus a year ago, an AI tool that enables shoppers to find products by describing them in natural language. Europe’s leading online fashion retailer, Zalando, has launched its own AI-powered search assistant.
ChatGPT, which reports more than 700 million weekly active users, may become a new type of marketplace by combining conversational search with seamless checkout.
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He was addressing the 11th Energy Efficiency Forum and Fair in Istanbul.
Outlining Turkiye’s efforts to diversify its energy mix and expand renewables, President Recep Tayyip Erdogan recently cautioned about significant risks of relying on a single country or source for energy requirements.
He said Turkiye has turned one of the leading economies investing in green energy in recent years and the share of renewable energy in its total installed capacity has crossed 60 per cent.
Erdogan stressed that diversification remains key to the security of supply. “Being dependent on a single country, source, or route for energy procurement carries significant risks,” he said. Turkiye imports over 90 per cent of its energy needs.
“Our goal is to expand the economy to $1.9 trillion and lift per capita income to $21,000 by 2028,” Erdogan said, mentioning about targets of the government’s new medium-term programme.
The country’s population is expected to exceed 88 million by 2030 and reach 94 million by 2050, according to the president, up from nearly 86 million as of the first half of this year.
“We all know very well what this means in terms of energy demand and consumption,” the president was quoted as saying by domestic media outlets.
He said the country has turned one of the leading economies investing in green energy in recent years and the share of renewable energy in its total installed capacity has surpassed 60 per cent this year.
Natural gas consumption has also grown rapidly, he said. While in 2002, only five cities in the country had gas infrastructure, all 81 provinces now have such access, Erdogan said. “The share of our population with access to natural gas has risen from 33 per cent to 85 per cent,” he noted.
Turkiye’s transition to clean energy remains a government priority, and the Climate Law adopted in July was an important move toward the 2053 net-zero emissions target, he added.
Turkiye will host the COP31 climate summit next year.
Fibre2Fashion News Desk (DS)
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