Fashion
Japan factory activity stabilises after 5 months of contraction in Dec
New business declined at its slowest pace in 19 months, marking the weakest reduction since May 2024. While overall demand remained subdued, some manufacturers reported improved sales supported by new projects and stronger-than-expected customer spending. Output was broadly stable, with production falling only marginally at the slowest pace in the current six-month downturn, S&P Global said in a press release.
Employment continued to expand, with firms increasing staffing levels at the fastest rate in four months, often in anticipation of stronger demand ahead. This helped reduce outstanding business, although the pace of backlog depletion eased to its slowest level in 18 months. Purchasing activity fell only marginally, while manufacturers continued to run down inventories amid muted demand conditions.
Japan’s manufacturing sector stabilised in December 2025 after five months of decline, with the S&P Global PMI rising to the neutral 50 from 48.7 in November.
New orders fell at the slowest pace in 19 months, output was broadly stable, and employment increased.
However, input costs surged at the fastest rate since April, lifting selling prices despite subdued demand.
Supply-side pressures persisted, as delivery times lengthened due to material shortages and extended shipping times, though the deterioration in vendor performance remained modest. Sub-sector data showed improved conditions for consumer and investment goods producers, while intermediate goods manufacturers faced weaker performance.
Cost pressures intensified notably in December. Input prices rose at the fastest pace since April, driven by higher raw material and labour costs, as well as the impact of a weak yen. As a result, manufacturers raised output charges again at a solid pace to protect margins.
Business confidence dipped from November’s recent high but remained above the long-run average. Firms continued to express optimism about the year-ahead outlook, citing hopes of new product launches and a recovery in customer demand during 2026, despite ongoing concerns around global economic conditions, rising costs, and demographic challenges.
“Japan’s manufacturing industry saw conditions stabilise at the end of the year, with factories reporting a much weaker reduction in sales and largely steady production levels,” said Annabel Fiddes, economics associate director at S&P Global Market Intelligence. “There was also good news on the employment front, with staffing levels rising at a slightly quicker pace as firms projected greater demand in the months ahead.”
“There were signs of stronger cost pressures in December, with input prices rising at the sharpest rate since April as higher raw material and labour costs, along with a weak yen, pushed up expenses. This led firms to raise their charges solidly as they looked to ease pressure on margins,” added Fiddes.
Fibre2Fashion News Desk (SG)
Manufacturing and processing led the expansion, rising by 10.5 per cent and contributing 8.4 percentage points to overall growth.
Vietnam’s industrial production rose by 9.2 per cent last year, accelerating from an 8.2-per cent YoY rise in 2024 and marking the strongest performance since 2019.
Manufacturing and processing led the expansion, rising by 10.5 per cent and contributing 8.4 percentage points to overall growth.
December saw a 10.1-per cent YoY growth in industrial output, driven by a 11.9-per cent rise in manufacturing.
Power generation and distribution increased by 6.7 per cent, adding 0.6 percentage points.
In the fourth quarter (Q4) of 2025, industrial output grew by 9.9 per cent year on year, with manufacturing up by 10.8 per cent.
December alone saw a 10.1-per cent YoY growth in industrial output, driven by a 11.9-per cent rise in manufacturing.
Natural gas output fell by 5.6 per cent YoY last year. All 34 provinces and cities recorded industrial growth during the year.
Industrial employment increased by 2.4 per cent YoY as of December 1, with companies adding 0.8 per cent more workers compared to November.
Manufacturing consumption index rose by 9.9 per cent for the entire year, easing from 11.4-per cent growth in 2024.
Fibre2Fashion News Desk (DS)
Published
January 7, 2026
Coty has faced major challenges in its global operations and Coty UK&I’s latest accounts filing shows that its British and Irish business wasn’t immune to that, although it remains a key beauty operator.
The accounts cover the 12 months to the end of June 2025 with turnover falling to £326.3 million from £335.3 million. The gross profit margin dropped to 40.9% from 41.4% and operating profit was down to £7.6 million from £8.6 million while the operating profit margin narrowed to 2.3% from 2.6%.
But there was better news on profit before tax as it jumped to £9 million from a loss of £53.4 million the year before. Net profit also moved in the right direction, reaching £7.1 million after the £56.8 million loss in the previous year.
Not that this tells the whole story. In the previous year the owner of key brands such as Rimmel London and Cover Girl had swung from a pre-tax profit of £9.9 million to a loss of £53.4 million. But the accounts statement listed a £134.7 million one-off impairment charge for the year. Without that it had seen an increase in both turnover and operating profit.
That wasn’t the case this time on the turnover front as the company said the business “experienced a slowdown in retail demand in the consumer beauty business leading to a 2.7% reduction” in turnover.
And of course, the absence of any impact impairment charges is what was behind the big difference in the profit figure, showing that the business does remain very profitable. The directors also said that they consider the reduced 2.3% operating margin to be “acceptable”.
During the year, Coty maintained its media investment across both consumer beauty and prestige brands, focusing on major celebrations to drive sales. Additionally it invested in enhancing online platforms to further promote sales and strength and digital engagement.
It will be interesting to see what the 2025/26 results show this time next year. As mentioned, the global parent company has been facing challenges and this has led to it reviewing its overall strategy.
Back in September it said that it had launched a strategic review of its consumer beauty business that could lead to the sale of some brands as it plans to focus on its more profitable fragrances unit.
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In December 2025, total trade turnover amounted to $88.72 billion, rising by 15.1 per cent month on month and 25.7 per cent YoY.
Vietnam’s total trade turnover last year reached a record high of $930.05 billion—up by 18.2 per cent YoY, with a trade surplus of $20.03 billion.
In December 2025, total trade turnover amounted to $88.72 billion, rising by 15.1 per cent month on month and 25.7 per cent YoY.
Exports generated $475.04 billion last year—up by 17 per cent YoY, while imports were worth $455.01 billion—up by 19.4 per cent YoY.
Of the total trade figure last year, exports generated $475.04 billion—up by 17 per cent YoY, while imports were worth $455.01 billion—up by 19.4 per cent YoY, domestic media outlets reported.
The foreign-invested sector recorded export growth of 26.1 per cent YoY, reaching $367.09 billion and accounting for 77.3 per cent of total exports last year. By contrast, the domestic sector saw a decline of 6.1 per cent YoY to $107.95 billion.
In December, exports rose by 23.8 per cent YoY, driven by a 38.4 per cent increase in shipments from foreign-invested enterprises.
Foreign-invested enterprises increased imports last year by 31.9 per cent YoY. Production inputs accounted for 93.6 per cent of total imports, reflecting strong manufacturing activity.
Consumer goods represented only 6.4 per cent of total imports.
The United States remained Vietnam’s largest export market last year, with shipments hitting $153.2 billion, generating a trade surplus of $133.9 billion—up by 28.2 per cent YoY.
China continued to be Vietnam’s largest import source, with imports totaling $186 billion, resulting in a trade deficit of $115.6 billion—up by 39.6 per cent YoY.
Vietnam also recorded a trade surplus of $38.6 billion with the European Union; a surplus of $2.1 billion with Japan; a deficit of $31.6 billion with South Korea and a deficit of $14.2 billion with the Association of Southeast Asian Nations (ASEAN).
Fibre2Fashion News Desk (DS)
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