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OTB marks 20 years of Diesel in China with the opening of its new APAC headquarters in Shanghai

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OTB marks 20 years of Diesel in China with the opening of its new APAC headquarters in Shanghai


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October 17, 2025

Only The Brave reaffirms its long-term commitment to China with three initiatives that underscore the importance of the Chinese market for the international fashion and luxury group, which brings together the brands Diesel, Jil Sander, Maison Margiela, Marni, Viktor&Rolf, and the companies Staff International and Brave Kid, and holds a stake in the Amiri brand. In addition, founder Renzo Rosso says he will invest further in China.

Renzo Rosso in Shanghai for Diesel’s 20 years in China – OTB

The first initiative is the official opening of its new APAC headquarters in Shanghai, a region where OTB now has 900 employees and around 100 stores, spread across China, Hong Kong, and Macao. Attending the inauguration ceremony, alongside the group’s founder, Renzo Rosso, were the Consul General of Italy in Shanghai Tiziana D’Angelo and Shanghai’s Jing’an District authorities.

The new headquarters boasts double the space of its previous address and is located in the Lee Gardens building. Nestled in the heart of the city’s Jing’an District, it overlooks the scenic Suzhou Creek. According to a statement, the location and expansion of the offices reflect the group’s desire to strengthen its roots in China, as well as to offer the team increasingly modern and functional workspaces and to consolidate relationships with local partners.

The second initiative during Renzo Rosso’s visit to China was a talk for students at Donghua University, one of Asia’s most prestigious design and fashion universities, organised under the patronage of the Consulate General of Italy, Camera Nazionale della Moda Italiana, Altagamma, the Italian Trade Agency, and the Italian Cultural Institute.

A moment from Rosso's lecture at Donghua University
A moment from Rosso’s lecture at Donghua University – OTB

Third initiative: as 2025 marks the 20th anniversary of Diesel’s presence in China, where the brand has built a recognisable and coherent presence, an event was organised at the Fosun Foundation in Shanghai. The highlight of the event was the launch of a capsule collection titled “Diesel China 20th Anniversary”, designed by Creative Director Glenn Martens.

“China is a country with a unique energy; every time I come back here I am fascinated by its pace, creativity and speed,” said Renzo Rosso. “For our group, China is not only a strategic market, but an inexhaustible source of inspiration. Over the past two decades, we have expanded the presence of our brands and built an authentic dialogue with new generations who share the values of our brands. Our philosophy is to collaborate with local communities to merge brand know-how with the local mindset. The opening of the new Shanghai headquarters, meeting with young talent at Donghua University, and the celebrations of Diesel’s 20th anniversary represent a special moment for me and for the OTB Group […] We will continue to invest in China in the future.”

Shortly before the evening event in Shanghai, Rosso told Reuters that these investments in China will be made by his group despite the decline in the local market, and will take the form of a reorganisation of OTB’s retail presence. The entrepreneur revealed that some stores will be closed, but others will be opened in new and better locations.

Rosso with staff at OTB Group's new APAC headquarters in Shanghai
Rosso with staff at OTB Group’s new APAC headquarters in Shanghai – OTB

“I am optimistic. I think that if the Chinese market continues to proceed in this way, it could represent an opportunity, because we will be able to have better spaces at better prices, which wasn’t the case before,” Rosso told Reuters. “My current vision is to invest in the country. I believe in China; it’s so big, so important. We are doing well this year compared to the market,” he added. “Everyone is in decline; we have some growth, so we are quite satisfied.”

Over the years, the Veneto-based group has supported numerous initiatives and collaborations in China that have connected the creativity and values of its brands with designers, artists and local communities. Notable among these are the “Marni Miao” project, which celebrated the elegance and complexity of embroidery by reinterpreting the codes of the Miao minority through a contemporary lens, as well as the various capsule collections that Diesel has created in collaboration with Chinese designers such as Xander Zhou and Pronounce and celebrities such as William Chan and Chris Lee, along with events and music tours with local artists.

In addition, Maison Margiela has brought its experimental vision into dialogue with the country’s contemporary art and culture through new retail formats, pop-ups, installations and initiatives in different cities, while MM6 Maison Margiela has collaborated with designer Chen Peng.

Renzo Rosso
Renzo Rosso – OTB

In addition, OTB has long supported the new generation of Chinese talent. Renzo Rosso has in fact served on the jury of the BoF China Prize in 2019 and supported the launch of the Yu Prize competition, providing mentorship and coaching to support and develop the country’s young designers.

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UK budget mildly deflationary; debt to climb past 106%: Fitch

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UK budget mildly deflationary; debt to climb past 106%: Fitch



Fitch Ratings has assessed the UK budget as marginally deflationary and expects the country’s debt burden to rise above 106 per cent of GDP by 2027, underscoring the limited fiscal room available to absorb shocks. The debt ratio remains more than double the median for ‘AA’-rated sovereigns at 49 per cent and is set to edge up further in 2028–2029.

The rating agency said the government’s latest fiscal package is broadly in line with projections made when it affirmed the UK at ‘AA-’/Stable in August but said that the path to consolidation is becoming more challenging.

Fitch Ratings has deemed the budget marginally deflationary, sees debt rising above 106 per cent of GDP by 2027.
The agency said the UK budget broadly aligns with its August deficit projections but signals of rising implementation risks due to back-loaded tax measures and tight spending plans.
New taxes total £26 billion (~$34.37 billion) by FY29, while social spending rises further.

Fitch said the budget’s new tax measures represent £26 billion (~$34.37 billion), or 0.7 per cent of GDP, by fiscal 2029 (FY29), with threshold freezes contributing £8 billion (~$10.57 billion). New Office for Budget Responsibility (OBR) data show general government net borrowing projections 0.2 percentage points (pp) higher on average in 2026–2028 than in March, before falling 0.2 points in 2029, Fitch Ratings said in a release.

Fiscal data since summer remain broadly in line with Fitch’s forecast for the general government deficit to narrow by 0.6 pp in 2025 to 5.3 per cent of GDP and then to 4.4 per cent in 2027, around 0.7 points slower than the government’s new targets.

The agency highlighted material uncertainty around implementation, particularly given the challenging expenditure consolidation outlined in June’s Spending Review, which the budget largely preserves. Real-terms public-sector current spending growth has been tightened further in FY29 to zero, averaging 1.2 per cent in FY26–FY28 compared with 3.4 per cent in FY24–FY25.

Fitch noted that many tax measures are highly back-loaded, coming into effect closer to mid-2029, the latest possible timing of the next general election. A large portion of the tax plan also consists of numerous smaller measures, making the overall impact less transparent than the broader income tax rise the government signalled before the budget. Options to raise further revenue are politically constrained by 2024 election pledges not to increase personal income tax, VAT or National Insurance.

Still, Fitch said Chancellor Rachel Reeves is demonstrating firmer commitment to the fiscal rule than recent predecessors. Last year’s decision to shorten the rolling forecast horizon from five to three years from 2026 has reduced the scope to delay real fiscal adjustment. Aligning fiscal plans more closely with three-year spending reviews also makes it harder to rely on unrealistic spending cuts to fill fiscal gaps.

Budget headroom has increased from £12 billion to £22 billion, around 0.6 per cent of GDP, but Fitch said this remains limited and constrains efforts to improve policy predictability.

Revenue projections have been reshaped by a £16 billion downgrade in expected tax receipts due to lower OBR productivity assumptions, reducing average GDP growth in 2026–2029 by 0.3 pp to 1.5 per cent. Upward revisions to inflation and wage growth more than offset this decline. The OBR’s updated medium-term GDP growth outlook is now closer to Fitch’s trend estimate of 1.4 per cent, of which total factor productivity contributes only 0.3 points.

Although sustained high nominal gilt yields represent a significant fiscal risk, the UK’s long average debt maturity of 13.7 years helps contain projected debt-interest requirements, which Fitch expects to rise modestly to 7.4 per cent of revenue in 2027 from 7 per cent in 2024.

Fitch projects modest GDP outperformance in the near term compared with its August forecast of 1.2 per cent for 2025, although a weakening labour market poses a small downside risk to its 1.2 per cent projection for 2026. The agency judges the budget as marginally deflationary and expects inflation to fall to 2.4 per cent by end-2026.

Fibre2Fashion News Desk (HU)



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New Balance launches three new stores in Bengaluru, India

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New Balance launches three new stores in Bengaluru, India


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December 1, 2025

Global athletic brand New Balance has expanded its brick-and-mortar footprint in the Bengaluru metro area and opened its doors at three new locations: Indiranagar, HSR, and Forum South Bengaluru.

New Balance is focusing on the Indian market for growth – New Balance

 
“We are excited to deepen our presence in Bengaluru- with our stores at Brigade Road, Indiranagar, Forum Mall, and HSR, anchoring us in a city that embodies innovation, culture, and an unwavering passion for fitness,” said New Balance India’s country manager Radeshwer Davar in a press release. “This weekend’s in-store experience and community run allowed us to bring New Balance’s philosophy to life while reinforcing our commitment to building inclusive fitness communities and we want to thank the people of Bengaluru who turned up in great spirit.”
 
Highlighting its long-term commitment to the Indian market, the new outlets are designed to offer an immersive retail environment and mix craftsmanship with technology. New Balance held an exclusive in-store event at its Indiranagar store, featuring an interactive brand showcase of both footwear and apparel. The New Balance Run Club also put on a community run which saw participation from over 200 individuals.

“Over the past year, we’ve more than doubled our retail footprint in India, and these three new stores are a strong testament to that momentum,” said Davar. “For us, it’s not just about expanding retail locations- it’s about creating experiential centres that bring innovation, performance, and style together under one roof.”
 
Headquartered in Boston, US, New Balance has been independent since 1906 and employs 10,000 associates worldwide. The business reported a global sales total of 7.8 billion dollars in 2024 and counts five athletic footwear factories in New England, US and one in Flimby, UK.

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U.S. Black Friday online sales hit record $11.8 billion, Adobe reports

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U.S. Black Friday online sales hit record .8 billion, Adobe reports


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Reuters

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December 1, 2025

American shoppers spent a record $11.8 billion online on Black Friday, up 9.1% from last year, final data from Adobe Analytics showed.

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Adobe Analytics, which tracks over 1 trillion U.S. retail site visits, expects shoppers to spend $5.5 billion on Saturday and $5.9 billion on Sunday, up 3.8% and 5.4% from a year earlier respectively.

Separately, software firm Salesforce reported that American consumers had spent $18 billion on Black Friday purchases, up 3% from a year ago, with luxury apparel and accessories among the most popular categories.

Although U.S. consumers spent more this Black Friday compared to last year, price increases hampered online demand, according to Salesforce, with shoppers purchasing fewer items at checkout compared to last year.

At physical stores, the bargain-chasing was relatively subdued on post-Thanksgiving morning, with some shoppers saying they feared overspending amid persistent inflation, trade policy-driven uncertainty, and a soft labor market.

Cyber Monday, traditionally a big day for online deals, is expected to be the season’s biggest online shopping day again, Adobe projects, driving $14.2 billion in spending, up 6.3% from last year. 

© Thomson Reuters 2025 All rights reserved.



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