Fashion
Sep 2025 US logistics manager index falls to lowest since Mar
The rate of expansion was more pronounced later in September, reading in at 60.5 during the second half of September – which was up significantly from the reading of 55.9 early in the month. The drop can be largely attributed to slowdowns in the expansion of supply chain costs.
The US logistics manager’s index (LMI) for September was 57.4, down by 1.9 points from August’s 59.3.
This is the lowest reading for the overall index since March this year.
The slowdown in logistics expansion is due to a declining rate of growth across the majority of the sub-metrics, with transportation utilisation down by 4.7 points to 50, which indicates no movement.
The LMI score is a combination of eight unique components that make up the logistics industry: inventory levels and costs, warehousing capacity, utilisation and prices, and transportation capacity, utilisation and prices.
Taken together, the three cost/price metrics were down 11.9 points in September, reading in at 195.66. This is the slowest rate of cost expansion since March and the second lowest in 2025.
The slowdown in logistics expansion is due to a declining rate of growth across the majority of the sub-metrics, with transportation utilisation down by 4.7 points to 50, which indicates no movement.
This is the first time a reading this low has been seen for transportation utilisation in September, which is generally a busy season in the freight market.
The slight negative freight inversion that began in August continued in September, with transportation prices dipping by 1.9 points to 54.2, which is just below 55.1 of transportation capacity (minus 2.2 points).
While transportation prices are still expanding, this is the lowest rate of growth tracked for this metric since April 2024, which was the last month of the most recent freight recession.
Inventory costs were high at 79.2.
Researchers at Arizona State University, Colorado State University, Florida Atlantic University, Rutgers University and the University of Nevada, Reno, and in conjunction with the Council of Supply Chain Management Professionals (CSCMP) issued the LMI report.
This slowdown is reflective of uncertainty in the overall economy, an official release said.
Fibre2Fashion News Desk (DS)
For India’s textile and apparel (T&A) industry, which is deeply dependent on US buyers and already grappling with sharply higher duties imposed since August ****, the implications are severe. The US accounts for nearly $* billion of India’s T&A exports ($*.** billion during January–October ****, down from $*.** billion in ****), with apparel alone contributing $*.** billion. If a tariff were imposed anywhere near the headline rate, Indian garments would likely become commercially unviable almost overnight. US brands and retailers would be forced to reroute sourcing rapidly, while Indian exporters, who are highly exposed to the US market, would scramble to find alternative destinations for a large share of their exports. The US accounts for nearly $* billion of India’s T&A exports ($*.** billion during January–October ****, down from $*.** billion in ****), with apparel alone contributing $*.** billion, as per Fibre*Fashion**;s sourcing intelligence tool TexPro.
What exactly is the “*** per cent tariff” threat?
All geographic regions recorded growth at constant exchange rates, with particularly strong double-digit performances in the Americas, Japan, and the Middle East and Africa. Sales in the Americas climbed 14 per cent at constant rates, supported by robust local demand across all business areas and major markets. Europe recorded 8 per cent growth, underpinned by local demand and supportive tourist spending, especially from North American and Middle Eastern visitors, with the UK and Italy delivering notable performances.
Richemont SA has posted a strong Q3 FY26, with sales reaching €6.4 billion (~$7.424 billion), up 11 per cent at constant exchange rates, led by retail strength and broad regional growth.
The Americas, Japan, and Middle East & Africa delivered double-digit gains.
Nine-month sales rose 10 per cent at constant rates, while disciplined investment supported growth amid currency and cost pressures.
The Middle East and Africa emerged as the fastest-growing region, with sales up 20 per cent, led by strong momentum in the United Arab Emirates and double-digit growth across all business areas. Asia Pacific sales increased 6 per cent at constant rates. Sales in China, Hong Kong and Macau combined rose 2 per cent, largely driven by solid activity in Hong Kong, while South Korea and Australia posted robust growth. Japan delivered a standout performance, with sales rising 17 per cent, Richemont said in a press release.
By distribution channel, retail continued to lead growth, with sales up 12 per cent at constant exchange rates and accounting for 72 per cent of group sales. Online retail sales rose 5 per cent at constant rates.
The ‘Other’ business area of the group remained broadly stable. Within this segment, Fashion and Accessories Maisons posted a 3 per cent increase in sales.
During the quarter, the group benefited from new product launches and impactful communication, with Peter Millar and Gianvito Rossi posting solid momentum within the Fashion and Accessories segment.
For the nine-month (9M) period of FY26, Richemont reported sales of €17 billion, representing growth of 10 per cent at constant exchange rates and 5 per cent at actual rates. Growth over the period was broad-based across regions, channels and business areas.
The group continued to invest consistently in nurturing the long-term growth prospects of its Maisons amid a complex macroeconomic environment characterised by weaker major trading currencies and rising material costs, which continued to weigh on margins. Richemont ended the period with a robust net cash position of €7.6 billion, compared with €7.9 billion a year earlier.
Fibre2Fashion News Desk (SG)
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