Fashion
Sustained, slower improvement in US manufacturing operating conditions
The seasonally-adjusted US manufacturing PMI recorded 51.8 in December. That was down from 52.2 in November and signaled the weakest expansion of the manufacturing economy in the current five-month growth sequence.
December’s S&P Global PMI data indicated a sustained, albeit slower, improvement in US manufacturing sector operating conditions.
The seasonally-adjusted manufacturing PMI was 51.8 in December.
Weaker growth resulted from a mild contraction in new order intakes.
Global sales continued to fall, in part linked to tariffs.
Confidence in the outlook remained positive despite easing slightly since November.
Weaker growth emanated from a mild contraction in new order intakes, the first in a year.
International sales continued to fall, in part linked to tariffs, which also continued to push up operating expenses at an elevated pace.
Although remaining historically elevated, both input and output prices rose at their slowest rates for 11 months.
US firms reported that employment growth was sustained into the end of 2025, with job creation reaching the most pronounced since August.
Confidence in the outlook also remained positive despite easing slightly since November.
Exports were also a source of demand weakness, falling for the seventh successive month.
Tariffs were reported to have weighed on export sales, especially to Canada. A reduction in demand led to weaker output gains in December, the softest in three months.
Amid a reduction in sales, production increased sufficiently for firms to continued adding to their stocks of finished goods for the fifth month in a row, though the rate of accumulation moderated noticeably from November’s survey record.
Work outstanding declined for the fourth month in a row during December, partly due to an expansion in labour capacity.
Meanwhile, difficulties receiving inputs due to supplier capacity constraints were noted to have driven average lead times higher in December. The latest lengthening of lead times was the most marked in seven months.
Fibre2Fashion News Desk (DS)
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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