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Rising rivalry slashes $20 billion value in Indian fashion chain

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Bloomberg

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January 7, 2026

Trent Ltd., once a market darling that topped India’s stock benchmark NSE Nifty 50 Index in 2024, is stuck in a deepening rout as slowing sales and fierce competition worry investors. 

Trent Ltd specialises in apparel and accessories – Westside

Shares of the Tata Group company sank nearly 40% in 2025, marking the retailer’s first annual decline in more than a decade, and dropped another 9% on Tuesday following disappointing third-quarter performance update.

The Mumbai-based company, which operates Westside and Zudio fashion outlets, is facing mounting pressure from Reliance Industries Ltd. and Aditya Birla Group, both expanding aggressively into affordable fashion. Urban demand has also remained patchy, eroding investor confidence in a stock once priced at premium valuations.

“It is a challenging time,” Karan Taurani of Elara Securities India Pvt. said. The retailer, which also operates the Star Bazaar grocery chain and Inditex’s Zara and Massimo Dutti stores in India, has to “reinvent their product” to stay ahead of peers, he added.

Trent’s post-pandemic boom was powered by Zudio, which converted aspirational buyers into loyal shoppers with trendy styles priced as low as 399 rupees ($4.4). But as growth cooled, the retailer began diversifying in 2025, launching youth-focused label Burnt Toast, expanding Zudio Beauty, and pushing into categories such as footwear, personal care and innerwear- segments that contributed 21% of sales in the September quarter. Westside has also moved into lab-grown diamonds to attract older, premium buyers.

Returns from these initiatives may take months to materialise, Taurani said.

Still, hopes are high that the moves will revive growth. Abhijeet Kundu, an analyst at Antique Stock Broking, expects accelerated store expansion at Westside in coming quarters, and sees Trent continuing to outperform peers led by its store experience and expansion strategy.

The company added 65 stores across Westside and Zudio in the December quarter, but revenue per square foot- a key investor metric- fell 16% from a year earlier.

That has made Citigroup “cautious” on Trent, according to its Mumbai-based analyst Ashish Kanodia, who cited factors like “increasing competition, the impact of cannibalisation, and new-store expansion” in smaller towns continuing to weigh on the stock.



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Louis Vuitton marks 10 years of Unicef partnership with limited-edition Silver Lockit

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January 13, 2026

Louis Vuitton is marking the tenth anniversary of its partnership with Unicef with the launch of a limited gold edition of the Silver Lockit pendant. 

Louis Vuitton marks 10 years of Unicef partnership with limited-edition Silver Lockit. – Louis Vuitton

Produced in a highly limited series, the exclusive unisex design is crafted, for the first time, in yellow gold. For each gold pendant sold, Louis Vuitton will donate $800 to Unicef, strengthening the impact of its collaboration in support of children.

The anniversary celebrations will continue throughout 2026, with additional pieces from the Silver Lockit collection set to launch in April, alongside further activations linked to the partnership.

The French luxury house first introduced the Silver Lockit collection, inspired by the padlock of the 1901 Louis Vuitton Steamer bag, as part of its partnership with Unicef, solidified on January 12, 2016.  The design reflects shared values of trust, protection and transmission that underpin both Louis Vuitton’s heritage and Unicef’s mission.

Since its debut, the Silver Lockit collection has been reinterpreted annually as a fundraising and awareness initiative. Over the past decade, the partnership has generated more than $28 million for Unicef, contributing to programmes that support children in vulnerable situations worldwide.

Copyright © 2026 FashionNetwork.com All rights reserved.



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Underwear and lingerie producer Trucco Tessile buys rights to Italian homewear brand Happy People

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Nicola Mira

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January 13, 2026

Major developments are on the cards in 2026 for Trucco Tessile, the Cuneo-based Italian producer of pyjamas, underwear and loungewear. Trucco Tessile has bought, for an undisclosed amount, Italian homewear brand Happy People, renowned for its cheerful, insouciant, creative and colourful style. “The acquisition marks a new chapter in the history of [Trucco Tessile], as the group aims to continue to grow and innovate while abiding by its values of quality, creativity and care for people,” said Agostino Trucco, CEO of Trucco Tessile since January 1, speaking to FashionNetwork.com.

Happy People

Happy People was created with the goal of fostering joy and good cheer, and is well-known for its family-oriented collections and its distinctive depictions of two characters, a wolf and a sheep, that have become symbols of affection, close familiarity and good humour. “Happy People is much more than a brand, it’s a way of looking at life with joy,” said Trucco. “Welcoming [Happy People] into our family means believing in the value of emotions, in the power of a smile, and in the strength of stories that unite people. It’s a development that looks to the future with confidence, and goes hand in hand with our desire to keep innovating without losing our sense of humanity,” he added.
 
“[Happy People] is a label that has made history in its segment, so it cropped up on our radar. Let me underline that the company wasn’t going through a rough patch, business was buoyant, the owners simply decided to sell,” said Trucco. “As a result, we’re dealing with a brand (since we bought just the brand name – and only the rights relating to the apparel, pyjamas and underwear categories – we didn’t buy the company that produces Happy People) that is sound and well-established. It has an extremely strong identity, and is an interesting complement to our portfolio,” he added.

Trucco Tessile’s new acquisition is vertically integrated and has a strong product focus, complementing the Cuneo group’s nightwear know-how. The group’s portfolio also includes Julipet, a high-end men’s underwear brand, Boglietti, a women’s lingerie brand whose positioning was recently elevated from the market’s mid-range to the premium segment, and Alpina, a mid-range women’s and men’s underwear brand. “Style-wise, Happy People is entirely different from Boglietti, which targets elegant, understated and sophisticated women. Happy People’s brand narrative is fun, amusing and family-friendly,” said Trucco. “Besides, Happy People is a concept that goes beyond a mere product, pyjamas, and tells a love story – a strictly platonic one – between a wolf and a sheep.”

Happy People
Happy People

Happy People’s household linen range remains instead, as before, the property of Italian Textile Company, based in Ferno, near Varese. Trucco Tessile is planning to expand Happy People’s retail footprint both in Italy and abroad through the wholesale and e-tail channels. The brand is currently distributed via some 400 stores in Italy, Belgium, Spain, Germany and Greece.

In 2024, Trucco Tessile generated a revenue of €9 million, with e-tail sales growing and accounting for 10% of the total. “Through the new three-year business plan I have drawn up,” said Trucco, “we’ll try to align our three channels, i.e. e-commerce, the DTC channel consisting of our physical stores (we have a dozen) and the wholesale business, to become as much as possible an omni-channel company.”
 
As for Trucco Tessile’s other brands, Boglietti has developed a range that utilises natural fabrics like cotton, cotton-linen and cotton-bamboo blends, characterised by an “elegant, pared-down style consistent with the brand identity strategy we have implemented for the underwear and nightwear lines,” said Trucco.

Happy People

Julipet’s new nightwear is an ode to colour: “we’re well aware that blue is the colour of the night and of Julipet, and is synonymous with elegance, but we’re bringing alternatives to the market. Our watchwords this year are colour, colour, colour. The same goes for [Julipet] swimwear, and of course there’s a whole range of Julipet apparel, chiefly travelwear, featuring ultra-resistant, breathable, fresh and lightweight high-tech fabrics. Our new Oxford line, with a dozen SKUs, is absolutely innovative. It’s a highly streamlined range in a wide variety of colours, whose key feature is the use of high-tech  fabrics with specific functions. The garments are comfortable, extremely functional, and highly suitable for people who travel a lot,” said Trucco.
 
Alpina, which operates a handful of monobrand stores in Piedmont and is designed for everyday use, has functionality as its key feature. The brand’s hero products are its signature pyjamas, but Trucco Tessile is working to expand Alpina’s assortment to include sportswear, starting from the Fall/Winter 2026-27 season.

Copyright © 2026 FashionNetwork.com All rights reserved.



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Sophie Fontanel receives Legion of Honor

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January 12, 2026

Le Tout Paris celebrated France’s most famous fashion writer Sophie Fontanel this weekend, when the noted scribe was awarded the Chevalier de Légion d’Honneur.

Sophie Fontanel

 
Presented inside the Left Bank’s most happening art space Nemmours Gallery, there was practically designer gridlock at the event: with Jean Charles de Castelbajac, Simon Porte Jacquemus, Alexandre Mattiussi, Rabih Kayrouz, Elite Top, and Ines de la Fressange all in attendance.
 
After celebrating her 21 published books, dating back to her 1995 debut Sacré Paul, French costume designer and film producer Rosalie Varda pinned the famed medal onto the lapel of the classic two-button black Yves Saint Laurent jacket Fontanel wore with white sailor pants.

Sophie Fontanel with guests
Sophie Fontanel with guests

 
“When I acquired this jacket in a vintage store, the boutique owner told me when I put it on that it would lead to something historic. And looks like he was right,” joked Fontanel, whose invitation read Sacré Sophie.

In a novel touch, the new chevalier pinned personal notes to scores of guests on the gallery’s white walls. “Honour to Veronique Nichanian for our so French stateless voyages,” read one referring to Hermès soon to depart menswear designer. “Honour to Simone Porte Jacquemus, for a regard that says everything,” or “Honour to (documentary filmmaker) Loïc Prigent for the fraternité carried out to this extent.” While de Castelbajac was lauded for his “true nobility. A smile.”

Notes by Sophie Fontanel
Notes by Sophie Fontanel

 
Colleagues were also kindly treated: Madame Figaro’s fashion editor Delphine Perroy praised “for the smile that heals everything,” while yours truly had a note that read: “Honour to Godfrey Deeny for the tender authority.”
 
In an impressive career, Fontanel has been editor in chief of French Cosmopolitan; TV star Nulle part ailleurs- France’s number one talk show of the 90s; Grand Reporter of Elle; and, for the past decade, columnist for news weekly L’Obs.  Plus, her pithy commentary on all things fashionable has won her 489K followers on Instagram.

Sophie Fontanel's note to Godfrey Deeny
Sophie Fontanel’s note to Godfrey Deeny

 
Not bad going for a lady whose grandmother fled the Armenian genocide to France a century ago clutching, legend has it, a page of Vogue up her sleeve.

Copyright © 2026 FashionNetwork.com All rights reserved.



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