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Puma sees quarterly sales drop on US, China

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March 11, 2025

German sportswear Puma said on Tuesday it expects currency-adjusted sales growth to be in a low single-digit percentage, below the previous year’s level, due to a soft performance in the U.S. and China.

Puma

The company expects to incur one-time costs of up to 75 million euros ($81.96 million) in 2025 due to its cost efficiency programme.

Puma expects adjusted earnings before interest and taxes (EBIT) for the year to be in the range of 520 million euros to 600 million euros, while it sees EBIT growth to range between 445 million euros and 525 million euros for the same period, including the one-time cost of its efficiency initiative.

Puma’s weak quarterly sales and annual profit announced in January have fed into concerns about its ability to compete with bigger rivals Adidas and Nike. The sportswear brand launched a cost-cutting programme earlier this year after its annual net profit fell below the prior year’s level, missing expectations.

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EU to impose counter tariffs on $28 billion in US goods

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March 12, 2025

The European Union will impose counter tariffs on 26 billion euros ($28 billion) worth of U.S. goods from next month, the European Commission said on Wednesday, ramping up a global trade war in response to blanket U.S. tariffs on steel and aluminium.

Reuters

U.S. President Donald Trump‘s increased tariffs of 25% on all steel and aluminium imports took effect on Wednesday as prior exemptions, duty free quotas and product exclusions expired.

The European Commission said it will end the current suspension of tariffs on U.S. products on April 1 and will also put forward a new package of countermeasures on U.S. goods by mid-April.

The suspended tariffs apply to products ranging from boats to bourbon to motorbikes, and the EU said it would now start a two-week consultation to pick other product categories.

The new measures will target around 18 billion euros in goods, with the overall objective to ensure that the total value of the EU measures corresponds to the increased value of trade impacted by the new U.S. tariffs, the EU said.

The proposed target products include industrial and agricultural products, such as steel and aluminium, textiles, home appliances, plastics, poultry, beef, eggs, dairy, sugar and vegetables.

“Our countermeasures will be introduced in two steps. Starting with 1 April and fully in place as of 13 April,” Ursula von der Leyen, the president of the European Commission, said in a statement.
“We are ready to engage in meaningful dialogue. I have entrusted Trade Commissioner Maros Sefcovic to resume his talks to explore better solutions with the U.S.,” von der Leyen added.
 

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Duty-free retailer Avolta reports annual turnover above estimate

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March 12, 2025

Swiss duty-free retailer Avolta reported a slightly better-than-expected annual turnover on Wednesday, helped by growth across all regions amid solid leisure demand.

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The company, which runs shops at airports, on cruise liners, in seaports, and other tourist locations worldwide, posted an annual core turnover of 13.47 billion Swiss francs ($15.24 billion), up from 12.53 billion francs a year earlier, and slightly ahead of analysts’ forecast of 13.43 billion francs in a poll by Vara Research.

In the medium term, Avolta is targeting core turnover growth of 5-7% per year at constant exchange rates, along with an annual improvement in core profit margins of 20-40 basis points.

For the medium term, Avolta is still targeting core turnover growth at constant exchange rates of 5-7% per year, and an annual improvement in core profit margins of 20-40 basis points.

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Vegan Fashion Week reinvents itself as Ethical Luxury Summit

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Founded in 2019 by Franco-American Emmanuelle Rienda, Vegan Fashion Week is now reinventing itself with a new look and a new name: the “Ethical Luxury Summit”. Held in Los Angeles since its origins, the event took place on Monday and Wednesday at the California Market Center in Downtown LA.

Victor Clavelly alien looks at Ethical Luxury Summit, Downtown Los Angeles – Alexis Chenu

“The Ethical Luxury Summit marks a turning point and a great evolution of the Vegan Fashion Week,” explained Rienda. “Six years ago, no one was really talking about vegan fabrics or sustainability. My personal journey, my encounters with emerging designers and our conversations on the use of recycled animal fabrics and ethically produced materials, helped our event evolve. Today, we are expanding our event to include ethical fashion. This new approach is now receiving more attention from fashion houses and luxury brands, and opening new doors.”
 
The highlight of the event, the “Golden Hour Fashion Show”, brought together a host of guests, including podcaster and bestselling author Jay Shetty; actress Richa Moorjani; Norwegian prince and shaman Durek Verrett; French actor and artist Romain Brau; and stylist Philippe Uter.

The famous Parisian school Ecole Duperré opened the show with the presentation of collections by two young designers from the school. “Our participation is linked to our curiosity and also to our focus on sustainable fashion, which is in our DNA,” explained Mathieu Buard, director of Fashion and Image Studies at Ecole Duperré. 

“The school has been working with recycled fabrics for a long time, even before we started talking about ecology and sustainability. This theme is at the heart of our educational program, and particularly of our creative and design processes,” added Buard.

Guy Chassaing from Ecole Duperré at Ethical Luxury Summit, Downtown Los Angeles
Guy Chassaing from Ecole Duperré at Ethical Luxury Summit, Downtown Los Angeles – Alexis Chenu

Watched by 400 guests, the mutant silhouettes of designer Victor Clavelly, bewitched a Los Angeles audience always in love for stories of aliens. Noted a few months ago for his collaboration with Rick Owens around extraordinary feather boots, Clavelly presented short, lamé dresses with pointed shoulder pads, pixelated tops and plant-print jumpsuits punctuated by long hands reminiscent of alien anatomy.
 
This was followed by another talent, Guy Chassaing, also a graduate of the Ecole Duperré, and now part of the Alaïa fashion house. “Eight voluminous silhouettes inspired by my desire to recycle and my grandmother, who used rags, shreds and scarves to put together looks and outfits,” said Chassaing.

“This is the starting point for my collection, which is created from scraps of wool needled one by one onto silk organza. A time-consuming technique, requiring over 250 hours of work for each dress, but a way for me to compose new creations from new textures and textiles”.
 
The second part of the show featured Moroccan fashion collective Label Oued in an ultra-colorful collection full of nods to Morocco and California. A manifesto collection co-created by four designers – Mina Binebine, Nadia Chellaoui, Youssef Drissi and Angeline Dangelser – and produced in collaboration with Balmain, supplier of the fabrics. 

Label oued collective presented its first show co-created by four Moroccan designers
Label oued collective presented its first show co-created by four Moroccan designers – Alexis Chenu

“Since 2023, Label Oued has brought together Moroccan designers and helping them to shine internationally,” explained Dangelser, a former designer for Parisian luxury houses, now based in Casablanca.

“In addition to traditional know-how, we encourage them to take an interest in textile innovations and offer an alternative to fast fashion. Collaboration with Balmain and textile manufacturers such as Subliwear has given rise to this original collection, which both hijacks Moroccan symbols and plays on Californian codes.”
 
Alongside the show, the Ethical Luxury Summit also organized six round tables and conferences exploring the relationship between luxury and ethical fashion. Among the topics discussed were “Is ethical fashion the new luxury?”; “AI, fashion tech and transparency in luxury goods”; and “The role of artisanship and cultural heritage in modern luxury”. 
 
The event also invited some 20 international brands and ethical designers to present their collections and stories in its designer gallery. Among them were local and made-in-Los Angeles brands such as Tanaka, the upcycling brand founded by British designer Ana Tanaka; and bags made from cactus or apple fibers by Carter Wade.

Ana Tanaka booth at the Designer Gallery, Ethical Luxury Summit, Los Angeles
Ana Tanaka booth at the Designer Gallery, Ethical Luxury Summit, Los Angeles – Alexis Chenu

Represented by Los Angeles-based press office Maison Privee, De Florencio unveiled the “rockstar, streetwear and futuristic” label founded by Nino Cutraro and made entirely from dead stocks in Los Angeles. A label adored by the Tik-Tokers and influencers who flocked to the Melrose Trading Post, where the brand regularly presents its collections. 
 
In a completely opposite genre, Parisian couture atelier Atelier 7474 and its founder Audrey Geschwind presented its supra VIP creations. Used to collaborating with the great luxury houses, from Balmain to Loewe, creating costumes and outfits for the Paris Opera, and for top international stars such as Rihanna, Ariana Grande and Lady Gaga, the designer presented in Los Angeles her creations revisiting traditional tutus.
 
“We’ve just come back from Las Vegas, where we presented unique outfits at the Magic trade show. A sort of reversed tutu for men, each piece requiring over 100 hours of handwork,” said Geschwind. “As the American market is crucial for our company, we’re also taking advantage of the Ethical Luxury Summit to present my collection of modular jewelry dresses, made from dead stocks.”

Atelier 7474 reversed tutu
Atelier 7474 reversed tutu – Atelier 7474

A few steps from Atelier 7474, Italian shoe brand Zingales revealed its vegan richelieus and derby models. “The American market is crucial to our development and particularly open to vegan footwear,” explained brand founder and vegetarian, Vincenzo Zingales. “Our shoes are made from an alternative suede of the future, manufactured from PVC-free ultra-microfibers. Even the Vibram sole is made from 90% non-petrochemical ingredients, right down to the color made from natural pigments.”
 
The first edition of the Ethical Luxury Summit, organized with the support of MMGNET Group, concluded with a fundraising gala on the rooftop of the California Market Center, where cocktails and vegan snacks by French pastry chef François Daubinet delighted the audience.

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