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Gold vaults $3,000 in rush for safety from market, political worry

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March 16, 2025

The relentless rise of gold has taken prices of the precious metal above the psychologically key $3,000 per ounce mark for the first time, as geopolitical and economic uncertainty sent investors rushing into the safe-haven asset.

Spot gold hit a record $3,004.86 per ounce on Friday, marking its thirteenth all-time high in 2025. Prices have already climbed 14% this year, after surging 27% in 2024.

“With continued central bank buying, there are multiple factors driving demand. In a backdrop of geopolitical uncertainty and ongoing tariff changes, appetite for gold remains strong,” said Standard Chartered analyst Suki Cooper.

Since the start of U.S. President Donald Trump‘s administration, protectionist policies have jolted global markets, with his tariffs triggering swift retaliation from China and Canada. 

“With equity markets selling off and unpredictable political risks, we are starting to see a return of Western investors to gold, which could propel it to much higher levels,” said John Ciampaglia, CEO of Sprott Asset Management. 

“We consider gold as an ‘insurance policy’ and source of liquidity in difficult market environments.”

Tariffs fuel inflation fears and trade tensions, driving investors to gold as a safe-haven hedge.     
Meanwhile, gold stocks in COMEX-approved warehouses hit a record 40.56 million ounces, as traders rushed to cover positions amid tariff uncertainty. But inflows have slowed in recent weeks. 

Traders are doubling down on U.S. Federal Reserve rate cuts, now expecting three quarter-point reductions this year, up from two just days ago.

The Fed has slashed rates by 100 basis points since September, pausing in January, but markets now anticipate cuts to resume in June. That is keeping the dollar under pressure, a stark shift from when Trump’s protectionist policies strengthened the currency.

“The inflation data is helping to give the market confidence that the easing cycle will continue, given concerns around inflation and growth,” said Standard Chartered analyst Suki Cooper.

Investor demand for gold is surging, with physically-backed gold exchange-traded funds (ETFs) recording their largest weekly inflow since March 2022, according to the World Gold Council‘s February data.

The SPDR Gold Trust (GLD), the world’s largest gold-backed ETF, saw holdings rise to 907.82 metric tons on February 25, the highest since August 2023. 

“There will likely be increased flows into safe-haven assets like gold, especially as investors move away from equity growth stocks amid rising uncertainties and future concerns,” said Dina Ting, Head of Global Index Portfolio Management at Franklin Templeton.

She noted that while investment strategies vary, a 5% to 10% gold allocation can offer effective diversification.

Gold’s rise is getting another tailwind from central bank demand. Analysts say strong buying in 2025 could push prices to new highs as nations continue stockpiling the metal amid economic uncertainty.

“Central banks may ramp up gold purchases amid market uncertainties, not just to hedge against the U.S. dollar but to anchor their currencies to gold as well,” Ting said.

China’s gold reserves marked four straight months of buying in February. After an 18-month spree, the central bank paused for six months in 2024 before resuming purchases in November.

In the absence of any improvement in the U.S. budget deficit, gold could challenge a high of about $3,500, Macquarie said in a note. Goldman Sachs raised its year-end 2025 gold target to $3,100.
Central banks snapped up over 1,000 tons of gold for the third year in a row in 2024, and in the final quarter of 2024 – as Trump’s election win roiled markets – buying soared 54% year-on-year, according to a report from the World Gold Council last month.

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Carmina Shoemaker expands globally after reaching €20 million in 2024, with new stores in Luxembourg and London

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Translated by

Nazia BIBI KEENOO

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March 17, 2025

Founded in 1866 by Matías Pujadas in Mallorca, Carmina Shoemaker has evolved into a globally recognized artisanal footwear brand. Now in its sixth generation, the family-led business reached €20 million in revenue in 2024. “We are five siblings, a family business, and we want to keep it that way,” says commercial director Sandro Albadalejo. Looking ahead to 2025, Carmina is gearing up for key expansions, with new stores set to open in Luxembourg and London—moves expected to drive annual revenue growth of up to 15%.

One of Carmina Shoemaker’s stores in New York Carmina Shoemaker – Carmina Shoemaker

The Balearic brand maintains a balanced distribution strategy across its sales channels. Wholesale accounts for one-third of its revenue, with Carmina products available in 50 to 70 retail locations across Asia, Europe, and the United States. “We are not investing in wholesale; we prefer to focus on our own channels, where we have more control. That said, wholesalers give us access to luxury stores and high-value brands,” says Albadalejo.

Another third of sales comes from its global online platform, while the final third is generated through its retail network. Carmina currently operates seven boutiques, with locations in Palma, Madrid and Barcelona in Spain, as well as Paris, two in New York, and San Francisco—its latest addition, which opened in May 2024. “Between May and June, we will open a store in Luxembourg, and we are also finalizing a deal for a location in Mayfair, London, which will likely open before summer,” Albadalejo reveals. “We are also looking at Munich or Hamburg, as well as Tokyo, with openings planned between late 2025 and early 2026.”

The United States remains Carmina’s strongest market, followed by Spain and Germany, which ranks second in online sales after the US. Given the American market’s significant role in Carmina Shoemaker’s revenue, how does the company navigate tariff concerns? “This is the reality for us and all manufacturers today. The shoes we make here, which American customers demand, are not produced locally, so in that sense, we have some protection. However, if a 20% tariff is imposed, we will have to adjust our prices accordingly, which we understand could slow down demand,” explains the commercial director.

Since establishing as a footwear brand in 1997, Carmina has remained dedicated to traditional craftsmanship. The company operates two factories in Mallorca, where up to 100 artisans are involved in the production process. While primarily known for men’s footwear, its women’s collection now represents 25% of its catalog. “We have two in-house factories and produce 300 pairs daily—about 60,000 a year. Our facilities could increase production by 25% to 30%, but our focus is on high-end products rather than volume at lower prices,” says Albadalejo.

Carmina employs around 200 people and has subsidiaries in the United States, the United Kingdom, Japan, and France. The family’s holding company, Alta Zapatería Balear, fully owns these divisions.

With its deep-rooted heritage in bespoke shoemaking, Carmina Shoemaker has made personalization a core part of its identity. Customers can “design” their own shoes by selecting materials, finishes, and details such as buckles. The brand has also introduced a foot-scanning service—currently available in its New York and San Francisco stores—that creates a custom wooden last for each client, ensuring a perfect fit. “A bespoke pair of shoes in the UK can cost around £10,000. With our process, a similar product could be made for approximately €2,000,” says Albadalejo. The company plans to roll out this service gradually across its retail network.

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Tailored Brands adds to board, appoints new chairman

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Menswear company Tailored Brands announced on Thursday the appointment of Julie Rosen and Lewis Bird III to its board of directors, effective March of 2025.

Men’s Wearhouse

The Houston-based company that Rosen and Bird collectively bring nearly seven decades of retail and business experience to the company, as it charts its next phase of growth.

Rosen boast three decades of experience, and has held leadership roles at specialty retail brands, including The Gap, Ann, and Bath & Body Works. Over the past eight years, she has served in the role of president with overall P&L responsibility for multiple companies, bringing extensive experience in business strategy, brand development and operational leadership.

Likewise, Bird’s career spans more than 35 years. He most recently served as chairman and chief executive officer for At Home Group., a home decor retailer. Prior to At Home, he served as managing director/consumer practice leader of The Gores Group, a private equity firm; group president of Nike affiliates for Nike Inc.; chief operating officer of Gap; and chief financial officer of Old Navy.

Coinciding with the appointments, Bob Hull will departs as executive chairman of the board, Sean Mahoney, Tailored Brands board member and chair of the nominating and governance committee, succeeding him as chairman, effective May 3.

“The addition of Julie and Lee underscores Tailored Brands’ continued momentum and focus on the future, and I am confident their combined talent and expertise will help inform strategies to accelerate revenue growth and profitability,” said Hull.

“The board has never been stronger, and with Sean taking on an expanded role as chairman, I am confident we have the right combination of institutional expertise and fresh thinking to chart the path forward. I look forward to watching all this team continues to achieve as I transition away from this great company.”

​Tailored Brands is a specialty retailer of menswear, including suits, formalwear and a broad selection of business casual offerings. Its portfolio includes Men’s Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore.

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Hudson’s Bay looks to liquidation as additional financing not secured

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Canadian department store retailer Hudson’s Bay Company said on Friday it has failed to secure sufficient financing to go ahead with a restructuring transaction under the Companies’ Creditors Arrangement Act. 

Hudson’s Bay

​The Toronto-based company said it has only secured limited debtor-in-possession financing that will require the full liquidation of the entire business, added that a store-by-store liquidation process will begin as soon as next week.

Hudson’s Bay said it hopes that key stakeholders, particularly its landlord partners, would explore with it an alternative restructuring path that could preserve jobs and tenancy in retail locations, and, keep the long-standing retailer operational.

“Our team has worked incredibly hard to identify a viable path forward, and our resolve is strengthened by the overwhelming support from customers and associates who have shared heartfelt stories about Hudson’s Bay and what our stores have meant to them, their families, and their communities across the generations,” said Liz Rodbell, president and chief executive officer of Hudson’s Bay.

“These powerful experiences remind us why we must continue to pursue every possible opportunity to secure the necessary support from key landlords and other stakeholders to save The Bay.”

​During the liquidation process, Hudson’s Bay and its licensed Canadian Saks Fifth Avenue and Saks Off 5th stores will remain open in store, and, for a limited time, online.

The closures come less than one week after the department store retailer said it had filed for creditor protection with a ​Ontario Superior Court of Justice, and revealed plans to restructure and strengthen its business.

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