UK business minister Jonathan Reynolds will meet with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer in Washington on Tuesday to advance discussions on a bilateral trade agreement, the British embassy said.
Reuters
Reynolds will discuss deeper UK-U.S. ties to benefit industry, business and consumers, building on discussions first launched by U.S. President Donald Trump and British Prime Minister Keir Starmer during an Oval Office meeting last month, it said.
“The UK and U.S. share a fair and balanced relationship, one that has benefited both sides for many decades,” Reynolds said in a statement, calling his visit the latest step in the UK’s “pragmatic and positive engagement with the new administration to agree a wider economic deal in both our interests.”
Britain, unlike the European Union, did not immediately retaliate after Trump’s 25% tariffs on steel and aluminum imports took effect March 12, hoping to negotiate a trade deal and stave off a broader round of reciprocal tariffs that Trump says he will announce on April 2.
Trump said last month the two countries might reach a bilateral trade deal that would avert duties.
Britain and the U.S. engaged in five rounds of trade negotiations toward such a deal during Trump’s first term in office, but failed to reach an agreement before he left office. The work was shelved by his successor, former president Joe Biden.
Britain’s ambassador to the U.S., Peter Mandelson, said the two allies hoped to set up a “full spectrum technology partnership” building on critical U.S.-UK collaboration on nuclear technologies during World War Two and joint work developing the internet.
In a commentary published on Monday in the Hill newspaper, Mandelson underscored the importance of continued collaboration – now on artificial intelligence – given today’s intense rivalries with adversaries in that sector.
He mapped out potential partnerships in biotechnologies, including genomics, protein design and engineering, as well as joint work on advanced data centers, the world’s first advanced quantum computer, and nuclear technology.
“The U.S. and UK are natural allies to work together to deliver generational advances,” he said. “America and Britain can achieve more together than they can do apart.”
The U.S. is Britain’s single largest country trading partner, with more than $1.5 trillion invested in each other’s economies across key sectors including financial services, energy and technology.
Dolce & Gabbana Srl, the Italian fashion house known for bold, Mediterranean-inspired designs, says its beauty business now holds the key to an independent future in the rapidly shifting luxury industry.
Revenue from beauty products is expected to rise more than 20% for the 12 months through the end of March 2025, to €610 million ($665 million), Chief Executive Officer Alfonso Dolce said in an interview. That would lift total annual revenue to around €2 billion.
The company is also targeting €1 billion in beauty sales by the end of the 2027 financial year, following a shift from licensing to direct management of production and distribution of fragrances, makeup and skincare.
Dolce Gabbana’s pivot on beauty comes at a fraught moment for the fashion sector, where a global slump has raised questions about the standalone future of some of its rivals.
Hong Kong-listed Prada SpA is nearing a deal to buy Gianni Versace Srl, while fashion icon Giorgio Armani rocked the industry last year when he said he no longer rules out a merger or listing once he exits the scene.
Dolce Gabbana’s reaction has been to double down on its independence by broadening its revenue streams. Along with the decision to directly manage the beauty business, it’s also testing the waters in real estate and hotels.
“We asked ourselves, what more do we have to say to the fashion industry after 40 years at the top?,” said Dolce, 60, who holds the top job at the firm his brother Domenico and Stefano Gabbana founded in 1985.
Dolce Gabbana Holding Srl, which encompasses the group’s offerings in clothing, furnishing accessories and beauty, reported about €1.9 billion in revenue for the 12 months through March 2024, up 19% at constant exchange rates compared with the previous year, driven by an almost five-fold increase in beauty.
But the company’s earnings before interest and taxes are still just a fraction of its Italian rivals. Dolce Gabbana posted €4 million in Ebit at the end of the last financial year, compared with €1.28 billion for Prada on sales of €5.4 billion.
The jury is still out on the firm’s other big diversification bet, property and hotels.
“The success in beauty is a good testament of the brand strength,” said Luca Solca, a senior analyst at Bernstein. “I don’t think that hospitality/hotels will play a big role for them.”
The firm is seeking additional funding, including for its real estate ventures, which cover residences in Marbella, Spain, in Miami and in Dubai, as well as hotels in the Maldives and Saudi Arabia.
That’s another change in tack for a group that’s traditionally financed investments internally, Dolce said. A €300 million term loan that’s about 25% repaid dates back to 2022. The fashion house also has a €100 million working capital facility.
It’s now in talks with bank lenders for as much €150 million. A decision by those creditors is still on hold.
The diversification moves were prompted by what the CEO acknowledged was over-reliance on visitors to the Mediterranean, and the group’s post-Covid rebound was short-lived, he said.
The 2022 Russian invasion of Ukraine shaved off more than €100 million from the top line, while sales to Chinese customers tumbled as the country’s economy dipped and consumer tastes shifted.
Still, Dolce insists his firm can thrive as an independent. “If the macroeconomic environment deteriorates further, we have our own properties, our warehouses and we can always cut ad spending, which is twice as high as our peers,” he said.
Dolce also remains adamant about not wanting outside investors, at least for now.
“We listen to everyone, investment banks, family offices, private equity firms,” the CEO said. “But our response is always the same, at the moment we’re not interested in opening our capital.”
Silk brand LilySilk has teamed up with Hollywood stylist Elizabeth Stewart to launch a capsule collection.
LilySilk launches capsule collection with stylist Elizabeth Stewart. – LilySilk
“We’re excited to unveil our exclusive collaboration with Elizabeth Stewart, the celebrated Hollywood stylist known for her exceptional eye for elegance,” said David Wang, CEO of LilySilk.
“This partnership redefines the essence of effortless sophistication and timeless allure, merging LilySilk’s luxurious silk with Elizabeth’s unmatched styling artistry.”
The collection combines LilySilk’s commitment to sustainable luxury with Stewart’s signature styling expertise. It features six curated looks with 11 versatile pieces, rooted in luxury, comfort, and sustainability.
Among them is the Denim Dossier, a fitted denim-inspired suit with a cropped jacket and high-waisted wide-leg pants. Urban Voyager offers a modern take on leisurewear with an oversized bomber jacket and jogger pants, while Versatile Vogue pairs a refined sweater with a satin skirt.
Modern Mosaic presents a bold statement blouse that can be styled with tailored pants for work or jeans for a more casual look. Playful Palette showcases vibrant bowling shirts matched with tailored culottes, and Patchwork Paradise, offers a one-of-a-kind pajama set crafted from deadstock fabrics.
“I work with many brands, and I’m always seeking out companies that truly consider their environmental impact,” added Stewart. “That’s why I’m thrilled to collaborate with LilySilk—our shared commitment to sustainability and quality makes this collection truly special.”
Earlier this year, LilySilk opened its first-ever U.S. concept store, in the Meatpacking District in New York.
Building on its commitment to creative partnerships, Bershka has teamed up with Ral7000 Studio to unveil a new footwear brand inspired by Y2K aesthetics and digital culture.
The Inditex-owned brand unveils its new label, Out of Core – Bershka
Named Out of Core, the brand draws its identity from external memory algorithms used in computing. This latest venture blends technological influences with functional design, promoting self-expression and individuality.
The collection spans four distinct conceptual lines, featuring styles such as silver-flower sneakers, virtual reality-inspired trainers, and boxing-style sports boots. Prices range from €69.99 for Mary Jane-style sneakers to €139 for Western-inspired heeled boots.
In addition to footwear, the brand also offers a range of minimalist, urban-inspired apparel and accessories. The collection’s color palette is dominated by shades of white, black, and soft pink. Key pieces include two cap styles priced at €12.99, alongside short-sleeved T-shirts, sweatpants, and hoodies available for €45.99.
The Out of Core collection, designed in collaboration with Ral7000 Studio’s footwear designer Agata Panucci, is now available on Bershka’s e-commerce platform and in select stores.
Founded in 1998, Bershka closed in 2024 with a retail network of 854 stores, including both standalone boutiques and franchises. The brand also operates in approximately 220 markets through its online platform.
Part of the Inditex portfolio alongside Zara, Zara Home, Oysho, Lefties, Pull&Bear, Stradivarius, and Massimo Dutti, Bershka reported €2.93 billion in revenue for the fiscal year 2024, reflecting an 11.8% increase from the previous year. Meanwhile, Inditex as a whole, led by Marta Ortega, saw sales rise 7.5% during the same period, reaching €38.63 billion.
Entertainment8 years ago