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.
Michael Kors announced on Tuesday the launch of its Amazon storefront, expanding its digital retail presence in the U.S.
Michael Kors launches Amazon storefront. – Michael Kors
The move marks the first time that Michael Kors handbags, ready-to-wear, and accessories will be available directly from the brand through Amazon.
The new storefront immerses shoppers in the brand’s signature jet-set lifestyle, through campaign videos and imagery that transport fans to exotic destinations. An ‘About Us’ page highlights the brand’s history, while behind-the-scenes content and notes from designer Michael Kors add an exclusive touch to the shopping experience.
The Michael Kors Amazon store features dedicated sections for women’s ready-to-wear, handbags, men’s clothing and accessories, footwear, sunglasses, and watches.
To celebrate the launch, designer Michael Kors and actor-musician Suki Waterhouse, who stars in the brand’s newly released Spring 2025 campaign, will host a private dinner for influencers and press at Aman New York.
Michael Kors equally operates digital flagships across North America, Europe and Asia, offering customers a seamless omni-channel experience.
If you can’t beat them join them. That’s the strategy behind saving the Forever 21 name as the last remaining stores are shuttered and the brand pursues a model that is similar to its online competitors.
Forever 21
US Bankruptcy Judge Mary Walrath gave the company temporary permission on Tuesday to start going-out-of business sales at all of its 354 stores while managers try to find a last-second rescuer for part of the 41-year-old clothing chain.
Forever 21 has “had advanced discussions with third parties” about rescuing part of the chain, company attorney Andrew L. Magaziner said during the court hearing. The situation “remains fluid.”
Since the 1980s, Forever 21 stores have attracted droves of young women by selling low-cost, trendy clothing. But the company was undone by the rising cost of inventory and wages and competition from online retailers, like Temu and Shein that can skirt import duties and tariffs by shipping goods directly to consumers, the company said in court papers.
It’s the company’s second bankruptcy and the latest brick-and-mortar store to fold in a wave of closures over the past decade or so. The pace of failures picked up during the pandemic as malls closed, and buyers turned to online sellers during lockdown.
Should it fail to find a partner to rescue some of its stores, Forever 21 would rely on shipping goods directly from overseas factories to consumers and to other retail outlets, according to a person familiar with the company’s plans. Authentic Brands Group LLC, the apparel and lifestyle label empire which owns the Forever 21 name and other intellectual property, has successfully tested the factory-to-retailer model outside the US, the person said.
Last year just 11% of Forever 21’s sales were online, according to court papers. The company also plans to sell Forever 21 apparel in partner stores, including in JCPenney where such an arrangement is already underway.
Currently, Forever 21 uses a traditional structure in which designers and other vendors in the US acquire merchandise from overseas factories, mainly in China, Korea and Hong Kong, according to court records. That material is then sent to Forever 21 stores and warehouses, which requires the company to pay duties and tariffs, the records show.
Authentic Brands will continue to own the IP and may license the brand to other operators, according to a statement Sunday. Forever 21’s locations outside of the US are operated by other licensees and aren’t included in the bankruptcy.
The company plans to finish shutting its stores by the end of April, Magaziner said in court on Tuesday. If a buyer appears for some of the stores, the company would adjust its strategy, he told Walrath.
A joint venture of Hilco, Gordon Brothers Retail Partners LLC, and SB360 Capital Partners is working on the liquidation.
The court also approved a request to use secured lenders’ cash to fund the bankruptcy cases and payrolls. The company entered the Chapter 11 with about $47.2 million bank cash, according to a budget disclosed in the court papers.
It’s the clothing brand’s second stint with bankruptcy. Its first in 2019 was rife with fighting, left creditors little recovery and resulted in the closing of hundreds of locations it had during its heyday.
A group of buyers — including Simon Property Group Inc., Brookfield Corp. and Authentic Brands — teamed up to buy Forever 21 out of bankruptcy through a venture called Sparc Group. That group partnered with Shein in 2023 as Forever 21 attempted to solve some of its operational issues.
A few months ago, US retail group JCPenney acquired Sparc, forming Catalyst Brands. The deal saw its previous shareholders maintain minority stakes in the company. At the time of the merger, Catalyst said it was exploring strategic options for the operations of Forever 21.
Russian diamond producer Alrosa announced on Tuesday that it had decided to temporarily suspend operations at its less profitable deposits.
Reuters
The suspension will affect deposits with an annual production of less than 1 million carats, it said. The company said it still planned to produce 29 million carats of diamonds in 2025.
In November 2024, Alrosa said that it might suspend some production in 2025 and reduce staff.
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