Gold held around $4,000 an ounce after a weak start on Monday, as China ended a long-standing tax rebate for some retailers in a change that could weigh on demand in one of the world’s largest precious-metals markets.
Bloomberg
Bullion for immediate delivery traded little changed towards midday in London, after falling as much as 1% in early trade. Beijing announced Saturday that it would no longer allow some retailers to offset a value-added tax fully when selling gold they bought from the Shanghai Gold Exchange and Shanghai Futures Exchange. The news sent Chinese gold jewelry stocks tumbling.
Under the new policy, companies producing so-called non-investment gold, such as for jewelry or industrial applications like electronics, can offset only 6% of the VAT, down from 13% previously. Firms that are not members of the exchanges will be subject to the same change when they sell investment products including gold bars.
Gold surged to a record in October, pushed higher by a retail buying frenzy, but it has since dropped sharply. Prices are still up by more than 50% year-to-date, even after the pullback. Many of the fundamentals that fueled the rally, including central bank and haven demand, are expected to remain in place.
“The tax changes in gold’s heaviest consumer nation will dent global sentiment,” said Adrian Ash, director of research at BullionVault. But the rebound in London markets on Monday, following weakness during Asian hours, shows that bullish mood remains strong, he
“China’s new policy complicates gold’s new found holding pattern, potentially hurting its ability to stay above $4,000. It remains to be seen if official-sector demand can offer a solid-enough backstop to offset any drag from Chinese consumers.”
Among jewelry stocks, Chow Tai Fook Jewellery Group Ltd. fell as much as 12% in Hong Kong, Chow Sang Sang Holdings International Ltd. shed more than 8%, and Laopu Gold Co. dropped more than 9%. The tax change is “likely to see the entire industry raise prices to pass through the cost pressure,” Citigroup Inc. analysts including Tiffany Feng wrote in a note.
Spot gold was trading at around $4,004.86 an ounce as of 11:32 a.m. in London. Silver was also little changed, while platinum and palladium rose.
Department store group Fenwick has expanded its association with Danish fashion brand Selected, launching a new nationwide collaboration that’s “rich [in] digital and social content”.
Fenwick’s Newcastle flagship – Fenwick/Selected
The omnichannel activation, which appears across all eight Fenwick stores, “marks a significant moment” between the two, “reinforcing Selected’s growing presence in the British market through the UK’s largest chain of family-owned departments stores, while connecting physical retail with digital storytelling and social engagement”.
Rooted in Scandi minimalism, the brand continues to create “versatile, elevated wardrobe essentials designed for everyday life” with key pieces across the collections include “refined tailoring, premium knitwear, elevated denim and modern outerwear, designed to move seamlessly between work, leisure and social moments”.
Selected
Launching alongside Selected’s ‘Wardrobe Reset’ campaign, the activation rolls out across the Fenwick locations, brought to life through window takeovers, refreshed shop fits, and a programme of in-store styling moments and customer events, they said.
The physical activations will be supported by Fenwick’s digital platforms and social channels, with curated content designed to highlight the collection’s, “styling approach and campaign storytelling”.
So the partnership will feature a customer event at Fenwick Newcastle on 11 February featuring an informal talk and styling moment centred on Selected’s new season, alongside an arrival drink, Nordic-inspired canapés, DJ and curated gift bags.
The styling event includes a panel with Søren Riisberg, head of the Northwest Sales Region at Selected, and Fenwick head of buying, Victoria Claridge.
Leo Fenwick, partnerships director at the family firm said: “Selected is a natural partner… sharing our commitment to quality, considered design and accessible modern style.
“The partnership reflects a sense of refresh and optimism at the start of the year, with [the brand’s] clean Scandinavian aesthetic bringing a fresh perspective to our fashion offer. Alignment between our brand values and partner environments is central to our long-term partner strategy.”
Riisberg also said: “Fenwick is a highly valued partner, the brand campaign and expanding our branded spaces together marks an important step in positioning Selected even stronger in the UK market.”
In the last four years, Italian luxury outerwear label Moorer has doubled its revenue by extending its product range and opening several monobrand stores. Its founder and CEO Moreno Faccincani took back full control of the company in October 2025. In fiscal 2025, Moorer recorded revenue of approximately €60 million, growing in single digits. The Verona-based company’s performance was driven by Italy, Germany, the USA and Japan.
Moorer, Fall/Winter 2026-27
Last May, Moorer moved from its previous Milanese showroom into new, 1,000 sq m+ premises elsewhere in the city, in viale Regina Giovanna. A strategic decision dictated by Moorer’s desire to showcase the full extent of its collections, which now also include womenswear and feature a total look approach covering all product categories. Besides outerwear, whose revenue share has fallen from 95% to 70% of the total in the last five years, Moorer also sells shoes, knitwear, trousers and perfumes, as well as a first skiwear capsule collection launched last year.
Moorer products are available at Milan’s Global Blue tax-free shopping lounge in via Sant’Andrea, where they are on display for two months ahead of the Milano-Cortina Winter Olympics, and are also available at Moorer’s monobrand store in Cortina d’Ampezzo.
Moorer has expanded its mountain resort range, introducing high-tech ski suits with linings decorated with prints of the Dolomites, enhanced by silk details and equipped with deep, comfortable pockets. The garments almost look like works of art. In the Fall/Winter 2026-27 collection, Moorer has extended its knitwear assortment, introducing new models and original prints, broadened its footwear’s colour palette, and premièred a socks range.
Moorer, Fall/Winter 2026-27
Retail-wise, Moorer currently operates monobrand stores in via Montenapoleone in Milan, at Ginza in Tokyo, and in Prague, Knokke (Flanders) and Cortina d’Ampezzo. Six months ago, the label opened a new store in via Borgognona in Rome. A 260 sq m store with 11 shop windows is scheduled to open in New York City, in the heart of the Meatpacking District, in March. It will be followed in September by a store in Miami, and by a second store in Japan.
Moorer’s growth is underpinned by a substantial investment plan. The company is now operating its e-shop in-house, and has hired new staff to reach a total of 200 employees.
It serves approximately 600 wholesale clients worldwide, and is boosting its direct presence within multibrand stores by means of pop-up projects, marketing activations involving shop windows, and by setting up more permanent shop-in-shops. The label’s wholesale channel growth is primarily driven by the DACH area. Moorer is currently the best-selling outerwear brand at Lodenfrey in Munich. The label will soon open a new corner at Harrods, while the space at Rinascente in Milan has been converted into a concession following its successful sell-out results.
A year and a half after his co-founder, Max Svärdh, stepped back, Albin Johansson is likewise taking a step back at Axel Arigato, the label they co-founded in 2014. In June 2024, the Swedish brand, renowned for its trainers and chic streetwear, appointed Jens Werner as creative director, a role previously held by Max Svärdh.
Axel Arigato boutique – Axel Arigato
At that time, Albin Johansson retained the role of chief executive of the brand, in which Eurazeo acquired a majority stake in 2020. However, at the start of 2026 the company- which reportedly surpassed SEK 1 billion in revenue in 2024 (over €90 million)- has handed this role to Frédéric Serrant. He brings more than 16 years’ experience in international leadership roles across Asia and Latin America, gained at the sports and lifestyle giant Adidas.
His expertise is expected to help Axel Arigato reach a new milestone after years of expansion. The brand operates more than 15 own-name stores in major Scandinavian cities, as well as in key locations such as London, Paris, New York, Dubai, and Berlin. It is also stocked in numerous department stores worldwide. That expansion, however, has posed challenges, eroding the company’s margins between 2023 and 2024. The company, which has yet to file its 2025 results in Sweden, has therefore had to refine its strategy to improve profitability.
‘I am genuinely impressed by the remarkable work done so far to make Axel Arigato such a strong, distinctive, and inspiring brand. It truly reflects the talent, passion and commitment of the teams, and I am convinced that the brand’s potential is enormous. I look forward to joining the team, learning alongside them and writing the next chapters of the Axel Arigato story together,’ said Frédéric Serrant in a message on LinkedIn.
Albin Johansson will remain chairman of the board of directors.
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