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Germany’s Merz floats possibility of EU-India trade deal by end of January

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January 12, 2026

German Chancellor Friedrich Merz floated on Monday the possibility that the European Union and India could sign a landmark free trade agreement by the end of January, a move that could reshape global trade ties as protectionism rises and US-India talks remain stalled.

German Chancellor Friedrich Merz walks with India’s Prime Minister Narendra Modi during his visit to Gandhi Ashram in Ahmedabad, India, January 12, 2026 – REUTERS/Amit Dave

Top EU leaders would travel to India to seal the deal if negotiations wrap up in time, Merz told reporters in the western Indian city of Ahmedabad on Monday after meeting Indian Prime Minister Narendra Modi.

“In any case, they will take another major step forward to ensure that this free trade agreement comes into being,” Merz said during his first trip to India since becoming chancellor. European Union officials have yet to comment. 

A trade deal, under ⁠discussion for years, is seen as a chance for both sides to strengthen economic ties and cut reliance on China and Russia. Bilateral trade between India and the EU totalled 120 billion euros ($140.21 billion) in 2024, making the bloc ⁠India’s biggest trading partner. 
 
Talks have gathered pace since the US, under President Donald Trump, raised tariffs on Indian goods and pressured New Delhi to stop buying Russian oil. A separate India-US trade deal collapsed last year after a breakdown in communication between the two governments. 

The EU-India pact would follow on the heels of the European Union’s recent agreement with South America’s Mercosur ‍group and support Europe’s ‌push to build new trade networks as global rules shift. Indian Trade Minister Piyush Goyal, speaking at a separate event in the western state ⁠of Gujarat, said an agreement was almost at its ‌final stages.

German officials told Reuters the latest talks between Merz and Modi were “very intensive,” raising hopes for a breakthrough. The EU is ‌pushing for steep tariff cuts on cars, medical devices, wine, spirits, and meat, along with stronger intellectual property rules, while India is seeking duty-free access for labour-intensive goods and faster recognition of its growing autos and electronics sectors.

An Indian official familiar with the talks told Reuters last month that disputes over steel, carbon levies, and market access would need further compromise. The two countries signed agreements on minerals, healthcare, and artificial intelligence ‍during Merz’s visit.

Germany relies on India as a growing market and the German chancellor said the world is experiencing “a renaissance of unfortunate protectionism” that harms Germany and India. He did not name any countries.  

While the US has imposed tariffs on trading partners, China introduced ⁠export controls on minerals used in areas such as autos, causing months of supply ⁠chain disruption last year due to the U.S.-China trade war and affecting German carmakers. 
Beijing also slapped restrictions on some semiconductors widely used in the car industry after the Dutch government’s decision to seize control of Chinese-owned chipmaker Nexperia. 

© Thomson Reuters 2026 All rights reserved.



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Ssense dodges bankruptcy as founders retain control

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January 13, 2026

Ssense announce on Monday its co-founders, Rami Atallah, Bassel Atallah, and Firas Atallah will retain control of the Canadian luxury e-commerce platform after the firm filed for bankruptcy protection in September.

Ssense

The founding trio, in partnership with a Canadian multi-family office, have been selected as the successful bid in the Court-supervised Sale and Investment Solicitation Process conducted under the Companies’ Creditors Arrangement Act (CCAA). The parties have entered into a definitive purchase agreement, which is slated to finalise no later than February 13.

“The day-to-day leadership remains unchanged with our existing executive team under the transaction,” the company said in an internal memo.

“This outcome will allow us to provide continuity and stability for our customers, suppliers, partners, and you, our employees.”

The sale follows a troublesome period for Ssense. In May, the company axed 100 positions, as the firm tried to lower overheads amid the luxury slowdown affecting demand for high-price goods, especially more younger, aspirational luxury shoppers — Ssense’s target market.

In September, it filed for Canada’s equivalent of bankruptcy protection, owing more than $200 million in debt to banks and brand partners. The filing also served to fend off a legal manoeuvre by the company’s creditors to force a sale.

Ssense was ​founded in 2003 by Atallah and his brothers, Firas and Bassel, under the company name, Groupe Atallah Inc. ​In 2021, the luxury retailer received a minority investment from Sequoia Capital for a post-money enterprise value of more than $3.6 billion, according to an announcement at the time.

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Louis Vuitton marks 10 years of Unicef partnership with limited-edition Silver Lockit

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January 13, 2026

Louis Vuitton is marking the tenth anniversary of its partnership with Unicef with the launch of a limited gold edition of the Silver Lockit pendant. 

Louis Vuitton marks 10 years of Unicef partnership with limited-edition Silver Lockit. – Louis Vuitton

Produced in a highly limited series, the exclusive unisex design is crafted, for the first time, in yellow gold. For each gold pendant sold, Louis Vuitton will donate $800 to Unicef, strengthening the impact of its collaboration in support of children.

The anniversary celebrations will continue throughout 2026, with additional pieces from the Silver Lockit collection set to launch in April, alongside further activations linked to the partnership.

The French luxury house first introduced the Silver Lockit collection, inspired by the padlock of the 1901 Louis Vuitton Steamer bag, as part of its partnership with Unicef, solidified on January 12, 2016.  The design reflects shared values of trust, protection and transmission that underpin both Louis Vuitton’s heritage and Unicef’s mission.

Since its debut, the Silver Lockit collection has been reinterpreted annually as a fundraising and awareness initiative. Over the past decade, the partnership has generated more than $28 million for Unicef, contributing to programmes that support children in vulnerable situations worldwide.

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Underwear and lingerie producer Trucco Tessile buys rights to Italian homewear brand Happy People

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Nicola Mira

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January 13, 2026

Major developments are on the cards in 2026 for Trucco Tessile, the Cuneo-based Italian producer of pyjamas, underwear and loungewear. Trucco Tessile has bought, for an undisclosed amount, Italian homewear brand Happy People, renowned for its cheerful, insouciant, creative and colourful style. “The acquisition marks a new chapter in the history of [Trucco Tessile], as the group aims to continue to grow and innovate while abiding by its values of quality, creativity and care for people,” said Agostino Trucco, CEO of Trucco Tessile since January 1, speaking to FashionNetwork.com.

Happy People

Happy People was created with the goal of fostering joy and good cheer, and is well-known for its family-oriented collections and its distinctive depictions of two characters, a wolf and a sheep, that have become symbols of affection, close familiarity and good humour. “Happy People is much more than a brand, it’s a way of looking at life with joy,” said Trucco. “Welcoming [Happy People] into our family means believing in the value of emotions, in the power of a smile, and in the strength of stories that unite people. It’s a development that looks to the future with confidence, and goes hand in hand with our desire to keep innovating without losing our sense of humanity,” he added.
 
“[Happy People] is a label that has made history in its segment, so it cropped up on our radar. Let me underline that the company wasn’t going through a rough patch, business was buoyant, the owners simply decided to sell,” said Trucco. “As a result, we’re dealing with a brand (since we bought just the brand name – and only the rights relating to the apparel, pyjamas and underwear categories – we didn’t buy the company that produces Happy People) that is sound and well-established. It has an extremely strong identity, and is an interesting complement to our portfolio,” he added.

Trucco Tessile’s new acquisition is vertically integrated and has a strong product focus, complementing the Cuneo group’s nightwear know-how. The group’s portfolio also includes Julipet, a high-end men’s underwear brand, Boglietti, a women’s lingerie brand whose positioning was recently elevated from the market’s mid-range to the premium segment, and Alpina, a mid-range women’s and men’s underwear brand. “Style-wise, Happy People is entirely different from Boglietti, which targets elegant, understated and sophisticated women. Happy People’s brand narrative is fun, amusing and family-friendly,” said Trucco. “Besides, Happy People is a concept that goes beyond a mere product, pyjamas, and tells a love story – a strictly platonic one – between a wolf and a sheep.”

Happy People
Happy People

Happy People’s household linen range remains instead, as before, the property of Italian Textile Company, based in Ferno, near Varese. Trucco Tessile is planning to expand Happy People’s retail footprint both in Italy and abroad through the wholesale and e-tail channels. The brand is currently distributed via some 400 stores in Italy, Belgium, Spain, Germany and Greece.

In 2024, Trucco Tessile generated a revenue of €9 million, with e-tail sales growing and accounting for 10% of the total. “Through the new three-year business plan I have drawn up,” said Trucco, “we’ll try to align our three channels, i.e. e-commerce, the DTC channel consisting of our physical stores (we have a dozen) and the wholesale business, to become as much as possible an omni-channel company.”
 
As for Trucco Tessile’s other brands, Boglietti has developed a range that utilises natural fabrics like cotton, cotton-linen and cotton-bamboo blends, characterised by an “elegant, pared-down style consistent with the brand identity strategy we have implemented for the underwear and nightwear lines,” said Trucco.

Happy People

Julipet’s new nightwear is an ode to colour: “we’re well aware that blue is the colour of the night and of Julipet, and is synonymous with elegance, but we’re bringing alternatives to the market. Our watchwords this year are colour, colour, colour. The same goes for [Julipet] swimwear, and of course there’s a whole range of Julipet apparel, chiefly travelwear, featuring ultra-resistant, breathable, fresh and lightweight high-tech fabrics. Our new Oxford line, with a dozen SKUs, is absolutely innovative. It’s a highly streamlined range in a wide variety of colours, whose key feature is the use of high-tech  fabrics with specific functions. The garments are comfortable, extremely functional, and highly suitable for people who travel a lot,” said Trucco.
 
Alpina, which operates a handful of monobrand stores in Piedmont and is designed for everyday use, has functionality as its key feature. The brand’s hero products are its signature pyjamas, but Trucco Tessile is working to expand Alpina’s assortment to include sportswear, starting from the Fall/Winter 2026-27 season.

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