Shares in Swiss fragrances and flavours group Givaudan rose on Tuesday after the company reported ‘robust’ nine-month sales, easing concerns about a slowdown in the US, according to an analyst.
Givaudan has reported growth for the first nine months of the 2025 financial year
For the period from January to the end of September, the Geneva-based group posted sales of 5.7 billion Swiss francs (6.1 billion euros), up 5.7% excluding currency effects and acquisitions, and up 1.7% in Swiss-franc terms.
Growth was again driven by fine fragrance, with sales up 18.7% despite a demanding comparison base after several years of double-digit growth.
The group also continued to implement price rises to ‘fully offset’ higher ‘raw material costs’, including increased ‘customs duties’, it said in a press release.
In detail, its Fragrances and Beauty division, which also includes fragrances for laundry and personal care products, as well as skincare ingredients, generated sales of 2.9 billion francs, up 8% excluding currency effects and acquisitions compared with the same period a year earlier.
Sales in its flavours business for the food industry totalled 2.8 billion francs, up 3.4%. In North America, growth was at 3.9%.
Solid sales
These figures are in line with forecasts from analysts polled by Swiss agency AWP, who on average expected 5.7 billion francs in sales, including 2.9 billion in the Fragrances and Beauty division and 2.8 billion in flavours.
After opening more than 2% higher, shares were up by 0.86% at 08:28 GMT at 3,396 Swiss francs, bucking the trend of the SMI, the Swiss stock exchange’s flagship index, which was down 0.20%. Since January, the stock has fallen by almost 14%, which Daniel Bürki, an analyst at Zurich Cantonal Bank, attributes to ‘a general weakness in the food ingredients sector’ on the stock market, amid concerns about consumer spending.
In a market note, the analyst points to ‘a slight slowdown’ in third-quarter growth, although this was expected given the ‘very high’ comparison base. He considers the nine-month sales ‘solid’.
Arben Hasanaj, an analyst at Vontobel, also describes the sales as ‘robust’, saying they ‘dispel the markets’ immediate fears’, notably about ‘a weakening in the US’ or ‘a decline in perfumery’, he wrote in a market commentary.
Givaudan never issues short-term forecasts but always sets out a five-year roadmap. For the period to the end of 2025, the group was targeting sales growth of 4% to 5%, but says it is ‘very likely to exceed the upper limit’ of this target, as sales growth has already averaged 7.2% between 2021 and 2024.
At the end of August, Givaudan unveiled its objectives to 2030, this time targeting growth of 4% to 6% over the next five years.
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In 2025, South Korean fashion takes another step up on the global stage. In a sector where technological innovations are redefining production processes, South Korea stands out for its ability to turn these developments into drivers of growth and global appeal, according to a Spherical Insights study published in November.
South Korean menswear makes its mark internationally, seen here at Pitti Uomo – Pitti Uomo
According to the South Korean Ministry of Trade, Industry and Energy (MOTIE), almost $27 million is set to be invested in 2025 to strengthen the national textile value chain.
This policy forms part of a broader strategy that provides more than $19 billion in support for firms operating in industrial textiles, the creation of an Industrial Textile Alliance, and a certification centre for technical products. The aim is to lift digital transformation across the sector from 35% to 60% and increase South Korea’s share of the global markets for industrial and sustainable textiles from 2-3% to 10% by 2030.
A dynamic domestic market
These ambitions are underpinned by an already robust industry. In 2024, South Korea imported $12.37 billion worth of clothing, including $5.08 billion in menswear. Exports totalled almost $2 billion, of which $1.7 billion comprised synthetic textiles and crocheted fabrics. This momentum reinforces a domestic market characterised by diverse demand, rapid trend adoption and strong cultural influence.
South Korea invests in its textile industry – Shutterstock
At the heart of this evolution lies the global rise of Korean menswear. Korean brands stand out for their attention to detail, mastery of cut and tailoring, and a strong appetite for exploring experimental materials, bold silhouettes and assertive colours. This stylistic approach, oscillating between minimalism and exuberance, meets a growing demand for pieces capable of expressing individual identity, according to the study.
Exports to be developed
The trends for 2025 confirm this direction: oversized cuts, unique patterns, bright colours, sustainable materials, a fusion of traditional and contemporary styles, as well as layering, athleisure and gender-fluid fashion, are at the forefront. From oversized kimono-polos to two-tone pink shirts, the Korean aesthetic offers a balance of comfort, experimentation and sophistication.
Ader Error is one of the young South Korean brands flourishing internationally (here, its collaboration with Zara) – Zara
This creative ecosystem is supported by a myriad of ‘flagship’ brands. Names already recognised worldwide such as Gentle Monster, Andersson Bell, Kusikohc, Hyein Seo and We11done fuel the country’s international aura through their distinct worlds, blending art, streetwear, craftsmanship and conceptual design. In 2025, other labels are taking centre stage: Ader Error and its deconstructivist streetwear, Wooyoungmi and its modern tailoring, ThisIsNeverThat and its distinctly Korean take on streetwear, as well as 87MM, Recto, Amomento, PushButton and Minjukim, whose gender-fluid offerings are gaining visibility.
By combining massive public investment, a capacity for innovation, cultural richness and creative power, South Korea is putting its fashion industry on an upward trajectory in 2025. It can be seen not only as an exporter of aesthetics, but also as a key player in technical and sustainable textiles, with the ambition of playing a central role in contemporary global fashion.
Hugo Boss recently unveiled an ambitious expansion of its growth plan and on Tuesday the German fashion giant said it has secured a revolving credit facility to “ensure the successful execution” of the ‘Claim 5 Touchdown’ growth plan.
Hugo Boss
The €600 million loan (which replaces another loan of the same amount) “was considerably oversubscribed and aims at providing the company with additional financial flexibility”. It’s also linked to the fulfilment of clearly defined sustainability criteria.
“This successful transaction highlights the strong trust our lenders place in our company and its long-term potential,” said CFO/COO Yves Müller.
The loan has a term of five years and includes two options to extend the term by one more year in each case, plus an option to increase the credit amount by up to €300 million.
The company unveiled its strategy in early December, saying its next phase aims to “realign, simplify, and strengthen the business”.
In the short term it’s sacrificing sales and profits as it said that currency-adjusted group sales and profits will both decline next year. But the refreshed strategy aims to “sharpen focus, discipline, and execution across the business”.
It now clearly has the long-term financing to put its plan into operation with the option of even more money on the table if required.
McQueen is aiming to attract attention to its SS26 pre-collection launch with a special installation in its store in the heart of fashion’s capital city, Paris.
McQueen
To celebrate the launch, the label has collaborated with well-known photographer Dafydd Jones, on the installation that features some of his most definitive works, curated by McQueen’s creative director Seán McGirr.
The Rue Saint-Honoré store installation includes 26 of Jones’s original works on public display. The curated selection sits alongside the McQueen pre-collection, “for which these photographs form a core inspiration”.
The installation has just launched and will be in the store until 29 January.
So who is Dafydd Jones? The British photographer is celebrated for his “sharp, satirical depictions of social life, particularly in the 1980s. His career began with prize-winning images of Oxford’s ‘Bright Young Things’, leading to decades of work published in major titles”.
And as well as being in the McQueen store for a limited period, his photos are held in collections including the National Portrait Gallery and the V&A in London.