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Investors head into Trump tariff deadline benumbed and blase

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July 6, 2025

Global investors are heading into U.S. President Donald Trump‘s Wednesday deadline for trade tariffs palpably unexcited and prepared for a range of benign scenarios that they believe are already priced in.

Reuters

Just days before the end of a 90-day pause he announced on his April 2 “Liberation Day” tariffs, Trump said the first batch of letters outlining the tariff levels they would face on exports to the United States would be sent to 12 countries on Monday.

Investors who have been tracking this date for months expect more details to emerge in the coming days and protracted uncertainty too, anticipating Trump will not be able to complete deals with all of America’s trading partners in the coming week.

And they are not overly concerned.

“The market has gotten much more comfortable, more sanguine, when it comes to tariff news,” said Jeff Blazek, co-chief investment officer of multi-asset at Neuberger Berman in New York.

“The markets think that there is enough ‘squishiness’ in the deadlines – absent any major surprise – to not be too unsettled by more tariff news and believe that the worst-case scenarios are off the table now.”

Both the tariff levels and effective dates have become moving targets. Trump said on Friday that tariffs ranging up to 70% could go into effect on August 1, levels far higher than the 10%-50% range he announced in April.

So far, the U.S. administration has a limited deal with Britain and an in-principle agreement with Vietnam.

Deals that had been anticipated with India and Japan have failed to materialize, and there have been setbacks in talks with the European Union.

World stocks are meanwhile at record highs, up 11% since April 2. They fell 14% in three trading sessions after that announcement but have since rallied 24%.

“If Liberation Day was the earthquake, the tariff letters will be the aftershocks. They won’t quite have the same impact on markets even if they are higher than the earlier 10%,” said Rong Ren Goh, a portfolio manager in the fixed income team at Eastspring Investments in Singapore.

“This financial system is so inundated with liquidity that it is hard to cash up or delever at the risk of lagging the markets, with April serving as a painful reminder for many who derisked and were then forced to chase the relentless recovery in the subsequent weeks.”

Investors have also been distracted by weeks of wrangling in Congress over Trump’s massive tax and spending package, which he signed into law on Friday.

Stock markets have celebrated the passage of the bill, which makes Trump’s 2017 tax cuts permanent, while bond investors are wary the measures could add more than $3 trillion to the nation’s $36.2 trillion debt.

The S&P 500 and Nasdaq indexes closed at record highs on Friday, notching a third week of gains. Europe’s STOXX 600 benchmark is up 9% in three months.

But the risks of tariff-related inflation have weighed on U.S.

Treasuries and the dollar, and jostled expectations for Federal Reserve policy. Rate futures show traders no longer expect a Fed rate cut this month and are pricing in a total of just two quarter-point reductions by year-end.

The dollar has suffered a knock to its haven reputation from the dithering on tariffs. The dollar index, which reflects the U.S. currency’s performance against a basket of six others, has had its worst first half of the year since 1973, declining some 11%. It has fallen by 6.6% since April 2 alone.

“The markets are discounting a return to tariff levels of 35%, 40% or higher, and anticipating an across-the-board level of 10% or so,” said John Pantekidis, chief investment officer at TwinFocus in Boston.

Pantekidis is cautiously optimistic about the outlook for U.S. stocks this year, but the one variable he is watching closely is interest rate levels.

For now he expects to see interest rates dip in the second half, “but if the bond market worries about the impact of the bill and rates go up, that’s a different scenario.”

© Thomson Reuters 2025 All rights reserved.



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Portuguese fashion designer Micaela Oliveira honoured at Saudi Arabian Women’s Night 2025

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December 5, 2025

“It is with great pleasure that we announce Micaela Oliveira, the celebrated Portuguese designer, as one of the featured couturières at the Saudi Arabia Creative Women Forum 2025 Gala Dinner and Awards Ceremony,” the organisation declared on its social media channels, in a post also shared on the designer’s Instagram account, announcing the tribute at the event held on November 6 at the National Museum in Riyadh. The evening opened with an address by Princess Noura bint Saud bin Naif bin Abdulaziz Al Saud, patron of the Forum and founder of Saudi Fashion Week, followed by a runway show by the Portuguese designer, celebrating the rich traditions of this enchanted kingdom.

Lux

The publication further notes that the Trofa-born couturière “grew up surrounded by fabrics, prints, and creativity- a world that has shaped her lifelong devotion to fashion,” and that over the past 20 years she has “built an extraordinary career defined by elegance, daring, and refinement, consolidating her name among the leading designers of wedding dresses and haute couture,” the statement continues.

“Her creations- a harmonious blend of sophistication, sensuality, and femininity- embody her belief that each dress should tell a story, evoke emotion, and reflect the unique essence of the woman who wears it,” reads the message shared simultaneously on the Forum and the eponymous designer’s Instagram accounts.

“Guided by the values of exuberance, creativity, and impeccable craftsmanship, Micaela’s creations blend classic beauty with contemporary art, achieving a timeless charm,” the post adds, highlighting “a vision that transcends borders” that “continues to enchant the global fashion world, transforming dreams into haute couture masterpieces that celebrate individuality and the eternal elegance of femininity.”

Lux

For her part, Micaela Oliveira expressed her gratitude for the honour at the Saudi Arabia Creative Women Forum 2025 Gala Dinner and Awards Ceremony, which took place in Riyadh, the capital and principal financial centre of Saudi Arabia: “It was a privilege, as a designer, to travel to the Kingdom of Saudi Arabia, where I was honoured before members of international royalty and government representatives at a truly magnificent awards ceremony,” she said in a statement quoted by Lux.

“This prestigious award was presented to me by Her Royal Highness Princess Noura bint Saud bin Nayef bin Abdulaziz Al Saud, a pioneering woman and a leading figure in the Kingdom’s artistic community. I had the great honour of presenting a fashion show celebrating the rich traditions of this remarkable country during the Creative Women Forum 2025 Gala Dinner and Awards Ceremony.”

Instagram

“We are delighted to announce the return of the Creative Women Forum in Riyadh, which will take place from November 4–6, 2025, under the esteemed patronage of Her Royal Highness Princess Noura bint Saud bin Nayef Al Saud,” announced Creative Women Platform on Instagram. “This year’s forum will be held at the iconic Princess Nourah bint Abdulrahman University- the largest women’s university in the world.”

“A powerful stage for a global gathering of visionary women,” it continues. “Join us for three transformative days filled with innovative leadership, inspiration, and ground-breaking ideas, as we explore creativity, entrepreneurship, sustainability, and the future of women in leadership.”

This time, the experience culminated in a fabulous gala dinner and awards ceremony, “celebrating the brilliance of the women who shape our world,” concludes Creative Women Platform, on its social media.

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Clarks fêtes 200th year, opens Milan pop-up with Candiani, expands global e-tail presence

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Nicola Mira

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December 5, 2025

British footwear brand Clarks is celebrating its 200th anniversary this year. In Italy, the brand is marking the bicentennial by opening a pop-up space within the Candiani Denim Store, in piazza Mentana 3 in Milan, where customers are able to personalise their Clarks shoes throughout December.

Clarks shoes can be personalised at the Candiani Denim Store in Milan – Clarks

From December 2 to 9, the Milanese store by Candiani, a premium Italian denim producer with its own jeans line, is hosting a Clarks pop-up shop. Visitors will have the opportunity to explore the British footwear brand’s history, its signature models, and learn about some of the leading figures who have worn Clarks and helped define its identity, influencing generations. A documentary about Clarks’s 200 years in business, entitled From Somerset to the World, will be screened inside the pop-up shop. The shop will showcase a selection of Clarks Originals models, including the Wallabee, Desert Boot and Desert Trek, as well as several items from the Fall/Winter 2025-26 collection, reinterpreting materials, shapes and colours with a contemporary feel.
 
In parallel with the pop-up shop (where a special event was staged on Thursday December 4), throughout December the Candiani Denim Store is giving Clarks customers the chance to create a personalised version of their shoes, choosing from two Clarks Originals models, the Wallabee and the Desert Boot. The limited-edition shoes will feature a personalised denim fob, and customers will be able to choose from an extensive library of patterns and designs. The motif chosen will be lasered directly on to the shoes at Candiani Custom, the denim brand’s urban micro-factory for bespoke jeans located next to the store.

FashionNetwork.com has had the opportunity to talk about Clarks’s distribution plans in Italy with Fabio Antonini, CEO of 3A, the company that has been distributing the British brand’s men’s and women’s lines since the Fall/Winter 2025-26 season.
 
FashionNetwork.com: Clarks has been busy overhauling its retail presence in Italy. What are the implementation steps, and what have the initial results been?

Fabio Antonini: Unlike the previous distributor, whose strategy was chiefly aimed at monobrand stores, we have rejigged Clarks’s distribution model by focusing on the wholesale channel and on a strong presence in multibrand stores. This is enabling us to rapidly extend our territorial footprint, making the brand more accessible and better integrated within the Italian market.

Fabio Antonini, CEO of 3A
Fabio Antonini, CEO of 3A

FN: How many more Clarks corners are you planning to open in 2026 in Italy? And what about Clarks’s monobrand presence? Are you considering other initiatives like the one with Candiani?

FA: We currently don’t have any plans for new corners or monobrand stores. Our strategy is focused on the wholesale channel and multibrand retailers. The initiative with Candiani was developed as a special project to celebrate Clarks’s 200th anniversary. Over the next few years, we will assess new collaborations and special projects, in line with the brand’s future requirements.
 
FN: In how many multibrand stores is Clarks currently distributed, and how many more are you planning to reach?

FA: In 2025, we have made Clarks available at 433 clients for a total of 619 doors [in Italy]. Next year, we’re expecting to grow the number of clients served by approximately 10%.
 
FN: Clarks recently announced and deployed a strategy designed to boost its position in global e-marketplaces, is it also being implemented in Italy?

FA: Clarks’s new global strategy is set to make the brand even more accessible and reachable by online consumers. Its expanded presence on new global marketplaces is making Clarks easier to access in Italy too, strengthening its online presence and making it easier for consumers to buy.
 
FN: What revenue result did 3A reach in fiscal 2024, how much did it grow by, and what is your forecast for 2025?

FA: In 2024, 3A generated a revenue of approximately €110.3 million, up 4.84% over the €105.2 million recorded in 2023. We’re expecting to grow at a similar rate in 2025.

Clarks

FN: Have there been new entries or other changes within 3A’s brand portfolio?

FA: Yes, there have been changes. Our portfolio includes underwear by Nike, Jordan, Calvin Klein and Tommy Hilfiger, as well as footwear and other products by Clarks, Converse Shoes, Nike Swim, Nike, Jordan, Converse Apparel Kids, Lacoste Kids, Huggies Apparel and Crep Protect.

We’re pursuing a strategy aimed at introducing new lines with a distribution exclusive, to further enrich our portfolio also in terms of brand quality. Some new lines will feature as early as spring 2026.

Brand background

Clarks was founded in Street, Somerset, in 1825, when Cyrus Clark opened a tannery with his brother James. It began shoemaking by using leather offcuts to create slippers. In 1950, Clarks created the revolutionary Desert Boot shoes. Since then, Clarks has built an archive of over 22,000 models that have been worn across generations all over the world.
 
In fiscal 2024, Clarks’s parent company C&J Clark Ltd reported a revenue drop of 9.4%, to £901.3 million (approximately €1.07 billion), and a pre-tax loss of £39.3 million. This led the company to overhaul the Clarks brand, cutting overheads, modifying the marketing approach, and repositioning the range. The brand’s retail strategy too has been reappraised, streamlining the store fleet and developing initiatives like the Milanese pop-up store.
 
Clarks, in typically innovative fashion, is also expanding its online presence with several new launches on global e-tailers like Shein, Walmart, Target, Secret Sales and TikTok Shop. In the UK, Clarks has recently been introduced on Shein and Secret Sales, while in Europe it will be available at Secret Sales Netherlands and Dress for Less later this year. In the Americas, it has been featured on eBay for the last five years, and has recently reached Shop Simon, Shein and Walmart, while it will be available on Target this month.

Clarks has recently returned to Tottenham Court Road in London, with a new retail concept
Clarks has recently returned to Tottenham Court Road in London, with a new retail concept – Clarks

Clarks is also aiming to consolidate its presence on TikTok Shop. It launched on the Chinese social shopping channel in Singapore and Malaysia last year, and this year it has reached the UK and the Americas, with Europe set to follow in 2026. This expansion drive follows the September announcement of the first Clarks-owned digital marketplace, which is set to be launched in the UK in early 2026.
 
Candiani is an Italian family company founded in 1938 and based in Robecchetto con Induno, near Milan, in the Ticino Park Nature Reserve. Besides owning the store in piazza Mentana in Milan, with the Candiani Custom micro-factory for bespoke jeans, Candiani owns among others the patent for Coreva, the first and only biodegradable and compostable stretch denim available on the market.

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Brioni parts ways with design director Norbert Stumpfl

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December 5, 2025

Another creative director departure at a major brand is shaking up the fashion industry. It is now the turn of Austrian designer Norbert Stumpfl to leave Brioni. The label has just confirmed the end of its collaboration with the designer in a statement. Stumpfl had designed Brioni’s collections for the past seven years.

Brioni – Spring-Summer 2026 – Menswear – Milan – ©Launchmetrics/spotlight

The fashion house founded in 1945, which in 1952 became the first menswear brand to stage a fashion show (in Florence’s legendary Sala Bianca), has expressed its “deep gratitude for the contribution he has made over the years. During his tenure at Brioni, Norbert interpreted with precision the concepts of lightness and discretion, contributing to the evolution of the men’s wardrobe with a modern approach that pays homage to tradition,” Brioni said.

Federico Arrigoni, CEO of Brioni, said, “Our journey continues, and the Maison will continue to consolidate its tradition- perfection of craftsmanship, exceptional materials, and innovation in tailoring techniques- to create true masterpieces, from formalwear to leisurewear and accessories. Brioni pursues its mission of defining the contemporary codes of Italian elegance, while elevating its mastery of high tailoring and bespoke craftsmanship for those who lead and accept nothing but the exceptional.”

Since 2011, Brioni has been part of the Paris-based French luxury group Kering. From 2018 until his departure, the brand’s collections were designed by Norbert Stumpfl, the acclaimed Austrian menswear couturier, celebrated for his blend of impeccable tailoring and cutting-edge fabrics- among his creations were dinner jackets woven with 24-carat gold threads and enzyme-treated silk-linen blends with a soft, distinctive handle. During his tenure, Brioni also expanded masterfully into womenswear, expressing discreet luxury with rare aplomb.

A pinnacle of Roman sartorial luxury, the Italian label marked its 80th anniversary in late November with an exhibition of its superb tailoring and a gala dinner at the Chiostro del Bramante in Rome.

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