With the business continuing to enjoy many positives, there’s little surprise M&S has agreed to extend Archie Norman’s tenure as chairman, “for the next phase of the ‘reshaping of M&S’ growth strategy”.
Reuters
Norman, who began as chairman in 2017, will reach the ‘comply or explain’ nine-year point in 11 months’ time. So the agreed extension comes after “extensive consultation with shareholders, executives, and advisers”.
It was rubber stamped by the board, which said it was “unanimous in its conviction that his continuation as chairman is in the best interests of the company and there is widespread support for this view across the shareholder base”.
His leadership as part of M&S’s rapidly changing business continues as the firm, with its recently strengthened executive team, noted “there is a long way to go in delivering the Reshaping for Growth strategy and the company will benefit from the continued strong leadership and stability Archie’s Chairmanship will bring”.
The extension of his term is expected to last for three years from next September. The appointment will be put to annual shareholder approval at the AGM.
Senior independent director Fiona Dawson said: “Archie has been an exceptional chair, steering an effective, engaged board and putting in place a highly capable leadership team under Stuart Machin, which is transforming M&S and building a stronger, better business.
“There remains much to do, and Archie’s deep knowledge of the business, drive and unique experience will be invaluable as we move to the next phase”.
The shares of Inditex, the largest listed company on the Spanish stock exchange, rose 1.85% on the morning of Friday, December 12, to €56.1 per share, surpassing the record high set a year ago, when they fell just short of €56.
Inditex headquarters – Inditex
According to market data compiled by Europa Press, the textile conglomerate is up more than 12% in 2025 and now has a market capitalisation of over €174 billion.
That said, Inditex’s share price had been anaemic- if not negative- over the course of the year, as from mid-March to early this month the stock traded below 2024 closing levels and touched an August low of €40.8.
The rally of the past two weeks- which has propelled the new highs- is attributable to the company’s latest quarterly results, which beat market expectations across the board.
Specifically, on December 3, the conglomerate reported a record third quarter (August to October), with profit up 9% to €1.831 billion and sales up 4.9% to €9.814 billion.
Thus, Inditex recorded net profit of €4.622 billion during the first nine months of its 2025–2026 financial year (between February 1 and October 31), an increase of 3.9% year on year.
Since the day before these latest results were announced, Inditex has gained 14% on the stock market.
Moreover, this particular milestone for Inditex has coincided with a broader one for the Spanish stock market, as its benchmark index, the Ibex 35, surpassed 17,000 points on Friday for the first time in its history.
Analysts’ assessment
“Clear path ahead,” Bank of America analysts concluded two weeks ago following Inditex’s results presentation, after a year of doubts about the outlook for the apparel sector.
“The acceleration of growth bodes well for the first half of 2027 […] and should pave the way for improvements in earnings per share,” they said. They therefore reiterated their buy recommendation while raising their price target from €54 to €60.
eToro market analyst Javier Molina noted that Inditex beat market expectations and is consolidating its transition towards a more premium positioning at a time when the consumer cycle is showing signs of moderating.
“The third quarter was particularly solid and clearly exceeded consensus forecasts,” he said, while, in his view, the shift to the luxury segment is reflected in investment in flagship stores, the renovation of strategic locations and projects such as the new Zara building in Arteixo, focused on product and technology.
The company, according to Molina, shows a “remarkable ability to adapt” to consumer preferences, consolidating collections with higher perceived value.
“But this progress comes at a demanding moment in the cycle, and the market will be watching whether the company is capable of maintaining the level it has set for itself,” he warned.
For his part, IG analyst Sergio Ávila argued that in the short term these figures support Inditex maintaining a premium to the sector, although he also warned that the bar for expectations is “very high.”
“If the company continues to defend margins and control inventories, I see a higher likelihood of consolidation at elevated levels than of a deep correction,” he said.
The most optimistic firm on the Galician group is Citi, which raised its price target from €54 to €63, while other firms such as Berenberg lifted theirs from €52 to €62 and Santander increased its from €55 to €58.40.
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The principle has been agreed, but the practical details have yet to be worked out. From July 1, a three-euro tax will be applied to small non-EU parcels entering the European Union, marking the end of the tax exemption for parcels under 150 euros, in a bid to rein in Shein and Temu.
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Some 4.6 billion consignments worth less than 150 euros entered the European market in 2024, at a rate of more than 145 every second. Of this total, 91% came from China. A month ago, EU finance ministers approved scrapping, from next year, the duty-free status enjoyed by these parcels.
While this measure is intended to apply to parcels from all countries outside the EU, it is primarily aimed at stemming the flood of low-priced Chinese products into Europe, which often fail to comply with European standards, and are purchased on Asian platforms such as Shein, Temu, or AliExpress.
This influx of imported parcels with no customs duty has increasingly been denounced by European producers and retailers as a form of unfair competition.
Moreover, the volume of parcels arriving at European airports and ports is so great that customs officers are frequently unable to check whether they comply. In these circumstances, it is difficult to intercept dangerous or counterfeit products before they reach consumers.
“Four years ago, there were one billion parcels arriving from China. Today, it’s more than four billion,” noted French Economy Minister Roland Lescure. “Today, these parcels represent unfair competition for city-centre businesses which pay taxes, so it’s essential to act and act fast, otherwise we will act too late,” he told AFP.
A Herculean task
France, in the midst of a stand-off with Chinese e-commerce giant Shein following the scandal over the sale of childlike sex dolls and Category A weapons, has led this battle in Brussels to scrap the exemption from customs duties on these low-value shipments.
The measure had in fact already been planned as part of the reform of the Customs Union (the European customs system), but it is not due to apply until 2028. In November, the 27 member states agreed to implement it “as soon as possible” in 2026.
But that means finding a “simple and temporary” solution for taxing these billions of parcels, until the customs data platform provided for in the reform, which should greatly facilitate the collection of customs duties, becomes operational.
According to some members of parliament, applying the usual customs duties to small parcels from 2026 onwards- with rates varying according to product category or sub-category and the country of import- would be a Herculean task, risking clogging up already overburdened customs services even further.
Roland Lescure made it clear on Thursday that he would defend “a flat-rate tax, because we want the measures taken in Europe to have an impact,” rather than “proportional taxation,” which he believes would not be a sufficient deterrent.
A first step
However, setting up a transitional system “is not easy, because we have to do it with our existing resources,” said a European diplomat, who on Thursday declined to give an exact date for the entry into force of the provisional system.
The taxation of small parcels is just the first step in the EU’s offensive against the avalanche of Chinese products entering its territory: from November 2026, it is due to be accompanied by the introduction of handling fees on these same parcels valued at less than 150 euros. In May, Brussels proposed setting them at two euros per parcel.
This sum will help finance the development of controls and, according to the EU, together with the collection of customs duties, will help level the playing field between European products and competition “made in China.”
FashionNetwork.com with AFP
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India and France have struck a deal to revise their 1992 treaty which will halve the tax on dividends paid by Indian units to French parents, potentially saving millions for companies with major operations in the South Asian nation, documents show.
Bollywood celebrity Alia Bhatt for L’Oreal, a company which could be affected by the new treaty – L’Oréal Paris
In return, India will get to widen its powers to tax share sales by French investors, and revoke the “most favoured nation” status of France that gave it certain tax advantages, according to confidential Indian government documents reviewed by Reuters.
Bilateral trade between India and France stood at $15 billion last year, and Indian Prime Minister Narendra Modi and French President Emmanuel Macron have been forging warmer ties. The two sides have been working to recast their tax treaty since 2024 to modernise it by adapting global standards on tax transparency.
“The proposed amending protocol will boost flow of investment, technology and personnel between India and France, and will provide tax certainty,” said one of the Indian government documents from August. The new treaty could have implications for large French portfolio investors as well as companies like Capgemini , Accor, Sanofi, Pernod Ricard, Danone, and L’Oreal– all of which have expanded their presence in India in recent years.
A key change is that French companies which hold a stake of more than 10% in any Indian entity will have to pay a 5% tax on the dividends they receive, instead of 10% earlier. For minority French shareholdings of under 10% in Indian companies, however, dividend tax will rise from 10% to 15%.
Many French firms’ Indian units like Capgemini Technology Services India, BNP Paribas Securities India and TotalEnergies Marketing India have declared dividends in the past, their Indian regulatory disclosures show. The Capgemini unit’s dividend stood at $500 million in 2023-24.
France’s tax office said it could not comment for this story given the negotiations are ongoing, while the finance ministry did not respond to Reuters’ queries. India’s foreign and finance ministries also did not respond. Capgemini and Danone declined to comment while the other French companies did not respond to Reuters’ queries.
Currently, India can impose taxes on any French entity’s share sale, but only when it holds more than 10% of an Indian company. The new proposed treaty will remove that threshold.
The new treaty “will provide for full source-based taxation rights in respect of capital gains on equity shares (in India),” said the Indian documents.
France-based foreign portfolio investors (FPIs) own $21 billion worth of shares in Indian companies as of November 2025, a third higher than levels in 2024, Indian share depository data shows. And more than 40 French companies hold stakes of under 10% in Indian entities, according to an analysis by Indian market intelligence platform Tracxn.
“This will impact French FPIs in India and also French companies holding minority interest in Indian companies. These investments were not subject to tax under the current treaty,” said Riaz Thingna, a partner at Grant Thornton Bharat LLP.
One official familiar with the deliberations told Reuters on condition of anonymity that Indian and French officials have agreed the terms of the new treaty, which will likely be signed in the coming weeks. In New Delhi, the deal is subject to final approval by Prime Minister Narendra Modi’s cabinet, according to the documents. Reuters is the first to report the planned changes to India-France treaty.
India has also agreed to France’s demand to limit tax on fees for technical services to cases where a French provider transfers technical know-how, removing most routine consultancy and support services from the scope of India’s tax. “This can help French companies that render services like design consultancy, cybersecurity and market research,” Thingna said.
Differences over how to interpret the so-called most-favoured nation, or MFN, clause were among the main reasons for the renegotiation, the official said. If a country has an MFN clause with India under a signed treaty, it typically starts claiming lower tax rates if New Delhi strikes more favourable tax terms later with another OECD nation. But a landmark Indian Supreme Court decision in late 2023 said countries can’t automatically start doing so, triggering concerns in France.
“This decision led to a sharp deterioration in the legal and economic security of French companies in India. The potential additional tax cost was estimated at 10 billion euros for existing contracts alone,” said the official.
India and France have reached a decision to delete the MFN clause from their treaty which had historically benefitted only France, according to Indian government documents. That was to put an end to disagreements related to its interpretation that have led to “tax uncertainty and protracted litigation,” said one document. Switzerland in January also suspended its application of the MFN clause in its India treaty citing the Supreme Court ruling.
Politics8 years ago