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Swiss say 15% US tariff applies retroactively from mid-November

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December 10, 2025

The new US tariff of 15% on imported Swiss goods- down from a whopping 39%- applies retroactively from November 14, the Swiss government announced Wednesday.

Tissot watches feature classic Swiss design – Tissot

US President Donald Trump shocked Switzerland in August when he announced 39% duties on imports of goods from the wealthy Alpine nation, among the highest in his global tariff blitz.

That left Switzerland scrambling to negotiate a better tariff deal, with ministers and business leaders flocking to Washington to try to convince the Trump administration to change course.

On November 14, Washington and Bern announced they had struck a framework agreement to bring the tariffs down to 15%, with Switzerland vowing to invest $200 billion in the US.

“The US is applying a tariff ceiling of 15% on imports from Switzerland. This applies retroactively from November 14, 2025,” a Swiss government statement said Wednesday.

“In return, Switzerland will reduce import tariffs on certain fish and agricultural products from the US.”

Bern said the new tariff ceiling would see the tariffs on Swiss goods would plunge. “This will significantly improve access to the US market for Swiss companies,” it said.

“The competitiveness of Swiss companies will also be strengthened, as they will once again enjoy similar conditions on the US market as companies from the European Union or other US trading partners with a similar economic structure.”

The 39% tariff rate jeopardised entire sectors of the export-heavy Swiss economy, notably watchmaking and industrial machinery, but also chocolate and cheese.

Besides their own tariff rate impacting the viability of exports to the US, Swiss businesses also worried that competitors in other wealthy economies will have an edge, with the neighbouring EU and Japan having negotiated a 15% tariff, and Britain securing a rate of 10%.

Bern slashed its 2026 growth forecast as the tariffs weighed on its export-driven economy. Two Swiss lawmakers have asked the country’s attorney general to probe the legality of gifts reportedly given to Trump by Swiss business leaders 10 days before the two nations cut the breakthrough tariff deal.

After the delegation went to Washington in early November, a Rolex table clock and an engraved gold bar later appeared on the president’s desk.

Marwan Shakarchi, the head of precious metals trader MKS PAMP, and Rolex chief executive Jean-Frederic Dufour were among the business leaders at the meeting.

Prosecutors have been asked to investigate whether the gifts may have violated Swiss anti-bribery laws or constituted undue advantage under Swiss criminal law.

Copyright © 2025 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.



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India’s Aadyam Handwoven names Sobhita Dhulipala as brand ambassador

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December 12, 2025

Aditya Birla Group’s corporate social enterprise Aadyam Handwoven has named Sobhita Dhulipala as its new brand ambassador, who will contribute to the brand’s ‘Culture Beyond Textiles’ vision of preserving India’s weaving legacies.

Sobhita Dhulipala wearing a saree by Aadyam Handwoven – Aadyam Handwoven

 
“Aadyam has always stood for the people behind the loom, the cultures that shape our craft, and the traditions that continue to evolve. Sobhita is a woman of today who exemplifies this thinking with an innate sensitivity that is in tandem with our narrative,” said Aadyam Handwoven’s business lead Manish Saksena in a press release. “Her connect to handlooms is personal and intuitive, and her presence strengthens our endeavour to make Indian craftsmanship aspirational for a new generation.”
 
Aadyam Handwoven retails fashion and homeware goods designed to highlight Indian textile heritage and translate it for modern shoppers. The label aims to harness Dhulipala’s pan-India popularity to raise awareness about the brand and its textile ecosystem.

“I’ve always believed that craft carries emotion,” said Sobhita Dhulipala. “When something is made by hand, it holds the imprint of the person who created it. Aadyam’s work with weaving communities, combined with its philosophy of celebrating culture in all its forms, makes this association very special for me. I am honoured to lend my voice to a brand that champions artistry with purpose.”

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“Mango continues to chart a steady course towards new horizons,” says Toni Ruiz on the anniversary of Isak Andic’s passing

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December 12, 2025

One year on from his passing, Catalan fashion company Mango is commemorating the legacy of Isak Andic. In memory of its founder, who lost his life on December 14, 2024 in a tragic mountaineering accident in Barcelona, Mango has undertaken a series of commemorative initiatives across its stores and corporate channels to highlight the business, human, and philanthropic legacy of the entrepreneur, born in Istanbul in 1953.

Exterior of the Catalan brand’s store on Paseo de Gracia in Barcelona, adorned with a special tribute to Isak Andic. – Mango

In this context, some of the company’s most emblematic stores have dressed their windows with a portrait of Andic and messages inside that evoke his legacy. Specifically, the tributes have reached its stores from Paseo de Gracia in Barcelona to Serrano in Madrid, as well as international locations such as Oxford Street in London, Fifth Avenue in New York, and the Galleria Vittorio Emanuele in Milan. In parallel, Mango added a black ribbon to its e-commerce platform and shared a commemorative video on its internal channels and social media.

The audiovisual tribute, produced by company employees drawing on hours of archival footage and interviews, captures the founder’s lessons and reflections in his own voice. “Isak was a visionary who transformed a personal dream into a global brand. His legacy remains a constant source of inspiration for all of us,” the company shared on its LinkedIn profile alongside the video, adding that “his spirit lives on in every step we take towards the future, as we continue to work to fulfil his vision and ensure that Mango is a project he would be proud of.”

For his part, the group’s CEO and executive chairman, Toni Ruiz, shared a personal letter addressed to Andic, both internally and on his LinkedIn profile, in which he reaffirmed that the values that defined the founder will guide the brand’s next steps. In it, he remembers Andic as “a brilliant entrepreneur and an exceptional person,” stressing that “there has not been a single day on which we have not remembered him.” “Mango continues to sail steadily towards new horizons,” he said.

Ruiz recalled the conversations and ideas left unfinished and highlighted the trust that the founder placed in the team, noting that “Mango is made up of excellent professionals and even better people.” The executive also reviewed the milestones of the past year, from double-digit growth to international expansion and momentum across all product lines, as well as progress at Mango Campus and the company’s focus on innovation and artificial intelligence- areas that Andic always emphasised. “What could have been a difficult year, we have together turned into a historic one,” he stressed. The letter concludes with a message of gratitude on behalf of the 17,000 people who make up the company and with the phrase the founder often repeated: “the sky is the limit.”

A year of continued growth

Following the path of growth championed by Isak Andic and reaffirmed by Toni Ruiz in his letter, Mango has closed a particularly strong year, marked by strategic advances and sustained expansion. Among other milestones achieved in the last 12 months, the company has reached its 60th store in the US with a new opening in Chicago and has accelerated the development of its Home category with its first dedicated store in Barcelona, followed by new openings in the same city, Madrid and Zaragoza. At the same time, it has strengthened its organisation with strategic additions such as Helena Helmersson, former CEO of H&M, as an independent director; Eva Gallego as head of the womenswear category; and Marlies Hersbach as the new director of online and customer, following the departure of long-time executive Elena Carasso. All these actions resulted in an outstanding financial performance, with growth of 12% in the first half of the current financial year, reaching a turnover of 1,728 million euros.

In parallel, during the last year there have also been significant changes in the structure of the family holding company that owns Mango. Following the death of Isak Andic, his three children reorganised the family’s companies under Punta Na Holding, the entity that brings together the family investment vehicles and controls the vast majority of the fashion company’s capital. In this context, the eldest son, Jonathan Andic, stepped down in June from his position as global director of Mango Man, a role he had held for 17 years, to focus fully on managing the family’s investment companies, which include business and property investments, sharing corporate governance responsibilities with his sisters Sarah and Judith.

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WYSE London to open Edinburgh pop-up until next May

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December 12, 2025

Expanding women’s fashion retailer Wyse London is set to open a pop-up store in Edinburgh, Scotland, on Saturday (13 December).

Wyse London

The 550 sq ft space on Frederick Street isn’t just for Christmas as it’s opening until next May, housing the brand’s latest styles from its Autumn/Winter collection, including bestsellers the Liana Chunky Funnel Neck Jumper, Philippa Pea Coat and festive dresses and tops.

 The pop-up marks the latest in a series of new store openings, “following the successful introduction to the North of England” in York in September. That became its fourth permanent UK store, joining the brand’s two in London – Chelsea and Marylebone – as well as Southwold, Suffolk.

More stores, both pop-up and permanent, are planned over 2026 both nationally and internationally, the retailer said.

Founder Marielle Wyse added: “Edinburgh has become an increasingly significant city for us, as we’ve seen a rapidly growing community of customers shopping with us online, so opening a physical pop-up feels like the natural next step. 

“The city’s cultural heritage and vibrant population offers a setting that aligns perfectly with our brand values, while the thriving tourism scene brings an energy and international audience we’re excited to welcome. With a discerning retail landscape, the city gives us a unique opportunity to build deeper relationships with both existing and new customers.”

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