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UK business minister Reynolds to visit Washington for trade talks

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Reuters

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March 18, 2025

UK business minister Jonathan Reynolds will meet with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer in Washington on Tuesday to advance discussions on a bilateral trade agreement, the British embassy said.

Reuters

Reynolds will discuss deeper UK-U.S. ties to benefit industry, business and consumers, building on discussions first launched by U.S. President Donald Trump and British Prime Minister Keir Starmer during an Oval Office meeting last month, it said.

“The UK and U.S. share a fair and balanced relationship, one that has benefited both sides for many decades,” Reynolds said in a statement, calling his visit the latest step in the UK’s “pragmatic and positive engagement with the new administration  to agree a wider economic deal in both our interests.” 

Britain, unlike the European Union, did not immediately retaliate after Trump’s 25% tariffs on steel and aluminum imports took effect March 12, hoping to negotiate a trade deal and stave off a broader round of reciprocal tariffs that Trump says he will announce on April 2.

Trump said last month the two countries might reach a bilateral trade deal that would avert duties.

Britain and the U.S. engaged in five rounds of trade negotiations toward such a deal during Trump’s first term in office, but failed to reach an agreement before he left office. The work was shelved by his successor, former president Joe Biden.

Britain’s ambassador to the U.S., Peter Mandelson, said the two allies hoped to set up a “full spectrum technology partnership” building on critical U.S.-UK collaboration on nuclear technologies during World War Two and joint work developing the internet.

In a commentary published on Monday in the Hill newspaper, Mandelson underscored the importance of continued collaboration – now on artificial intelligence – given today’s intense rivalries with adversaries in that sector.

He mapped out potential partnerships in biotechnologies, including genomics, protein design and engineering, as well as joint work on advanced data centers, the world’s first advanced quantum computer, and nuclear technology.

“The U.S. and UK are natural allies to work together to deliver generational advances,” he said. “America and Britain can achieve more together than they can do apart.”

The U.S. is Britain’s single largest country trading partner, with more than $1.5 trillion invested in each other’s economies across key sectors including financial services, energy and technology. 

© Thomson Reuters 2025 All rights reserved.



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new boutiques establish rue Saint-Honoré as a fragrance hub

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Nazia BIBI KEENOO

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March 18, 2025

Rue Saint-Honoré is elevating its fragrance scene in Paris’ 1st arrondissement, drawing top luxury brands. The iconic street will welcome new niche perfumery boutiques in the coming weeks, further cementing its status as a premier scent destination.

The upcoming Creed boutique onrue Saint-Honoré – FNW

French fragrance house Matière Première will open its first-ever standalone boutique at 306, rue Saint-Honoré, steps away from Christian Dior Parfums, Parfums de Marly, and Fragonard. The opening comes a few months after luxury giant Kering took a stake in the brand, which was founded in 2019 by Aurélien Guichard, Cédric Meiffret, and Caius von Knorring.

Another Kering-backed brand is also making its way to rue Saint-Honoré. Creed will open a boutique at 211, rue Saint-Honoré, taking over the space previously occupied by footwear brand Cosmoparis. Kering acquired the historic fragrance house, founded by James Henry Creed in 1760, in October 2023. At the time, Creed generated annual sales of €250 million and already operated a Paris boutique on rue des Saints-Pères in the 7th arrondissement.

In early April, Italian perfumer Acqua di Parma, part of the LVMH group, will open a boutique at 305 rue Saint-Honoré, near Byredo (Puig Group) and directly across from the upcoming Matière Première store. The brand—founded in 1916—is already present at La Samaritaine and BHV Marais and previously operated a boutique on rue des Francs-Bourgeois in the Marais. This district has also seen a growing number of beauty and fragrance brands set up shop.

Maison Crivelli is set to open on rue Saint-Honoré by the end of the year.
Maison Crivelli is set to open on rue Saint-Honoré by the end of the year. – FNW

By the end of the year, Maison Crivelli will also join the neighborhood, opening at 314, rue Saint-Honoré in the space formerly occupied by jewelry brand Satellite. Currently sold in 44 countries through 450 retail points, the independent fragrance house—founded seven years ago—will unveil its first standalone boutique.

According to trend forecasting firm NellyRodi, the global niche fragrance market is valued at nearly $3 billion (€2.7 billion) and is expected to reach $7.4 billion by 2031.

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Bogner reports another record-breaking year

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Nazia BIBI KEENOO

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March 18, 2025

Crisis? What crisis? Bogner appears to be unaffected. The Munich-based luxury and sportswear brand once again posted record-breaking results for the 2023/24 fiscal year, with revenue climbing 7% to €187.6 million, compared to €175.6 million the year before.

Spring/Summer 2025 campaign image. – FIRE+ICE

Growth spanned all distribution channels across both core brands, Bogner and Fire+Ice. Digital sales surged by 15% year over year, while wholesale revenue increased by 8% and retail sales grew by 2%.

“Our record revenue in the 2023/24 fiscal year highlights our strength as a luxury sports fashion brand. Bogner is also on track to achieve sustainable growth in the current fiscal year,” said CFO Frank Wiesner. 

The company further expanded its global footprint with new stores in the United States, the United Kingdom, and France. Alongside a new permanent location on Madison Avenue in New York, a partner store opened in London’s Mayfair. Several pop-up and partner locations were also launched in the French Alps, in elite ski resorts such as Annecy, Megève, Courchevel, and Val d’Isère.

Bogner continues to strengthen its international presence and brand awareness while benefiting from the strong performance of both core brands.

A key focus of the past fiscal year was product innovation, with a stronger link between ready-to-wear and active sports collections. Jersey, knitwear, and outerwear were key categories, contributing to an expanded year-round product portfolio.

The Munich-based luxury fashion brand remains a strong player in the golf sector.
The Munich-based luxury fashion brand remains a strong player in the golf sector. – BOGNER

Looking ahead to 2024/25, Bogner remains focused on international expansion, with its home market in the DACH region continuing to play a central role.

Another priority is the strategic development of its omnichannel capabilities. Alongside strengthening its digital business, the company is optimizing processes to better meet the needs of strategic partners and expand its international network.

“We are growing thanks to the outstanding dedication of the entire Bogner team. Our community represents a unique lifestyle driven by a passion for sports, fashion, and innovation. This is reflected in our strong core brands and first-class portfolio,” said Daniel Hiendlmeier, appointed Chief Brand Officer and Managing Director in the summer of 2024.

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Harvey Nichols to shutter Liverpool One Beauty Bazaar

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We’re used to hearing about stores opening at Liverpool One these days but news has emerged that a high-profile retailer at the giant mall is shutting down.

Liverpool One

The Harvey Nichols Beauty Bazaar that’s been open since 2012 is to close with a Harvey Nichols spokesperson saying the company is focusing on “full category stores”. 

That’s a key part of its growth strategy under still-new Julia Goddard, a former Alexander McQueen exec, but is interesting given the growth and importance of the premium beauty sector. 

In fact, standalone beauty stores remain a key part of rival Harrods’ strategy via its H Beauty chain, while Boots has opened a beauty-only store, Sephora is expanding fast and other retailers like M&S and Next continue to see beauty as a key category.

But perhaps it’s the intensifying competition that’s the issue and in fact, Sephora is opening at Liverpool One this spring.

Harvey Nichols also said: “We have reviewed our store portfolio and mutually agreed with the landlord of our Beauty Bazaar location in Liverpool to surrender the lease as we focus on investment into full-category stores.

“Unfortunately, this means that our employees in the Liverpool store may be at risk of redundancy. We have entered into a consultation process and are doing everything we can to support those affected by the surrender.”

A Liverpool One spokesman said the store has “has made an important contribution to Liverpool One success since opening. We’re committed to bringing the best, in-demand brands to [the mall] and we have well-progressed plans to transform the space that will ensure Liverpool One continues to go from the strength-to-strength.”

The closure is expected in the middle of next month and will leave a noticeable gap in the mall given its large size (it covers 22,000 sq ft and three floors). But Liverpool One, which is now almost solely owned by landlord Landsec, should have no problem filling the space that was once a Habitat store. The centre is one of the UK’s supermalls and has announced a raft of openings in recent years showing that it’s one of the key destinations on retailer wishlists.

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