Apparels

Azadea Group, the operator of Zara and Virgin Megastore chains in the Middle East, has postponed its IPO plans to concentrate on business operations, unrelated to market volatility caused by US tariffs. The retailer is considering expanding into new Middle Eastern markets and strengthening its presence in existing ones before proceeding with the public offering.

India’s gem and jewellery exports faced an 11.72% decline in 2024-25, totaling USD 28.5 billion, impacted by global headwinds and competition. While overall imports also decreased, prices are stabilizing, and a surge in exports occurred before new US tariffs. Studded gold and platinum jewellery exports showed positive growth, contrasting with declines in other sectors like silver and lab-grown diamonds.

The Enforcement Directorate is pursuing the confiscation of Mehul Choksi’s foreign assets across 10 countries following his arrest in Belgium on India’s request. Letters rogatory have been dispatched to nations including Hong Kong, the US, and the UAE, seeking details on Choksi’s companies and assets.

Shein’s partnership with Reliance Retail to establish India as a global manufacturing hub faces challenges as China discourages companies from shifting production overseas due to US tariffs. The original agreement, including integrating Indian MSMEs into Shein’s supply chain, is being renegotiated and may be scaled down.

Luxury giant LVMH saw sales fall two percent to 20.3 billion euros ($23 billion) in the first quarter of 2025 as US President Donald Trump’s tariffs shook the global economy, the company said on Monday. The group behind Loewe and Dior likewise saw its worldwide fashion and leather goods revenue fall by four percent in the first quarter to 10.1 billion euros.

Indian cricketer Jasprit Bumrah has made his first startup investment in luggage brand Uppercase. The partnership includes co-developing a product line for sportspersons. This reflects a wider trend of cricketers turning investors. Uppercase, backed by Accel, aims to break even soon and may explore a public listing in the future.

G-III Apparel and Aldo Product Services have signed a seven-year licensing deal for G H Bass, granting Aldo rights to design, produce, and distribute its footwear, bags, and leather goods in North America.
Launching Spring/Summer 2026, the partnership includes managing the official platform and aims to blend G H Bass’ heritage with Aldo’s design and sourcing strengths to engage new consumers.

India’s textile industry faces uncertainty due to potential US tariffs, despite a temporary pause. While higher tariffs on competitors could offer a competitive edge, buyers are seeking cost-sharing, impacting already thin margins. Experts suggest focusing on efficiency, exploring new markets, and pursuing a Bilateral Trade Agreement with the US to navigate the evolving landscape and capitalize on opportunities.

Cambodia’s apparel exports rose by 18.69 per cent to $2.432 billion in January–March, accounting for over one-third of total foreign income.
Knitted and non-knitted apparel exports grew by 16.5 per cent and 22 per cent, respectively.
However, monthly growth slowed in March amid global trade uncertainty.
Imports of fabrics and fibres also increased significantly, reflecting continued demand.

Diamond merchant Mehul Choksi, wanted in the $2-billion PNB fraud, has been arrested in Belgium following a request from Indian authorities. The CBI sought Choksi’s detention after he was located in the country, acting on open arrest warrants issued by a Mumbai court. Choksi, claiming medical issues, may seek bail, but Indian agencies will oppose it and pursue his extradition.