Apparels

India’s Central Board of Direct Taxes has expanded the scope of tax collected at source (TCS) to encompass a wider range of luxury goods priced over ₹1 million (~$11,714.03)
This list of luxury goods includes handbags, purses, shoes and sportswear and equipment like golf kits, ski gear.
Sellers are now mandated to collect this 1-per cent TCS from buyers at the time of purchase beginning April 22.

American footwear and apparel brand Skechers’ Q1 2025 sales rose 7.1 per cent YoY, driven by 7.2 per cent international and 6.9 per cent domestic growth.
Wholesale sales grew 7.8 per cent, and DTC sales increased 6.0 per cent.
Net earnings were $202.4 million, with EPS at $1.34.
The brand expanded to 5,318 stores globally, reflecting strong demand across key regions despite market challenges.

JP Morgan forecasts a significant rise in gold prices, predicting it could reach $3,675 per ounce by late 2025 and potentially surpass $4,000 by mid-2026. The surge is driven by macroeconomic concerns and geopolitical instability, with strong demand from central banks and investors. Uncertainty around global trade and U.S. policy is fueling central bank buying, as gold remains a trusted hedge against stagflation and recession.

US-based Angara, a coloured gemstone brand, has entered the Indian market, aiming for a Rs 1,000+ crore valuation by 2030. Following success in the US, UK, and Australia, Angara sees India as a key market, planning significant investments in stores and infrastructure.

Jordan’s apparel exports dropped 26.95 per cent in Q1 2025, falling to $393.96 million, with the US accounting for 84.96 per cent of the total share.
Exports to the US decreased by 17.18 per cent.
Jordan’s fabric imports also fell by 39.71 per cent, primarily sourced from China and Taiwan.
The country’s total fabric imports stood at $129.09 million in Q1 2025.

Skechers withdrew its annual forecast due to trade uncertainties fueled by the Trump administration’s policies, causing a 7% stock drop. The company plans to diversify sourcing to minimize high-cost production, as China accounts for 38% of U.S. sales. Increased tariffs on Chinese goods are impacting input costs and consumer prices.

Kering’s shares plummeted after announcing a disappointing first-quarter sales drop, with Gucci’s sales declining by 25%. The luxury sector faces challenges due to weakened growth in North America and Europe, compounded by concerns over tariffs and a sluggish Chinese market.

Rupesh Jain, previously with Candere and Kalyan Jewellers, has introduced Lucira, a lab-grown diamond jewelry brand, catering to modern consumers. Lucira emphasizes rings for engagements, weddings, and anniversaries, blending design, ethics, and digital convenience.

The CBDT has mandated a 1% TCS on luxury goods exceeding ₹10 lakh, effective immediately. This includes items like handbags, watches, and collectibles. The move aims to curb black money, enhance transparency, and improve oversight in the luxury market by tracking high-value transactions often obscured by opaque pricing and cash payments.

This follows four consecutive years of over 20% revenue growth, which has expanded the industry 2.5x since FY21, even as volumes remained subdued amid elevated prices and constrained consumer budgets. “Despite rising prices, we expect another year of strong revenue growth, supported by premium realisations, continued formalisation, and deeper penetration in Tier 2 and 3 cities,” said Himank Sharma, Director, Crisil Ratings. “However, ticket sizes are likely to remain constant, leading to lower caratage and grammage.”