Worldview: US Textile Industry Calls for Restrictions on Nicaragua

🇳🇮 US textile industry leaders call for restrictions on Nicaragua. Ahead of President Donald Trump’s recent inauguration day threats of tariffs on Mexico and Canada, US textile industry leaders were calling for punitive trade measures on another country in the region, Nicaragua. American textile giant Milliken & Company wrote to US trade officials saying that it has been “especially harmed” by Nicaragua’s alleged abuse of its membership in CAFTA-DR, a free trade pact between the US and six Central American and Caribbean region nations (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and the Dominican Republic). Nicaragua is estimated to have exported around $2 billion of apparel to the US in 2023. Milliken, which makes technical and performance fabrics in factories across 13 US states, cited risks of transshipment of forced-labour products from China via Chinese-owned and Chinese-invested factories in Nicaragua. Kim Glas, CEO of the Washington-based National Council of Textile Organizations, urged the US to somehow take “aggressive action” on the Nicaraguan government, which is accused of human and labour rights abuses, without using a “broad-brush approach” that would put the “critically intertwined” sectors in the CAFTA-DR region at risk. [Sourcing Journal, Financial Times]

🇮🇳 India’s Reliance Retail Ventures sees profit surge 10% in Q3. The firm’s consolidated net profit for the quarter ended December reached 3,458 crore rupees ($400 million), up from 3,145 crore rupees in the same period last year. Revenue from operations stood at 79,595 crore rupees ($9.2 billion), up 7 percent. The retail arm of Reliance Industries, an oil-to-telecoms conglomerate and India’s largest company by market value, is a leading player in India’s fashion industry through various holdings such as Ajio, Tira, Vimal, Reliance Jewels, Reliance Trends, The White Crow, local joint ventures with brands like Versace and Burberry, investments in Indian designer brands like Manish Malhotra and luxury mall Jio World Plaza. [Economic Times, BoF]

🇨🇳 Chinese-owned Lanvin Group appoints Andy Lew as executive president. The Shanghai-based group formerly known as Fosun Fashion Group has tapped Lew, an industry veteran who previously worked at Brooks Brothers and Authentic Brands Group and most recently served as CEO of St. John Knits. Zhen Huang, chairman of the group which owns Lanvin, Sergio Rossi, Wolford, St. John Knits and Caruso, said Lew will establish “a second headquarters in Europe” in a commitment to strengthen the firm’s “global operations and market presence.” Group founding chairman and CEO Joann Cheng departed in 2023 when Eric Chan took over as CEO. Chan will now transition to the board as a director. [BoF Inbox]

🇮🇩 Indonesia seeks to lower US tariffs on goods including apparel. An economic ministry official said the country was preparing to negotiate with the incoming US president to mitigate the impact of new tariffs or tariff increases. The US already imposes tariffs on the Southeast Asian nation in categories including apparel and footwear, the official said. Donald Trump has threatened to raise tariffs on the BRICS alliance, of which Indonesia is now a member, by 100 percent should the bloc create its own currently to rival the US dollar. [Sourcing Journal]

🇧🇩 As political crisis hits Bangladesh exports, India promotes its textiles. India aims to boost its textile and garments industry in next month’s budget with financial support, tariff cuts on key inputs and incentives to produce locally, two government sources said. Some international buyers have reportedly shifted their orders to India and Vietnam due to the ongoing crisis in Bangladesh. [BoF]

🇮🇳 Indian department store Shoppers Stop sees profit soar by 41% in Q3. The fashion and lifestyle retailer, which has around 112 namesake stores selling fashion, 22 multi-brand beauty doors, over 20 airport stores and over 20 Intune stores across 62 Indian cities, has posted consolidated net profit of 52.23 crore rupees ($6 million) in the quarter ended December against 36.85 crore rupees a year earlier. [Economic Times]

🇯🇵 Japanese beauty giant Kosé invests in Indian skincare brand Foxtale. The Tokyo-based conglomerate has led a round that raised $30 million in funding for the Mumbai-based brand, with participation from existing investors Z47 (previously Matrix Partners India), Kae Capital and Panthera Growth Partners, according to the brand’s founder and CEO Romita Mazumdar. The move follows Kosé’s acquisition of Thai beauty brand Pañpuri in December. [Economic Times]

🇮🇳 Indian q-commerce app Dunzo shuts down following CEO departure. The company’s website and app both reportedly ceased operations following co-founder and chief executive Kabeer Biswas’s move to Flipkart to lead the e-commerce major’s rival quick commerce business Minutes. India’s q-commerce sector is an increasingly popular channel for beauty and personal care products. [Economic Times]

🇨🇳 Retailer Shanghai Yuyuan Tourist Mart mulls second listing in Hong Kong. The retail and tourism conglomerate which has operations spanning jewellery stores to cultural sites is reportedly contemplating a second listing in Hong Kong. The company, already listed in Shanghai, may seek to raise more than $300 million in an offering. It is controlled by tycoon Guo Guangchang through Shanghai Fosun High Technology Group Co., Shanghai Fosun Industry Investment Ltd. Co. and other Fosun-affiliated entities acting in concert. [BoF]

🇮🇳 Titan Capital and All In Capital invest in Indian lingerie brand Krvvy. The two venture capital firms have led a pre-seed round worth 6.1 crore rupees ($700,000) in funding for the Noida-based innerwear and shapewear startup founded by Yash Goyal and Anant Bhardwaj in 2024. [Economic Times]

🇮🇳 India’s apparel exports are up 11.6% in Apr-Dec period. The country’s Apparel Export Promotion Council (AEPC) said exports increased to $11.31 billion during the period, with chairman Sudhir Sekhri highlighting growth to the US, the UK, Germany, Spain, the Netherlands, Japan, Australia, and Mauritius. [Economic Times]

🇰🇷 Fendi appoints K-pop star Bang Chan as brand ambassador. The Italian luxury brand has tapped the lead singer of South Korean boy band Stray Kids to endorse its products. The Australian-born musician also known as Christopher Chahn Bahng has over 9 million followers on Instagram. [BoF Inbox]