China and U.S. Reach Trade Consensus: Tariffs Suspended for 90 Days

In the first round of high-level China-U.S. trade talks held in Geneva, Switzerland on May 12, both sides issued a joint statement. The statement indicated that the U.S. will suspend the 24% tariff on Chinese goods (including those from Hong Kong and Macau) for 90 days, while maintaining the 10% base tariff. Additionally, the U.S. announced the cancellation of the tariff measures imposed under Executive Orders 14259 (issued on April 8, 2025) and 14266 (issued on April 9, 2025).

In return, China will suspend the 24% tariff on U.S. goods, retain the 10% base tariff, and cancel related tariff measures from Tax Commission Announcements No. 5 and No. 6 issued in 2025.

Maison Margiela to Debut Glenn Martens’ First Collection at Paris Haute Couture Week

French fashion brand Maison Margiela will debut its first collection under new creative director Glenn Martens during Paris Haute Couture Week in July. The exact date and location have yet to be announced.

In a public statement, the brand emphasized that this show will mark the beginning of an exciting new chapter for Maison Margiela, showcasing its core creative values through haute couture fashion.

Notably, Glenn Martens was appointed as Maison Margiela’s creative director by OTB Group in January, succeeding John Galliano, who held the position for 10 years.

Morgan Stanley Upgrades Tapestry Stock, Highlighting Coach’s Strong Growth and Tariff Mitigation

Morgan Stanley analyst Alex Straton recently upgraded Tapestry Group's stock to "Overweight" and explained that the U.S. tariff policy, combined with the growth momentum of its brand Coach, will benefit the group’s long-term development. Despite the instability of Trump's tariff policies affecting the fashion industry, Straton pointed out that the group's brands have limited exports to China, higher operating profit margins, and a diversified supply chain, which effectively mitigates geopolitical and tariff risks. In the group’s third-quarter report released last week, Coach's sales surged by 13%, reaching $1.29 billion.

Crocs Reports Q1 2025 Revenue Growth, Faces Challenges with Heydude Brand

U.S. footwear manufacturer Crocs has released its Q1 2025 financial results, reporting a consolidated revenue of $937 million, representing a 1.4% year-over-year growth at constant exchange rates.

• Revenue from direct-to-consumer channels increased by 2.3%, while wholesale business saw a slight decline of 1.6%.

• As the core brand, Crocs sales grew by 2.4%, reaching $762 million, with a 4.2% increase at constant exchange rates, continuing to drive the company’s performance.

• In contrast, Heydude brand showed weak performance, with a 9.8% decline in sales, recording $176 million.

Despite the overall solid performance for the quarter, the company decided not to provide an annual guidance for 2025, citing global market uncertainties and fluctuating consumer confidence.

L'Oréal Emerges as Leading Contender to Acquire UK Skincare Brand Medik8

According to sources, L'Oréal Group has become the leading contender to acquire the UK skincare brand Medik8. Founded in 2009 by Elliot Isaacs, Medik8 currently employs over 300 people and sells its products in over 7,000 professional clinics worldwide. It is estimated that Medik8's global revenue will reach around $115 million in 2025. Medik8's focus on effective skincare aligns closely with L'Oréal's "Skin Health Division," which includes brands such as La Roche-Posay, Vichy, CeraVe, and SkinCeuticals.

Skims to Open First Standalone UK Store on Regent Street in 2026

American celebrity Kim Kardashian's shapewear brand Skims will open its first standalone store in the UK on Regent Street, London, at the former Ted Baker flagship store (No. 245). The new store is expected to open in the summer of 2026, with a 10-year lease managed by The Crown Estate. This store will be a key part of Skims' global expansion strategy and a symbolic move as the brand deepens its presence in the UK market. Previously, Skims products were sold through premium department stores like Harrods, Selfridges, and END. Clothing.

Sephora Announces Haus Labs by Lady Gaga Launch Across Asia-Pacific

Sephora has officially introduced Haus Labs, the beauty brand founded by Lady Gaga, to the Asia-Pacific region. The brand will be available in seven key markets: Australia, New Zealand, Singapore, Malaysia, Thailand, Philippines, and Hong Kong. The launch includes 125 makeup products from Haus Labs' full range. Founded in 2017, Haus Labs is known for its clean beauty offerings with vegan ingredients. This addition to Sephora's portfolio will expand its range of premium beauty brands in the Asia-Pacific market, which now includes nearly 250 brands.

Pronovias' Owners Withdraw €193 Million to Support Financial Recovery

The owners of Spanish bridal fashion brand Pronovias, Bain Capital and MV Credit, have withdrawn €193 million from the equity of Catiberia Acquisition Holdco, the holding company managing Pronovias' operations, to support the brand's financial recovery. According to the official publication of the Spanish Commercial Register (Borme) and Spanish newspaper El Confidencial, this capital reduction was completed by the end of March. This move allowed the company to repay most of the €211 million injected by the two funds in May 2023 (shortly after acquiring Pronovias), helping stabilize its finances and launch a recovery plan.