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Spurred by an urgent industrial transition towards autonomous and circular manufacturing, the value of the global textile machinery sector is set to rise to $32.7 billion in 2026. Against this backdrop, the ITM 2026 International Textile Machinery Exhibition prepares to host over 1,200 exhibitors in Istanbul this June. Industry leaders are no longer viewing ‘Green Tech’ as a secondary specialty but as the primary driver of capital expenditure. With the Middle East and Africa projected to be the fastest-growing markets with a 6.3 per cent CAGR, the exhibition serves as the critical bridge for investors navigating high European production costs and the push for ‘lights-out’ factory operations.
Predictive intelligence and the rise of digital twins
The narrative at ITM 2026 has shifted from mechanical speed to data-led precision. Digital twin technology is now a central requirement for tier-one manufacturers, with early adopters reporting a 30 per cent reduction in commissioning time and a 12 per cent decrease in chemical waste through real-time simulation of dyeing and spinning profiles. As labor shortages strain global supply chains, the demand for Industry 4.0-ready, fully automated lines is outperforming semi-automatic alternatives, growing at a robust 6.7 per cent annual rate. These systems allow mills to monitor thermal profiles and energy usage per kilogram of yarn, turning unpredictable overheads into manageable data points.
Circularity and waterless dyeing scalability
Sustainability in 2026 is defined by ‘textile-to-textile’ recycling capabilities. Exhibition halls are expected to highlight machinery capable of chemically separating complex fiber blends - a final hurdle for the circular economy. Technologies such as CO₂-based waterless dyeing are gaining commercial traction, offering up to 90 per cent reductions in water consumption. According to Adil Nalbant, President, TEMSAD, Turkish machinery exports are on track to exceed $1 billion, driven by these R&D-heavy innovations. For global brands facing tightening ESG regulations, the hardware showcased at ITM 2026 represents the only viable path to compliance and long-term profitability in a resource-constrained market.
The ITM Exhibition is the premier global showcase for textile sub-sectors, including spinning, weaving, and finishing. Organized through a strategic partnership between Tüyap, Teknik Fuarcılık, and TEMSAD, it serves major markets across Eurasia and Africa. Recent performance indicates a 10 per cent increase in regional machinery exports, with 2026 plans focusing on integrating AI-driven quality control across all product categories to sustain Turkey’s position as a top-three global textile machinery hub.
As the global home textile market heads toward a $145.27 billion valuation in 2026, the industry is transitioning from simple product supply to integrated service solutions. The recent conclusion of Heimtextil 2026 in Frankfurt underscored a decisive shift: top-tier decision-makers now constitute 78 per cent of attendees, signaling that the event has evolved into a strategic war room for navigating a high-tariff, volatile trade landscape. With geopolitical tensions forcing a recalibration of sourcing toward ASEAN and European hubs, manufacturers are leveraging ‘Contract Business’ as a high-margin buffer against stagnant retail demand in traditional Western markets.
The hospitality pivot and the 2027 hybrid format
The most significant commercial development is the formal elevation of the hospitality sector. Data indicates, functional contract textiles are outperforming decorative basics, driven by a post-pandemic surge in high-end resort development and healthcare infrastructure. To capitalize on this, a landmark partnership with Hospitality Interiors Europe (HINT) was inaugurated, setting the stage for a dedicated parallel event in 2027. This move targets the lucrative project development segment where decision-makers from global chains like Marriott and IKEA seek ‘holistic’ interior concepts that merge material durability with aesthetic differentiation.
AI-driven craftsmanship and ESG compliance
Digital transformation has moved beyond the back office to the design loom. The ‘Texpertise Focus AI’ initiative demonstrated that predictive algorithms are now essential for mitigating high e-commerce return rates and optimizing material usage to meet the EU’s strict Ecodesign for Sustainable Products Regulation (ESPR). By integrating AI with traditional craftsmanship—a theme championed by architect Patricia Urquiola - mills are achieving a dual objective: hyper-personalized aesthetic ‘glitches’that appeal to Gen Z consumers and verifiable supply-chain transparency. For manufacturers, these technologies are no longer optional but the only viable pathway to maintaining margins amidst a 6.7 per cent weighted average tariff increase in global manufacturing.
Heimtextil is the global benchmark for home and contract textiles, connecting 3,000 international exhibitors with a high-caliber buyer network. Focused on the entire value chain - from upholstery to ‘Smart Bedding’ - the platform facilitates strategic sourcing across 148 nations. Following a 10 per cent rise in regional machinery exports, current growth plans center on AI integration and the expansion of the ‘Interior.Architecture.Hospitality’ segment to sustain market leadership through 2027.
As the value of the global home textile market rises to $145.27 billion in 2026, Trident Group is aggressively executing a multi-front expansion strategy across Europe. Currently showcasing at Heimtextil 2026 in Frankfurt, the Punjab-based integrated manufacturer is moving beyond traditional export models to a brand-led, localized approach. This shift is timed with a significant inflection point in trade policy: the anticipated signing of the India-EU Free Trade Agreement on January 27, 2026, which is expected to eliminate structural tariff barriers of 8–12 per cent that have historically constrained Indian textile competitiveness in the region.
Localized leadership and design-led innovation
To secure market share within the world's fastest-growing textile corridor, Trident has restructured its European operations by appointing dedicated Regional Directors for Germany and France. This localization strategy facilitates a ‘design-first’ model, exemplified by the launch of Trident Threads, a premium brand tailored for the high-end European and UK markets. By merging Indian manufacturing scale with European aesthetic sensibilities, the company is successfully penetrating the lucrative $6.68 billion UK home textile market, reporting robust buyer interest for its ‘Visible Invisible’ collection which prioritizes sustainable fiber blends and AI-enhanced finishes.
Sustainability capex and digital transformation
The group’s growth is underpinned by a Rs 1,000 crore capital expenditure program for FY25-26, with over 60 per cent allocated to renewable energy and circular manufacturing. This investment aligns with the EU’s tightening Ecodesign for Sustainable Products Regulation (ESPR), providing Trident a ‘first-mover’ advantage in supply-chain transparency. Furthermore, the company’s ‘Digital Trident’ initiative - aiming for full Industry 4.0 integration - has already yielded a 4.68 per cent Y-o-Y revenue increase in Q2 FY2026. This data-driven approach allows for real-time monitoring of resource consumption, ensuring the company remains a preferred partner for global retail giants seeking ethical and efficient sourcing.
Trident Limited is a diversified conglomerate and a top-two global exporter of home textiles, primarily serving the bathroom and bed linen segments. The company targets a consolidated revenue of Rs 25,000 crore by 2027, supported by its wheat straw-based paper manufacturing and chemical divisions. Founded in 1990, Trident’s 2026 outlook focuses on tripling domestic retail touchpoints to 10,000 while scaling its European subsidiary to capture high-margin contract business.
The Australian fashion landscape is witnessing a significant structural shift as cult label Sass & Bide prepares to enter a temporary hiatus. Parent company Myer confirmed on January 15, 2026, it is pausing the brand’s retail operations to execute a comprehensive creative ‘reinvention.’The transition involves shuttering 14 Myer concessions by late January and winding down the digital storefront by the end of February. This maneuver aims to extract the brand from a period of artistic dilution, where conservative tailoring had replaced the "indie sleaze" aesthetic that once attracted global icons like Beyoncé and Kate Moss.
Strategic realignment for the next-gen consumer
The reset occurs against a backdrop of complex macroeconomic pressures. Australian retail is currently grappling with a ‘job hugging’ trend, where consumer caution is at an all-time high; LinkedIn research indicates only 51 per cent of Australians plan to change roles in 2026, down from 59 per cent in 2025. By pausing Sass & Bide, Myer is clearing the floor for a high-velocity brand infusion, including the exclusive February 2026 return of Topshop across all 56 department stores. This is a unique opportunity to draw on substantial heritage while becoming relevant for a new generation, stated a Myer spokesperson. The relaunch is expected to pivot back to house signatures - embellished denim and hardware-heavy hardware—aligned with the current Y2K and vintage-maximalist revival.
Inventory liquidation and market repositioning
To facilitate the reset, Sass & Bide has initiated an aggressive liquidation strategy, offering markdowns of up to 50 per cent. This inventory clearance is vital as Myer integrates its Apparel Brands division, which faced a non-cash impairment of $213.3 million in FY25 due to softening demand. The retailer is now betting on smaller, scarcity-driven capsule drops rather than broad seasonal assortments. This ‘read-and-react’ design model is intended to reduce reliance on promotional cycles and rebuild the brand’s premium equity before its anticipated return to the high street later this year.
Owned by Myer since a $70 million dual-staged acquisition (2011–2013), Sass & Bide is a cornerstone of the group’s ‘exclusive brands’ portfolio. Including Marcs and David Lawrence, the brand generated approximately 26 per cent of group sales in FY25. The 2026 roadmap focuses on AI-driven supply chain efficiency and a return to ‘art-school energy’ design to capture the evolving Gen Z and Millennial demographic.
The 82nd National Garment Fair (NGF) is set to transform Mumbai’s Bombay Exhibition Centre into the nerve center of the Indian apparel industry from January 20–22, 2026.
This edition arrives at a critical juncture as domestic consumption emerges as the primary stabilizer for an industry navigating fluctuating global export demands. Spanning 7 lakh sq ft, the event serves as a high-stakes barometer for the Spring–Summer season, hosting over 1,085 brands across 1,070 stalls. With Rohit Kansal, Additional Secretary for the Ministry of Textiles, presiding as Chief Guest, the fair underscores the strategic alignment between government policy and the private sector’s push for a standardized, organized retail landscape.
Digital integration and operational efficiency
Recognizing the increasing complexity of large-scale B2B sourcing, the Clothing Manufacturers Association of India (CMAI) has introduced a sophisticated stall-locator feature to streamline the buyer experience. This digital leap is designed to bridge the gap between traditional manufacturers and modern e-commerce decision-makers, who now represent a significant portion of the fair’s footfall. By facilitating on-the-spot registrations and providing a premium, high-efficiency environment, the NGF aims to minimize the ‘search cost’ for retailers, allowing for faster inventory cycles in a market that is increasingly dictated by rapid, trend-led consumer behavior.
Strategic move towards domestic resilience
The 2026 fair highlights a decisive industry move toward the domestic market, which is currently projected to grow by nearly 10.5 per cent this fiscal year. As international trade faces headwinds from logistics and evolving tariff structures, Indian manufacturers are intensifying their focus on the ‘Aspirational India’ segment - specifically Tier-II and Tier-III cities. The 82nd NGF provides the vital infrastructure for regional brands to scale nationally, offering a neutral ground where boutique designers and mass-market manufacturers can secure the distribution networks necessary to capture a larger share of the country's expanding middle-class wallet.
The CMAI stewardship and industry background
As the definitive voice of the Indian apparel sector for over six decades, the Clothing Manufacturers Association of India (CMAI) represents a massive network of 7,000 members and 50,000 retailers. The association has been instrumental in modernizing the industry, notably through the 2019 launch of the SU.RE (Sustainable Resolution) initiative, which guides brands toward circularity and ESG compliance. Historically, CMAI’s influence extends to the very foundations of India’s trade infrastructure, having led the creation of the Apparel Export Promotion Council (AEPC) in 1978. Today, it maintains a robust financial and strategic outlook by serving as the primary bridge between the Ministry of Textiles and a manufacturing base that produces over 22 billion garment pieces annually.
The Indian textile and apparel sector closed the first three quarters of FY26 with a marginal contraction of 0.26 per cent, reaching $23.25 billion as of December 2025. This decline reflects a high-stakes standoff between domestic exporters and global trade policy shifts. While overall merchandise shipments rose, the textile segment was stifled by the 50 per cent tariff on Indian garment imports enacted by the United States in late 2025. This move has fundamentally altered the competitive landscape, forcing exporters to offer deep discounts of up to 25 per cent to retain market share in their single largest destination.
Logistical bottlenecks and regional constraints
Beyond Western trade barriers, the sector is grappling with regional disruptions in its secondary markets. Historically the primary destination for Indian yarn, Bangladesh implemented restrictive land-port import policies in early 2025, contributing to a 2.19 per cent decline in overall textile shipments. Furthermore, domestic cotton production is projected to reach a two-decade low this season. The Confederation of Indian Textile Industry (CITI) has recently urged the government to eliminate the 11 per cent cotton import duty to offset these supply shortages and rising input costs, which currently put Indian spinners at a structural disadvantage against duty-free competitors like Vietnam.
Strategic move towards domestic demand
Despite the export cooling, the industry is finding a vital buffer in the domestic market, which is projected to grow by 10.5 per cent in FY26. Brands are increasingly focusing on the ‘Aspirational India’ segment in Tier-II and Tier-III cities to compensate for sluggish overseas volumes. Ready-made garments (RMG) have shown resilience, growing by 2.36 per cent during the nine-month period, driven by a surge in man-made fiber (MMF) adoption. Companies that integrated downstream operations have fared better, maintaining credit metrics by capitalizing on the $142 billion domestic market even as home textile exports to the US face fierce price competition from neighboring nations.
Industry stewardship
The Confederation of Indian Textile Industry (CITI) serves as the apex body for the entire textile value chain, representing manufacturers, exporters, and regional associations. It facilitates policy advocacy with the Ministry of Textiles, focusing on raw material security and ESG compliance. With India’s apparel market projected to reach $350 billion by 2030, CITI’s current strategy emphasizes diversifying export destinations to the UK and UAE to mitigate US-specific tariff risks.
The Indian textile sector has recorded a historic 158 per cent Y-o-Y growth in cotton imports during the December 2025 quarter, reaching 3.1 million bales. This volume spike was catalyzed by New Delhi’s strategic suspension of the 11 per cent import duty, which successfully corrected a severe price disconnect between domestic and global markets. At the peak of the quarter, ginned cotton based on India’s Minimum Support Price (MSP) was valued at approximately Rs 63,000 per candy, significantly exceeding landed Brazilian fiber, which entered ports at roughly Rs 50,000 per candy. While the duty-free window expired on December 31, 2025, the Cotton Association of India (CAI) anticipates total imports for MY 2025–26 will hit a record 5 million bales as mills continue to prioritize high-grade, contamination-free foreign fiber.
Export headwinds intensify competitive pressures
Despite improved raw material availability, Indian apparel manufacturers are navigating a contraction in overseas demand. The United States, which absorbs nearly 30 per cent of India’s $38 billion textile exports, implemented a 50 per cent tariff on Indian goods in August 2025, with further threats of an escalation to 500 per cent. The reinstatement of the 11 per cent duty on January 1, 2026, places us at a structural disadvantage against Bangladesh and Vietnam, who maintain permanent duty-free access, noted a delegation from the Confederation of Indian Textile Industry (CITI). With domestic consumption projected to decline by 2.9% this season due to these trade frictions, the industry is increasingly advocating for long-term fiscal stability to prevent production from shifting toward emerging textile hubs in East Africa.
The Indian textile industry is a major global player in yarn, fabric, and ready-made garment production. With core markets in the US and EU, the sector is currently expanding into technical textiles and high-value sustainable blends. Following the 2025 import surge, the industry anticipates a challenging 2026 as it balances rising MSP-linked costs against aggressive global tariff regimes.
The UK apparel manufacturing sector is witnessing a significant revival as retailers prioritize supply chain resilience over low-cost offshore alternatives. At the latest Source Fashion edition at Olympia London, visitor numbers increased by 16 per cent, reflecting a broader industry trend toward ‘nearshoring.’ With the UK clothing retail market projected to reach £50 billion in 2026, major players like Marks & Spencer and Next are increasingly engaging with the British Pavilion to mitigate global logistics disruptions. This shift is substantiated by recent data showing a 31 per cent reduction in lead times for firms utilizing local ‘just-in-time’ production models, a critical advantage as retailers navigate volatile consumer demand.
Navigating the 2026 regulatory landscape
Beyond speed-to-market, the event highlighted a fundamental transition toward mandatory transparency. For the first time, exhibitors reported that sustainability is no longer a peripheral marketing tool but an operational necessity driven by the upcoming EU and UK Digital Product Passport (DPP) requirements. Under the Ecodesign for Sustainable Products Regulation (ESPR), the destruction of unsold textiles will be banned starting July 2026, forcing brands to adopt circular business models. The energy this year is focused on textile science and traceability," noted Safia Minney, MBE. As businesses face potential fines of up to 10 per cent of global turnover for misleading environmental claims under the Digital Markets Act, the focus has shifted toward verified site-level data and climate-adaptive materials that align with new planetary boundaries.
Source Fashion is the UK’s premier gateway for responsible end-to-end garment manufacturing. Serving Tier-1 retailers and independent designers, the platform facilitates high-quality sourcing across international and domestic markets. Following record attendance in 2025, the initiative expects sustained growth as brands seek climate-resilient textiles. Established to bridge the gap between ethical producers and volume buyers, it remains a cornerstone for UK retail strategy.
While the Northern Hemisphere navigates peak winter, the 2026 Australian Open in Melbourne has become the staging ground for a significant breakthrough in material science. Boss has officially debuted NovaPoly, a proprietary recycled yarn developed in collaboration with Jiaren Chemical Recycling and NBC LLC. Unlike standard recycled polyesters that persist in landfills, NovaPoly integrates a specialized additive that accelerates degradation in anaerobic microbial environments. This launch positions the brand at the forefront of the $2.42 billion biodegradable textile market, which is projected to grow at a CAGR of 11.9 per cent through 2030.
Elite performance meets material circularity
The commercial viability of the fiber is being rigorously tested under professional match conditions by brand ambassadors Taylor Fritz and Matteo Berrettini. Comprising jerseys and shorts, the collection must maintain strict standards for thermal regulation and durability—traditionally a challenge for biodegradable synthetics. This isn't just about repurposing waste; it's about engineering a material's afterlife, states a group spokesperson. By utilizing both pre- and post-consumer textile waste, Boss is addressing the industry's microplastic crisis, as NovaPoly is specifically designed to mitigate synthetic fiber accumulation after its useful life.
Strategic realignment and global retail rollout
The debut coincides with a broader ‘Claim 5 Touchdown’ strategic reset for Hugo Boss, which aims to optimize inventory and prioritize high-margin, innovation-led products. While the group anticipates a temporary sales consolidation in 2026, it is betting on ‘brand elevation’ through such exclusive material technologies. The NovaPoly-based Green collection is now available through global wholesale partners and e-commerce platforms, targeting a growing demographic of eco-conscious athletes. Following a one-year exclusivity period, the brand plans to license the yarn across the wider apparel sector, potentially establishing a new global benchmark for sustainable activewear.
As 2025 drew to a close, the global fashion and apparel industry gave a reminder that recovery is rarely uniform. What initially appeared to be a strong holiday quarter ultimately revealed a market split along clear lines. The final quarter of FY 2025, spanning October to December, underscored that festive demand alone was not enough to guarantee success. Instead, performance gravitated toward companies that balanced aspirational branding with disciplined pricing and near-flawless inventory control.
Rather than lifting the sector as a whole, the much-anticipated festive surge rewarded a narrower cohort of retailers, those capable of translating consumer caution into profitable demand. Shoppers were willing to spend, but only where value, perceived quality, and relevance converged.
The Holiday Quarter: Winners, laggards, and strategic precision
The December quarter unfolded as a competitive contest for a consumer increasingly attuned to discounts yet unwilling to compromise entirely on brand or experience. In the US, spending remained steady but selective, shaped by inflation fatigue and lingering uncertainty around tariffs. Meanwhile, the UK and parts of continental Europe benefited from a timely cold spell that revived demand for winter assortments that had weighed on inventories earlier in the year.
The contrast in outcomes becomes clear when examining the Q4 performance of leading global players.
Table:
|
Brand/Group |
Region Focus |
Q4 Revenue/Growth |
Key Performance Driver |
|
Inditex (Zara) |
Europe/Global |
+10.6% (Sales)* |
High-quality inventory; early winter demand in EU. |
|
Next PLC |
UK |
£6.87B (Est. FY) |
Upgraded guidance due to strong full-price sales. |
|
Gap Inc. |
USA |
$3.9B (Q3) / +3% (Q4) |
Old Navy’s dominance and Gap brand’s reinvigoration. |
|
Abercrombie & Fitch |
USA/Global |
+5% (Q4 Growth) |
Record holiday sales; Hollister segment resurgence. |
|
H&M Group |
Europe/UK |
+2% (LCY) |
Strategic store updates and effective cost controls. |
|
THG Beauty |
UK/Global |
£370M (Q4) |
Strongest Q4 growth since 2021 (+7% Group). |
|
LVMH |
Luxury/Global |
€23.9B |
Louis Vuitton & Sephora (+10%) offsetting Dior flatlines. |
|
Nike |
USA/Sports |
$11.1B |
Better-than-expected "Women in Sports" category performance. |
*Constant currency for Nov 1-Dec 1, 2025.
The table reflects an industry increasingly defined by execution rather than exposure. Inditex’s performance reaffirmed the strength of its vertically integrated model, with timely inventory alignment allowing Zara to capitalise on early winter demand across Europe. Next PLC’s results highlighted the resilience of full-price selling in an otherwise promotion-heavy market, while Gap Inc. and Abercrombie demonstrated that brand reinvention can still unlock growth even in mature retail landscapes.
Luxury and sportswear followed parallel but distinct trajectories. LVMH relied on the continued desirability of Louis Vuitton and Sephora to offset softer performance at Dior, while Nike’s relative stability came from targeted growth in women-led sports categories rather than broad-based demand.
FY 2025 in Retrospect
Viewed across the full financial year, 2025 marked a turning point for the global fashion industry. The opening quarters were weighed down by tariff anxieties, fragile consumer confidence, and lingering inventory imbalances. Yet the second half of the year brought a measurable shift in tone, as companies tightened operations and recalibrated growth expectations.
Overall, the global fashion market grew an estimated 3 to 4 per cent in 2025, modest by historical standards but notable given the volatility that defined the year. Growth was no longer driven by store expansion or aggressive discounting. Instead, it came from improved gross margin discipline, cleaner assortments, and a renewed emphasis on profitability over volume.
Market leaders such as Inditex and Next sustained double-digit full-price sales growth, while turnaround narratives most notably Gap Inc. proved that brand relevance remains a powerful counterweight to macroeconomic pressure. Across the board, management teams showed a clear preference for earnings quality, resisting the temptation to chase top-line growth at the expense of balance-sheet health.
In the US specialty retail finds its voice again
In the US, Q4 marked a quiet resurgence of specialty retail. Brands that communicated clearly, priced transparently, and offered distinct product stories emerged as winners in a crowded marketplace.
Gap Inc.’s performance encapsulated this shift. Reporting its eighth consecutive quarter of positive comparable sales, the company benefited from a sharpened focus on everyday staples enhanced with trend-led updates. High-impact social media campaigns helped reconnect the brand with younger consumers who had drifted toward ultra-fast fashion platforms.
Abercrombie & Fitch delivered one of the season’s most convincing validations of strategic repositioning. Its transition toward elevated casualwear translated into record holiday sales and reaffirmed full-year growth, signalling that its multi-year brand reset has achieved durability rather than novelty.
The UK and Europe saw agility on a pressured high street
Across the UK and Europe, agility proved decisive. Next PLC emerged as a standout by navigating cost-of-living pressures with a highly integrated omnichannel model that blended digital efficiency with store-led fulfilment. Strong fourth-quarter trading prompted multiple upgrades to full-year profit guidance, reinforcing investor confidence in its operating model.
THG Beauty added a layer of innovation to the festive race. Its Lookfantastic brand recorded a sharp spike in UK sales, aided by an unconventional partnership with Uber Eats that captured last-minute gift demand. The move illustrated how speed and convenience have become critical differentiators even within premium beauty retail.
Strategic fault lines in 2026
As the entered 2026, uncertainty has not disappeared, it has merely shifted shape. Tariffs remain the most immediate concern, particularly in the U.S., where apparel duties fluctuated sharply toward the end of 2025. Many brands have already absorbed between 100 and 190 basis points of margin impact, prompting renewed urgency around supply chain diversification.
Near-shoring is expected to increase, with production gravitating toward Mexico, Central America, Turkey, and North Africa as companies seek insulation from policy volatility. At the same time, signs of fatigue are emerging within ultra-fast fashion. Late-2025 data suggests consumer spending is gradually rotating back toward domestic value retailers as quality, fit, and ethical considerations regain importance.
Overlaying these shifts is the rapid advance of artificial intelligence. The coming year is poised to usher in early forms of ‘agentic commerce’ where AI-driven shopping assistants evaluate products on attributes ranging from fabric composition to carbon footprint. Retailers that fail to make their assortments machine-readable risk invisibility in this new discovery ecosystem.
The close of 2025 offers a clear lesson: the middle of the market has not vanished, but it has evolved. Scale alone no longer guarantees success, nor does relentless discounting. Competitive advantage now lies in data intelligence, brand clarity, and operational restraint.
As LVMH chairman Bernard Arnault observed in his year-end reflection, desirability remains the most effective defence against macroeconomic noise. In an industry navigating slower growth and sharper scrutiny, that principle appears set to define the winners of the next cycle.
