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British Retailer ASOS Moves to Recover US Tariff Costs

FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
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British Retailer ASOS Moves to Recover US Tariff Costs

FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo

ASOS said on Thursday it has started seeking refunds for the 7 million pounds ($9.44 million) of US tariffs paid during the first half of the year, as the British retailer pursues a margin-focused turnaround plan to revive demand.

Thousands of companies around the world are filing lawsuits challenging US President Donald Trump's ⁠sweeping tariffs and seeking ⁠refunds on duties paid, after the levies were deemed illegal by the US Supreme Court in February.

Online fashion retailers such as ASOS are particularly vulnerable to duty ⁠costs on imported goods as they work to rebuild profitability after the pandemic-era expansion gave way to weakening consumer demand.

Once a standout survivor of the dotcom burst, ASOS has been trying to win back shoppers and cut costs amid stiff competition from cheaper Chinese rivals, Reuters reported.

Global retailers are now bracing ⁠for ⁠an impact from the Iran war as customer spending declines and a surge in energy prices and supply-chain snags compound costs further.

ASOS said it has taken proactive actions to help mitigate such impact, but gave no details on said actions.

The company confirmed its outlook for the full year.

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Fashion

Coach Owner Tapestry Targets International Markets for 70% of Growth

Recycled Coach bags are displayed at their store on Fifth Avenue in New York City, US, September 9, 2025. (Reuters)
Recycled Coach bags are displayed at their store on Fifth Avenue in New York City, US, September 9, 2025. (Reuters)
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Coach Owner Tapestry Targets International Markets for 70% of Growth

Recycled Coach bags are displayed at their store on Fifth Avenue in New York City, US, September 9, 2025. (Reuters)
Recycled Coach bags are displayed at their store on Fifth Avenue in New York City, US, September 9, 2025. (Reuters)

Tapestry expects ‌about 70% of its growth over the next few years to come from international markets, with the Coach handbag owner's expansion plans focused on China and Europe.

"Our penetration right now is relatively lower in international markets," Tapestry CEO Joanne Crevoiserat told Reuters on Monday.

China accounts for about 15% of the ‌US company's ‌business, but offers significant potential, particularly ‌among ⁠younger consumers.

"There is so ⁠much more potential if we think about the population in China, particularly with young consumers," Crevoiserat said, adding that Tapestry aims to become a first luxury bag purchase, which helps build ⁠long-term brand loyalty.

Tapestry's sales in ‌China had been ‌growing by double digits over the last ‌two years, at a time when ‌the market for handbags actually was weak, she added.

"We see a tremendous opportunity to continue to grow in that market," she said ‌on the sidelines of the Financial Times Business of Luxury Summit ⁠in ⁠Italy, adding that the group is increasing investments in the area.

In Europe, which accounts for around 6% of total sales, Tapestry has shifted its focus away from tourist-driven demand toward younger consumers and local customers.

Asked about potential M&A, Crevoiserat told the event that Tapestry is focused on organic growth, building on momentum at Coach and reigniting growth at Kate Spade.

Fashion

Dr. Martens’ Annual Profit Surges 61% on Cost Cuts and Fewer Discounts

Dr. Martens shoes are displayed inside a shop in Manchester, Britain, May 26, 2023. (Reuters)
Dr. Martens shoes are displayed inside a shop in Manchester, Britain, May 26, 2023. (Reuters)
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Dr. Martens’ Annual Profit Surges 61% on Cost Cuts and Fewer Discounts

Dr. Martens shoes are displayed inside a shop in Manchester, Britain, May 26, 2023. (Reuters)
Dr. Martens shoes are displayed inside a shop in Manchester, Britain, May 26, 2023. (Reuters)

Dr. Martens on Tuesday posted a 61.3% jump in full-year adjusted pre-tax profit, as the British bootmaker began to ‌see results from ‌a tighter ‌control ⁠on costs and fewer ⁠discounts.

The company, known for its iconic lace-up chunky boots, has deliberately pulled ⁠back on clearance ‌activity ‌across its direct-to-consumer and ‌wholesale channels to ‌improve the quality of its sales.

Dr. Martens posted adjusted pre-tax ‌profit of 55 million pounds ($73.78 million) for ⁠the ⁠year ended March 29, up from the 34.1 million pounds posted last year, with shoes being the standout performer.

Fashion

Gucci Takes Over New York's Times Square for Fashion Show

A model presents a creation from the Gucci Cruise 2027 collection at Times Square in New York City, US, May 16, 2026. REUTERS/Eduardo Munoz
A model presents a creation from the Gucci Cruise 2027 collection at Times Square in New York City, US, May 16, 2026. REUTERS/Eduardo Munoz
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Gucci Takes Over New York's Times Square for Fashion Show

A model presents a creation from the Gucci Cruise 2027 collection at Times Square in New York City, US, May 16, 2026. REUTERS/Eduardo Munoz
A model presents a creation from the Gucci Cruise 2027 collection at Times Square in New York City, US, May 16, 2026. REUTERS/Eduardo Munoz

Famed Italian fashion house Gucci took over New York's iconic Times Square on Saturday for its second runway show led by creative director Demna.

Models walked down a wide runway set up in Manhattan, bordered by 7th Avenue and Broadway, while its famous billboards broadcast the images.

Guests were separated from the street by large black panels, while onlookers and tourists were able to enjoy the show live from the sidewalk as it was broadcast across screens in the famed neighborhood.

The Cruise collection show -- held outside the official fashion calendars -- is the second show presented by Georgian designer Demna, who goes by one name, AFP reported.

The 45-year-old took over Gucci in July after a decade at Balenciaga, charged with helping reverse falling sales.

As with his first show in Milan last February, Demna emphasized the sexiness and glamour that have made Gucci a success: satiny, shiny fabrics, leather, leopard prints, fur, high heels for the women and cinched waists for everyone.

The nods to the 1970s and 1980s were pronounced, as were the references to Tom Ford, who helmed the collections between 1994 and 2004 -- a period considered a golden age for the brand.

Model Cindy Crawford, former American football player Tom Brady, and media personality Paris Hilton walked the runway. Other guests included singer Mariah Carey, musician Shawn Mendes, rapper Stormzy and reality TV star Kim Kardashian.

French luxury group Kering, which owns Gucci, saw sales slide by six percent in the first quarter of this year, with the Italian fashion house still dragging down its performance.

"Our priority is to make Gucci unmissable again... In one second you must know it's Gucci -- and it doesn't mean covering the world with GG," the group's CEO Luca de Meo said in April.